can any Washington state person answer re- title search/ins? (loan officer, credit report)

[crazyma]

My daughter is buying a house in the Bremerton area. I am begining to think the mortgage person isn't answering her questions well enough, and I am halfway across the country so not very able to help. As I am told they have qualifed for a VA loan , and it will be from Suntrust.....

One thing daughter said was that they had gotten some kind of form to fill out , something where the title company (like maybe Rainier or Guardian???)
needs to check them for liens, etc., needs to make sure their names are correct, blah blah blah.... I really don't understand this. I have had 8 home purchases and had nothing like this ever associated with my title stuff. Does anyone have any inkling what this is???
Isn't the seller who they are to research??

ALso she received a monetary gift from her great-grandfather, of which the majority is going to be used to pay off a vehicle, and some to buy down a point. From what she says, the title company wants a gift letter, a copy of the statement of the account wherer the money cam from, and something showing that is what will be used to pay the vehicle off and not a 'new' loan.... but supposedly this isn't something the mortage lender needs......none of the 'gift' money is being used as downpayment..... (she was also advised to wait until closing to pay off the vehicle......)
what the heck is up with this???? WHO should need or get this info?!

Why is this 'title' company wanting all this stuff from her? I have never heard this and was wondering if someone in the industry there in WAshington state can clarify this.

I did suggest she call the actual mortgage lender and speak to whoever the loan officer is and not with the mortgage broker, and get explainations.

Any one know about the mortgage/ title business out there?

Thanks...a concerned mom

[renriq02]

most of all of that is REQUIRED by any mortgage lender in the US.

You can't have large deposits show up in your bank account w/out showing where it came from AND WHY. A lot of ppl have mattress money that they 'try' to use for a mortgage.
This is a VA mortgage which will have every i dotted, and every t crossed.

She should payoff her car AFTER she gets the mortgage. Otherwise she would need to document it's a gift.
Also, no wholesale lender will speak with the borrower as most of them have this agreement with the broker.

VA requires that an individual not have any liens or lis pendens.
FHA is the same way. They run a CAVIRS to see if you have any liens/judgements that may not be reporting on your credit report.

Originally Posted by crazyma

My daughter is buying a house in the Bremerton area. I am begining to think the mortgage person isn't answering her questions well enough, and I am halfway across the country so not very able to help. As I am told they have qualifed for a VA loan , and it will be from Suntrust.....

One thing daughter said was that they had gotten some kind of form to fill out , something where the title company (like maybe Rainier or Guardian???)
needs to check them for liens, etc., needs to make sure their names are correct, blah blah blah.... I really don't understand this. I have had 8 home purchases and had nothing like this ever associated with my title stuff. Does anyone have any inkling what this is???
Isn't the seller who they are to research??

ALso she received a monetary gift from her great-grandfather, of which the majority is going to be used to pay off a vehicle, and some to buy down a point. From what she says, the title company wants a gift letter, a copy of the statement of the account wherer the money cam from, and something showing that is what will be used to pay the vehicle off and not a 'new' loan.... but supposedly this isn't something the mortage lender needs......none of the 'gift' money is being used as downpayment..... (she was also advised to wait until closing to pay off the vehicle......)
what the heck is up with this???? WHO should need or get this info?!

Why is this 'title' company wanting all this stuff from her? I have never heard this and was wondering if someone in the industry there in WAshington state can clarify this.

I did suggest she call the actual mortgage lender and speak to whoever the loan officer is and not with the mortgage broker, and get explainations.

Any one know about the mortgage/ title business out there?

Thanks...a concerned mom

[crazyma]

Ahh, thank you , that clarified a few things. I was confused as to why they wanted add'l info beyond what was need for the loan approval. Never had a FHA or VA loan before...I guess they are more detailed.

The 'gift' letter, etc. will be needed, as it is being paid off in order to have an even lower debt ratio,,and the payoff apparently will be simultaneous with the closing, I think...

I guess the title company wanting this stuff must be satisfying hte VA part of the mortgage. And so the broker is acting as the lenders 'loan officer', I think that makes sense........


Thanks again, she said that helped her too.