we are first determining if they are within our market area, then if they are and they are requesting a product we offer, we issue an expression of interest and request the clients complete an application and the file then goes through our normal process. If they don't qualify, aren't in our market area, or meet our standards/product request we are not having the client make an application.
My question revolved around this process, do we send a declination to the client, or to the broker as the broker has sent this request out to multiple lenders in the area..As these are business clients we would decline the loan, out of market area, request for product not offered or some other appliable reason. It is unlikely we will have enough information to make a credit decision, i.e. no credit report, no full financial information etc., typically what we will see is P & L on the selling practitioners business and maybe a tax return from the purchaser... but very limited information. Thank you for any help!
Last edited by Chocaholic; 12/21/11 08:45 PM.