Trust Information

Bankers' Bank Documentation Requirements for Trusts

 

Bankers' Bank Community Mortgages cannot accept copies of the trust.

For Trusts: Bankers' Bank requires a certificate of trust, prepared by an attorney, answering each of the FNMA Eligibility Criteria points listed below.

 1. The identity of the grantor/trustor/settlor, beneficiary and trustee;

2. The powers of the trustee (e.g., mortgage the subject property);

3. That the subject property is held by the trust;

4. That the trust is revocable;

5. That the trust was created and became effective during the lifetime of the original grantor/trustor/settlor.

 

The trust certificate must be in the file prior to preparation of the closing documents.

 

Preparing the Mortgage:

Page 1 of mortgage must read:

John Q. Smith and Mary Ellen Smith, husband and wife and John Q. Smith and Mary Ellen Smith trustees of the John Q. Smith and Mary Ellen Smith Revocable Trust dated May 22, 1999.

 

Signature lines - four separate signature lines are required as follows:

-John Q. Smith

-Mary Ellen Smith

-John Q. Smith as trustee of the John Q. Smith and Mary Ellen Smith Revocable Trust dated May 22, 1999.

-Mary Ellen Smith as trustee of the John Q. Smith and Mary Ellen Smith Revocable Trust dated May 22, 1999.

 

If you have any questions, please contact Barb Job Packham at 800-666-5595 ext. 5528.

 

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