Subordination Division PDF Details

Embarking on the process of requesting a subordination agreement can be intricate, requiring a keen understanding of the Subordination Division form and its associated guidelines. This document is critical for individuals seeking to rearrange the priority of liens against their property, often in the context of securing a new mortgage or refinancing an existing one. The form outlines a timeline of up to two weeks for completion and mailing, emphasizing the need for patience as no expedited requests are entertained. Applicants are urged to submit a fully completed package to ensure a smooth process, adhering to specific criteria set forth for eligibility. These criteria consider the details of the existing home equity line of credit (HELOC), including the calculation of the debt-to-income ratio and the ineligibility of requests under certain conditions like properties under construction or those with specific types of existing mortgages. The documentation required, alongside the stipulated procedure, is detailed to guide applicants effectively through the process. Understanding these requirements and the rationale behind them is essential for a successful submission, reflecting the importance of this comprehensive form in the realm of mortgage management and real estate financing.

QuestionAnswer
Form NameSubordination Division
Form Length4 pages
Fillable?No
Fillable fields0
Avg. time to fill out1 min
Other nameschase heloc subordination, jpmorgan chase subordination checklist, chase subordination request checklist, chase subordination requirement

Form Preview Example

PLEASE NOTE:

1.Subordination requests take up to two weeks to complete and mail.

2.We are unable to expedite any subordination requests. All requests are processed in the order in which the complete subordination package is received.

Thank you for reaching out about our subordination process. You need to complete the included subordination request form and provide the required information so we can begin our review. Please keep the following guidelines in mind when submitting your request.

IMPORTANT GUIDELINES

For qualification purposes, the HELOC monthly payment included in the debt-to-income ratio is calculated using .75% of the total HELOC line amount.

Bank of America is not responsible for expiring interest rate locks or funding deadlines.

Subordination requests behind a first mortgage loan with the potential for negative amortization or a reverse mortgage loan or an Equity Credit Line won’t be considered.

Subordination requests for a lien currently in senior position (1st mortgage) won’t be considered.

Subordination requests for a property under construction and vacant won’t be considered.

Subordination requests behind a first mortgage loan with a balloon payment, a line of credit, interest only payments or an ARM with an initial fixed rate period of less than 36 months won’t be considered.

If you have additional questions regarding the subordination request process, please contact our customer service department at:

Home Equity Lines or Credit (HELOC) or Home

800-669-5864

Equity Loan (HELOAN) with account numbers of

 

10 digits or less

 

 

 

Home Equity Lines of Credit (HELOC) with

800-934-5626

account number of 14 digits beginning with 68

 

and ending with 99

 

 

 

PROCEDURE AND FORM SUBJECT TO CHANGE WITHOUT PRIOR NOTICE

Subordination Request Information and Checklist

CHECK LOAN PROGRAM TYPE:

TRADITIONAL RATE/TERM REFI

CASH-OUT REFI

FHA/VA STREAMLINE

ARM

FHA/VA

LINE REDUCTION REQUEST:

**Required ONLY if Bank of America Line of Credit needs to be modified to a lower loan amount**

MODIFIED HELOC LINE AMOUNT:

**Recordable MOD Required for any LOC Decrease

$

YES / NO

Requestor Contact Information:

Name:

Company Name:

Phone:

Fax:

Email:

Bank of America Account Number:

Customer Name(s):

AMENDED VESTING:

New Lender Information:

Company Name:

Address:

City/State/Zip:

Contact:

Phone:

Bank of America should send subordination documents to:

Company Name:

Address:

City/State/Zip:

Contact:

Email:

Attention:

Suite/Floor:

Fax:

Phone:

PROCEDURE AND FORM SUBJECT TO CHANGE WITHOUT PRIOR NOTICE

2

Required documents for the subordination package include:

(Note: Incomplete packages, illegibility and counter offers may extend the standard processing times)

REQUIRED DOCUMENTATION

 

 

 

 

Rate / Term

 

 

 

REFI or Cash

FHA

VA

 

Out REFI

 

 

 

 

 

 

Subordination Request Information and Checklist

 

 

 

 

 

Uniform Loan Application (form 1003)

 

 

 

 

 

Uniform Underwriting and Transmittal Summary (form 1008)1

 

 

 

 

 

30 day current Payoff Letter of existing 1st Mortgage

 

 

 

 

 

Current Property Valuation Report (within 120 day)

 

 

*Waivers are not permitted

N/A

N/A

 

 

 

 

Preliminary Title Report (with complete recording information for all liens within

90 days)

 

 

 

 

 

 

 

Closing Disclosure or Loan Estimate

 

 

 

 

 

Computer generated label for overnight shipping of completed subordination

docs2

 

 

 

 

 

 

 

Supporting documentation showing the loan is eligible under a FHA Streamline

 

 

program

N/A

N/A

 

 

 

 

 

VA IRRRL or VA Loan Analysis if the loan is eligible under a VA Streamline

 

 

program

N/A

N/A

 

 

 

 

 

Borrower’s Authorization to Release Information

 

 

 

 

 

Flood Hazard Determination for all requests and also

Flood Insurance Policy if property is in Flood Zone

 

 

 

 

 

 

 

Conditional / Loan Approval Letter

 

 

 

 

 

1Including occupancy of subject property, as well as dollar amount, interest rate, term, payment, and mortgage type

2Note: Overnight shipping is not guaranteed if using a vendor other than Federal Express. No handwritten labels will be accepted.

PROCEDURE AND FORM SUBJECT TO CHANGE WITHOUT PRIOR NOTICE

3

* Please mail your request to the appropriate address as provided below *

Appraisal Requirements:

 

PROPERTY TYPE

 

HELOC/HELOAN <= $250,000

 

HELOC/HELOAN > $250,000

 

 

 

AVM from BAC Approved AVM Provider

 

 

 

1 Unit Property

 

- or -

 

Full Appraisal - FNMA Form

 

 

Desktop Appraisal, Drive-by Appraisal or Full

 

 

 

 

 

 

 

 

 

Appraisal

 

 

 

 

 

 

 

 

2-4 Unit Property

Full Appraisal - FNMA Form

NOTE: The lesser of an adjusted AVM value generated by Bank of America or the appraised value provided will be used to calculate the CLTV for consideration of this request.

Approved AVM Providers and/or Services include the following:

Collateral Valuation provided by Fannie Mae Desktop Underwriter (DU®)

Collateral Valuation provided by Freddie Mac Loan Prospector (LP)

Home Value Explorer (HVE)

Value Point (VP4)

Property Analytical and Statistical Simulation (PASS)

ValueSure (VS5)

VeroValue (Value)

Value Finder (VF)

Requests should be routed as follows:

HELOC /HELOAN requests

Subordination Unit, FL1-908-01-33

4909 Savarese Circle

Tampa FL, 33634

To AVOID DELAYS SEND COMPLETE PACKAGE and SUPPORTING Documentation.

PROCEDURE AND FORM SUBJECT TO CHANGE WITHOUT PRIOR NOTICE

4

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completing chase subordination requirement step 1

Provide the necessary data in the field Fax, Email, Bank of America Account Number, Customer Names, AMENDED VESTING, New Lender Information, Company Name, Address, CityStateZip, Contact, Phone, Bank of America should send, Company Name, Address, and Attention.

Entering details in chase subordination requirement part 2

You will be requested for certain vital details if you want to submit the Address, CityStateZip, Contact, Email, SuiteFloor, Fax, Phone, and PROCEDURE AND FORM SUBJECT TO box.

chase subordination requirement Address, CityStateZip, Contact, Email, SuiteFloor, Fax, Phone, and PROCEDURE AND FORM SUBJECT TO blanks to fill

Identify the rights and responsibilities of the sides in the part Subordination Request Information, Uniform Loan Application form, Uniform Underwriting and, day current Payoff Letter of, Current Property Valuation Report, Waivers are not permitted, Preliminary Title Report with, Closing Disclosure or Loan Estimate, and Computer generated label for.

chase subordination requirement Subordination Request Information, Uniform Loan Application form, Uniform Underwriting and, day current Payoff Letter of, Current Property Valuation Report, Waivers are not permitted, Preliminary Title Report with, Closing Disclosure or Loan Estimate, and Computer generated label for fields to fill

Finish by taking a look at these sections and preparing them correspondingly: Supporting documentation showing, VA IRRRL or VA Loan Analysis if, Borrowers Authorization to Release, Flood Hazard Determination for all, Flood Insurance Policy if property, Conditional Loan Approval Letter, Including occupancy of subject, and accepted.

Completing chase subordination requirement part 5

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