Guaranty Purchase Process Flow – The Life of a Purchase Package
Stage 1: Intake
Stage 2: Screening
Stage 3: Legal 1
Stage 4: Financial Review
Stage 5: Legal 2
Stage 6: Approver
If a purchase package is complete it moves from step 1 through step 6 with no stops. If there are questions or missing documents the package is sent to Customer Service to request additional information from the lender.
An L2 is only required when the loan is recommended for charge off at the time of purchase, or if a repair or denial issue has been raised during the Legal 1 or Financial Review.
