Class Overview
In this class, we will delve into the critical aspects of filling out intake forms for loan applications. Understanding the importance of these forms and accurately completing them is essential for determining the suitability of a project for a loan program. We will cover key sections of the intake form, including client information, project details, and financial specifics. By the end of this class, you will be equipped with the knowledge to efficiently complete intake forms, ensuring a smooth loan application process.
Questions and Answers
1. Why are intake forms crucial in the loan application process?
• A. They provide a detailed project timeline.
• B. They enable preliminary calculations of loan numbers.
• C. They determine the client's creditworthiness.
• D. They specify the project location.
Answer: B. They enable preliminary calculations of loan numbers.
2. What information should be provided if the loan is for a special purpose entity?
• A. Client's home address
• B. Company name marked as 'TBD'
• C. Detailed financial statements
• D. Contractor's license number
Answer: B. Company name marked as 'TBD'
3. What is required if permits are not in hand at closing?
• A. Loan amount limited to 80% of current value
• B. A detailed construction timeline
• C. Loan amount limited to 60% of current value
• D. An additional borrower investment of 10%
Answer: C. Loan amount limited to 60% of current value
4. Which financing is not allowed in the loan application process?
• A. Personal savings
• B. Seller carry back
• C. Subordinate debt
• D. PACE financing
Answer: D. PACE financing
5. What should be included in the project summary section?
• A. Client's credit score
• B. Project's scope and timeline
• C. Contractor's name and license
• D. Detailed loan repayment plan
Answer: B. Project's scope and timeline
Conclusion
In conclusion, accurately completing the intake forms is vital for a successful loan application process. These forms gather essential information about the client and the project, which helps in preliminary loan evaluations and structuring. Remember to provide detailed and accurate information in each section, and don't hesitate to reach out for assistance if needed. Properly filled intake forms lead to smoother transactions and better outcomes for both loan officers and clients.
