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instruction of the Client, AmeriNat will file the Motion for Relief. Once authorized by the court, <br />and as directed by the Client, AmeriNat may then begin foreclosure proceedings. <br /> <br /> <br />Subordination Processing <br /> <br />1. Subordination Request Package: Upon a borrower’s request for a subordination, AmeriNat will send <br />a Subordination Request Package to the borrower or designee (lender or title). The Client may require <br />the borrower to pay the cost of the subordination processing at application or the Client may pay the <br />cost upon billing from AmeriNat. <br /> <br />2. Review Process: The purpose of the subordination review process is to determine that the new senior <br />loan on the borrower’s property will be made in conformance with the Client’s subordination policy <br />and that the Client’s title position and security for its note is properly treated. Also, a review of income <br />of the borrower may be performed if there are ongoing restrictions on income levels for the program <br />participant. Documentation typically required for the review may include the following: <br /> <br />a. Letter from borrower with reasons for requesting subordination <br />b. FNMA 1003 application, or other applicable application, for new senior loan <br />c. Lender’s approval of new senior loan <br />d. Title report <br />e. Appraisal <br />f. Closing instructions and estimated closing statement <br />g. Credit report (if required) <br />h. Tax return or other income documentation (if required) <br />i. Completed Subordination Agreement ready for signature <br />j. Request for Notice document on new senior loan(s) <br /> <br />3. Document Preparation: AmeriNat prepares subordination documents or can review documents <br />prepared by the new senior lender. These documents generally include: <br /> <br /> <br />a. Subordination Agreement <br />b. Request for Notice document on new senior loan(s) <br />c. Closing instructions <br /> <br />4. Recommendation: At the completion of the review, a report is forwarded to the Client with a <br />recommendation to either approve the request and to execute the Agreement, or to deny the <br />request. The report will contain a recapitulation of pertinent information such as lowered monthly <br />payment amounts, old and new LTV’s, new and old senior debt loan amounts, etc. <br /> <br />5. Approval: Upon the Client’s approval of a request for subordination, the Client will forward to <br />borrower’s lender or Title Company: <br /> <br />a. Completed and executed Subordination Agreement between the Client and borrower <br />b. Closing instructions dictating terms / use of Subordination Agreement document <br />c. Request for Notice document for new senior loan <br /> <br />Docusign Envelope ID: 2B617463-847A-4D49-A35E-F34CFC91F6B8