CCP 12-13-2011 - Laserfiche WebLink

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Draft Exhibit A-11 BUDGET CEE's proposed budget assumes that CEE will: • originate loans • provide Post Installation Verifications when necessary • provide Remodeling Advisor Visit as requested CEE will be compensated only for services that are actually provided according to the following price schedule: Remodeling Advisor Visit $150.00 Administrative Fee (MHFA Discount) $125.00 Loan Origination Fee $550.00 Post Installation Verification $70.00 Filing Fees Filing fees are to be paid by the borrower at the time of closing. Remodeling Advisor The Remodeling Advisor service offers residents a visit to their property by an experienced housing professional to provide information regarding proposed projects, required building permits, set-backs, easements, and collection and analysis of bids from reputable contractors. Origination processing Origination fees are charged only for closed loans. CEE does not charge any fees for processing and evaluating applications that do not result in closed loans. Origination fees cover costs of the following activities: • communication between CEE and applicants; • time spent by loan officers in the community assisting applicants with the application process; • computer services, postage and other related administrative costs of loan processing and closing; • administration of program funds and accounting services related to receipt and disbursement of program funds; • verification that applicant and property are located within boundaries of the City; • analyze credit reports; • process loan applications; • verify household income; • calculate debt to income ratio; • calculate loan to value ratio; • review description of work and verify that it is a permanent home improvement; • preparation of loan documents and mortgages; • file appropriate mortgage or security instrument documents for all loans; New Brighton Home Improvement Program Page A-5 Center for Energy and Environment