IV Policies and Proceduresof Document 4250Return to Top2021OVERVIEWIn New York State borrowers may refinance a mortgage by assignment or Consolidation Extension and Modification AgreementCEMAKEY FEAT ID: 880080
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1 NY CEMA Procedures IV. Policies and Proc
NY CEMA Procedures IV. Policies and Proceduresof Document #4250 Return to Top/2021 OVERVIEWIn New York State, borrowers may refinance a mortgage by assignment or Consolidation, Extension and Modification AgreementCEMA KEY FEATURES When a borrower refinances using a NY CEMA, the borrower will only pay mortgage tax on the new money mortgage. NY CEMA Procedures IV. Policies and Proceduresof Document #4250 Return to Top/2021 CLOSING PACKAGE DELIVERYThe Closing Package must include:New York CEMA Collateral CoversheetDoc. #3688All prior endorsed original Notes(s)CEMAs and Assignmentsand copy of recorded Mortgages, if applicable. If original recorded documents are not available, County Certified copies of the recorded documentsare acceptableOriginal executed and endorsed Gap/New Money Note Original executed and endorsed Consolidated Note, including the verbiage required by the Fannie Mae/Freddie Mac instruction page that comes with the CEMA Form 3172 1/01 (rev.5/01)Do Not Stamp Exhibit C.Certified True Copy of the executed CEMA and Exhibit A, B, C and D, if loan did not close in the name of Flagstar Bank.Orignal CEMA with Exhibits A, B, C, D if the loan closed in the name of FlagstarBank. Orignal will be returned to sender for recording once sign
2 ed by FlagstarBankCopy of the fullyexecu
ed by FlagstarBankCopy of the fullyexecuted 255 AffidavitCertified True Copy stamp must have initials or signature on/near stamp.Copy of the Gap/New Money MortgageCertified True Copy stamp must have initials or signature on/near stamp.Copy of Power of Attorney, if applicableCertified True Copy stamp must have initials or signature on/near stamp.All executed Assignments, previously recorded or sent for recordingCertified True Copy stamp must have initials or signature on/near stamp. SEND INITIAL CLOSING PACKAGESPRIOR COLLATERALTO Flagstar Bank, FSB5151 Corporate DriveTroy, MI 48098Attention: Post Closing Receiving Department, Mail Stop: WInclude current loan number when sending prior collateral CURE CEMARELATED POST CLOSING DEFICIENCIES THAT REQUIRE ORIGINAL COLLATERAL, SEND CONDITIONS TO Flagstar Bank, FSB5151 Corporate Dr.Troy, MI 48098Attn: Kristina Weddington/CEMA, Mail Stop WInclude current loan number for conditionsPackages not received in a timely manner may delay recording and disbursement of the loan.CEMA should not be sent for recording until all CEMA post closing deficiencies are satisfied. ADDITIONAL CONTACT INFORMATIONFor CEMA postclosing assistancecontact Flagstar’s CEMA Post Closing Team at CEMAPostClosing@flagstar.com