fbpx

Important Home Equity Loan Information

Important Home Equity Loan Information

Important Home Equity Loan Information The Mortgage Department will review our title searches and prepare the Schedule.

Important Home Equity Loan Information

Important Home Equity Loan Information

Important Home Equity Loan Information

The Mortgage Department

The Title Search is a compilation of the recorded documents relating to a particular parcel of land. The Mortgage Department reviews the stub search, checking for open liens, judgments,

miscellaneous agreements (such as boundary line agreements), ownership and most importantly verifying to make sure The Mortgage Department are mortgaging the correct property.

Once the review is complete, the Schedule is typed, reviewed and sent to you.

home equity loan

EXISTING LIENS : This situation rarely happens, but we do see it from time to time.

second Mortgage may show in the search that has already been filed and the information from the loan officer states that the lien is not being paid with proceeds of the loan.

Since CFCU will not take third lien position The Mortgage Department will require that the lenders that holds the second lien to sign a SUBORDINATION AGREEMENT.

The Mortgage Department will reviews the stub search

This will move that lien to third position and allow CFCU to take second lien position when the Mortgage is filed.

The members should be aware that getting this agreement signed can delay the closing and can cost money, depending on who the mortgage holder is.

SURVEY MAPS :

SURVEY MAPS : If there is no map included within the search it is difficult to know that the Schedule being typed is the exact description of the parcel we are mortgaging.

Often, the title company will include the map in the search if one has been recorded.

If a map is not included and the mortgage department feels we should get one, the loan officer will be contacted.

check Loan Officer

If the member does not have a survey map please check with a Senior Loan Officer to make sure one will not be required.

The TAX ID MAP from the county is not acceptable. Tax maps do not have measurements on them.

Important Home Equity Loan Information

They are purely for the use of the county to identify a particular parcel for tax purposes.

It is common to find that there are two borrowers.

but only one of them is on title, or actually owns the property.

In this case both borrowers. will sign the Note, but only the person on title will sign the Mortgage and the Right of Rescission.

The names on the Mortgage that we prepare for recording must match exactly as the name(s) on title (deed)