We've changed our response deadlines: Lenders now must respond to a proposal they receive through Lendicom within five (5) days of receipt. If a lender does not respond before this deadline by changing the loan status to "In Process" and getting in touch with the submitter, the proposal is automatically declined on their behalf, enabling the submitter to resubmit the loan to any additional matching lender.
Previously, this deadline had been ten (10) days.
Additonally, if a lender does not respond to a proposal before five (5) days from receipt, the missed proposal counts against the lender's Lender Effectiveness Score.
Previously, it had taken four (4) days before an unanswered proposal counted against the lender's score.
These changes are intended to improve our service for both lenders and submitters. We found that if a lender hasn't responded to a submitted proposal within 5 days, the chances they would ever respond were negligible.
On the other hand, we received consistent requests from lenders that we extend the amount of time before an unanswered proposal begins to count against the lender effectiveness score. And it only made sense to make this deadline equal to the response deadline.
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