VRM Lending LLC

As with most real estate transactions, the keys cannot be released to the new purchaser until the loan and settlement escrow has been disbursed. Your settlement agency will be given authorization to disburse the settlement. After this disbursement is completed, the transaction is finalized and keys can be released to the new owner.

Borrowers choose the settlement company to handle their transaction. While Vendee™ does not have a lending requirement for an owner's policy, your settlement company may not handle your transaction without underwriting a policy. Borrowers and their agents should speak directly to their settlement company about what will be required costs associated with handling their transaction.

No. Until the transaction is complete, the borrower must not move any items into the dwelling or on the land. Additionally the borrower shall not make any alterations to the property on any vistations or showings until the transaction is complete.

No. The vendee loan program does not allow borrowers to have power of attorney or proxy for legal documents. The program does allow for remote signing capabilities for those borrowers that can not be physically present for signing.

Aside from the Vendee™ lending fees, there are usual and customary closing costs that a borrower could expect to see as borrower expenses. These may include but are not limited to: Title Insurance, Title Search, Title Committment, Attorneys Fees, Escrow or Settlement Fees, Wire Fees, Courier Fees, First 12 month premium of homeowner insurance, impounds or initial starting escrow amounts for taxes and homeowner insurance, HOA transfer or documentation costs, prorations, survey, home warranty, credit report, borrower validation or verification costs, flood or tax certificates, inspection costs, etc. Most of these expenses are not lender related expenses but are the expenses

Owner’s title insurance is a policy that protects the homeowner from any claim against the home before the borrower purchased the property. A title company will perform a search of title on the property to ensure there are no claims against the property. While the Vendee™ loan program does not require an owner’s or lender’s policy as a condition of lending, borrowers are advised that acquiring an owner’s title policy is a wise decision and should strongly be considered for their purchase transaction.