What information may the Credit Review Committee consider in reviewing an adverse credit decision?
Applicants and borrowers may not bring “new” information to the committee meeting, but they may bring information in support of their previous submissions to the qualified lender. Information may also be presented to refute the qualified lender’s values used in a plan or collateral valuation. While applicants and borrowers should first raise issues on chattel values, crop prices, etc. during the planning stage and not at the Credit Review Committee meeting, if the lender refused to use information the applicant or borrower offered, that same information may then be provided, along with support for its veracity, to the committee.
Related Questions
- Who forms a Credit Review Committee when the direct lender must obtain its supervising bank’s approval on a credit decision?
- How long does it take for the Application Review Committee to reach a decision on my application?
- May the Credit Review Committee meet without the presence of the borrower or applicant?
