Multi-State Ntb Worksheet
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2MULTI-STATE BORROWER BENEFIT WORKSHEET
(For use in all states except those that require specific state forms;
currently, CO, ME, MD, MA, RI, SC, and WV)
The following worksheet must be used on all owner-occupied refinance transactions. Additional information may be
provided on supplemental sheets, if necessary. This form must be retained in the lender’s loan file.
Loan Number:
Borrower Name(s):
Lender:
Property Address:
LOAN INFORMATION
NEW LOAN
PREVIOUS LOAN
Loan Date
Loan Amount
$
$
Original Loan Amount
Payoff Amount, if original amount unknown
Loan Term (months)
Type of Loan
Fixed Rate
Interest Only
Fixed Rate
Interest Only
(check one)
Balloon
Balloon
Adjustable Rate
Adjustable Rate
Payment Option Product
Current Note Rate
%
%
The borrower will receive the following described benefit(s) (one minimum, but check all that apply):
CASH-OUT BENEFITS
The borrower will receive cash-out through a refinance of a property that is free and clear of any existing liens.
The borrower will receive cash-out from the new loan to pay necessary expenses*:
Medical expenses
Education expenses
Home improvement
Other:
*Cash out must be equal to or greater than 1½ times the amount of Total Closing Costs listed on the Good Faith Estimate plus the
amount of the prepayment penalty on the old loan.
TITLE TRANSFER BENEFITS
Payoff of a contract for deed or refinance of a lease option or removal or buyout of co-borrower from title (with court order or evidence
that the co-borrower no longer resides at the property).
PRODUCT / LOAN TERMS CHANGE
Refinance to an improved product / loan terms such as:
Convert from an ARM to a fixed rate
Eliminate future balloon payment obligation
Extend term to decrease payment
Refinance an Interest Only or Payment Option ARM loan into a fully amortized mortgage that provides for principal reduction with each
payment
Refinance an ARM that is approaching the interest rate reset date
Shorten loan term to accelerate principal reduction
Other:
FINANCIAL IMPROVEMENT
Cure delinquent mortgage or other debts
Refinance to lower LTV (Ability to remove mortgage insurance by lowering loan-to-value)
Financial Benefit Worksheet must be completed if either box below is checked
Debt consolidation/reduced monthly payment (Borrower must recoup the total cost within 4 years)
Refinance to lower interest rate with same or reduced term. (Borrower must recoup the total cost within 4 years)
CERTIFICATION:
Based on the loan information and benefits previously indicated, I certify that the proposed loan would result in a tangible benefit to the
borrower(s) considering all of the circumstances reflected in the loan file, the terms of both the new and refinanced loans (if any), the cost of the
new loan, and the borrower’s specific situation.
Date:
Signature
Position
Second review required if loan is a refinance of a “Special Mortgage,” e.g., Habitat for Humanity, state bond program, etc.
Date:
Second Reviewer Signature
Title/Position
Correspondent Multi-State Borrower Benefit Worksheet
Page 1
3/1/2010
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