Purchases
This is required for all purchase transactions
What is a Sales Contract
This inspection is required for all manufactured homes (including purchases and refinances)
What is a structural inspection
These (3) items are required to be confirmed on all title commitments (purchases & refinances)
What are the survey coverage, environmental and comprehensive endorsements
This is how long a credit report is valid for Landmark National Bank
What is 90 days
This is the most commonly used item to calculate income for self-employed borrowers
What are tax returns with all schedules with a cash flow
Required on purchases if home is built 1978 or prior
What is a Lead Base Paint Disclosure
The owner of the manufactured home must surrender the original Certificate of Title or manufacturer's statement of origin
What is a title elimination
This has to be completed if title is showing vested in a Trust
What it is a Quit Claim Deed to put in our borrowers name
This comes with the credit report that addresses all AKA's for borrower(s)
What is the TruAlert
This is completed within 20 days from closing when using self-employed income
Self-employed 3rd party verification/VOB
These are required inspections if the appraisal comes back stating the property have these items.
What are septic, lagoon or well inspections
Required endorsement that is issued in conjunction with either a loan or owner's policy to insure a manufactured home is located on land.
What is ALTA 7
This is the title item that is required on all refinances
This requires the loan officer to contact the borrower to unfreeze credit and have to re-pull credit
What is frozen credit
These 2 items are required when a business has been open for less than 5 years
What are (2) years tax returns with all schedules and (2) years tax transcripts
This is a required inspection on all FHA, VA and USDA RD files
What is a termite inspection
What are the HUD Plate and HUD Labels
This is required when a tax lien or judgement is listed on title for our borrowers
What is a Recorded Satisfaction of Tax lien or Judgement to get cleared title
This fraud tool checks to see if new inquiry or new tradeline has been established
What is the Drive report
These are the 4 main COVID requirements for using self-employed borrower income
What are signed tax returns, signed P&L, correlating (3) bank statements to match up with P&L and Self-Employed 3rd party verification that the business is open and operational
Documents changes after initial contract
What is an amendment
The loan officer needs to sign this at closing or make arrangements to get this signed prior to closing.
What is the manufactured rider
Legal rights or ownership listed on title such as "doesn't own below the surface"
What are mineral rights
Usually are Chapter 7 or 13
What is Bankruptcy
What is a YTD P&L