loan purchase operations training chfa conventional loan programs for closers, funders, and shippers
|
|
- Barry Barrett
- 6 years ago
- Views:
Transcription
1 loan purchase operations training chfa conventional loan programs for closers, funders, and shippers
2 Disclaimer This Disclaimer applies to all content provided through CHFA webinars or other training events. The training content provided is intended to help explain CHFA s programs, but should not be relied upon as an alternative to the CHFA Seller s Guide. CHFA makes reasonable efforts to ensure that information provided in its trainings is up-to-date and accurate. If there are any discrepancies between information provided in a training event, including in slide presentations, and CHFA s Seller s Guide and/or enews, the later documents should be relied upon.
3 general chfa guidelines Only CHFA-approved Participating Lenders can originate All Loans must meet Fannie Mae or Freddie Mac and CHFA guidelines* Only borrower(s) may take title to the property No one else may be included on the purchase documents/in title to property No cosigners or non-occupying co-borrowers 30 year fixed rate mortgages only Owner occupied primary residence only Optional Down Payment Assistance available CHFA Preferred Plus * CHFA Seller s Guide available on AllRegs via CHFA s website 3
4 general chfa guidelines continued Cash Back follow your Insurer/Guarantor guidelines, borrowers still have to have $1,000 minimum contribution Gift funds (follow agency guidelines); and/or Earnest money deposit; and/or Application, appraisal, or credit report fee paid to the participating lender; and/or Home inspection fee, including fees paid for additional inspection services, such as sewer scopes, structural engineers report, etc.; and/or Hazard insurance premium paid outside of closing; and/or Thirty (30) day Loan Delivery Extension of.35% of the total loan amount and/or Any homebuyer education fee, if applicable; and/or HOA Fees paid out of pocket by borrower Items must show on Closing Disclosure as paid outside of closing (poc)
5 purchase guidelines No interest credits Borrower Premiums must show on the Closing Disclosure (CD) as a credit and must be for the exact dollar amount (including cents) Calculation must be the 1%, 2% or 3% of the total first mortgage loan amount 3% Borrower Premium is only for the CHFA to CHFA FHA Streamline program All MERS members must close on the MERS/MOM Deed of Trust Non MERS members must use the Standard Deed of Trust and the CHFA Form 230M Assignment Lender receives payments on first until loan is purchased Lender can take a maximum of 4 payments Outstanding compliance approval conditions must be in purchase file CHFA will run Fannie Mae Early Check or Freddie Mac LQA at time of Purchase, file may be suspended for errors Principal reductions received on Closing Disclosure require a pay history showing the unpaid principal balance after principal reduction Proof of MI activation, if applicable
6 purchase guidelines - continued Purchase review turn time is 6 business day from receipt of a complete file. Suspended or incomplete files will result in further delays Decision letters sent via Submission of suspend conditions to CHFA deliver via: Secure through CHFA verified link If you have not been previously approved by our IT department to send conditions via , have your IT department contact CHFA s Information Security team to validate the communications are secure. Send request to TLS_Request@chfainfo.com Your own company secure Fax Upload through document delivery system Must CHFA Analyst from suspend letter to avoid delays in review of conditions Suspend conditions will be reviewed in order received Lender must provide final documents to CHFA within 90 days of purchase 6
7 chfa conventional loans comparison CHFA Advantage 97% LTV 105% CLTV Minimum LTV 80.01% CHFA Preferred / Preferred Plus 97% LTV 105% CLTV No Minimum LTV No Mortgage Insurance Mortgage insurance borrower(s) have a choice of selecting single pay premium or monthly reduced coverage per DU or LP findings; underwritten by mortgage insurer, unless lender is approved delegated underwriter for private mortgage insurance company Arch MI, Essent, Genworth, National MI, MGIC, Radian or UGI CHFA grant not applicable CHFA grant applicable Community Seconds (DU) and Affordable Seconds (LP) are acceptable; follow Fannie Mae/Freddie Mac guidelines 3% can be a gift funds No first time buyer requirement Borrowers permitted to own one additional non CHFA property (Fannie Mae only) No buy downs Must meet income limits based on household size Manufactured housing (Fannie only; not permitted with Freddie) Double-wide or larger - 95% max LTV/CLTV DU Approve /Eligible ; LP Accept DU AUS HFA Preferred Risk Sharing LP AUS Home Possible Advantage for HFA s Minimum credit score 680 DU Approve /Eligible ; LP Accept DU AUS HFA Preferred LP AUS - Home Possible Advantage for HFA s Minimum credit score 620 Refinance programs available 7
8 chfa conventional purchase submission documentation requirements Follow the list of conditions/documents in the Document Delivery system or utilize document checklist for the program CHFA Advantage CHFA Form 726, Purchase Submission Review Checklist CHFA Preferred programs CHFA Form 728, Purchase Submission Review Checklist Do not include checklist with document upload All information used to underwrite file from AUS findings including asset statements Submission Summary Report (SSR) for the Appraisal also known as UCDP (Uniform Collateral Data Portal) Fannie Mae for DU loans Freddie Mac for LP loans
9 common issues that delay purchase approval and funding Purchase file does not check in for review Incorrect Note or Deed of Trust requiring Modification Compliance conditions are not met Incorrect, missing, or dated Note Endorsements If an error is made, void any incorrect endorsements prior to sending Note to CHFA for purchase Endorser printed name and job title missing Attorney In Fact is allowed to sign, must include Power of Attorney (POA) showing all authorized signors Simultaneous use of note endorsement and allonge Missing MI information, if applicable Missing payment history showing principal reduction applied, property taxes paid, MI disbursement and any late fees if applicable
10 loan information - HomeConnection Check the status column in the loan line to confirm the loan has moved to a Purchase status Click on the + icon to see loan details. Once clicked the + icon will become a - icon and can be clicked to collapse the loan detail. 10
11 chfa preferred mortgage insurance guidelines MI only available through these approved companies: Arch Essent Guaranty Genworth MGIC National Mortgage Insurance Corp Radian Guaranty Inc United Guaranty Delegated underwriting of MI allowed AUS determines the MI coverage amount Minimum required coverage for CHFA Preferred programs 95.01% - 97% LTV 18% MI coverage 90.01% - 95% LTV 16% MI coverage 85.01% - 90% LTV 12% MI coverage 80.01% - 85% LTV 6% MI coverage Single paid premium option available 11
12 chfa advantage and preferred refinance Any loan eligible for Refinance, not just CHFA loans! Same guidelines as CHFA Advantage or Preferred Purchase loan programs Differences Some CHFA second mortgages may be eligible for subordination Non CHFA second mortgages cannot be subordinated No new MCC available, but existing MCC may be reissued borrower completes after closing No homebuyer education required
13 chfa advantage and preferred refinance - continued Limited Cash-Out transaction Purchase Money subordinate liens, closing costs, pre-paids and escrows may be included LTV must not exceed 97% (95% on manufactured homes Fannie Mae only) Cash back to borrower must follow Fannie Mae or Freddie Mac guidelines No LTV lower than 80.01% on the Advantage refinance
14 servicing information
15 mortgagee clauses
16 fha/mip and mers
17 servicing information
18 contact information Call us with questions: (888) Like us on Facebook Follow us on Twitter twitter.com/chfa Subscribe to us on YouTube 18
program compliance loan operations training chfa conventional loan programs for processors and underwriters
program compliance loan operations training chfa conventional loan programs for processors and underwriters Disclaimer This Disclaimer applies to all content provided through CHFA webinars or other training
More informationclosers, funders, and shippers training for chfa smartstep sm loan programs
closers, funders, and shippers training for chfa smartstep sm loan programs Disclaimer This Disclaimer applies to all content provided through CHFA webinars or other training events. The training content
More informationDisclaimer This Disclaimer applies to all content provided through CHFA webinars or other training events. The training content provided is intended
chfa products Disclaimer This Disclaimer applies to all content provided through CHFA webinars or other training events. The training content provided is intended to help explain CHFA s programs, but should
More informationchfa firststep program loan operations training
chfa firststep program loan operations training Disclaimer This Disclaimer applies to all content provided through CHFA webinars or other training events. The training content provided is intended to help
More informationSECTION 9 HFA PREFERRED TM PROGRAM
SECTION 9 HFA PREFERRED TM PROGRAM 9.1 Eligible Loan Purpose 9.2 Principal Residence Requirement; Owner-Occupancy 9.3 Eligible Property Types 9.4 Sales Price Limits 9.5 Closing Costs 9.6 Interest Rate
More informationfinal documents/post closing loan operations training
final documents/post closing loan operations training Disclaimer This Disclaimer applies to all content provided through CHFA webinars or other training events. The training content provided is intended
More information999 West Street, Rocky Hill, CT Phone: (860) Fax: (860) Website:
999 West Street, Rocky Hill, CT 06067-4005 Phone: (860) 721-9501 Fax: (860) 571-3550 Website: www.chfa.org Table of Contents Loan Program Outlines & Underwriting Guides......... Pages 2-7 203(k) - FHA
More information999 West Street, Rocky Hill, CT Phone: (860) Fax: (860) Website:
999 West Street, Rocky Hill, CT 06067-4005 Phone: (860) 721-9501 Fax: (860) 571-3550 Website: www.chfa.org Table of Contents Loan Program Outlines & Underwriting Guides......... Pages 2-7 203(k) - FHA
More informationONE TIME CLOSE RENOVATION TO PERM OPTION III
ONE TIME CLOSE RENOVATION TO PERM OPTION III REVISION DATE: 5/4/2018 PRODUCT CODES: RP 1x 15 YR Renovation, RP 1x 30 YR Renovation, RP 1x 5/1 LIBOR ARM 275 2/2/5, RP 1x 5/1 TBill ARM 275 2/2/5, RP 1x 7/1
More informationSONYMA Conventional Plus Correspondent Term Sheet
Product Type 30 Year Fixed Rate Mortgage. Sales Focus This program combines the flexibility offered by Fannie Mae s HomeReady Mortgage along with SONYMA s Down Payment Assistance Loan (DPAL). It is designed
More informationCook County Bureau of Economic Development Department of Planning and Development. Cook County Program Guidelines by Loan Type At-a-Glance
Cook County Bureau of Economic Development Department of Planning and Development Cook County Program Guidelines by Loan Type At-a-Glance Government Loans Freddie Mac (FRE) Eligible Loans Eligible Loans
More informationSoutheast Texas Housing Finance Corporation 5 Star Texas Advantage Program
! Administrator s Guidelines Southeast Texas Housing Finance Corporation 5 Star Texas Advantage Program Freddie Mac HFA Advantage for Conventional Loans Published December 23, 2015 Revised 0/1/18 Revisions
More informationSECTION 5 UNDERWRITING (See Section 8 for DAP Underwriting)
SECTION 5 UNDERWRITING (See Section 8 for DAP Underwriting) 5.1 Credit Review 5.2 Applicant Processing 5.3 Mortgage Insurance or Guaranty 5.4 Closing Costs 5.5 Loan Submission to CHFA for Commitment 5.6
More informationCONFORMING FIXED LENDER PAID MORTGAGE INSURANCE PROGRAM HIGHLIGHTS
Program Summary Loan Term & Program Category A conforming conventional loan with a fixed interest rate for the term of the loan. Loan Term Program Category 30-year Conf Fixed 30 15-year Conf Fixed 15 Transaction
More informationVERY IMPORTANT THE LOAN WILL BE RUN THROUGH DU PRIOR TO START OF CONSTRUCTION AND MUST REFLECT APPROVE ELIGIBLE.
REVISION DATE: PRODUCT CODES: One Time CP 15YR, One Time CP 30 YR. PURPOSE: To construct Borrower s primary or second residence with credit approval prior to start of construction. Correspondent will monitor
More information13 DOWNPAYMENT PROGRAMS
13 DOWNPAYMENT PROGRAMS DOWNPAYMENT ASSISTANCE PROGRAMS These guidelines apply to all downpayment assistance loans offered at the Commission Details for Home Advantage 0% Downpayment Assistance Program
More informationConventional and Government Program Overlays
Financed Properties OVERLAYS All Programs Limited to maximum 2 loans to one borrower, one must be primary residence Minimum Loan Amount $60,000 Allowed for active duty military personnel, military contractors,
More informationborrower income for chfa loans
borrower income for chfa loans Disclaimer This Disclaimer applies to all content provided through CHFA webinars or other training events. The training content provided is intended to help explain CHFA
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 information2 TERMS AND CONDITIONS
2 TERMS AND CONDITIONS All Home Advantage loans must be delivered to Lakeview Loan Servicing. Each Loan must satisfy the following terms and conditions: LOAN TYPES Fixed rate FHA 203(b), 234 (c), HUD 184,
More informationSECTION 6 ELIGIBLE MORTGAGE LOAN
6.01 Loan Types The Agency will purchase the following types of Mortgage Loans: 1. FHA insured loans, including buy downs, excluding GPM loans. 2. RD Guaranteed Loans. Mortgage Loans on two- to four-unit
More information2 TERMS AND CONDITIONS
2 TERMS AND CONDITIONS All Home Advantage loans must be delivered to Lakeview Loan Servicing. Each Loan must satisfy the following terms and conditions: LOAN TYPES Fixed rate FHA 203(b), 234 (c), HUD 184,
More informationWCDA LOAN PRODUCT MATRIX
The matrix below compares the components of the various first mortgage loan and down payment assistance loan products offered by WCDA. This matrix is designed to provide guidance for these products and
More informationConventional and Government Program Overlays. OVERLAYS All Programs
4506-T/1040s Requirements Financed Properties OVERLAYS All Programs If TRV (Tax Return Verification) reveals C or E losses and/or unreimbursed expenses, 2 years of tax transcripts and 2 years 1040s will
More informationWELCOME. Introductions. Housekeeping items. Breaks. Getting Started
Training on CHFA WELCOME Introductions Getting Started Housekeeping items Breaks AGENDA Website www.chfa.org About CHFA-Mission/History Homebuyer Programs Reserving CHFA Funds Homebuyer Program Guidelines
More informationFull/Alternative Documentation PRIMARY RESIDENCE - PURCHASE & RATE/TERM REFINANCE Property Type Max. LTV Max. CLTV
Click here for PDF version Full/Alternative Documentation PRIMARY RESIDENCE - PURCHASE & RATE/TERM REFINANCE Maximum Loan Credit Score 3 Program 1- to 2-unit 95% 1 n/a $300,000 28/36 2 months 660 Standard
More informationDU Refi Plus. Table of Contents
Table of Contents 1. Eligible Existing Mortgage Loan Types... 2 2. Ineligible Existing Mortgage Loan Types... 2 3. Ineligible New Mortgage Loan Types... 2 4. Program Expiration... 2 5. Incentives for Borrowers...
More information2 TERMS AND CONDITIONS
2 TERMS AND CONDITIONS All House Key loans must be delivered to Lakeview Loan Servicing, LLC Each House Key Program Mortgage Loan must satisfy the following terms and conditions: LOAN TYPES Fixed rate
More informationHome Possible and Home Possible Advantage
Home Possible and Home Possible Advantage 1 Freddie Mac Home Possible and Home Possible Advantage mortgages (collectively referred to as Home Possible mortgages) are Freddie Mac s Affordable Mortgage products.
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 informationMINIMUM MORTGAGE: None
LOAN PROGRAM DESCRIPTION:... 2 LOCK-IN/REGISTRATION:... 2 MINIMUM MORTGAGE:... 2 MAXIMUM MORTGAGE:... 2 MAXIMUM LTV/CLTV:... 2 ADDITIONAL CONSIDERATIONS:... 3 AGE OF DOCUMENTS:... 3 APPLICATION REQUIREMENTS:...
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 LIBOR ARMS PROGRAM HIGHLIGHTS
Program Summary Loan Term & Program Category A 30 year conforming conventional LIBOR ARM that is fixed for the initial 3, 5, or 7 years then rolls into a one year ARM for the remainder of the loan term.
More informationU.S. Bank Home Mortgage
U.S. Bank Home Mortgage Agenda Delivery and Funding Top Exceptions Purchase Process Help Desk and Lender Reference Customer Service and Loss Mitigation Underwriting Highlights and Resources Q & A Delivery
More informationPROCEDURAL MANUAL ALABAMA HOUSING FINANCE AUTHORITY
PROCEDURAL MANUAL ALABAMA HOUSING FINANCE AUTHORITY CONTENTS INTRODUCTION SECTION I DEFINITIONS... 4 SECTION II MORTGAGOR ELIGIBILITY EVALUATION... 6 A. Income Restrictions... 6 B. Occupancy... 6 C. Residence
More informationCorrespondent Overlay Matrix
Correspondent Overlay Matrix The Overlay Matrix is a summary of Pacific Union Financial, LLC (Pacific Union) guideline overlays. This document should be used in conjunction with Pacific Union published
More informationDu Refi Plus Guidelines
Du Refi Plus Guidelines Units Contiguous States, DC Alaska, Hawaii Max Loan Amount Conforming 1 Unit 2 Unit 3 Unit 4 Unit $417,000 $533,850 $645,300 $801,950 $625,500 $800,775 $967,950 $1,202,925 Units
More informationCorrespondent Overlay Matrix
Correspondent Overlay Matrix The Overlay Matrix is a summary of Pacific Union Financial, LLC (Pacific Union) guideline overlays. This document should be used in conjunction with Pacific Union published
More informationUHM Production Bulletin
TOPICS IMPACTED IN THIS BULLETIN FNMA and FHLMC Products FHA/VA Mortgage Insurance USDA Other Underwriting Guidelines FHA: FHA Annual Premium Reduction, Mortgagee Letter 2017-07 (Reminder) On 1/20/17,
More informationChapter 9 Product Matrix
Table of Contents Chapter 9 Product Matrix... 1 CONVENTIONAL CONFORMING LOANS... 2 Secondary Market ARM (Adjustable Rate Mortgage) Loans... 4 HARP (Fannie DU Refi Plus and Freddie Open Access)... 5 FHA/VA
More informationGN FHA Fixed, Streamline & High Balance Option
LOAN PROGRAM DESCRIPTION:... 2 LOCK-IN/REGISTRATION:... 2 MINIMUM MORTGAGE:... 2 MAXIMUM MORTGAGE:... 2 MAXIMUM LTV/CLTV:... 2 ADDITIONAL CONSIDERATIONS:... 2 AGE OF DOCUMENTS:... 2 APPLICATION REQUIREMENTS:...
More informationGN FHA Fixed, Streamline & High Balance Option
LOAN PROGRAM DESCRIPTION:... 2 LOCK-IN/REGISTRATION:... 2 MINIMUM MORTGAGE:... 2 MAXIMUM MORTGAGE:... 2 MAXIMUM LTV/CLTV:... 2 ADDITIONAL CONSIDERATIONS:... 2 AGE OF DOCUMENTS:... 2 APPLICATION REQUIREMENTS:...
More informationCorrespondent Guidelines. Loan Program: 7/1 LIBOR ARM 5/2/5 Dollar Bank (1700) LTV Limits:
Loan Program: 7/1 LIBOR ARM 5/2/5 Dollar Bank (1700) LTV Limits: Occupancy Primary Residence Investment & Non-Owner PURCHASE AND LIMITED CASH-OUT REFINANCE MORTGAGES Property Type 1 Unit Max LTV Max TLTV
More informationPennyMac Correspondent Group Open Access
PennyMac Correspondent Group Open Access 01.18.18 Overlays to Freddie Mac are underlined The new loan must have an application date on or before December 31, 2018. Mortgage Product Program Eligibility
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 Second Home Investment & Non- Owner Property Type Condominiums are ineligible for this product.
More informationSeptember 6, 2017 Closing and Quality Review - Secondary Market Programs
September 6, 2017 Closing and Quality Review - Secondary Market Programs Investing in quality housing solutions. KHC Program Guide Secondary Market Closing and Quality Review September 6, 2017 Changes/Additions
More informationHOMEOWNERSHIP PROGRAMS
HOMEOWNERSHIP PROGRAMS PROGRAM BENEFITS Homebuyer Assistance *30-year fixed rate first mortgage loans *Down payment and/or closing cost assistance up to 5% of purchase price *Very low second mortgage interest
More informationNiche Loan Programs. Featured Loan. Zero Down Loan
Niche Loan Programs To cater the different needs of out clients Shining Star Funding offers diverse Niche Loan Programs. Contact our mortgage specialist to review which product best suits your financial
More informationHope Brings You Home DPA Program. Administrator Guidelines
Hope Brings You Home DPA Program Administrator Guidelines Published on: 05/11/2018 Updated on: 06/21/2018 Page 2 Table of Contents NEVADA HOUSING DIVISION (NHD)... 5 PARTICIPATING LENDERS... 5 MASTER SERVICER
More informationAdministrator s Guidelines
! Administrator s Guidelines Southeast Texas Housing Finance Corporation 5 Star Texas Advantage Program for Government Loans with Forgivable Second Mortgage DPA Effective August 15, 2018 Published August
More information7.1 Genworth-Insured Refinance Program (04/03/09)
Genworth Mortgage Insurance 7.1 Genworth-Insured Refinance Program (04/03/09) The Genworth-Insured Refinance Program provides expanded underwriting guidelines for rate/term refinances of Genworth-insured
More informationAccenture Mortgage Cadence. Loan Fulfillment Center. Forms Job Aid
Accenture Mortgage Cadence Loan Fulfillment Center f Table of Contents FORM FORMATS...8 1003 UNIFORM RESIDENTIAL LOAN APPLICATION...9 1008 UNIFORM UNDERWRITING AND TRANSMITTAL SUMMARY... 10 1008 Uniform
More informationNational Homebuyers Fund With Second Mortgage Investor 38 Retail Only
National Homebuyers Fund With Second Mortgage Investor 38 Retail Only This program is temporarily suspended. New lock requests will not be accepted effective 6/22/15. Revisions Date Revisions 3/11/15 Updated
More informationWelcome to the TSAHC Lender Training. Module II Compliance, Closing, & Delivery
Welcome to the TSAHC Lender Training Module II Compliance, Closing, & Delivery Reservation & Origination Flow Lender completes loan reservation in the Lender Portal at www.tsm online.org. HFA Preferred
More informationRESIDENTIAL CONSTRUCTION LENDING POLICY
RESIDENTIAL CONSTRUCTION LENDING POLICY GENERAL INFORMATION The purpose of this policy is to state different types of construction loans offered by ASSURANCE FINANCIAL, and to set forth procedures and
More informationCRA PORTFOLIO NON-CONFORMING PROGRAM
LOAN PROGRAM:... 2 LOCK-IN/REGISTRATION:... 2 MINIMUM MORTGAGE:... 2 MAXIMUM MORTGAGE:... 2 MAXIMUM LTV/CLTV:... 2 ADDITIONAL CONSIDERATIONS:... 2 AGE OF DOCUMENTS:... 3 APPRAISAL REQUIREMENTS:... 3 ASSUMABILITY:...
More informationOwn New Orleans Program Down Payment Loan (Amortizing 2nd Mortgage)
Own New Orleans Program Down Payment Loan (Amortizing 2nd Mortgage) Program Issuer: Finance Authority of New Orleans ADMINISTRATOR S GUIDE Published on 08/15/17 Updated 10/01/18 Updates on Page 3 FANO
More informationGuidelines Correspondent
Loan Program: 30-Year Fixed Fannie Mae (630) 20-Year Fixed Fannie Mae (620) 15-Year Fixed Fannie Mae (615) LTV Limits: ❶ ❷ ❸ Occupancy Investment & Non-Owner Type❷ 1 Unit PURCHASE MORTGAGES Max LTV Max
More informationLock dates on or after March1, 2018: WSHFC Home Advantage Government Loan Programs
Lock dates on or after March1, 2018: WSHFC Home Advantage Government Loan Programs Red indicates changes from previous matrix Overlays to Investor guidelines are underlined and in italics Owner Occupied
More informationLoan submission, Underwriting and Processing Effective 1/15/14
FNMA 97% HFA Preferred Loan submission, Underwriting and Processing Effective 1/15/14 Submission & Loan Registration This program is for loans with LTVs from 95.01% to 97% only Lenders must be an approved
More informationMARCH Credit Overlays
MARCH 2014 Credit Overlays Quality is the foundation of our business and includes quality of production, quality of delivery, quality of performance, and quality of the customer experience. United Fidelity
More information13 DOWNPAYMENT PROGRAMS
13 DOWNPAYMENT PROGRAMS DOWNPAYMENT ASSISTANCE PROGRAMS These guidelines apply to all downpayment assistance loans offered at the Commission Details for Opportunity Down Payment Assistance Program can
More informationCONVENTIONAL PROGRAM SUMMARY HOMENOW $0 DOWN MORTGAGE PROGRAM PROGRAM SPONSOR DESCRIPTION OF PROGRAM PROGRAM AREA ELIGIBLE LENDERS
CONVENTIONAL PROGRAM SUMMARY HOMENOW $0 DOWN MORTGAGE PROGRAM PROGRAM SPONSOR DESCRIPTION OF PROGRAM PROGRAM AREA ELIGIBLE LENDERS Montana Community Development Corporation, doing business as MoFi www.mofi.org
More information10/23/17. Chenoa Fund Program
10/23/17 Chenoa Fund Program Disclaimer While every effort has been made to ensure the reliability of the webinar content, PRMG s product profiles and their updates, are the official statements of PRMG
More informationehousingplus Administrator s Guidelines
! ehousingplus Administrator s Guidelines Published 9/9/14 Updated 07/23/18 UPDATES are shown on Page 3! WE DeKalb Down Payment Assistance Program Administrator Guidelines Page!2 Time Zones ehousingplus
More informationHomebuyer s Solution Program Administrator s Guidelines. Published September 20, 2012 Revised 07/30/18 Revisions are shown on Page 4
! Homebuyer s Solution Program Administrator s Guidelines Published September 20, 2012 Revised 07/30/18 Revisions are shown on Page 4!! Administrator s Guidelines Page 2 TABLE OF CONTENTS THE ORIGINATION
More informationV40 15 Yr Fannie/Freddie High-Balance Fixed X49 20 Yr Super Conforming Freddie Mac Eligible
1. Loan Term Fixed Rate: 10 to 30-year terms in annual increments ARM: 30-year term 2. Fixed Rate Product Codes 3. ARM Product Codes W90 10 Yr Fannie/Freddie Fixed W91 10 Yr Freddie Mac Eligible Fixed
More informationAFR JUMBO OVERVIEW COPYRIGHT 2017 AMERICAN FINANCIAL RESOURCES, INC. ALL RIGHTS RESERVED
12/20/2017 DISCLAIMER These materials are intended for informational use only. This is neither legal advice nor a substitute for Agency Guidelines. Please do not reproduce, display, or distribute without
More informationREI is not QM/ATR exempt. All loans must be QM loans. Master Servicer
DESCRIPTION The REI Gift100 Conventional Loan Program provides first mortgage financing and down payment/closing cost assistance to eligible mortgagors. The down payment/closing cost assistance is in the
More informationOPEN MORTGAGE. October 22, 2015
OPEN MORTGAGE October 22, 2015 Borrower Eligibility All occupying Borrowers 18 years or older and Non- Purchasing Spouse must be a first-time homebuyer Household income is within NIFA s Income limit Purchase
More informationFannie Mae HomeStyle Conforming and High Balance Fixed Rate and Adjustable Rate Mortgage
Fannie Mae HomeStyle Conforming and High Balance Fixed Rate and Adjustable Rate Mortgage General Eligibility Requirements Loans must fully comply with all requirements of this Product Guide, Desktop Underwriter
More informationUNDERWRITING Secondary Financing. U.S. Bank Home Mortgage MRBP Division Master Servicer
UNDERWRITING Secondary Financing U.S. Bank Home Mortgage MRBP Division Master Servicer FHA 203b, 221 (d) (2) 203k VA USDA/RD Fannie Mae MyCommunityMortgage Suite of Products (97/100/Community Solutions/HomeChoice)
More informationMontana Community Development Corporation, doing business as MoFi Properties located within the State of Montana.
CONVENTIONAL PROGRAM SUMMARY HOMENOW $0 DOWN MORTGAGE PROGRAM PROGRAM SPONSOR DESCRIPTION OF PROGRAM PROGRAM AREA ELIGIBLE LENDERS Montana Community Development Corporation, doing business as MoFi www.mofi.org
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 informationMortgage Cadence User Guide Underwriting Submission (Delegated)
Purpose Link to Mortgage Cadence Additional Documentation or Other Resources Mortgage Cadence User Guide Underwriting Submission (Delegated) Follow these steps to submit a loan for delegated approval in
More informationUSDA REPAIR ESCROW COPYRIGHT 2017 AMERICAN FINANCIAL RESOURCES, INC. ALL RIGHTS RESERVED
12/5/2017 DISCLAIMER These materials are intended for informational use only. This is neither legal advice nor a substitute for Agency Guidelines. Please do not reproduce, display, or distribute without
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 informationPennyMac Correspondent Group DU Refi Plus The loan must have an application date on or before December 31, 2018
PennyMac Correspondent Group DU Refi Plus 01.18.18 The loan must have an application date on or before December 31, 2018 Overlays to Fannie Mae are underlined Mortgage Product FNMA DU Refi Plus HARP 2.0
More informationConforming Conventional Agency Overlay Fact Sheet Delegated Last updated: December 6, 2016
in this communication is a summary and is not complete. Refer to the Seller Guide for complete guidelines. This information is for of printing and is subject to change without notice. is a division of
More informationFHLMC Only Conforming and Maximum DTI is the more restrictive of Loan Product Advisor or 50%.
AUS (Automated Underwriting System) GENERAL POLICY OVERLAYS FHA, VA, CONVENTIONAL and USDA FHA, VA & Conventional AUS approval recommendation is required for all FHA, VA, (Purchase and Non-Streamline/Non-IRRRL
More informationWINTRUST (WM) CONFORMING FIXED DU
LOAN PROGRAM:... 2 LOCK-IN/REGISTRATION:... 2 MINIMUM MORTGAGE:... 2 MAXIMUM MORTGAGE:... 2 MAXIMUM LTV/CLTV:... 2 ADDITIONAL CONSIDERATIONS:... 2 AGE OF DOCUMENTS:... 2 APPLICATION:... 3 APPRAISAL REQUIREMENTS:...
More informationHomebuyer s Solution Program Administrator s Guidelines. Published September 20, 2012 Revised 01/09/19 Revisions are shown on Page 4
! Homebuyer s Solution Program Administrator s Guidelines Published September 20, 2012 Revised 01/09/19 Revisions are shown on Page 4!! Administrator s Guidelines Page 2 TABLE OF CONTENTS THE ORIGINATION
More informationDU 9.1 Revisions and Other Agency Enhancements
Bankruptcies Products (non AUS & DU) If a public record does not indicate a bankruptcy, but an individual tradeline does, the borrower must meet these bankruptcy guidelines. Generally, bankruptcies (except
More informationAttention All Correspondent Lending Sellers: April 20, 2018 CA Announcing Freddie Mac Home Possible and Home Possible Advantage
Attention All Correspondent Lending Sellers: April 20, 2018 CA 18-037 Announcing Freddie Mac Home Possible and Home Possible Advantage Subject Summary Effective Date Home Possible Advantage Mortgage Maximum
More informationOne-Close Construction
RESTRICTED USE PROGRAM All loan originators must complete Flagstar s Construction Loan training course prior to originating any loans under this program. Originators will not be able to register construction
More informationMORTGAGE PURCHASE AGREEMENT
MORTGAGE PURCHASE AGREEMENT THIS AGREEMENT is entered into this day of, 20, by and between ("Seller"), whose address is and the Industrial Commission of North Dakota, acting in its capacity as the North
More informationSTANDARD MORTGAGE CORP
Contact Information: STANDARD MORTGAGE CORP These email addresses are monitored at all times during the business day. Lock requests and lock modifications should go to lockdesk@stanmor.com General underwriting
More informationM&T National Correspondent Product Matrix
M&T National Correspondent Product Matrix Look to M&T Bank for your Correspondent Services. Renovation Lending Specialists and much more. Ask us today! Renovation Programs Renovation Programs FHA 203(k)
More informationMatrix A T300RP, T304RP, and T300JRP ONLY 1. PRIMARY RESIDENCE Rate & Term Refinance. CLTV/HCLTV Fico score Max DTI Type
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 existingfannie Mae mortgage
More informationHome At Last Down Payment Assistance Program
! Administrator s Guidelines Home At Last Down Payment Assistance Program Published June 28, 2012 Revised 08/0/18 Updates are shown on Page 3! Nevada Rural Housing Authority Home At Last - Administrator
More informationGSFA PLATINUM PROGRAM CONVENTIONAL GUIDELINES SUMMARY
OVERVIEW The GSFA Conventional Down Payment Assistance Program (DAP) is a competitively priced Conventional loan program that does not require a minimum down payment from the homebuyer(s). GSFA provides
More informationREI is not QM/ATR exempt. All loans must be QM loans. Master Servicer
DESCRIPTION The REI Gift100 Conventional Loan Program provides first mortgage financing and down payment/closing cost assistance to eligible mortgagors. The down payment/closing cost assistance is in the
More informationOklahoma County Home Finance Authority Turnkey Mortgage Origination Program
Oklahoma County Home Finance Authority Turnkey Mortgage Origination Program! Administrator s Guidelines Published - January 4, 2013 Updated 04/23/18 Updates are shown on Page 3! OCHFA Turnkey Mortgage
More informationREI is not QM/ATR exempt. All loans must be QM loans. Properties located within the State of Oklahoma. Master Servicer
DESCRIPTION The REI Gift100 Conventional Loan Program provides first mortgage financing and down payment/closing cost assistance to eligible mortgagors. The down payment/closing cost assistance is in the
More informationSection 1.04 Automated Underwriting
Section 1.04 Automated Underwriting In This Section This section contains the following topics. Overview... 2 General... 2 Related Bulletins... 2 AUS Guidelines... 3 Implementation... 3 Loans Not Rated
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 informationConventional and Government Program Overlays
Financed Properties Minimum Loan Amount $60,000 OVERLAYS All Programs Limited to a maximum of 4 loans to one borrower and up to $1.5MM. Power of Attorney Texas 50(a)(6) & 50(f) Allowed for active duty
More informationMarch 12, 2018 Closing and Quality Review - MRB
March 12, 2018 Closing and Quality Review - MRB Investing in quality housing solutions. KHC Program Guide MRB Closing and Quality Review March 12, 2018 Down payment Assistance Programs (DAPs) Effective
More informationEncompass Integration with Radian
Encompass Integration with Radian Encompass Mortgage Insurance (MI) Service includes an enhanced integration with Radian for a more streamlined mortgage insurance ordering process. This integration provides
More informationFixed Rate = Note Rate 5/1 ARM = start rate plus 2% 7/1 and 10/1 ARM = The greater of the start rate or the fully indexed rate Debt Ratio
Product Description (LP) Conventional Conforming Fixed and ARM High Balance (LP) Program Numbers 30 = 15 yr fixed 31 = 30 yr fixed ARMs are not available for all Series Numbers 32 = 5/1 ARM 33 = 7/1 ARM
More information