I'm glad it checks out. If I could bring in sales with each customer and then help them with mortgage too? This should take you to your "Loan List" showing the loan #, borrower name, loan type, amount, and loan status. Congrats. Thoughts? Please post any questions not covered and I will respond and add them here. Some are seeing immediate automated approvals same day, this only happens in around 30% of cases. If I hear anything new on this it will be updated here. This mortgage marketing, mortgage sales, and mortgage motivation strategy podcast will go through actual training and coaching I give to our mortgage branches and loan officers and as we were hiring I realized that I was just repeating information every time we partnered with a new office. Your application will be assigned a loan officer for review using the criteria listed in question 2. I worked very hard to make sure everything was factual. Can I still get a grant? Obligated: A loan number from E-Tran has been obtained and now closing documents can be drafted and sent to the borrower. If they can find it on google it will suffice. -If economic injury was sustained based on formula described in QUESTION 4. I made jack all. I just prefer to stay an anonymous helper. 15. QUESTION: What documents are required? In about 1/3 cases you will receive no communication from a loan officer and approvals are automated. Commercial loan officers work specifically with businesses. The Area Sales Manager will work closely with the Divisional Sales Managers and Executive leadership to execute on the strategic plan for their specific area and the division as a whole. Not knocking on doors, going to networking events, or taking realtors out for lunch. But I will tip him anyway. ****Hat tip to u/tahoechick36 for this amazing write up**. If the SLO does not approve the deal then it will go to declined. Most commonly an LO will need to contact you to clarify some things about your business or request specific documents, or confirm your public business presence. *If you already did see note below. Real Estate Developers. 19. Note if you have not yet accepted the offer the normal process is much faster. Financial commitment ID is your Loan # - 10 digits. Press J to jump to the feed. I’m an independent broker and would never go back, but happy I started there. The delay on this can be a few hours or more. Obligating: SLO known as a "team leader" reviews the work of the first LO to ensure everything was done correctly. DO NOT ACCEPT THE OFFER as per advice given by Tier 2. The exact underwriting criteria the SBA is using was leaked by some helpful people (hat tip to u/Sbaleaky) and thus you can have a good understanding what your chances are. You may also see a status that says, "On-Hold" Amount $0: This status typically is when your loan was temporarily declined and is still in the reconsideration department pending possible reconsideration approval. Then your market value to the mortgage industry is $500 per closing and minimum wage. ANSWER: These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. -Tax liens or tax issues are NOT a disqualifying factor or taken into consideration for COVID19 disaster. I understand that processing really means "underwriting", but how long will it actually take? Write your exact ID & password down somewhere - if you ever get locked out and call the SBA for help, they are going to tell you that Borrowers are not supposed to be able to access CAFS CAWeb. How can I request a specific amount? Hardly any consumers know about the CFPB. This will not change anytime soon and there will be no way to request more at present. This is valuable and accurate information that I’m glad you shared. 19 days of PTO+ 10 Holidays! There may be a delay between when your offer is obligated to when it actually shows approved. Guidelines, reading credit reports, how to take a mortgage application.... did your place do anything for you? Concerns Involved in Change in Ownership Situations: Concerns which had a substantial change of ownership (more than 50 percent) after the impending economic injury became apparent, and no contract for sale existed prior to that time are ineligible . 3. If it didn't like the info you have entered, it will give you an error message for what part it didn't like, and you will have to try again, which requires re-entering quite a bit of the information. One guy who made 1.2mm said his taxable income was 300k. Call tier 2 support as soon as you possibly can and ask them to make the following note in your file: "Loan Officer, DO NOT approve this file without calling me, the applicant, because my (revenue or COGS) figures are wrong. Anyone who has bought a car, a house or gone to college has probably dealt with a loan officer. While there are many good lenders, there are fewer good lenders that are superior salespeople in banking. What is the normal amount of time? Will a loan officer contact me? I work in ODA at SBA. The only way to avoid the cap is if your loan was already being obligated prior to the change by the SBA from 500K. My loan as obligated or already funded, I made a mistake with my COGS or revenue and I am not happy with the amount. I made a mistake with my COGS or revenue and I am not happy with the amount. So if a T2 says they requested a change do not assume it was or will be made. The drop down menu 6/15 there is a negative number you will be no way to fix this your... 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