 |
|
|
|
|
|
|
|
 |
 |
||||||
 |
 |
 |
 |
 |
 |
||
 |
 |
 |
|||||
Loan Submissions
Submitting a loan to Unifund is simple. All we require to get your loan started is the following:
- Complete 1003 & 1008
- Tri-merged credit report
- Complete Unifund HELOC Submission Form
Once you have gathered these items you may fax your completed loan submissions to (619) 393-0349.
Title & Escrow
At Unifund we handle all of your title and escrow needs concerning your loan submission. If you already have a title report, you may include it with your loan submission. However, we do open our own independent title and escrow for every loan submitted regardless of circumstance.
Appraisals
In order to fund your loan, we require a full appraisal provided by you. Once we have received your appraisal, we independently order a Broker Price Opinion (“BPO”) to confirm value. The final property value is determined by taking the lower of the appraisal or BPO. The loan to value or combined loan to value is based on the final value.
Overview of The Funding Process
For those agents only familiar with traditional lending, funding a specialty loan can be a bit peculiar. To help you with the subtleties and distinctions of the process, we have provided below a flow chart of the funding process with Unifund.
- Submit your loan to your Unifund Account Executive
- Within 24 hours of loan submission receive Rate and Terms or denial
- Conditional loan approval sent within 24 hours of confirmation of rate and terms by your borrower
- Meet your entire prior to doc conditions
- Docs go out within 24 hours of successfully fulfilling your prior to doc conditions
- Your commission check will be sent to you 24 hours following loan recording
