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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
NOTE: Many States now require owner finance property to
have full disclosure notices that are prepared by licensed entities or
individuals.
A 1003, Good Faith Estimate, Federal Truth in Lending, and any others that state
may require. AND even if your state does not require all of this, Note buyers
do.
We can prepare all necessary paperwork for you.
PLUS perform all of these additional services:
* 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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