Tagging on: 2 purchase loans closing simultaneously; LTV ratio required a different property to be taken as additional collateral for both loans: taking a 1st lien with one loan, subordinate lien with the other. Appraisals for the two purchase properties were received weeks ago. Appraisal for the extra collateral property will only be received within a few days of closing. Use the waiver (for the additional property) or (we document delivery by using an acknowledgment of receipt form) use the acknowledgment, based on the purchase property's appraisal?
I'm fixin' to fix that.