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Subordination Requirements

SAFE will consider the subordination* of an existing equity product for members who are completing a refinance with another lender. To make a determination regarding a subordination request for an existing equity loan, several items are required. Please select the appropriate checklist for your request below, gather all required items, and send a complete package to SAFE for processing.

  • Subordination of an existing equity loan

    To make a determination regarding a subordination request for an existing equity loan, the following items are required:

    • Subordination fee of $225.00 (due prior to processing)
    • Copy of the FTS (1008 FNMN/FHLMC Transmittal Summary)
    • Copy of the Real Estate Loan Application (1003)
    • Copy of a current credit report for the borrower(s)
    • Copy of the new loan terms and conditions
    • Current Preliminary Title Report on the subject property
    • Copy of recent appraisal on the subject property (not applicable for a streamline refinance)
    • Subordination Agreement (to be signed by SAFE Credit Union)
    • FedEx or UPS return label or account number (if local, courier will pick up)

  • Subordination of an existing equity loan for HARP or FHA Streamline Refinance

    To make a determination regarding a subordination request for an existing equity loan, for a HARP or FHA Streamline Refinance, the following items are required:

    • Subordination fee of $225.00 (due prior to processing)
    • Copy of the FTS (1008 FNMN/FHLMC Transmittal Summary)
    • Copy of the Real Estate Loan Application (1003)
    • Current Preliminary Title Report on the subject property
    • Copy of the DU (or other underwritings findings) reflecting the FICO score and estimated value used
    • Subordination Agreement (to be signed by SAFE Credit Union)
    • FedEx or UPS return label or account number (if local, courier will pick up)

Mail complete packages to:

SAFE Credit Union
Attn: Sales and Underwriting
3720 Madison Avenue
North Highlands CA 95660

Please note: Estimated processing time is 10 days from the date a complete evaluation package is received.

For assistance with this process or questions regarding subordination requirements, please contact Loan Support at (916) 979-7233 or (800) SEE-SAFE.

 


*Subordination establishes one debt as ranking behind another debt in the priority for collecting repayment from a debtor.

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