(Updated July 12, 2011) Make sure you also review our top FAQ’s (they really help you understand the process)
What we do in a nutshell: Nationwide Subordinations is hired by loan officers, loan processors, Title Co’s, Attorneys, Escrow firms and homeowners all over the United States with their subordination requests. We will provide you with specific lender checklists, discuss guidelines, pre-audit the subordination package for accuracy and validity, track the progress, correspond with the lender underwriting staff working on the case, negotiate (if necessary), prepare the Subordination document (if required by the lender) and cover all overnight fees to and from the Subordinating lender.
Once you have submitted your checklist request you can expect:
- We will provide you with a list of the subordination requirements specific to the lender. Instructions on how, when and where to submit docs and fees are included.
- In many cases, you are contacted within minutes of your request during business hours.
- If your request is submitted after normal business hours or on weekends, you’ll be contacted the following business day. Don’t be surprised if we even respond when we are technically closed – confirmation that we have no life)
- Once you have compiled all the information and provided the documentation back to us we will audit the file and submit the full subordination package to the lender for underwriting.
- Our fee includes all over-night deliveries, unless noted in the checklist except for subordination re-draw’s due to changes in loan amount or other terms.
Payment (fees depend upon the subordinating lender)
An invoice will be sent to the recipient who originated the request. They are ultimately responsible for payment. It can be paid either online or via Cashiers Check made payable to Nationwide Subordinations.
Payment will need to be received prior to submission of the subordination request to the lender, but not prior to receiving all the supporting documentation needed.
Are you a Title Co., Attorney or Escrow firm? Most pay the invoice by cashiers check and overnight the check to our office. If you find this is the case, please make the check out to Nationwide Subordinations and send the check to:
Nationwide Subordinations: 1910 120th Place SE, Suite 101, Everett, WA. 98208
Once the subordination has been approved it will be delivered (UPS or FedEx) directly to either you or your preferred closing/title company as you instruct us.
Common Requirements of most lenders. (Be prepared to submit these, so have them on hand):
- 1003 (loan application form)
- 1008 (Uniform Underwriting Transmittal form)
- Approval/Commitment Letter from new proposed 1st lien lender
- Appraisal (FNMA 1004 – some lenders require color photos)
- Estimated HUD-1 Form (some lenders require no cash out)
- Preliminary Title Report/Commitment showing all existing liens (no older than 60 days in most cases)
- GFE
- Payoff for existing first mortgage
Order your specific lender checklist/guidelines by clicking the button located to the above right.
