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Mortgaging Trust Properties

Mortgaging Trust Properties. Freida Satepeahtaw Bailey Division of Capital Investment (DCI) 405-247-6140. TITLE STATUS REPORT. What is a Title Status Report? A report that shows the legal description of a tract, the most current ownership and encumbrances/liens (if any) of record

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Mortgaging Trust Properties

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  1. Mortgaging Trust Properties Freida Satepeahtaw Bailey Division of Capital Investment (DCI) 405-247-6140

  2. TITLE STATUS REPORT • What is a Title Status Report? • A report that shows the legal description of a tract, the most current ownership and encumbrances/liens (if any) of record • Why would a TSR be requested? • Mortgage Loan/Business Lease/Residential Lease • Land Status/Land Sale • Current Ownership Update • Who can request a TSR? • Agency / Regional Office having jurisdiction over the land • Compacted/Contracted Tribes • Individuals

  3. Simplified legal land description Simple statement of ownership Simple statement of title status Simple statement of encumbrance Simple title notes Note: Title Notes and Remarks will be re-written after the release of the new TSR to improve clarity & understanding

  4. Types of Title Status Reports • Informational TSR is an uncertified & unverified report of ownership & encumbrance as shown by title data in the land title system-of-record (TAAMS Title). • Certified TSR is a report of ownership & encumbrance certified as a true, accurate & up-to-date report of title status as shown by an examination of title documents recorded at the DLTR and update of land title in TAAMS.

  5. REGIONAL OFFICES BUREAU LAND TITLES & RECORD S OFFICES TRIBAL LTROs • Alaska • Eastern • Eastern Oklahoma • Great Plains • Navajo • Southwest • Western • Rocky Mountain • Pacific • Midwest • Northwest • Southern Plains • Alaska • Southwest (Albuquerque) • Eastern Oklahoma (Muskogee) • Great Plains (Aberdeen) • Northwest (Portland) • Rocky Mountain (Billings) • Pacific (Sacramento) • Palm Springs Agency (Agua Caliente Band of Cahuilla Indians) • Southern Plains (Anadarko) Salish & Kootenai (Montana) Colville Tribe (Washington) Morongo Tribe (California) *Cherokee Nation *Choctaw Nation of Oklahoma *Muscogee (Creek) Nation *Compacted for DLTR functions but currently do not provide Federal title services consistent with the services provided by Bureau DLTRs. 

  6. Delegated authority– 25 CFR 150 • LAND RECORDS AND TITLE DOCUMENTS • DLTR is charged with the Federal responsibility to record, provide custody, and maintain records that affect titles to Indian lands, to examine title, and to provide title status reports for such land.

  7. Division of Land Titles & Records Major Program Functions • Document Recordation • Similar to recording at a County Recording Office • Document Imaging • Titles Maintenance • Similar to work performed at a Title Abstract Co. • Automated Data Systems Management • Cartographic Services • Indian Probate Curative Actions • Document Certification

  8. Bureau of Indian Affairs • HOME OWNERSHIP • MORTGAGE PROCESSING • HIGHLIGHTS

  9. Key Players in the Mortgage Process Applicant Tribe Agency DLTR Lender BIA Realty Staff/IEED Staff

  10. MORTGAGE PROCESSING RESPONSIBILITIES VS

  11. Redesign the TSR & Modernize THE TSR Request & Delivery • The redesign of the TSR has been a work in progress since 2009 • The goal of the redesign was to create a report that was clear and understandable to a land owner and other persons or financial-business entities without the need for special knowledge or information • The TSR template model has the TSR on a single page with appendices for ownership & encumbrance information

  12. Summary of New TSR Modernization • TSR has been redesigned for clarity • TSR request and delivery automated • TSR Repository will have all certified or verified TSR available for access and retrieval • New TSR business rule: title ownership & TSR must be certified within 2 business days of a change in ownership

  13. Land owners may mortgage trust properties • US Statutes place limitations on the alienation or encumbrance • Authority – 25 USC 483a & 25 CFR 152.34 • Policy of BIA to assist individual Indian owners of trust/restricted land to obtain adequate financing

  14. Qualifying criteria • Repayment ability • Sole ownership • Legal age

  15. Advantages to owner • Trust status remains • Lands provide security for the loan • economics

  16. Applicant responsibility • Complete application for lender • Provide: • Tribal membership card • Ownership documents • Income verification • Copy of lender application • Credit Report • Appraisal • Business plan, if applicable

  17. Process • Order Title Status Report (TSR) • Appraisal review • Analysis • LTV • Credit history • Business expertise • Recommendation & Approval • Questions/Comments

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