Workout Worksheet (Form SG354)

Transcription

1 1) Date Package Received by Master Servicer: / / 2) Date Servicer Received Request Package: / / To: Servicer: 3) Servicer Name 4) Address City State Zip Loan Information 5) MPF Loan # 7) Borrower s Name 9) Property Address City State Zip 6) Servicer Account # 8) Servicer Contact 10) Contact Telephone # 11) Fax 12) Occupancy Status Owner Occupied Investment Property Master Servicer Use Only Master Commitment No. Interest Rate Servicer # First Pay Date 13) Proposal Request Pre-Foreclosure Sale Deed In Lieu Modification Other 14) Loan Information PMI Company Last Payment Received UPB Form SG354 Page 1

2 15) Ensure that the required documentation in your submission request package is in the following order: 1. Workout Worksheets 7. Listing Agreement 2. Insurer Approval Letter (if applicable) 8. Financial Statement 3. BPO/CMA ("as is" value) 9. Pay Stubs 4. Hardship Letter 10. Bank Statements 5. Contract of Sale 11. Tax Returns 6. Net Sheet 16) Hardship Reason (check one) A. Death of Borrower G. Domestic Difficulties M. Bankruptcy B. Illness of Borrower H. Business Failure N. Catastrophe/Natural Disaster C. Illness in Family I. Excessive Credit Obligation O. Permanent Disability D. Unemployment J. Property Devaluation P. Environmental Problem E. Relocation (job related) K. Permanent Reduced Income Q. Incarcerated F. Relocation (personal) L. Temporary Reduced Income R. Other NOTE - All packages that are either incomplete or not submitted as noted above will be promptly returned. Review of Borrower s Financial Circumstances 17) Assets: Savings Acct: Checking Acct: Payroll Deduction: 18) Income from Federal Tax Returns: Interest: Yr: Dividend: Yr: IRA/401K as stated: 19) Investment Property(ies): Mortgaged? Y / N $ UPB Mortgaged? Y / N $ UPB 20) Investment Property Value: (1) $ (2) $ 21) Monthly Income: $ (22) Monthly Expenses: $ (23) Total Debt: Form SG354 Page 2

3 24) Other: 25) Recommended Borrower Contribution: $ MARKET VALUE 26) Broker's Price Opinion No. 1 $ "As Is" Value Date Broker's Price Opinion No. 2 $ "As Is" Value Date 27) Original Appraised Value $ Date SALES OFFER 28) Date of Offer 29) Offer Amount $ 30) Date Offer Expires 31) Projected Closing Date 32) Property Listed Y / N 33) How Long 34) Listing Price $ 35) Foreclosure Sale Date (if applicable) LOAN ANALYSIS 36) UPB... $ + 37) Accrued Interest... $ + 38) Total Closing Costs... $ + A. Commission ( %) $ B. Discount Points...$ C. Other Costs...$ D. Claim Curtailment...$ 39) SUBTOTAL $ + 40) Borrower. Contribution... $ (-) 41) Net Proceeds (Sale)... $ (-) 42) MI CLAIM (estimated)... $ (-) 43) ESTIMATED LOSS... $ (AS OF DATE SERVICER'S RECOMMENDATION AND COMMENTS 44) 45) Signature of Servicer Contact Date Form SG354 Page 3

4 SECTION I INSURER APPROVAL LETTER (IF APPLICABLE) BPO/CMA ("AS IS" VALUE) HARDSHIP LETTER MPF Servicing Guide Revision Date 09/23/2004 Form SG354

5 SECTION II CONTRACT OF SALE NET SHEET LISTING AGREEMENT MPF Servicing Guide Revision Date 09/23/2004 Form SG354

6 SECTION III FINANCIAL STATEMENT PAY STUBS BANK STATEMENTS TAX RETURNS (200 AND 200 ) MPF Servicing Guide Revision Date 09/23/2004 Form SG354

7 Instructions to Workout Worksheet (Form SG354) Purpose To provide Servicer with a worksheet to analyze any workout request received from a Borrower. Distribution To be completed by Servicer on each workout request, i.e., short sale, Assumption, modification, Deed In Lieu, forbearance, etc., and submitted to the Master Servicer (see Chapter of the Servicing Guide). Preparation Instructions 1. Date request package received by the Master Servicer. 2. Date you received the particular request from the Borrower. 3. Your company name. 4. Your company mailing address where correspondence would come directly back to you. 5. MPF loan number (if you are unsure, please check with your investor reporting department). 6. Your loan number. 7. Borrower's full name (last name first). 8. Contact person's name. 9. Subject property address. 10. Phone number where the contact person can be reached. 11. Fax number where you can receive a written response to your request. 12. Check one to indicate if property is owner occupied or if it is an investment property. 13. Check or write in type of proposal request. 14. Complete all loan information. Indicate N/A if not applicable. 15. Check each item enclosed and place in order of list. Indicate N/A if not applicable. 16. Check hardship reason. 17. Indicate "total" dollar amount derived from saving(s), checking, and payroll correspondence, provided by borrower. 18. Indicate "total" dollar amount derived from tax correspondence provided by Borrower. 19. List address of investment property(s) and current unpaid Principal Balance. 20. List current market value of investment property. 21. Total of Borrower(s) monthly income. 22. Total of Borrower(s) monthly expenses. 23. Total of Borrower(s) debts. 24. List any additional miscellaneous expenses and give total dollar amount. 25. Give recommendation for Borrower contribution. 26. Indicate BPO "as is" value and date value was determined. 27. Indicate original appraised value. 28. Give date of contract of sale. 29. Give dollar amount of offer. 30. Give expiration date of offer. 31. Give projected closing date. Instructions to Form SG354 Page 1

8 Instructions to Workout Worksheet (Form SG354) 32. Indicate if property is listed. 33. Indicate how long property has been listed. 34. Give dollar amount of current listing price. 35. Give scheduled foreclosure date. 36. Give current unpaid Principal Balance. 37. Give accrued interest figure through date of projected closing date. a. Give actual date interest is figured through. 38. Give total closing costs. a. Give percentage and dollar amount of commission. b. Give dollar amount of discount points. c. Give total of any miscellaneous costs. d. Give dollar amount of claim Curtailment. (This figure should be stated in the e. insurer approval letter.) 39. Give subtotal of 36, 37, and Give dollar amount of Borrower contribution. 41. Give net proceeds dollar amount to be received from sale of the subject property. 42. Give "estimated" claim dollar amount. 43. Give estimated loss dollar amount. 44. Signature of Servicer contact. 45. Give date of preparation. 46. Section I, Section II, and Section III. Place items in order as indicated on front of worksheet under number. Instructions to Form SG354 Page 2