FSA Preferred Lender Program Member
What is the Preferred Lender Program?
The Preferred Lender Program, or PLP, is the top status that a lender can hold in the FSA guaranteed loan program. PLP was developed to reward experienced lenders by:
- Streamlining and adding flexibility to the loan application and servicing requirements;
- Expediting loan approval and other FSA decisions; and
- Allowing lenders to originate and service guaranteed loans the way they do other loans in their portfolio.
Lenders with "Preferred" status have broad authority in making and servicing FSA guaranteed loans and can utilize their own underwriting and servicing policies. Lenders who apply for PLP outline the manner in which they intend to process and service FSA loan guarantees. This "credit management system" becomes the basis for approval decisions on applications they submit.