Application dates are sometimes a foreign concept in commercial lending. However, now that 1071 is a reality, commercial divisions everywhere will have asked themselves, “When do I have a completed application?” and perhaps the most important question of the day, “What will define my application date?”
In commercial lending, it’s not as simple to determine when an application is received as it is with consumer loans. In consumer lending, loan officers or personal bankers either log into a loan origination system or pull a blank paper application out of a drawer and ask the applicant the necessary questions. On commercial loans, this process can take many different forms depending on the financial institution’s processes.
TCA – A Better Way!
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