Inter Vivos Revocable Trust Checklist
Revised 11/24/2020
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)
Inter Vivos Revocable Trust Checklist
Revised 11/24/2020
The trustees must include at least one of the Grantor(s)/Trustor(s)/Settlor(s), if there are
two or more, or an institutional trustee that customarily performs trust functions (i.e., a
The trustee(s) has the power to mortgage and borrow money
The trust does not contain an unusual risk or weakening of the lender’s rights (i.e.,
distributions required to be made in specified amounts from other than net income)
The title must be vested in the name of one trust; jointly in the trustee(s) on the intervivos
revocable trust and in the name(s) of an individual borrower (s); or in the trustee(s)
name if more than one inter vivos revocable trust
The title policy assures full protection to the lender, its successors, and/or assigns, and
must state that title to the property is vested in the trustee(s) of the trust. (It must not list
any exceptions arising from the trust ownership of the property)
Inter Vivos Revocable Trust Checklist
Revised 11/24/2020
Trust Disposition
Trust Documentation
Inter Vivos Revocable Trust Name: __________________________________________________
Grantor(s)/Trustor(s)/Settlor(s): _______________________________________________________
Number of Trustees Required to Act/Sign Documents: ________________________________
*If more than one Trustee
Approved Rejected
Reviewed By: _______________________________________________________________________
Date: _____________________________
*Trust Checklist once finished must be uploaded into Doc Velocity: 3666 - Misc Trust Review
Inter Vivos Revocable Trust
Compliance Group
In order to hold title in a trust it must meet investor guidelines
and loan product eligibility. The trust must also be reviewed
and approved by the Underwriter.
Reviewing the Trust Agreement
Below are main components to consider when doing your trust review, but not
limited to the following:
Confirm the borrower(s) are:
The Settlors (creators) of the Trust
The Trustees of the Trust ‘and
The current Beneficiaries of the Trust
Validate no borrower/initial trustee has passed away or is incapacitated (if
applicable escalate to Compliance Team)
Check the trust to confirm it is revocable at any time (there must be verbiage
in the Trust or Trust Certificate) revocability in the title alone is insufficient
Confirm the trustee has power to borrow, encumber, mortgage, trust property
or the trust certification states that all necessary powers are granted to
purchase or refinance for this specific property
Trust Checklist must be completed to determine eligibility for approval
Once finished, the checklist must be uploaded into Doc Velocity:
3666 - Misc Trust Review
Compliance Group
Trust Certificate
The following states allow the use of a Trust Certificate, in lieu of
copy of the trust, any other state must have the entire Trust
Agreement provided:
Arizona California Delaware Washington DC
Idaho Iowa Kansas Maine
Mississippi Minnesota New Hampshire New Mexico
Oregon South Carolina South Dakota Tennessee
Utah Wyoming
Trust Certificates must be notarized at closing or prior to funding