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Contract Loan Processing, Inc
Over 15 years experience.
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Phase II
Preparation of All of the
following Documents
Ready for signature
*Prepared Completed 1003
*Prepared Completed Good Faith Estimate (GFE)
*Prepared Completed Federal Truth in Lending (FTIL)
*Prepared Patriot Act Disclosure ready for signature
*Prepared Any other disclosure notices required
*Prepared Electronic Funds Transfer Form
*HUD 1 Proof Reading
(we have recommendations about
fees)
NOTE: After signature is applied, concerning all forms above, copies will
be stored by CLP and with originals being stored by the entity offering the
Owner Financing.
NOTICE: CLP, Inc is not responsible for fraudulent information submitted
to CLP,Inc.
Owner Finance Support
Services (OFSS) is generally utilized by NON-lenders or brokers.
Owner Finance Support
Services (OFSS)
maybe utilized by:
*Property Developers
*Time Share Companies
*Individuals
*Others
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Phase III
- Monthly Bank Drafts will be run on the 1st
of the month to collect each month’s payment
- Collection will be via ACH
- Collection can be via Credit Card as well
(additional Fee required if this is chosen)
- Credit card fees will apply (generally 2.5
to 3%) of the transaction amt.
We do not recommend this unless the borrowers
PAY the credit card fee.
- Credit Card fees are hard to legally
collect from borrowers
- Collected funds will be deposited direct
from processing bank into
entity offering
the Owner Financing's bank acct
- Borrower(s) will be charged $35.00 for any
and all returns
- A monthly report of successfully collected
accts will be provided to
the entity
offering the Owner Financing.
Collection Service for Delinquent accts
will consist of
- 2 Emails to Borrower(s) (EFT Form will
have field for email address for notices)
- 2 Phone calls
- Status Report on all delinquent Accts with
recommendation of further action
- If any delinquent account must be
foreclosed on, foreclosure proceedings must be
handled by a foreclosure attorney (we have
recommendations about handling foreclosures)
NOTICE: CLP, Inc is not responsible for
fraudulent information submitted to CLP,Inc.
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