R311-212-5. Loan Application Review

  (a) The applicant shall ensure that the loan application is complete. The completed application with supporting documents shall contain all information required by the application. If the applicant does not submit a complete application within 60 days of eligibility approval, the applicant's eligibility approval shall be forfeited, and the applicant must re-apply.

  (b) All costs incurred in processing the application including appraisals, title reports, or UCC-1 releases shall be the responsibility of and paid for by the applicant. The Director may require payment of costs in advance. The Director shall not reimburse costs which have been expended, even if the loan fails to close, regardless of the reason.

  (c) The review and approval of the application shall be based on information provided by the applicant, and:

  (1) review of any and all records and documents on file;

  (2) verification of any and all information provided by the applicant;

  (3) review of credit worthiness and security pledged; and

  (4) review of a site construction work plan.

  (d) The applicant must close the loan within 30 days after the Director conveys the loan documents for the applicant's signature. If the applicant fails to close the loan within this time period, the approval is forfeited and the applicant must re-apply. An exception to the 30 day period may be granted by the Director if the closing is delayed due to circumstances beyond the applicant's control.