The ASAP is more than an application and less than a full loan package. There are 63 different unique loan ASAPs which represent the majority of all lending transactions. An Oinke business development representative reviews the data and calls the borrower to verify the contact information. All Lenders who fit the criteria are sent an e-mail notification of the live auction. Lenders may ask questions of the borrower anonymously via e-mail.
Lenders submit proposals up to the close of the auction.
The name of the borrower does not appear on the auction profile that the lender sees. Due diligence begins between Lender and Borrower. Oinke customer service monitors the loan progress and invoices the lender through escrow. Payment is made to Oinke at funding. Oinke disburses payment to affiliates and referring parties.