PLM LOAN PROCESSING CENTER, INC. 46 N. SECOND STREET, CAMPBELL, CA 95008
PHONE 408-370-4030 FAX NO. 408-370-5484 DOCUMENT ORDER WORKSHEET
CALIFORNIA DOCUMENTS PRODUCTION ONLY
Please complete this form to ensure that the documents for the Proposed Loan are drawn correctly. To order documents, PLM will need the following:
1. This form completed and signed (master agreement either accompanying this or on file at PLM together with copies of applicable licenses and endorsements).
2. A fully completed loan application.
3. A copy of a current preliminary title report.
RESIDENTIAL: ______ FIXED RATE _______ STEP RATE _______ HELOC 1-4 units
COMMERCIAL: ______ FIXED RATE _______ STEP RATE _______ HELOC More than 4 units, apartments, mixed use, warehouse, winery, etc.
LAND: ______ FIXED RATE _______ STEP RATE _______ HELOC
NOTE: In order to fund HELOCs, Broker needs to qualify Investor(s)/Lender(s). A private investor (single or multiple) may not qualify – please speak with legal counsel prior
to drawing loan documents.
CLIENT INFORMATION
______ REAL ESTATE/MORTGAGE BROKER WITH NMLS ENDORSEMENT (PLM MUST HAVE ON FILE)
______ REAL ESTATE/MORTGAGE BROKER WITHOUT NMLS ENDORSEMENT ______ CALIFORNIA FINANCE LENDER WITH NMLS ENDORSEMENT
(PLM MUST HAVE ON FILE)
______ CALIFORNIA FINANCE LENDER WITHOUT NMLS ENDORSEMENT Company – NAME MUST MATCH DRE/CFL INFORMATION EXACTLY: ________________________________________________________________ Address _________________________________________________________ ________________________________________________________________ Phone# _______________________ Fax# ________________________ DRE OR CFL License Number _______________________________________ NMLS Endorsement Number ________________________________________
PLM Loan Processing Document Order Worksheet Page 2 of 20 County in which YOUR OFFICE is located ______________________________
Company Representative for Borrower Disclosures:
Name – (MUST MATCH DRE/DOC INFORMATION EXACTLY)
______________________________ DRE/DOC# ___________________ NMLS Endorsement Number ________________________________________ Company Representative for Lender Disclosures:
______________________________ DRE/DOC# ____________________ NMLS Endorsement Number ________________________________________ IS THE COMPANY A REPORTING THRESHOLD BROKER? YES____ NO ____
IF YOU ARE PAYING ANOTHER BROKER THROUGH ESCROW, WE NEED THEIR INFORMATION:
Name of Broker(age) to be paid: _______________________________________ DRE License Number _______________________________________________ NMLS Endorsement Number _________________________________________
If no and the company is DRE licensed, the loan may be subject to notice and reporting pursuant to Business and Professions Code Sections 10232 et seq., and 10 CCR, Chapter6, Section 2844. DOC licensees may not deliver loans directly to private Investors/Lenders. See Financial Code Sections 22059, 22340 and 22600.
BORROWER INFORMATION
Borrower Name______________________________________________________________ Co-Borrower Name___________________________________________________________ If an entity (Corp., Partnership, LLC, LLP, etc.), Name of Entity:
__________________________________________________________________________ Name of Signor: _____________________________ Capacity: ________________________ Name of Signor: _____________________________ Capacity: ________________________ ld you like a personal guarantee? Yes ________ No ________
A personal guarantee is ineffective if the Borrower is the same as the guarantor.
PLM Loan Processing Document Order Worksheet Page 3 of 20 If Business Entity, will copy of Balance Sheet and Income Statement be attached to Lender
Documents: Yes__________________ No____________________ if no, an addendum with additional information must be given by Broker to Lender with Lender Documents.
Mailing Address of Borrower after the closing of this transaction: _____________________ ___________________________________________________________________________ Vesting : _____ As on “prelim.” OR
____________________________________________________________________________ Please review prelim prior to marking this information. Check for middle initials, differences in name spelling, etc.
Date Loan Application Taken: ________________________________________ Business Loan: Yes ________ No ________
Has borrower filed bankruptcy in the past 12 months? Yes ________ No _________ Has borrower ever filed bankruptcy? Yes ________ No _________ Late charge days 10 15
(if none circled, we will default to paid or tendered within 10 days) Late charge percentage 10% 6%
(If PLM is servicing the loan, the late charge must be 10% unless prohibited by law) Balloon Payment late charge? Yes _______ No _________
(If none circled, we will default to amount charged on monthly payment to accrue monthly.) Default Interest Rate: _________%
(PLM May not be applicable to loans secured by owner occupied residences)
Return check minimum $25.00 Return check maximum $35.00
NOTE: PLM does not give legal advice on whether a loan is a business purpose loan. You should seek the advice from your own legal counsel. The determination of whether a loan is for business purposes is factual and requires specific legal advice.
NOTE: PLM does not give legal advice on whether a loan is allowable on owner occupied loans. You should seek the advice from your own legal counsel.
PLM Loan Processing Document Order Worksheet Page 4 of 20 Does Loan Contain a Prepayment Penalty? Yes __________ No ______________ If yes, length of penalty: _________________________________________________________ If yes, __________ From date of execution __________ 30 days prior to date of first payment Number of months of interest _______________ Percentage of Principal Balance __________ (If “Yes” is chosen under “Does Loan Contain a Prepayment Penalty” but a prepayment penalty is not described, we will default to the penalties authorized by the Real Estate Law and shall be reviewed conservatively.) Prepayment penalties must comply with applicable California law.
In Lieu of Prepay, is loan subject to a minimum charge? Yes ____________ No ____________
If yes, what is the minimum charge (i.e. – six months interest based on the original principal balance of the loan)? ___________________________________________________________
SeeBusiness and Professions Code Sections 10242.5and10242.6andCivil Code Sections 2954.4 et seq. and 2954.9 et seq.
Will this loan be transferable/assumable? Yes ____________ No ____________ Is there a restriction as to when or to whom? Or a time frame? If yes: _____________________
Name of Trustee (3rdparty) ______ PLM LENDER SERVICES, INC. – not on loans not to be serviced by PLM
______ Insuring Title Company ______ Named Servicer
______ Other: ________________________________________ APPRAISAL INFORMATION
(Information required only if PLM is preparing Lender Documents) Property #1
Property Address: _____________________________________________________________ Owner Occupied (or to be owner occupied) ____________ Yes ______________ No Non-Owner Occupied ______________________________ Yes ______________ No 1st ____________ 2nd________________ 3rd__________________ 4th________________ Appraised Value_________ Broker Value __________ Purchase Price _________
The lowest of these values will be used on lender documentation.
Type: SFR__________ Condo ________ Duplex_______ Triplex ______ Fourplex _______ Multi-unit (more than 4) _______ Bare land __________ Commercial _________________ Mixed use (describe) _____________________ Other (describe) ______________________
PLM Loan Processing Document Order Worksheet Page 5 of 20 Sq. Feet__________ Age___________ Construction Type (wood frame, cinder block, etc.) _________________________________________________________________________ Appraiser______________________________ Company _________________________ Address___________________________________________________________ Appraisal Date ____________ Broker/Appraiser Relationship ________________ Property #2
Property Address: _____________________________________________________________ Owner Occupied (or to be owner occupied) ____________ Yes ______________ No Non-Owner Occupied ______________________________ Yes ______________ No 1st ____________ 2nd________________ 3rd__________________ 4th________________ Appraised Value_________ Broker Value __________ Purchase Price _________
The lowest of these values will be used on lender documentation.
Type: SFR__________ Condo ________ Duplex_______ Triplex ______ Fourplex _______ Multi-unit (more than 4) _______ Bare land __________ Commercial _________________ Mixed use (describe) _____________________ Other (describe) ______________________ Sq. Feet__________ Age___________ Construction Type (wood frame, cinder block, etc.) _________________________________________________________________________ Appraiser______________________________ Company _________________________ Address___________________________________________________________ Appraisal Date ____________ Broker/Appraiser Relationship ________________
We suggest on commercial property in which personal property is to be or should be attached (including rent), put in PLM’s “Special Instructions” section a request for title to prepare a UCC1 to be filed in Sacramento. Please give list to PLM of personal property to include.
INFORMATION ON NEW OR REMAINING SENIOR AND JUNIOR LIENS Property #1 Int. Rate% Mat. Date Balloon Amt Pmt Amount
(The above only needed if Lender’s Docs are ordered) Balance on remaining 1st mtg.
$______________________ $_________ _______ _______ _________ Balance on remaining 2nd mtg.
$______________________ $_________ _______ _______ _________ Balance on NEW 1st mtg
PLM Loan Processing Document Order Worksheet Page 6 of 20 $______________________ $_______ ________ _________ __________
Item #_______ on prelim to Subordinate
$______________________ $_______ ________ _________ __________ Property #2 Int. Rate% Mat. Date Balloon Amt Pmt Amount Balance on remaining 1st mtg.
$______________________ $_________ _______ _______ _________ Balance on remaining 2nd mtg.
$______________________ $_________ _______ _______ _________ Balance on NEW 1st mtg
(if concurrent recording) .
$______________________ $_______ ________ _________ _________ Item #_______ on prelim
to Subordinate
$______________________ $_______ ________ _________ __________
MORTGAGE INFORMATION
(Information Required only if PLM is Preparing Lender Docs) During the last 12 months have any mortgage payments been over 60 days late?
Yes ____________ No ____________________
How many payments were more than 60 days late? _______________________ Do any of these payments remain unpaid? ______________________________ Will loan proceeds cure the delinquency? _______________________________ If not, source of funds to cure delinquency? _____________________________
SERVICING COMPANY
(IF MULTI-LENDER FUNDED, A SERVICER licensed by the DRE IS REQUIRED) NAME OF SERVICER (MUST MATCH DRE INFORMATION EXACTLY)
________ PLM Lender Services, Inc. ________ Lender (if single investor)
________ Broker firm named in these documents
PLM Loan Processing Document Order Worksheet Page 7 of 20 ________ Other: _____________________________________________________
Address _________________________________________________________ Phone# _____________________________ Fax# _______________________
NOTE: It is the duty of the Broker to verify that the Servicer is licensed and is in good standing with the DRE. Also, it is important to know if the Servicer holds an NMLS endorsement to procure Modifications and/or Forbearances when needed. This information would need to be disclosed to the Lenders under “Special Instructions”.
COST TO LENDER FOR SERVICING
This section must be completed unless Lender is self servicing.
Percent ________ Per _______ Month ______ Year ________ OR Flat Fee per month: $________ Late charge split: Broker ________% Lender_________% Servicer_________%
Prepay split: Broker ________% Lender_________% Servicer_________% Default interest split: Broker ________% Lender_________% Servicer_________% Do you have an agreement with PLM or other company for loan servicing fee sharing? Yes _________ No ___________
Is broker retaining any portion of the servicing fee? Yes ________ No ________
Is a servicing agreement being attached to the Lender Purchaser Disclosure? If PLM is servicing the loan, a servicing agreement will automatically be attached.
Yes ______ No _______
If loan is to be serviced by other than Lender and Broker is not Servicing Agent, what is relationship of Broker to Servicer?
________ Contract (Broker be paid portion of service fee)
________ Business (Broker sends servicing but is not paid a portion of the servicing fee) _______ Lender choice (Broker does not receive a portion of service fee)
PLM Loan Processing Document Order Worksheet Page 8 of 20 Note: Compensation to the Broker(s) must be disclosed and consented to by the Principal(s). See Business and Professions Code Sections 10176(g), 10230 et
seq., and 10 CCR, Chapter 6, Section 2840 et seq.
Broker(s) Capacity in this Transaction – please note that the Broker asking for the preparation of the documents shall be assumed to be the agent of the Borrower, at least.
A. Agent for Borrower only YES ______ NO ______ B. Agent for Lender only YES ______ NO ______ C. Agent for Borrower and Lender YES ______ NO ______ D. Funding a portion of loan as Principal/Agent of the Borrower YES ______ NO ______ E. Principal as Borrower of Funds YES ______ NO ______
If Broker is Borrower of Funds, a “Self-Dealing letter must have been sent to the Department of Real Estate. If more than one capacity has been checked, explain: ___________________________
______________________________________________________________________
If “E” has been checked, Broker represents that he/she is in compliance with applicable Requirements of the Real Estate Law and the Real Estate Commissioner’s regulations
pertaining thereto and the Corporate Securities Law of 1968 and the Corporations Commissioner’s regulations pertaining thereto (including advance notification to the DRE) and that the funds borrowed are intended to be used for:
______________________________________________________________________ ______________________________________________________________________
ESCROW INFORMATION
Title Insurance Policy Type __________(if none is indicated, an ALTA will be requested) Policy Amount $_________________________ (if left blank, loan amount shall be used) Title Insurance Special Endorsements ________________________________________
If the escrow company is different than addressee on prelim and a HUD from the escrow is not enclosed, please complete:
Escrow Officer: __________________________________________________________ Escrow No._____________________________________________________________ Escrow Company:________________________________________________________ Escrow Company Address: ________________________________________________
PLM Loan Processing Document Order Worksheet Page 9 of 20 PAYMENT AND LOAN DATA
Loan Amount $______________________ Interest Rate _______________________% If Step Rate Interest Rate: _______% for _____________ months
_______% for _____________ months _______% for _____________ months
Number of payments per period (e.g. Monthly 12, Quarterly 3) ____________________ Number of total payments in periods (INCLUDING Balloon) ______________________ Number of Prepaid Payments Collected in Advance ____________________________ (2 allowed for Section 32 loan, none allowed for Cal32)
Prepaid payments to be disbursed (check mark one):
All at once thru escrow ______ OR As deemed earned month by month ________
(If PLM is the servicer a fee of $300.00 will be charged)
The Broker represents that the prepaid payments collected are in compliance with applicable federal and state law including, but not limited to, California Financial Code Section 4970 et seq.
LOAN TYPE
Circle one: Interest Only Partially Amortized Fully Amortized Term (Ex. 30 yrs. due in 7 yrs.): _________ (Prin. & Int. Pymts.)
Amount of Regular Payment $__________________ Estimated Funding Date _____________________ Date of First Payment _______________________
Is this loan to be impounded (Required for Section 35 loans for taxes and insurance) YES _______ NO ________
If this loan is will have an impound account:
Will this account be impounded for insurance? YES __________ NO _________ Is a premium being paid through escrow? YES _____ NO _____
If yes, please be sure this figure is showing on Deductions from Loan Proceeds. If yes, is the premium for One (1) year or Six (6) months? _____________
PLM Loan Processing Document Order Worksheet Page 10 of 20 If policy is not being paid through escrow, what is the expiration date of the existing policy? ___________________________
Regarding the tax impound, all delinquent taxes must be paid through escrow and any installment that is due must be paid through escrow.
Impound cushion – lowest balance during the year (cannot exceed more than two months impound payments) $___________________
Monthly impound amount - $___________________ (this includes both taxes and insurance amounts) Initial deposit to be shown on Deductions from Loan Proceeds. See last page of this order form for assistance in reaching this number.
Is this loan funded partially or totally by “Broker Controlled Funds”? YES_____ NO_____ Does 15USC, Section 1601 et seq., 12 CFR Section 226.32 apply? YES_____ NO_____ Does California Financial Code Section 4970 et seq (Cal 32) apply? YES_____ NO_____ Does 15USC, Section 1601 et seq., 12 CFR Section 226.35 apply? YES_____ NO_____ Does California Financial Code 4970 et seq (Cal 35) apply? YES_____ NO_____ Will the APR vary by more than 1/8% from the original disclosure YES _____ NO _____ Is this loan a fully documented loan? YES _________ NO_________
Has the Borrower been qualified to make the payments? YES_________ NO______
This loan is based on limited or no documentation of your income and/or assets and may have a higher interest rate, or more points or fees than other products requiring documentation:
YES _______ NO _______
See Business and Professions Code Section 10241(j)and the Real Estate Commissioner’s regulations pertaining thereto, Corporations Code 25000 et seq. and the Corporations Commissioner’s regulations pertaining thereto, and 15USC, Section 1601 et seq., 12 CFR Section 226.32 and 226.35.
LENDER(S) AND VESTING(S)
(Ex: John Michael, a married man as his sole and separate property). (REMEMBER THAT A TRUST MUST HAVE A TRUSTEE) $ or % of loan ___________________________________________________________ Name _________________________________________________________________ Vesting________________________________________________________________
PLM Loan Processing Document Order Worksheet Page 11 of 20 $ or % of loan ___________________________________________________________ Name _________________________________________________________________ Vesting________________________________________________________________ $ or % of loan ___________________________________________________________ Name _________________________________________________________________ Vesting________________________________________________________________ $ or % of loan ___________________________________________________________ Name _________________________________________________________________ Vesting________________________________________________________________ $ or % of loan ___________________________________________________________ Name _________________________________________________________________ Vesting________________________________________________________________
We can not accept more than 10 lenders, as defined, unless Broker submits a copy of the permit issued by the DOC in connection with a qualified and registered offering; or we receive a letter from legal counsel in support of the use of more than 10 lenders, as defined, in an offering qualified by exemption with notice thereof to the DOC pursuant to Corporations Code Section 25102.1.
HELOC DOCUMENT INFORMATION
Loan Amount: $_______________________________________________________________ High Credit Available (may be higher than loan amount): $____________________________ Initial draw (should be less than the loan amount/high credit): $___________________________ Draw fee: $_____________or ___________% Minimum Draw Amount: $_____________________ Maximum draws per month: ____________ Draw Term (less than loan term): _____________ Early closure fee in the amount of $___________ due if LOC closed before ________ months
HELOCs may not be available for private Investors/Lenders in reliance upon Business and Professions Code Section 10237et seq. and may not be used to circumvent Financial Code Section 4970 et seq. Business loans, loans on commercial property may be exempt.
CONSTRUCTION DOCUMENT INFORMATION (If order includes request for construction documents) Name of Architect/Engineer: ________________________________________
PLM Loan Processing Document Order Worksheet Page 12 of 20 Address of Architect/Engineer: ______________________________________
Contract Date with Architect/Engineer: ________________________________ Name of Builder: _________________________________________________ Address of Builder: _______________________________________________ Contract Date with Builder: _________________________________________ Estimated Date of Commencement of Construction: _____________________ Amount of Construction Fund to be held $_____________________________ Inspection Fees $________________ to whom to be paid _________________ Name of Company holding funds _____________________________________
Construction loans must comply with Business and Professions Code Section 10237 et seq. or with offerings properly qualified with the DOC by exemption or registration and notice, if applicable.
LOANS REQUIRING MLDS885 FORMS – NON-TRADITIONAL (INTEREST ONLY, MINIMALLY AMORTIZING (30 DUE IN 3), NEGATIVE AMORTIZATION) – PLM WILL PREPARE THIS IN CERTAIN CIRCUMSTANCES. AN INITIAL MLDS885 SHOULD HAVE BEEN GIVEN IN THE INITIAL DISCLOSURE PACKAGE. THIS AFFECTS RESIDENTIAL 1-4 UNITS (OWNER OR NON-OWNER)
If you offer only one loan product type, PLM will be marking “(x) not offered”, as applicable, on the RE885. Should you offer only one loan product type, you must prepare and deliver to the Borrower a disclosure of that fact and that the single product offered is the only product suitable for the Borrower. (If you don’t offer any of these products, PLM will take the information from a national lender and complete the chart on your behalf). Principal and Interest Fully Amortizing Interest Only Fully Amortizing 5/1 ARM Fully Amortizing Interest Only Fully Amortizing Option Payment Fully Amortizing
Interest only for First 5 Years
Fixed Rate for First 5 Years; Adjustable Each Year After First 5 Years
Interest Only & Fixed Rate for First 5 years; Adjustable Rate Each Year After First 5 Years
Adjustable Ratefor Entire Term of the Mortgage
Fixed Rate (_____%) Fixed Rate (_____%)
Initial rate for 1 to 5 is ______%
Maximum Rate is ________%
Initial rate for 1 to 5 is ______%
Maximum Rate is ________%
Month 1 rate is 2.000%; Month 2 through year 5 rate is _______% Maximum Rate is __________% Term in Months: _________ Term in Months: ______ Term in Months: ______ Term in Months:_______ Term in Months: _________
PLM Loan Processing Document Order Worksheet Page 13 of 20
DEDUCTIONS FROM LOAN PROCEEDS
PLEASE NOTE IF PAID OUTSIDE OF ESCROW BY INDICATING “( )” AROUND THE AMOUNT. ALL FIGURES MUST BE INCLUDED AND NEED TO BE EXACT. DO NO ESTIMATE ON ANY AMOUNTS EXCEPTING PAYOFFS OR REINSTATEMENTS. THESE FIGURES SHOULD MATCH YOUR GOOD FAITH ESTIMATE. THE ACTUAL TITLE/ESCROW FEES SHOULD HAVE BEEN OBTAINED PRIOR TO COMPLETING YOUR INITIAL DISCLOSURE. PLEASE BE SURE ALL TITLE/ESCROW/ESCROW FEES HAVE BEEN DISCLOSED PROPERLY ON INITIAL DOCUMENTS AND ARE WITHIN TOLERANCE. PLEASE REVIEW YOUR GOOD FAITH ESTIMATE TO BE SURE ALL FEES ARE IN TOLERANCE.
FOR WHAT SERVICE PAYABLE TO
BROKER PAYABLE TO OTHER PARTY IF TO OTHER, TO WHOM Appraisal $ $ Escrow Fee $ $
Title Ins. Lender Policy $ $
Title Ins. Owner Policy $ $
Notary Fee – exact fee not including signing fee $ $ Signing Fee $ $ Recording Fees $ $
Title Co. Doc Prep Fee $ $
Broker Doc Prep Fee
$ $
PLM Doc Prep Fee
$ $
Underwriting Fee
$ $
Loan Processing Fee $ $
Courier Fee
$ $
Wire Fee
$ $
Lender Origination Fee $ $
Lender Discount Fee
$ $
Administrative Fee
$ $
Initial Impound Deposit $ $
Prepaid Payments-if paid all through escrow, in APR, if paid when deemed earned, not in APR $ $ Broker’s Commission/Fee $ $ Other $ $
PLM Loan Processing Document Order Worksheet Page 14 of 20 Please remember that as of January 1st, 2010, all fees must equal fees on original GFE.
*** Commission/Fee*** (Broker(s) fees) – Please remember that if you are paying another broker a fee, they must have completed 6 of the 13 designated activities of a loan broker in order to qualify for the fee. It would be prudent to have support documentation of the services performed and the fees, costs, and expenses earned or incurred maintained in each file.
Also, please note that there should not be two charges for items such as processing fees, underwriting fees, etc. payable to different parties.
ESTIMATED PAYMENTS OUT OF LOAN PRINCIPAL
FOR WHAT PAYABLE TO
BROKER PAYABLE TO OTHER PARTY IF TO OTHER, TO WHOM Fire/Hazard Insurance Premium $ $ Reconveyance Fee** $ $
Recoveyance Fees for previously paid off items** $ $ Payoff on existing 1st D/T $ $ Payoff on existing 2nd D/T $ $ Paydown of existing D/T $ $
Payment of county tax installments - installments to be paid- 1st installment 2nd installment Prior year $ $ Other _____________ $ $ Other _____________ $ $ Other _____________ $ $ Other _____________ $ $
PLM Loan Processing Document Order Worksheet Page 15 of 20
Special Loan Instructions
(i.e. subordinating liens, liens already paid off, new senior deed of trust recording concurrently, new subordinate deed of trust recording, etc.)
_______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ TO WHOM IS THE LOSS PAYEE FOR THE FIRE INSURANCE TO BE DIRECTED: _______________________________________________________________________ _______________________________________________________________________ TO WHOM IS THE DEED OF TRUST TO BE RETURNED:
_______________________________________________________________________ _______________________________________________________________________
NOTE: According to DRE regulations, senior and subordinate deeds of trust with private
Investors/Lenders are not to be concurrently originated and recorded. Deeds of trust securing multi-lender notes may not include future subordination provisions.
DOCUMENT FEES/INFORMATION/TERMS – please mark service requested ( ) Full Set of Borrower Document: $300
( ) Full Set of Lender Documents: $300
( ) Full Set of Borrower & Lender Documents – concurrently ordered $450 ( ) Redraw charge - $250
( ) Include Construction Documents $250
( ) HELOC Documents –Borrower and Lender $700
(if you have a license with Dennis Doss, Esquire, these documents are $450.00). ( ) HELOC Documents – Borrower only $550.00
(if you have a license with Dennis Doss, Esquire, these documents are $300.00) ( ) Commercial Documents – Full set of Borrower & Lender Documents $550 ( ) Commercial Documents – Full set of Borrower Documents $400
( ) Commercial HELOC Documents – Full set of Borrower & Lender Documents $800 _______ ARBITRATION AGREEMENT: PLEASE INCLUDE DO NOT INCLUDE _______ JUDICIAL REFERENCE: PLEASE INCLUDE DO NOT INCLUDE If you do not circle one of the above, arbitration agreement will be included.
PLM Loan Processing Document Order Worksheet Page 16 of 20 ADDITIONAL CHARGES
If MLDS885 is completed: $50.00
If Impound documentation is completed: $50.00
More than one property - $50.00 for each additional property (above one)
If multi-lender and multi-properties whereby an 851D form must be prepared: $100
If requesting more than 5 sets of lender documents, $15.00 charge per additional lender ($50.00 minimum)
FedX fee: $25.00 charge per address.
DELIVERY PROCESS
E-mail borrower documents – must be sent to Broker for review and forwarded to the title company : BROKER E-MAIL ADDRESS________________________________________
E-mail lender documents - must be sent to Broker for review and forward to the Lender to BROKER E-MAIL ADDRESS_________________________________________________
Call broker for pickup of documents_( )___________________ Phone#
Other instructions: _________________________________________________________
E-mail borrower documents to title:____________________________________________
Broker understands that it is a requirement to send documents to Broker for review, however, Broker is requesting PLM to send documents directly to title company in addition due to time restraints. Broker/agent certifies he/she is responsible for contacting title after document review to authorize signing of documents.
Please select the services you are ordering. All fees are due at time service is rendered, however, as a courtesy PLM may submit the bill to escrow for payment.
Should PLM allow fees to be paid at a later date, payment shall be made within ten days of billing. PLM fee is due and payable for services rendered regardless of whether the transaction is consummated. PLM reserves the right to refuse service on any order that does not meet the applicable requirements of the Real Estate Law or the Finance Lender Law.
PLM Loan Processing Document Order Worksheet Page 17 of 20 MASTER AGREEMENT WITH PLM MUST BE ON FILE BEFORE PLM CAN PREPARE ANY DOCUMENTS. SIGNOR ON THESE DOCUMENTS MUST BE NAMED ON THE MASTER
AGREEMENT WITH PLM. IF MASTER AGREEMENT IS NOT ON FILE, PLEASE SUBMIT WITH THIS ORDER TOGETHER WITH A COPY OF A VALID BROKER/AGENT’S LICENSE AND
ENDORSEMENT TO SAID LICENSE IF LOAN IN ENCUMBERING 1-4 UNITS WHETHER PROPERTY IS OWNER OR NON-OWNER, BUSINESS OR CONSUMER PURPOSE.
__________________________________________ ____________________________ BROKER or AUTHORIZED AGENT’S SIGNATURE DATE
_________________________________________ PRINT NAME AND TITLE
PLM Loan Processing Document Order Worksheet Page 18 of 20 IMPOUND INSTRUCTION TO BROKER
Impounds can be required by the lender, required by government regulations and simply requested by the borrower. It is important that the impounds be calculated properly, the initial deposit sufficient and the cushion be sufficient. Below please find a sample of the items which must be reviewed in order to achieve a correct impound.
Amount of taxes due – review existing taxes; on purchase calculate based on purchase price. Insurance – base on amount and term being paid through escrow.
The cushion (the lowest point in the escrow account balance) can be no more than two months of monthly escrow deposit.
Assume close of escrow January - first payment is March Tax amounts equal $2,500
Insurance is $900 annually – six month policy paid for in escrow (or six months is remaining at time of close) Two months cushion is selected – the highest cushion is recommended in case costs come in higher than projected or payments have not been received timely.
Monthly impound to be $2,500 plus $900 divided by 12 = $283.33 Cushion to equal $283.33 x 2 = $566.66** Initial Deposit to be $1,583.34* Period Payments to Escrow Account Payments from
Escrow Account Description
Escrow Account Balance Initial Deposit: $1,583.34* 0 03/1/20__ 283.33 1,250.00 COUNTY PROPERTY TAX $616.67 04/1/20__ 283.33 $900.00 05/1/20__ 283.33 $1,183.33 06/1/20__ 283.33 900.00 INSURANCE (ANNUAL) $566.66** 07/1/20__ 283.33 $849.99 08/1/20__ 283.33 $1,133.32 09/1/20__ 283.33 $1,416.65 10/1/20__ 283.33 $1,699.98 11/1/20__ 283.33 1,250.00 COUNTY PROPERTY TAX $733.31 12/1/20__ 283.33 $1,016.64 01/1/20__ 283.33 $1,299.97 02/01/20__ 283.33 $1,583.30
PLM Loan Processing Document Order Worksheet Page 19 of 20 CONSUMER MORTGAGE LOAN DISCLOSURE SUMMARY
Please review your loan information, costs, APR to verify if the loan falls into these categories. If the loan is for a consumer purpose, is owner occupied and is a 1-4 dwelling (including mixed use), is not a HELOC, the loan will need to be reviewed for compliance:
Section 35
Purchase loans – Covered
Bridge loans – Exempt if 12 months or less
Construction loans – Exempt if for initial construction
APR threshold – APR 1.5% above the Avg. Prime Offer Rate on 1st D/T APR 3.5% above the Avg. Prime Offer Rate on juniors
www.ffiec.gov/ratespread/newcalc.aspx
Points and fees – No fee threshold Financed points and fees – No restriction Prepayment penalties – Allowed but restricted
Balloon payments – No limitation. However, if term is less than 7 years, lender loses the ability repay presumption
Prepaid payments – No restriction Default interest – No restriction
Ability to repay – Ability to repay must be documented and verified in writing Section 32
Purchase loans – Exempt
Bridge loans – Exempt if 12 months or less
Construction loans – Exempt if loan is for initial purchase or construction APR threshold – 8% above comparable T-Bill rate for 1st D/T
10% above comparable T-Bill rate for juniors
Points and fees – 8% of net loan amount after deduction of lender and broker fees, but excluding beginning interest.
Financed points and fees – No restriction Prepayment penalties – allowed but restricted
Balloon payments – Prohibited if term is less than 5 years. However, if term is less than 7 years, lender loses the ability repay presumption
Prepaid payments – No more than two Default interest - Prohibited
Ability to repay – Ability to repay must be documented and verified in writing Cal 32
Purchase loans – Exempt if one year or less Bridge loans – Exempt if 12 months or less
Construction loans – exempt if one year or less, for the purpose of acquision or construction APR threshold – 8% above comparable T-Bill rate
Points and fees – 6% of “total loan amount” (probably same Section 32 amount) with same inclusions and exclusions, equating to about 5.5% of gross note amount
Financed points and fees – Limited to greater of $1,000 or 6% of “total loan amount”, equating to about 5.5% of gross note amount
Prepayment penalties – allowed but restricted
Balloon payments – Prohibited if term is 5 years of less Prepaid payments – Prohibited
PLM Loan Processing Document Order Worksheet Page 20 of 20 Ability to repay – Ability to repay must be documented and verified in writing
Cal 35 Covered
Bridge loans - Exempt if 12 months or less
Construction loans – Exempt for initial construction
APR threshold – APR 1.5% above the Avg. Prime Offer Rate on 1st D/T APR 3.5% above the Avg. Prime Offer Rate on juniors
www.ffiec.gov/ratespread/newcalc.aspx
Points and fees – No fee threshold Financed points and fees – No restriction Prepayment penalties – allowed but restricted
Balloon payments – No restriction, however loan may be covered by Section 35 Prepaid payments – No restriction
Default interest – No restriction
Ability to repay – No restriction except the loan is probably covered by Sec. 35 which required verification of ability to pay
This chart is condensed for information only and is not meant to replace counsel review.
Thank you to Phil Adleson from Adleson, Hess and Kelly and Dennis Doss from Doss Law for assistance with this information.
