Conference 7.286::dcu

433.0. "DCU POSTING: MORTGATE UPDATE--SUBORDINATION AGREEMENT" by STAR::CANTOR (Have pun, will babble.) Tue Jan 28 1992 16:39

Author:	DCU                           
Date:	27-Jan-1992
Posted-date: 28-Jan-1992
Subject: subordination agreement                                                 


                   DIGITAL EMPLOYEE'S FEDERAL CREDIT UNION
                  Mortgage Update - Subordination Agreement
        
        
        If a member is refinancing their first mortgage with another 
        financial institution and they have a Home Equity loan with 
        DCU they would like to keep open, the member must request a 
        Subordination Agreement from DCU.
        
        A Subordination Agreement is a written agreement that allows a 
        new first mortgage to become the priority lien on the property 
        while leaving DCU as the second lien on the property.
        
        DCU will process Subordination Agreements for members within 
        two weeks of request.  To expedite processing, members must 
        obtain the following documents from the lender and supply them 
        to DCU: 1) Complete copy of the appraisal report including 
        photos;  2) Copy of the Fannie Mae transmittal summary;  3) 
        The name, address and telephone number of the appraiser. 
        
        If you have any questions about Subordination Agreements or 
        DCU's Mortgage program, please call the Mortgage department at 
        DTN/223-6735 or 508/493-6735, ext. 316.