Initial Review
This document outlines the details of the loan request.
Credit Memo
SBA requires that completed appraisals be dated within this length of time of the application for the guaranty.
12 months
This document is attached to the Flood Determination for the property and must be signed if the property is in a Flood Zone.
Notice to Borrower
High Risk Commercial Real Estate will require this type of Environmental Due Diligence.
Phase 1
DAILY DOUBLE!!!
The transfer of deed should go from ______
(HINT: the order of the transfer... from ___ to)
The current OWNER to the BORROWER to TD BANK
The Loan Specialist will need to use Form Generation to populate this document.
Small Business Term Sheet
DAILY DOUBLE!!!
Mix-use properties require this type of appraisal.
Full Appraisal
True / False- The Loan Specialist will need to obtain the Flood Insurance Certificate listing TD Bank as a mortgagee when the collateral property is in a Flood Zone.
False…the Flood Declaration Page is required.
A Loan Specialist should review the Borrowers ______ to determine if it classified as being in an environmentally sensitive industry.
NAICS code
These are the two parts of Schedule B.
Requirements & Exceptions
The term sheet gives the customer this specific amount of time to return the signed document and pay the packaging fee.
2 weeks or 10 days
This is the determination of how much it would cost to replace a property in the current market in the event it is damaged.
Insurable Replacement Value
FNIF stands for.
Flood Notice Information Form
If required an ____ should be performed in addition to the Environmental due diligence for Commercial Real Estate.
EMQ
Title insurance consists of these two types of policies.
Lender's Policy & Owner's Policy
The Loan Specialist must navigate to _____in nCino to see the "Assign To Myself" option.
Post-Approval
DAILY DOUBLE!!!!
The lesser of these three amounts determines the minimum property insurance coverage amount required.
Loan Amount, Appraisal Value, Insurable Replacement Value
These three documents are needed prior to submitting a Flood Service Request for the Flood Team to conduct their review.
Flood Notice Information Form, Flood Insurance Declaration Page, Signed Notice to Borrower.
This Environmental Due Diligence is required for Low Risk CRE with a loan amount of < $250K.
Environmental Questionnaire
This document itemizes all charges and credits to the buyer and seller.
Settlement Statement (HUD-1)
True / False: The Loan Specialist should provide all Conditions of Lending to the customer prior to receiving the signed term sheet.
True
The loan specialist can accept this document if the borrower doesn't have a current flood insurance policy.
Signed Flood Insurance Policy Application
DAILY DOUBLE!!!
To determine sufficient coverage, the flood insurance for the collateral must be at least equal to the lesser of these.
Total outstanding combined principal balances of all loans & or lines secured by the property, 100% replacement cost coverage of the building/improvements, the maximum allowed coverage for the property type under the National Flood Insurance Program.
This Environmental Due Diligence is required for Low Risk CRE with a loan amount of < $250K with concerns.
Order RSRA
This legally binding document issued by the title insurance underwriter protects the lender, buyers, & sellers from losses caused by fraud, dishonesty, or failure to follow the closing instructions by a closing agent.
Closing Protection Letter (CPL)