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• MCCF Loan Approval Process Flow Chart <br /> Loan Officer Contacted <br /> By MCCF Member <br /> Gather Preliminary Details Project does not fit MCCF <br /> of project from MCCF member criteria or not ready to proceed <br /> Denies loan <br /> Loan Officer contacts by phone Project does not fit MCCF ,request <br /> Project stakeholders and Bank criteria or not ready to proceed <br /> to gather more info Move forward <br /> with site visit <br /> With project qualified,Loan Officer Explore alternative funding <br /> has site visit meeting with applicant, structure to have project meet <br /> bank and stakeholders. Reviews MCCF loan criteria <br /> application forms and explains process, <br /> timeline,fees and costs <br /> _Reconsider Loan Officer receives completed Provide CRF with copy of Reconsider <br /> request application& proceeds with loan review, application for their review re�C uest <br /> credit analysis and recommendation <br /> CRF reviews application and <br /> Denies loan Loan Officer receives MCCF member performs their credit analysis Denies loan <br /> request approval and presents application I purchase <br /> details and recommendation to MCCF CRF establishes preliminary <br /> loan committee via teleconference loan purchase price Member <br /> Denies loan ( recourse? <br /> request MCCF loan committee approves CRF approves purchase of <br /> loan and communicates approval loan and issues loan <br /> terms and conditions purchase commitment <br /> Member I <br /> recourse? MCCF loan commitment and <br /> CRF loan commitment provided to <br /> applicant and MCCF member <br /> Loan Officer initiates preparation of CRF reviews loan documentation <br /> loan documentation through legal for consistency with commitment <br /> counsel consistent with commitments <br /> Loan Officer coordinates loan closing Closing agent faxes CRF <br /> with borrower,bank lender,CRF and copies of executed documents <br /> closing agent(title company) <br /> Loan is closed,fees collected and funds ICRF wires funds to escrow agent <br /> wired to borrower upon receipt of funds <br /> wired from CRF CRF receives executed loan <br /> documents <br /> Timelines <br /> MCCF Loan Approval Process will average 2 weeks after receipt of completed <br /> application and MCCF Member's approval of the project.Loan Committee meetings <br /> held on an as needed basis. <br /> Community Reinvestment Fund's Approval Process will be between 2 weeks and <br /> 4 weeks from receipt of application.The turnaround time is based on loan size. <br /> 2 weeks for loans up to$250,000,3 weeks for loans up to$1 million,and 4 weeks <br /> for loans over$1 million. <br /> • <br />