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Marilu Lukaszewski
ComplianceEase is the leading web-based, automated compliance management system, facilitating comprehensive loan-level reviews including federal and state audits based on license types, exemptions and preemptions, as well as TRID (multi disclosure) testing, among others. Findings are displayed in an interactive report that includes our proprietary RiskIndicator dashboard displaying a high-level overview of audit results in key risk areas with five different severity levels to easily identify problems to be resolved.
Comprehensive integration with top loan origination systems and other propitiatory systems allow our clients to easily incorporate ComplianceEase into their existing workflows. And one-click data delivery makes the delivery of audit results to investors and regulators easier than ever.
"The AAFP recommends the development of innovative programs that promote direct and indirect medical training debt relief for family medicine and primary care," said the June 12 statement(6 page PDF) to the U.S. House Committee on Small Business.
Specifically, the Academy wrote, student loan interest should be deductible from federal income tax, regardless of income, and interest and principal payments on medical student loans should be deferred until after completion of postgraduate training.
The AAFP said funding for federal loan and scholarship programs that target family medicine and primary care should be expanded and repeated its long-standing support for the National Health Service Corps. That program, which offers scholarships or loan repayment as incentives for physicians to enter primary care settings that treat Americans in rural and underserved areas, "helps ensure wider access to both health care and medical education opportunities," the Academy said.
The mean student loan debt for four years of medical school, undergraduate studies and higher education was $196,520 last year, up from $190,694 in 2017, according to the Association of American Medical Colleges. Meanwhile, debt was among the top challenges cited by physicians participating in Medscape's 2018 Residents Lifestyle & Happiness Report. Relief from that pressure was one factor respondents said would help prevent burnout. Further, research has shown that loan forgiveness or repayment programs directly influence physician practice choice.
Alleviating student debt burden for family physicians also resonated at the 2019 National Conference of Constituency Leaders in April. Delegates there adopted a resolution calling for the AAFP to seek collaboration with financial institutions on loan consolidation programs "geared toward lowering the interest rate on privately funded student loans" for practicing family physicians.
You can help your clients determine the student loan coverage amount that makes sense for their monthly payments. For example, if an applicant has total student loan debt of $100,000 and pays approximately $1,000 a month, recommending a 10-year term may be the right move.
Use the Student Loan Rider flyer to talk to recent graduates about how Platinum Advantage can provide a safety net to help them pay student loans if they become unable to work due to sickness or injury.
The January 2022 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the standards and terms on, and demand for, bank loans to businesses and households over the past three months, which generally correspond to the fourth quarter of 2021.1
Regarding loans to businesses, respondents to the survey reported, on balance, easier standards and stronger demand for commercial and industrial (C&I) loans to firms of all sizes over the fourth quarter.2 Banks also reported easier standards and stronger demand for all commercial real estate (CRE) loan categories.
The survey also included a set of special questions inquiring about banks' expectations for changes in lending standards, borrower demand, and loan performance over 2022. Banks, on balance, reported expecting lending standards to ease and demand to strengthen across most loan types. At the same time, banks reported mixed expectations about loan quality.
Questions on commercial and industrial lending. Over the fourth quarter, banks reported having eased standards and terms on C&I loans to firms of all sizes. Specifically, a moderate net share of banks reported having eased lending standards for approving C&I loans to large and middle-market firms. A moderate net share of small banks also reported having eased standards for loans to small firms, while those of large banks remained basically unchanged on net.3
Banks also reported having eased most queried terms on C&I loans to firms of all sizes over the fourth quarter.4 Easing was most widely reported for spreads of loan rates over the cost of funds, with a significant net share of banks reporting having eased this term for loans to firms of all sizes. Significant and moderate net shares of banks also reported having reduced the costs of credit lines and increased the maximum size of credit lines to large and middle-market firms and small firms, respectively. Moderate net shares of banks reduced the premiums charged on riskier loans and loan covenants for loans to large and middle-market firms as well as the use of interest rate floors for loans to firms of all sizes. Other queried C&I loan terms were either eased by a modest share of banks or remained basically unchanged on net. Meanwhile, foreign banks reported having left standards and most of their lending terms on C&I loans basically unchanged on net.
A major net share of banks that reported having eased standards or terms cited an improved economic outlook and more aggressive competition from other banks or nonbank lenders as important reasons for doing so. Significant net shares of banks also cited improvements in industry-specific problems, increased tolerance for risk, and improvements in their current or expected liquidity or capital positions as important reasons for easing lending standards and terms.
Regarding demand for C&I loans over the fourth quarter, a significant net share of banks reported stronger demand for loans from large and middle-market firms and a modest net share of banks reported stronger demand from small firms. Furthermore, a significant net share of banks reported a higher number of inquiries from potential borrowers regarding the availability and terms of new credit lines or increases in existing lines. Foreign banks reported that C&I loan demand remained basically unchanged on net.
Major net shares of banks cited higher customer investment in plant or equipment and increased mergers or acquisitions, inventory, and accounts receivable financing needs of customers as reasons for stronger demand over the fourth quarter.
Questions on commercial real estate lending. Over the fourth quarter, a significant net share of banks eased standards for multifamily loans secured by multifamily properties, while moderate net shares of banks eased standards for construction, land development, and nonfarm nonresidential loans. Meanwhile, a significant net share of banks reported stronger demand for loans secured by multifamily properties, and moderate net shares of banks reported stronger demand for construction, land development, and nonfarm nonresidential loans. Foreign banks reported that standards on CRE loans remained basically unchanged, on net, while a significant net share of foreign banks reported stronger demand for this type of loans.
Meanwhile, banks generally reported weaker demand for RRE loans over the fourth quarter. Specifically, significant net shares of banks reported weaker demand for GSE-eligible and government mortgages; moderate net shares of banks reported weaker demand for QM non-jumbo, non-QM jumbo, and non-QM non-jumbo residential loans; and a modest net share of banks reported weaker demand for QM jumbo mortgages. Demand for HELOCs remained basically unchanged on net.
Questions on consumer lending. Over the fourth quarter, moderate net shares of banks eased standards for credit card, auto, and other consumer loans. Consistent with an easing of standards for credit card loans, a significant and moderate net share of banks also reported having eased minimum credit score requirements and credit limits for this type of loans, respectively. Meanwhile, a significant net share of banks reported having reduced spreads of interest rates charged for auto loans, and a moderate net share of banks pointed to a reduction in the minimum required credit score for both auto loans and other consumer loans. Other surveyed terms were either eased by a modest net share of banks or remained basically unchanged on net.6
Regarding demand for consumer loans, a moderate net share of banks reported stronger demand for credit card loans over the fourth quarter, while a modest net share of banks reported weaker demand for auto loans. Demand for consumer loans other than credit card and auto loans remained basically unchanged on net.
The January survey also included a set of special questions inquiring about banks' expectations for changes in lending standards, borrower demand, and asset quality over 2022, assuming that economic activity would evolve in line with consensus forecasts. On balance, banks reported expecting lending standards to ease further and loan demand to strengthen. Meanwhile, banks reported mixed expectations about loan quality.
Regarding lending standards, a modest net share of banks expected to ease standards for C&I loans to large and middle-market firms and CRE loans secured by multifamily properties over 2022, while standards for loans to small firms and nonfarm nonresidential, construction, and land development CRE loans are expected to remain basically unchanged on net.7 A moderate net share of banks also reported expecting to ease standards for all RRE and consumer loan categories.8 Widely cited reasons for expecting to ease standards over 2022 include an expected increase in risk tolerance and more aggressive competition expected from other bank or nonbank lenders.
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