1. (a) Staff will review the loan request submitted for completeness and notify the preferred lender of any information that is deficient within two business days from the date received.
2. (b) When all information is received, staff will review the loan request and prepare a credit memorandum within five business days of receipt, for review by the deputy assistant commissioner and/or the assistant commissioner with a recommendation for either approval or denial.
3. (c) The credit memorandum will contain a brief narrative of the project including the amount and terms of the commitment, the percentage of guaranty requested or participation to be purchased, summary of collateral pledged, history of the borrowers, summary financial information, and strengths and weaknesses of the operation.
4. (d) The assistant commissioner and/or deputy assistant commissioner will present the applications to the commissioner for approval or denial.
5. (e) Notification of approval or denial by the commissioner will be submitted to the lender in writing within 14 business days from the date of receipt of the completed application.
6. (f) If the commissioner approves the loan request, preferred lender will proceed with closing the loan request using the pre-approved loan documentation. Should any loan document be required that has not been previously approved by the Authority, a copy must be submitted to staff for approval before closing.
7. (g) Staff shall, within 30 business days of the preferred lender closing the commitment, perform an inspection of the project and collateral pledged to the project.
8. (h) The preferred lender will submit to staff a complete set of the closing documents within 10 business days of closing the commitment.
9. (i) Staff will have the option of reviewing any of the pledged collateral for the project upon notification of the lender and the borrower.

Source Note:The provisions of this §28.86 adopted to be effective July 8, 2001, 26 TexReg 4998; transferred effective October 1, 2007, as published in the Texas Register September 28, 2007, 32 TexReg 6793.