The initial submission for pre-approval requires only a completed Mortgage Application, tri-merged credit report with credit scores, and the Commercial Funding loan request form.
If the Borrower is being assisted by a Broker, then the Broker must approved by Commercial Funding prior to the loan closing. Our Broker Application Package should be completed and submitted to Commercial Funding at the time the appraisal is ordered.
Pre-approvals are generally issued within 48 hours of receipt. The pre-approval is a conditional commitment to fund a loan based solely on the information supplied by the Borrower and/or Broker and the requirements stipulated in the pre-approval.
Commercial Funding utilizes the credit report submitted by the applicant and/or broker to evaluate the applicant's credit and grade the loan as to price & permitted LTV ratio. For Broker submitted applications Commercial Funding does not run its credit report until the property appraisal has been reviewed and accepted by Commercial Funding. Therefore, any changes in the borrower's credit standing as reflected by the credit score may result in a change in price and LTV, as well as, denial of the loan.
Additional supporting documentation or stipulations contained in the pre-approval must be submitted for underwriting review and acceptance prior to closing. Requests to waive pre-approval stipulations can only be authorized by an underwriter issuing a revised pre-approval form. No oral waiver of stipulations is allowed by any Commercial Funding employee and will not be honored by Commercial Funding under any circumstances.
Borrowers and/or Applicants need to be aware that Commercial Funding staff appraisers review all appraisals. We recommend that you reference the section on our Appraisal Process for more information.
Mortgagor title commitments should be ordered once the appraisal has been approved. Commercial Funding requires that all exceptions contained in Schedule BII of the title report be removed as of the time of closing. No loan can close with exceptions on section BII of the title report without the approval of Commercial Funding's legal department.