What is the frequency at which a guaranteed lender must submit current financial statements for each guaranteed loan account?

The requirement for a guaranteed lender to submit current financial statements for each guaranteed loan account is set at every 90 days. This frequency is important because it ensures that the lender and related parties have up-to-date information regarding the financial status of the borrower and the viability of the loan. Regular submissions every 90 days allow for timely risk assessment and management, enabling lenders to respond effectively to any changes in the borrower's financial situation. By maintaining this schedule, lenders can ensure that they have an accurate understanding of their clients' financial health, which is crucial for making informed lending decisions and mitigating potential risks associated with default.