Freddie Mac Single-Family Seller/Servicer Guide 4502.9 — Real property, title and lien requirements for Community Land Trust Mortgages
Freddie Mac Single-Family Seller/Servicer Guide section 4502.9 — Real property, title and lien requirements for Community Land Trust Mortgages. Full verbatim section text, substring-verified against snapshot b2a8502812eeb077.
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Verbatim provisions from Freddie Mac Single-Family Seller/Servicer Guide 4502.9 — Real property, title and lien requirements for Community Land Trust Mortgages — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
Freddie Mac Single-Family Seller/Servicer Guide 4502.9 — Real property, title and lien requirements for Community Land Trust Mortgages
Community Land Trust Mortgages must be insured by a title insurance policy or a policy and endorsements that meet the requirements of Chapter 4702. The title insurance policy or an endorsement to the policy must ensure the following: ■ The Community Land Trust Ground Lease or ground lease memorandum was recorded ■ Form 490, Community Land Trust Ground Lease Rider, was recorded ■ The Community Land Trust Mortgage is a First Lien on the leasehold estate and the improvements ■ There are no existing mortgages, loans or other liens on the fee estate, except as may be permitted under Form 490 ■ The Community Land Trust Ground Lease reversionary interest is subordinate to the Community Land Trust Mortgage; and ■ There are no related Community Land Trust Ground Lease occupancy and resale restrictions, covenants or agreements that are valid, existing or effective as of the date of the policy except as may be permitted under Form 490
Freddie Mac Single-Family Seller/Servicer Guide 4502.9 — Real property, title and lien requirements for Community Land Trust Mortgages
The section contains requirements related to: ■ Title insurance ■ Certificate of title surrender States (a) Title insurance Community Land Trust Mortgages must be insured by a title insurance policy or a policy and endorsements that meet the requirements of Chapter 4702. The title insurance policy or an endorsement to the policy must ensure the following: ■ The Community Land Trust Ground Lease or ground lease memorandum was recorded ■ Form 490, Community Land Trust Ground Lease Rider, was recorded ■ The Community Land Trust Mortgage is a First Lien on the leasehold estate and the improvements ■ There are no existing mortgages, loans or other liens on the fee estate, except as may be permitted under Form 490 ■ The Community Land Trust Ground Lease reversionary interest is subordinate to the Community Land Trust Mortgage; and ■ There are no related Community Land Trust Ground Lease occupancy and resale restrictions, covenants or agreements that are valid, existing or effective as of the date of the policy except as may be permitted under Form 490 In addition to the requirements above and in Section 5703.4(e), for Community Land Trust Mortgages secured by Manufactured Homes, the American Land Title Association (ALTA) Form 13.1 endorsement must be attached to the title insurance policy. The title insurance policy must include the Manufactured Home as part of the lessee’s leasehold improvements and must include the value of the lessee’s leasehold improvements, including the Manufactured Home, in the insured estate. All requirements necessary to obtain title insurance, including ALTA Form 13.1 and Form 7 endorsements, must be satisfied, including any requirements necessary to ensure the leasehold transaction, such as a recordation of the ground lease or ground lease memorandum. Note: Mortgages secured by Manufactured Homes are not eligible for an attorney opinion of title letter. See Section 4702.3. (b) Certificate of title surrender State A Manufactured Home on a leasehold estate must be located in a State that permits surrender of a certificate of title, regardless of whether the land on which the Manufactured Home is located is owned by the owner of the manufactured housing.
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Source of record: https://claudeforcompliance.com/regs/fhlmc-4502-9/
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