| Step 1 |
Client sends via Fax
or
:
|
| |
- 1003
loan application
- Recent credit report (if not available Lib can obtain)
- Purchase Contract - when applicable
- Loan Summary
- Any documentation you think might be helpful
- See a chart for additional
items specific to a deal
Even if you are missing some documents listed above, send what you have
initially in order to get the process started and a quicker turnaround.
|
| Step 2 |
Lib Reviews the File: |
| |
- Confirm receipt of application via phone
- Verify details with client if necessary
- Meet or drive by property (case-by-case basis)
- Gather information for underwriting
|
| Step 3 |
Lib Underwrites Loan: |
| |
- Meet with loan committee to discuss findings
- Call involved parties for additional information
- Decide on loan commitment
- Call broker or borrower to inform him/her of results
- Fax or email loan proposal to relevant party
|
| Step 4 |
Processing to Closing: |
| |
- Client sends signed good faith estimate
- Client sends title deposit - without this deposit we cannot authorize
the title search
- Client provides stipulated materials for loan
- Meet with inspector and property for review of costs*
- Inspector verifies project cost and sends to Lib*
- Closing is scheduled
- Loan is funded
*construction, renovation, and development loans only
|
| |
|
Loans that hold open the window of opportunity.
