Verification of Mortgages. 1. The processor reviews the credit application, credit report, debt ratio, and the title report, to determine who holds senior liens on the subject property. The senior lien(s) is verified by the most expedient method available (i.e. credit bureau report, direct check or fax authorization respectively). FCC requires at minimum the loan balance, monthly payment amount, next due date and date last payment was received to be verified. Any verification that reveals the senior lien(s) status is questionable, must be returned to the Pre-Approval Underwriter or processing manager for review. 2. All information obtained is verified on the Mortgage Verification (Section 16 Exhibits V) and on the Processing Notification (Section 16 Exhibit W) as well as in the APPRO System.
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Sources: Credit Agreement (CLST Holdings, Inc.), Credit Agreement (CLST Holdings, Inc.)