The Promissory Note or Credit Agreement is a legal document identifying both the borrower and the lender. The agreement is a written promise to pay back a loan from another party, plus interest at a specific rate, with a repayment schedule by a specific date.
Every loan must have a promissory note included with the loan package provided by Loan Doc Prep. The Agreement can have NO ALTERATIONS. You cannot mark or make any changes on a promissory note by hand.
A completed Promissory Note must contain the following:
- Signature of borrower (or contain the borrower’s mark)
- Initials of Lender approving the loan
- Initials of borrower on unsigned pages
Note: No matter how good the rest of the documentation is, if the promissory note itself is missing or flawed, the loan may be unenforceable.
Real Estate Secured:
We MUST have the original Promissory Note signed with a pen (wet signed) if the loan is real estate secured. If the loan package was sent to you via IMM eSign, PRINT the Promissory Note and have the client sign.
- Real Estate secured loans cannot be delivered via eSign-Web.
- The ORIGINAL SIGNED note must be sent to Loan Servicing in the designated bag. You may upload a signed copy to Synergy (Consumer Purpose) or Abrigo (Business Purpose)
If you need additional assistance with Abrigo, please contact _Abrigo Help.
Non Real Estate Secured:
If loan documents have been signed via IMM eSign or eSign-Web, document will be automatically transferred to the loan file.
If all documents are wet signed, send to loan servicing in the designated bag.