BPLA
Business Purpose Loan Application. is either denied, additional info requested, or pre-approved
Pre-Approval Letter
(after B.P.L.A. info is received) Pre-Approval Letter includes: submission checklist, pre-approval, and secure access to portal for Borrower/Broker
Portal Log-In
Borrower reviews submission instructions and downloads ACRA documents from portal; then Borrower uploads completed documents into portal
Phase 1
Processor initiates Loan Set-Up and requests Borrower's background and credit
Processor Review
Processor reviews Borrower's bank statements, rehab budget, background, credit & entity documents, and completes vetting
Processor
Processor orders Appraisal & Title is initiated
Waiting on Appraisal
Appraisals take 5-10 business days. Outstanding conditions are being collected and analyzed. All documents need to be submitted prior to appraisal completion
Appraisal Review
Processor reviews Appraisal and sends to third-party review (TPR)
Phase 2
Appraisal & Title complete; Processor uploads all documents to portal
Processor Final Review
Processor ensures all documents have been reviewed per guidelines and moves file to “Right-Hand” side of portal
Underwriter Review
Underwriter reviews file within 24 hours; Underwriter either sends file back to Processing with conditions to be met by Borrower or approves file
Approval
Management alerts Funding/Closing and Servicing that file is approved; commitment letter sent
Closing
Funder/Closer ensures contact with counterparty and drafts closing documents
File Sent to Servicing
Funder/Closer sends draw schedule and client information to Servicing; servicing instructions sent to Borrowers
Commitment Letter Executed
Borrower returns executed commitment letter to ensure terms before funding Borrower
Funding
Funder/Closer ensures delivery of funds and post-closing document collection