Announcement 2021-023 - Solar Panel Checklist Updated

The solar panel checklist has been reformatted and updated reflecting the following:  

 

  • Added a category for Solar Panels Owned Free and Clear:
    • There is no UCC1 Financing Statement or notice recorded against the subject property. In the event there is a UCC-1 Financing Statement, it must be released; and
    • The appraiser has recognized the existence of the solar panels and considered the solar panels in the appraiser’s opinion of the market value of the property.

 

  • Added clarification that if the solar panels are financed as a fixture to real estate, and the UCC Fixture Filing is being terminated, a subordination agreement is not needed.

 

Please reference the NewRez Lending Library for the changes outlined in this announcement.