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REV: 06-11-25 LF <br />Income Re-verifications <br />1. Level One (Income Only): <br />a. In keeping with the provisions of the borrower’s promissory note and/or loan <br />agreement, Consultant will forward an income re-verification package to the <br />borrower. The package will contain instructions and forms needed to complete <br />the re-verification. <br />b. If the required information has not been received within two weeks, Consultant <br />will send a reminder letter. <br />c. If the borrower fails to respond within the allotted time frame, Consultant will notify <br />the City of the borrower’s non-compliance. <br />d. Upon receipt of a completed re-verification package, Consultant will perform the <br />following tasks: <br />−Verify that forms are complete and proof of income has been received. <br />−Calculate the borrower’s income to determine continued compliance with <br />the City’s program requirements for income. <br />−Forward re-verification report to the City, with a recommendation for <br />continued deferral or amortization. <br />−If the recommendation is to amortize the loan, and the City approves, <br />Consultant will prepare necessary loan documents (additional charges will <br />apply). The loan documents will be forwarded to the City for borrower and <br />the City signatures. Consultant will record necessary documents and will <br />begin collecting under the new payment schedule. <br />2. Level Two (Income, Debt, and other Program Requirements): <br />Includes level one services plus the following: <br />a. Consultant will order credit reports on borrower and will calculate the borrower’s <br />debt to income ratio to determine if borrower has present capacity to make <br />monthly loan repayments. <br />b. Consultant will receive documentation (established by the City) to determine that <br />program requirements have been met, e.g. continued occupancy, insurance, etc. <br />c. Consultant will forward a re-verification report that includes the status of the <br />borrower’s income, capacity for incurring additional monthly note repayments, <br />and compliance with the City’s program requirements. <br />ATTY/AGR.2025.144/AmeriNational Community Services, LLC d/b/a AmeriNat (Page 24 of 31)