FUNDING & CLOSEOUT DOCUMENTS
IMPORTANT FUNDING INFORMATION
The funding department can only send out wires once all documents are submitted adhereing to company standards.
Funding packages should be prepared and submitted at least 48 hours before requesting funds.
There are a few common mistakes, so double-check these items:
• Front-side contract seller and front-side HUD seller should match the person(s) listed as vested on the title commitment
• The wiring instructions should have a complete account number. If it is missing, call the title company and get it. Write it on the sheet and initial it before uploading it.
• Title commitment must show the holding company as proposed insured, and the dollar amount should be at least to the funded amount.
• California offices need to also send in a supplement report or proposed insured policy.
• If you upload another page to a section that replaces what is there, ensure youhave all the pages re-entered.
• If you update a section, you must send a new version for us to be able to see it.
If there is a mistake with any of the documents, you will get a call or email from someone in the funding department explaining the erro and asking for the corrections to be made and a new version to be set in. We will not be able to fund the proeprty until the corrections are sent in, reviewed, and approved.
Once the manager is ready for the wire to be sent, they will werify the amount and request funds. The manger is the ONLY person that can request the wire to be sent. The funding department will verify with the back-side title company that the back-side documents have been signed and the back-side funds are in before sending the front-side wire.
If you have any questions on the timing of a wire, please discuss it with your manager.
The funding department is extremely busy; emailing funding@networthrealtyusa.com is the preferred method of communication.
Each property has a 48-hour grace period after funds have been sent in. If the wire comes in after that there is a monetary penalty for the file. This is based on the length of time the wire is out. See the agent portal for the break-down of late fees
Funding packages should be prepared and submitted at least 48 hours before requesting funds.
There are a few common mistakes, so double-check these items:
• The wiring instructions should have a complete account number. If it is missing, call the title company and get it. Write it on the sheet and initial it before uploading it.
• Title commitment must show the holding company as proposed insured, and the dollar amount should be at least to the funded amount.
• California offices need to also send in a supplement report or proposed insured policy.
• If you upload another page to a section that replaces what is there, ensure youhave all the pages re-entered.
• If you update a section, you must send a new version for us to be able to see it.
If there is a mistake with any of the documents, you will get a call or email from someone in the funding department explaining the erro and asking for the corrections to be made and a new version to be set in. We will not be able to fund the proeprty until the corrections are sent in, reviewed, and approved.
Once the manager is ready for the wire to be sent, they will werify the amount and request funds. The manger is the ONLY person that can request the wire to be sent. The funding department will verify with the back-side title company that the back-side documents have been signed and the back-side funds are in before sending the front-side wire.
If you have any questions on the timing of a wire, please discuss it with your manager.
The funding department is extremely busy; emailing funding@networthrealtyusa.com is the preferred method of communication.
Each property has a 48-hour grace period after funds have been sent in. If the wire comes in after that there is a monetary penalty for the file. This is based on the length of time the wire is out. See the agent portal for the break-down of late fees
FUNDING DATE POLICY
It is extremely important that all funding dates are accurate!
If a property is still in the "RESERVE" stage, meaning you have not sent a Funding Package to Leslie,
please update the funding date if it changes from the original funding date.
If a property is in the "READY FOR FUNDING" stage, meaning you have sent the Funding Package to Leslie,
you must email Leslie and have her change the funding date for you.
POLICY CHANGE:
examples below
• The first time you buy a house, it should be listed as 123 Main St.
• If you purchase the same house twice (because you requested too early and had to send funds back unprocessed or just were able to buy the house a 2nd time) It should be listed as 123 Main St #2
• If you have a triple close (we are sending funds for your seller to purchase it himself) please list it as 123 Main St #3
please update the funding date if it changes from the original funding date.
you must email Leslie and have her change the funding date for you.
• The first time you buy a house, it should be listed as 123 Main St.
• If you purchase the same house twice (because you requested too early and had to send funds back unprocessed or just were able to buy the house a 2nd time) It should be listed as 123 Main St #2
• If you have a triple close (we are sending funds for your seller to purchase it himself) please list it as 123 Main St #3