1. No category

 NMLS
SAMPLE FORM
Postponed Improvements / Escrow Holdback Agreement
Date:
LOAN NUMBER
Seller
Name
Primary Address
Contact phone number
Name
Primary Address
Contact phone number
Primary Address
Contact phone number
Primary Address
Contact phone number
Officer / Asst
Contact phone number
Seller
Buyer Name
Buyer Name
Escrow:
Esc #
Builder Contact : ______________________________________________-­‐
for Lender Release of funds. The Appraisal Report dated
disclosed certain repairs or repair
conditions, totaling in the amount of $
and that said repairs have not been
fully completed. _________________________________ NMLS #_____, lender, agrees to close
the loan transaction providing that the Buyers (see above) agree to the following escrow hold back
terms and conditions.
TERMS
Until the repair conditions are completed, the amount of $
(120% of bid(s) ) will be held in escrow. The amount held shall be used for the completion of the
repair conditions.
If the required repairs are not completed by
150 days (5 months from Note
Date) _________________, lender, has the authority to use the hold back funds, upon
demand, for the expense of completing the work plus, a fee of $5,000 to compensate
_________________________, lender, for the management of completing the work.
Once the repairs have been completed to __________________, lender’s satisfaction, as
evidenced by:
#1004D @ $150 due, with photos. _ _ _ _ _ _ _ _ _ _ _ _ _ , l e n d e r , will provide
instructions to the escrow company for disbursement of funds being held. At no time shall
escrow release the funds without ______________________, lender, approval.
It is specifically agreed by all parties, that in consideration for ______________ , lender, agreeing
to close the loan without all necessary repairs being completed, the escrow company is hereby
authorized to accept disbursement instructions from _________________, lender, without
obtaining the agreement of the remaining parties. The escrow company hereby agrees to disburse
in accordance with ____________________, lender, instructions regardless of instructions from
other parties.
The undersigned hereby agree to the above terms:
Buyer/Borrower
Date
Seller / Builder
Date
Escrow Officer
Date
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NMLS
Repair Escrow Requirements & Guidelines:
•
CONVENTIONAL PRODUCTS ONLY
•
FANNIE MAE DU APPROVE/ELIGIBLE ONLY
•
PROVIDE FULLY EXECUTED HOLDBACK AGREEMENT
•
SALES CONTRACT MUST SPECIFY POSTPONED IMPROVEMENTS
•
OCCUPANCY PERMIT/CERT MUST BE RECEIVED
(may be subject to holdback items only)
•
PURCHASE & CONSTRUCT-PERM REFI’S (NEW BUILDER HOMES ONLY)
•
MANAGEMENT TO APPROVE MAX HOLDBACK. MUST BE FOR NON CRITICAL /
DEFERRED REPAIRS ONLY. Structural repairs and Roof replacement would not be
allowed. Postponed for inclement weather.
•
COST OF COMPLETION CANNOT EXCEED 10% OF “AS IS” APPRAISED VALUE
Submit form, signed by all parties, bids & escrow approval to:
Lender info to be input here Approved by:
SIGN
PRINT NAME / TITLE
Please provide contact information for approval
Buyer contact email:
Listing agent email:
Selling agent email:
Loan Officer email:
Loan Processor email:
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DATE
1820