Subordination Division PDF Details

In the business world, it is important to be able to communicate with others in a way that is professional and clear. One way to do this is by using the subordination division form. This form allows you to clearly spell out the subordinate and main clauses in a sentence, making it easier for others to understand. In this blog post, we will discuss what the subordination division form is and how to use it correctly. We will also provide some examples of its use so that you can practice using it yourself.

You will find details about the type of form you intend to fill out in the table. It can tell you just how long it may need to finish subordination division, what fields you will need to fill in and some other specific facts.

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

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

How to Edit Subordination Division Online for Free

We chose the top computer programmers to design our PDF editor. This app will permit you to fill in the chase heloc subordination document with no trouble and won't consume a lot of your time. This easy guide will assist you to start out.

Step 1: Select the orange "Get Form Now" button on the following page.

Step 2: Now you can change the chase heloc subordination. You can use our multifunctional toolbar to insert, erase, and modify the content of the document.

All of these parts are contained in the PDF file you will be filling in.

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, City, State, Zip Contact, Phone, Company, Name and Attention.

Entering details in chase subordination requirement part 2

You will be requested for certain vital details if you want to submit the Company, Name Address, City, State, Zip Contact, Email, Attention, Suite, Floor Fax, and Phone box.

chase subordination requirement CompanyName, Address, CityStateZip, Contact, Email, Attention, SuiteFloor, Fax, and Phone blanks to fill

Identify the rights and responsibilities of the sides in the part Uniform, Loan, Application, form Waivers, are, not, permitted and Closing, Disclosure, or, Loan, Estimate

chase subordination requirement UniformLoanApplicationform, Waiversarenotpermitted, and ClosingDisclosureorLoanEstimate fields to fill

Finish by taking a look at these sections and preparing them correspondingly: Conditional, Loan, Approval, Letter and accepted.

Completing chase subordination requirement part 5

Step 3: The moment you select the Done button, the finalized file is simply transferable to any kind of of your gadgets. Or alternatively, you may deliver it using mail.

Step 4: You can create duplicates of the file torefrain from any kind of possible future concerns. Don't get worried, we cannot display or monitor your information.

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