Which lender operates under their individual Credit Management Summary?

The Preferred Lender Program (PLP) is designed to give certain lenders more flexibility and autonomy in their decision-making processes when it comes to processing and approving loans. Under this program, lenders operate under their individual Credit Management Summary, which is a tool they use to evaluate loan applications based on their internal criteria and risk assessments.

This capability allows PLP lenders to streamline the loan process, making them more responsive to applicants and enabling them to fund loans more efficiently. Because they have been granted certain privileges based on their proven track record and experience, they can often make decisions without requiring prior approval on every transaction.

The other lending designations, such as Standard Eligible Lender, Certified Lender, and Special Borrower Lender, do not operate with the same level of flexibility or authority over their credit management processes. Standard Eligible Lenders typically follow more standardized underwriting guidelines, while Certified and Special Borrower Lenders adhere to specific requirements that may limit their independence in managing their credit evaluations.