The removal of costly appraisal requirements on tens of thousands of smaller commercial properties could help community banks better compete for loans they say they have been losing to nonbank lenders.
Leader Bank says it can land property managers as commercial clients by helping them handle tenant deposits — and possibly create opportunities to boost CRE lending.
The group says Mulvaney, who also runs OMB, was not totally forthcoming with the Senate Budget Committee about the foreclosure of a property he owns in South Carolina.
Borrowers can get better rates elsewhere, so they're repaying ahead of schedule, leaving banks in the lurch. The steps lenders would have to take to keep the business could be prohibitively expensive.
The New York bank said it wrote down each taxi medallion loan to a value of $160,000. At their peak, New York City medallions were worth well over $1 million.
