Boarding
You will receive an email from Bree Neal confirming which subservicer—BSI or FCI—your loan has been assigned to. Loans are assigned to a subservicer based on several internal factors.
On average, it can take up to two weeks after your loan closes for it to appear on the BSI or FCI servicing portal. Processing times may vary.
If your payment is returned NSF and your loan is serviced by BSI, we can request a re-draft of the payment or you can make a manual payment. For loans serviced by FCI, re-drafting is not available—you will need to log into the FCI portal and make a manual payment.
The portal link is available on the Central Lending website under the “Loan Servicing” tab, seen above. If you need your servicer number, please contact a member of our servicing team directly.
Your monthly interest payments will be drafted by either FCI or BSI, depending on your loan servicing. Please note that payments are due on the 1st of each month. While we offer a 10-day grace period for late fees, the loan will still be considered late if payment is not received by the due date. Please remember that no draws can be issued if the loan is not current (grace period does not apply to draws).
Construction & Draws
You can submit your construction draw request through the Central Lending website under the “Loan Servicing” tab above or by reaching out directly to rawson@centrallending.com
Yes, for every draw. This is an essential step in the draw process. We ask that borrowers have their GC sign the lien waiver if they have one, and if they do not, they may sign. We keep these documents on file and the signed version of the doc is necessary before the draw can move to the final approval stage.
To reallocate funds within your construction budget, contact Rawson Aubry to request a Construction Change form. This allows you to shift funds from one line item to another. Please note that all completed change forms must be approved by Central Lending’s management team before any adjustments are reflected in the draw process.
If you submit a draw request on Monday, the draw is typically funded before EOD on Friday. Draw times can vary from 3 to 6 business days depending on:
- Quality and quantity of borrower’s submitted draw media (photos/videos of work provided)
- Accuracy of inspection report’s crediting
- Volume of draws we are currently servicing
- Whether or not the borrower is current with interest payments
Borrowers can contribute to faster draw times by:
- Submitting detailed draw requests with ample draw media (photos/ videos of work provided)
- Quickly signing lien waivers post inspection when sent by CL team
- Sharing additional information like invoices and information about work completed when requested by the CL draw team.
No, once your loan has closed, the total construction reserve amount cannot be increased unless you refinance the loan. However, you can reallocate funds within the original budget by submitting a $395 Construction Change Request form. Keep in mind that while you can adjust how funds are used, the total reserve amount remains fixed unless the loan terms are modified through refinancing.
Extensions
Yes, please ensure that your insurance is current and your property taxes are paid. In addition, you’ll need to schedule a meeting with Edyn Carlson to discuss your extension request. All of these are basic requirements for your extension request to be processed.
Extensions are considered on a case-by-case basis, depending on the specifics of each loan. The more information Edyn Carlson receives, the stronger she can make the case for a longer extension. Please note, however, that we do not grant more than two extensions without requiring refinancing.
On average, the extension process takes 2–3 weeks, depending on the specific loan. Extension requests are reviewed during approval discussions held on Tuesdays, so it is important to provide all required information to Edyn Carlson in advance to avoid delays.
Payoffs
You can submit your payoff request directly to the subservicer (either FCI or BSI), or you can submit your request through the Central Lending website under the “Loan Servicing” tab.
A Verification of Mortgage (VOM) is a document that provides your payment history, including details on any late payments made. A VOM is required for all refinances.
If you overpay on your payoff, the excess funds will be returned to you. Typically, 30 days after the loan is marked as paid in full on the servicer’s portal, the funds will be remitted back to the borrower by check.
For loans serviced by FCI, you will need to approve the payoff request sent to your email from FCI. For loans serviced by BSI, no further action is required from you.
For loans serviced by FCI, you will need to approve the payoff request sent to your email from FCI. For loans serviced by BSI, no further action is required from you.
FCI or BSI will prepare the Satisfaction of Mortgage and ensure it is recorded according to the state guidelines.
