Workflow
If a collection/charge off is showing 0% balance but paid, is that a red flag for funding results? LH
Yes, it is still a red flag for underwriters and automated systems. Just because its paid in full doesnt defeat the fact that at one time or another that client got behing on makin ...
When can inquiries be removed for personal or business? CY
Personal Inquiries can only be removed if they are NOT attached to a open account - ex if you apply for a personal credit card and you get declined. That inquiry can be removed. If ...
If someone already has a login for a loan website, do we skip that and try another or create another account using another email so it lets us apply for the loan for them again? CY
Depending on what the client wants to do you can ask them if they have another email to utilize instead of the other one because it has already been used on the site.
What are the best times to submit applications? CY
Most Funding Advisors prefer to do this in the evening as a convienance factor but their is no concrete data found to prove that any time of day is better. It can either be handled ...
How much of a factor do student loans play when going through a business sequence or acquiring a personal loan? -LH
Loan amounts will not factor heavy, but if client has late payments it will be an issue.
What are the next steps if someone has a good credit profile with high utilization, but then gets denied for all consolidation loans? CY - Please review
If a client has high utilization and they are getting declined for personal consolidation loans the only option for us to offer would be to look into a bridge loan. Bridge loans ar ...
What is Chexsystem? What should we know about it to help our clients? CY - Lamar please review
ChexSystems is a consumer reporting agency that collects info about your banking history to create a “big picture” assessment of past banking activity. These reports co ...
Is there any specific way you should be running multiple businesses at once for funding? CY - Review please
The best way to run multiple business for one client is to do it in stages. Establish business checking accounts for the first LLC After accounts are established submit clien ...
What is off cycle reporting? - done
Off-cycle reporting refers to the reporting of credit information to the credit bureaus outside of the regular reporting cycle. Typically, credit issuers (like credit card companie ...
If a client uses their CC and increases utilization before or during the funding process, do the lenders only see this if it’s reported and showing on the bureaus? CY - Please review
When you submit a client for funding and their utilization is in order on their credit report and the credit reports are pulled the lenders will not see any changes. UNLESS you sub ...
How can we fund business owners with multiple owners/partners? CY - Lamar review.
If businesses have multiple owners/partners it would be better to start with the first majority business owner (Greater than 25% ownership). Then after the first majority business ...
After a funding sequence, if we send the client through an inquiry sweep, would they be able to go through the same sequence under a different LLC once those inquiries are removed? - CY
After the funding sequence is complete and if the client decides to do another round of funding on a different LLC they are able to. Generally, it may take around 30 days for all t ...
What is the process of establishing business checking accounts through banks besides Chase and BOA? CY
In most cases if you are leveraging other business products for your clients the processes are the samewith all the banks. They all will want to see your EIN filing page and want a ...
What is the best way to review business documents? Lamar please review.
When reviewing business documents you need to assess their business bank statements and taxes.If they are looking at securing business lines of credit utilizing their business fina ...
How should we be documenting client results? CY
The best way to document client results for funding advisors are in Zoho. Redundancy is key so advisors should document it under the results tab first and then follow up with docum ...
Best way to guide a client to start an LLC? - CY
The best way to guide a client to start an LLC varies on if they want to spend money or not. In most cases we recommend websites like:https://rushfiling.com/https://www.legalzoom.c ...
Is there a difference in results in running client as an LLC or Corporation? CY - Review
There should be no difference in results due to the structure of a business. Remember when submitting clients filed a Corporation to submit them as members instead of owners.
If a client has business bank accounts with Chase or Bank of America, does he need to still speak with a RM? Is that account tied to the SSN and not the LLC or Corp? Complete - review
We submit clients with RMs if they setup a business checking account with the corresponding bank (Chase & Bank of America). If they do not setup a business checking or dont hav ...
How do we get our clients credit reports? Need to insert credit report video - CY
We are still looking to secure a partner where we can run our clients credit reports for them.In the mean time the best way to approach it is - send them the instructions to get th ...
How do we document notes for clients? CY
The process for documenting notes for clients is: Login to ZohoGo to the Clients TabFilter the Clients by My ClientsFind the Client you are working with by searching his name or l ...
Do we establish another LLC for them or apply to other 0% interest funding options? Delete - this question makes my brain hurt. CY
Is there a way to make the RM process faster? CY
The Relationship Managers in all cases have their regular duties at their current job and branch. The one way to increase the speed of the process is to stay on top of your clients ...
When it comes to talking with an RM, what is the order of operations? Complete
Open business bank accounts>deposit $500>RMrequest>bookappt>RMcall>docusign?>then funding sequence? Or do we start the RM submission first and start funding seque ...
How long does a business need to be established before they can get a BLOC? CY
A business needs to be established for 2 years minimum to be able to secure a business line of credit. The older it is the better.
How long does it take for them to get cards once they’ve accepted offers? cy
On average most cards fall under that 7-10 day range. Some cards can take up to 2 weeks to receive them. If the client feels the need to be persistent in getting them sooner you ca ...
When a new LLC is established by a client how long does it take to get them funded? CY
Once the LLC is created the time for them to get funding is based on how quickly they can get into specific banks like Chase to setup their business checking account. Keep in mind ...
What’s our fastest form of funding and what is needed to get it? CY - review please
The fastest form of funding would be for cash flowing businesses and submitting them with one of our lending partners. Generally the lenders will wants the last 6 months of busines ...
Once a client is funded how long does it take before we invoice them? CY
After the funding sequence is complete and all reconsiderations and follow up calls with the banks have been exhausted we then considered the clients funding complete.After they ha ...
How do we get inquiries off and where/who do we send them to? CY
There are a few methods to offer the clients for inquiry removal. DIY Inquiry Removal - This method is free and we have a template in zoho to send out that attaches the instructio ...
How do we know if our client got accepted and for how much? cy
The easiest way to know if our client got accepeted is at the end of the application it will be approved and they will give you the approval amount. The more common case is establi ...
How long do you wait to continue the sequence after the client has been submitted to the RM's? Complete IM
After the client has signed the Docusing from our Rm's, it's best to wait until their credit report gets pulled. Do not run sequence before verifying with client. - IM
If our client doesn’t have $500 to put into new business accounts, what do we recommend? CY
If the client cannot afford $500 dollars to put into a new business account but they want to proceed forward suggest putting what they can afford into each account. We recommend es ...
How do we handle reconsiderations? What banks are most likely to reconsider? What banks don’t do reconsiderations? CY
After the applications have been submitted and if they are declined we need to inform the clients to call for reconsideration. There is no gurantee to what banks are most likely t ...
When and why does a client need to speak to a RM? CY - Review please
WHEN: A client needs to speak to a RM WHEN their profile has been optimized and they have established a business checking account with a bank that we have a RM with. WHY: WHY we s ...
Is there a minimum requirement for inquiry sweeps? CY
There is no minimum requirement for inquiry sweeps. If a client have more than 3 inquiries in the last 6 months it is recommended that the client removes inquiries. The inquiries c ...
Are there any other banks that have a 2k checking account minimum to avoid monthly dues like Chase? CY
Most personal and business checking accounts have minimal amounts they like to see if they are checking accounts. In most cases if they are requiring a large sum they will charge t ...
How can we simplify the process of getting them onboarded? CY
The process of getting a client onboarded is already simplified. If more information is required then you need to send out a request for information. After the information is obtai ...
What is needed for 50k No Doc loans? Documents? Credit scores? Complete
Requirements For Funding (For best results) Inquiries Less than 3 hard inquiries per bureau in the last 6 months. (If they havemore, its not a HUGE deal if their credit profi ...
How can we check on status of application for our client or to check for ourselves? -IM
Usually, the client will let you know about approvals and mainly denials so stay in contact with you client.On some applications it can be as easy as entering the clients i ...
Is it better for a client to use an LLC or corporation? -LH
LLC requires less documentation to open up business checking accounts. If a client has an S or C -corp, banks will ask for more docs to open account, like 'meeting minutes' etc
What’s the process if we have a co-signer or couple applying for funding? Do they both need to sign separate funding agreements? How do we run everything for 2 people instead of one? Lamar this was a duplicate - delete
What do we do if our clients have funding from Chase, US Bank, and Bank of America already?CY
If our clients already have funding from Chase, US Bank, and Bank of America the next step would be:Utilize the https://www.bankbranchlocator.com/ and find banks in their area that ...
Is the process different when you have a cosigner? CY - Lamar review please
In most cases when you are reaching out to a client about utilizing a co-signer the process does change. Since the co-signers credit profile is going to be 50% responsible for the ...
What personal cards should we look for on their profile before starting a sequence? CY - Lamar review
It always helps for clients to have personal credit cards with the banks we utilize for our funding sequence. Larger banks are considered Tier 1 cards such as Chase, Bank of Americ ...
Would they use your previously established buisness credit now or your personal credit still? cy
When submitting clients for business funding banks can/will look at the business credit reports and personal credit reports. They use the personal credit reports to see your abilit ...
Which specific credit scores get affected by applying for the buisness credit stack? CY
This is overlayed in our business funding sequence. Our funding sequence distributes the inquiries very well and does not overload one bureau to much but most every bureau is affec ...
How can we shorten the curve between application for info, getting their info, getting them on the phone, getting a funding agreement, getting them started in the funding process?
