- Use of a settlement agent and title insurer that is acceptable to Good Funds Lending, LLC
- Loan title policy must include expanded coverage including the following endorsements: ALTA form 09-06/9.3-06 Form 100, ALTA form 8.1-06, ALTA 22-06 and ALTA 6.2 Form 110.8 (or equivalents endorsements; endorsements and requirements may vary by property type and other specifics)
- The title commitment is acceptable to us and the title insurance underwriter provides a verified closing protection letter prior to the closing
- The title commitment for the title loan policy must remove Standard Printed Exceptions (typically 1-4) and the Gap Exception. If there are are rehab funds in the loan, then Standard Printed Exception (4) may be modified to state any lien or right to a lien, for services, labor or material furnished, incurred and imposed after the date of closing.”
- Good Funds Lending, LLC loan must be a first lien on the property (except for property taxes not yet due and payable)
- The title commitment for the title loan policy must remove any exceptions not acceptable to Good Funds Lending, LLC.”
- Settlement agent must execute and return Good Funds Lending, LLC closing instructions at least 1 full business days prior to closing.
- Title Insurer must provide and verify an acceptable closing protection letter to Good Funds Lending, LLC at least 1 full business days prior to closing.
- Settlement Agent must supply acceptable settlement statements to Good Funds Lending, LLC at least 1 full business days prior to closing.