FastFunds Financial | FFFC | Profile
FastFunds Financial Corporation is a holding company currently operates in the financial services industry segment. The company’s wholly-owned subsidiary, NET LIFE Financial Processing, Inc., has acquired the exclusive mortgage servicing rights for NET LIFE Financial Holdings (“NET LIFE”) from the holder, a Florida Trust.
NET LIFE is a development stage enterprise that has developed and is offering an innovative new mortgage product that is not based on credit history (no doc) or personal guarantees. It is only secured by the underlying collateral and a life insurance policy on the borrower. Therefore, all that is required to qualify for a mortgage loan is qualifying for a life insurance policy, a down payment that usually amounts to 10% of the purchase price and verification that the borrower has the financial ability to pay the monthly payments. NET LIFE believes this mortgage product will be attractive to a wide spectrum of potential borrowers including:
first time home buyers
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borrowers who have experienced prior financial difficulties such as foreclosures, bankruptcies, late payments or credit problems; presently employed and whose current income would qualify for a mortgage loan; but who couldn’t otherwise qualify
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borrowers who may wish to bypass the traditional paperwork involved in the typical underwriting process but who would otherwise qualify.
Innovative Mortgage Products
FastFunds Financial combined with its partner, NET LIFE, have developed an innovative new mortgage product that is not based on credit history (no doc) or personal guarantees. It is only secured by the underlying collateral and a life insurance policy on the borrower. Therefore, all that is required to qualify for a mortgage loan is qualifying for a life insurance policy, a down payment that usually amounts to 10% of the purchase price and verification that the borrower has the financial ability to pay the monthly payments. NET LIFE believes this mortgage product will be beneficial to a wide spectrum of potential borrowers including individuals and businesses.
NET LIFE LCMO
The Company believes a NET LIFE LCMO (Life Collateralized Mortgage Obligation) could substantially improve America’s banking and mortgage crisis. A NET LIFE LCMO is a residential, business or corporate real estate mortgage which is not based on credit history; only on the collateral.
All that is required for which to qualify is:
(a.) that you are healthy
(b.) that the property maintains and sustains its stated value
(c.) that you have the income to pay your mortgage.
All NET LIFE LCMO mortgages are processed, managed and serviced exactly like a conventional mortgage without all of the red-tape qualification. NET LIFE has only reinvented the “vehicle”; not the “wheel” it rides upon.
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