The Certified Lenders Program is a program that certifies lenders who meet certain criteria and standards set by the governing body. This certification allows lenders to participate in certain government-backed loan programs and receive various benefits and incentives. The program aims to ensure that lenders are qualified and capable of providing loans to borrowers in a responsible and ethical manner.
The Certified Lenders Program is a program established by the Small Business Administration (SBA) to provide lenders with the authority to make loans under the SBA’s loan programs.
To become certified under the Certified Lenders Program, a lender must meet certain eligibility criteria set by the SBA, including having a good track record of loan performance and demonstrating the ability to properly process and service SBA loans.
No, not all lenders are eligible to become certified under the program. Lenders must meet specific criteria and undergo a thorough application process to be considered for certification.
Yes, certified lenders are required to comply with certain ongoing requirements, such as reporting loan data to the SBA and maintaining proper loan documentation. Failure to meet these requirements can result in the revocation of certification.
Certified lenders are subject to the same regulations and restrictions as other lenders. They cannot charge excessive interest rates or fees that would violate applicable laws and regulations.
Borrowers have the flexibility to choose any certified lender that participates in the SBA’s loan programs. However, it is important for borrowers to research and compare lenders to find the one that best suits their needs.
Yes, certified lenders have the authority to deny loan applications if they determine that the borrower does not meet the eligibility criteria or if the loan does not meet the SBA’s requirements. However, they must provide a clear explanation for the denial.
Yes, certified lenders have the ability to sell or transfer SBA loans to other lenders or investors. However, they must comply with the SBA’s rules and regulations regarding loan sales and transfers.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 4th April 2024.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
- Page URL:https://dlssolicitors.com/define/certified-lenders-program/
- Modern Language Association (MLA):Certified Lenders Program. dlssolicitors.com. DLS Solicitors. May 09 2024 https://dlssolicitors.com/define/certified-lenders-program/.
- Chicago Manual of Style (CMS):Certified Lenders Program. dlssolicitors.com. DLS Solicitors. https://dlssolicitors.com/define/certified-lenders-program/ (accessed: May 09 2024).
- American Psychological Association (APA):Certified Lenders Program. dlssolicitors.com. Retrieved May 09 2024, from dlssolicitors.com website: https://dlssolicitors.com/define/certified-lenders-program/
Our team of professionals are based in Alderley Edge, Cheshire. We offer clear, specialist legal advice in all matters relating to Family Law, Wills, Trusts, Probate, Lasting Power of Attorney and Court of Protection.
All author posts