Our File Flow Process

At LJL Funding, we want to make you aware of how we operate.  We believe that full disclosure in letting you know how we work is the best option, as it allows you to provide your borrowers with legitimate timeframes, and provides you with an operational guideline to which you can hold us accountable.

Underwriting Turn Times:

Files submitted before 3 pm Pacific time are considered to have been submitted on that business day. 

Files submitted after 3 pm Pacific time will be considered as submitted the following business day.

We are currently quoting 48-72 business hours for underwriting turn times.

Underwriting Process:

Files can be submitted one of three ways:

How We Determine Value

Due to the volatile market conditions and the credit scenarios of the borrowers with whom we work, the determination of value is a critical element to our loan evaluation process.  In order to be sure that we have a solid property value, we implement a multi-part value check.  First, we get a full appraisal from the broker.  We then order an interior BPO (Broker Price Opinion) and an exterior BPO, both of which should give us the '30 day sale value' on a property.  This gives us three different value opinions from three different entities.  From here, we have our internal value specialist reconcile all three of these values to determine the value upon which LJL Funding will lend.

We order our BPOs to determine our working value.  When we have the determination of value we will determine if the file is still viable.  If the value we have renders a max LTV that does not pay off the existing lien or has a dramatic impact on the file (drastically reduced cash out, etc.), we will contact you to let you know the findings.  If the file is still going to work for the borrower, we will continue with the underwriting process and you should have your underwriting decision within 48-72 hours after this determination.

Document Drawing Timeframes:

Any files submitted for docs will be completed within 24 hours of the final documentation being received by the doc department.

Rush Fees:

Any files submitted for docs that are required to be drawn prior to the 24 hour timeframe will be assessed a $100 rush fee.

Rush Fee Cut-Off:

Any “rush” files submitted for docs before 11 am Pacific time can be drawn the same day.

Any “rush” files submitted for docs after 11 am Pacific time show up the next morning, but are still considered a ‘rush’.