How will borrowers know if their draw request has been approved?
When we receive the borrower’s Draw Request in the Disbursement Unit, we immediately order an inspection to verify the status of construction on the borrower’s home. The inspection is performed within 3 to 5 business days from the time we receive the Draw Request. When the inspector verifies the percentage of completion and we receive verification from the title company that the property is free of mechanics liens, the Draw Request will be funded. A CTP Customer Service Representative will call the borrower to discuss the inspection results, the amount of the Draw Request and the date the borrower can expect the funds to be wired to his or her account. We advise that the borrower verify his or her bank’s receipt of funds prior to issuing checks. Please note that the borrower’s funds may not be available until the next business day. The borrower can also access the status of his or her draw request 24 hours, 7 days a week by visiting our web site “My Loan Information”. How long will it
