First Choice Legal Funding — Underwriting Action Checklist

For the underwriter: Work the file top-to-bottom. This checklist accompanies — it does not replace — the 1–2 page underwriting memo. Items tagged [MVA] / [Labor Law] / [Premises] appear only when you pick a case type below. Watch the red GATE callouts: those are hard stops requiring a decline or a Senior Underwriter sign-off. Your progress saves automatically in this browser.

A Open & clear the file Intake Coordinator

Assign a Matter ID in the CRM.
Run the conflict / OFAC sanctions check on the plaintiff.
GATE: an OFAC / sanctions hit → stop and decline.
Confirm the requesting firm is on the approved-firm roster, or open vetting.
GATE: no funding to an un-vetted firm.
Complete the plaintiff intake call (or obtain a written Senior Underwriter waiver).

B Collect the documents Underwriter

Completed Appendix A questionnaire returned.
Pleadings — complaint, answer, bill of particulars.
Police / incident report.
Photographs / video.
Medical records — emergency, operative, current treating.
Imaging reports — MRI / CT.
Wage-loss documentation.
All applicable declarations pages.

C Verify insurance Underwriter

Confirm & record primary liability limit:
Confirm & record excess / umbrella limit:
[MVA] Confirm plaintiff's SUM / UIM coverage:
[Labor Law] Confirm OCIP / CCIP coverage:
Review reservation-of-rights letters / coverage disclaimers.
GATE (§6.3): materially inadequate coverage vs. catastrophic injury → decline.

D Establish liability posture Underwriter

Classify liability:
Admitted/Conceded Won by Motion Strongly Favorable Contested Unknown/Not Joined
Complete the comparative-fault analysis.
[MVA] Document serious-injury threshold under Ins. Law § 5102(d).
[Labor Law] Identify § 240(1) / § 241(6) theory and the specific Industrial Code section.
[Premises] Complete notice analysis (actual vs. constructive).
GATE (§6.3): contested liability + modest / soft-tissue damages → decline.

E Biographical & lien search Underwriter

Search & disclose prior litigation-funding agreements.
Confirm Medicare / Medicaid status.
Evaluate ERISA / private-plan reimbursement rights.
Obtain Workers' Comp lien:
Identify hospital / provider liens:
Complete child-support arrears check.
Complete tax-warrant / judgment / bankruptcy check.
Total the sum of all senior liens:

F Value the case & size the advance Underwriter

Document case value — Low:
Review comparable venue verdicts & settlements.
Estimate attorney fees (≈ 1/3):
Estimate case costs:
Calculate the maximum advance.
Max advance = lesser of (a) 20% of mid-case value or (b) the largest advance that still leaves the plaintiff ≥ 35% net of gross value after fees, costs & all senior liens.
Compute net to plaintiff after fees, costs, liens & proposed advance:
GATE (§6.1): if net < 35% of mid-value → stop; Senior Underwriter sign-off required. Also decline (§6.3) if senior liens already exceed projected net.

G Recommend Underwriter → Senior UW

Recommended action:
Approve Counter Decline
Recommended advance amount:
Recommended pricing tier:
Underwriting memo attached to the file.
Senior Underwriter co-sign obtained (if required).
Co-sign mandatory for: General-product cases · advances above the default ceiling · the sub-35% override · any lien-reduction negotiation.