You might consider shifting the property to your RLT once you close escrow. Personally, I would bypass a "lender review" of your RLT document. Sometimes it is best to not give someone an opportunity to say "no". Frankly, I believe you have every right to transfer the property to ANY type of trust you please.
Speak with your Escrow Officer as they could record the property in your name first, and then literally record a Quitclaim Deed transferring it to your RLT the next day (that's what I did anyway after my last refinance).
No matter what I or someone else from this point on states regarding your question, you should really be consulting with the person who created your RLT. They may have a different opinion! (... and yes, I also did this)
Mortgage rates have come down since the time you asked your question. Many banks will not allow you to refinance with the home in the name of a revocable living trust. One line of thinking is to wait until you know you are done with refinancing before putting the property into your revocable living trust. However, you could always take it out of the living trust, refinance, then put it back in. CitiMortgage will charge you an extra $125 if they do that for you.
This is a legal question, however if you become the trustee and if something happens to you and you weren't able to execute the document that would not be beneficial. I suggest having someone else be your trustee, but you can contact any Estate Planning Attorney and get legal advice. Please feel free to contact me with any questions.
Yes, you can take title in a living trust. The lender will request a copy of the trust to confirm it is in fact revocable and that there are no stipulations that make them uncomfortable.
I recommend you speak with your mortgage broker or bank and produce the copy so it can be reviewed quickly. Many banks have thier own legal department just for this reason.
Please call me with any questions and I will be happy to assist you.
Sr. Mortgage Planner