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Lewisville, Texas, United States
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BOK Financial
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Texas A&M University School of Law
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Penn State Smeal College of Business
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New Sage Funding
SBA backed loans offer competitive rates and terms as well as higher amounts. Qualifications are more stringent as the borrower must meet the requirements for both, the lender and SBA. Processing times are also longer but certainly worth it if the circumstances allow it. For more information or to apply please visit the Link In Bio. #SBA #sbaloans #sbafinancing #smallbusiness
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In today’s mortgage landscape, phantom debts like Buy Now, Pay Later (BNPL) loans are increasingly common. Phil Crescenzo, VP of Nation One’s Southeast Division, explains that lenders often estimate borrowers’ assets and compare them to their BNPL loan balances. If borrowers have enough savings to cover the loan, the payments are less of a concern. Lenders take this asset-based approach since there is no clear direction, focusing on short-term, manageable debt, which has not posed significant issues. Dive into more insights from Phil in HousingWire: https://lnkd.in/gTK6yK2v #realestate #mortgagelender #homeownership #homeowner #phantomdebt
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My SBA Loan Pro Podcast
SBA 7(a) & 504 Real Estate Purchase Loan Application From Start To Funding The most frequently asked question I receive by far is how long does the loan application process take to complete from start to finish. The quick answer is 45 - 60 days. The honest answer is it takes as long as necessary to complete all steps in the process. The next logical question is what are the steps. Here is a list of each step in order with an explanation. Before I begin, I want to emphasize the timeline starts from the day the lender receives the monetary Deposit, usually $2,500 or $5,000 and the signed Letter of Interest or Term Sheet. Step 1: Loan Application Needs List. This needs list is sent to the Applicant by the Lender in preparation for underwriting. Included are General Application Forms and SBA Forms 1919, 413 and 912 if necessary. It typically takes 2 - 4 days for the lender to generate this needs list from receipt of the monetary Deposit and signed Letter of Interest. Step 2: Underwriting. The amount of time to underwrite the loan is 1 - 3 weeks depending on the lender's pipeline density, available underwriters and support resources and outstanding information required by the underwriter to render a decision. Step 3: Credit Decision. The credit decision is announced upon completion of underwriting or the conclusion of ”loan committee.” Some lenders shepherd loan requests through individual underwriters in an underwriting loan center. Other lenders maintain a decision making body referred to as “loan committee.” It takes 5 - 10 days for an underwriter to review a loan application and either return to the applicant with questions or a credit decision, meaning the loan is either approved or declined. Loan committees decide a loan in the committee meeting which is typically held one day per week or every other week. SBA 504 loan requests require a separate SBA Approval called an Authorization which may add an additional 5 - 10 days to the entire application process. Step 4: Commitment Letter. The commitment Letter outlines conditions required to close the loan and is sent to the Applicant 2 - 4 days after loan approval. This step begins the process of ordering third party reports and the collection of closing documents. Step 5: Third Party Reports & Closing Documents. A real estate appraisal is ordered by the lender to be performed by an SBA approved third party appraisal company. The appraisal may take 2 - 3 weeks to complete with an additional 2 - 5 days for lender review. If a business acquisition is included with the real estate purchase, a business valuation is also ordered which also takes 2 - 3 weeks with an additional 2 - 5 days for lender review.
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Join us for an exclusive, free webinar presented by Velera on business transformation. This webinar dives into credit union and consumer research. We will uncover six critical barriers to transformation – and how credit unions can overcome them and build a successful member-centric strategy. ✨
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Feel Good Friday This week has been an incredible journey of helping others and making a positive impact. Here's a glimpse of the good we did: 1. Empowering Mortgage Loan Officers: We had some amazing sessions with loan officers, helping them build a strong referral base and find direction without the pressure of being 'slick salespeople.' It's always fulfilling to see them regain confidence and enthusiasm for their work. 2. Accountability Program: Created a comprehensive accountability program and offered it to interested mortgage loan officers. The response has been overwhelming, and we’re excited to see how this will help them stay focused and achieve their goals. 3. Client Success Stories: Celebrated the success of several clients who crossed their Rubicon this week, securing new clients and filling their calendars with meaningful appointments. Seeing their hard work pay off is what makes this journey worthwhile. 4. Charity Initiative: Contributed to a local charity supporting families in need of housing assistance. Giving back to the community is a core value, and it felt great to make a difference together. Take a few moments before entering your weekend and make a list of the positive impact you made this week and feel free to share them here. Let's keep spreading positivity and making a difference, one step at a time. Here's to more impactful weeks ahead! #FeelGoodFriday #MakingADifference #CommunitySupport #MortgageSuccess #Empowerment Like Comment Share
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L1 Members: Calling all Loan Officers, Executives, Marketers and ANYONE in Mortgage Production 💡 Ready to Rethink Everything You Know About Being a Next Gen Loan Officer? Register for our new webinar series that starts this Thursday, July 18th! In the dynamic landscape of the mortgage industry, staying ahead of the curve is essential for sustainable growth and innovation. Our upcoming loan officer webinar series, based on the groundbreaking book “Rethink Everything You Know About Being a Next Gen Loan Officer” by Kyle Draper💡 and Brian Vieaux, CMB, features five unique sessions with the authors – and you won’t want to miss a a single one! Our first session - "Leading From the Top" - offers a unique opportunity for CEOs and C-level leaders to gain crucial insights into the future of mortgage lending. This session is not just about adapting to change; it’s about leading it. Equip yourself with the knowledge and tools to revolutionize your approach, inspire your team, and propel your organization to new heights. Read more and register for this and upcoming sessions: https://lnkd.in/gwDPbyEA #WeAreL1 #rethinkeverything #LendersOne #mortgagetraining #mortgageoriginators #mortgageloanofficers #kyledraper #finlocker
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