M&T National Correspondent Product Matrix

Transcription

1 M&T National Correspondent Product Matrix Look to M&T Bank for your Correspondent Services. Renovation Lending Specialists and much more. Ask us today!

2 Renovation Programs Renovation Programs FHA 203(k) Standard FHA 203(k) Limited Fannie Mae HomeStyle Loan Terms 15 and 30 year fixed; 5/1 ARM 30 year Fixed; 5/1 ARM 10 to 30 year fixed Purchase 1 Unit 110% LTV/110% CLTV 110% LTV/110% CLTV 95%LTV/CLTV/HCLTV/$417,000 Cash Out Refinance Not permitted Not permitted Not permitted Purchase/Limited Cash Out Refinance 1-4 Units 110% LTV/110% CLTV - Purchase 110% LTV/110% CLTV 2 unit 85% LTV/CLTV/HCLTV 97.75% LTV/97.75% - Refinances 97.75% LTV/97.75% - Refinances 3-4 Unit 75% LTV/CLTV/HCLTV Second Homes Not eligible Not Eligible 90% LTV/CLTV/HCLTV Investment Properties Purchase Not eligible Not Eligible 1 unit 85% LTV/CLTV/HCLTV Eligible Properties Refinance 1-4 unit primary residence 1-4 unit primary residence 1-4 unit primary residence 1 unit condos 1 unit condos 1 unit investment properties Modular/Prefabricated homes and leaseholds Modular/Prefabricated homes and leaseholds Second homes Modular, panelized, prefab and log homes FNMA eligible Condos & PUDS Credit Scores Minimum 620 Minimum 620 Minimum 620 Reserves/DTI 3 Months DTI for 3 and 4 Unit properties see product page for DTI guidelines 3 Months DTI for 3 and 4 Unit properties see product page for DTI guidelines 1 unit Primary 2 months PITI 2-4 units 6 Second/Investment 6 months PITI 2 months reserves on each other properties if second home or investment property Automated Underwriting All loans must be underwritten through All loans must be underwritten through Only DU allowed FHA Total Score Card for Approval FHA Total Score Card for Approval Important Notes 4506T required 4506T Required 4506T required Subordinate Financing is not permitted Maximum Rehab is $35,000 Full Appraisals Required Cost of Rehabilitation must at least be $5,000 Room Additions not allowed No Minimum Rehab amount Good Neighbor Next Door is not eligible Good Neighbor Next Door is not eligible MI Based on as completed value Homeowner Incentive is not eligible Homeowner Incentive is not eligible High Balance loan amounts eligible See product pages for Non Structural and Structural repair guidelines High Balance loan amounts are Eligible see product pages for guidelines High Balance loan amounts are Eligible see product pages for guidelines Approved MI providers: UG, MGIC, Genworth, Essent, Arch, Radian and National MI.

3 Gain Piece-of-mind with M&T s 203(k) Early Renovation Review Process. Having issues getting your 203(k) loans funded timely? If so, consider leveraging M&T s Early Renovation Review Process to get your loans cleared quicker. The process is easy with a minimum cost of $250. The process is simple and quick. Just deliver a defined set of renovation and related documents to our project review team and you ll get a timely answer as to any package shortcomings. Take advantage of this service and realize: Fewer pre-funding stipulations Shorter delivery timeframes Guidance from dedicated renovation experts This service will improve your operational efficiencies and increase your profitability. Contact your Account Executive or our Sales Support Team today at (800) for more information. Additional program detail can be found in our online seller guide at mtbcl.com. EQUAL HOUSING LENDER This information is for use by mortgage professionals only and should not be distributed to or used by consumers. Certain conditions and restrictions apply. Program subject to change or discontinuation without notice M&T Bank. NMLS # Member FDIC MMB-DS366

4 Government Programs Government Programs FHA 203(b) USDA Rural Housing Veteran's Administration (VA) Loan Terms 15 and 30 year Fixed; 5/1 ARM 30 year Fixed 15 and 30 year Fixed; 5/1 ARM Purchase 1 Unit 96.50% LTV/100% CLTV 100% LTV/100% CLTV/$417, % LTV/100% CLTV Purchase 2-4 Units 96.50% LTV/100% CLTV Not Eligible 100% LTV/100% CLTV Rate and Term Refinance 97.75% LTV/CLTV 100% LTV/100% CLTV/$417, See next page for IRRRL details Cash Out Refinances 85% LTV/CLTV Not Permitted 90% LTV/CLTV Second Homes/Investment Properties Not Eligible Not Eligible Not Eligible Eligible Properties 1-4 unit Primary Residence 1 Unit Primary Residence 1-4 unit detached and atatched Primary Residence 1 unit Condos and PUDS FHA approved Condos and PUDS 1 unit condos and PUDs (require prior VA approval) Modular and Prefabricated homes Modular and Prefabricated homes Leaseholds Leaseholds Credit Scores Minimum 620 (660 for Cash out High Balance) Minimum 640 Minimum 620 loan amount upto $417,000 Minimum 680 on loan amount > $417,001 Reserves/DTI 3 months DTI for 3 and 4 unit properties *Qualifying ratios 31%/43% Reserves not required. Loans referred by GUS for DTI must be manually underwritten. Loan amounts to $417,000 zero months amounts of $417,001-$625,000-6 months Qualifying Ratios 41% Automated Underwriting All loans must be underwritten through Automated underwriting through GUS required Loan Prospector (LP) FHA Total Score Card for Approval Desktop Underwriter (DU) Manual Underwritting permitted Important Notes 4506T Required 4506T Required 4506T Required Geographic restrictions apply Geographic restrictions may apply see product pages LTV is limited to 100% without the VA Funding Fee 234(c) loans also available For Refinances, the original loan must be Guaranteed Rural Housing only No cash back allowed if property owned free and clear. NO refund of the VA Funding fee from the previous loan. Refer to product pages for extended DTI ratio guidelines Veteran must own and occupy the property High Balance loan amounts are eligible; see product pages for guidelines See product pages for guidelines for loan amounts > $417,000

5 Government Streamline Refinance Programs Government Streamline Refinance Programs FHA M&T-to-M&T Streamline Refinance FHA NON M&T-to-M&T Streamline Refinance VA Interest Rate Reduction Refinance Loan (IRRRL) Loan Terms 15 and 30 year Fixed; 5/1 ARM 15 and 30 year Fixed; 5/1 ARM 15 or 30 year Fixed; 5/1 ARM Refinance 1 Unit 97.75% LTV 97.75% LTV MAX LTV 100% (w/o VA Funding Fee) Refinance 2-4 Units 97.75% LTV 97.75% LTV 2-4 Units Max LTV 100% (w/o VA Funding Fee) Cash Out-Refinances Second Homes/Investment Properties Cash back to the borrower and principal curtailments are limted to a maxium of $500 Max finanancing of former investment property if occupancy occurred 12 months or more prior to loan application date Cash back to the borrower and principal curtailments are limted to a maxium of $500 Max financing of former investment property if occupancy occurred 12 months or more prior to loan application date Not Permitted The veteran must certify they previously occupied the home (M&T to M&T only) Eligible Properties 1-4 Family Primary Residences 1-4 Family Primary Residences 1-4 unit detached & attached Primary Residence 1-4 Family Investment and Second homes (see product pages for LTV) Condos and PUDs (see product pages for guidelines) Leaseholds must be reunderwritten according to FHA standards 1-4 Family Investment and Second homes (see product pages for LTV) Condos and PUDs (see product pages for guidelines) Leaseholds must be reunderwritten according to FHA standards 1-4 Family investment properties, second homes (M&T to M&T transactions only) 1 unit condos and PUDS Credit Scores Minimum 620 Minimum 620 Minimum 620 for M&T to M&T transactions Mimimum 680 for Non M&T to M&T transactions Reserves/DTI N/A N/A Reserve n/a - 41% DTI Automated Underwriting All loans must conform to HUD U/W guidelines All loans must conform to HUD U/W guidelines All Loans must conform to VA U/W guidelines Streamlined documentation per FHA required Streamlined documentation per FHA required should not be run thourgh an AUS, manual underwriting Important Notes 4506T required 4506T Required 4506T Required The LTV for underwriting is calculated using the The LTV for underwriting are calculated using the original property value as per the Refinance original property value as per the Refinance Authorization on FHA Connection from the loan being Authorization on FHA Connection from the loan being paid off. paid off. Liquid reserve of 3 months required for 3-4 unit properties. Borrower must have a net tangle benefit. See product pages for guidelines. Escrow transfers are not permitted Liquid reserve of 3 months required for 3-4 unit properties. Borrower must have a net tangle benefit. See product pages for guidelines. Escrow transfers are not permitted Geographic Restrictions may apply see product pages Geographic Restrictions may apply see product pages High Balance is Eligible High Balance Eligible Max loan amount may be equal to, greater than or less than the original loan amount of the loan being refinanced upto $625, exterior required on all loans. No cashback allowed and NO refund of the VA funding fee from the previous loan

6 Conventional Programs Conventional Programs Fannie Mae Standard Freddie Mac Standard Treasury Jumbo Loan Terms year Fixed; 5/1 ARM, 7/1 ARM, 10/1 ARM year Fixed; 5/1 ARM, 10/1 ARM 15 and 30 year Fixed; 5/1, 7/1 and 10/1 ARMs Purchase/Limited Cash Out Refinance 1 unit 97% LTV/97% CLTV/$417,000 95% LTV/95% CLTV/$417,000 75% LTV/CLTV/HCLTV/max loan amt $1 Million 70% LTV/CLTV/HCLTV/max loan amt $1.5 Million 65% LTV/CLTV/HCLTV/max loan amt $2 Million 1 unit Cash Out 80% LTV/80%CLTV/$417,000 80% LTV/80%CLTV/$417,000 *70% LTV/CLTV/HCLTV max loan amt $ 1 Million Purchase/Limited Cash Out Refinance 2-4 units 2 unit 85% LTV/85% CLTV/$533,850 2 unit 80% LTV/80% CLTV/$533,850 Not Permitted 3 unit 75 % LTV/75% CLTV/$645,300 3 unit 80% LTV/80% CLTV/$645,300 4 unit 75% LTV/75% CLTV/$801,950 4 unit 80% LTV/80% CLTV/$801,950 Cash out Refinance 2 unit 75% LTV/75% CLTV/$533,850 2 unit 75% LTV/75% CLTV/$533,850 1 unit primary only 3 unit 75%LTV/75% CLTV/$645,300 3 unit 75%LTV/75% CLTV/$645, % LTV/70% CLTV 70 % HCLTV with max loan amount of $1 Million 4 unit 75% LTV/75% CLTV/$801,950 4 unit 75% LTV/75 CLTV/$801,950 Second Homes 90% LTV/90% CLTV 85% LTV/85% CLTV 70 % LTV/CLTV/HCLTV max loan amount $1 Million Investment Properties 1 Unit 80% LTV/80% CLTV 2-4 unit 75% LTV 75%CLTV 1 Unit 85% LTV/85% CLTV 2-4 unit 75% LTV 75% CLTV 1 Unit 80% LTV/80% CLTV 2-4 unit 75% LTV 75%CLTV Not permited Eligible Properties 1-4 unit primary & 1-4 unit investment 1-4 unit primary 1-4 unit investment 1 Unit Primary 1 unit second homes 1 unit second homes 1 unit second homes FNMA approved Condos & PUDS Condos & PUDS per FHLMC Guidelines FNMA approved Condos & PUDS Modular, panelized, prefab and log homes Co-ops (primary and 2nd Homes per FNMA guidelines) DC,NY,NJ, MD and VA only Modular, panelized, prefab and log homes Condos, PUDs and Co-op underwritten to Agency Guidelines. (Co-ops in DC, MD, NJ, NY and VA) Credit Scores Min 620 credit score Min 620 credit score See product page credit score is based on property type and LTV Reserves/DTI 2 months for 2nd home 6 months for investment and 2 months for each additional 2nd home or investment property. See product page reserves and DTI is based on property type Loan amounts up to $1 million 12 months PITI Loan amounts greater than $1 million, 12 months PITI or 10% of the Loan amount required, whichever is higher/ MAX DTI is 40% All loans manually underwritten by M&T prior to purchase Automated Underwriting Loan must be underwritten through Desk Top Underwriting Not permited Loans must be underwritten through Loan Prospector Important Notes 4506T required 4506T required 4506T required DU Refi Plus also available & FNMA High Balance Open Access also available & Super Conforming Cash out limited to $250, Approved MI providers: UG, MGIC, Genworth, Essent, Approved MI providers: UG, MGIC, Genworth, Essent, Loans are manually underwritten. LP/DU decisions Arch, Radian and National MI. Arch, Radian and National MI. are not acceptable.

7 State of New York Mortgage Programs State of New York Mortgage Agency Programs SONYMA Conventional Plus SONYMA FHA Plus SONYMA DPAL Loan Terms 30 year fixed 30 year fixed 10 year Non-amortizing Second Mortgage Purchase/Rate and Term Refinance 1 Unit 97.50% LTV/105% CLTV *96.50% LTV */$417,000 Per 1st Mortgage Cash out Refinance Not permitted Not permitted Per 1st Mortgage Purchase 2-4 Units 2 unit 95 % LTV/105% CLTV/$533,850 *2 unit 96.50%/$533,850 Per 1st Mortgage 3 unit 95 % LTV/105% CLTV/$645,300 *3 unit 96.50%/$645,300 4 unit 95% LTV/105% CLTV/$801,950 *4 unit 96.50%/$801,950 Rate and Term Refinance 2-4 Units 2 unit 95 % LTV/105% CLTV/$533,850 2 unit 97.75% LTV/97.75% CLTV/$533,850 For Refinance transactions under Conventional and FHA Plus the DPAL amount may not exceed 3% of the lower of the unpaid principle balance or the appraised vlaue. 3 unit 95 % LTV/105% CLTV/$645,300 3 unit 97.75% LTV/97.75% CLTV/$645,300 The DPAl may pay for one-time MI premium or be credited against closing costs. 4 unit 95% LTV/105% CLTV/$801,950 4 unit 97.7% LTV/97.75% CLTV/$801,950 Second Homes Not eligible Not Eligible Not Eligible Investment Properties Not eligible Not Eligible Not Eligible Eligible Properties 1-4 unit primary residence 1-4 unit primary residence See product page of attached 1st mortgage Condos, PUDS and Co-ops meeting FNMA Guidelines. 1 unit Condos and PUDS. Condos must be HARP approved, DELRAP approved through another lender, or certified by M&T as DELRAP approved solely for establised projects Co-ops must meet the NYC Pilot Program standards New Construction projects must be approved through HARP Credit Scores Minimum 620 for 1 unit 680 for 2-4 units Minimum 640 Per 1st Mortgage Reserves/DTI Per DU findings 3 months PITI required for 3-4 units/31%/43% Per 1st Mortgage Automated Underwriting All loans must be underwritten through DU All loans must be underwritten through Per 1st Mortgage Manually underwritten loans are NOT permitted FHA Total Score Card for Approval Important Notes 4506T required 4506T Required For standard Sonyma programs DPAL is higher of $3,000 or 3% of the home purchase price not Subordinate Financing is permitted see product The loan amount not to exceed $15, Subordinate Financing is permitted see product pages pages Non-Traditional credit not permitted MI required. NY State Properties only *CLTV may exceed 100% see the M&T FHA UW guidelines for details on subordinate fiancing and allowable CLTV's. The HCLTV may not exceed the CLT on FHA loans NY State Properties only For Conventional and FHA Plus the DPAL is 3% of the home purchase price. There is no cap

8 Here are seven reasons to make M&T your preferred investor. At M&T, we have taken Renovation lending to a higher level. Let us be your first investor of choice for this growing niche and you ll discover the following: FHA 203(k), Standard and Limited Top Ten 203(k) servicer Fannie Mae HomeStyle also offered Gain Piece-of-mind with M&T s 203(k) Early Renovation Review Process. Take advantage of Fewer pre-funding stipulations Guidance from dedicated renovation experts Shorter delivery timeframes At M&T, we know how important it is to be nimble in today s ever-changing market. That s why our Secondary Marketing team is there for you. Consider the following: Best Efforts and Mandatory Execution Single Loan or Bulk EPD buyout option Competitive Premiums Top Ten Ginnie Mae servicer Other niche offerings including SONYMA, Co-op, VA and USDA Let M&T s Renovation Center of Excellence help you fund more Rehab Loans. Headquartered in Albany, NY, M&T s renovation staff has hundreds of years of experience underwriting and servicing renovation draw loans. We can help in a variety of ways The Lender s Edge. Let M&T be your first investor of choice. We focus on Renovation and a whole lot more. Consider the following: Best Efforts and Mandatory Execution, Single Loan or Bulk Fannie Mae HomesStyle lender FHA 203(b) and 203(k) Other niche offerings including SONYMA, Co-ops, VA and USDA Comprehensive training programs offered monthly: Completing The 203(k) Maximum Mortgage Worksheet Intro to Limited 203(k) Condo s & Co-op s Today Processing 203(k) s Correspondent Lending 203(k) Process Flow VA 101 FHA 101& FHA 203(k) Basics HomeStyle & HomeStyle MMWS FHA Streamline Refinance M&T s informational Seller Guide covers: Important Definitions Seller Eligibility Delivery and funding Underwriting & Eligibility Standards Products Warranties Registration We proactively monitor the progress of each project, keeping your customers satisfied in the process And, draw checks are typically issued within 7 business days of the customer s request, keeping contractors happy and projects moving This information is for use by mortgage professionals only and should not be distributed to or used by consumers. Certain conditions and restrictions apply. Program subject to change or discontinuation without notice M&T Bank. Member FDIC. NMLS # CS8442 (8/15)