Legacy Escrow

USAA Subordination Guidelines

admin — Tue, 08 Jun 2010 21:00:56 +0000

If you would like the Subordination Guidelines for USAA Federal Savings Bank AND the property is located WITHIN Washington State, please request the information here.

If the subject property is located OUTSIDE of Washington State, please order your subordination here.

As always, if you close your transaction through Legacy Escrow in Washington State, the subordination (including preparing the Subordination document itself) is completely taken care of by us at no charge but is subject to the subordinating lender fees and third party fees, if applicable.

The process of “Serving” in action: testimonials say it all.

admin — Fri, 21 May 2010 20:31:33 +0000

Bankruptcy Records in Washington State: have a borrower with a history? We can help.

admin — Wed, 28 Apr 2010 18:28:05 +0000

As a loan officer or real estate professional you may have a client who has had a former bankruptcy history that was filed in Washington State. Some title companies will not go the extra mile to assist you in obtaining any records from the Western Washington district court system (Seattle and Tacoma).

Legacy Escrow has online access to court records in this regard and would be happy to provide you the needed documentation to assist you in serving our mutual clients.

Welcome: The Lending Company

admin — Mon, 26 Apr 2010 19:38:50 +0000

Over the past year or two loan officers from various corners of the USA have been calling on Legacy Escrow Service, Inc. and utilizing our services for providing subordinations as part of our complete escrow closing program. The most recent lender, The Lending Company from Arizona contacted us due to our experience in subordinations for their closings in Washington State.

While competitors try to emulate our service and programs, Legacy Escrow Service, Inc stands alone in providing the very best in service that help to build and foster the long-term business relationships of our real estate professional customers.

Homebuyer Tax Credit: Settlement Statement Requirement

admin — Tue, 09 Feb 2010 19:50:42 +0000

We have received numerous phone calls and e-mail requests asking for a HUD-1 Settlement Statement signed by the buyers and sellers.

In Washington State, signatures on the Final HUD-1 Settlement Statement are not required and is not common practice. The IRS guideline states:

If you claim the credit on a 2009 (or later) return, you must attach a copy of your settlement statement. For most homebuyers, this will be a properly executed Form HUD-1, Settlement Statement (U.S. Department of Housing and Urban Development) that includes:

Names and signatures of all parties involved,

Property address,

Purchase price, and

Date of purchase.

The Final HUD-1 Settlement Statement was mailed to the buyer and seller at closing. “Final HUD-1″ appears on the bottom left side of page 2 of the settlement statement, directly under the 1400 section.

See below for a screenshot: (click image to enlarge)

Our office is moving

admin — Wed, 06 Jan 2010 22:50:51 +0000

Hello friends,

It has been a whirlwind Holiday season with much going on and a last minute decision to move our office. We are relocating to an office near the Everett Costco. The office building is literally across the street from Silver Lake and Emory’s Restaurant (prior to it burning down, sadly).

Our new address as of Monday January 11th, 2010 is:
1910 – 120th Pl S.E, Suite 101, Everett, WA. 98208.

New phone (as of Monday, January 11th) and fax numbers:

425-337-7200 (phone)
425-337-7005 (fax)

You can always get a hold of us by leaving a voice message after hours on our cell phone at 425-344-1204 or e-mail at: info@legacyescrow.net

Please, use our cell phone ONLY if you HAVE to get a hold of escrow for business reasons that cannot wait during business hours and is truly of emergency in nature (ie, clients cannot make a previously scheduled after hours signing).

Loan Officer APB: Subordinating? Lender AVM’s may trip up LTV’s

admin — Thu, 19 Nov 2009 19:59:42 +0000

Received in a subordination from Bank of America which utilized their automated valuation program to calculate CLTV. Unfortunately, they are using the actual appraised value or the automated valuation program whichever comes in less. While this may not be new news, when the AVM is significantly less than the appraised value, well, the results can potentially trip up a loan.

Just keep this in mind.

How to find if a County has online records

admin — Tue, 17 Nov 2009 19:58:26 +0000

Best way to obtain recorded document history on a property

admin — Mon, 16 Nov 2009 22:48:30 +0000

This video tutorial is about how to obtain a more complete picture of recorded documents against a home that you may be interested in. We do this by searching by parcel ID vs. searching only for a specific document. This way you will not alienate potential recorded documents that may be of interest to you and paints a better picture of the ownership history of a home.

Update: Subordination Checklist for Bank of America

admin — Fri, 13 Nov 2009 20:42:08 +0000

Please see our post on lender subordinations. Bank of America subordination checklist has changed a bit, so it is updated today.