ULTRA JUMBO (UJ series) FULL DOC PROGRAM
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1 ULTRA JUMBO (UJ series) FULL DOC PROGRAM Purchase and Rate/Term Refinance Owner Occupied Investment Property FICO Loan Amt SFR, Condos, PUDs Second Home 2-4 Family SFR, Condo, PUDs & 2-4 Family LTV CLTV LTV CLTV LTV CLTV LTV CLTV 720+ $2.5M 95 1 / / $2M 95 1 / / $2M Cash-out Refinance Owner Occupied Investment Property FICO Loan Amt SFR, Condos, PUDs 2nd Home 2-4 Family SFR, Condo, PUDs & 2-4 Units LTV CLTV LTV CLTV LTV CLTV LTV CLTV 760+ $2.5M 95 1 /90 2 / /90 2 / $2.5M 95 1 /90 2 / /90 2 / $2M $2M $2M % Purchase /Rate & Term / Cash-out Refi LTV/CLTV % Cash-out Refinance LTV/CLTV Minimum credit score of 680 required for purchase and rate/term refinance. Minimum credit score of 720 required for cash-out refinance transactions. Maximum 35% DTI. Primary residence only. Single-family, PUDs, and warrantable Condominiums only. Maximum combined loan balance $1,500,000. Minimum credit score of 720 required. Maximum 35% DTI Primary residence only. Single-family, PUDs, and warrantable Condominiums only. Maximum combined loan balance $1,500,000. OVERLAY TO FIRST-TIME HOME BUYERS Primary Residence only. Single Family, PUDs, and warrantable Condos only 9 months PITI required Ultra Jumbo Update: 11/14/2018 1
2 PROGRAM DETAILS Mortgage/Housing History 0X30 in the past 24 months Bankruptcy History 1 Multiple bankruptcies are ineligible Chapter 7 Four (4) years from discharge date to application date Chapter 13 and Chapter 11 personal - 4 years from discharge date to application date Prior Loss Mitigation 2 Foreclosure History 4 years prior to application date 4 years Maximum DTI Up to 50% minimum 720 credit score and LTV/CLTV 80 Adverse Credit Residual Income Reserves All reserves requirements are calculated by determining the subject property PITIA and adding other property PITIAs as applicable. All delinquent credit that will impact title, including delinquent taxes, judgments, charge-off accounts, tax liens and mechanic's liens, must be paid off prior to or at closing. DTI > 43% requires household residual income $3500 DTI 43% requires household residual income $ months PITIA reserves required for all LTV/CLTV 80% 9 months PITIA reserves required for LTV/CLTV > 80%, loan amounts > $1,500,000, second home, 2-4 unit, investment, and First Time Homebuyer 6 months PITIA reserves required for each additional financed property (up to a maximum of 36 months) Maximum Cash-out No limit Minimum 6 months ownership seasoning required for cash-out transactions Establishing LTV/CLTV Cash-out Refinance 12 months ownership seasoning to use appraised value to determine LTV/CLTV. If the ownership seasoning is less than 12 months, the lower of the purchase price or the appraised value will be used to determine LTV/CLTV. The purchase price must be documented. 1 Consumer Credit Counseling Service (CCCS) is considered the same as Chapter 13 bankruptcy. Bankruptcy dismissal dates are treated the same as discharge dates. 2 Loss Mitigation includes non-foreclosure actions such as Deed-in-lieu, Short Sale, NOD, Short Refinance, Pre- Foreclosure Sale, Loan Extension, Loan Modification, Forbearance and Charge-off. Multiple Loss Mitigation events are allowed. Multiple REO limits If the loan is secured by the borrower's principal residence, there are no limitations to the number of properties owned or financed. If the loan is secured by the borrower's second home or an investment property: o May have up to 10 financed properties (including principal residence) OR o May own or have financed an unlimited number of properties so long as the subject transaction has a maximum LTV/CLTV of 70% or the program maximum, whichever is less. Ultra Jumbo Update: 11/14/2018 2
3 Ultra Jumbo Update: 11/14/2018 3
4 FIXED RATES: 30, 15yr fixed available Fully Amortized Loan Terms Interest Only Loan Terms Mortgage Insurance Minimum Loan Amount Principal Reduction /Curtailment Application Date used for Credit Grade Criteria ADJUSTABLE RATES: 5/1 ARM 7/1 ARM 10/1 ARM Initial Fixed Rate terms (months) Periodic Caps 2/2/5 5/2/5 Periodic Rate Change (months) 12 months Index 12 Month Libor Lifetime Cap Start Rate + 5% Lifetime Floor Start Rate Margin See Rate sheet Look Back Period 45 Days Qualifying Rates: 5/1 ARM - Borrowers qualify at the higher of the fully indexed rate or the initial note rate plus the periodic adjustment (2%).* 7/1 & 10/1 ARMs - Borrowers qualify at the higher of the fully indexed rate or the initial note rate.* Fully amortizing mortgage loan that pays interest only during the first 10 years and amortizes down over the remaining years. FIXED RATES: Terms: 30, 40yr interest only available Qualifying Rate: Borrowers qualify at the note rate based on fully amortizing Principal and Interest payment during the principal repayment period. Borrowers will not be qualified on the Interest Only payment amount. ADJUSTABLE RATES: Caps, index, margin & look back periods see fully amortized section (above) 10/1 ARM IO - 30 YR 10/1 ARM IO - 40 YR Term Amortization term Qualifying Rates: Borrowers qualify at the higher of the fully indexed rate or the initial note rate using the fully amortizing Principal and Interest payment during the principal repayment period. Borrowers will not be qualified on the Interest Only payment amount.* Mortgage insurance is not required or permitted. $1.00 above regular conforming limits A principal curtailment to the new refinance loan at closing is allowed up to the lesser of 2% of the new loan amount or $2000 and must be clearly reflected on the Closing Disclosure. Otherwise, principal curtailment/reductions are not allowed. The borrower s initial application date will be used to determine the seasoning for prior bankruptcy, loss mitigation, foreclosure events, etc. Ultra Jumbo Update: 11/14/2018 4
5 Program Codes Borrower Eligibility Fixed Period 40 year 30 year 15 year Fully Amortized UJM30 UJM15 Interest Only UJM40io UJM30io Adjustable 5/1 7/1 10/1 (30yr term) 10/1 (40yr term) Fully Amortized UJM5/1 UJM7/1 UJM10/1a Interest Only UJM10/1io3 UJM10/1io4 Eligible Borrowers: U.S. Citizens First Time Homebuyers Permanent Resident Aliens Ineligible Borrowers: Foreign Nationals Non-Permanent Resident Aliens Inter Vivos Revocable (aka living) Trusts Note: The number of borrowers per application is limited to 4 Minimum Tradeline Requirements Borrower Credit Eligibility Foreign Income & Assets Eligible Property Types A borrower(s) without an established credit history is ineligible. A valid and usable score is one that is generated based on credit history and credit patterns that accurately reflect the borrower s history. It should contain at least: o Three established open and active tradelines reported on the credit report: One reported for a minimum of 24 months All active in the last 12 months (defined as last activity within 12 months of credit report date) One with a minimum $2,500 high credit balance Borrower eligibility requirements apply to all properties currently or previously owned by the borrower. For example, mortgage housing history, loss mitigation, foreclosure, etc. Inclusive of all liens regardless of lien position. Foreign Income is NOT allowed Foreign Assets may be used as a source of funds to close and to meet applicable reserve requirements. These funds must be transferred to a United States domiciled account in the borrower s name. The transfer should occur within 30 days of closing, but in all cases 10 days prior to closing. o Documenting Assets Held in Foreign Accounts: Assets must be verified in U.S. dollar equivalency at the current exchange rate via either or the Wall Street Journal conversion table. A copy of the two most recent statements of the foreign account to verify that funds are seasoned a minimum of 60 days. Single Family Residence (attached and detached) PUDs (attached and detached) 2-4 Units Fannie Mae warrantable condominiums (low, mid, and high-rise) Ultra Jumbo Update: 11/14/2018 5
6 Borrower Required Funds A minimum down payment of 5% of the borrower s own funds is required for any purchase transaction. Appraisal Requirements 1 Full Appraisal 1 if Combined Loan Amount <= $1.5M 2 Full Appraisals 1 if Combined Loan Amount > $1.5M 2 Condominiums require a HOA certification form Third Party Review Requirements Collateral Desktop Analysis (CDA) 2 Clear Capital Escalation Process If the CDA returns a value that is 10% of the Appraised Value 3 or the purchase price, the lower of the Appraised Value or purchase price can be used to establish the LTV/CLTV. If the CDA returns a value that is "Indeterminate" or > 10% of the Appraised Value 3, a Clear Capital Broker Price Opinion (BPO) and Clear Capital Value Reconciliation of Three Reports must be ordered. The reconciled value determined by Clear Capital will be used to determine LTV/CLTV. If the Clear Capital CDA returns a value that is greater than the Appraised Value 3, the Appraised Value will be used to determine LTV/CLTV. 1. Full Appraisal refers to a Uniform Residential Appraisal Report (URAR). This includes a FNMA 1004 and FHLMC The CDA will be completed on lower of the two appraisals 3. The Appraised Value is the value determined from the original appraisal(s) obtained by MCFI. Ultra Jumbo Update: 11/14/2018 6
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TABLE OF CONTENTS PRODUCT DESCRIPTION Page # Product Description 3 ELIGIBILITY Occupancy 3 Underwriting Methods 3 Documentation Requirements 3 Transaction Types 3 Eligible Property Types, Ineligible Property
More informationPurchase, Rate and term refinance, Cash-out refinance. Finance Type. Owner-occupied primary residences only F15, F20, F25, F30, F15HB.
Finance Type Occupancy Product Codes Purchase, Rate and term refinance, Cash-out refinance Owner-occupied primary residences only F15, F20, F25, F30, F15HB. F30HB FHA Fixed Rate Type of Loan Maximum Mortgage
More informationEZ ELITE (EZE series) FIXED & ARM P&L PROGRAM
EZ ELITE (EZE series) FIXED & ARM P&L PROGRAM Primary Residence, Second Home & Investment Properties Purpose Property Type Max Loan Amount Max LTV Max CLTV Min FICO Purchase & Rate/Term Refinance Cash
More informationFNMA Conforming Mortgage
Topic Program Description Products AUS method Eligible States Maximum Loan Amounts Agency Conforming Loan Limits Product Guideline This is base Fannie Mae mortgage parameters for primary, second and investor
More informationNON-Interest Only. (W/ Secondary Financing)
Property Type 3 Fixed & ARM Purchase and Rate Term Refinance Max LTV Max LTV/CLTV 1 (W/O Secondary Financing) (W/ Secondary Financing) Min. FICO/Max DTI 1-Unit Primary 95.01 4,5-97% 4,5,6 95.00% DU/DU
More informationDU REFI PLUS EXPANDED T300RP A341RP
The Federal Housing Finance Agency (FHFA) Home Affordable Refinance Program (HARP) is designed to assist borrowers who have demonstrated an acceptable payment history on their existing Fannie Mae mortgage
More informationPLATINUM JUMBO (PJ SERIES)
ARM & FIXED PURCHASE / RATE & TERM REFINANCE Occupancy Units Primary 1 Unit Max Loan amount PLATINUM JUMBO (PJ SERIES) LTV Credit Score Occupancy Units CASH-OUT REFINANCE Max Loan amount LTV Credit Score
More informationditech BUSINESS LENDING CONFORMING FIXED RATE PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION Conventional Conforming fixed rate mortgage DU Version 10.2 Servicing retained 10 to 30 year term in annual increments Fully amortizing Qualified Mortgage (QM) Safe Harbor loans
More informationDU Refi Plus. Eligibility Matrix Loan Amount & LTV Limitations
This matrix is intended as an aid to assist in determining if a property/loan qualifies for the DU Refi Plus program. It is not intended as a replacement for the full DU Refi Plus guidelines. Users are
More informationditech BUSINESS LENDING CONFORMING HIGH-BALANCE PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION ditech BUSINESS LENDING CONFORMING HIGH-BALANCE PRODUCT Conventional Conforming fixed rate mortgage with High- Balance loan limits DU Version 10.2 Servicing retained 10 to 30 year
More informationPRIMARY RESIDENCE - PURCHASE & RATE/TERM REFINANCE. Reserves
Click Here For PDF Version Full/Alternative Documentation 1-2 Unit 1 Unit 3-4 Unit PRIMARY RESIDENCE - PURCHASE & RATE/TERM REFINANCE Maximum Qualifying Ratios Required MI Minimum LTV CLTV Loan Amount
More informationCONFORMING HIGH BALANCE LIBOR ARMS PROGRAM HIGHLIGHTS
Program Summary Loan Term & Program Category A Conforming High Balance Conventional loan with increased loan size limits. A 30 year conforming conventional LIBOR ARM that is fixed for the initial 5, or
More informationditech BUSINESS LENDING CONFORMING FIXED RATE PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION Conventional Conforming fixed rate mortgage DU Version 10.1 Servicing retained 10 to 30 year term in annual increments Fully amortizing Qualified Mortgage (QM) Safe Harbor loans
More informationMalibu Non-Agency Matrix
Revision: May 1, 2018 (Product Information Center, 949-390-2684, www.jmaclending.com PURCHASE AND R&T REFINANCE FIXED RATE AND FULLY AMORTIZING ARMs CASH-OUT REFINANCE Occupancy Units Max Loan Amount LTV/CLTV
More informationGuidelines Correspondent. Loan Program: 5/1 LIBOR ARM 2/2/5 85 LTV No PMI Dollar Bank (1585) LTV Limits:
Loan Program: 5/1 LIBOR ARM 2/2/5 85 LTV No PMI Dollar Bank (1585) LTV Limits: Occupancy Primary Residence Property Type w/o Sec Fin. PURCHASE MORTGAGES w/sec Fin. Max TLTV Max HTLTV Loan Limits 1 Unit
More informationPORTFOLIO ARM CLOSED END 2 ND TD. Table of Contents
Table of Contents 1. Program Codes...2 2. Product Overview...2 3. Product Summary...2 4. Documentation...2 5. Underwriting...2 6. Qualifying Rate...2 7. Borrower Eligibility...2 8. Appraisal...3 9. Appraised
More informationNon Conforming JUMBO Programs
Non Conforming JUMBO Programs Select QM Eligibility Matrix Fixed Rate and Hybrid ARM Products Primary Residence Purchase, Rate and Term Transaction Type Units FICO LTV/CLTV/HCLTV Loan Amount 1 760 85%
More informationWholesale Rate Sheet
a new lock may be requested at the current market price without incurring the relock fee. 5 Days 0.150% Conventional Fixed Products 30 Year Fixed 20 Year Fixed Rate 30 Day Price 45 Day Price 60 Day Price
More informationditech BUSINESS LENDING CONFORMING DITECH-PAID LPMI PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION Conventional Conforming fixed rate with lender paid mortgage insurance DU Version 10.2 Servicing retained 10 to 30-year term in annual increments Manufactured Homes -30 year term
More information10, 15, 20, 25 & 30 YR Fixed Rates
Agency Correspondent Lending Fannie Mae Standard Fixed Rate and ARM Product Profile excludes: DU Refi Plus, High-Balance, HomeStyle Renovation and MyCommunity Mortgage ELIGIBILITY MATRIX & SUMMARY GUIDELINES
More informationFixed-rate, fully amortizing with level payments for life of loan. This program is for conventional conforming loan amounts.
Several states and local municipalities have enacted legislation that define High Cost loans based on APR and fee thresholds which may or may not relate to the HOEPA thresholds. These types of loans typically
More informationPURCHASE. Max LTV w/o Sec. Fin. Max LTV w/ Sec. Fin. Max TLTV w/ Sec. Fin.
Agency Revised 3/26/2014 Correspondent Lending Freddie Mac Standard Fixed Rate and ARM Product Profile excludes: Relief Refinance and Super Conforming ELIGIBILITY MATRIX Overlays to Freddie guidelines
More informationditech BUSINESS LENDING JUMBO AA PRODUCT CORRESPONDENT LENDING
ditech BUSINESS LENDING JUMBO AA PRODUCT CORRESPONDENT LENDING See attached Client Guide Supplement: The Client Guide Supplement is to be used in conjunction with the Product Matrix and the Jumbo Chapter
More informationAssociated Adjustable Rate Mortgage Programs TPO Originations
1. Product Description Associated Mortgage Portfolio Programs allows Associated to offer customized underwriting solutions based on the borrower s individual Credit with Associated Bank and other lenders;
More informationEXTENDED JUMBO (FIXED & ARM)
EXTENDED JUMBO (FIXED & ARM) PURCHASE AND RATE TERM REFINANCE 1,3,4 Occupancy Units Min. FICO LTV/CLTV Loan Amount 740 90/90 Purch only $1,000,000 720 85/85 Purch only $2,000,000 80/90 $2,500,000 1 80/90
More informationFannie & High BalanceGuidelines
Fannie & High BalanceGuidelines Agency Finance Type Occupancy Term High balance and transactions with non-occupant coborrowers are limited to 95% LTV/CLTV. High Balance Cash Out Transactions are limited
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