Need proposed AZTEC, UCC1, lien search, S&L & indem letters. Please send them all to the CEMA/Coop team for review once received. See email template below.
1
Stock Certificate
2
Proprietary Lease
3
Lien Search
4
Proposed AZTEC
5
Proposed UCC1
6
Email to CEMA/COOP Team
Stock Certificate
1
Do names and spelling on stock certificate match Encompass & State issued ID?
2
Do title vesting names on page 1 of 1003 match the way names are spelled on stock cert?
3
Are there multiple stock certs for the unit? If so, make sure lender accepts this. i.e. 10AD (1 for 10A, 1 for 10D). Def ok with Citi. Not sure about Chase, Wells or GR.
4
Does unit # listed match Encompass exactly? i.e. 10AD vs 10A/D.
5
Does COOP Corp name match the rest of the COOP docs? (RECS, UCC1, prop lease)
6
Has it been signed by the COOP board and dated?
Chase & Citi allow multiple stock certs for a combined unit. However, their stance can change so always double check upfront.
Sample Stock Certificate
Proprietary Lease
1
Do the names match the stock cert & title vested on page 1 of 1003?
2
Does the prop lease expiration date exceed the term of the loan?
3
Was it been signed by POA? If so, we will need a copy of the POA.
4
Is the notary page complete? (all parties involved are accounted for, the date for the borrower’s signatures is same as prop lease date, etc.).
Lien Search
1
$50,000 worth of coverage for errors & omissions?
2
Any judgments/ECBs/violations/bankruptcies for the COOP corp.? If so, ask TONY to request an indemnification letter.
3
Any judgments/bankruptcies for the borrower? If so, we should check with MC/LC that we verified they have been paid/closed prior to or will be paid/closed at closing.
Proposed AZTEC
1
Is it the standard 1973 form? If not, it could be custom, which could be a problem.
2
Does borrower name(s) match stock cert & prop lease?
3
Does the property address on page 1 & 2 match the stock cert & prop lease?
4
Does the corp. name on page 2 match the stock cert & prop lease?
5
Do # of shares match the stock certificate
6
Does the loan amount match Encompass?
Proposed UCC1
1
MUST INCLUDE THE FOLLOWING INFO:
2
Loan Origination Organization: Guaranteed Rate, Inc.
