loan application process

loan application process

The creation and transmittal of all information a lender might find necessary to assist it in reaching a decision to loan money to a borrower or not.At a minimum,the process usually consists of

• Alist of assets and liabilities

• Current cash flows showing a present ability to repay the loan, or pro forma projections showing future income sufficient to repay the loan, such as if the loan proceeds will be used to buy income-producing property

• A Social Security number and present address so that the lender can obtain a credit score

Depending on the complexity of the purpose for the loan,or the handicaps a borrower must overcome because of a poor credit score, the process can become much more complex. All lenders have their own specialized requirements and procedures; even individual loan officers within an organization may have differing requirements for the process.

References in periodicals archive ?
15, 2015 /PRNewswire/ -- Open Energy, an innovative debt finance firm that provides solar project loans to solar developers and project owners through its unique marketplace lending model, today announced the launch of its new online platform, designed to streamline the loan application process.
Bank of America's mortgage originators will also be able to access the directory as part of the loan application process.
Our knowledge can be invaluable in helping organisations work their way through the loan application process and also give them insights into their own capabilities, as well as determine if a loan is their best option.
Barclays officers will answer key questions on lending and explain the loan application process, with alternative finance providers on-hand to provide a complete picture of options available.
An SLC spokesman said they had started a 90-day consultation with employees af ter mov ing the loan application process online.
As part of NCB's ongoing commitment to providing a fast, flexible and resourceful approach to meeting our customer's financial needs, we're thrilled to launch this new service to streamline the loan application process," stated Charles E.
For more information on the emergency loan application process, farmers may contact the Farm Service Agency's Tangent Service Center at (541) 967-5925, Ext.
Expediting the loan application process, interfirstlink.
The locations of Disaster Recovery Centers and the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for people with speech or hearing disabilities) Monday through Friday from 8 a.
Calcubot then leads prospects into the institution's loan application process and tracks conversions.
Movement is known for its agent-centric business model and innovative loan application process, which begins with upfront, six-hour underwriting and includes a goal to finish processing the application within seven business days.
The bank said during the loan application process, bank employees can step beyond the call of duty to accommodate a long line of entrepreneurs.