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The LAR (Loan/Application Register) Formatting Tool is designed to assist banks in formatting loan application data in the appropriate manner to support ongoing compliance with Home Mortgage Disclosure Act (HMDA) requirements.
Legal Amount Recognition (LAR) refers to the process by which financial institutions, such as banks and credit unions, validate and process the legally recognized amount on a check.
Loan documents include all the documents that are necessary for a financial institution to make a loan to its customers, including the promissory note.
A loan file is a hard copy or electronic organizational tool that helps banks manage a customer’s credit and loan documents. Banks use loan files to store and organize important documents in compliance with their retention policies.
Loan imaging is the process of leveraging technology to scan paper loan documents onto a computer or network repository and then organizing the electronic files.
A loan origination system (“LOS”) is technology that helps banks generate loan documentation in a way that complies with regulatory and internal requirements. Banks usually install loan origination software on their local servers or access it through a cloud-based platform.