Upon approving eligibility and all materials requested, the Loan Specialist 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.