Fha Streamline Refinance Net Tangible Benefit Worksheet

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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
Reduction in Term
Converting From
Converting To
Calculation to Use
Test
Test Result
Yes
No
Fixed Rate New
Use Benefit Test
Is Proposed New Term at least 6
Any ARM or Fixed
Combined Rate
Calculation 3
Months Less than the Current
Rate
Term?
Benefit Test Calculation 1
Current Interest Rate
_______________%
Proposed Interest Rate
________________%
Current MIP Rate
_______________%
Proposed MIP Rate
________________%
0.00
0.00
Current Combined Rate
_______________%
Proposed Combined Rate
________________%
0.00
Percentage change from Current to Proposed Combined Rate
________________%
Benefit Test Calculation 2
Current Combined Rate
_______________%
Combined Rate on Proposed
________________%
Loan
0.00
Difference between Current and Proposed Combined Rate
_________________%
Benefit Test Calculation 3
Remaining Term on Current
____________ Months
Term on Proposed Loan
____________ Months
Loan
Is the new term at least 6 months less than the term remaining on the Current Loan?
Yes
No
Current Interest Rate
_______________%
Proposed Interest Rate
________________%
Is the new interest rate less than or equal to the interest rate on the Current Loan?
Yes
No
Current Total Monthly P&I and
$ _______________
Proposed Total Monthly P&I
$ ________________
MIP Payment
and MIP Payment
0.00
Difference between Current and Proposed Monthly P&I and MIP Payment.
$ ________________
Is the increase in the monthly payment (if any) less than $50?
Yes
No
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 _____________________________________________________________
Carrington Mortgage Services, LLC
Page 1 of 1
Rev. 09/28/15

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