Back dating mortgage documents for dummies

Is backdating legal? - Lexology

back dating mortgage documents for dummies

Backdating is the practice of marking a document, check, contract or other legally -binding agreement, with a date that is prior to what it should. ok, I'll bite. Why the hedoubletoothpicks does an LO want to back date a loan? I can think of absolutely NO circumstance under which this could. Back to blog list. Explaining the Loan Process Part 5: The Closing Process. 02/01 / Kristin Demshki During closing (also called settlement or account settlement), you will have to review, authorize, and date numerous legal documents.

The argument is obviously not valid if the transaction is one which is required by law to be in writing such as a transfer of land. This is not an agreement that could have been made orally.

However, even if it is an agreement that could have been made orally the lawyer preparing the agreement has no way of knowing whether that is actually the case and that the agreement to be fully documented by him is the one that was reached at the earlier date.

He also has no way of knowing whether the backdating will be scrutinized by a regulatory authority or even a Court. Does he need to check to see whether that was actually the case or can he take an ostrich-like position and put his head in the sand and not ask any questions?

back dating mortgage documents for dummies

What confirmation of the earlier agreement did the client or the company for which the client and lawyer works provide? Is the client a longstanding one who has always acted properly in the past?

How well does the lawyer know the client? The date on which a deed of trust is officially entered on the books of the county recorder in the county in which the property is located. A security instrument, used in place of a mortgage, conveying title in trust to a third party covering a particular piece of property.

It is used to secure payment of a promissory note. A loan which allows the borrower to defer all the monthly principal and interest payments until the maturity date of the promissory note, at which time the outstanding principal loan balance and all accrued interest is due and payable. The difference between the purchase price of real estate and the loan amount.

The borrower is responsible for providing the funds for the downpayment. Back to top Employee: An Appointee who has actively begun to serve in his or her full-time position. The difference between the fair market value of a property and the current indebtedness secured on the property.

A situation in which a third party, acting as the agent for the buyer and the seller, carries out the instructions of both and assumes the responsibilities of handling all the paperwork and disbursement of funds at settlement or at closing. Typically, this is NOT an insurance policy, but a commitment from the insurance company to provide a policy for a specific property at a specific time and premium amount Back to top Faculty Recruitment Allowance Program: A University of California program authorizing the granting of special housing allowances to assist with down payments, mortgage payments, and other housing related costs.

Office of Loan Programs

The assistance may be paid in one lump sum or over a period not to exceed ten years in equal, unequal, or declining balance amounts. The maximum assistance amount is indexed based upon salary increases for faculty. The eligible population for the program is full-time University appointees who are members of the Academic Senate or who hold equivalent titles and Acting Assistant Professors.

Campuses have the option to require repayment of a portion of the housing allowance in the event that the recipient leaves University employment prior to a specified date. Back to top Graduated Payment Mortgage: The initial Borrower Rate is stated as a percentage below the Standard Rate, subject to a 2. The Interest Rate Differential is established to decrease annually between 0.

A contract where an insurer, for a premium, undertakes to compensate the insured for loss on a specific property due to certain hazards. This individual serves as the primary contact at the campus level for loan applicants.

An organization of homeowners residing within a particular development whose major purpose is to maintain and provide community facilities and services for the common enjoyment of the residents. An insurance policy available to owners of private dwellings that covers the dwelling and contents in the case of fire, wind damage, theft, and, personal liability.

The typical policy does not include flood or earthquake coverage. A financial disclosure giving an accounting of all funds received and disbursed at loan closing. Back to top Impound: The University does not impound for either property taxes or hazard insurance premiums. Reports ordered by the borrower to assess the quality of the home.

Loan terminology glossary | UCOP

Other reports that may be ordered include roof, foundation, geological, and, septic tank inspections. Consideration in the form of money paid for the use of money, usually expressed as an annual percentage. Also, a right, share or title in property.

  • Explaining the Loan Process Part 5: The Closing Process
  • ANZ Home Loan Document Signing
  • Is backdating legal?

Once your loan has been approved, the home closing begins so you need to be ready. Your Role at the Closing In a real estate transaction, the term closing is synonymous with signing. The name of this process comes from the fact that the escrow account that you were using to complete the home buying process will now be closed.

back dating mortgage documents for dummies

During closing also called settlement or account settlementyou will have to review, authorize, and date numerous legal documents. While this process may seem tedious, the end result of homeownership is well worth the effort. Being prepared and staying organized can help ensure that your closing is quick and easy.

Here are six important things you need to do before you even sign your first closing document: Confirm the time and date of settlement immediately after receiving loan approval. Confirm the recipient of closing costs and then request a certified or cashier's check from your bank, before settlement personal checks frequently are not accepted at closing, particularly for large amounts.

Home Loan Document Signing | ANZ

Assemble any documents that you may need to refer to during closing. These can include your contract, proof of title search and insuranceflood certification, proof of homeowners insurance, mortgage insurance, home appraisal, and inspection reports.

Confirm that any repairs mentioned in your contract have been done, which may include a walk-through of the home you are buying 24 hours before closing. If you will be paying your down payment or any closing costs at your settlement, make sure that you have a check or other acceptable form of payment ready. Home Loan Closing Documents Want to know more about the legal significance of the many documents your will complete at closing?

Closing Disclosure Required by federal law, the Closing Disclosure CD is typically the first document you will review with your closing agent. This form will disclose all costs related to the home purchase, including loan fees, real estate taxes, and other miscellaneous expenses.

There are many separate costs when buying a homeand this document helps you understand and prepare for them.