There is no doubt that the 1071 Small Business LAR Rule will change the way commercial lending departments operate.
Compliance and Commercial Lending have not always gone hand in hand. Generally, there are lower compliance burdens for commercial purpose loans. As such, commercial lenders may be used to following strict guidelines and meeting regulatory requirements. Moreover, reworking or creating processes/procedures can be a daunting task when the commercial lending area has operated with less oversight and guidance.
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