Single Family Housing Guaranteed Loan Program Quick Reference

Transcription

1 Single Family Housing Guaranteed Loan Program Quick Reference Topic 7 CFR 3555 HB CFR Part 3555 Appendix 1 A Abandoned or Vacant Property A Account Acceleration Acceptable Lien Position Adjusted Annual Income (c) (definition) 9.5 See Income for more details Adoption Assistance (a) 9.3 A: Annual income 9.10 A 11: Repayment income Agency and Employee Addresses Appendix 4 Agency Review of Annual Income (c) 9.6 Attachment 9-F Agency Review of Repayment Income (c) 9.8 Attachment 9-F Alimony (a) 9.10 A 7 Annual Income (b) 9.3 Annual Fee (definition) (h) Escrow cushion: (b)(6)(xi) Attachment 9-C 16.5 Appeals Appendix 3 Appraisals (d) 12.5 Appraisal Forms (d) 12.5 B Appraisal Transfer (d) 12.5 B Appraisal Update (d) B Appraisal Remote Areas (d) 12.5 F Assets (d) 9.3 D: Annual income 9.4: Calculation Assumption of Loans A, B and C Authorized User Accounts (i)(6) Automobile Allowance (a) 9.10 A 13: Repayment income 11.2 B: Debt ratio Automated Underwriting (b) 5.3 1

2 B Balloon Obligations (h) 11.2 B Bankruptcy: Chapter (i)(3)(ii) 10.7 A Attachment 10-B Bankruptcy: Chapter (i)(3)(ii) 10.7 A Attachment 10-B Bankruptcy: Chapter (i)(3)(ii) Attachment 10-B discharged with foreclosure pending Bankruptcy: Servicing (d) 18.8 A Bonus/Overtime Income (a) and (b) 9.10 A 1: Repayment income 9.3 E: Verification Business Debts (h) 11.2 B C CAIVRS (i)(5) 10.2: Credit eligibility 15.2: Loan application Appendix 7 Cash on Hand (d)(1)(ii) and 9.4 A (d)(2)(ii) Certificate of Deposit (COD) (d)(1) 9.4 A Charge Off Accounts (i) 10.9 Childcare Expenses (c)(2) 9.5 B Adjusted income 11.2 B Debt ratios Child Support (a) 9.10 A 7 Annual income 11.2 B Debt ratios Cisterns (b)(4) 12.6 A 1 Citizenship and Immigration (b) 8.2 F Status Civil Rights Closing Costs (b)(6)(vii) 6.2 C: Eligible costs 6.3: Prohibited costs Closing Date ( Settlement Date 16.7 definition) Closing Documentation (f) 16.2, 16.3 Attachment 16-A CLTV Collection and Charge Off (i) 10.9 Accounts: Credit Analysis Collection and Charge Off Accounts: Capacity Analysis (h) and (i) 10.9: Capacity Analysis 11.2 B: Debt Ratio Collection Efforts: Servicing : Required servicing 17.2: Required servicing Combination Construction Permanent Loans : Delinquent accounts : Delinquent accounts

3 Commission Income (a) and (b) 9.10 A 2: Repayment Income 9.3 E: Verification Community Land Trusts Compensating Factors (Debt Ratio Waivers) (h)(2) 11.3 A Complete Loan Application Attachment 15-A Compliance Reviews (b)(19) 3.8 Condominium A Consumer Counseling (i) Attachment 10-B Co-Signed Debts: Non-Mortgage (h) 11.2 B Co-Signed Debts: Mortgage (h) 11.2 B Co-Signors (a) 9.9 Conditional Commitment (f) 15.6 Conditional Commitment: (f) 15.8 Lender Response Conventional Credit (e)(4) 8.2 B Credit Inquiries (h) and (i) 10.3 B Credit Report (i) 10.3 Credit Report Versions (i) 10.4 Credit Report: NPS (i)(7) Credit Scores (i) 10.7 Attachment 10-A Credit Score Validation (i)(3) 10.5 Credit: Derogatory (i)(3) 10.7 A Custodial Property (f) D Debt Ratio Waivers (h)(2) and (3) 11.3 A Deed-in-Lieu of Foreclosure (c) 18.5 Deed of Trust (i) 16.3 Default Counseling Deferred Obligations (does not (h) 11.2 B apply to student loans) Deductions to Annual Household Income (c)(1): Dependents (c)(2): Childcare expenses (c)(3): Disability care (c)(4): Elderly family (c)(5): Medical expenses 9.5 A 9.5 B 9.5 D 9.5 C 9.5 E Delinquency Reporting (b)(8) and Appendix 8 Dependents: Unborn Child Household definition 9.3 E 1 3

4 Dependents: Shared Custody Household definition 9.3 E 1 Depository Accounts (d)(1)(ii) 9.4 A Disaster Area Assistance Discount Points (b)(6)(iv) and (d) Disputed Credit Accounts (h) Dividends (a) 9.10 A 8 Duplicate Loan Note Guarantee E Early Delinquent Loans Earned Income Tax Credit (b)(5)(vii) 9.3 A Earnest Money (d)(1) 9.4 A EDI Documentation: Monthly & Quarterly Reporting and Delinquency Reporting Appendix 8 EDI Access Appendix 8 Electronic Signatures (b) and (i)(2) 15.4 Electronic Verification of (a) 9.3 E 3 Employment Eligible Areas (a) 12.3 Eligible Loan Purposes (a) 6.1 and 6.2 A, B, D and E Eligible Loan Costs (b) 6.2 C Employer Differential (a) 9.10 A 9 Payments/Housing Allowances Energy Saving Measures (b)(2) 6.2 C Environmental Requirements Escrow Accounts: Exterior (c) 12.9 C Escrow Accounts: Interior (c) 12.9 D Escrow Accounts: No Contractor (c) 12.9 E Escrowed Work Completion (c) 12.9 Existing Dwelling Requirements: Minimum Property Standards Termite Thermal (b) 12.9 A Expiration of Credit Documents (i) 120 days, must be valid at loan closing GUS: 5.3 A Income documents: 9.3 E Credit documents: 9.3 E 4 Credit report: 10.3 B Appraisal: 12.5 B Water/Septic/Termite: 12.6 A 1 Age of documents: Extended term loan modification (c)

5 F Family Owned Business (a) 9.10 B Employment Federal Debts (i)(5) 10.2 and 10.8: Credit 15.2: Verification Fee Simple (a) B 1 FEMA Flood Elevation (d)(7) B Certificate: New/Proposed Dwelling Only Flood Insurance Existing dwellings: (d)(5) B and (6) New/proposed dwellings: (d)(7) Flood Insurance Deductibles (d)(5 and (7) 12.6 B Foreclosure: Adverse Credit (i)(3)(i) 10.7 A Attachment 10-B Foreclosure: Liquidation (b) 18.7 and 18.8 Foreclosure: Acceptable (b)(1) 18.8 A Timeframes Foreclosure: Acceptable (b)(2) Liquidation Costs and Fees Forms Appendix 2 Foster Children/Adult Payments (a)(4) 9.12 Funding Priorities (a) 14.3 Future Recovery Attachment 18-A 18.8 B Attachment 18-B G Gaps in Employment (a)(1) 9.10 Garnishments (h) 11.2 B Gift Funds (b)(5)(v) 9.3 E 1 Government Assistance (a) 9.10 A 11 Programs Gross Up Non-Taxable Income (a) 9.10 A 4 Guaranteed Fee (Up-Front) (g)

6 Guaranteed Underwriting System (GUS) (b) 5.3 Functionality: 5.3 A Gaining Access: 5.3 B UW Guidance for lenders: 5.3 C LOS/POS: 5.3 D Cash Reserves: 5.3 E Data Tolerances: 5.3 F UW Findings Report: 5.3 G Request Commitment: 5.3 H UW Recommendations: 5.3 I Lender Reliance: 5.3 J Lender File Docs: 5.3 K Resubmission Policy: 5.3 L Lender Representation: 5.3 M Termination: 5.3 N Attachment 15-A H Hazard Insurance (non-flood (e) and (i)(3) C 1 zones) Homeowner Association (HOA) (h)(1)(i) 11.2 B fees Homeownership Vouchers (a) 9.11 C (Section 8) Homeownership Counseling (b)(6)(v) 6.2 C Housing Allowance B and 9.3 E 1: Annual income 9.10 A 9: Repayment income Housing Counseling Clearing House (HCC): Distressed Homeowners Glossary HUD (i) 16.3 I Income: Annual Income (b) 9.3 Attachment 9-C Income: Adjusted Annual (c) 9.5 Income Income: Repayment Income (a) 9.10 Income Documentation Worksheet Attachment 9-A Attachment 9-B (Case Study) Income Documentation Forms (optional for use) Attachment 9-G Income Limits (a) Appendix 5 Incomplete Loan Applications C Attachment 15-A 6

7 Incomplete Loan Closing Package A Attachment 16-A Indemnification (d) 4.11 Informal Forbearance Plan (b)(1) 18.5 In-ground Pools A Insurance Hazard: C 1 Flood: C 2 Insurance Proceeds: Servicing (c)(2) 17.5 Interest Rate (a) 7.3 Purchase: (a) Refinance: (d)(3)(i) 6.2 D 3 a & Attachment 6-A Interest and Dividends (a) 9.10 A 8 IRS 4506-T (b)(3) 9.3 E 6 Combination Construction to Permanent: Rural Refinance Pilot: Unnumbered Letter (UL) dated J Judgments (i)(5) Federal: Attachment 10-B Non-Federal: Attachment 10-B Junior Liens (b) K L Late Fees B Leasehold (b) 13.4: Requirements B 2: Closing requirements Legal Capacity (f) 8.2 D Lender Approval Attachment 3-A Lender Certification (f) 16.6 Form RD Lender Eligibility Lender Charges and Fees (b)(6)(vii) 6.2 C Lender Responsibilities (b) Chapter 4 Liquidation: Voluntary

8 Liquidation: Involuntary Liquidation Value Appraisal Loan Application Package Attachment 15-A Loan Closing Date (f) 16.7 Loan Closing Checklist: Lender (i) Attachment 16-A Loan Note Guarantee (g) 16.6 Form RD Loan Modification (b)(3) 18.5 Loan Purposes (a) 6.2 A, B and D Loan Term Long Term Liabilities (h) 11.2 B Loss Claims M Manufactured Homes Attachment 13-A Attachment 13-B Maximum Loan Amount Refinances: Attachment 6-A Rural Refinance Pilot: UL Medical Expense Deductions (c)(5) 9.5 E Mineral Leases (a) 17.9 Minimum Property (b) 12.9 Requirements: Existing Military Income (a) 9.3 E 1: Verification 9.10 A 5: Repayment income Modest Housing (definition) Modular Homes Monitoring: Lender (b)(19) 3.8 Mortgage Credit Certificate (h)(5) 9.10 A 16: Repayment income 9.11 A: Enhancing repayment 11.4: Ratios Mortgage Fraud: Lender (b)(20) 4.10 Prevention Mortgage Recovery Advance (d) 18.5 N Natural Disasters: Origination (d), (i)(2) 16.2 Form RD Lender Certification 8

9 Natural Disasters: Servicing Net Recovery: Actual (Sold (a) 20.4 A Property) Net Recovery: Anticipated (b) 20.4 B (Unsold REO Property) New Credit Charges (h) 11.2 B New Construction Dwellings (a) 12.9 B New Construction Dwellings: No (c) 12.9 B evidence of plans/inspections/warranty Newly Employed and 9.10 A Non-Purchasing Spouse (NPS) (1)(h)(iv) 10.15: Credit history 11.2 B: Debt ratio inclusion 15.3: Credit report in loan application package 16.2: Closing the loan Non-Traditional Tradelines (i)(6) 10.6 O Occupying the Property (c) 8.2 C Origination Checklist: Lender Attachment 15-A Outbuildings (b) 12.4 Ownership Requirements B Owning/Retaining a Dwelling (e) 8.2 A Overtime (a)(2) 9.10 A 1 Owning a Dwelling (e) 8.2 A P Partial Release of Security (b) 17.7 Part-Time Jobs (a)(2) 9.10 A 3 Payment Shock (h)(2) Penalties: Servicing Non- Compliance C, 20.5 Appendix 9 Permanent Buydown (b)(6)(vi) 6.3 Personal Asset Loans/401(k) (h)(1)(iii) 11.2 B Loans Planned Unit Developments B (PUD s) Power of Attorney (i) 16.2 Pre-Foreclosure Sale (b) 18.5 Previous Mortgage Loan (h) 11.2 B Previous USDA Mortgage Loan (i)(3)(iv) 11.2 B Projected Income (a) 9.10 A 15 Promissory Note (i) 16.3 Attachment 16-A 9

10 Property Disposition Plan (PDP) (f) 19.4 Attachment 19-A Protective Advances Purchase Agreement (i) 15.3 Attachment 15-A Q Qualified Alien (b) 5.2 A, 8.2 F R Repayment Term (b) and (c) 7.3 A Ratios (h) 11.2 Ratio Flexibility (h)(2) (7) Real Estate Owned (REO) (e) and (f) Management Record Retention: Lenders (b)(21) 2.2 Record Retention: USDA RD Instruction 2033-A 2.3 Attachment 2-A Recent/Undisclosed Debts (h) Attachment 10-B Rent Verification (i) Retain a Home (e) 8.2 A Retirement Income/ Accounts (a) and (d)(2)(v) 9.4 B: Asset consideration 9.10 A 6: Repayment income Rental Income (a) 8.2 A: Eligibility to retain 9.3 E 1: Verification 9.10 A 12: Repayment income Revolving Credit (h) 11.2 B Refinances (d) 6.2 D Attachment 6-A Remote Area Appraisals (d) 12.5 F Request a Loan Note Guarantee (g) (j) Attachment 16-A Reserves (h)(2)(iii) 9.3 E 1 GUS: 5.3 E Repairs (a)(3) 6.2 B Reporting: Performing Loans Reporting: Non-Performing Loans Reporting: Debt Settlement Revoking Lender Eligibility (c)(1) 3.9 Road Maintenance Agreement (b)(3) 12.7 B Rural Area Determination (a) 12.3 Attachment 12-A Rural Energy Plus Loans

11 S Sale of Guaranteed Loans , 4.6, 4.11 B Sale Proceeds 9.4 A SAM (g) 8.2 E: Applicant eligibility 15.2: Loan application SAVE (b) 8.2 F Schedule of Standard Attorney Fees (b)(2) 18.8 B Attachment 18-B Section 8 Homeownership Vouchers (h)(6) 9.10 A 18: Repayment income 9.11 C: Enhancing repayment 11.6: Ratios 9.3 E 1, 9.10 C Attachment 9-E Self-Employed Applicants Annual Income: (b) Repayment Income: (a) Seller Concessions (b)(6)(xii), (h) 6.3 Septic/Wastewater (b)(4) 12.6 B Servicing: Performing Loans , Servicing: Non-Performing Loans Shared Well (b)(4) 12.6 A 2 Short Sale (i) 10.7 A Attachment 10-B Site (b) 12.4 Social Security Income (a) 9.10 A 6 Special Forbearance Plan (b)(2) 18.5 Special Loan Servicing Stable and Dependable Income (a) 9.10 State Supplements Appendix 10 Street Access (b)(3) 12.7 A Student Loans (h)(1)(i) 11.2 B Suspension and Debarment (g) 8.2 E T Termite: Existing (b) 12.9 A Termite: New (a) 12.9 B Temporarily Absent Family (b)(4) 9.3 C Members Temporary Interest Rate (h)(7) Buydowns Thermal Requirements: Existing (b) 12.9 A Thermal Requirements: New (a) 12.9 B Tip Income (a) 9.10 A 17 Title Policy (i), , Termination of GUS Lender (3) 5.3 N Transfer and Assumption: Transfer without Assumption (a) 9.11 B: Enhancing repayment 11.5: Ratios 17.8 D 11

12 Transfer and Assumption: (b) 17.8 B Transfer with Assumption Transfer and Assumption: (c) 17.8 A Transfer without Approval Transfer and Assumption: (d) 17.8 C Transfer without due-on-sale clause Trust Income (a) 9.10 A 14 U Unauthorized Assistance : Program requirement 17.10: Servicing Unborn Child Household definition 9.3 E 1 Unemployment Income (a)(2) 9.3 E 1: Verification 9.10 A 3: Repayment income Underwriting Analysis (c) Attachment 15-A Up-Front Guarantee Fee (g) 16.4 Uniform Residential Loan (i) 15.3 Application (URLA) Underwriting Analysis FNMA 1008/FHLMC 1077) (c) Attachment 15-A 11.3 A: Ratio waiver 15.2, 15.3: Loan application Attachment 15-A Underwriting Responsibility (b)(3) 4.8, 15.2 Unreimbursed Expenses E 1: Annual income 9.10 A 19: Repayment income V VA Benefits (a) 9.10 A 10 Vacant or Abandoned Property A Verification of Income E Verification of Non-Traditional (i)(6) 10.6 Credit Verification of Rent (i) Full Doc.: 9.3 E 1 Alternate Doc.: 9.3 E 2 Electronic VOE: 9.3 E 3 Verbal VOE: 9.3 E 4 3 rd Party Docs: 9.3 E 5 IRS 4506-T: 9.3 E 6 W Waivers: Credit (i)(3) 10.7 A, 10.8 Attachment 10-B GUS:

13 Waivers: Debt Ratios (h)(2) and (3) 11.3 A Water: Individual Private Owned (b)(4) 12.6 A 1 Water: Individual Private (b)(4) 12.6 A 2 Owned/Shared Water: Community Owned (b)(4) 12.6 A 3 Water: Required Inspections (b)(4) 12.6 A 4 Wells: Existing or New (b)(4) 12.6 A Wells: Shared (b)(4) 12.6 A 2 Wastewater: Individual Privately (b)(4) 12.6 B 1 Owned Wastewater: Community (b)(4) 12.6 B 2 Owned Wastewater: Required Inspections (b)(4) 12.6 B 3 X Y Z ONLINE RESOURCES Regulations and Guidance website: 7 CFR Part 3555 (Appendix 1) and HB : Unnumbered Letters: Forms: Sign up for GovDelivery message: 13

14 Locating 7 CFR Part 3555 and HB References Example: (b)(3)(i) 7 CFR Part 3555 Section (b) (b)(3) (b)(3)(i) Example HB: 12.6 A 1 HB Chapter 12 Paragraph A 12.6 A 1 14