Items needed in the early stages of setting up Mortgage Fund servicing:
1. Your CPA needs to be involved from the very beginning. The Partnership software system is a servicing system, but it is not a general ledger system. FCI will work very closely with your CPA. They will provide us with monthly accrual schedules such as Loan Loss Reserves, Accounting and Auditing fees, etc. They should be provided with a copy of the sample partnership reports supplied by FCI.
2. FCI needs a contact name and phone number for your banker (so we can get information regarding your operating LLC bank account/s). One of the first things we do is order custom printed checks (not from the bank) to use in the Partnership software system. It takes about two weeks for us to receive the printed checks.
3. Send FCI a scanned copy of your PPM, Operating Agreement, Subscription Agreement, and Subscription Addendum (for additional subscriptions).
4. We will need to have online access to the Operating bank account and any other accounts that are in the name of the LLC (such as a sweep account).
5. FCI will need the ability to online download bank statements. We reconcile the bank account/s the first business day of the month.
We need the ability to place stop payments.
6. Send FCI the name and contact information of the person in your office that will handle the day-to-day activity with us.
7. There should be a phone conference to go over the mechanics of how to coordinate our efforts.
Items will fall into place as we proceed together.