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A beneficial ownership form is incomplete


A business loan can't be funded until you receive a complete beneficial ownership form (if required by your financial institution). Borrowers often return the form only partly filled in.

Symptom: The beneficial ownership step in the Action Center is grayed out, or the form you received is missing information.

The borrower hasn't returned the form

Business borrowers (other than sole proprietors) will acknowledge during the application that they need to provide the form. After this acknowledgement, an email is sent to the borrower with a link to the form. Until it's returned, the Beneficial Ownership step stays grayed out.

  1. Open the loan application in the Action Center.
  2. On the beneficial ownership step, click Resend Beneficial Ownership Email. The borrower receives a reminder email with the link to the form.

The form is not completed

The form arrives pre-populated with the applicant's details. The borrower must add the other business guarantors and a controlling manager, then upload it.

The submitted form will appear in the list with all other loan disclosures in the portal. To help the borrower submit a complete form:

  1. Locate the loan application in the Action Center.
  2. View the submitted beneficial ownership form in the box that lists all other disclosures. Click each page of the disclosure to see what areas are not complete and make a note of it.
  3. Contact the borrower and tell them what areas of the form are incomplete, then resend the form to the borrower from the Action Steps by clicking Resend Beneficial Ownership Email.
  4. Ask the borrower to complete the entire form from the emailed link provided.

 

Note: The beneficial ownership form doesn't apply to sole proprietors or consumer loans.