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Trusts

Inter Vivos Revocable Trust

Did you know that Fairway will allow Borrowers 
to close in a trust? 

Trust Review and Pre-Approval Requirements

All trust agreements must be reviewed and approved by FWL and/or an attorney or firm designated by FWL to provide attorney opinion of trust compliance. The following is required to initiate trust review and approval procedures:

  • Loan must be registered with Fairway Wholesale Lending and a loan number assigned.
  • Borrower must execute and provide the Certification of True Exact Copy of Trust form.
  • Borrower must provide a complete copy of the trust agreement or Certification of Trust (if allowed by state law).
  • Submit a completed Request for Review and Approval of Living Trust form with executed Certification of True & Exact Copy of Trust and a complete copy of the trust agreement or Certification of Trust (if allowed by state law).
  • FWL will obtain attorney opinion of trust compliance. Please allow at least 1-3 business days for decision.
  • Trust review and attorney opinion fee = $95.

Borrower Requirements

The borrower must be:

  • The settlor, or the person who created the trust, and
  • The beneficiary, or the person who is designated to benefit from the trust, and
  • The trustee or the person who will administer the trust for the benefit of the beneficiary, the borrower.

Note: Closing in a trust is not permitted on Texas Home Equity mortgage products or USDA transactions. 

 

 

01/31/20