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More detail about the Deferred Maintenance Adjustment can be found in the Unison HomeOwner Program Guide. In a rare instance in which we are unable to agree in good faith on the amount, the issue will be determined through arbitration. Unison is committed to a fair process to determine the amount of the Deferred Maintenance Adjustment. One or more appraisals, inspections or repair estimates obtained from independent third-party providers are used to determine the amount of the Deferred Maintenance Adjustment.
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Since the loss in value would be due to your failure to maintain the property, the Deferred Maintenance Adjustment allocates all of the loss in value due to improper maintenance to you, so that Unison does not share in it. When this is the case, a Deferred Maintenance Adjustment may apply when performing the settlement calculations. If you do not, when the agreement ends the value of your property will most likely be less than it would have been if it had been properly maintained, and this would not be fair to Unison.
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If you're interested in learning if you and your home qualify, please feel free to apply.ĭuring the term of your agreement with Unison, you are required to maintain your property in good condition, subject to normal wear-and-tear. Like we said, Unison is unique, and so are you.
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We recommend that customers who are interested in refinancing their home loan do so before choosing to work with Unison-please see the FAQ entry on refinancing for more information.
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Typically, Unison can only offer co-investments to homeowners who hold their homes as individuals and joint tenants, not tenants-in-common or other forms of holding.įinally, Unison customers may experience constraints when attempting to refinance their mortgage once they have taken a co-investment from Unison. How title to your home is held can also affect eligibility. Reverse mortgages, interest-only loans, shared appreciation loans, or any loan with a negative amortization feature won’t work alongside Unison. Unison HomeOwner is typically for homeowners who live in the home.Īdditionally, though a Unison co-investment is not a loan, it is also not compatible with certain kinds of loans. For more information, please see the FAQ entry on the Unison “Restriction Period.” Many of the co-investment’s best features, including Unison’s agreement to share in any loss of home value alongside you, only kick in after five years. Now we’re not held to the constraints of traditional meetings and conference calls that we were in the past.A Unison co-investment is a unique home financing product that presents a great solution for some people, but it is not the right fit for everyone.įirst and foremost, Unison is designed for long-term use-a Unison co-investment is not right for you unless you plan to stay in your home for at least five years. In the traditional world we had to set a loan committee meeting twice a week that took place in our offices. Teunis said, "If an underwriter underwrites a loan, can’t make a decision, and posts it and the loan committee at 7 am, it might already be out of the loan committee by 8:05. Now that everyone is communicating on the same platform, work gets done more quickly. The go-to statistic from Unison is that it can generally reduce office email by 80%, but All Western Mortgage smashed that in an effort to cut out email entirely. It pulls together text chat, Skype-like voice chat, and in-app messaging that can accommodate companies of nearly any size. He banned email and implemented a product called Unison, an application for workplace collaboration ( we've previously profiled it here). So he changed the tone of communication at the office.
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It was very difficult to communicate with the size of operation we are plus how we’re spread out geographically throughout the globe." " email, private instant messaging systems, bulletin boards, snail mail even believe it or not. "I’d say it was kind of a mosh pit of communication methods," said Teunis.