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Is prior approval by the board of directors required for a first mortgage to an executive officer for the purchase or refinance of their primary residence?
A first mortgage loan made to an executive officer for the purchase or refinance of their primary residence made under Section 215.5(d) must be promptly reported to the board of directors, but prior approval is not required by this section.
Prior approval is generally required by Section 215.4(b)(1) when an extension of credit to any insider aggregated with the amount of all other extensions of credit to that person and to all related interests of that person, exceeds the higher of $25,000 or 5 percent of the bank’s unimpaired capital and unimpaired surplus.
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