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SunTrust to SunTrust Streamline Refinance Checklist

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					                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
                                          st
                            new SunTrust 1 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

				
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