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
What is a owners affidavit?
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?
The 3 required items that need to be listed with pictures on an appraisal
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?
Shows current income and expenses for the year
What is a YTD P&L?