CEMA-Checklist.pdf

Ensure the existing mortgage is with the same lender or obtain an Assignment of Mortgage.
2. Confirm the unpaid principal balance of the existing mortgage.
3. Calculate the total consolidated amount by adding the unpaid principal balance and the "new money" or "gap" amount.
4. The mortgage tax is based on the "new money".
5. The Assigning Lender must provide the original note, mortgage, and an allonge.
6. The Consolidating Lender's attorney must prepare:
a. New Money/GAP Mortgage
b. 255 Affidavit
c. CEMA with exhibits (Consolidated Mortgage, Schedule of Mortgages, Consolidated Note, property description)
d. The Consolidated Note must reference the notes described in Exhibit A of the CEMA.
7. Submit the Gap Mortgage, 255 Affidavit, Assignment (if necessary), and CEMA with all exhibits for recording.
Required documents include:
1. Assignment
2. 255 Affidavit
3. Consolidated Note
4. Consolidated Mortgage
5. Schedule of Mortgages
6. Gap Mortgage
7. CEMA
8. Allonge