Transcription of 2 Lien FAQ 1. Do we need a separate Closing …
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2 Lien FAQ 1. Do we need a separate Closing …
2nd Lien FAQ. 1. Do we need a separate Closing Disclosure (CD) or Loan Estimate (LE). for the second mortgage? No, the Partial Exemption Disclosure will serve as the CD/LE in essence. Makes it a little easier for the lender. 2. Does the Partial Exemption Disclosure will need to be sent out twice? Yes, the borrower will receive a draft version no later than at the time of reservation and a final copy at Closing . The form will be available under the Guide & Forms section outside of the Lender Portal so that lenders can print the form at reservation and it not be logged into the system. 3. For the Partial Exemption Disclosure, is it time sensitive? No, it is not time sensitive, however the first draft has to be provided to the borrower no later than the time of reservation.
8. ndDo I endorse the 2 Promissory Note to U.S. Bank? No, the 2nd Promissory Note remains in the name of the HFAs. 6. Will the IDAs subordinate the 2nd so my borrower can refinance during the 3-year forgivable period?
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