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.
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.