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Vendor Deposit Explanation and Process
During the Application process the Lender may at their sole discretion use 3rd Party Vendors to support their approval process, specifically, Appraisal Reports, Home Inspection Reports, and HOA Information. The Vendor Deposit is collected upon Application to cover these potential expenses. Should the loan application never materialize into a loan FOR ANY REASON, the Vendor Deposit will be used to cover any and all Vendor Expenses. Applicant acknowledges that the Vendor Deposit is only an estimate and they are responsible for all 3rd Party Vendor costs accrued in association with their Application, even if such costs exceed the estimated Vendor Deposit. Invoices of expenses can be provided to Applicant upon request.
At Closing this Deposit will be credited to the Applicant/Borrower on the Closing Statement.
The Vendor Deposit will be collected and held by Peak Asset Management, LLC as a Servicer to the Lender.
The standard Vendor Deposit amount is $400.00 (four hundred US Dollars), unless otherwise specified by Lender and agreed upon by Applicant based upon amount entered below by Applicant.