HOI Address Typos.
What website can be used to validate any address discrepancies found on the homeowner's insurance and the title report? (if applicable)
ZIP Code™ Lookup | USPS
Through closing does the loan # require to be added on the HOI mortgagee clause?
NOTE: If the mortgage clause for a loan is missing only the DHL loan number, and all other information is updated to show Discover as the loss payee, including ISAOA and address, the loan should not be prevented from moving forward
Please name the Link'd article that helps us confirm if our borrower is in spousal signing state
State-Specific Restrictions and Guidelines: DHL Job Aid
Consider we a title report that reads our borrower is currently married but 1003 shows the borrowers marital status as "unmarried" What documents should be collected to help update the marital status?
Copy of divorce decree would be required.
What information other than our mortgage clause name and address can be released to Homeowners insurance agent?
Borrowers name
Borrowers address
HOI policy #
and new Loan #
If an application has the subject property address listed as (8762 State Route 90 N) But the title report lists the subject property as (8762 State Route 90) How should the homeowners insured address section reflect?
(8762 State Route 90)
The homeowners insured address sections must align with the title report subject property address.
Consider we receive an updated homeowner's insurance mortgage clause, but the loan reflects as "1018880393". 1003 shows the loan application # is 1018880398" does the typo found require to be updated on mortgagee clause?
Yes, if a typo is found for the loan application # listed on the mortgage clause we must obtain the corrected copy with corrected loan #.
Per the Loan processing: DHL procedure article found in Link'd; what information is required on a mortgage pay off statement?
What information must be provided to our title vendor to successfully complete a Quit Claim Deed?
Borrowers name exactly has it appears on identification documentation provided. (along with any AKA names)
Borrower relationship to vested owner on title.
Marital Status for both parties with supporting documents.
Vesting option borrower prefers
What is the only information that can be released to a 3rd party to help complete a verification of employment?
consider we have a title report that has the subject property as "14999 Rivers Edge Court" but the flood report tied to file shows the insured address to be "14999 River Edge Court"
Would the typo "Rivers vs River" be acceptable?
No, we would require an updated flood insurance document with correct address as "14999 Rivers Edge Court" to match title.
Is "Discover Bank ISAOA Po Box 961292 Ft Worth, TX 76161" an acceptable mortgage clause through closing?
Yes "Discover Bank ISAOA Po Box 961292 Ft Worth, TX 76161" is an acceptable mortgage clause through closing since "ft worth" is a USPS approved abbreviation for "Fort Worth."
How many Home Equity Loans or Cash out Refinance Mortgages can be present on title in the state of Texas?
Texas law allows only one home equity product at a time. There cannot be a home equity loan or cash out refinance loan currently open (that is not being paid off) or opened on the subject property in the last 12 months.
Name the Link'd article that lists DHL's vendor contact information.
Vendor Escalation: DHL Job Aid (sharepoint.com)
If a borrower calls in to verify what email address we have listed on the application, can the full email address be released to the borrower?
No, the email address under any circumstances cannot be released to the borrower,
*Please note* We may however have the borrower verify what we should have listed as the email address. If an update is needed, we may proceed with updating the email address in neto once proper verification has been completed.
Consider we have a homeowners insurance document the reflects the Insured property address as "119 Hidden Creek Cove Pelham, AL 35124" But the title report shows "119 Hidden Creek Cove Pelham, AL 35124 LOT 57"
What are the next steps we should take as processors?
inform the borrower that the insured property address must be updated to match the property address on the title report.
(Most insurance companies will require legal address changes must be done by the borrower)
Per LPG All mortgage clauses for DHL should reflect as "Discover Bank ISAOA PO BOX 961292 Fort Worth TX 76161 Loan #1012981628 however if we receive an updated policy that reads "Discover Bank ISAOA/ATIMA PO BOX 961292 Fort Worth TX 76161 Loan #1012981628" can we accept this through closing or do we require the mortgagee clause to be updated?
An updated mortgage clause would be required as per LPG "ATIMA" cannot be part of our mortgage clause.
What form should be completed by our borrower any occasion a home equity line of credit is being paid with proceeds of the loan.
Our borrower must complete and sign a HELOC freeze authorization form is required.
In the state of Hawaii:(non-spousal singing state)
current Identification document and marital status shows Antonio Mario Hernandez, married
But vesting on title shows Tony Hernandez, single
How should vesting be updated at time of closing? Are any documents needed to help make changes if applicable?
vesting would read as Antonio Mario Hernandez a married man, who acquired title as, Tony Hernandez, a single man.
(marriage certificate is required as marital status is being updated at time of closing)
What information can be released to a Homeowners association agent to help them pull up our borrowers' account information?
Only the name and address of our borrower may be released when requesting any information from the borrowers HOA agent.
Consider 1003 has the subject property listed as " 13310 west Jacobsom Dr, Litchfield Park Arizona 85340. " But the title report property address reflects "13310 west Jacobson Dr, Glendale Arizona 85340" and the current Homeowners insurance insured property address reflects as "13301 west Jacobson Dr, Litchfield Park Arizona 85340" What actions as a loan processor must we take? (2 answers)
please note there were no USPS approved City name variations found.
1.Complete change in circumstance in Neto to update the legal address to match the title report
(13310 west Jacobson Dr, Glendale Arizona 85340)
2. Request our borrower update the legal address listed in on their policy and provide updated forms.
Consider our borrower has flood insurance coverage but is not in a flood zone, does discover require to be added as the insured mortgagee?
yes, we will need the mortgage clause to be updated to reflect DHL as we will consider it as voluntary insurance.
Name Discover's internal email address we use to request 30-day pay off quotes and what must be included in the email request?
During our review of a full trust agreement, what must we insure be included on the forms?
1.Applicant must be a trustee
2.Vested name must match name on property report
3.Trust must be revocable
4.Trustee must have the power to mortgage/encumber assets held in the trust
5.Trust must have List of Beneficiaries (as permitted by state law)
6.Must Fully executed (signed and notarized)
Assume you have a borrower call in ask if and ask if you can send him his full loan application number by email to help obtain the updated mortgage clause quicker? How do you respond do?
Advised the borrower due to security we are unable to send the full loan number by email only the last four can be sent.
we can always let the borrower know that if they call in, we can verbally provide the borrower with their full loan number.