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FHA Streamline Refinance Net Tangible Benefit Worksheet

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FHA Streamline Refinance Net Tangible Benefit Worksheet Powered By Docstoc
					                                                             FHA Streamline Refinance
                                                        Net Tangible Benefit Worksheet
CMS Loan #:                                                               Date:
Borrower Name(s):


Underwriter Name:

Step 1: Determine loan type of the Borrower’s current loan and the loan type of the proposed loan.
Step 2: Select the appropriate scenario from the Loan Conversion Scenario field.
Step 3: Based on the information in the Calculation to Use field, complete the appropriate calculation.
Step 4: Compare the results of the calculation to the information in the Test field.
Step 5: Based on the Test, complete the Test Results field.
Step 6: Sign and date the form.
Loan does not meet the NTB test if “No” is checked in the Test Results column for the appropriate Loan
Conversion Scenario.


Loan Conversion Scenario

 Select Loan Scenario


 Converting From       Converting To      Calculation to Use     Test                                  Test Result
                                                                                                         Yes         No




 Benefit Test Calculation 1
                            st                                                         st
 Current P&I Payment – 1         $ _______________          Proposed P&I Payment – 1           $ ________________
 Mortgage                                                   Mortgage

 Current monthly MIP             $ _______________          Proposed monthly MIP               $ ________________

 Current Total Monthly P&I and               0.00
                                 $ _______________          Proposed Total Monthly P&I                     0.00
                                                                                               $ ________________
 MIP Payment                                                and MIP Payment

      Percentage change from Current to Proposed Total Monthly P&I and MIP Payment             % ________________



 Benefit Test Calculation 2

 Current Interest Rate on        % _______________          Interest Rate on Proposed Loan     % ________________
 Current Loan

                                 Difference between Current and Proposed Interest Rate           0.00
                                                                                               % _________________

Loan does not meet the NTB test if “No” is checked in the Test Result column for the appropriate Loan
Conversion Scenario.

Print Name ____________________________________________________________                     Date ___________________

Signature _____________________________________________________________

                                                 02/22/12                                                Page 1 of 1

				
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