Common use of Retail Installment Contract Clause in Contracts

Retail Installment Contract. Must be completed with all information including borrower(s) name(s) and address, dealer name and address, correct date, accurate description of goods sold, down payment and amount of job from work order, original signatures, authorized assignment and accurate terms. Audit of this document shall also include re-verifying the figures in the Itemization of Amount Financed, payment schedule and all Federal Truth in Lending Disclosures. The pre-auditor or underwriting department will make the determination as to the best manner in which to rectify an error. Correction notices (Section 16 Exhibit OO) or return of documents to dealer/contractor for corrections, with customer(s) initials or reexecuted documents are some procedures used. · Mortgage / Deed of Trust: This document will be filed to record our lien (the Security Instrument). The pre-auditor will verify the dollar amount of the transaction, legal description of the property securing the loan, borrower(s) names executed as they appear on title. The mortgage document must be notarized with state appropriate stamps and signatures as required. · Assignment of Mortgage / Deed of Trust: The date on this document can not be the same as that on the Mortgage / Deed of Trust, and must be after the rescission period has ended. This document normally references the dollar amount on the Security Instrument, and the FCC database or actual Dealer File will be checked to verify that the person who executed the Assignment is authorized to do so. This document also must be notarized with state appropriate stamps and signatures as required. · Completion Certificate: The document must be signed and dated by both the dealer/contractor and the borrower(s) after the job is completed. Faxed certificates are acceptable to fund with original to follow.