Lending Process

Upon approving eligibility and all materials requested, the Program Manager will forward a summary of the application 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 ten business days
  • Upon final loan approval the Program Manager will then direct the borrower on the appropriate procedure to close the loan.

If the Loan Committee declines a loan:

  • it will send the applicant an adverse action letter within three business days

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.

For more questions either visit our FAQs page or contact us.