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As with the PHAP, BAAHA will be involved with every aspect of implementing and <br />administrating the PDALP process—from start to finish. Unlike with the PHAP, BAAHA will <br />have no involvement with the purchase/sale process of the transaction. The buyers and seller <br />will be represented by their own real estate agents. <br />Pleasanton (PHAP) Property and PDALP Refinances <br />PHAP and PDALP Refinance Protocols <br />BAAHA incorporates the following steps in conducting and administering PHAP and PDALP <br />refinances. <br />Property Owner Request to Refinance <br />The property owner is required to deliver an executed Request to Refinance to initiate the refinance <br />process. BAAHA will provide the Request form, which will include 1)the property and owner <br />information; 2)the reason for the refinance; 3)the name of the loan officer; 4)the loan amount that <br />is requested; and 5)the date of the refinance. <br />Included with the request will be City-specific requirements for the owner to refinance their <br />property. BAAHA in the request will also instruct and notify the owner that they cannot lock <br />the interest rate on the loan until such time the City/BAAHA have provided the owner and lender <br />a Subordination Approval. <br />Lender Module and Documentation <br />Upon receiving a signed Request, BAAHA will issue a detailed list of instructions to the refinancing <br />lender with a Lender Refinance Module. In addition,the lender is provided a copy of the Resale <br />Restriction and must certify to BAAHA that they can lend on the PHAP property. <br />The Lender will be required to take specific steps to conduct the refinance including(and not limited to); <br />Submit required refinance related lender documents for BAAHA's review and approval. <br />Submit a filled out Lender Refinance Module. This is an interactive Excel based module <br />that provides BAAHA the ability to conduct a detailed subordination underwriting analysis. <br />Subordination Approval and Rate Lock <br />BAAHA reviews all information provided and makes a preliminary determination to submit an <br />approval recommendation to the City. If approved by the City, BAAHA then allows the Lender <br />to lock the interest rate on the loan. Accordingly, a Lender must receive a Subordination <br />approval from the City prior to locking the interest rate. <br />Document Preparation and Escrow <br />BAAHA prepares all Subordination documents and escrow instructions the City requires and <br />delivers them to the City, Lender, and Escrow/Title Company for review and clearance. Upon <br />receiving clearance, BAAHA will request for the City to sign the documents and deliver them to <br />escrow for processing and any other addition signatures that may be required by other parties. <br />Escrow will be instructed to provide the City all copies of signed, notarized, and recorded <br />documents. <br />Docusign Envelope ID: F53F1E05-ADA3-465D-BE20-156E055217E3