A Loan Application is a written document that provides essential information about the applicant on which the lender bases a decision to lend.
A completed application must include the following:
- Name
- Physical address (where they sleep at night).
- You may also have an additional mailing address which may be different than the physical address.
- Social security number or Tax identification number
- Date of birth
- CIP information (ex: Drivers License Number, issue date, expiration)
- Income
- Specific purpose (except on HELOC applications)
- Loan amount requested
- Signature
- Date
- Joint Intent box checked and initialed, if more than one applicant
- Address and estimated value of collateral property, if real estate secured
A Completed Business Application may also require:
- Income Statement
- Current and projected income for 3 years or for the period of the loan
- Balance Sheet
- Cash Flow Statement
- Detailed Business Plan
Processing Applications
- Provide appropriate application packet to client (Consumer purpose), enter application information in Abrigo (Business purpose).
- Obtain SIGNED application from client.
- If application has not been signed electronically, upload copy of SIGNED consumer purpose application to Synergy, or signed business purpose application to Abrigo.