The board of directors shall adopt and maintain written policies that establish appropriate limits and standards for loans that are secured by liens on or interests in real estate. Real estate lending policies must be: consistent with safe and sound industry practices; appropriate for the size of the credit union and scope of its operations; and reviewed and approved by the board of directors in accordance with Fl. Admin. Code R. 69U-110.0212 The lending policies must establish: loan portfolio diversification standards; prudent underwriting standards; loan administration procedures for the credit union’s real estate portfolio; and documentation, approval, and reporting requirements to monitor compliance with the credit union’s real estate lending policies.
Rulemaking Authority 655.012(2), 657.038(5), (11) FS. Law Implemented 655.60, 657.038(5), (11) FS. History-New 7-25-66, Amended 10-26-67, 3-9-70, Formerly 3-5.01, Amended 10-21-75, Formerly 3D-10.13, Amended 10-13-81, Formerly 3C-30.13, 3C-30.013, Amended 10-8-95, Formerly 3C-110.0381, Amended 3-6-07.