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Banking loans and mortgages are financial products that enable individuals or businesses to borrow money from a bank or financial institution. A loan is typically used for various purposes such as personal expenses or business investments, while a mortgage specifically relates to borrowing money to purchase real estate.
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Lenders must report information such as loan amounts, interest rates, borrower details, loan status, and payment history for banking loans and mortgages to regulatory authorities, ensuring transparency and compliance.
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