Competing in the lending industry can be tough. Access to online tools and "too good to be true" advertising can lead many potential Borrowers to begin the financing process with lenders who may not offer the products the borrower needs or wants. CFS is dedicated to the "open door" policy and will work hand-in-hand with your Consumers to strive for a painless approval process. Our goal is to build a long-term relationship with you as the Mortgage Broker so you may add Interim Construction Lending to your product portfolio.


The approval process will begin with you as the long-term lender as you will need to process the loan and provide the documentation to CFS to show the Borrower has the ability to refinance the construction loan into the long-term mortgage. Of course during this process you can provide the Borrower with our contact information so we may answer any questions they may have.


For your loan file you will:

  • Obtain a completed application and pull credit. CFS will not obtain another credit report - our approval is based on your docs.
  • Add the Construction Loan to the liabilities for the loan amount the borrower is seeking and set the loan up as a refinance of the CFS loan.
  • Provide the borrower with the necessary Mortgage Disclosures [based on refinance only].
  • Gather financial supporting documentation, including pay stubs, bank statements, tax returns, self-employment P&Ls, etc.
  • Collect the land-related documents whether it be the purchase contract, land loan payoff or Deed, and survey or plat.
  • Receive the builder-related documents, including floor plans, specifications, contract, budget, etc.
  • ​Order the proposed-construction appraisal based on the land and builder documents through your wholesale lender's AMC and update your mortgage loan file according to the verified value and LTV based on any DTI limitations.
  • Request and obtain the Title Work to ensure there are no clouds which would prohibit the transaction.
  • Submit the loan file to your wholesale lender's underwriting department to retrieve the fully underwritten refinance conditional approval.
  • Submit the supporting documents for review.
  • Upon receipt CFS will provide the borrower with our own Loan Disclosures related to the Construction Loan.


NOTE:

  • Any required down payment deemed by the difference in the total acquisition cost of land + build and the mortgage loan will be paid at the construction loan closing.
  • A full Lender's Title Policy and Owner's Title Policy [unless waived by the Borrowers] will be included in the construction loan closing and therefore not included in the cost at the time of refinance.
  • Mortgage Brokers cannot obtain any fees at the Construction Loan closing. "Consulting fees" can only be paid if included in the Builder's budget and contract price and will be paid as a Draw after loan approval.


CFS takes extreme pride in keeping you informed during the construction process. The Refinance Loan Officer will be automatically notified of each construction draw, including inspection photos, so you may watch as the home is built and be prepared to start the refinance process once construction nears completion. We understand the Borrower is YOUR client and work with great integrity to ensure your borrower remains your client until the very end.


For more information on the Loan Approval Process click HERE.

For a complete List of Documents required for submission click HERE.

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NMLS: 1771431

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​Libra Enterprises, LLC dba Construction Financial Solutions Copyright 2021

Every interim construction loan is backed by a Permanent Mortgage Lender who will refinance the construction loan into the long-term mortgage. Offering your consumers the niche market of financing a custom home will set yourself apart from all the rest! The approval process is a team effort and CFS is honored to be your partner in helping your consumers obtain their goals!

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Libra Enterprises, LLC dba Construction Financial Solutions © Copyright 2021

"CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.


THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV."National Mortgage Licensing System Registry #1771431. Construction Financial Solutions is located at 18568 Forty Six Parkway, Suite 3002, Spring Branch TX 78070.


Lenders are required to provide the "Your Home Loan Toolkit", which has been provided by the Consumer Finance Protection Bureau created to comply with federal law pursuant to 12 U.S.C. 2604, 12 CFR 1024.6, and 12 CFR 1026.19(g). This is for all loan transactions effective 10/3/2015.