Upon approving eligibility and all materials requested, the application will be submitted to the Loan Review Committee.
The Loan Committee will:
- Evaluate all of the applicant’s documents and approve or decline the application.
- Provide that decision in writing to the applicant within 30 business days.
- Upon final loan approval and direct the borrower on the appropriate procedure to close the loan.
If the Loan Committee declines a loan:
- The applicant will be sent an adverse action letter within three business days of the determination.
The letter may offer an alternative to the applicant:
- Such as approval for a lesser amount.
- Approval with a qualified co-applicant or other conditions.
- The applicant will also be offered other RDI financial services that may assist them in establishing an acceptable credit rating.