Posted by christiSocal on 12/2/06 2:00pm
Msg #163480

A tale of a mortgage and a trust

Just a weird world savings one. 3 TIL's, one says Mr Doe, next Mrs Doe, third is printed "Doe family trust" thats it, no mr and mrs, just reads like the trust name is a person. Several other docs are done the same. I did call on it and was told to have them sign John Doe as trustee for doe family trust etc. Thats what I'd figured, but just interesting to me.

Reply by Lisa Prestegard on 12/2/06 2:15pm
Msg #163481

I think World Savings uses 'Calyx' for preparing their docs, and for that reason, the Doe Family Trust is see as a living, breathing person.
On the other hand, Trusts and Corporations are both seen as "Individuals" in Real Estate law... so could be the same in Lending? Who knows... my bet is on the Calyx doc prep software

Reply by PAW on 12/2/06 2:58pm
Msg #163492

I agree that the doc prep software probably generated the "third" page. But, it also depends on how the trust is written and, more importantly, how the underwriters want it done if the property is in trust. I have had docs that needed to be signed by the borrowers individually and as trustees of the their own trust.

Reply by Lisa Prestegard on 12/2/06 3:00pm
Msg #163493

As an aside...

World Savings packages always generate a third TIL, even when there are only two borrowers (who each sign their own TIL) and property is not held in Trust.
I always have the borrowers sign their own TIL individually, and sign the third TIL together (and print their names below the sigs)
World Savings is an odd duck... just had one today, as a matter of fact. It was the one that LandAm OSS called me about yesterday (read earlier post regarding THAT conversation! LOL)

Reply by christiSocal on 12/2/06 3:09pm
Msg #163496

I'm glad I'm not the only one who thinks their weird! n/m