Sentences with phrase «requires first lien»

BND requires first lien position on real estate, equipment and other security as may be appropriate.

Not exact matches

b) The sum of the existing first lien, any purchase money second mortgage and / or any junior liens over 12 months old, closing costs, prepaid expenses, accrued late charges, escrow shortages, borrower paid repairs required by the appraisal, discount points, prepaid penalties charged on a conventional loan and FHA Title 1 loans as determined by the appropriate HOC subtract any refund of refund of upfront MIP.

A refinance transaction in which the new mortgage amount is limited to the sum of the remaining balance of the existing first mortgage, closing costs (including prepaid items), points, the amount required to satisfy any mortgage liens that are more than one year old (if the borrower chooses to satisfy them), and other funds for the borrower's use (as long as the amount does not exceed 1 percent of the principal amount of the new mortgage).

Evidence that all remaining PUD HOA assessments are subordinate to the first lien is required to be documented in the mortgage file.

A refinance transaction in which the amount of money received from the new loan exceeds the total of the money needed to repay the existing first mortgage, closing costs, points, and the amount required to satisfy any outstanding subordinate mortgage liens.

The hurdle with secondary liens is that lien priority requires that junior liens be paid prior to modifying the first mortgage.

Lines over $ 250,000 in first lien position may require title insurance.

A loan to purchase a home is usually the first mortgage lien recorded on a property; subsequent loans depend on the amount of owners» equity in the home and generally require a new appraisal.

Title Insurance We require an acceptable ALTA Loan Policy (or equivalent in Texas, Florida and California) issued by an approved national title insurer, insuring the Loan as a valid first lien on the security (unless another priority is specified in the loan commitment) without exception other than taxes not yet due and payable and such other exceptions as we approve.

FHFA's primary concern is the fact that the liens on homes that result from involvement in PACE programs are required to be paid first in the case of the home going into foreclosure, ahead of mortgages including first mortgages.

«The bank partners with you,» Castellanos explains, «but they need to be protected and confident that they have a valid first lien against the property, so they require this insurance.»