The entire process should take from 5-7 weeks depending in large part on the responsiveness of the insured's physicians and insurance carrier. Purchases are often completed much quicker; in fact ViaSource Funding Group, LLC has completed several transactions in less 7 days in an attempt to prevent foreclosure activities. The "process" can be divided into 3 stages, and they are as follows:
STAGE I - INFORMATION GATHERING
This stage usually takes 3-7 days. The insured completes an application and forwards the application, medical records and insurance policy information to ViaSource Funding Group, LLC. The application includes a request for personal information, a medical release form so ViaSource Funding Group, LLC can either obtain or assist in obtaining medical records and a policy release form so we can retrieve policy information from the insurance carrier.
STAGE II - INFORMATION ANALYSIS
This is the most lengthy stage in the process and can take up to 4 weeks. Once medical records are received they are briefly reviewed internally before being sent to independent review firms. The turn around time at these firms varies from 15-30 days depending on policy flow. Policy information is also reviewed during this time but typically takes 1-2 days.
STAGE III - BID/CLOSING StAGE
With completion of the "analysis stage" ViaSource Funding Group, LLC determines whether or not the policy is one that can be purchased and offers a price to the policyowner. If the bid is accepted closing documents are FedEx.ed to the policyowner for review and signatures. Once ViaSource Funding Group, LLC has received the completed closing documents the purchase funds are placed into escrow and the ownership and beneficiary are filed with the carrier immediately. From the time ViaSource Funding Group, LLC receives the completed closing documents, the entire process should take roughly 14-20 days to fund the purchase.