The bailee letter is the written documentation between the bailor (warehouse lender on its own behalf or on behalf of itself and the mortgage originator) and bailee (the secondary market mortgage investor) where the terms of the bailment arrangement are set forth for all parties.
What is a bailee letter used for?
The bailee letter notifies the bailee (mortgage investor) of the bailor's (warehouse lender's) priority interest in a given original residential mortgage loan presented to the mortgage investor for review and/or possible purchase.
Who provides a bailee letter?
Bailee Letter means a letter from an Acceptable Attorney or from a Title Company, or another Person acceptable to Buyer in its sole and absolute discretion, in the form attached to this Agreement as Exhibit IX, wherein such Acceptable Attorney, Title Company or other Person described above in possession of a Purchased ...
What is a mortgage Bailee letter?
The bailee letter is the written documentation between the bailor (warehouse lender on its own behalf or on behalf of itself and the mortgage originator) and bailee (the secondary market mortgage investor) where the terms of the bailment arrangement are set forth for all parties.