For older applications please see this post for more information: https://www.reddit.com/r/EIDL/comments/hr3l41/eidl_news_714_update_regarding_the_current_status/. The tip jar can be found HERE. They are telling people to accept the offer in the portal to speak with a loan officer to make the revision. (NOTE: As of 5/29 the previous direct number is currently out of service) They are unfortunately, a very limited means of support. How can I request a specific amount? You can contact pdcrecons@sba.gov and request a "Loan Modification increase". Will a loan officer contact me? The wording ‘obligations that are unable to be met due to lack of revenue’ seems to be a catch all, but how much so? Any loan officers care to tell me about their job? QUESTION: Who are you, cue378? The following applicants are not eligible for EIDL assistance. -Minimum Credit Score of 570. How is the loan amount calculated? It seems they each have a sly way they have found. If the numbers on your application were correct, you would not be eligible for an EIDL. Docs will not show up until you get an email with the approval. 5 Strategies Loan Officers Use to Attract More Business As a loan officer, your primary goal is to determine the best mortgage loan program for your customer (and of course, close the loan). The delay on this can be a few hours or more. It depends on your bank when they post in your account (same day, next day, time). A commercial loan officer helps such organizations to underwrite costs like new inventory or equipment or even to expand their business. You can also see approved but not have docs available. Once you see a loan amount in your portal, this is NOT a "pre-approved offer". 8. At this point you can track the disbursement with your loan number from the docs using CAWEB to see if the ACH has been sent. Approved: T2 Rep can now see your loan is approved on their screen. ANSWER: This is when the actual loan process starts and underwriting begins. Using the Capital Access Finance System to track your EIDL after your documents have been signed and submitted through funding. So if a T2 says they requested a change do not assume it was or will be made. Can we add a section on EIDL uses and best way to track? Be Ahead of the Curve With Client Contact. Great. QUESTION: How is the loan amount calculated? In many ways, a mortgage broker and mortgage loan officer perform the same tasks. Also, Top ~1% LOs as the LoanDepots and Quickens are pulling in $500k+. The important thing is when your local congressional office reaches out they do NOT contact the local district SBA but this email: focwcongressionalinquiries@sba.gov. The Area Sales Manager will work closely with the Divisional Sales Managers and Executive leadership to execute on the strategic plan for their specific area and the division as a whole. I'm glad it checks out. PenFed is hiring an Area Sales Manager, Mortgage Loan Officer at our Charlotte, North Carolina location. Real Estate Developers. Providing a LE to the escrow officer the day before with a marked up rate and/or points. 16. It most commonly relates to credit based issues or problems pulling your credit report from Experian. So, accurately and clearly portray their loan options to them as you grow this client-to-borrower relationship. For more details email me. Please note, anything donated prior to contacting me in an effort to gain faster help/special attention won't yield those results, while appreciate your support I keep everything fair to others who don't donate. If the client questioned it they would smooth there way around it and at some point say "well, that's what the new rate is, if you don't sign it you will lose the house." Thoughts? They do NOT use FICO. Ever figure out how they get to that level? Debt. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. With abiding respect to all. Do NOT panic if it seems "stuck" with no communication from anyone. ANSWER: As most of you already know, the EIDL Advance/Grant program has ended and the full 20 billion in funding for the advance has been exhausted. What documents are required? Casinos, Racetracks, Etc. Concerns that derive more than one-third of their annual gross revenue from legal gambling activities. Please note that the SBA is only taking into account revenue earned prior to the disaster date of 1/31/20 to calculate your economic injury. I appreciate the sentiment, I really do. 11. PenFed Credit Union is hiring an Area Sales Manager, Mortgage Loan Officer in Los Angeles, California. On the home page click on "Not Enrolled?" If any member, partner, or shareholder, owning 20 percent or more of the applicant business is in the USA they must be a qualified alien. Your EIDL will show up as "Disbursed Current" if funds are on their way. Team lead /Sr Mortgage Loan Officer (Former Employee) - San Diego, CA 92130 - June 10, 2019 Good place for someone to start their career. Apply to Loan Officer, Junior Loan Officer, Mortgage Loan Originator and more! My second loan app # is similar to yours and I am awaiting portal invite. Hi, I know this isn’t the right place but does anyone know where I can find my NMLS id number, New comments cannot be posted and votes cannot be cast. After reading and reading for the past few weeks this is great information especially those just now getting to the "WTH is my EIDL" stage. Obligated: A loan number from E-Tran has been obtained and now closing documents can be drafted and sent to the borrower. in the top left. What is the normal amount of time? Simply unbelievable! Your Application # will NOT work for account set-up. Agricultural businesses: 6 months operating expenses year prior to 1/31/20, If the formula results in a negative number or less than your advance you will be declined for "ECONOMIC INJURY NOT SUSTAINED". We will call him “Jim” to protect his identity as his bank is afraid Jim will be lured away. Is it too late? Concerns engaged in live performances of, or the Sale of Products, Services, of a Prurient Sexual Nature. I see it every day and people are stuck its the "kiss of death" advice. Further details and updates on this situation are available in the thread HERE. While I do not ask for donations, another volunteer decided to setup a tip jar in case people want to show their support. Can I change it? Credit score is largest factor for approval for this loan and no exceptions are made for under 570. You may also see a status that says, "On-Hold" Amount $0: This status typically is when your loan was temporarily declined and is still in the reconsideration department pending possible reconsideration approval. I like the numbers and solving situations and enjoy helping people with their mortgages when I could. Most are very nice and well meaning people but are usually poorly informed and often provided contradictory information between calls. No training provided, couldn't get any answers to loan scenario questions, didn't have a clue what I was doing at first, self studied and paid for my own NMLS, no leads provided, lost money on some transactions because of incompetent processors, had to eat the difference in rate locks expiring, yet the average guy in my office was pulling in 250k and 2 guys were 1mm+, I have seen their pay checks for myself. QUESTION: I now understand that processing really means "underwriting", but how long will it actually take? The problem is that once you accept you set the process in motion and then it gets obligated by treasury it is impossible to adjust. If you see someone that has a higher number than you get a portal invite it does NOT mean you were "passed over". If you click on your loan# in the list, it opens up a page with details about your loan. It is simply a potential amount you are eligible for based on the stated formula if you pass underwriting. Plenty of independent brokers hiring that would set up the right person with leads, etc. 69 Loan Officer No Experience jobs available on Indeed.com. 3. ANSWER: The loan is relatively easy to get approval for by loan standards. The typical Bank of America Loan Officer salary is $40,777. Lending is a competitive business. NMLS License #2611 Arizona Mortgage Banker License #0907078 3940 N. Ravenswood Chicago, IL 60613 - (866) 934-7283 The company name, Guaranteed Rate, should not suggest to a consumer that Guaranteed Rate provides an interest rate guarantee prior to an interest rate lock. If they can find it on google it will suffice. If your offer is lower than expected you may have been wrongly classified into this formula. I need to change my Rev or COGS and I already accepted an amount in the portal, Tier 2 told me to do it! Loan officers usually jump towards new campaigns and techniques before giving the earlier harvested ones time to reap. Concerns with Principals Incarcerated, on Parole or Probation: remain ineligible if the parole or probation is lifted solely because it is an impediment to obtaining a loan. This should take you to your "Loan List" showing the loan #, borrower name, loan type, amount, and loan status. How do I show support for the volunteers and moderators for r/EIDL. ANSWER: This occurs when the numbers entered on your application for COGS are greater than your revenue. On the caweb homepage, login (if you aren't already), it will be personalized and show your name. The Area Sales Manager will work closely with the Divisional Sales Managers and Executive leadership to execute on the strategic plan for their specific area and the division as a whole. This email is NOT for use by applicants but only official government purposes. This takes you to a screen to enter info. Because of the Commute Filter, your results are limited. QUESTION: What documents are required? Tax returns are preferred if available but not required if the offer is showing as eligible in the portal. If you made an error you can request an amendment and reactivation of your application. What is CAWEB and how can it help me track my loan disbursement and other status? 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