6/21/2023 0 Comments Quicken loans payoff request![]() ![]() ![]() The estimates given are general timelines.The City requires proof of property insurance when a homeowner refinances. Homeowners must maintain a standard all risk property insurance policy equal to the replacement value of the Home naming the City as an additional insured and loss payee. Lender/Broker must work with a third-party escrow company.ĭocuments must be signed in counterpart and deposited with third-party escrow prior to close. The Lender must provide a request in writing to requesting subordination no later than three (3) business days from the date of approval of the refinance on the approval letter but if the Lender knows that subordination will be required, it isrecommended that the Lender make a request as soon as possible. Prepaid shipping label so City documents can be deposited directly into escrow Your Escrow Officer needs to provide the City with the documents below: Vesting for trustor, trustee, and beneficiary of new Loan as it will appear on new Deed of Trust and Note Subordination request (in writing to the City of Hayward – Community Services Division) Your Lender needs to provide the City with the documents below: Homeowners who wish to refinance their home should have their real estate professionals call 51 LENDER: This is because the City is unable to deposit City documents required for the refinance with the Lender who would be a party to the refinance transaction. This means Homeowners would not be able to work with Quicken Loans to refinance their HRP unit. An example of a Lender that does not work with a third-party escrow company is Quicken Loans as their escrow services are handled in-house. Please note: Homeowners who wish to refinance must work with a Lender that works with a third-party escrow company unaffiliated with the Lender. It is very important that Homeowners request that their chosen real estate professionals call 51 for refinance requests as soon as possible in order to ensure timely close of escrow. The information provided below is meant to inform Homeowners who wish to refinance about the information the City will require from the Lender and Escrow Officer who will be handling your refinance. You will then have to submit a Subordination request. If the refinance is approved, the City will provide your chosen Lender with an approval letter. Units that have received a loan as part of the City of Hayward Housing Rehabilitation Program (also referred to as the Housing Conservation Program) require City written approval in order to refinance. ![]()
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