The following items are standard information and documentation for the purchase of a private mortgage. Your Note Buyer may require more or less information depending on how the transaction will be handled. Note Buyers appreciate the submission of the Preliminary Approval Package to provide an accurate offer. The Note Buyer usually handles the Final Approval Package, but may request assistance.
QUOTE REQUEST
- INFORMATION WORKSHEET
Terms of repayment
Description and address of the property
Payer Information (Name, address, and SSN)
PRELIMINARY APPROVAL PACKAGE
- SIGNED OPTION/PURCHASE AGREEMENT
- CLOSING STATEMENT
- RECORDED SECURITY INSTRUMENT (Deed of Trust, Mortgage or Contract)
- SIGNED NOTE (If Deed of Trust or Mortgage)
- PAYMENT RECORD (pay history, cancelled checks, deposit slips, amortization schedule)
- TAX AND INSURANCE INFORMATION (Proof taxes and hazard insurance are paid current)
- PICTURES OF PROPERTY (If available)
- COPY OF PREVIOUS TITLE INSURANCE POLICY (If available)
- COPY OF MOBILE HOME TITLE (If applicable)
FINAL APPROVAL PACKAGE
- REVIEW OF PAYER CREDIT (Verify reviewed prior to spending funds on title or appraisal)
- ORIGINAL APPRAISAL OR BPO (Acceptable format from an approved provider)
- ORIGINAL NOTE WITH PROPER ENDORSEMENTS
- ORIGINAL RECORDED SECURITY INSTRUMENT (Or a county certified copy)
- NEW TITLE COMMITMENT OR EXISTING LENDER’S POLICY (With date down)
- VERIFICATION OF ACCOUNT
Seller Collected – signed payor estoppel or proof of delivery
Servicer Collected – Verification of Account, Authorization, & Transfer Package
Payment History (copies of checks, money orders, bank deposit statements, etc)
Verbal Debt Verification (Payer telephone interview and/or estoppel)
- OTHER DOCUMENTATION (As requested by Note Buyer)
- CLOSING INSTRUCTIONS (Place, scheduled date, and wiring information)