PDF Form: SunTrust to SunTrust Streamline Refinance Guideline ...

[Pages:3]SunTrust to SunTrust Streamline Refinance Checklist

Instructions:

This form should be completed and submitted with the loan file. Lenders may use The Document Request for Streamline Refinance Transactions, form (COR 0057 ), to request a copy of the 1008, 1003, appraisal, and most recent 12 month payment history on the existing loan from the SunTrust Records Room.

A.

Borrower and Property Information Note: Cannot add or delete borrowers.

Borrower

Co-Borrower

Property Address

New SunTrust Loan Number

B Existing Mortgage Information

B1 Existing SunTrust Mortgage Loan Number B2 Existing SunTrust loan program code

Existing SunTrust mortgage must be one of the following

Program

Program Code

(a) Agency Fixed Rate

C15FX, C30FX, C15SH, C30SH

(b) Agency ARM (3/1, 5/1, 7/1) FN31A, FN31SH, FN51A, FN51SH,

FN71A, FN71SH

(c) Agency Balloon (5 or 7 yr) BALL5, BALL5S, BALL7, BALL7S

Note: The original loan must have met standard secondary market guidelines. The existing mortgage must have been a conventional loan originally underwritten and sold to Fannie Mae or Freddie Mac; however, loans originally closed under an "Expanded Approval" recommendation, the Agency Express, any no income, no asset or no ratio loan product, or any loan product that was an exception to standard secondary market guidelines is not eligible for a streamline refinance. There are no seasoning requirements.

B3 Existing loan original loan amount B4 Existing loan closing date B5 Existing loan appraised value B6 Existing loan original loan-to-value (B4 / B6)

COR 0058 (06/03)

Page 1 of 3

SunTrust to SunTrust Streamline Refinance Checklist

C. New Loan and Calculating Maximum Loan Amount and LTV/TLTV/HTLTV

C1 Eligible new loan program is one of the following

Program

Program Code

(a) Agency Fixed Rate

C15FX, C30FX, C15SH, C30SH

(b) Agency ARM (3/1, 5/1, 7/1) FN31A, FN31SH, FN51A, FN51SH,

FN71A, FN71SH

(c) Agency Balloon (7 yr)

BALL7, BALL7S (Agency 5 year

balloon is NOT

eligible)

C2 Existing loan unpaid principal balance (exclude penalties and late charges) a. $

C3 Plus closing costs and prepaids not to exceed 2.5% of unpaid principal b. +

balance (a x 2.5%)

C4 Total (a + b + c)

c. $

C5 Plus the lessor of 2% or $2000 (cx 2%)

d. +

C6 Maximum new loan principal amount (round down to nearest $100)

e. $

C7 LTV (Maximum LTV, after calculating new loan amount cannot exceed 95% f.

for primary 1-2 unit or 90% for 1 unit second home. Mortgage Insurance is %

required if LTV exceeds 80.00%.)

C8 Subordinated Financing ? if yes, enter current balance or high limit if equity g. $

line. (All secondary financing must be re-subordinated)

C9 TLTV/HTLTV cannot exceed 95% for primary 1-2 unit or 90% for 1 unit h.

second home.

%

C. Allowable P & I Increase

C1 Payment (P&I)

New Loan

? no increase or

$_______________

? 20% increase if the new fixed rate term is 15 years or if the new term is less

than the original term

Existing Loan

$______________

% Increase $______________

C2 Loan Term

Existing Loan $______________

New Loan _______________

COR 0058 (06/03)

Page 2 of 3

SunTrust to SunTrust Streamline Refinance Checklist

D.

Borrower Credit Information

D1 ? Loan file includes a 12 month mortgage payment history (including

previous/existing mortgage or rental history).

Yes No

? Existing mortgage payment history is no more than 1x30 days late in the last 12

mos. and no more than 0x30 days in the last 6 mos.

Yes No

D2 ? Borrower has not filed for bankruptcy since the existing mortgage loan was Yes No originated.

D3 ? Borrower's income and employment is stated on the 1003 (no verification of Yes No income/employment is required).

E.

Appraisal Information

Loan file contains one of the following:

? A copy of the original appraisal (minimum 2055 interior/exterior is required)

with a re-certification of value if appraisal is older than 120 days

Yes No

? New appraisal if:

? the original appraised value cannot be recertified,

Yes No

? originial appraiser is on SunTrust's ineligible appraiser list, or

? the value has declined.

F. Loan File Documentation Checklist:

Loan file documentation includes all of the following:

(a) Agency SunTrust to SunTrust Streamline Refinance Checklist (COR 0058)

(b) Correspondent Required Data Form (COR 0048)

(c) New loan application (1003) with all sections completed with the exception of Section VI ? Assets and Liabilities. (New 1003 must state borrower's income and employment information)

(d) Copy of original loan application (1003)

(e) New Loan Transmittal Summary (1008)

(f) Copy of original Loan Transmittal Summary (1008)

(g) Full copy of original appraisal with recertification (for appraisals > 120 days)

(h) Copy of Document Request For Streamline Refinance Transactions , form (COR 0057)

Note: This form may be used to request a copy of the original 1008, 1003, appraisal and most recent 12 month mortgage payment history on the existing loan.

(i) All appropriate disclosures

(j) Documentation evidencing that any existing secondary financing is re-subordinated to the new SunTrust 1st mortgage

Correspondent Lender warrants that the above entered data is accurate and the new mortgage/subordination meets the specified guidelines for a SunTrust to SunTrust Streamline Refinance Loan.

Correspondent Lender:

Contact Name & Phone #:

(

)

Date:

COR 0058 (06/03)

Page 3 of 3

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

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

Google Online Preview   Download