Borrower’s Name: ____________________________ Loan Number: ____________________________
Eligibility Criteria:
All answers to the following questions below must be true for the Trust to be acceptable for the borrower
to hold vesting in an Inter Vivos Revocable Trust securing the mortgage loan on real property.
The Trust or Trust Certification is signed, notarized, and dated by all applicable parties
You have a complete copy of the Trust including all referenced schedules and
amendments except where an executed Certificate of Trust is acceptable (provided it
contains sufficient information to determine the trust meets all requirements) instead of
the entire Trust agreement
• Trust or Trust Certification must clearly identify:
o The identities of the grantor/trustor/settlor, beneficiaries (if there is a
beneficiary, or if applicable state law requires a beneficiary), and trustee
o The powers of the trustee (sell, convey, exchange, borrow, encumber)
o The property is held as part of the trust
o Revocability of the trust
o The trust was created and became effective during the lifetime of the
original grantor/trustor/settlor
o The primary beneficiary of the trust is the settlor (if there is a beneficiary, or
if applicable state law requires a beneficiary). Multiple primary
beneficiaries are permitted if the settlor’s income and assets are being
used to qualify for the loan.
o The trust document names one or more trustees to hold legal title to and
manage the property.
The individual(s) establishing the trust (Grantor/Trustor/Settlor) is alive at the time of loan
application, and loan closing/funding
The trust has been established in writing by a real person and is to be effective during
their lifetime (The Trust is not created in a Will, Appendix or Codicil.)
The Grantor(s)/Trustor(s)/Settlor(s) has the right to revoke or change the Trust
The primary Beneficiary of the Trust is the Grantor(s)/Trustor(s)/Settlor(s) (the interest and
principal of the trust estate is applied for their benefit) and the mortgage has been
underwritten as if the Grantor/Trustor/Settlor (or at least one of the
Grantor(s)/Trustor(s)/Settlor(s)) is the borrower (or the co-borrower, if there are
additional individuals whose income or assets will be used to qualify for the mortgage)
The loan applicant(s) are both the Grantor(s)/Trustor(s)/Settlor(s) and the trustee (or one
of the co-trustees)
