Legal Title Matrix
What document do you need to show authorities to act on a Sole Prop?
Nothing!
$90.00
What is the maximum term for a Commercial Real Estate loan?
30 Years
The Lender
Tuesdays
What is required to show authorities to act on a multi member LLC?
Operating Agreement
Can a REEF be used for a Purchase Transaction?
No
What percentage is someone apart of an entity required to be a guarantor on a loan?
20%
Who inputs the OLA to FAME?
Credit Analyst
Within how many days of closing should your workflow be closed on originated loans?
10
State of ME Good Standing Website
Up to what loan amount can you use a CREE?
$500,000 or less
What is the minimum Debt Service Coverage raito on all non-owner occupied commercial real estate loans?
1.20X
When is a Employment Plan required for FAME?
If the entity has 10 or more employees
What are the two cabinets on a Withdrawn or Denied loan a credit report needs to be filed under?
1. CIF Cabinet
2. Denied Loans Cabinet
What document would need to show authorities to act on a Non-Profit?
Meeting Minutes
What is the LTV Requirement when we are using a Residential Appraisal?
75%
When is a Commitment Letter required?
When is a Enviornmental Questionnaire required?
When the loan is secured by a dwelling & has more than a million dollars in FAME Exposure.
What form is required for HMDA Loans that are denied if the borrower is an individual?
HMDA & Demographic Form
What document would you need to show authorities to act on a Partnership Entity?
What is the maximum LTV requirement when using a REEF for a transaction?
80% or less
What is Jaime Berard's loan authority limit?
$500,000.00
What is indexed to every FAME loan to synergy?
1.FAME APP
2. OLA
3. FAME Authorization (signed)
4. FAME Invoice
How is Kendra notified a Post Closing is completed?