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a. Direct Loan (05/09/2022)
i. Definition
A Direct Loan process refers to where the Borrower applies directly to the Lender or its sponsored TPO for the Loan without assistance from a Dealer, contractor, or third party that has a financial interest in the loan transaction.
A Dealer’s recommendation of a Lender to a Borrower is not considered a Dealer Loan.
ii. Standard
The credit application, signed by the Borrower, must be filled out by the Borrower or by a person acting at the direction of the Borrower who is not a Dealer, contractor, or third party that has a financial interest in the loan transaction.