We just got the notice from one lender(the one with very good rate) that the escrow companies are no longer alolowed to prepare Grant Deeds back into Trusts for borrowers who are refinancing with this lender.
Further more, this lender will ask the borrower to sign a document stating the borrowers will NEVER put the property back into the Trust for the life of the loan.
What a shame for this lender. Hope other lenders will not follow.
Eric Fang Mortgage Blog
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