Check Please!
A check is presented for 60K. Under what circumstances can we release 50K as the first draw?
What is if it is a Wells Owned Loan.
When the existing structure is repairable but the claim is paid to the policy limit the insurance company considers the property to be this.
What is a total loss?
The person with legal authority to sign a check payable to a trust
Who is the trustee?
This document shows the exact amount required to pay off a mortgage
What is the payoff statement
Manufactured homes were formerly called
What are mobile homes?
If claim funds are greater than the payoff, the excess belongs to this party and is called
What is the borrower, what is overage?
This may be removed during a demo and rebuild and includes x number of days for a response.
What is the hazard insurance requirement? 25 days
An authorized party must provide what documents on an Estate account to receive claim funds
Death Certificate and Administrator documents
The Unpaid Principal Balance is the exact amount needed to payoff the loan.
False
The legal process by which a lender takes back property when payments are not made.
What is Foreclosure?
2 Investors that only allow 20K as the first disbursement
Lakeview & USDA
Financial evidence that can be presented for the difference in claim funds & the total cost of the rebuild/replacement
What are insurance claim funds, small business loan or personal bank statements?
If the borrower and insurer disagree, the claim may go into this resolution process.
What is appraisal or mediation?
The legal document issued when a mortgage is paid in full
What is the release of lien
Homes that are built in sections at a factory and delivered to the homesite. The home confirms to all state, local and regional codes where the home is located on a permanent foundation & viewed as a single family home.
What is a modular home?
This type of endorsement on a claim check means the endorser is not liable if the check is later dishonored.
What is without recourse?
Loan is service released what code should you use in Black Knight to find the new servicer.
What is MAS1/AQN1?
Individuals are transferred to this department to pursue becoming the Successor in Interest
What is Life Events?
New mortgage servicers can accept and endorse a check if what is present
ISAOA/ATIMA
Type of home that can be replaced with a manufactured home
What is None?
Which of the 52 states allow payments to attorneys?
What is NY & LA
Type of payment required if claim funds are less than the payoff amount
What is certified funds for the difference?
The attorney has to provide what documents for payment.
What is the Settlement agreement, court order, retainer, invoice, w9?
How long will it take to receive final funds once a loan is paid in full with claim funds
What is 14 days?
What $amount is held back until the title of the manufactured home is converted to real property
What is $1,000?