[ARFTC]

Hello and TGIF!

I recently had a lender request that my client sign an Affidavit of Confession of Judgment prior to funding. This is a first for me and wanted to get an idea if you folks are familiar with this type of request?

When I read the form, the first thing that I think of is having my attorney review it. And by the way, the form needs to me notarized.

Any comments?

Thank you.

[WhoisKingsley]

COJ baby...

Basically covers the funder. Question though... How much is the deal? Is it considered "high risk"? I always figured if the Merch has nothing to worry about, it shouldn't be an issue. BUT there are times where a COJ is not necessary.

A written agreement signed by the defendant that accepts the liability and amount of damages that was agreed on. A confession of judgment is a way to circumvent normal court proceedings and avoid a lengthy legal process to resolve a dispute. Signing a confession of forfeits any of the rights the defendant has to dispute a claim in the future.
Read more: Confession Of Judgment Definition | Investopedia http://www.investopedia.com/terms/c/...#ixzz4L62ZbhKd

[ARFTC]

Hi Amanda,

I appreciate your input. Very informative (and thanks for the link). So, we now require borrowers to sign and agreement (waiving trial by jury), a PG, file a UCC and then we have them sign a COJ?

What's next? Taking their kids as collateral (but you can pick which kid to leverage)... LOL!

Thanks again and have a great weekend!

[FundingCzar]

COJ's are becoming pretty standard in this c/d space, typically its not an issue unless the client plans on defaulting.

That being said there are probably 10+ funders I know that do not ever require a COJ, at least for now. COJ's are becoming much more common over the past couple years.

[WhoisKingsley]

COJ's are becoming pretty standard in this c/d space, typically its not an issue unless the client plans on defaulting.

That being said there are probably 10+ funders I know that do not ever require a COJ, at least for now. COJ's are becoming much more common over the past couple years.

Very true. A lot of High-risk (C/D paper) Funders require a COJ for funding. You have funders like Everest who require them under $25k and many are copying the same rule. If your file isn't very high-riskish, you probably have it in the wrong place.

[Michael I]

amanda you are forgetting a big factor why they do it also beside of high risk , they do it to be able to get their money before the first potions people . i have seen it more than once

[WhoisKingsley]

amanda you are forgetting a big factor why they do it also beside of high risk , they do it to be able to get their money before the first potions people . i have seen it more than once

True. This is an expanded topic... I think one must understand personal/business bankruptcies, defaults, and how the position plays a part in having a Merch sign a COJ. Something a Wholesaler (sales/ISO/whatever) doesn't have to worry about much other than commission clawbacks and explaining to a Merch why a document needs to be signed. It's Friday... can we leave this for Monday

[mcaguru]

I would say majority of Mantis Offers DO NOT NEED A COJ. (my luck this post is about mine --Only basing on the fact that we represent a double digit percent of funded deals in the High Risk Space)....(dont confuse that with the DOUBLE DIGIT COMMISSION PAYOUTS ).

DON'T FORGET ABOUT FEWEST STIPS CURRENTLY BEING REQUESTED ON FILES UNDER 25k!

[J.Celifarco]

i would say majority of mantis offers do not need a coj. (my luck this post is about mine --only basing on the fact that we represent a double digit percent of funded deals in the high risk space)....(dont confuse that with the double digit commission payouts ).

huh???

[mcaguru]

huh???

I am from the small group of people that talk/write in short hand (Some say its a disability others say its savant - like).... My point is if you take a 1000 offers Mantis Funding makes majority would NOT need a COJ in the list of STIPS...... I then added (in other words) that it would be funny if this specific post about a COJ is from my company and the reason i based the assumption on was the fact that we fund a double digit percent of the B/C/D Paper currently being funded in America.

[Michael I]

I am from the small group of people that talk/write in short hand (Some say its a disability others say its savant - like).... My point is if you take a 1000 offers Mantis Funding makes majority would NOT need a COJ in the list of STIPS...... I then added (in other words) that it would be funny if this specific post about a COJ is from my company and the reason i based the assumption on was the fact that we fund a double digit percent of the B/C/D Paper currently being funded in America.

right and you dont need month to date but you do need bank log in . the stench of your s...t that comes out of your month smells all the way here in new york .

[J.Celifarco]

I am from the small group of people that talk/write in short hand (Some say its a disability others say its savant - like).... My point is if you take a 1000 offers Mantis Funding makes majority would NOT need a COJ in the list of STIPS...... I then added (in other words) that it would be funny if this specific post about a COJ is from my company and the reason i based the assumption on was the fact that we fund a double digit percent of the B/C/D Paper currently being funded in America.

also I find your love for "DOUBLE DIGIT" anything odd

[mcaguru]

also i find your love for "double digit" anything odd

huh ?

[J.Celifarco]

whats confusing you describe everything as "DOUBLE DIGIT" like that phrase means something special. It doesn't

[ridextreme]

whats confusing you describe everything as "DOUBLE DIGIT" like that phrase means something special. It doesn't

he is trying to "remind" us they pay double digit commission but who doesn't? Everyone does.

[mcaguru]

he is trying to "remind" us they pay double digit commission but who doesn't? Everyone does.

We pay DOUBLE DIGITS with out ISO's need to add extra fees to earn the double digits.

[ridextreme]

We pay DOUBLE DIGITS with out ISO's need to add extra fees to earn the double digits.

I get DOUBLE DIGITS pure from everyone, without adding any of my own fees (including last resort funding house approvals).

[mcaguru]

I get DOUBLE DIGITS pure from everyone, without adding any of my own fees.

[J.Celifarco]

We pay DOUBLE DIGITS with out ISO's need to add extra fees to earn the double digits.

I get double digit commission from EVERY bank i work with without fees.. Any ISO that need extra fees to get to 10 points is working with the wrong banks.. ISOS that go through me get double digits and thats after a split so you need to find something new because that is really not that impressive anymore

[mcaguru]

I get double digit commission from EVERY bank i work with without fees.. Any ISO that need extra fees to get to 10 points is working with the wrong banks.. ISOS that go through me get double digits and thats after a split so you need to find something new because that is really not that impressive anymore

I agree. We also mastered Speed and Fewest Stips and a 2 person adjustment department that sit (perhaps a little to close) to the underwriters to make adjustments just about instantly.

[Christian]

If you want to see insane, check out Yellowstone's COJ paperwork for CA businesses. It also includes a court affidavit that an attorney must sign saying that they recommended that the merchant take the financing... which is basically malpractice.

[Funder Mark]

If you want to see insane, check out Yellowstone's COJ paperwork for CA businesses. It also includes a court affidavit that an attorney must sign saying that they recommended that the merchant take the financing... which is basically malpractice.

I think that is for all CA COJ's. Pretty sure it says the merchant was explained the COJ by the lawyer, not that it is recommended, but I could be wrong.

[Christian]

I think that is for all CA COJ's. Pretty sure it says the merchant was explained the COJ by the lawyer, not that it is recommended, but I could be wrong.

Something like that

[renewcap]

I think that is for all CA COJ's. Pretty sure it says the merchant was explained the COJ by the lawyer, not that it is recommended, but I could be wrong.

You are correct sir.

[J_B]

If you want to see insane, check out Yellowstone's COJ paperwork for CA businesses. It also includes a court affidavit that an attorney must sign saying that they recommended that the merchant take the financing... which is basically malpractice.

Would love to see it, how can I check it out?