When all the loan bids are in there are two tasks remaining in the bid process. The first is distasteful and the second is fun.
Your goal is to pick a winner quickly. Bids can go stale due to changes in credit market conditions or within a particular lender. How you award the loan business is a critical and sensitive issue. Move quickly to pick a winner after tallying the final bids.
The first step is to tackle the unpleasant but necessary task to preserve your lending relationships. Make the sorry-but calls first to let the runners-up lenders know they did not win the loan business. Soften the blow by giving a non-binding commitment to include them on your next loan request.
Finally, make the most fun call to the winning lender. The result of a complicated process over weeks or months is finally over. The winning lender will be very happy to get the nod for the new loan business. Now the next phase begins. Closing and funding the new loan.