PPR Performance Warranty
To provide a quality service to note investors, PPR offers a Performance Warranty on any re-performing notes sold. This Warranty protects an investor from loss of principal, defined as purchase amount less payments received, on any performing note purchase.
In the event that the re-performing note becomes delinquent, or enters non-performing status, PPR’s Loss Mitigation Department will notify the note investor within 30-60 days and then attempt to address and correct the payment issue prior to the loan becoming 120 days past due.
At 90+ days past due, the note investor (herein the “Buyer”) will be eligible for our buyback option, wherein PPR offers to issue a cash refund for the note purchase price less payments received in exchange for the non-performing note.
This offer extends through to 120 days past due.
If the Buyer chooses to forego the buyback option and keep the note, he/she is entitled to do so, and PPR will provide available legal resources upon request.