Worksheet by HC111116005654


									                                                       MetLife Home Loans
                                    Net Financial Benefit Worksheet for Refinance Transactions

      For the refinance of an existing loan, there must be a net tangible benefit to the borrower.
      An FHA streamline refinance:
      -Must comply with Section B below and the Net Financial Benefit Worksheet for FHA Streamline Refinances

      All other refinances:
      -Complete Section A (Alternative Financial Benefit to Borrower)
      -If Section A not applicable, (Not applicable or "any item not checked", Section B (Points and Settlement Fees Recoup) must be

                                                                       Loan #:
                                                          Borrower Name:
                                                            Date Prepared:

 A. Alternative Financial Benefit to Borrower
     Loan term shortened (e.g. from 30 year to 15 year term)
     Consolidation of loan(s) and/or debt(s) into a single new loan that results in a monthly savings
     Provides cash out to the borrower(s) for personal use
     ARM to fixed rate
     ARM to Hybrid ARM (>= 3 year fixed term)
     Balloon to fixed rate
     Buyout of spouse/heir
     Other reason approved by DMU or Dallas Exception Desk - explain below

 B. Points and Settlement Fees Recoup
 1. Total Discount Points (financed or paid in cash)
     Total Closing Costs*                                                                                                      +
     Total Cost to Refinance (New Loan)                                                                                        = $                     -       (A)

 2.      P&I on Existing First Lien
         P&I on Existing Second Lien                                                                                           +   $                   -
         P&I on Existing Third Lien                                                                                            +   $                   -
         Monthly MI on Existing Lien                                                                                           +   $                   -
         Total P&I of Current Loans                                                                                            =   $                   -       (B)

 3.      P&I on New First Lien2
         P&I on Second Lien, if applicable                                                                                     +   $                   -
         P&I on Third Lien, if applicable                                                                                      +   $                   -
         Monthly MI on New Lien                                                                                                +   $                   -
         Total P&I of New Loan                                                                                                 =   $                   -       (C)

 4.      Total P&I with MI (if applicable) of Current Liens (B)                                                                  $                     -
         Total P&I with MI (if applicable) of New Liens (C)                                                                    - $                     -
         Monthly Savings                                                                                                       = $                     -       (D)

 5.      Total Cost to Refinance (New Loan) (A)                                                                                  $                     -
         divided by Monthly Savings (D)                                                                                        / $                     -
         Total Number of Months To Recoup Refinance Costs                                                                      =          #DIV/0!              (E)

                               (E) can not be greater than 60 months if Fixed Rate or 36 months if ARM

 * Closing costs…

      Closing costs are the total costs paid by the borrower to obtain the loan, including lender/broker fees as well as third party settlement service fees
      … Do not include prepaids.
      … Does include the VA Funding Fee, if applicable
      … Does include upfront or single premium PMI/MIP. (If FHA transaction in which there is an MIP
            refund, only the net MIP need be included.)
      … Does include any Prepayment Penalty on existing lien

    When calculating new loan P&I using the qualifying note for the loan. See Ratios/Qualifying Rate section of the loan product description.

5db5a398-ce25-4ef7-b7d2-c9e358fa8641.xls                                        Doc Type: CRDTPKG                                                                    02-05-2009

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