Legal

Noah Instructions

By checking the box you instruct Patch Homes, Inc. d.b.a Noah and its affiliates (“we” and “our”) to take the four actions detailed below in connection with your application for our home value investment in your home.

Obtain credit reports and perform verification checks

You instruct us to obtain one or more consumer reports (commonly known as credit reports) about you from consumer reporting agencies (for example, TransUnion, Experian, and Equifax) and other information about you from other persons to evaluate your application and verify information you have provided us. If you obtain our home value investment product, you also authorize us to obtain, from time to time, additional credit reports from consumer reporting agencies to determine whether you continue to meet the terms of our agreements with you. You also authorize us to obtain other information about you from other persons for the same reasons why we may obtain credit reports about you. We may anonymize and use any reports and information we obtain about you to improve our business and develop and offer new products and services. We may deduct the cost of the initial credit report from the proceeds of your home value investment product.

Order a home appraisal

You also instruct us to order a home appraisal of your home to evaluate your application. You agree that we may use an unaffiliated appraisal management company to fulfill the appraisal order with one of the appraisers with whom it works. You agree to pay the cost of the appraisal whether or not you obtain our home value investment product. We may deduct the cost of the appraisal from the proceeds of your investment product.

Open escrow, obtain title report and lien payoffs

You instruct us to open escrow and obtain a title report for your home to evaluate your application and determine if there are any liens on your home. If you obtain our home value investment product, you also authorize us to obtain, from time to time, additional title reports to determine whether you continue to meet the terms of our agreements with you. You agree that we may select unaffiliated third parties to provide these services. You agree to pay the cost of the title reports only if you obtain our home value investment product. We may deduct the cost of the initial title report from the proceeds of your investment product.

Obtain Verification of Mortgage

You instruct us to obtain one or more verification reports for your mortgage(s), and/or related liens on the property (commonly known as Verification of Mortgage "VOM") and other information from other persons (lenders and mortgage servicing agencies) to evaluate your application and verify information you have provided us.  The VOM documents your mortgage payment history and additional information that is not commonly reflected on your credit report.  Noah may use the VOM report for the purposes of verifying the existing balance and monthly payments, checking for any late payments, and monitoring information related to your mortgage. If you obtain our home value investment product, you also authorize us to obtain, from time to time, additional VOM reports from lenders and mortgage servicing agencies to determine whether you continue to meet the terms of our agreements with you. We may anonymize and use any reports and information we obtain about you to improve our business and develop and offer new products and services. We reserve the right to add the cost of the VOM reports to the final settlement amount of your home value investment product.