S.A.F.E. INSTALLMENT LOANS
Blackhawk Capital Group can help you continue selling homes on contract by processing & underwriting your loans for you. We developed a strategic program to provide manufactured home park owners with an easy-to-use service that will ensure S.A.F.E. Act and Regulatory Compliance so you can continue selling homes on contract without worry.
We currently provide Mobile & Manufactured Home Loan Processing & Underwriting in the following states: Arizona, California, Colorado, Idaho, Maryland, Nevada, New Mexico, Oregon, Utah, and Washington. With our extensive operating area you will only have one point-of-contact, making it easy on your employees by not having to deal with multiple companies and their different protocols.
(If you sell manufactured homes in other states not listed above please contact us)
We provide you with All Approved Disclosures, Contracts, Processes, and Service necessary to meet regulatory compliance for a flat rate fee of $1,000 per loan. (Large portfolio discounts available)
For more information about our services or to sign up please contact Kristopher Monte: 888.705.5006 x 103.
Processing your Installment Loan:Preparing the initial disclosures including 1003, Equal Credit Opportunity Act, Disclosure Notices and Borrower's Authorization
Collect Signed Disclosures
Verify Disclosures are Complete and Accurate
Order & Analyze Credit Report for Applicant
Prepare Good Faith Estimate and Truth in Lending Disclosures
Collect Borrower Documents including W2's, Paystubs, Federal 1040 Tax Returns, Bank Statements, Pension Statement, Divorce Decree, Child Support, etc.
Receive & Review Documents for Compliance
Underwriting your Installment Loan:Evaluation of Credit Worthiness of the Borrower including Income, Assets, and Collateral of Applicant
Verification of Debt-to-Income Ratios for Regulator Compliance
Fraud Detection Review of Applicant
Rendering Loan Decision
Closing your Installment Loan:Obtain Park Owner's Approval of Underwritten Documents
Prepare Closing Documents
Coordinate Closing with Park Management and Buyer(s)
Ensure Adherence to Compliance Statutes
Audit Loan Closing Documentation
Audit Buyers Homeowner's Insurance for proper Loan Loss Payee Clause
Submit Loan Package to Park Owner
Clear Additional Park Owner's Loan Conditions
Preparing the Settlement Statements
Provide Buyer Payment Instructions
Coordinate and Schedule Closing of Manufacture Home Loan
Retention of All Processing Documents in Accordance with National and State Regulations
Provide mobile home park owner with the peace of mind knowing they are in compliance with the S.AF.E. Act, Regulation Z, Dodd-Frank Act, State Specific Requirements, and other Regulatory Standards
Frequently Asked Questions:
Why Not Get Licensed Ourselves?
Obtaining a license for your company and your employees is tremendously time consuming. You most likely have no experience in legally processing & underwriting loans, which is a huge learning curve to overcome. If you operate in multiple states you will need to become licensed in each individual state as well. Each state has different laws concerning licensees and compliance which you would need to research and learn. Beyond the initial costs of time and financial investment, you will also experience recurring costs in maintaining those licenses. In addition to the foregoing time and monetary savings, you are not at risk of your employee leaving your company and taking all of their licenses with them.
Who Pays the Processing Fee?
The fee for processing the loan can be handled in a few ways. Most mobile home park owners are passing the fee onto the buyers by either rolling it into the loan or having the buyer pay it as a closing cost. For companies that implement this model, the S.A.F.E. Act turns into a blessing in disguise because they longer have to spend the time creating contracts, obtaining signatures, closing loans, etc. However, other park owners feel that it is easier for them to pay the fee themselves as a cost of selling the home. We are willing to work with you and implement whichever solution you believe would best be suited for you and your buyers.
Are there Any Costs to Sign Up?
No matter what your loan portfolio size is there are no set-up costs and no hidden fees.
Do we Have to Purchase the Loan from Blackhawk Capital Group?
No, we process the loans to ensure you are compliant with regulations like the S.A.F.E. Act. In our program, you maintain your role as the lender. You handle all payments from the sale of the home and continue servicing your loans moving forward as you always have. We are park owners ourselves and worked hard to make this program as easy as possible to implement.