Loan Administration

After closing, loan administration services including progress inspections, fund control, lien waivers, and draw disbursements enable lenders to manage unique risks. Services Improvement Phase & Completion of the Collateral (Draw Processing, Progress Inspections, Lien Wavier, Close-out Documentation).

Renovation budget (aka loan-in-process, LIP, rehab escrow) established at settlement.

• Renovation budget boarded into fund control system and reconciled to HUD-1
• Maturity date established
• Funding control and post-close tracking items established (ie; contractor insurance, permits, etc.)
• Welcome Package and Introductory Call to Borrower and Contractor
• Login information provided

Receive draw request via RenovationReady.com on-line draw process

• Order and review progress inspections
• Collect & manage lien releases
• Complete & issue 9746A
• Obtain lender (DE) underwriter approval
• Manage change order requests and contractor performance
• Update loan record & balance of LIP account