Borrower was finalizing her divorce when she started the loan process.? ? On Oct 13th she faxed us divorce documents confirming the divorce was completed but it did not include the full divorce decree.? The initial application had been taken with the borrower listed as married Once we cleared the loan to close, the borrower needed the ex-spouse removed from title, which is when we realized no divorce decree had been provided or reviewedWe receive the divorce decree on 12/9, we immediately submitted it to the investor for review and advise our funding dept to hold off completing the file until we received the all clear from the investor.? The divorce decree stated that the subject property was communal assets that were to be sold immediately after the divorce was finalized with the equity split between the spouses.? The UW replied on 12/that this was unacceptable, giving us the option to either have the divorce decree modified or provide proof the ? ex-spouse was liquidated with verified assets from the borrower.? The borrower choose to modify the divorce decree and provided that to us on 12/15.? The modification stated the equity would not be due for years and the ex-spouse could place a silent 2nd on the property if he choose to secure his interestOn 12/UW advise she would need the equity payout to the ex-spouse to be due within years instead of for the divorce decree modification to clear the condition.? The rep advised he would talk to the UW and get the year on the modification agreement to work.? On Monday 12/the rep came back saying that we need the equity to be due in years and there was no way around it.? The UW provided a written re-condition on this on 12/stating that in additional to the modification of the equity being due on in years, she wanted a mortgage note draw up for the equity due and that the equity due would count as a 2nd mortgage on the propertyGeneva Financial was not the cause of the delays
Borrower was finalizing her divorce when she started the loan process.? ? On Oct 13th she faxed us divorce documents confirming the divorce was completed but it did not include the full divorce decree.? The initial application had been taken with the borrower listed as married Once we cleared the loan to close, the borrower needed the ex-spouse removed from title, which is when we realized no divorce decree had been provided or reviewedWe receive the divorce decree on 12/9, we immediately submitted it to the investor for review and advise our funding dept to hold off completing the file until we received the all clear from the investor.? The divorce decree stated that the subject property was communal assets that were to be sold immediately after the divorce was finalized with the equity split between the spouses.? The UW replied on 12/that this was unacceptable, giving us the option to either have the divorce decree modified or provide proof the ? ex-spouse was liquidated with verified assets from the borrower.? The borrower choose to modify the divorce decree and provided that to us on 12/15.? The modification stated the equity would not be due for years and the ex-spouse could place a silent 2nd on the property if he choose to secure his interestOn 12/UW advise she would need the equity payout to the ex-spouse to be due within years instead of for the divorce decree modification to clear the condition.? The rep advised he would talk to the UW and get the year on the modification agreement to work.? On Monday 12/the rep came back saying that we need the equity to be due in years and there was no way around it.? The UW provided a written re-condition on this on 12/stating that in additional to the modification of the equity being due on in years, she wanted a mortgage note draw up for the equity due and that the equity due would count as a 2nd mortgage on the propertyGeneva Financial was not the cause of the delays