Net Tangible Benefit _Borrower's Interest_ Worksheet for Refinanced

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					                   Net Tangible Benefit (Borrower's Interest) Worksheet for Refinanced Loans



Borrower(s):                                                         Application Date:

Property Address:

Part I. EXEMPTION TEST. If the answer to ANY of the following questions is “YES,” the loan is not subject to the
further testing and you d o not have to complete the remainder of this worksheet. If the answer to ALL of the following
questions is “NO,” you need to complete the remainder of this worksheet.

           1 The existing loan is a reverse mortgage transaction.                     Yes      No
           2  The existing loan is a bridge loan (loan connected with the acquisition
              of a dwelling intended to become the Borrower’s principal dwelling,     Yes      No
              with a maturity of less than one year).
           3
              The proceeds of the new loan will be used primarily for business or     Yes      No
              investment purposes.
           4 The subject property will not be occupied, in whole or in part, by the
              Borrower as his or her principal residence.                             Yes      No
           5 The proceeds of the new loan will pay off an existing loan that was
              consummated more than 60 months prior to the new loan’s Application     Yes      No
              Date.
         If the answer to ALL of the questions above is “NO,” you must complete the remainder of this
         Worksheet

Part II. LOAN INFORMATION. Provide the following information for both the existing loan and the new loan before
proceeding to Part III.



                                             EXISTING LOAN                    NEW LOAN

         ORIGINAL LOAN DATE
         LOAN BALANCE
         TYPE OF LOAN (Choose              Fixed ARM Balloon            Fixed ARM Balloon
         One)
         CURRENT LOAN RATE
         (*Weighted average rate if
         refinancing 1st & 2nd into 1st)
         MONTHLY PAYMENT
         AMOUNT
         PREPAYMENT
         PENALTY PROVISION
         LOAN TO VALUE
         DEBT TO INCOME
         RATIO
         LOAN PURPOSE
         (Rate/Term or Cash out/Debt
                *Weighted Average Example:
                      1st = $100,000 @ 6.50% & 2 nd = $30,000 @ 7.75%
                      ((100000 x .065)+(30000 x.0775)) / (100000+30000) =6.788%



                                                           Page 1
   March 2010                                                                                                       Fifth Third Bank
                       Net Tangible Benefit (Borrower's Interest) Worksheet for Refinanced Loans


Part III. NET TANGIBLE BENEFIT CONDITIONS: Complete the sections that are relative to the borrower’s Net
Tangible Benefit. At least one of the following conditions must be satisfied.

   Condition 1: Interest Rate Reduction: The interest rate for the loan you are originating must be lower than the
current rate (or weighted average) by at least 0.25% AND the borrower must recoup all costs in the first 24 months.

          EXISTING LOAN                                                   NEW LOAN                    RESULTS
                                                                  1
Current Rate:                                       New Rate :                             Rate Variance:
Current Payment:                                    New Payment:                           Payment Difference:
                                                    Total Costs2:                          Months to Recover3:
                        Satisfies Borrower Benefit Condition 1? (Select One)                        Yes                         No
1
    New Rate must be consistent with TILA requirements; cannot use start rate
2
    Costs do not include taxes, insurance, or pre-paid interest
3
    Months to Recover Calculation = "Total Costs" divided by "Payment Difference"



   Condition 2: Loan Term Reduction: The term for the loan you are originating must be at least 60 months shorter than
the remaining term of the existing loan AND the borrower must recoup all closing costs in the first 24 months.



         EXISTING LOAN                                                    NEW LOAN                     RESULTS
Remaining Term:                                     New Term:                              Term Difference:

                                                    Total Costs1:                          Months to Recover2:
                        Satisfies Borrower Benefit Condition 2? (Select One)                              Yes                   No
1
    Costs do not include taxes, insurance, or pre-paid interest
2
                                     Total Costs              Payment Difference"
    Months to Recover Calculation = "Total Costs" divided by "Payment Difference

   Condition 3: Loan Program Change – ARM to Fixed: If the existing loan is a one-year ARM, the rate on the new
Fixed Rate (fully amortizing) loan must be no greater than 2 percentage points above the current rate. For all other ARM
loans, the loan you are originating must be a Fixed Rate loan AND the total mortgage payment on the new loan must not
increase by more than 20 percent AND the interest rate on the new Fixed Rate loan must be lower than the maximum
possible interest rate for the ARM loan OR the borrower must recoup all closing costs in the first 24 months.


               EXISTING LOAN                                              NEW LOAN                            RESULTS
             ARM        or      FIXED                         ARM           or     FIXED   \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\


Existing Max Rate:                                  New Fixed Rate:                        Rate Difference:
                                                                      1
                                                    Total Costs :                          Months to Recover2:
                        Satisfies Borrower Benefit Condition 3? (Select One)                              Yes                   No
1
    Costs do not include taxes, insurance, or pre-paid interest
2
    Months to Recover Calculation = "Total Costs" divided by "Payment Difference"




                                                                          Page 2
       March 2010                                                                                                             Fifth Third Bank
                  Net Tangible Benefit (Borrower's Interest) Worksheet for Refinanced Loans



   Condition 4: Refinance - Cash out to Borrower: The cash out to the borrower must be twice as much as the closing
costs. Also, if the DTI is between 45% and 50%, and the borrower’s FICO score is less than 660, the new monthly payment
amount must not increase by more than 50%.

                           NEW LOAN                                                       RESULTS
Cash to Borrower:                 Closing Costs:                     Cash-out/Closing Cost Ratio:
DTI:                              FICO:

         EXISTING LOAN                                   NEW LOAN                                     RESULTS
Current Payment:                        New Payment:                                     % Payment Increased1 :
                    Satisfies Borrower Benefit Condition 4? (Select One)                            Yes            No
1
% Payment Increased Calculation: (New Payment – Current Payment) / New Payment


   Condition 5: Debt Consolidation: The total monthly consumer debt (principal, interest, taxes, insurance and other
consumer debt (PITICD)) must be reduced by 20%.

         EXISTING LOAN                                   NEW LOAN                                     RESULTS
Existing PITICD:                        New PITICD:             $ Reduction:                          % Reduction:
                      Satisfies Borrower Benefit Condition 5? (Select One)                         Yes            No


   Condition 6: Bona Fide Personal Need: The loan does not satisfy the above criteria, but is necessary to respond to a
bona fide personal need as determined by the borrower (e.g. satisfying a tax lien, responding to a court order, reacting to a
significant life event). Please detail the situation below. (HUB Manager Approval Required)

Describe the bona fide personal need:




Underwriting Approval:

Signed: ________________________________________________ Date: ______________________
            Underwriter


Bona Fide Personal Need Approval:

Signed: ________________________________________________ Date: ______________________
            HUB Manager




                                                           Page 3
    March 2010                                                                                                     Fifth Third Bank

				
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