- This topic has 1 reply, 2 voices, and was last updated 1 year, 7 months ago by
.
-
Posts
-
I’m doing a loan that is in the name of a Trust, for example Joe Doe, Trustee of Joe Doe Revocable Trust and also Joe Doe, individually.
Does Joe Doe, as trustee sign the Closing Disclosure and also Joe Doe as individually.
The other question I have is, does it matter what order the borrowers are listed on the documents?When a trust is used in connection with a mortgage per Fannie Mae requirements;
“Each individual establishing the trust (inter-vivos) whose credit is used to qualify for the mortgage must acknowledge all of the terms and covenants in the security instrument and any necessary rider, and must agree to be bound thereby, placing his or her signature after a statement of acknowledgement on documents”Based on this requirement, I would say that yes, Joe Doe and any other “natural” person who established the trust would have to sign the closing disclosure in alignment with the Trust. If Joe Doe is also a Borrower he would have to sign for himself as well.
As far as the order of borrowers being listed on on the mortgage loan it would be the Trustor, but the legal title of the deed is put into the Trust’s name. As always with legal documents please make sure you follow the financial institution’s attorneys advice.
NOTICE: This email message, including any attachments, is intended only for the addressee, and may contain confidential and privileged information either as protected work product or confidential client information. Any unauthorized review, use, disclosure or distribution is prohibited. If you are not the intended recipient, do not read, copy, retain, or disseminate this message or any attachment, and please contact the sender by reply e-mail or at 888.760.5646 and destroy all copies of the original message and attachments. Neither the transmission of this message or any attachment, nor any error in transmission or misdelivery shall constitute waiver of any applicable legal privilege.
THIS EMAIL AND ITS ATTACHMENTS DO NOT CONSTITUTE LEGAL ADVICE
- You must be logged in to reply to this topic.