VIRGINIA AUTOMATIC SUBORDINATION CHECKLIST - SunTrust

[Pages:2]VIRGINIA AUTOMATIC SUBORDINATION CHECKLIST

SunTrust Mortgage, Inc.

Name of Borrower (s): Property Address:

Loan Number:

________________________________________________ ________________________________________________ ________________________________________________ ________________________________________________

SECTION I ? To Be Completed By the CORRESPONDENT

ALL OF THE FOLLOWING CONDITIONS MUST BE ANSWERED "YES" AND/OR THE BLANKS COMPLETED TO USE THE AUTOMATIC SUBORDINATION PROCESS, PRIOR TO LOAN APPROVAL.

Yes No 1. 2. 3.

4.

The property is residential and contains no more than one dwelling unit.

The subordinate deed of trust secures an original principal loan amount of $150,000 or less

The refinance mortgage does not secure more than the current balance of the original mortgage amount $ _______________ plus $5,000. (obtain from payoff statement).

(Note: Cash-out refinances are ineligible for this automatic procedure.)

The refinance mortgage interest rate of

__% does not exceed the

original interest rate on the Note of the prior mortgage which is

_%.

5. The original principal loan amount of the original mortgage is $ ________________.

6. The Deed Book

__, Page

__ of the original mortgage.

I certify that this loan is eligible to use the automatic subordination process.

_______________________________ Correspondent Client Signature

_______________________________ Date

COR 1379 (1/16)

Page 1 of 2

SECTION II ? To Be Completed By SUNTRUST

THE FOLLOWING CONDITIONS MUST BE VERIFIED PRIOR TO CLOSING.

Yes No 1.

2.

There have been no changes to the conditions in Section I which would prevent this loan from using the automatic subordination process.

The refinance deed of trust includes the following language on the first page in bold or capitalized letters and all blanks have been completed:

"THIS IS A REFINANCE OF A DEED OF TRUST RECORDED IN THE CLERK'S OFFICE, CIRCUIT COURT OF ________________________, VIRGINIA, IN DEED BOOK _________, PAGE ______, IN THE ORIGINAL PRINCIPAL AMOUNT OF $_________________, AND WITH THE OUTSTANDING PRINCIPAL BALANCE WHICH IS $_______________________ AT __________%. THE INTEREST RATE ON THIS REFINANCE DEED OF TRUST IS __________%."

I certify that this loan is eligible to close using the automatic subordination process.

_______________________________________ SunTrust Underwriter Signature

_____________________________ Date

COR 1379 (1/16)

Page 2 of 2

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download