Monthly Replacement Reserve $_______________ Deposit $_______________ Repair Threshold Repairs Escrow Account $_______________, payable [one time][monthly] Administrative Fee $_______________ Repairs Escrow Deposit Replacement Reserve Account $_______________, payable [monthly][annually] Administration Fee Replacement Reserve Account [monthly][quarterly] Interest Disbursement Frequency Replacement Threshold $_______________ VI. CONVERSION OPTION SARM LOAN – A non-refundable fee in the amount of Conversion Review Fee $___________________. Guaranty Fee The guaranty fee offered by Fannie Mae for a new Fannie Mae mortgage loan with the same or substantially similar loan terms and credit characteristics as the Mortgage Loan (taking into account the Fixed Rate Option selected by Borrower) at the time of the Conversion Effective Date. _____ Minimum Conversion Debt Service Coverage Ratio [Insert the applicable Debt Service Coverage Ratio, which shall in no event be lower than 1.25 for Tier 2, 1.35 for Tier 3, or 1.55 for Tier 4, based upon Tier at Mortgage Loan origination.]
Monthly Replacement Reserve Deposit $_______________ Repair Threshold $_______________ Repairs Escrow Account Administrative Fee $_______________, payable [one time][monthly] Repairs Escrow Deposit $_______________ Replacement Reserve Account Administration Fee $_______________, payable [monthly][annually] Replacement Reserve Account Interest Disbursement Frequency [monthly][quarterly] Replacement Threshold $_______________ VI. CONVERSION OPTION – SARM LOAN Conversion Review Fee A non-refundable fee in the amount of $___________________. Guaranty Fee The guaranty fee offered by Fannie Mae for a new Fannie Mae mortgage loan with the same or substantially similar loan terms and credit characteristics as the Mortgage Loan (taking into account the Fixed Rate Option selected by Borrower) at the time of the Conversion Effective Date. Minimum Conversion Debt Service Coverage Ratio _____ [Insert the applicable Debt Service Coverage Ratio, which shall in no event be lower than 1.25 for Tier 2, 1.35 for Tier 3, or 1.55 for Tier 4, based upon Tier at Mortgage Loan origination.]
6102sarmsrs.docx