Understanding Loan Documents: Part 1 – Loan Documents
Have you ever read your bank’s promissory note, security agreements or mortgage/deed of trust? Most bankers would have to admit the answer is: NO. This two-part series was developed by a banker who has been teaching loan documentation nationwide for 32 years.
Taught at a basic level (for bankers, not lawyers), the instructor will lead participants through all sections of the various required loan documents. The purpose is to create a deeper understanding of why certain documents are required plus the significance of various sections and verbose language (often referred to as “boilerplate”). A working knowledge, with a focus on the risk management aspects of each document, is the goal. Being able to explain document content will add much to customer relationships.
- Promissory Note: The note is enforceable against the borrower! Review of each section for content, purpose, rights of all parties and scope of language.
- Security Agreement: The security agreement is enforceable against collateral. Review of each section for content, purpose, rights of all parties, representations and warrantees, plus enforceability.
- UCC Instructions (on back of form) contain important information on how to correctly prepare the critically important form. Correct or exact names, organization types and numbers and collateral description language are key issues.
- Guarantees: The most one-sided document in banking. A guarantor gives up many rights and grants the bank many rights. Bankers need to understand the details of what the guarantor is agreeing to
Lenders, loan assistants, loan operations personnel, credit analysts and personnel involved in loan review, internal audit and compliance.
Bob Ullom is a nationally known banking educator who has been teaching more than 10,000 bankers annually nationwide for 32 years. Bob has served as president of two fast-growing, profitable start-up banks and brings over 40 years of CPA and banking experience to this important program.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 hrs./session CLBB/CRCM/CPB/CCSR.
Member price: $265.00 | Non member price $530.00
Member price: $280.00 | Non member price $560.00
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