ISAOA ATIMA means its successors and/or assigns as their interests may appear. This term is commonly used on the mortgagee clause by loan originators (lenders) who may choose to sell the loan to another entity or assign servicing rights to a 3rd party servicer.
Here is the mortgagee clause provided by the borrower to the landlord insurance carrier:
OfferMarket Capital LLC ISAOA/ATIMA 627 S Hanover St Baltimore, MD 21230
In short, ISAOA ATIMA means the loan originator (initial lender) may decide to sell your mortgage to another company or mortgage servicer who will inherit the mortgagee clause as a successor to the loan originator.
ISAOA means Its Successors And/Or Assigns.
As an example lets say you get a DSCR rental loan from OfferMarket Capital LLC and your loan is sold to Institutional Capital Provider, Inc. at closing. Institutional Capital Provider, Inc. is a successor or assignee to OfferMarket Capital LLC.
ATIMA means As Their Interests May Appear.
For example lets say you get a DSCR rental loan from OfferMarket Capital LLC and your loan is sold to Institutional Capital Provider, Inc. at closing. Years later, your investment property suffers major damage from hurricane and you file an insurance claim. Since you still owe Institutional Capital Provider, Inc. the remaining balance of your loan, their interest in the claim has appeared given that they are a successor or assignee of the mortgagee clause. The insurer will compensate you and Institutional Capital Provider, Inc. in proportion to their effective interest in the property.
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