Frequently Asked Questions

No. We can do singlewide and doublewide homes with or without a permanent foundation. This allows for mobile or manufactured house financing on rental land, in parks, leased property or family land.

Up to 95% LTV on a primary residence purchase. Closing cost can be financed on top of the loan or seller concessions may be used. Credit scores will make the final determination of LTV.

The borrower must provide proof of one year full coverage at the time of closing. We offer competitive insurance rates. If Triad Financial Services, Inc. policy is accepted, the 1st year's premium can be financed.

Triad Financial Services will order all necessary work on the manufactured home loan. We will select the appraiser. The realtor, dealer or the customer may select the title company.

On a home only loan, the realtor / dealer holds the closing, or we will mail the documents directly to you. A notary must notarize several forms. Funds will be disbursed within 48 hours after we receive the closed loan package back in our office. (Note: By law we are unable to pay commissions directly to the realtor - this must be arranged for the seller to pay out of their proceeds.) On a land / home loan, all real estate transactions must close with a title company or attorney. Funds will be disbursed at the closing table.

All loan applications must be submitted by a Triad Financial Services, Inc. approved dealer. Please contact the dealership to apply.

Age of Home 1976 or newer.

Approximately two to three weeks for home-only and four to five weeks for land/home. Our closing department will schedule your loan closing.

Our closing fees will vary depending on the loan program (home-only vs. land/home) and state the home is located in (state imposed fees). Closing cost can be financed into the loan if necessary.

Triad Financial Services, Inc. does not require a survey or termite letter on the property unless the Title Company is unable to provide title insurance without one. If the customer requests a survey or termite inspection, they must pay for it out of pocket. We will not finance the cost of a survey or termite inspection unless it is a requirement of the Title Company.

Escrow

An escrow account is a way to manage property taxes and insurance premiums. You make one monthly payment where part goes toward your mortgage and the other part goes into your escrow account for property taxes and insurance premiums (like homeowner's insurance, mortgage insurance, or flood insurance). When those bills are due, we use the funds in your escrow account to pay them.

Your monthly escrow payment is determined by taking your latest tax and insurance bill and dividing the annual amounts due by 12.

For example, say your yearly property taxes are estimated to be $1,200 and your yearly homeowners insurance, $600. That's a total of $1,800 for the coming year. We divide that by 12 and there's the escrow portion of your total monthly mortgage payment: $150.

Then we calculate your minimum balance/cushion amount. To help you plan for any potential increases, a minimum balance needs to be kept in your account at all times. It can be up to two months of escrow payments.

An escrow account cushion is an additional amount collected as a safeguard to cover unanticipated increases in taxes and insurance premiums. Cushions vary by state, but the amount cannot exceed two monthly escrow payments. The escrow account cushion amount is also the minimum balance amount required for your escrow account. Cushions vary by state

An escrow account analysis is completed at least once every 12 months to ensure we are collecting the accurate amounts for taxes and insurance. This is because property tax amounts and insurance premiums for your home can, and often do, change year after year. If after the analysis your escrow account balance is below the minimum amount required, then you will have a shortage. If the balance is above the minimum amount required, then you will have an overage.

A shortage occurs when the escrow account balance is below the minimum amount required. The most common causes of an escrow account shortage are increases in taxes and insurance premiums.

You have the following options to repay your Escrow Shortage:

1. Repay the Escrow Shortage Monthly - The total shortage is divided over 12 months and will automatically be added to your monthly payment, unless you repay the escrow shortage in full.
2. Repay the Escrow Shortage in Full - You may pay the escrow shortage in full by mailing in the shortage amount with the Escrow Shortage Coupon provided on your Escrow Analysis Statement. Upon receipt, the shortage portion of your monthly payment will be removed.

An overage/surplus occurs when the escrow account balance is above the minimum amount required. In this instance, an overage/surplus check will be sent to the mailing address on file. Your account needs to be current for the overage/surplus check to be mailed.

We do not apply the escrow overage to the monthly payment.

Insurance

The mortgagee clause is an important provision in a property insurance policy that ensures that the insurance company will pay the mortgagee in the event that loss or damage occurs to a mortgagor's property. The clause is an important measure that mortgagees take to protect their investment in a mortgagor's property

Investor Name ISAOA/ ATIMA
C/O Triad Financial services, Inc.
13901 Sutton Park Drive South, suite 300
Jacksonville, FL 32224

Triad Financial Services, Inc. offers consumers, manufactured home dealers and communities affordable insurance programs for both new and used manufactured homes.

Triad's insurance division has multiple national insurance companies available to customize an insurance program to meet your needs. Carriers offer coverage on consumer homes, attached structures, and personal property as well as options such as personal liability, guest medical payments, loss of use, and special endorsements. We will assist all consumers and dealers with insurance coverage, there is no Triad loan or inventory finance requirement to secure insurance coverage from our team.

The programs we offer are:

• Homeowners Insurance
• Manufactured Home Dealers
  • General Liability Insurance
  • Open Lot Inventory Insurance

  To request a quote or obtain additional information, please contact our insurance specialists at 1-800-522-2013 x1609.

  How much coverage am I required to have?

  Coverage for new and some pre-owned homes are based on the replacement cost value of the home. Replacement cost is the dollar value it costs to replace the home at current prices.

  Older homes are covered based on their actual cash value (ACV), which is the amount to replace the home or item minus depreciation. Depreciation is the estimated decrease in value over time due to wear and tear, aging and other related factors.

  Insurance Claim/Loss Draft

  What is a loss draft?

  A loss draft is a check an insurer will issue to a home owner for damage(s) via natural disasters suffered to their property. An agent from the insurer will commonly come to inspect the damage before issuing a loss draft. After the you and the insurer have come to terms on the estimated amount to repair the damage, the insurer will issue a loss draft, also known as a loss draft check or claim check. The loss draft will be co-payable to the you and to Triad Financial Services.

  Why is the insurance claim check also made out to Triad?

  Your mortgage servicer, or lender, is a co-insured with you to protect their interest in collateral.

  When you buy a home with a mortgage, your lender has a security interest in the house. Lenders must protect the value of your home just as you would. When your home is damaged by a covered loss, your mortgage servicing company, or lender, is also a loss payee as a "co-insured" with you. Insurance companies issue claim checks in both your name and in the mortgage servicing company or lenders name. This feature enables your mortgage servicing company or lender to ensure that these funds are used to make necessary repairs.

  What is the claims process?

  When a property securing a mortgage loan experiences an insured loss, Triad must ensure the proof of loss claim is filed within the time period specified in the insurance policy and monitor the disbursement of insurance loss proceeds.

  Our Loss Draft Specialist will:

  • Obtain complete details on the damage to the property and determine the needed repairs, ensure the proof of loss claim is filed within the time period specified in the insurance policy, and monitor the disbursement of insurance loss proceeds.
  • Discuss with you any plans for repairing the property, if applicable.
  • Deposit any funds not disbursed into a custodial account, if applicable.
  • Review and approve the final plans for repair, including obtaining the necessary bids to repair the property, if necessary.
  • Monitor and validate repairs completed comply with the final repair plan.
  • Obtain the proper lien releases if the property is paid in full utilizing the claim funds

  Triad will partner with you during the entire claim process to ensure we take care of you and your property.

  I have damage to my property. What do I do?

  You first need to call your insurance company to file the claim. Once the claim has been filed and you have the insurance claims/loss draft check, please call us at (877) 426-8362 or email at claims@triadfs.com, and we will provide the next steps.

  What is the claims/loss department’s address?

  Triad Financial Services
  13901 Sutton Park Drive South, Suite 300
  Jacksonville, FL 32224
  Attn: Claims