Real Estate Mortgage Loans.
54.04 Loan policies.
The board of directors shall adopt written policies to direct the real estate lending activities. The loan policies shall be reviewed at least annually. The policies shall address, at a minimum, the following:
(1) Types of real estate mortgage loans that will be offered.
(2) Percentage of assets to be invested in real estate loans by category.
(3) The trade area for real estate mortgage loans.
(4) Maturities of real estate mortgage loans.
(5) Appropriate limits and standards of creditworthiness applicable to real estate loan approvals.
(6) Monitoring and quality control standards.
(7) Appraisal and valuation standards.
(8) Loan to value limitations on equity loans.
(9) Asset liability/funds management issues.