Loan Process

What Happens When AGRIfinancial Receives Your Loan Referral?

Prompt service and clear expectations among all parties will produce the best results. It may be impossible to say yes to every loan request, but even when the answer is no, the customer deserves to know what’s going to happen, how soon he might expect an answer, and the exactly what is needed from his side.

Here is the chain of events that occur after you send us a referral:

  1. Our first contact will be back to you. A loan underwriter will discuss the information you’ve provided, check to see if you have collect any loan documents, and inform you of the next step which usually is direct contact with the customer.
  2. The underwriter will then work with the customer to prepare a full loan application and collect any other documents needed to support the loan package.
  3. After review by underwriters, the loan will be given approval subject to final appraisal results and any other conditions that may be established. Or it may be denied for credit reasons. In either event, the applicant will be notified directly by AGRIfinancial Services personnel. We will also notify you about the outcome.
  4. Once approved, the loan moves to the closing department which provides the customer a formal commitment letter detailing the loan decision.
  5. The commitment letter will include a request for a “commitment fee” and/or the appraisal fee.
  6. The customer must then return a signed commitment letter and submit the appraisal fee to AGRIfinancial.
  7. After a complete loan package is assembled, an appraiser will be engaged by the loan underwriter. Appraisals must meet USPAP standards established by the Appraisal Standards Board. Completed appraisals are reviewed for content and support value; additional information is sometimes required to support and or/clarify the results of the appraisal.
  8. From that point, title work will be ordered and received by AGRIfinancial. Title work will show any liens and /or exceptions and the property. The title work must provide AGRIfinancial with a policy that insures first mortgage lien position.
  9. When title work and appraisal work is approved, the customer can then lock the rate on the loan.
  10. AGRIfinancial prepares legal documents and forwards them to a title company (one located near your customer), along with loan closing instructions and instruction on any fees to be collected.
  11. The loan closing is scheduled at the convenience of the customer.
  12. On the day of closing, AGRIfinancial will wire the loan proceeds to the title company who will manage the disbursement of the loan.
  13.  Origination fees are disbursed within 7-10 days of the loan closing. This allows AGRIfinancial time to receive fees back from the title company and review and process the final loan documents and disbursements.