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:
- Call you with our questions or email our PRE-APPROVAL LOI & Eagle Success Fee Agreement to the borrower and copy you.
- Or email you a brief explanation why we have to pass on your loan request.
- We often offer suggestions how to restructure your loan request so it will be approved.
- Most borrowers appreciate our quick response.
- Those turned down often agree with our recommendations and send us an amended loan request.
- Others appreciate avoiding a bad deal or wasting time completing paperwork and spending money on loans banks and other lenders drag out for months knowing it won’t close.
- Important: you only 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) for more information and tips.
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…