Note Tape Due Diligence - First Step

[Martin Saenz]

What is the first step you take when you receive a NPN Note Tape?

Just measuring what everyone is doing.  For myself, I reformat the spreadsheet so that it reads well for myself.

[Dan Deppen]

First thing I do is save a copy of the original. Then I create a 'working' version of the file and add a sheet where I copy my due diligence checklist into. Having all of the originals allows me to do quick checks on future tapes to see if they have been recycled. Then having a checklist in each tape file I can tick off ensures I don't miss anything. This is helpful for picking up where I left off when I am busy and can't go through everything in one sitting.

The first real steps are running through some initial filters for things like: key states, property type, loan balance, est value, etc.