Loan Origination and Closing The following document is posted by the Low Income Investment Fund...

Loan Origination and ClosingLoan Origination and Closing

The following document is posted by the Low Income Investment Fund (LIIF) in accordance with the requirements of the Fannie Mae Foundation’s October 2001 grant in support of LIIF’s continued information technology (IT) development. Materials posted by LIIF outline the organization’s strategic IT plan, as well as document the implementation process of this plan. LIIF’s IT plan included customization of loan servicing software, report automation, impact statistics generation, fund administration, and asset liability monitoring. LIIF’s knowledge and experience developing this IT workplan is posted as an aid to other non-profit Community Development Financial Institutions (CDFIs) who may be generating their own IT workplan and who may find the subsequent materials helpful in that regard.

Loan Origination & ClosingLoan Origination & Closing

Borrower MarketingBorrower Marketing Project QualificationProject Qualification UnderwritingUnderwriting Loan ApprovalLoan Approval Loan CommitmentLoan Commitment Loan ClosingLoan Closing Post Closing Follow-upPost Closing Follow-up

Business ProcessesBusiness Processes

Borrower MarketingBorrower Marketing

Market LIHFProducts

MarketingProspects

LIHF LendingStaff

Market LIHFProducts

MarketingProspects

SeekFundingSolution

MarketingMaterials

Sponsor / Borrower

LIHF LendingStaff

Market LIHFProducts

MarketingProspects

SeekFundingSolution

Intention toPursue Loan

MarketingMaterials

Sponsor / Borrower

LIHF LendingStaff

Market LIHFProducts

MarketingProspects

SeekFundingSolution

Intention toPursue Loan

InterestedSponsor List

MarketingMaterials

Sponsor / Borrower

LIHF LendingStaff

Project QualificationProject Qualification

QualifyProject and

Sponsor

LIHF LendingStaff

QualifyProject and

Sponsor

Provide LoanInformation

Loan Guidelines,Requirements

and Pre-Application

Sponsor / Borrower

LIHF LendingStaff

QualifyProject and

Sponsor

Filled outPre-Application

and Pre-Application

Sponsor / Borrower

LIHF LendingStaff

QualifyProject and

Sponsor

and Pre-Application

Sponsor / Borrower

Letter ofIntention(Optional)

LIHF LendingStaff

QualifyProject and

Sponsor

QualifiedProject List

and Pre-Application

Sponsor / Borrower

Letter ofIntention(Optional)

LIHF LendingStaff

UnderwritingUnderwriting

PrepareNarrative

LIHF LendingStaff

PrepareNarrative

LIHF LendingStaff Other Financial

Entities, i.e., project partners

InvestorUnderwriting

Criteria

PrepareNarrative

Provide DetailedLoan Data

ApplicationPacket

Borrower

LIHF LendingStaff

Other FinancialEntities, i.e.,

project partners

Criteria

PrepareNarrative

ApplicationPacket

Borrower

Independent Experts

and External ConsultantsAudits,

Appraisals,Surveys

LIHF LendingStaff

project partners

Criteria

PrepareNarrative

ApplicationFee

ApplicationPacket

Borrower

Independent Experts

Appraisals,Surveys

Completed Application,Financial Reports,

Project and PropertyDocuments

project partners

Criteria

LIHF LendingStaff

PrepareNarrative

ApplicationFee

Loans PendingApproval

ApplicationPacket

Borrower

Independent Experts

Appraisals,Surveys

Completed Application,Financial Reports,

Project and PropertyDocuments

project partners

Criteria

LIHF LendingStaff

Loan ApprovalLoan Approval

PresentLoan Packet

Loans Pending Approval

LIHF Lending Staff

PresentLoan Packet

Review &Approve

LIHF Loan Committee(or Staff)

LIHF Lending Staff

LoanNarrative

PresentLoan Packet

Review &Approve

Loan Approval(with conditions)

LIHF Lending Staff

LoanNarrative

PresentLoan Packet

Review &Approve

Loan Narrative

LIHF Lending Staff

LoanNarrative

Review &Approve Loan

Package

Other Financial Entities

PresentLoan Packet

Review &Approve

Loan Narrative

LIHF Lending Staff

LoanNarrative Loan Approval

Package

PresentLoan Packet

Review &Approve

Loan Narrative

ApprovedLoans

LIHF Lending Staff

LoanNarrative Loan Approval

Package

Loan CommitmentLoan Commitment

NegotiateCommitment

ApprovedLoans

LIHF Lending Staff

NegotiateCommitment

ApprovedLoans

LIHF Lending Staff

Accept / RejectLoan

Conditions

Borrower

Commitment Letter

NegotiateCommitment

ApprovedLoans

LIHF Lending Staff

Accept / RejectLoan

Conditions

Borrower

Commitment Letter

Request for Modifications

NegotiateCommitment

ApprovedLoans

LIHF Lending Staff

Accept / RejectLoan

Conditions

Borrower

Commitment Letter

ApproveLoan

Modifications

Loan Change Request

NegotiateCommitment

ApprovedLoans

LIHF Lending Staff

Accept / RejectLoan

Conditions

Borrower

Commitment Letter

ApproveLoan

Modifications

Loan Change Request

Loan Change Approval

NegotiateCommitment

ApprovedLoans

LIHF Lending Staff

Accept / RejectLoan

Conditions

Borrower

Commitment Letter(with modifications)

ApproveLoan

Modifications

Loan Change Request

NegotiateCommitment

ApprovedLoans

LIHF Lending Staff

Accept / RejectLoan

Conditions

Borrower

Signed Commitment Letter with

Commitment Fee

ApproveLoan

Modifications

Loan Change Request

NegotiateCommitment

ApprovedLoans

CommittedLoans

LIHF Lending Staff

Accept / RejectLoan

Conditions

Borrower

Signed Commitment Letter with

Commitment Fee

ApproveLoan

Modifications

Loan Change Request

Loan ClosingLoan Closing

Handle LoanClosing

CommittedLoans

LIHF Lending Staff

Handle LoanClosing

CommittedLoans

Fulfill LoanConditions

Borrower

LIHF Lending Staff

Check list ofClosing Documents

Handle LoanClosing

CommittedLoans

ClosingDocuments

Borrower

LIHF Lending Staff

Handle LoanClosing

CommittedLoans

Copies of Closing DocumentsClosing

Documents

Borrower

LIHF Lending Staff

Prepare Loan

Documents

Legal Counsel

Handle LoanClosing

CommittedLoans

Documents

Borrower

LIHF Lending Staff

Prepare Loan

Documents

Legal Counsel

Legal Loan Documents

Handle LoanClosing

CommittedLoans

Documents

Borrower

LIHF Lending Staff

Prepare Loan

Documents

Legal Counsel

project partners

Legal Loan Documents &Service Fee

Handle LoanClosing

CommittedLoans

Documents

Borrower

LIHF Lending Staff

Check list ofClosing Documents Loan

Documents

Prepare Loan

Documents

Legal Counsel

ExecuteLoan

Documents

project partners

Borrower

Handle LoanClosing

CommittedLoans

Documents

Borrower

LIHF Lending Staff

Documents

Prepare Loan

Documents

Legal Counsel

ExecuteLoan

Documents

Borrower

Signed Documents

project partners

Handle LoanClosing

CommittedLoans

Documents

Borrower

LIHF Lending Staff

Documents

Prepare Loan

Documents

Legal Counsel

ExecuteLoan

Documents

BorrowerLegal

Documents

Signed Documents

DocumentSafekeeping

project partners

Handle LoanClosing

CommittedLoans

Copies of Closing Documents

ClosedLoans

ClosingDocuments

Borrower

LIHF Lending Staff

Documents

Prepare Loan

Documents

Legal Counsel

ExecuteLoan

Documents

BorrowerLegal

Documents

Signed Documents

DocumentSafekeeping

project partners

Post Closing Follow-upPost Closing Follow-up

ClosedLoans

Follow up onClosed Loans

LIHF Lending Staff

ClosedLoans

LIHF Lending Staff

Enter Loan in ServicingSystem

LIHF Finance Staff

Check / WireRequest

ClosedLoans

ReviewServicing

Requirements

Borrower

LIHF Lending Staff

LIHF Finance Staff

Check / WireRequest

LoanFunds

ClosedLoans

ReviewServicing

Requirements

Borrower

LIHF Lending Staff

Post ClosingFollow-up Form

LIHF Finance Staff

Check / WireRequest

LoanFunds

ClosedLoans

ReviewServicing

Requirements

Borrower

LIHF Lending Staff

LIHF Finance Staff

PaymentSchedule

Check / WireRequest

LoanFunds

ClosedLoans

ReviewServicing

Requirements

Borrower

LIHF Lending Staff

LIHF Finance Staff

PaymentSchedule

Check / WireRequest

LoanFunds

Loans ReceivableLedger

ClosedLoans

ReviewServicing

RequirementsClosing Letter with Payment Schedule &

Monitoring Requirements Borrower

LIHF Lending Staff

LIHF Finance Staff

PaymentSchedule

Check / WireRequest

LoanFunds

ClosedLoans

ReviewServicing

Requirements

Loan Monitoring Status & History

Closing Letter with Payment Schedule &

Monitoring Requirements Borrower

LIHF Lending Staff

LIHF Finance Staff

PaymentSchedule

Check / WireRequest

LoanFunds

Loan Origination and Closing The following document is posted by the Low Income Investment Fund...

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