Scrub-A-Dub-Dub
What are the 3 items the credit analyst will provide you before a scrub?
What is checklist, CAB, certificate of good standing
"There are too many documents"
What is:
"A lot of my clients feel the same way when looking at the list of documents. It may seem daunting at first, but you'll see 50% of items you should have on hand like a Drivers License or Voided Check. The other 50% are just Hellosign’s you need to complete. Most of these will be very easy for you to find and for the ones that are more difficult, it is my job to help you get them done!"
What are the 3 extra documents you need to collect if a borrower is refinancing debt?
What is original signed promissory note, payment histories, payoff letter
What are the 3 banks we work with?
What is Cadence, Five Star, First Home Bank
What documents can we waive with the bank?
When do you change the file stage from "PACKAGING PENDING" to "INVITE SENT"
What is after scrub, intro email, and FI sent
"How do you get paid?"
What is:
"We are a free of charge service to you. The bank pays us a packaging fee for finding your file and doing the heavy lifting. We do not get a percentage of your loan and you do not pay us anything.”
You can also explain that any fees associated with the loan are taken off the top and are standard. So if they went to the SBA directly or through us, fees would be the same.
If the spouse is guaranteeing the loan, what documents must they provide?
What is a management resume, 1919 form, government ID
Who has the fastest underwriting?
What is Cadence
What documents are NOT required for handoff?
What are landlord documents, and insurance documents
What are the 3 sections of notes an RM uses when scrubbing a file?
What is CA, RM, Needs List
What is:
Packaging Stage:“No problem at all. Keep trying to reach out to him/her over the next couple of days via email and phone call. I am also happy to loop into the conversation to try and help reach them as well. In the meantime, there are many other documents that we can tackle in the portal!”
Closing Stage: “This is the only item needed by the bank. Once we get this, we can proceed with funding/getting contracts out. Would you want me to reachout to your landlord to help drive some urgency?”
If a non-spouse is guaranteeing the loan, what documents must they provide?
What is management resume, 1919, PFS, current residential mortgage statement, government ID, 4506/8821
Cadence: one closer
Five Star: If Jim is not comfortable, will decline a file
1HB: Very slow and complicated
What system do we use to order transcripts?
What is TaxGuard
What three insurances do we always request?
What is GL, WC, BPP
"I dont want the full amount"
What is:
“What makes you say that? Are you worried about the monthly payments or are you not able to deploy all of the capital right away? I understand your perspective but I want to remind you that you have passed cash flow which means that your current debt obligations, including the full size of this loan, can be covered by your business income. The SBA would not “clear” your business for a loan of this size if they did not feel that you could easily pay it back. Does that make sense?”
You can also mention the fact previous borrowers you worked with, who took a smaller amount, ended up regretting it because they actually needed it. Worse case scenario, if they don’t need the funds, they can pay it back.
The document we will need to terminate a UCC
What is a UCC-3
When waiving BPP or Landlord documents with Five Star, what must we do?
What is complete waiver forms (found in team drive) and provide that to closer
DAILY DOUBLE!
The preferred days in packaging is less than (X)?
After handoff, the preferred days at the bank are less than (X)?
What is 10
When do we only need 1 set of the 8821/4506 documents?
What is when a client files their business taxes on a schedule C. We only need to request a personal 8821/4506 doc!
I don't have time for this, I'm very busy.
What is - I know it can seem like an overwhelming process at first glance. But in reality half of the documents being requested you should have on hand and the other half are super quick fillable forms. I've seen clients get this all done in an hour when they really dedicated that hour to the process. Once you send the docs over, we will do the heavy lifting of making sure it's in perfect order for the bank. Do you think you have an hour you can spare to help your business grow?
What needs to be listed on all insurances in the bottom left box?
What is the bank needs to be listed as the certificate holder.
Who do we send waiver requests to at Cadence?
What is Scott (our fav)
How long to do contracts take to be made/sent out at Cadence?
What is 1 business day.