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BUDGET <br />CEE's proposed budget assumes that CEE will: <br />• originate loans <br />• provide Installation Verifications for all financed improvements <br />• provide Remodeling Assistance as requested <br />CEE will be compensated only for services that are actually provided according to the following <br />price schedule: <br />Remodeling Advisor Visit $130.00 <br />Loan Origination Fee $550.00 <br />Installation Verification $70.00 <br />Filing Fees <br />CEE assumes that costs for filing fees will be paid by the borrower and therefore are not included <br />in the budget table below. <br />Origination processing <br />Origination fees are charged only for closed loans. CEE does not charge any fees for processing <br />and evaluating applications that do not result in closed loans. Origination fees cover costs of the <br />following activities: <br />• acting as fiscal agent for the program on behalf of the City <br />• communication between CEE and applicants <br />• time spent by loan officers in the community assisting applicants with the application process <br />• computer services, postage and other related administrative costs of loan processing and <br />closing <br />• administration of program funds and accounting services related to receipt and disbursement <br />of program funds <br />• verification that applicant and property are within boundaries of the City <br />• analyze credit reports <br />• process loan applications <br />• verify household income <br />• calculate debt to income ratio <br />• calculate loan to value ratio <br />• review description of work and verify that it is a permanent home improvement <br />• assist customer with collection and assessment of bids <br />• preparation of loan documents and mortgages <br />• file appropriate mortgage documents for all loans (origination fee does not include filing fees <br />which will be paid by the borrower) <br />Proposal for City of New Brighton Page A-5 <br />Center for Energy and Environment <br />