Trust Review Checklist

Borrower _____________________________________ Loan # _________________________________

Trust Name ___________________________________________________________________________

Street Address ________________________________________________________________________

City, State, Zip Code ___________________________________________________________________

1. Subject Property is an acceptable property type:

Owner-Occupied (1-4 units)

Second Home (1-4 units, FNMA only)

Investment property (1 unit, FNMA only)

YES NO

2. A power of attorney is not required to close the transaction.

(Powers Of Attorney are not allowed on property held in a trust). YES NO

3. Property is vested to:

One trust

One trust and an individual (s)

Two trusts (both trust agreements must be approved). Refer to investor guidelines for

specific requirements and restrictions.

YES NO

4. The complete Trust Agreement was provided OR a Trust Certification, signed by at least

one trustee, was provided and the property is in the following (circle) state:

Arizona California ♦○ Delaware♦ District of Columbia

Idaho Iowa ♦ Kansas ♦◘ Maine

Mississippi ♦£ Minnesota ♦○£ New Hampshire◘ New Mexico

Oregon ♦ South Caronia South Dakota ♦○£ Tennessee

Utah Wyoming

♦ Trust Cert must be signed by all trustees.

○ Trust Cert must be notarized.

£ Trust Cert must be recorded.

◘ Must state that the trust has not been revoked, modified, or amended in any manner that

would cause the representation contained in the certifications of trust to be incorrect.

YES NO

5. Vesting on both the first and second mortgages matches, when applicable. YES NO

6. The settlor has the ability to revoke the trust at any time during the settlor’s lifetime.

(Although there is no standard, this item is likely under Rights/Powers of Settlor.) YES NO

7. None of the following terms are used in the Trust Agreement/Trust Cert:

Irrevocable Trust

Qualified Personal Residential Trust

Institutional Trust (not to be confused with institutional trustees)

Corporate Trust

Trusts established under the laws of any entity other than one of our 50 states (or DC)

Notification that one of the settlors has died (the trust is no longer revocable).

YES NO

8. The trust was established during the settlor’s lifetime.

(If any settlors have died, the trust automatically becomes irrevocable and is not eligible.) YES NO

9. At least one person on the loan is all of the following:

Borrower (will be signing the note).

Trustee

Settlor/Grantor/Trustor

Beneficiary

YES NO

10. The trust states that is was established for the benefit of someone else. YES NO

11. The primary beneficiary of the trust is the settlor. Multiple primary beneficiaries are

permitted if the settlor’s income and assets are being used to qualify for the loan. YES NO

12. The beneficiary’s permission is not required to borrow money or purchase, construct or encumber real property. OR The beneficiary’s permission is required, has been obtained in writing, and is attached to the trust.

YES NO

13. The trust document names one or more trustees to hold legal title to and manage the

property. If there are multiple trustees, all trustees are required to sign legal documents. YES NO

14. The trustee has the authority to borrow money and purchase, construct or encumber real

property. YES NO

15. The title company has reviewed and approved the Trust Agreement or Trust Cert. YES NO

16. There are no title exceptions and property is vested in the trust’s name or in the trustee’s

names on behalf of the trust.

YES NO

17. There are no unusual risks or impairments of lender’s rights, such as distribution for

specified amounts from other than net income, a foreclosure or lending in general or

required additional authorizations on property transactions.

YES NO

All of the questions above, with the exception of #10, have been answered Yes.

Underwriter’s Warranty:

I certify that the information and statements contained on this form are true and correct.

Signature________________________Date__________________________

1. The loan approval indicates the loan will close in the name of a trust. YES NO

2. The title insurance provides full title protection without exception to the trust. YES NO

3. Documents were not signed using a power of attorney. YES NO

4. The deed conveying the property to our borrower(s) indicates title will be taken in the

trustee’s names. YES NO

5. The security instrument includes an Inter Vivos Revocable Trust Rider. YES NO

6. The security instrument includes an Inter Vivos Revocable Trust As Borrower

Acknowledgement YES NO

7. The Inter Vivos Revocable Trust Rider and Inter Vivos Revocable Trust As Borrower

Acknowledgments have been signed by the settlor/grantor/trustor. YES NO

8. The correct term has been used for the settlor/grantor/trustor for the property location: Trustor: Montana or South Dakota

Grantor: Washington

All other states: Settlor

YES NO

9. If not a Series A transaction, skip to section marked: Loan Programs Other Than Series A.

Separate signature lines for each individual and each trustee have been created on all of the

following documents: Note and all addenda, security instrument and all riders,

YES NO

10. The Note and any addenda have been signed separately by all of the borrowers as

individuals. YES NO

11. The Note and any addenda have been signed by all of the trustees of the trust. YES NO 12. The security instrument and all applicable riders are vested in the name of the trustees. YES NO 13. The signature lines on the security instrument and all riders have been modified to reflect

trustee names and the name and date of the trust. YES NO

14. The Truth in Lending Disclosure has been signed by all individuals whose income and

assets were used to qualify for the loan. YES NO

15. The Truth in Lending Disclosure has been signed by all trustees of the trust. YES NO 16. The Notice of Right to Cancel has been signed by all individuals whose income and assets

were used to qualify for the loan. YES NO

17. The Notice of Right to Cancel has been signed by all trustees of the trust. YES NO 18. Signature lines on the following documents were modified to show the following verbiage:

Note and all addenda, security instrument and all riders, Truth in Lending Disclosure,

Notice of Right to Cancel. Borrowers have signed once, as an individual and a trustee.

YES NO

19. The Truth in Lending Disclosure has been signed by all individuals whose income and

assets were used to qualify for the loan. YES NO

20. The Truth in Lending Disclosure has been signed by all trustees of the trust. YES NO 21. The Notice of Right to Cancel has been signed by all individuals whose income and assets

were used to qualify for the loan. YES NO

22. The Notice of Right to Cancel has been signed by all trustees of the trust. YES NO All questions have been answered Yes.

Funder’s Warranty

I certify that the information and statements contained on this form are true and correct.

Signature________________________Date__________________________