Accepted signing at about 3:30 for a 5:30-6:00 same day. While waiting for confirmation and docs, SS calls back and informs me they were just informed by TC that this was for a 1st, 2nd and 3rd mortgages on a first-time purchase.
This is a Fannie Mae property using Cal HFA for loans through Stearns Lending. No payments due on 2nd and 3rd until property sells or refinances. Convention loans with full impounds on 1st with no mortgage insurance.
This is a single man purchase. His homeowner's insurance declaration pages were included in docs. As we were taking info from insurance page to fill out escrow doc, I asked him if he was aware he has a $2500 deductible on his insurance. He was. He stated he would be shopping around for something better but had to go this route for now due to loan-to-value.
I hadn't seen a 3-in-one since about 2008. In the past year, I've encountered a few (very few) 2-in-one signings. Certainly hope we're not seeing history repeat itself ..........
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