First Funding Blog

I-Flex Lite

I-Flex Lite is a permitted fulfillment service level proprietary to FirstFunding wherein the Secondary Market Investor staff is responsible for closing document preparation & HUD-1 preparation HUD-1 approval. Investor will provide Final Approved Closing Package inclusive of SA Instructions & Final Approved HUD-1. FSP will perform closing document review funding request preparation & submission to warehouse lender, funding compliance certification, funding disbursement authorization, attorney review services (where required by state law or as requested), custodial services, & post-closing delivery of original executed note collateral package to secondary market investor for purchase review. SA is responsible for delivering to FSP the executed original Note AND a scanned copy of all executed closed loan documents immediately following closing (regardless of funds disbursement date – purchase or refinance loan). SA or MO (as directed by Investor) is responsible for shipping the originally executed closed loan package (excluding executed original Note) to Secondary Market Investor. MO is responsible for all post-closing closing document imaging, shipping & upload to secondary market investor, post-closing investor purchase condition monitoring/management & status reporting to warehouse lender, tracking of delivery of investor’s required trailing documents following loan closing.