Because rebuild letters are a matter of legal interpretation of city code for consideration by private counsel, the City of Fernley will not make any <> Look for another lender. :new_smile-l: Since I always put a copy of the zoning regulation in the report for non-conforming properties, I rarely get a request for a rebuild letter. Under Minnesota law, owner of destroyed nonconforming use must apply to { The Department will send you a letter stating that a legal non-conforming use may be rebuilt after a natural disaster if all the applica-ble permits are secured. Credit Score Under 700 And Less Than 20% Down FHAs Better De FHA Keeps BEATING Fannie Mae! You can contact JVM Lendings team if you have any questions about property types, mortgage interest rates, or getting pre-approved for a home loan. } I've talked to the lender, someone at the collateral review department is requesting this letter. The lenders are refusing to allow an FHA residential loan for the property. These legal nonconforming uses are allowed to continue. S=`z&f3j I^VcVZbz&-4;z`)aNuU(X^THTunc The requirement for the copy of the zoning regulations or a letter from the local zoning authority that authorizes reconstruction to current density only applies when the property being appraised is a condo unit or a co-op . Obtaining a Variance for a Non-Conforming Use or Structure position: absolute; Attic and Crawl Space Inspection Requirements: clarifying that FHA requires an inspection. Vaccines protect you and the people around you, reducing the spread of COVID-19. Neither FHAnewsblog.com nor its advertisers charge a fee or require anything other than a submission of qualifying information for comparison shopping ads. In practice, they both can remain relevant for a very, very long time. I have a legal non conforming property which, in the event of a fire, they need to know I can rebuild as is. The reader question implies that the property meets the above criteria, being an actual residence in spite of the zoning. border-radius: 6px; A Rebuild Letter states that an existing structure (conforming or nonconforming) may or may not be rebuilt in the event that the structure is partially or fully damaged or destroyed. is not allowed to rebuild the Property as is under current law. real estate investing strategy that makes financial freedom Fannie Mae will only purchase or securitize a mortgage that represents the highest and best use of the site as improved. } By searching the title, publisher, or authors of guide you really want, you . PDF PLANNING & DEVELOPMENT DEPARTMENT - Colorado Springs, Colorado Founder/Broker | JVM Lending . Any advice would be appreciated. Processing time may take up to 30 days. -ms-transform: translateX(-100px) skewX(-15deg); Action shall be immediately commenced for abatement, removal and . Non Conforming rental units in Los Angeles can be risky because if you get caught you will lose their income and also have to pay a relocation assistance fee. HSQO0~_qEjPP$1QP@OKFc MQyrYu =(\*64`%r-X, 4e1\sjW :cgJqbLpSeVY#t[}8l t%hSsloQ\a(T!T"z{/k~J'D+g8n^ $]X5"]n?QHL The appraised value must reflect the entire 40acre parcel. C. Whenever a structure is damaged less than fifty percent (50%), the structure shall be replaced to its legal nonconforming status or replaced with a structure in conformance with the code. Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. A typical local ordinance may state, for example: "a nonconforming use . align-items: center; HQK0+.y+Bob-2 6-TMgs='QL%Mg{ T&1YA0V2Ud #,(T7V=!"ILeL7X+~{_PGPBp{.y]<5,{w^4+YRPLKB'j+s]-. The appraiser must also indicate the specific FEMA flood zone and the map number and its effective date. %Y"j idPZk~TTTT+EYb |aII$~DN|+k=ijH|3!Ez+$)1s%kiQ$&tVP|[L?aDHNNJ* 193 0 obj <>stream background: rgba(255, 255, 255, 0.5); -webkit-transform: translateX(300px) skewX(-15deg); It is important to note that all zoning by-laws are forward looking. A "nonconforming structure" is defined as "a dwelling or other building that existed lawfully before the current zoning ordinance was enacted or amended, but that does not conform with one or more of the development regulations in the current zoning ordinance." "Development regulations" are defined as "the part of a zoning ordinance that applies 2d 751, 754 (Fla. 5th DCA 1985): Our goal is to educate our readers as to the many ways they can achieve home ownership. } This question is in reference to a 2011 blog post titled, Can I Get An FHA Loan For A Commercial Property? The FHA loan rules quoted in that post have since been superseded in their entirety by HUD 4000.1, though some rules may have transferred more or less intact. This requirement applies to all property types. To obtain a Rebuild Letter, download the form below. .blog-banner-shortcode } Real Estate Law Toronto: Legal Non-Conforming Uses The County has given a letter stating that they would allow the rebuilding of the residence as long as less than 75% was damaged in a disaster. 2023 FHANewsBlog.com | All Rights Reserved, Site Map | Terms of Service | Privacy Policy | About Us |SecureRights Advertiser Contact Information. Lease Purchase, Lease Options, Tax Liens, Notes, Paper, and Cash Flow Discussions, Private Lending & Conventional Mortgage Advice, Real Estate Guru, Book & Course Reviews & Discussions. Because amenities, easements, and encroachments may either detract from or enhance the marketability of a site, the appraiser must reflect them in the analysis and evaluation. line-height: 23px; If you have questions about the purchase process, you can also view our. -ms-flex-pack: center; David Greene shares the exact systems he used to scale his Improvements, and If non-conformance would result in a loss of 20% or more of the Property's unit count, confirm the Improvements can be reconstructed per current zoning requirements and building codes to a level that would support a minimum 1.00 amortizing DSCR in case of endobj hb```f`` ,@QeptAGXXiiY Q ($Y8 =@m+x012lh: inF=; F+! 00{*0C ,k Legal nonconforming rights are one of the most powerful protections afforded to landowners under land use planning law. Wait in a petient way for the upload of your Application For Non-Conforming Use. s ability to rebuild ImprovementsImprovementsBuildings, structures, improvements, and alterations, including the multifamily housing dwellings, now constructed or hereafter constructed or placed on the land upon which the Property is located, together with all fixtures (as defined in the Uniform Commercial Code). FHA Appraisal Rules: Zoning, Non-Residential Use Popular FHA topics include credit requirements, FHA loan limits, mortgage insurance premiums, closing costs and many more. If the current improvements clearly do not represent the highest and best use of the site as an improved site, it must be indicated on the appraisal report. 5850 San Felipe Suite #500, Houston, TX 77057 281-398-6111. Mon Fri: 8am 6pm* The concept provides that, simply put, zoning by-laws cannot apply retroactively. left: 0; Information about Zoning | LADBS Fannie Mae only purchases or securitizes mortgage loans on properties if the improvements constitute a legal conforming use of the land. 2 0 obj If a property constitutes a legal, non-conforming use of the land and is a one- to four-unit property or a unit in a . Copyright JVM Lending 2023. Questions About BiggerPockets & Official Site Announcements, Home Owner Association (HOA) Issues & Problems, Real Estate Technology, Social Media, and Blogging, BRRRR - Buy, Rehab, Rent, Refinance, Repeat, Real Estate Development & New Home Construction, Real Estate Wholesaling Questions & Answers, Rent to Own a.k.a. The government requires a developer to provide off-street parking for tenants. Neither my real estate agent or attorney nor the sellers agent have ever heard of a lender asking for a rebuild letter. Self Help Nonconforming (Grandfather) Rights - Municipality of Anchorage } fee simple or Leasehold interest, I reached out to the zoning department but not getting anywhere with them. Grandfathered - Cunningham Swan Lawyers filter: blur(30px); I'm going to talk to a mortgage broker today anyway. margin: 0; It DOES NOT certify conformance or non-conformance of existing uses or structures. width: 30px; 1485, Sept. In the A and R Zones, any nonconforming use of a building first permitted in the MR1 or less restrictive zone shall be discontinued within five years from June 1, 1946, or five years from the date the use becomes nonconforming, whichever date is later. Canada: The Legal Nonconforming Rights Trilogy In Ontario - Mondaq Nonconforming Use legal definition of Nonconforming Use (For best result, pose your search like a question. } background-color: #fe952c; Appraisal and Property -Related - Fannie Mae How are FHA home loans affected by zoning laws? padding: 18px 30px; .blog-banner-shortcode ul It's going to take up to 30 business days to obtain this letter from the city. Generate a Zoning Information Letter (previously known as Zoning Letter) Securitized Commercial Mortgage Loan Closing Checklist border-radius: 4px; "@Jp s9cKQ C %WAb :$xL6&FUFgy` You can erase, text, sign or highlight of your choice. content: ""; the Loan Documents, or justify-content: center; Whey would they refuse to abide by the rules you state?" More Definitions of legal non-conforming use. FHANewsBlog.com is privately funded and is not a government agency. font-size: 18px; This letter would state the entitlement of the property owner to rebuild the property to its original footprint. .blog-banner-shortcode .new-buttons a.new-btn:hover:before { Primary Change If the Property's use and characteristics are a legal non-conforming use under applicable zoning legal non-conforming use means and refer to a use of real property that was in compliance with zoning regulations at the time the use was established, but which, because of subsequent changes in those regulations, is no longer a permitted use. Please contact Fredrick P. Niemann, Esq. { We encourage users to contact their lawyers, credit counselors, lenders, and housing counselors. text-align: center; It must also have competitive utilities, street improvements, adequate vehicular access, and other amenities. For information regarding accessory units that comply or do not comply with zoning, see B4-1.3-05, Improvements Sectionof the Appraisal Report. To apply for a rebuild letter ( PDF or Word ), please follow the instructions on the application for submittal. text-decoration: none; @media (max-width: 600px) { JVM Lending prides itself on having some of the lowest rates available and our unique No Loan Officer Model. You can view our daily quoted rates and scenarios posted, . 1. %%EOF That said, anytime you encounter older FHA loan information that references HUD 4155.1 or other rulebooks, its best to double check your information with the current requirements as listed in HUD 4000.1. Legal Non-conforming Use Explained - Ontario Real Estate Source Chapter 17.05 LEGAL NONCONFORMING USES, LOTS AND STRUCTURES hbbd``b`@>'@D"` Given the range of interpretation of zoning uses, landowners who want to change a legal non-conforming use to a related use may walk a thin line somewhere between points 3 and 4 above, at the risk of prosecution. Scope of work: 100% rebuild letter requested display: block; The appraisers highest and best use analysis of the subject property should consider the property as it is improved. When removal of a pole sign is so required, the entire sign structure above grade, endstream endobj 136 0 obj <>/Metadata 17 0 R/Names 168 0 R/Pages 133 0 R/StructTreeRoot 39 0 R/Type/Catalog>> endobj 137 0 obj <>stream Has anyone had experience with getting a rebuild letter from Philadelphia? Questions about this article? { transition: 0.7s; #top #wrap_all .blog-banner-shortcode #blog-banner-shortcode-subheading Nonconforming land uses are not defined by New York state statutes but are defined in most local zoning codes. aqRu"24nY+w^Vkj]e2 2t8mFi11 Any non-residential use of the Property must be subordinate to its residential use, character and appearance. Site by WebCherry. { <> Improvements, and Apparently this is because the property was a single family home that was converted to 3 condo units. The municipal code recognizes five basic categories of legal nonconformities: Nonconforming lots of record. .blog-banner-shortcode .new-buttons a.new-btn:after { Nonconforming use, buildings or lots are those which were legally established, but do not fit with the current zoning ordinance, typically due to subsequent changes in zoning. opacity: 0; Prohibit expansion of use. This is not ideal, I like the deal we got from our lender and it's likely not going to be replicated. However, Fannie Mae will purchase or securitize a mortgage for a property that constitutes a legal, non-conforming use of the land provided the use of the land and the appraisal analysis reflects any adverse effect that the non-conforming use has on the value and the marketability of the property. fee simple or Leasehold interest, B4-1.3-04, Site Section of the Appraisal Report (06/05/2018) - Fannie Mae } "metes & bounds): _____ _____ Existing Land Use & Conditions: Description (briefly describe all . The owners of the subject property must have the right to access those facilities, which must be viable on an ongoing basis. To retrieve a Paid Rebuild Letter, call 3-1-1. #top #wrap_all .blog-banner-shortcode #blog-banner-shortcode-heading list-style-type: none; The lenders are refusing to allow an FHA residential loan for the property. Be ok with walking away from the deal, likely lose my earnest money (right? -webkit-filter: blur(5px); Enter the associated parcel/tax schedule number or change the search type by using the drop menu. The subject property should front on a publicly dedicated and maintained street that meets community standards and is generally accepted by area residents. -webkit-transform: translateX(-100px) skewX(-15deg); { 17-10 5 (Exh. 51-00 Purpose of Regulations Governing Non-Conforming Uses and Non-Complying Buildings. A nonconforming building or structure lawfully established on or before the effective date of this title may be maintained although it does not conform to the area, height, yard, open space, landscaping, or visual clearance provisions of this title, except as otherwise provided in this section. (or attach a legal description i.e. <> If a nonconforming use structure is destroyed or partially destroyed by fire or similar occurrences, zoning ordinances generally provide that if it is destroyed beyond a certain percentage, it cannot be rebuilt. margin-top: 0; In the case of a non-conforming building type, i.e. definition, a nonconforming use or structure is one in which the use or structure was legally permitted prior to a change in the law, and the change in law would no longer permit the re-establishment of such structure or use. Quick way of getting a rebuild letter for legal non-conforming The intent of these types of land-use regulations is to remove existing land uses and to stop land development, including the maintenance or construction of seawalls, within specific setback lines. } FHANewsblog.com is a digital resource that publishes timely news, information and advice concentrating on FHA, VA and USDA residential mortgage lending. .blog-banner-shortcode ul li This property generated a lot of interest - they had another party make an offer and they had 4 people come back for second visits within the one week it was on the market, so I'm sure they're thinking they could probably find another buyer that could get the deal done before us. The Committee may permit the enlargement or extension of a building or structure where the use of the building or structure is a legal non-conforming use. .blog-banner-shortcode ul li:first-child .banner-blog-shortcode-button If you still have Technical Support questions, endobj There is no way to expedite it. Buy, Rehab, Rent, Refinance, Repeat is the five-part BRRRR buying two houses per month using BRRRR. transform: translateX(300px) skewX(-15deg); -ms-transform: translateX(300px) skewX(-15deg); if you have any questions regarding land use ordinances or a pre-existing, nonconforming structure or use. If there is market resistance to an area because of environmental hazards or any other conditions that affect well, septic, or public water facilities, the appraisal must address the effect of the hazards on the value and marketability of the subject property (see B4-1.4-08, Environmental Hazards Appraisal Requirements). Always identify the feature that does not conform to current zoning. personal property (per the Uniform Commercial Code). .blog-banner-shortcode .new-buttons a.new-btn:hover { , you should consider: Joint and Several Borrowers with Multiple Properties, Subordination, Non-Disturbance and Attornment, Tenant Estoppel Certificate; Lease Modification, Acceptable Renewable Energy Generation Systems, Underwritten Net Cash Flow (Underwritten NCF), Property Previously Secured Bond Financing, Exception for Taxes, Assessments, or Other Lienable Items, Environmental Protection Lien Endorsement, Uniform Commercial Code (UCC) Financing Statements, Creating and Perfecting the Security Interest, General Insurance Applies to All Policies, Blanket and Other Policies Covering Multiple Properties, Business Income (including Rental Value) Insurance, Boiler and Machinery / Equipment / Mechanical Breakdown Insurance, Risk Retention Groups and Captive Insurance, Directors and Officers Liability Insurance, HPB Module, HPB Report, and Technical Solar Report Scoring, HPB Module, HPB Report, and Technical Solar Report Approval, Dependency and Medicaid Transition Reserve, Management, Operations, and Regulatory Compliance, Collateral; Tenant-Occupied and Affiliate-Owned Homes, Public Roadways, Private Interior Roadways, and Drives, Eligible Characteristics and Underwriting, Ineligible Characteristics and Underwriting, Affordable Regulatory Agreement Restrictions, Lien Priority and Title Insurance Policy, Additional Underwriting and Loan Documents, Properties with Both HAP Contracts and LIHTC Units, Transactions Funded with Tax-Exempt Bond Proceeds, Fannie Mae Credit-Enhanced Tax-Exempt Bond Issuance, Borrowers, Key Principals, Guarantors, and Principals, Lender FHA Risk Sharing Reserve and Loss Sharing Modifications, Cooperative Market Rental Basis NCF (Underwritten NCF), Cooperative Market Rental Basis DSCR (Underwritten DSCR), Small Mortgage Loan Underwritten NCF (Underwritten NCF), Site Inspection by Lender or Other Third Party, Prepayment Option 1 Declining Prepayment Premium Schedule, Prepayment Option 2 - 1% Prepayment Premium Schedule, Including the Cap Cost Factor in the Variable Underwriting Rate, Interest Rate Cap Contract Documentation and Delivery, Borrower, Guarantor, Key Principals, and Principals, Interest Rate Determination and Rate Lock, UCC Continuations, Amendments, and Terminations, Releasing/Reducing Letters of Credit or Other Collateral, Monthly Securitized Mortgage Loan Security Balance Reporting, Same Month Pooling Security Balance for First Reporting Cycle, Security Balances Due by Second Business Day, Monthly MBS Mortgage Loan Reconciliations - Pool-to-Security Balance Reconciliations (Not Applicable to PFP MBS), Required Annual Adjustment to Correct Principal Balance vs. Security Balance Difference, Pool-to-Security Reconciliation Certification, Adjustable Rate Mortgage Loan Interest Rate Changes and Required Monthly Payments, Monthly Reporting for ARM Loan Payment/Rate Changes, Delinquency Advances on a Mortgage Loan other than a Credit Enhancement Mortgage Loan, Delinquency Advances on a Credit Enhancement Mortgage Loan, Servicing Advances on a Mortgage Loan other than a Credit Enhancement Mortgage Loan, Servicing Advances on a Credit Enhancement Mortgage Loan, Duration of Payment of Delinquency Advances or Servicing Advances, Reimbursement for Delinquency and Servicing Advances, Repayment of Servicing Advances from Borrower, No Capitalization of Servicing Advances for Securitized Mortgage Loans, Monthly P&I Remittance Due Dates for Cash and MBS Transactions, Additional Requirements for Monthly Remittance for Security Transactions, Securitized Mortgage Loans Remitting Fees to Fannie Mae, Guaranty Fee Due on 7th Calendar Day of Month, Same Month Pooling Interest and Guaranty Fee Remittance for First Reporting Cycle, Notification to Fannie Mae if Unable to Have Funds Available on any Remittance Date, Review of Applicable Loan Documents Required, Notification of Prepayment; Timing of Prepayment, Notice and Timing Consistent with Loan Documents, Borrower Notice Must Contain Date of Intended Prepayment and Comply with Notice Requirements of the Loan Documents, Loan Document Requirements for Payoff and Lockout Dates, Notice to Fannie Mae of Proposed Payoff; Use of Fannie Mae Payoff Calculator, Timing of Confirmation of the Full Prepayment Payoff Amount, Full Prepayment for Cash Transactions and PFP MBS, Confirming the Full Prepayment Payoff Amount, Full Prepayment for Securitized Transactions (Not Applicable to PFP MBS), Fannie Mae Approval Required for Partial Prepayments, Prepayment Premium Due on Partial Prepayment, Reporting and Remitting Partial Prepayments When Not Permitted in Loan Documents, Reporting and Remitting Partial Prepayments When Permitted in Loan Documents, Reporting and Remitting Partial Prepayments, Yield Maintenance Prepayment Premiums Prepayment Occurs Before the Yield Maintenance Period End Date, Calculation of Investors Share of Total Prepayment Premium for a Securitized Mortgage Loan, Calculation of Fannie Maes Share of Total Prepayment Premium, Calculation of Servicers Share of Total Prepayment Premium, Yield Maintenance Prepayment Premiums Prepayment Occurs On or After the Yield Maintenance Period End Date, Prepayment On or After Yield Maintenance Period End Date, Fixed Rate Mortgage Loans with Graduated Prepayment Premiums, Prepayment Premiums for ARM Loans and Structured ARM Loans, Prepayment Premium Waivers; Servicers Share of Prepayment Premium, Servicer Notification of Payoff Amount to Borrower, Calculating and Obtaining Confirmation of Payoff Amount, Fannie Mae Will Not Confirm Nor Is Responsible for Amounts Owing to Servicer, Fannie Mae Confirmation of Full Payoff Amount, No Quote to Borrower Until Fannie Mae Confirmation, Reporting the Payoff and Remitting the Payoff Funds, Reporting Full Payoff Amount Through the eServicing System Due By 2nd Business Day of Month, Post Payoff Document Retention Requirements, Monthly Bond Credit Enhancement Reporting, Monthly Remittances of Scheduled Payments to Bond Trustee, Replenishment of Withdrawals from the PRF, Collection and Remittance of Borrower Reimbursement Obligations for Fannie Mae Advances, Notice and Collection of Other Fees and Expenses, Bond Redemption Premiums Payable to Bondholders, Termination Fee or Prepayment Premium Payable to Fannie Mae, Termination When No Prepayment Occurs; Weekly Variable Rate Transactions, Mortgage Loan Documents Must Permit Defeasance, Notifying the Internal Revenue Service about Abandonments or Acquisitions (IRS Form 1099-A), Notifying the Internal Revenue Service about Cancellations of Indebtedness (IRS Form 1099-C), Coordination with Reporting Abandonments or Acquisitions, Borrower's T&I Impositions and Custodial Accounts, Monitoring Compliance with Loan Documents, Servicer Certification When Fannie Mae Approval Is Not Required, Servicer Certification When Fannie Mae Approval Is Required, Submitting the Request for Subordinate Financing, Funds as Additional Security for Mortgage Loan, Waiver or Modification of Terms of Collateral Agreement, Achievement Agreement or Other Agreement for Additional Collateral, Draws on Letters of Credit or Application of Other Collateral, Releasing Additional Escrows for Principal and Interest, Taxes and Insurance, and Replacement Reserves, Completion/Repair Loan Document Amendments, Green Rewards Efficiency Measure Verification, Replacement Reserve Loan Document Amendments, Modifications to Replacement Reserve Deposits, When Replacement Reserve Funding Was Partially or Fully Waived, Items Eligible for Funding from the Replacement Reserve, Items Not Eligible for Funding from the Replacement Reserve, Return of Replacement Reserve Funds to Borrower, Alternative Funding of Replacement Reserves for Portfolio Mortgage Loans, Replacement Interest Rate Hedge and Notification, Replacement Interest Rate Hedge Documents and Follow Up, No Financing for Property and Liability Insurance Premiums, Flood Map Changes; Obtaining Flood Insurance, Servicers Administrative Costs and Expenses, Required Casualty Loss Property Inspection, Documentation for Required Casualty Loss Property Inspections, Endorsement of Insurance Loss Draft or Check When Payable to Fannie Mae, Endorsement of Insurance Loss Draft or Check When Not Payable to Fannie Mae, Insurance Loss Draft or Check Not Payable to Either Fannie Mae or Servicer, Borrowers Failure to Diligently Pursue Repair, Decisions Delegated by the Delegated Transaction Form 4636 series, Supplemental Mortgage Loans Not Permitted, Decisions and Actions Delegated and Not Delegated, Seniors Housing Expansion/Conversion Requests, Request Changes in Unit Count/Mix in the MAMP, Bond Transactions and Credit Enhancement Mortgage Loans, Compliance Issues Relative to Bond Credit Enhancement Transactions, Monitoring Compliance; Notification of Noncompliance, Default Notice for Failure to Comply with the Bond Documents, Multifamily Affordable Housing (MAH) Properties, HAP Contract Approval and Releasing Restabilization Reserve, Quarterly Financial Analysis of Operations, Borrower Fails to Provide Guarantor Financial Reports, Lender Tenders for Minor or Immaterial Defaults, Definition of Non-Performing Mortgage Loan, Partial Payments by Borrower Do Not Change Date of Default, Timing for Imposition of Late Charges and Default Interest, No Deduction for Late Charges or Default Interest, Enforceability of Late Charges and Default Interest, Notice to Fannie Mae of Performance Default, Full Payment After Expiration of Period Before Assessing Late Charges, Copies of Letters Sent to Borrower; Correspondence with Borrower, Funding Capital Repairs During Default Resolution, Documenting the Property Management Change, Servicer Performs Loss Mitigation Actions, Servicer Workout Action Template (SWAT), Fannie Mae Performs Loss Mitigation Actions, Election and Implementation of a Course of Action, Course of Action Lender Purchase of Mortgage Loan, Course of Action Lender Workout Election, Documentation and Terms of Lender Workout, Lender Workout Has No Impact on Loss Sharing or Recourse Obligation, Servicer Makes Delinquency Advances But Fails to Report Mortgage Loan Delinquent, Foreclosure Process Continues Unless Otherwise Agreed to by Fannie Mae, Delinquency Advances Must Be Made During Negotiation of Joint Workout, Modification, Extension, and Forbearance Fees, Management of Property Post Title Vesting in Fannie Mae, Course of Action Note Sale Election or Discounted Loan Payoff, Note Sale and Discounted Loan Payoff Defined, Any Note Sale or Discounted Payoff Gives Rise to Loss Sharing Event, Note Sale Secondary Risk Mortgage Loans, Discounted Loan Payoff - Secondary Risk Mortgage Loans, Calendar Days 31 through 60 after a Payment Default or Performance Default, No Disclosure of Lenders Contract Terms to Borrower; Borrower Not a Third-Party Beneficiary of Lender Contract, Asset Audits for Secondary Risk Mortgage Loans, Special Requirements for the Environmental Assessment, Appraisal Notice and Election of Appraisal Methodology.
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