Good Faith Deposit & Funding Agreement
ICS provides an instant Good Faith Estimate so clients know exactly what loan programs, rates, and terms are available from day 1. Most lenders and banks require a full application and document package before they are willing to provide detailed rate information, which can take weeks. This can waste a lot of time, only to find out the lender is not interested, or can't fund the loan at a rate acceptable to the borrower. ICS provides instant rate quotes, saving everyone time and money.
A funding agreement establishes the estimated fees and costs associated with processing, underwriting, and funding a loan, including 3rd party fees and direct fees incurred by ICS. Good Faith Deposits are deducted from loan fees paid by the borrower at closing, and are required so that if a borrower decides not to go forward with a loan, ICS is not stuck with out-of-pocket underwriting expenses and underwriting labor costs. ICS keeps a detailed leger of all labor and service fees deducted from the GFD.
"The average commercial or investment property loan takes 24 to 32 hours (3-4 business days) to underwrite after completing an appraisal/BPO and receiving all property and borrower documentation."
Out-of-Pocket Underwiting & Loan Processing Expenses
- Project Funding Assessment
- Lender Property Evaluation & Opinion of Value
- Loan Application
- Document Retrieval
- Document Review
- Income & Asset Analysis
- Rent Roll Analysis
- Profit & Loss Analysis
- Debt-Service Analysis
- Property Demographics Report
- Property Map Report
- Virtual Property Inspection
- Credit Report
- Property Tax Report
- Property Lien Report
- Title Report
- Escrow Scheduling
- Tenant Lease Review
- Principal Background Check
- Market Comp Analysis
- Loan Packaging
- *Funding Package Presentation
- Correspondence and Negotiation
- Final Loan Document Review
- Loan Closing Management