CORRESPONDENT REPLACEMENT RESERVE ... -   Forms/Word Docs/Replacement...Web viewReview the request and verify compliance with the loan documents and replacement reserve agreement page 1

CORRESPONDENT REPLACEMENT RESERVE ... - Forms/Word Docs/Replacement...Web viewReview the request and verify compliance with the loan documents and replacement reserve agreement

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CORRESPONDENT REPLACEMENT RESERVE DISBURSEMENT FORM

CORRESPONDENT REPLACEMENT RESERVE DISBURSEMENT FORM

SFB LOAN #

Correspondent Name:

Property Name

Property Location

Amount Requested $

Date of request

Amount in Reserve Account $

As of Date

Replacement Request Period

From

Thru

Date of Last Replacement Reserve Disbursement

Replacement Reason(s):

|_| HVAC

|_| Floor Coverings

|_| Appliances

|_| Paving

|_| Roof

|_| Other (Please List):

** Please Review Agreement to confirm all expenditures are allowable.

I

CHECKLIST: (Complete either A or B)

A. If amount requested is in EXCESS of $25,000.00:

|_|

1.

Review the request and verify compliance with the loan documents and replacement reserve agreement.

|_|

2.

Verify all work and/or replacements are complete:

(a) Date physical inspection was made:

|_|

3.

Submit this form along with the borrowers request, all supporting documentation and correspondent recommendations to Southern Farm Bureau for review.

|_|

4.

Review reserve account to assure deposits are being made to replenish account in accordance with the loan documents.

B. If amount requested is LESS than $25,000.00:

|_|

1.

Review the request and verify compliance with the loan documents and replacement reserve agreement.

|_|

2.

Verify all work and/or replacements are complete:

(a) Was physical inspection made? NO|_| YES|_| DATE (if YES):

|_|

3.

Approve and disburse allowable funds from the borrowers reserve account.

|_|

4.

Review reserve account to assure deposits are being made to replenish account in accordance with the loan documents.

|_|

5.

Maintain all correspondence and supporting documentation in Correspondents office.

|_|

6.

Complete and submit this form to Southern Farm Bureau along with a copy of the disbursement check, wire or reasons for denial.

II

Comments/Recommendations:

III

To be completed by SFB if amount EXCEEDS $25,000

To be completed by Correspondent if amount is LESS than $25,000

A. Check one:

|_|

Request Approved

|_|

Request Denied - Give reasons:

|_|

Request Partially Approved - Reasons for partial denial:

B. Approved Disbursement Amount:

$

Date Sent:

Correspondent:

Request Processed By:

SFB Approval (If in excess of $25,000):

Revised 07.03.13