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Contract Loan Processing, Inc
Over 15 years experience.
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Contract Credit Underwriting Service for Mortgage Loans,
Home Loans, Real Estate Loans, Car Loans, Personal Loans, and More
* Credit Application Online
This will be an application that gathers the entire 1003 information needed
* Credit Application Online Setup required
*
Credit Authorization (signature(s)
required) Authorizing BLD and CLP, Inc to check the borrowers credit
* 3 bureau credit report is
pulled on both borrowers complete with Fico Scores
* Debt Ratio Analysis (based on
supplied information) - This will be a total Back End Debt ratios
This includes all expenditures for:
* All Disclosed Credit Accts
(bureau and borrower disclosed)
* All Mortgages or Rent
* Disclosed property taxes and
insurance
This is not Net Disposal income so it DOES NOT Include:
* Undisclosed Insurance payments
(Unless included in house payment)
* Undisclosed Taxes (Unless
included in house payment)
* Food
* Household Expenditures
* Utilities
* Vehicle fuel expense etc (unless
on a credit card)
* Personal Items
* Verification of Employment (VOE)
Verbal verification, via the
phone will be attempted.
If Verbal Verification is not available we will email or fax it to the employer
NOTE: Some Large companies will not do verbal verification. Many small
employers will not respond unless the borrower insists.
Sometimes an employer may
charge a fee for a VOE. Any fees charged by employer will be passed on to
BLD.
To avoid fraud we insist that the
completed form is delivered to us direct from the employer.
* Verification of Mortgage (VOM)
* When the mortgage is on the
credit report we won’t need a VOM.
* If the mortgage is not on the
Credit Report, we will probably have to fax and or mail a VOM to the Lender.
NOTE: FEEs charged by lenders are passed on to BLD.
* If the lender will provide a
verbal / phone confirmation will perform this
for no extra a charge as long as
the lender doesn’t charge a fee.
* To avoid fraud we insist that
the completed form is delivered to us direct from the lender.
* Verification of Rent (VOR): If
the borrowers are renting their primary residence,
we will call the landlord to
get a verbal verification of rent from them.
If they won’t provide a verbal
verification, we will fax or email them, the blank form.
FEEs charged by
landlords are passed on the BLD.
NOTE: Individuals generally will provide a verbal confirmation.
Those that
won’t do a verbal verification generally won’t sign the VOR
unless the Borrower
takes it to them and asks them to sign it.
NOTE: To avoid fraud we insist that the completed form is delivered to us direct
from the employer.
* Issue Credit Underwriting (CUW)
Report to BLD. This will consist of
* A CLP CUW report form that has
all of the above information include on it
* Summary credit report with
* Current Fico Scores
* Current number of current
accounts
* Current Number of delinquent 30
day accts
* Current Number of delinquent 60
day accts
* Current Number of delinquent 90
plus day accts
* Current Number of accounts in
foreclosure
* Open Chargeoffs
* Open Judgments
* Open Tax Liens
* Child support delinquency
* Debt ratios
* VOE
* VOM
* VOR
NOTE: All of the Credit Underwriting reports will consist of only items
disclosed by
* The credit borrower(s)
* The credit bureaus
* Employers
* Mortgage lenders
* Landlords
The CUW report does not include
any public records that are
NOT on the Credit Report or not disclosed by the Borrower(s).
NOTICE: CLP, Inc is not responsible for fraudulent information submitted to
CLP,Inc
FEES for this service will
be discussed with each separate BLD and established as needed.
Setup Fees Apply.
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