Difference between revisions of "Issue Loan Advance"
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(Created page with "=='''Overview of IL412'''== Category:Loans") |
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=='''Overview of IL412'''== | =='''Overview of IL412'''== | ||
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| + | There are some borrowers who prefer to have portions of a committed loan amount advanced incrementally, rather than receiving the loan as a lump sum. Loan advances increase the overall principal balance due on the loan, and closing fees are collected as loan advances are issued. Loan advances cannot be made above and beyond the committed amount of the loan, and the allowable advance amount is calculated based on committed amount less any previously advanced funds. In addition, loan advancements cannot be made once the commitment expiration date has passed. | ||
[[Category:Loans]] | [[Category:Loans]] | ||
Revision as of 15:23, 15 March 2012
Overview of IL412
There are some borrowers who prefer to have portions of a committed loan amount advanced incrementally, rather than receiving the loan as a lump sum. Loan advances increase the overall principal balance due on the loan, and closing fees are collected as loan advances are issued. Loan advances cannot be made above and beyond the committed amount of the loan, and the allowable advance amount is calculated based on committed amount less any previously advanced funds. In addition, loan advancements cannot be made once the commitment expiration date has passed.
