Monday, April 1, 2013
There are three types of Proof of Funds available...
*Bank proof of funds.
Note: There is never an obligation to continue beyond a one month period.
For brokerage accounts, a brokerage account will be opened in the name of whoever would be necessary for you. The account can be verified via email, phone, online and online via access code. The client will also have online access to their account. The account will be opened at the brokerage firm. This is not a bank POF program
As for escrow accounts, an escrow account will be established at a licensed title & escrow company in your name or your client's name for a small fee. The account can be verified via phone, fax, email, etc.
Witth brokerage accounts, they can be in Euro or USD and will be much cheaper. Escrow accounts have to be in USD.
For bank POFs in the client's name, the client will need to provide collateral. When they provide the collateral, there are no restrictions on the funds. Pretty much any kind of collateral would be acceptable. It would be much easier for them to present collateral and we can let them know if it is acceptable or not.
The only other option would be a bank account POF in the name of the lender. The lender would first have to approve the use of the account.
If you wish to proceed, they need to know what type you need, for how long and the amount.
Posted by Larry at 7:45 AM