AGRIfinancial Services has several farm loan programs which require different submission information. Determine that the loan meets the basic criteria for the Fast Track Loan Program or the Full Document Real Estate Loan Program. To submit a loan file, follow the steps listed below.
Submission of a loan file:
- Determine that the loan meets the basic criteria for one of AGRIfinancial's Loan Programs.
- Complete either the Fast Track Loan Application or the Farm Loan Application. Collect all credit documentation as outlined on the Fast Track Loan Application Checklist or Farm Loan Application Checklist.
- Prepare a brief narrative describing the operation and the proposed loan.
- These loans are not subject to consumer regulation. However, the fees associated with farm loans and the various loan products should be discussed with the cutomer.
- Upon receipt of the application, AGRIfinancial will order the credit report. AGRIfinancial's can use broker's credit report as long as it is a tri-merge.
- Once underwriting determines eligibility of the loan file, AGRIfinancial's will work with the broker to provide a commitment letter to the customer.
- Upon acceptance of the commitment letter and the commitment fee, AGRIfinancial's will order the appraisal and title work. If an appraisal has already been completed, it can be assigned to AGRIfinancial's as long as it meets requirements and is less than 1 year old.
- All closing instructions and closing documents will be issued by AGRIfinancial's directly to the closing agent, typically a title company. All closing figures will be approved by AGRIfinancial's. AGRIfinancial's will provide funding directly through the closing agent.
- AGRIfinancial's will pay all fees due the Correspondent upon receipt of the signed closing documents.