Published on December 18, 2008
Week 4: Closing on your Bid The 8 – Week Roadmap to Launching into Notes 1
Agenda Following the Roadmap Step by Step: Step-by-Step: • The Close – what documents you’ll use you ll • Assignment of Mortgage / Deed of Trust (AOM) • Allonge All • RESPA letters (Hello, Goodbye) • Origination Docs – what’s included / Checklist D • Document Recording Fees 2
The Close • Assignment of Mortgage / Deed of Trust • Parties • Origination information • Legal reference • Remember: formatting counts • And so do dollars and cents! • MERS ( solely as nominee for [Lender]…”) (“solely [Lender]… ) 3
Allonge 1. 1 From French “allonger”, meaning to lay out allonger 2. 2 Endorsement of the Note (search for “Holder in Due Holder Course” on NBP blog) 3. Just like a check endorsement (is sometimes endorsed on b k of N t it lf) d d back f Note itself) 4. Names Assignee (to whom it goes), Assignor (from whom it comes), date, and references original note if it’s not signed on back of Note 4
RESPA • Real Estate Settlement and Procedures Act (addresses closing costs and settlement procedures) • The story of the illegal Assignee (why RESPA notices are required) • The 15 day notice period 5
Origination Docs (Checklist D) • We won’t go through this in detail, but take the time to meet with a loan broker / mortgage lender to see what’s included in loan file (if you haven’t already). • If you’ve bought property yourself, with a mortgage, ’ b h lf i h pull out the complete loan file • 1003, Appraisal, Financial Summary, TILA, HUD-1, 1008 (summary of the whole application), bank ( y pp ), statements, income verification, credit report, borrower’s authorization 6
Checklist D Doc Recording Fees? g 7
Wrapping Up • 4d down – 4 t go …. to • Complete that Checklist • Complete your Assignments • You are more than 1/2 of the way to launching your Note Buying Business! 8
Week 5 – Exits & Foreclosure Myths January 7: 5pm PT, 8pm ET Join me to hear the 5 Foreclosure myths dispelled, and to learn of the other 4 (and a half!) exits Future PAC Sessions: January 7: Week 5 – The 5 Exits & Foreclosure J January 21 21: W k6–M Week Managing & E iti i Exiting 9
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