A Collateral Receipt is a(n):
- Detailed description of the possessory collateral
- Acknowledgement by owner that description is accurate and collateral described has been turned over to the bank
- Acknowledgement by the bank of receipt of collateral
- Acknowledgement from owner when collateral is released and returned
This documentation is included with the loan package provided by Loan Doc Prep and is required when the loan is secured by:
- Possessory collateral, such as
- Life Insurance
- Stock or Bond
- Assignment of Note and Mortgage
A completed Collateral receipt includes:
- Loan Amount
- Loan Name
- Loan Date
- Signature of lender
- Signature of borrower
Life Insurance
- Company issuing policy (Example: Nationwide)
- Life Insurance policy number
- Insured’s name
- Beneficiary’s name
Stock
- Number of Shares
- Company Name of Stock (Example: Coca-Cola)
- Stock Certificate Number
- Name of Stock ownership (Example: John Smith)
Assignment of Note or Note and Mortgage
- Collateral Note payee
- Collateral Note borrower
- Collateral Note date
- Collateral Note original amount
- Collateral Mortgage Recording Date, OR Book and Page
Note: We MUST have an original Collateral Receipt signed with a pen (wet signed). If the loan package was sent to you via IMM eSign, PRINT the Collateral Receipt and have the client sign.
- eSign-Web: Loans requiring a Collateral Receipt cannot be delivered via eSign-Web.
- Provide a copy to client.
- The ORIGINAL SIGNED Collateral Receipt must be sent to Loan Servicing with the original collateral document in the secure locked blue bag. You may upload a signed copy to Synergy (Consumer Purpose) or Abrigo (Business Purpose)
If you need additional assistance with Abrigo, please contact _Abrigo Help.