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.