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Assumption/Successor in Interest

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  • Which department handles the Successor in Interest confirmation process?
    Correspondence and Research
  • 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
  • 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
  • What is a Successor in Interest?
    A person who has an ownership interest in a home
  • True or false: A confirmed Successor in Interest has the same right to information as the borrower has?
    True
  • True or false: A Successor in Interest can only occur when there has been a death of the property owner.
    False
  • How long does the Assumption process take, from completed application to close?
    45-60 days
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