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The Business Letter Subprime Lending And Much More

The Business Letter Subprime Lending And Much More

To Chief Executive Officer of each and every State-Chartered Financial Institution and Each mortgage that is licensed and Small Loan Agency:

Recently, the Division of Banks (Division) has evaluated the growing practice understood as “subprime” lending. The practice of subprime lending is usually whenever a loan provider funds a home loan or any other customer loan to a job candidate who usually will not satisfy standard underwriting requirements, either as a result of past belated re re re payments, bankruptcy filings, or a credit history that is insufficient.