Underwriting Process. Diamond Resorts will review each loan application, taking into account the following guidelines and requirements. KL2 2787979.5 a. The amount financed for any one loan may not exceed $50,000. Additional down payments will be required for new loans, including balances on existing loans being wrapped, that exceed the $50,000 loan cap. b. All new financed sales are subject to credit underwriting by DRFS. c. It is the responsibility of the sales site (Quality Assurance Officer or Sales manager) to advise the customer that the loan request is subject to underwriting approval. d. The credit underwriting will be authorized by personnel in the DRFS Contracts Department. (All persons authorized to make credit decisions on behalf of DRFS shall be granted this authority by the Director, National Contracts and Credit.) e. DRFS management or their designee will approve every financed sale before a loan is scheduled for escrow close. Such approval will include: 1. a complete and accurate contract that is in compliance with Diamond Resorts policy, and 2. a credit bureau report for all financed sales, including any transaction for existing owners; or
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Underwriting Process. Diamond Resorts will review each loan application, taking into account the following guidelines and requirements. KL2 2787979.52787975.6
a. The amount financed for any one loan may not exceed $50,000. Additional down payments will be required for new loans, including balances on existing loans being wrapped, that exceed the $50,000 loan cap.
b. All new financed sales are subject to credit underwriting by DRFS.
c. It is the responsibility of the sales site (Quality Assurance Officer or Sales manager) to advise the customer that the loan request is subject to underwriting approval.
d. The credit underwriting will be authorized by personnel in the DRFS Contracts Department. (All persons authorized to make credit decisions on behalf of DRFS shall be granted this authority by the Director, National Contracts and Credit.)
e. DRFS management or their designee will approve every financed sale before a loan is scheduled for escrow close. Such approval will include:
1. a complete and accurate contract that is in compliance with Diamond Resorts policy, and
2. a credit bureau report for all financed sales, including any transaction for existing owners; or
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