We have launched an Online Loan Application on our customer portals for a faster, simpler, and more dependable loan app experience. In this post, we will walk you through the online loan application step by step. For additional guidance on setting up or operating your customer portal, contact your Account Executive.
You can now seamlessly integrate your loan application with your financial apps through Plaid Assets. Download Plaid Tutorial Here.
Online Loan Application Guide
Accessing the Loan Application
Accessing the loan application is different for Brokers and Investors.
Brokers
Investors
Log in to your Investor Portal. If you have any issues, ask your Account Executive. Once inside, find the loan scenario and click the "Application" button on the far right.
Keep in mind that your Account Executive must prepare the application for you. Once, they do you will be able to access the loan app in your portal.
Completing the Loan Application
The first time you start the application, you will have a wizard introduce and walk you through each item. We will also walk you through the process, and you can find this guide any time through the "Resources Tab" on our main navigation bar.
Section 1: About You
In this section, we'll gather personal details, employment history, demographics, and more details related to the borrower.
Personal Details
The first section collects all of your (or your borrower's, if you're a broker) personal details. Input your (or your borrower's) name, date of birth, social security number, marital status and contact information. We'll need a residential address, a mailing address, and a billing address. You can indicate if they are all the same address, so you do not have to put the same address in multiple times. We'll also ask if you (or your borrower) own or rent your home.
Employment History
Demographics
Investment History
Borrower Investment Property History & Property Management Strategies: Provide your (or your borrower's) investment history in detail, including how many years of experience you (they) have, how many properties you (they) own, how many properties you (they) have purchased in the last three years, and how many properties you (they) have purchased total. We also will ask for details on how you (or your borrower) typically finances properties and manages them.
Broker & Corporate Entity Fields: Additionally in the Investment History section of the loan application, we ask for broker and corporate entity details, if applicable. This is where brokers will indicate that they are working on the loan. If you (or your borrower) are borrowing in a corporate entity, we will ask for the entity name, type, state, and ownership information.
Declarations
In this section, we ask for key legal declarations, such as bankruptcies, liens, lawsuits, etc. If you select yes for any declaration, you will have an opportunity to explain.
Online Loan Application Guide
Section 2: Property Information
Section 3: Loan Information
Here we gather all relevant details on the investment property. Fill out each question regarding the address, if the property is rented and for how much, number of units, estimated value, etc. We also ask for details on judgements, taxes, and liens, if applicable.
Section 4: Business Strategy
Here we gather all relevant details on the investment property. Fill out each question regarding the address, if the property is rented and for how much, number of units, estimated value, etc. We also ask for details on judgements, taxes, and liens, if applicable.
Signing the Application
Here, the process varies for investors and brokers. Brokers will be asked to send a Docusign directly to their borrowers, and borrowers will be asked to send the Docusign to themselves. The password to access the Docusign is the last four digits of the primary guarantor's Social Security Number.
Online Loan Application Guide
