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As with the PHAP, BAAHA will be involved with every aspect of implementing and administrating the PDALP process—from start to finish. Unlike with the PHAP, BAAHA will have no involvement with the purchase/sale process of the transaction. The buyers and seller will be represented by their own real estate agents. Pleasanton (PHAP) Property and PDALP Refinances PHAP and PDALP Refinance Protocols BAAHA incorporates the following steps in conducting and administering PHAP and PDALP refinances. Property Owner Request to Refinance The property owner is required to deliver an executed Request to Refinance to initiate the refinance process. BAAHA will provide the Request form, which will include 1)the property and owner information; 2)the reason for the refinance; 3)the name of the loan officer; 4)the loan amount that is requested; and 5)the date of the refinance. Included with the request will be City-specific requirements for the owner to refinance their property. BAAHA in the request will also instruct and notify the owner that they cannot lock the interest rate on the loan until such time the City/BAAHA have provided the owner and lender a Subordination Approval. Lender Module and Documentation Upon receiving a signed Request, BAAHA will issue a detailed list of instructions to the refinancing lender with a Lender Refinance Module. In addition,the lender is provided a copy of the Resale Restriction and must certify to BAAHA that they can lend on the PHAP property. The Lender will be required to take specific steps to conduct the refinance including(and not limited to); • Submit required refinance related lender documents for BAAHA's review and approval. • Submit a filled out Lender Refinance Module. This is an interactive Excel based module that provides BAAHA the ability to conduct a detailed subordination underwriting analysis. Subordination Approval and Rate Lock BAAHA reviews all information provided and makes a preliminary determination to submit an approval recommendation to the City. If approved by the City, BAAHA then allows the Lender to lock the interest rate on the loan. Accordingly, a Lender must receive a Subordination approval from the City prior to locking the interest rate. Document Preparation and Escrow BAAHA prepares all Subordination documents and escrow instructions the City requires and delivers them to the City, Lender, and Escrow/Title Company for review and clearance. Upon receiving clearance, BAAHA will request for the City to sign the documents and deliver them to escrow for processing and any other addition signatures that may be required by other parties. Escrow will be instructed to provide the City all copies of signed, notarized, and recorded documents.