We only require 4 forms (provided by us) and 5 documents to process your loan transaction. Depending on the transaction type and other circumstances, we may require additional documentation. Please refer to the second page for the additional requirements to see if they apply.
1: Receivable Purchase and Sales Agreement. This is the contract between the Note purchaser and the Note seller. The Note seller must sign and return this document.
2: Authorization to Release Information. This document allows us to research information or documents on the Note seller’s behalf.
3: Note Submission Worksheet. This Document provides us with information regarding the property and the transaction so we can order an appraisal and order any necessary title work.
4: Borrower information/Pay History Form. The Borrower information is required to pull credit. The Pay History information helps us accurately determine the unpaid principal balance of the loan. The Pay History form must be completed in its entirety. Third party verification required prior to closing.
Documents Required Checklist from the sale of property/creation of loan.
Most of the documents requested are standard, however not all documents pertain to all loan purchases. Should you have any difficulty in obtaining any of the requested information or have any questions, please feel free to call.
- Copy of Signed Promissory Note or Signed Contract for Deed/Land Contract.
- Copy of Signed/Recorded Mortgage or Deed of Trust and Warranty Deed. Please include all attachments, exhibits and riders if applicable.
- Copy of Closing Statement, HUD 1, or Seller’s Statement. If not available please advise, may require proof of down payment.
- Copy of Existing Title Policy/Commitment insuring creation of loan at time of sale.
- Copy of current Hazard and Liability insurance
Additional Requirements that vary depending on transaction:
| If the below applies |
We need the following |
| Property is non-owner occupied/Rental |
Copy of Lease/Rental Agreement |
| Loan is Serviced |
Contact info for Servicing Company,
Servicing will need to be canceled as we service our loans internally. |
| There is an Underlying Loan |
Pay off letter from Bank good for 30 days |
| Property is a Mobile Home |
Copy of Mobile Home Title |
| Acquired property/note as result of Divorce |
Copy of Divorce Decree |
| Acquired property/note as result of Death |
Copy of Death Certificate, Will and or Probate Documents |
| Signed as a Corporation or LLC |
Copy of Articles of Incorporation
Copy of Certificate of Good Standing
Copy of Corporate Resolution |
| Signed as/using a Power of Attorney |
Copy of Recorded Power of Attorney |
If you are not sure if any of the above applies, or if you have any difficulty obtaining any of these documents please call, we are here to help.
Guidelines for Processing/Closing, 5 Step Process
- At the minimum, in order to start processing your transaction, we need the 4 forms indicated on page 1. Only LEGIBLE COPIES of documents are to be sent at this time (via fax or mail). We do not require that any original documents be sent until the date of closing. Once the above documents are received, processing begins and Credit is ordered and reviewed. Other documents may be to follow, however the more documents we receive in advance, the faster we can close and you receive your funds.
- Once credit is reviewed and all documents have been received, file will be sent to Committee and a request for appraisal is submitted. All appraisals must be ordered internally, appraisal times vary depending on property type and location.
- After review and approval of appraisal, an Update to the Existing Title Policy will be ordered. We pay to update and endorse the Existing title policy. If no such policy exists, we can order one on the Note Seller’s behalf, at the Note Seller’s expense.
- Once Title is in and approved, the entire file goes to Committee for final approval.
- Once entire file is approved, it is sent to closing. Closing documents are usually sent within 48 hours of approval. Once executed closing documents are received, funds are usually sent/wired within 72 hours.
It is important to note that YOU have control over:
- When you send us the documents
- The accuracy and legibility of documents
- How completely the required forms are filled out
At Equity Funding LLC we understand your time is valuable, a little extra time in preparation can make a big difference in WHEN YOU GET YOUR FUNDS.
If you have further questions, please feel free to contact us.
