Quick Reference 3/14/13. Ho m e B ridge Qui c k Re f eren c e Gu i de f or T i t l e Co mm i t m ent Requ i re m en t s :. A fu l l p r e li mina r y T i t l e Repo r t or a Sho r t F o rm po li c y is r equi r ed
HomeBridgeQuickReferenceGuide forTitleCommitment Requirements: Afull preliminaryTitleReportoraShortFormpolicyisrequired Title commitmentincludingallendorsementsvalidfor90daysonall Conventional loans Title commitmentincludingallendorsementsvalidfor120daysonall FHAloans 24monthchainoftitle Real estatetaxesmustbe current Taxesmustbepaidif dueonorbeforefirstpaymentdate
HomeBridgeQuickReferenceGuide forInsurance Requirements: Premiumamountandbalanceduemustbereflectedonthepolicy Allpremiumsduemustbepaidprior to or atcloseandevidenceofpayment mustbeprovided Full homeownerinsurancepolicy: Purchaserequires12 monthsremainingcoverageatclose Refinancerequires60daysremainingcoverageatclose Maximumdeductiblemaynotexceed5%ofdwellingcoverage Allcondo’s requireevidenceofHO-6insurance (akawalls-in) coverage (unless interior unit coverage included in HOA Master Policy).Coverageamountis determinedbyinsurerbutmustbe sufficienttorepaircondotoitsconditionpriortoloss claim event Floodinsuranceisrequiredif propertyis inadesignated flood zone
HomeBridgeQuickReferenceGuide forMortgageeClause Requirements: HazardInsurance: CentralLoanAdministration& ReportingISAOA,ATIMA PO Box202028 Florence,SC 29502-2028 FloodInsurance: CentralLoanAdministration& Reporting,ISAOA,ATIMA PO Box202028 Florence,SC 29502-2028 FloodDetermination: CentralLoanAdministration& Reporting,ISAOA,ATIMA PO Box77404 Ewing,NJ 08628
Collateral HBC Custodian: Deutsche Bank National Trust Company 1761 East St. Andrew Place Santa Ana, CA 92705-4934 Attn: Team REMN Custodian Requires: Original Note Bailee Letter Original Note Endorsement, OR Allonge Documentation Uploaded in HIP: Copy of the Note Bailee Letter Endorsement or Allonge Seller to Endorse Note: Without Recourse Pay to the Order of Real Estate Mortgage Network, Inc./ (Seller) Signature of Officer Officer’s Name and Title
Additional Seller Responsibilities Once the loan has been purchased: Transfer MERS MIN to REMN Organization ID: 1002882 Batch Number FHA Assignment, provide “results” printout Final pay history Send Documents to: HomeBridge C/O Real Estate Mortgage Network 433 Hackensack Ave. 5th Floor Hackensack, NJ 07601 Attn: Final Docs Trailing Documents (within 120 days) Original recorded Mortgage/Deed of Trust Final Title Policy Recorded Assignments Any additional HBC specified Docs