The following schedule outlines the basic procedure Mid America Land Services, Inc. (MALS) uses when processing a loan application.PRELIMINARY LOAN APPLICATION
- ) Borrower completes the MALS preliminary loan application and returns it with supporting documents.
- ) MALS desk reviews materials to determine applicant’s eligibility for a loan:
- ) If a favorable decision is forthcoming, then a formal loan application process will begin.
- ) If an unfavorable decision is rendered, then the applicant is told why he/she did not meet the lender’s requirements and all materials are returned to the applicant. NO FEE IS CHARGED FOR ABOVE SERVICES
- ) At the time of the formal loan application:
- ) Formal loan application to the lender is completed,
- ) Loan origination and appraisal agreement with MALS is completed,
- ) Inspection time is scheduled to inspect the farm property offered as security for appraisal purposes.
- ) Typical costs incurred by borrower:
- ) 1% of loan for origination fee (depending on loan size and complexity),
- ) Appraisal fee (sometimes),
- ) Lienholder’s title policy,
- ) Filing fees,
- ) Loan document preparation fee
Total process normally takes 45 days from time preliminary application is received
|1. Initial Contact||
|2. Mail out/receive preliminary loan application||1 – 2 weeks (varies)
|3. Review of preliminary loan application and mail decline letter or process formal application||< 1 week
|4. Review of formal application by Zions in Ames, IA – approved or rejected||” 1 week (normally 2-3 working days)
|5. Preliminary loan approval mailed subject to clear title and adequate appraised value of security||2 – 3 weeks
|6. Title work and appraisal completed||2 – 3 weeks
|7. Closing occurs once appraisal &. title work is completed and rate is locked In with letter instructing closing to be completed within 10|
This preliminary information is intended to provided Mid America Land Services, Inc, with enough background to make a preliminary decision regarding the feasibility of your loan/lease request. This is not a formal application, and neither you nor Mid America Land Services, Inc. is under any obligation with respect to your financing request.