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Items needed in the early stages of setting up Mortgage Fund
servicing:
- 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.
- 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.
- Send FCI a scanned copy of your PPM,
Operating Agreement, Subscription Agreement, and Subscription
Addendum (for additional subscriptions).
- 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).
- 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.
- Send FCI the name and contact information
of the person in your office that will handle the day-to-day
activity with us.
- 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.
For questions or additional information, please
CLICK HERE.
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