THE LOAN PROCESS: from Intake through Closing and Servicing 

1. Applicant fills out and submits intake application

2.  Applicant makes in person-office appointment

3. Underwriting pre-approval processing

If the applicant qualifies at this point, an underwriting package is prepared to include all of the documents prepared thus far and presented to the Loan Review Committee.

4.  Loan Review Session

The Loan Application Summary is presented for each applicant and discussed. Recommendations are made to the Committee, which includes the determined grant/loan combination most appropriate for each applicant. The Committee approves a maximum amount that the applicant can borrow. If the application is declined, the committee establishes what aspect of the credit application needs improvement and how the credit counseling aspect of the borrower services program may assist applicant in preparing to borrow in near future.

5. Post review notification

• Approved applicants receive a letter to confirm

• Declined  applicants with impaired credit receive a letter to inform them of committee's decision

• Declined applicants with no fit with LCLF programs receive a letter of explanation and suggestions for other agencies in the area that may offer assistance to them.

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