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Assumption/Successor in Interest
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True or false: A Successor in Interest can only occur when there has been a death of the property owner.
False
Which department handles the Successor in Interest confirmation process?
Correspondence and Research
True or false: A confirmed Successor in Interest has the same right to information as the borrower has?
True
What is a Successor in Interest?
A person who has an ownership interest in a home
Name ONE of the three status' that can be seen on the CUSTOMER NAME SCREEN within LoanServ regarding the SII Application
Potential SII, Pending SII, Confirmed SII
True or false: All FHA, VA and Conventional loans are assumable?
False
How long does the Assumption process take, from completed application to close?
45-60 days
What are the TWO types of Assumptions?
Full Assumption, Simple Assumption
What is ONE negative for getting an assumable mortgage?
Higher down payment, Mortgage Insurance, Limited loan options
Other than low interest rates, what is ONE benefit of an assumable mortgage?
Capped closing costs, long term savings


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