Determining recurring and sustainable income and cash flow are the important first step in consumer lending. Equally important are the applicant’s credit history and the collateral that will serve as a secondary source of repayment. This seminar is a practical guide to credit bureau reports, issues with collateral, and a brief overview of the regulatory, compliance and fair lending environment. Because of the automated nature of much consumer lending, we’ll focus on recognizing exceptions to established policies and practices, and how to properly mitigate these risks, plus when it makes sense to ask for a policy waiver.

This program will address:
• Myths and realities of credit bureau reports
• Getting beyond weak excuses applicants give you for items of poor credit history
• Regulatory publications that consumers can use to improve their credit
• Framework for dealing with applicants with prior poor credit, even bankruptcy
• Credit policy exceptions are serious business, and your reasons for granting an exception are equally serious
• Overview of basic consume collateral
• Other factors that can mitigate risks in the “big three” of debt-to-income, loan-to-value and credit history
• Overview of the regulatory, compliance and fair lending environmen