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<br />(1) A cover letter with a written request from borrower indicating <br />reason for refinancing and the structure of the refinancing <br />transaction, <br /> <br />(2) A check for $100.00 payable to the City of Redwood City, and <br /> <br />(3) A form provided by City/Agency containing the following <br />information: <br /> <br />"'Current mortgage balance(s) <br />""Current appraised value of the property <br />'" Amount of new loan and terms <br />"'Monthly Payment and estimated reduction in housing costs <br />(or operating expenses If request is from Investor Owner) <br />"'Balance of Cityl Agency loan <br />"'Estimated Loan to Value after refinancing <br />"'Estimated settlement fees for new loan (provided by the Title <br />Company prior to loan closing) <br /> <br />HOW SUBORDINATION APPROVALS ARE MADE: <br /> <br />Upon City's receipt of the above listed information, the City will notify Borrower in <br />writing that a Subordination Request will be approved administratively by City <br />staff, or that Loan Committee approval is required and that a meeting for this <br />purpose has been scheduled for a specified day. <br /> <br />All subordination requests shall be mailed to the City containing original <br />signatures of the Borrowers at the address listed below. <br /> <br />City of Redwood City <br />Attention: Housing Coordinator <br />P.O. Box 391 <br />1017 Middlefield Road <br />Redwood City, CA 94064 <br />Telephone: (650) 780-7290 <br />FAX: (650) 780-0128 <br /> <br />Borrower Is informed at that time that Title Company or Lender for first mortgage <br />must provide subordination document for City to sign. City will not prepare this for <br />the first lender. <br /> <br />Approved Home Improvement Loan Committee 4/12/01 <br />Modified March 3, 2003 <br /> <br />4 <br /> <br />6.11 <br />Page 17 <br />