Laserfiche WebLink
e. Appraisal <br /> f. Closing instructions and estimated closing statement <br /> g. Credit report(If required) <br /> h. Tax return or other income documentation (If required) <br /> i. Completed Subordination Agreement ready for signature <br /> J. Request for Notice document on new senior loan(s) <br /> 3. Document Preparation: Servicer prepares subordination documents, or can review documents <br /> prepared by the new senior lender. These documents generally include: <br /> a. Subordination Agreement <br /> b. Request for Notice document on new senior loan(s) <br /> c. Closing Instructions <br /> 4. Recommendation: At the completion of the review, a report is forwarded to the Client with a <br /> recommendation to either approve the request and to execute the Agreement, or to deny the <br /> request. The report will contain a recapitulation of pertinent Information such as lowered monthly <br /> payment amounts,old and new LTV's,new and old senior debt loan amounts,etc. <br /> 5. Approval: Upon the Client's approval of a request for subordination, the Client will forward to <br /> borrower's lender or Title Company: <br /> a. Completed and executed Subordination Agreement between the Client and borrower <br /> b. Closing instructions dictating terms/use of Subordination Agreement document <br /> c. Request for Notice document for new senior loan <br /> Income Re-verifications <br /> 1. Level One (Income Only): <br /> a. In keeping with the provisions of the borrower's promissory note and/or loan agreement, <br /> AmeriNat will forward an income re-verification package to the borrower. The package will <br /> contain instructions and forms needed to complete the re-verification. <br /> b, If the required information has not been received within two weeks, AmeriNat will send a <br /> reminder letter. <br /> c. If the borrower falls to respond within the allotted time frame,AmeriNat will notify the Client <br /> of the borrower's non-compliance. <br /> d. Upon receipt of a completed re-verification package, AmeriNat will perform the following <br /> tasks: <br /> - Verify that forms are complete and proof of Income has been received. <br /> - Calculate the borrower's income to determine continued compliance with the Client's <br /> program requirements for income. <br /> - Forward re-verification report to the Client, with a recommendation for continued <br /> deferral or amortization. <br />