Loan application.

CFR · 2024-01-01 · US · Title 7

(a) (1) Lenders must perform at least the same level of evaluation and documentation for a guaranteed loan that the lender typically performs for non-guaranteed loans of a similar type and amount. (2) The application thresholds in this section apply to any single loan, or package of loans submitted for consideration at any one time. A lender must not split a loan into two or more parts in order to fall below the threshold in order to avoid additional documentation. (3) The Agency may require lenders with a lender loss rate in excess of the rate for CLP lenders to assemble additional documentation specified in paragraph (d) of this section. (b) (1) An EZ Guarantee application form. (2) If the loan fails to pass the underwriting criteria for EZ Guarantee approval in § 762.125(d), or the responses in the application are insufficient for the Agency to make a loan decision, the lender must provide additional information as requested by the Agency. (c) (1) The application form; (2) Loan narrative, including a plan for servicing the loan; (3) Balance sheet; (4) Cash flow budget; and (5) Credit report. (d) (1) Verification of income; (2) Verification of debts exceeding an amount determined by the Agency; (3) Three years financial history; (4) Three years of production history (for standard eligible lenders only); (5) Proposed loan agreements; and, (6) If construction or development is planned, a copy of the plans, specifications, and development schedule. (e) (1) An application form;

official document · source cfr-2024 · id 7:§ 762.110