Processing Outline
Today’s business world demands highly qualifies underwriter to render accurate work with least turn around time. We at Cosmic have a team of highly qualified & well trained underwriters. Our team professionals have undergone a rigorous and continuous training by the US bankers and have attained a thorough understanding on the entire business both the simple Residential Loan processing as well as the complex Commercial Underwriting. The entire ream have been trained to do the processing and underwriting manually which effectively means the team can seamlessly integrate with handle any kind of automated process. The Cosmic team of professionals knows the high value of accuracy and time and strictly adheres to it. Cosmic has developed a highly efficient Document / Process Management System that allows easy and secure flow of the documents from the US Bank / Borrower to the offshore team. Please find below the outline of the commercial underwriting process followed in Cosmic.
Sources & Uses:
- The purpose of the sources and users is to set out the basis of loan i.e. loan amount, purchase price, closing cost and down payment.
Payment Calculation:
- In most cases there will be 2 loans one variable and one a SBA fixed rate loan
Collateral Summary:
This is basically to indicate the details of the property and the portion of loan taken against the cost of the property.
Financial Analysis :
- Review the Form 1040 or 1120 or 1120S or 1065 and pick up the gross revenue, Net income before tax, depreciation/Amortization interest expense and Non- recurring expenses.
- The cap rate is calculated.
- Once this is calculated then we will derive the Debt service ratio.
Global CF Analysis:
- The reference documents will be mostly the tax returns of the borrowers & Company.
- For Net operating income review the Form 1120 or 1120S or 1065 and pick up the Net income before tax, depreciation/Amortization interest expense and Non- recurring expenses.
Personal Financial statement:
- This is a personal Balance sheet of the borrower’s assets and liabilities.
- In the PFS you will be able to determine his present liabilities to add on the Present loan taken and the amount of cash in hand for down payment