Subordinations

Subordination Requirements for a Loan with Quorum:

• Copy of credit report

• Full loan application (Form 1003)

• Copy of Commitment Letter

• Copy of Appraisal (or signed Waiver of Appraisal in transactions with this exclusion)

• Copy of Title Search

• Full name and address of new lender

• Check made payable to ‘Quorum Federal Credit Union’ in the amount of $150.00

• Return label for delivery of subordination agreement

• Balance increase cannot exceed 3% of the original first mortgage loan amount, no cash-out requests above this limit will be approved

The average turnaround time is fifteen business days. To expedite the process, we recommend sending all required documents via overnight delivery. If you are targeting an end of month closing, please have all subordination materials to us prior to the 15th of that month to avoid potential delays.

Once your application is reviewed and approved, Quorum will subordinate the full-face amount of our loan. We are unable to reduce or change the amount of our Note.

Resources:

• Subordination Checklist

• Subordination Agreement Instructions

• Subordination Agreement Template

Electronic delivery: mls@quorumfcu.org