Collateral Substitutions/Additions
The document that will restate collateral the note is secured by.
What is a loan agreement amendment?
Acceptable or Unacceptable: Wind and Cell Easements
What is acceptable?
What is 60 days?
The lien position the finaling process ensures.
What is first?
The standard loan servicing fee.
What is $350?
The time limit which an appraisal can be used.
What is 10 years?
The maximum expiration timeframe in which a lease is acceptable.
What is one year?
When the resulting Benchmark LTV or Appraised LTV will be lower or have no change, an LSS can approve via this delegated authority.
What is Maintains and Improves?
The number of days in which a mortgage MUST be filed within after loan closing.
What is five?
A Mortgage Modification cannot be completed if this has occurred.
If a Collateral Substitution or Addition results in the mortgage amount to go above 5M, this needs to be obtained.
What is new title work/new mortgage?
Acceptable or Unacceptable: Ditch Liens
What is Unacceptable?
An additional document to release when buildings are included in your Partial Release
What is a flood determination?
A legal right that attaches to property to secure payment of a debt.
What is a lien?
This value can be used in the decisioning analysis so long as it is the lesser of the two values.
What is Benchmark?
This type of split appearing on a mortgage releases less than 40 acres without a survey or proper legal description.
What is an informal parcel split?
To whom a Case is sent when additional guidance is needed or an unfamiliar exception appears on your title work.
Who is Business Support?
What is 85%?
The timeframe a loan must be finaled within to be eligible as collateral for the Associations.
What is one year/twelve months?
A Release of Guarantor is considered this type of action.
What is a Partial Release?
A Substitution cannot be approved by this delegation.
The title requirement that is needed when taking collateral as abundance of caution.
What is an O&E Report/Report of Title?
Examples include: a paydown or a new appraisal
What are special conditions?
The point in the finaling process where a leader needs to be alerted if final title has not been received.
What is six months?
Ordered when buildings appear on the appraisal.
What is a flood determination?