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#1309658 - 12/18/09 09:28 PM REFI or HI on Unique Fannie Mae DUS loans
JSD Offline
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JSD
Joined: Oct 2000
Posts: 512
USA
An entity is a Fannie Mae delegated underwriting and servicing for multifamily loans - very high dollar amounts. The documentation is very different than what is typically seen in other loan files and it appears to be a refi. Some of the proceeds are held for repair/renovation and are shown as an escrow reserve on the settlement statement. It is understood that HI trumps refi, but would these truly be considered a HI loan? Thanks!

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#1309898 - 12/21/09 02:58 AM Re: REFI or HI on Unique Fannie Mae DUS loans JSD
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
If any of the proceeds are used for repair, it is a HI loan (over refinance).
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David Dickinson
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#1309954 - 12/21/09 02:21 PM Re: REFI or HI on Unique Fannie Mae DUS loans David Dickinson
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,465
Bloomington, IN
I agree. It is a common practice in some areas, and for large dollar renovations, for proceeds to be put in "escrow" to be released as stages of the renovation are completed.
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The opinions expressed are mine and they are not to be taken as legal advice.

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