Defining the Responsible Borrower in an Inter Vivos Revocable Trust

This rider (or a similar one appropriately modified to reflect the requirements of specific states) avoids ambiguities for mortgages made to inter vivos revocable trusts by clarifying who is considered to be “the borrower” with respect to any given covenant in the security instrument.

Instead of using a revocable trust rider, the the closing agent may either:

• amend the security instrument to include appropriate definitions and language similar in substance to Homium/FNMA’s sample rider, or

• use the standard security instrument without such an amendment or the rider.