From time to time an approved business loan in Abrigo may require changes. Changes may include (this list is not all inclusive):
| Material Changes | Immaterial Changes |
|---|---|
| Loan Amount | Waive escrows - Must be approved and documented by Regional Manager |
| Rate | Financing closing costs - as long as it does not put them over the Loan-to-Value (LTV), if it does then it would be a material change. |
| Add/remove borrower or guarantor |
Changes that DO NOT affect the loan amount, rate, terms, borrower, guarantor, fees, LTV, or approval conditions.
|
| Term | |
| Fees | |
| Loan-to-Value (LTV) | |
| Changes in conditions | |
| Policy exceptions |
Below are the procedures for making changes to Abrigo loan approvals.
If the loans was approved by Credit Administration/Underwriting
A re-work will be inserted in the workflow, listing what needs to be approved/changed/corrected. The re-work will be assigned to a Credit Administration Underwriting Manager.
-
For Material Changes - An Underwriting Manager will make the changes to the loan, update the Approval Conditions, add a comment identifying the change and reason, generate and upload a new Standard Report/Credit Approval to the documents.
-
For Immaterial Changes – An Underwriting Manager will put a comment in the Conditions of Approval the Workflow detailing the change and approval.
If the loan is within your Lending Limits or Line Authority
Do the following:
- E-mail _AbrigoHelp and request to have the loan reverted.
- Best Practice: Include the loan number, a screen shot, and a clearly stated request to revert the loan.
- _AbrigoHelp will revert the loan and insert the appropriate approval step(s) in the workflow.
- Once reverted, do the following:
- Make the necessary change(s).
- Re-approve the loan.
- Add a comment identifying the change.
- Provide a detailed reason for the change.