Docstoc

BORROWER TANGIBLE NET BENEFIT WORKSHEET

Document Sample
BORROWER TANGIBLE NET BENEFIT WORKSHEET Powered By Docstoc
					                                                                                                ILLINOIS




       BORROWER TANGIBLE NET BENEFIT WORKSHEET
                                  Pursuant to 815 III. Comp. Stat. § 137/45.




No lender shall refinance any high risk home loan where such refinancing charges additional
points and fees within a 12 month period after the original loan agreement was signed, unless the
refinancing results in a tangible net benefit to the borrower.

This worksheet is for the purpose of determining a tangible net benefit to the borrower(s) as such
benefit relates directly to the new loan extended.

Broker:

License Number:

Loan Originator/Processor:

Borrower Name(s):


Property Address:

                                                       LOAN INFORMATION
                                            NEW LOAN                               PREVIOUS LOAN
LOAN DATE
LOAN AMOUNT
LOAN TERM
TYPE OF LOAN
                                 Fixed       Adjustable Balloon                Fixed   Adjustable Balloon
(CIRCLE ONE)
LOAN RATE
PAYMENT AMOUNT
PREPAYMENT PENALTY
PROVISION
LOAN TO VALUE
DEBT TO INCOME LEVEL
LOAN PURPOSE
(Must be specific and relate
to distribution of loan
proceeds.)
                                                                                          ILLINOIS




LOAN ORIGINATOR/PROCESSOR TO COMPLETE

The borrower(s) received the following described tangible net benefit through a refinancing of this
loan:




Signature: _________________________________________Date: ________________________

Print:

Approved By: ___________________________
             Manager/Officer

Print:
BORROWER CERTIFICATION

I/We understand that the broker and/or lender must show that I/we have received a tangible net
benefit by refinancing this loan when such refinance occurs within a 12 month period from the
date the loan was made. I/We affirm that the tangible net benefit of the new loan has been
explained to me/us. I/We understand and confirm the benefit.



Borrower                      Date                 Borrower                      Date

				
DOCUMENT INFO
Shared By:
Categories:
Stats:
views:27
posted:7/17/2011
language:Afrikaans
pages:2