Understanding Eagle Loan Processing…
STEP ONE: How to submit your online loan request:
- Click the blue www.eaglecfs.com Eagle website link.
- Click the black Get Funded box near the top right of the website home page.
- Scroll down.
- Click the black box that best matches your loan request
- Either click through the questionnaire and answer the questions yourself or call your borrower and conversationally ask her/him the questions.
- Guestimates are fine.
- It should take you less than 5 to 15 minutes to complete.
- We will immediately receive your loan request after you submit it.
- No Social Security Numbers, credit cards, hard credit pulls or upfront fees are required.
STEP TWO: Within 48 business hours, we will either:
- Call borrower with a few questions then email our PRE-APPROVAL LOI directly to the borrower(s) and copy Eagle Referral Partner
- Email borrower(s) a brief explanation why we have to pass on their loan request and often offfer suggestions how to get their loan request approved.
- Most borrowers appreciate our quick response, avoiding a bad deal and not wasting money and time banks and other lenders drag out for months then turndown.
- Important: you earn referral fees for loans that close. Don’t waste time on low probability loans unlikely to close. Focus on the right loans.
- Please click Eagle Referral Partner Success Tips to focus on finding profitable, high probability close loan requests.
STEP THREE: We are available by phone, text or email to answer questions that you or your client have about our PRE-APPROVAL LOI and Eagle Agreement.
STEP FOUR: Upon receipt of borrower’s signed PRE-APPROVAL LOI and Eagle Agreement, we will email our loan doc request to the borrower (and copy you).
STEP FIVE: Once again, we are available to answer questions and/or help you and the borrower complete the loan docs.
STEP SIX: Upon receipt of the completed loan docs, we will review them for accuracy, missing docs, mistakes and legibility. If necessary, we will contact you with the next steps required to get the docs in proper order. The probability of approval from underwriting is much better with an honest, legible, properly completed loan package.
STEP SEVEN: Underwriting conditionally approves the borrower’s loan request.
STEP Eight: Client pays for an appraisal.
STEP NINE: Appraisal is ordered and scheduled.
STEP TEN: Underwriting completes title work, payoffs, insurance, legal etc.
STEP ELEVEN: Expect additional questions when underwriting moves the file to the closing department.
STEP TWELVE: Closing department coordinates closing docs with the closing attorney or the title company.
STEP THIRTEEN: Closing date is scheduled. Borrower either signs docs at the title company/closing attorney’s office or at her/his office, home etc.
STEP FOURTEEN. We will wire your referral fee to your bank account by ACH the Friday after we receive funds from the title company/closing attorney.
STEP FIFTEEN: Rinse and repeat as often as possible to increase your earnings…