Read Form: Ohio: Borrower(s) Certificate of Reasonable Tangible Net Benefit for All Loans Refinanced in Ohio (BRO 0595) | 01/09/07 text version

Borrower(s) Certificate of Reasonable Tangible Net Benefit for All Loans Refinanced in Ohio

Borrower Name(s): Property Address:

This form applies only to home loan applications for the refinance of a home loan in Ohio.

Part I. Determination of Tangible Net Benefit Review each of the following factors with respect to the subject loan. To determine if the loan provides a tangible net benefit, initial all applicable factors and complete the appropriate signature lines in Part II. If the subject loan does NOT meet at least one of the factors listed below, SunTrust Policy prohibits the closing of the subject loan. 1. ______ The terms of the new and old loan, including note rate, any discount or introductory rate and the fully-indexed or stepped-up rate, repayment terms, amortization schedule, mortgage product type, the inclusion in the new loan of required insurance products or prepayment penalty costs that were not in the old loan, the remaining duration of the pre-existing loan versus the duration of the new loan, and the fair market value of the dwelling upon which the loan(s) are secured; 2. ______ The cost in the new loan, including points and fees, prepayment penalties, all broker compensation paid directly and indirectly, and such other closing costs as are disclosed on the HUD-1 Settlement Statement.; 3. ______ The loan-to-value ratio of the new loan compares to that associated with the outstanding balance of the pre-existing loan; 4. ______ The debt-to-income ratio of the borrower before and after the new residential mortgage transaction; 5. ______ The amount of time that has lapsed between the new loan and the origination of the old loan or previous refinancing; 6. ______ The borrower receives cash in excess of the costs and fees, as disclosed on the HUD-1 settlement statement, as part of the refinancing; or 7. ______ The refinancing is necessary to respond to a bona fide personal need or an order of a court of competent jurisdiction. Note: SunTrust Policy prohibits the refinance of any mortgage loan originated, subsidized, or guaranteed by or through a governmental agency or nonprofit organization that contains a below-market interest rate when originated or a nonstandard payment term that is beneficial to the borrower.

BRO 0595 (01/07) Page 1 of 2 Borrower(s) Certificate of Reasonable Tangible Net Benefit for All Loans Refinanced in Ohio

Borrower(s) Certificate of Reasonable Tangible Net Benefit for All Loans Refinanced in Ohio

PART II. Creditor or Broker's Certification of Tangible Net Benefit Either A or B MUST be filled out and signed. Both sections may be completed.

SECTION A. Creditor's Certification of Tangible Net Benefit

Creditor:

Underwriter's Name (Printed)

Title

Underwriter's Signature

OR

SECTION B. Broker's Certificate of Tangible Net Benefit

Broker:

Broker's Name (Printed) .

Title and Company Name

Broker's Signature

BRO 0595 (01/07) Page 2 of 2 Borrower(s) Certificate of Reasonable Tangible Net Benefit for All Loans Refinanced in Ohio

Information

Form: Ohio: Borrower(s) Certificate of Reasonable Tangible Net Benefit for All Loans Refinanced in Ohio (BRO 0595) | 01/09/07

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