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<br />Center for Energy and Environment (CEE) Loan Subordination Policy <br />If you are in the process of refinancing your current mortgage, please read the requirements below or visit our Lending <br />Center’s home page for more information. A non-refundable processing fee will be charged in order to initiate the review of <br />any Subordination requests. The amount of the fee and requirements are available upon request, and can be found at <br />ourLending Center home page: https://www.mncee.org/services/financing/ <br />Subordination Requirements: CEE will agree to subordinate its loan if the following conditions are met: <br />1. The new Mortgage is a First Lien. <br />2. The new Combined Loan to Value ratio (CLTV) does not exceed 100% of the current Market Value of the property. <br />3. The new Mortgage is not an Interest Only or Adjustable Rate Mortgage. <br />4. The new Mortgage is not a Cash-Out Refinance. <br />5. The new Mortgage does not move CEE’s lien to a lower position. <br />6. The loan with CEE is current and in good standing (has not been 30 days delinquent more than once over the last <br />24 months). <br />7. The current loan with CEE has not been subordinated to a different mortgage during the last 24 months. <br />8. All property taxes are current. <br />CEE will mail or fax a copy of the subordination agreement to the requesting party upon approval of the request. The <br />original document will be mailed after a copy of the signed Closing Disclosure has been received. CEE reserves the right <br />to refuse any request to subordinate its loan if any of the requirements are not met, or if the documentation submitted is <br />incomplete. <br />Required Documentation: CEE requires the following documentation to be provided in order to initiate the review of any <br />Subordination request: <br />1. Written request to subordinate the loan to a new First Mortgage. The request must include the purpose of the <br />refinancing. <br />2. Copy of the most current Appraisal (not more than 6 months old) or the document used by the new lender to <br />determine the current Market Value of the property (Tax assessment is a valid documentation for review). <br />3. Copy of the Title Insurance Commitment (Schedules A and B). <br />4. Current UPB (Loan Balance), current PITI (monthly payment including Principal, Interest, Taxes and Insurance –if <br />escrowed-), current Term (including remaining Term) and current Interest Rate. <br />5. Copy of the New Loan application or the New Loan Estimate (must include new UPB, new PITI, new Term and new <br />Interest Rate). <br />6. Name and contact information of the new Lender (must include the name and contact information of the Loan <br />Officer). <br />7. Subordination Processing Fee (you can find the current fee amount at our Lending Center home page <br />https://www.mncee.org/services/financing). <br />If the Subordination request is missing documentation, CEE will notify the requesting party in writing (via USPS or by any <br />electronic means determined by the borrower or his/her agent), indicating which documents are missing. After 30 days, all <br />incomplete requests will be considered abandoned and will be cancelled. <br />Subordination Agreement: Upon receipt of the signed Closing Disclosure (signed by the mortgagors and the closer) the <br />executed subordination agreement will be forwarded to the lender or Title Company for recording. <br />If you have any questions about this procedure, please contact CEE at 855.296.5626 or via email at: <br />loanservicing@mncee.org