Leasehold mortgages get a decision within 20 calendar days
What the document says“Not later than 20 calendar days after receipt of a complete executed residential leasehold mortgage or business leasehold mortgage, proof of required consents, and other required documentation, the applicable Bureau office shall approve or disapprove the residential leasehold mortgage or business leasehold mortgage.”
The office must approve or disapprove a residential or business leasehold mortgage within 20 calendar days. The clock runs from receipt of the executed mortgage together with proof of required consents and the other required documentation.
What the document actually says“Not later than 20 calendar days after receipt of a complete executed residential leasehold mortgage or business leasehold mortgage, proof of required consents, and other required documentation, the applicable Bureau office shall approve or disapprove the residential leasehold mortgage or business leasehold mortgage.”
The BIA office has 20 days to say yes or no to a home or business lease loan.
The 20 days start when the full set of papers is in. That includes proof that all needed consents were given.
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