1. INTER VIVOS TRUST PRESENTATION
September 1, 2017

2. INTER VIVOS TRUSTS
Planet Home Lending purchases loans closed in the name of an inter vivos revocable trust subject to the following requirements:
Conventional FHA or USDA transactions only
One unit properties only (Condominiums are eligible)
Conventional transactions: Eligible on owner-occupied, second home and investment
FHA/USDA: Eligible on primary only (no second home or investment)
Title commitment must approve the loan closing in the name of the trust
Power of Attorney is not eligible
Blind trust, Land trusts and Irrevocable trust are ineligible

3. INTER VIVOS TRUSTS
A Revocable Trust rider must be attached to the security instrument
The borrower must be the creator of the trust. The creator of the trust is usually called the Grantor, Settlor or Trustor
The borrower must be the trustee of the trust
The trust must be revocable
The borrower must be the primary beneficiary of the trust
The trustee must have the authority to borrow money and pledge the trust property as security
The trust must have been created during the lifetime of the borrower - It may not have been created by a will
Title must be vested a) in the name of one trust, b) jointly in the trustee of the revocable trust and in the name of a second individual borrower; or c) in the name of multiple trusts if each trust meets (a) or (b) above.

4. INTER VIVOS TRUSTS
Trust documentation requirements vary by state.
If permitted by the subject property state, a complete, signed copy of the Trust Agreement is required along with a Certification of Trust compliant with state statute which must have been signed and notarized at closing; OR
In lieu of the entire Trust Agreement, obtain a copy of a compliant Trust Certificate prepared and signed when the trust was created along with a Certification of Trust compliant with state statute which must have been signed and notarized at closing.
An Attorney Opinion letter may also be required by the title company.