Answer:
This is totally dependent on your bank's lending policy, which may or may not require that the loan be approved at a higher level.
Is loan approval authority by loan or aggregate debt
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Question:
When making a new CD secured loan of $50,000, our aggregate exposure with the borrower will be $1,500,000. The bank's board has delegated lending authority to the underwriter of $650,000. Does the underwriter have the authority to approve this loan secured by the CD or does it have to be approved by the Loan Committee due to the aggregate debt?
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