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111 <br /> 5. . Secure bids <br /> 6. Complete Value Determination Report <br /> 7. Assess Borrower Information <br /> 8. Refer Borrower to lender <br /> 9. Hold Preconstruction Conference <br /> 10. Inspect Construction <br /> B. Lender <br /> 1. Take application <br /> 2. Review credit history <br /> 3. Verify income <br /> 4. Review underwriting ratios <br /> 5. Recommend approval or denial to NCHFA <br /> 6. Forward loan package to NCHFA for review <br /> 7. Give closing attorney instructions <br /> 8. Close loans on 1st and 15th of each month <br /> 9. Set up construction escrow account <br /> 10. Issue checks to contractor and borrower as work is-completed <br /> 11. Forward closing documents to NCHFA to complete purchase of loan <br /> 12. Send certification of completion to NCHFA <br /> } <br /> 1451E <br /> -2- <br />