REFI CHECKLIST & INFO
GENERAL REQUEST FOR INFO
‫ٱ‬Send info letter to customer when they request info.
WHEN YOU RECEIVE LOAN PAPERWORK
‫ٱ‬Merge personal/property file and start refi file, which ultimately lives with property file
‫ٱ‬Make sure you have everything:
‫ٱ‬appraisal (if taking ANY equity, even to cover closing costs)
‫ٱ‬loan application
‫ٱ‬truth in lending
‫ٱ‬good faith estimate
‫ٱ‬Review loan to ensure rate, term & ratios are reasonable
‫ٱ‬Check to make sure they are current on lease fees, and have no loans that need repayment
‫ٱ‬if loans need to be paid, request discharge
‫ٱ‬if lease fees/taxes not current let them know they will have to catch up or pay up to date
out of refi cash out.
‫ٱ‬Call bank and ask:
‫ٱ‬are they familiar with our subordination docs (if not, legal & underwriting department will have
to review)
‫ٱ‬who will be closing attorney
‫ٱ‬tell them about 2-3 week turnaround time
‫ٱ‬tell them about fees
‫ٱ‬tell them the lender will need to sign our docs (logistically tricky for out of town lenders)
‫ٱ‬Call closing attorney and ask for title to be sent to BCLT's attorney
‫ٱ‬Complete info for file
‫ٱ‬option price calculation (if they are taking equity)
‫ٱ‬affordability worksheet (I like to compare current housing expense with projected)
‫ٱ‬Send info to BCLT's attorney:
‫ٱ‬cover sheet (summarizes deal)
‫ٱ‬Request subordination of covenant (CONDO), or lender agreement (SFH - does not
subordinate our interest in the land) or special rider (SFH - does mortgage the land)
*we request subordinations to be drawn up per the banks request. Also, if there have been any changes in
ownership, we may need to amend the lease, etc.
AFTER YOU RECEIVE SUBORDINATION DOCS FROM BCLT's ATTORNEY
‫ٱ‬Send bill and cover letter to closing agent & lender at least 24 hrs before closing. Cut and paste an
invoice and make sure to update the recording instructions, where to return docs to, and billing specifics.
‫ٱ‬Request from closing: (1) Copy of HUD (2) Copy of all our docs, after executed (3) our fee
AFTER CLOSING
Receive payment in mail after 3 day right of rescission has passed
‫ٱ‬Release any Discharges after receipt of payment (send to closing agent)
Wait for recorded original documents to come back after recording