True or False: When adding the borrower type, it is essential to specify the Contingent Type, Amount, and Percentage.

When adding a borrower type in the nCino platform, specifying the Contingent Type, Amount, and Percentage is indeed essential. These details provide critical context about the borrower's financial obligations and help in assessing the overall creditworthiness and risk profile of the borrower. The Contingent Type outlines what obligations may arise under specific circumstances, while the Amount and Percentage quantify these obligations, enabling lenders to make informed decisions based on the complete financial picture of the borrower. This comprehensive data collection is vital for compliance, risk management, and for enhancing decision-making processes within commercial banking. Thus, the statement is true.