RESPA REFORM TRAINING Effective January 1, FOR MORTGAGE PROFESSIONALS ONLY Rev 1, 12/29/09

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1 RESPA REFORM TRAINING Effective January 1, 2010

2 OVERVIEW In November 2008, HUD published its final rule amending Regulation X of the Real Estate Settlement Procedures Act (RESPA). The final rule includes significant changes to the Good Faith Estimate (GFE) and the HUD-1 Settlement Statement (HUD-1). The final RESPA rule along with the new GFE and HUD-1/1A forms, training guide, and FAQ s can be accessed on HUD s web site at ACBN requires the new GFE and HUD-1 forms be used on all applications received on or after January 1, 2010.* Any new file or file in process that needs a GFE or re-disclosure of a GFE on or after January 1, 2010 will use the new standardized GFE form. New Definition of Loan Application Under the new RESPA rule, what constitutes an application is being redefined. The term application means the submission of a borrower s financial information in anticipation of a credit decision relating to a federally related mortgage loan, which must include all of the following: 1. Borrower s name 2. Borrower s monthly income 3. Borrower s social security number 4. Property address (not TBD) 5. Estimated value of the property 6. Mortgage loan amount 7. Interest rate 8. Product type ACBN will consider a transaction to be an application when the above elements are obtained for each applicant AND there is intention to apply on the part of the borrower(s). A loan transaction must meet the definition of an application before a GFE can be issued. GFE The new standardized GFE is designed to provide the borrower with more transparency regarding key loan terms, fees, and charges so borrowers may shop among lenders for the best loan. The main goal is to give borrowers more accurate figures as to the true cost of the loan at time of application and avoid surprises at closing. All charges are disclosed on the GFE regardless of whether the charges will be paid by the borrower, seller, or other party. The loan originator (lender or mortgage broker) is required to issue the new GFE no later than 3 business days after the application or information sufficient to complete an application is received. (See above definition of a Loan Application.)

3 The initial GFE distributed by any loan originator in a transaction becomes the binding GFE. Except for interest rate dependent charges, the loan originator is bound by the GFE for at least ten (10) business days after the GFE is provided (or longer if so specified by the loan originator.) There is no requirement that the borrower sign the GFE. No GFE disclosure is required if the application is withdrawn or denied within 3 business days of application. The loan originator may not charge any fee, except for a credit report fee, until after the applicant has received the GFE and indicates an intention to proceed with the loan request. (See ACBN Certification of Receipt of GFE and Intent to Proceed form.) Fees paid outside of closing will no longer be designated as POC on the GFE. All fees typically paid by the borrower must be shown on the GFE as if paid by the borrower at closing. All charges for settlement services must be placed in the appropriate categories on the GFE. RECOMMENDATION: Do not issue an initial GFE until all of the above mentioned items are collected on the loan application. Prior to a completed loan application, use a generic fee worksheet to provide an interest rate and fee quote to the borrower. *Pre-Quals/TBD properties are still acceptable at ACC/ACBN; no GFE required.

4 Instructions on Completing the New GFE The new GFE consists of three pages: Page 1: Provides important dates regarding availability of interest rate and settlement charges Summarizes key loan information and escrow details Shows the total estimated settlement charges for the loan Page 2: Breaks down all settlement charges into two major categories: Your Adjusted Origination Charges and Your Charges for All Other Settlement Services The two major categories are broken down into eleven blocks of charges Page 3: Provides information to help borrowers understand which settlement charges can change at closing (tolerance limits) Shopping chart provided to assist the borrower when comparing GFEs from other lenders

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6 Name of Originator Originator provided: originator company name AKT provider on re-disclosure: AKT American Capital, Inc. Originator Address Originator provided: originator branch address AKT provider on re-disclosure: AKT American Capital, Inc. address Originator Phone Number Originator provided: originator phone number AKT provider on re-disclosure: blank Borrower Name Applicant Name(s) Property Address Subject Property Address Date of GFE Originator provided: Date generated by originator AKT provider on re-disclosure: Date generated by system Originator Originator provided: originator AKT provider on re-disclosure: blank

7 Important dates details: 1. If loan is locked: lock expiration date If loan is floating: date and time stamp equal date GFE generated by originator s system AKT provider on re-disclosure: date and time stamp equal date GFE generated from the system 2. If loan is locked: lock expiration date If loan is floating: 10 rescission business days from originator s system AKT provider on re-disclosure: 10 rescission business days from the system 3. If loan is locked: the lock period If loan is floating: N/A 4. If loan is locked: N/A If loan is floating: 10 calendar days (Monday Sunday). AKT has option to be flexible with this timeframe. NOTE: The interest rate and other settlement charges dates are independent of each other. At lock, an updated GFE must be issued by ACBN with Important Dates sections updated.

8 Summary of your loan details: Your initial loan amount is: FINAL Loan Amount that would appear on the Note Your loan term is: Term in years Your initial interest rate is: Interest rate that would be applicable on the date of Note Your initial monthly amount owned for principal, interest and any mortgage insurance is: Principal (if applicable), interest and mortgage insurance; do NOT include taxes, insurance, HOA, etc. Can your interest rate rise?: - ARM products: mark YES; the second blank must state the maximum rate to which the rate can rise over the life of the loan and the number of months until the interest rate can first change. - Fixed rate products: mark NO. Even if you make your payments on time, can your loan balance rise?: - Mark NO. ACBN does not offer loan products that include the possibility of negative amortization.

9 Even if you make your payments on time, can your monthly amount owed for principal, interest and mortgage insurance rise?: - Fixed rate products: mark NO. - ARM products: mark YES and state the period of time to the first change, the maximum amount the payment can rise with the first change, and the maximum it can raise over the life of the loan. Does your loan have a prepayment penalty?: Mark YES if there is a prepayment penalty on the new loan and state the maximum amount of the penalty. Otherwise, mark NO. Note: FHA interest charged from the date of prepayment until the next installment due date is not a prepayment penalty. Does your loan have a balloon payment?: Mark YES if there is a balloon payment and state the amount of the balloon payment and the number of years until the balloon payment is due. Otherwise, mark NO. Escrow account information details: Input the initial monthly amount owed as calculated above in "Summary of your loan": Principal (if applicable), interest and any mortgage insurance. Mark YES if there will be an escrow account; Mark NO if there will not be an escrow account.

10 Summary of your settlement charges A. Calculated on page 2 of the GFE. See below. B. Calculated on page 2 of the GFE. See below. A +B. Total of adjusted origination charges and charges for all other settlement services.

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12 ZERO TOLERANCE Amounts reflected in Blocks 1 & 2 cannot change unless there is a Changed Circumstance. Understanding your estimated settlement charges details: Block 1 Origination Charge. TOTAL of all AKT lender fees and originator/broker fees for originating the loan, including but not limited to: *Initial YSP / Broker s Compensation Origination Fee Processing Fee Administrative Fee Application Fee Commitment Fee Underwriting Fee Courier Fee Wire Fee Attorney s Document Preparation Fee MERS Registration Fee Verification of Tax Return/SSN Verification of Income/Employment Extended Lock Fee Sum of all these fees appears on GFE and HUD-1 but must be itemized on separate fee worksheet (i.e. Initial Fees Worksheet in Point) and noted if fee is a prepaid finance charge as well as if fee is to be paid by the borrower, seller, or other party. *The initial YSP / Broker s Compensation cannot increase after the initial GFE even though the premium/credit on the loan may increase after the GFE is issued.

13 Block 2 Credit/Charge for Interest Rate. Any credit or charge for the interest rate chosen on the loan. Only one of the boxes may be checked per loan; a credit and a charge cannot occur together in the same transaction. Box 1 Check if no additional charges or credits apply (i.e. par pricing with no YSP) Box 2 Check if loan contains lender credits to the borrower to cover origination and/or fees OR contains a Yield Spread Premium and any additional payments made to the broker from the lender; reflect as a negative number; zero should be entered if there is no credit or YSP of any kind. Box 3 Check if there are any interest rate related charges (i.e. discount points); enter zero if no points are collected. Example 1: Consumer locked at 6.0%, par pricing $1,500 origination fee No discount points - SCENARIO EXAMPLES - Your Adjusted Origination Charges 1. Our origination charge This charge is for getting this loan for you. 2. Your credit or charge (points) for the specific interest rate chosen. X The credit or charge for the interest rate of 6 % is included in "Our origination charge." See item 1 above. $3, $ 0 You receive a credit of $2,000 for this interest rate of 6.50%. This credit reduces your settlement charges. You pay a charge of $ for this interest rate of %. This charge (points) increases your total settlement charges. A. Your Adjusted Origination Charges $1,500.00

14 Example 2: Par rate = 6% $1,500 origination fee No discount points Consumer locked at 6.5% for which the lender will pay a $2,000 yield spread premium to broker Your Adjusted Origination Charges 1. Our origination charge This charge is for getting this loan for you. 2. Your credit or charge (points) for the specific interest rate chosen. The credit or charge for the interest rate of % is included in "Our origination charge." See item 1 above. $3, $ (2,000.00) X You receive a credit of $2,000 for this interest rate of 6.50%. This credit reduces your settlement charges. You pay a charge of $ for this interest rate of %. This charge (points) increases your total settlement charges. A. Your Adjusted Origination Charges $1,500.00

15 Example 3: Par rate = 6%, $1,500 origination fee 2 discount points for rate of 5.50% Consumer locked at 6.5% that had premium pricing Your Adjusted Origination Charges 1. Our origination charge This charge is for getting this loan for you. 2. Your credit or charge (points) for the specific interest rate chosen. The credit or charge for the interest rate of % is included in "Our origination charge." See item 1 above. $1, $ 2, You receive a credit of $2,000 for this interest rate of 6.50%. This credit reduces your settlement charges. X You pay a charge of $ for this interest rate of %. This charge (points) increases your total settlement charges. A. Your Adjusted Origination Charges $3,500.00

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17 Your charges for all other settlement services details: Block 3 Required Services We Select. Identify each third party settlement service required as a condition of the loan and selected by the lender/originator (excluding title services) along with the estimated price to be paid to the provider of each service. The name of the actual provider is not disclosed on the GFE. EXAMPLES: credit reports, appraisals, AVMs, flood certificate, tax service, government loan charges (VA Funding Fee, FHA, USDA Rural Housing Guarantee Fee, and bond programs), any upfront mortgage insurance premium (FHA MIP, Conventional PMI), HOA certification, any fee charged by provider for evidence of insurance from a hazard/flood insurer, pest inspection, well/septic inspection. NOTE: Appraisal, Tax Service, and Flood Cert fees may be listed in this block. (When these services are listed in Block 3, they do not appear on the Settlement Services Providers List.) Block 3 subject to10% aggregate tolerance (along with other services below where provider was chosen from the list.) Block 4 Title Services and Lender s Title Insurance. State the estimated TOTAL charge for third party settlement service providers for all closing services, regardless of whether the providers are selected or paid for by the borrower, seller or lender/mortgage broker. Also include any lender's title insurance premiums, when required, regardless of whether the provider is selected or paid for by the borrower, seller or lender/mortgage broker. EXAMPLE FEES (ANY SERVICE INVOLVED IN THE PROVISION OF TITLE INSURANCE): title search, title examination, endorsements and evaluation, preparation and issuance of commitment, clearance of underwriting objections, preparation and issuance of policies, all processing and administrative services, conducting settlement, delivery fees, notary fees, lender title insurance premium, survey. REFINANCES: A title/settlement service provider must be disclosed on the Required Services Providers List. PURCHASES: The sales contract identifies the title/settlement services provider. Block 4 subject to 10% aggregate tolerance if listed service provider is chosen. Not subject to tolerance if listed service provider is not chosen. Must list at least one service provider on Settlement Services Providers List, if borrower is allowed to shop.

18 Block 5 Owner s Title Insurance. For all purchase transactions, provide an estimate of the likely charge for the owner's title insurance and related endorsements, regardless of whether the providers are selected for or paid by the borrower, seller or lender/mortgage broker. REFINANCES: You may enter N/A in this block. Block 5 subject to 10% aggregate tolerance if listed service provider is chosen. Not subject to tolerance if listed service provider is not chosen. Must list at least one service provider on Settlement Services Providers List, if borrower is allowed to shop. Block 6 Required Services You Can Shop For. Identify each third party settlement service required for the loan transaction where the borrower is permitted to shop for and select the settlement service provider (excluding title services) along with the estimate charge to be paid to the provider of each service. Block 6 subject to 10% aggregate tolerance if listed service provider is chosen. Not subject to tolerance if listed service provider is not chosen. Must list at least one service provider on Settlement Services Providers List. Block 7 Government Recording Charges. Estimate the state and local government fees for recording. CHARGES INCLUDE BUT ARE NOT LIMITED TO: state and local fees for recording the deed, mortgage, deed of trust, releases, and any other instrument or document recorded to preserve marketable title or to perfect AKT s security interest in the property. Block 7 subject to 10% aggregate tolerance. Block 8 Transfer Taxes. Enter the buyer s portion all state and local government fees on mortgages and home sales based upon the proposed loan amount or sales price and on the property address. (City/County Tax/Stamps, State Tax/Stamps). Block 8 subject to zero tolerance.

19 Block 9 Initial Deposit for Escrow Account. Estimate the amount that will be required to place into a reserve or escrow account to be applied to recurring charges for property taxes, homeowner's and other similar insurance, mortgage insurance and other periodic charges. Check the appropriate box and show the total in the right column. If the reserve or escrow account includes mortgage insurance, check "other" and then list the items included. If escrow is being waived, zero will be in this block. Block 9 has no tolerance limitation. NOTE: If escrows are being waived, the loan level price adjustment to waive escrows is included in Block 2. Block 10 - Daily Interest Charges. Estimate the total amount that will be due at settlement for the daily interest on the loan from the date of settlement until the first day of the first period covered by scheduled mortgage payments. Originator must also indicate how this total is calculated by providing the amount of the interest charges per day and the number of days used in the calculation, based on the stated projection closing date. Block 10 has no tolerance limitation. Block 11 - Homeowner's Insurance. Estimate the total amount of the premiums for any hazard, flood and earthquake insurance policy that must be purchased. Separately indicate the nature of each type of insurance required along with the charges. Enter the total for all premiums in the right column. To the extent a lender/mortgage broker requires that such insurance be part of an escrow account, the amount of the initial escrow deposit must be included in block 9. Block 11 has no tolerance limitation.

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21 Using the tradeoff table details: This section is designed to make borrowers aware of the relationship between their total estimated settlement charges, interest rate and resulting monthly payment. Complete the left hand column using the loan amount, interest rate, monthly payment figure, and the total estimated settlement charges from page 1 of the GFE. The originator may provide the borrower with the same information for two alternative loans, one with a higher interest rate and one with a lower interest rate. The alternative loans must use the same amount and be otherwise identical to the loan in the GFE. Using the shopping cart table is a shopping tool for the borrower to complete, in order to compare GFEs from different lenders. The first column will be completed with the subject loan information.

22 CHANGED CIRCUMSTANCES REDISCLOSURE OF GFE Except for any permitted tolerances, loan originators must be accurate when disclosing initial settlement charges to the borrower on the GFE. Without a valid changed circumstance that is documented, the originator and lender are bound by the amounts shown on the last disclosed GFE subject to any permitted tolerances. Only charges or terms directly related to the changed circumstance may be changed. The revised GFE must be issued within 3 business days of receiving information sufficient to establish the changed circumstance. The 3 business day requirement is triggered from the time of receipt by either the originator or the lender, whoever receives the information first. Documentation evidencing the changed circumstance must be kept in the loan file. The term "changed circumstances" means: Acts of God, war, disaster, or other emergency; Information particular to the borrower or transaction that was relied on in providing the GFE that changes or is found to be inaccurate after the GFE has been provided. This may include information about the credit quality of the borrower, new loan amount, program change requested by the borrower, the estimated value of the property, loan locked after submission, occupancy change, or any other information that was used in providing the GFE; New information particular to the borrower or transaction that was not relied on in providing the GFE; or Other circumstances that are particular to the borrower or transaction, including underwriting conditions, boundary disputes, the need for flood insurance, environmental problems, or additional conditions required from Title Binder. EXAMPLES: - If pricing changes due to a changed circumstance, or a borrower requested change, only the interest rate dependant charges and terms may change. This includes only those charges and credits in Block 2 which will, in turn, impact the Adjusted Origination Charges. - If pricing changed due to going from a float to a lock or due to a lock expiration, only the interest rate dependant charges and terms may change (Block 2 and the impacted Adjusted Origination Charges. )

23 "Changed circumstances" do not include: The borrower's name, the borrower's monthly income, the property address, any information contained in any credit report obtained by the loan originator prior to providing the GFE, unless the information changes or is found to be inaccurate after the GFE has been provided, etc.; or Market price fluctuations by themselves. EXAMPLES: - Block 1 fees CANNOT change, even with a changed circumstance; EXCEPTION: if the loan amount changes and a portion of the Origination Charge is a percentage of the loan amount or the overall loan program changes. ACTION REQUIRED: Upon the borrower s request for a change or loan originator s knowledge of a changed circumstance, notify ACBN within 24 hours by ing redisclosure@acbnonline.com with the detail of the changed circumstance and request to re-issue a revised GFE. (See Request for Changed Circumstance form). A revised GFE may only be issued to a borrower by ACBN within 3 business days of the change and prior to closing where there exists "changed circumstances". APPRAISAL REVIEWS: Appraisal reviews are not always due to a changed circumstance and may need to be accounted for at time of initial GFE disclosure. See ACBN Appraisal Review Policy and ACBN fee sheet posted on the ACBN web site.

24 TOLERANCE LIMITATIONS HUD has created limitations which restrict the amount that settlement charges to borrowers can change between the GFE and the actual fees charged at settlement. These tolerance limitations are designed to help borrowers receive a more accurate GFE and to enable the borrower to easily compare the fees noted on the GFE with those on the HUD-1. The tolerance limitations are divided into three categories: 1. Settlement charges that cannot increase: origination charges (including broker fees), borrower's credit or charge for specific interest rate chosen (after locking in the rate), and transfer taxes. (0% Tolerance) 2. Settlement charges that can increase up to 10%: required services selected by the originator, title services and lender's title insurance (if selected by loan originator or borrower uses companies identified by loan originator), owner's title insurance (if borrower uses companies identified by loan originator), required services that the borrower shops for (if borrower uses companies identified by the loan originator), and government recording charges. (Up to 10% Aggregate Tolerance) 3. Settlement charges that can increase without restriction: required services that borrower shops for, title services and lender's title insurance, and owner's title insurance (where the borrower does not use companies identified by the loan originator); initial deposit for escrow deposit, daily interest charges, and homeowner's insurance. (No Tolerance Limitation) These tolerances are clearly described to the borrower on the third page of the GFE and carry over to page 3 of the HUD-1.

25 Additional Disclosures The new RESPA rules require loan originators to provide the borrower with a list of Settlement Service Providers. The Itemization of Fees and the Lender/Seller Paid Fees & Credits are not required by the new RESPA rule but are necessary additions based on the changes to the GFE and HUD-1. It is the loan originator s responsibility to communicate to the settlement agent all the information needed to complete the HUD-1. Settlement Service Provider List: For blocks 4, 5 & 6 of the new GFE, the loan originator must identify each third party settlement service required by the loan originator where the borrower is permitted to shop for and select the settlement service provider. Only one settlement service provider is required to be listed per service. If no service providers are listed, then it is assumed the borrower could not shop and fees will be bound by the tolerances. The borrower is not required to select a vendor from the list provided. Where a borrower is permitted to shop for third party settlement services, the loan originator must provide the borrower with a written list of settlement service providers on a separate sheet of paper at the time the GFE is issued. The list must include those services addressed in Blocks 4, 5 and 6 of the GFE. The list must contain settlement service providers that are likely available to provide the settlement service in the borrower's local area. The list must include the name, address, and phone number for each provider and with the estimated charge to be paid. Additional disclosure may be added to the list stating that the originator is not endorsing the service providers. Lenders may list their affiliate as the only service provider, but must distribute the Affiliated Business Arrangement disclosure. No standard format is required. (Point users: see Settlement Service Provider List with the 2010 GFE in Point as a sample format to use.) The content of the Settlement Service Provider List will vary depending upon which services the borrower is permitted to shop for. If the borrower selects a provider identified on the list, the amount paid for that service would fall within the 10% tolerance for that category. If the borrower chooses a different provider, the amount paid for that service is not subject to any tolerance restriction.

26 Itemization of Fees: Certain fees must be consolidated into a single block on the new GFE form and a single line on the new HUD-1. EXAMPLE: The total of all charges assessed by loan originators on the transaction (including lenders and brokers), except any charge for the specific interest rate chosen, must be shown in Block 1, "our origination charge", on the GFE and in line 801 on the HUD-1. ACTION REQUIRED: Since the individual fee detail will no longer be shown on the GFE and HUD-1, ACBN will require originators to provide that detail on a separate form. This form is necessary in order to correctly re-calculate the APR and test compliance with Federal and state high cost restrictions. (See initial Fees Worksheet in Point, formerly known as the GFE.) Although use of this specific form is optional, loans will be suspended if an itemization of the individual fees comprising the totals shown on the GFE and HUD-1 is not provided. NOTE: an Itemization of Amount Financed will not satisfy this requirement entirely as that form only provides the detail on finance charges. ACBN fees are posted at => Member Info Tab (or, on the ACC Village). Lender/Seller Paid Fees/Credits: All charges typically paid by the borrower must be disclosed on the GFE regardless of whether the charges will be paid for by the borrower, the seller, or other party. Fees disclosed, but paid by others are still bound by tolerances. EXAMPLE: In order to promote comparability between the charges on the GFE and the charges on the HUD-1, if a loan originator pays for a charge that is included on the GFE, the charge should be listed in the borrower's column on Page 2 of the HUD-1. That charge must also be offset by listing a credit in that amount to the borrower on lines on Page 1 of the HUD-1. Similar to the lender/broker paid fees, fees and charges typically paid by the borrower that are to be paid by the seller must also be disclosed on the GFE. EXAMPLE: If a seller pays for a charge that was included on the GFE, the charge must be listed in the borrower's column on Page 2 of the HUD-1. That charge should also be offset by listing a credit in that amount to the borrower on lines on Page 1 of the HUD-1, and by a charge to the seller in lines on Page 1 of the HUD-1.

27 Depending upon the number of fees paid by the lender / broker and fees paid by the seller on each transaction, there may not be enough lines available in the 200 or 500 series on the HUD-1 to detail each fee. In those cases, ACBN will require that detail be provided on an addendum to the HUD-1. For brokers, on a transaction in which the borrower requests a Lender Credit to be applied to closing costs in exchange for a higher interest rate, the premium pricing credit must be reflected as a negative number in Block 2 on the GFE and on line 802 on the HUD-1. ACBN will require clients to include the allocation of the premium pricing credit on an addendum to the HUD-1. This detail is necessary in order to correctly re-calculate the APR and test compliance with Federal and state high cost restrictions. New HUD Settlement Cost Booklet Shopping for Your Home Loan : Required to be provided along with the GFE either by mail or on ALL purchase and refinance loans. New Construction GFE Disclosure: On New Construction purchase transactions, if settlement is expected to occur more than 60 calendar days from the time a GFE is provided, the Good Faith Estimate Construction Loan Disclosure must be provided along with the GFE in order to issue a revised GFE without a Changed Circumstance. If this disclosure is not provided at the time of the initial GFE, a revised GFE can only be issued if there is a valid and documented Changed Circumstance.

28 Fee Tolerances / Curative Process Settlement fees and charges disclosed on the GFE must remain within the RESPA tolerances both initially and throughout the process. (It is permissible for charges to the borrower to decrease.) Unless there is a valid, documented Changed Circumstance, ACBN is not allowed to exceed certain fee tolerances listed on the GFE as compared to the HUD-1. The ACBN closer must compare the fees reflected on the GFE to the preliminary HUD-1 prepared by the settlement agent prior to closing to determine if there are any differences. If there are differences that are in violation of the fee tolerances, the violations must be cured and the HUD-1 must be corrected prior to loan closing. In the event an error is not detected prior to closing/disbursement, Post Closing Review will complete the process to cure the error within 30 days of settlement.

29 Tips for Point Users In order to complete the new standardized GFE correctly, follow these steps: 1. Input all fees on the Initial Fees Worksheet (formerly the GFE) in Point; mark all PFCs and which party pays the fee. NOTE: if brokering and getting a YSP, input the YSP in compensation paid to broker field as normal AND add this amount to the origination field along with any other origination fee being charged to the borrower. 2. Complete the Truth In Lending (TIL) 3. Go to the NEW GFE 2010 and complete all remaining boxes that did not auto-populate from the Initial Fees Worksheet and TIL. NOTE: With every change to fee, PFC, or party to pay for the fee, on the new GFE you must press the CALCULATE tab at the bottom of the screen. IDEA: In field #9, you may want to consider adding Supplemental taxes not included on purchases. 4. Complete the Service Providers List, including amount, provider name, address, and phone number. NOTE: In order for the list of providers to print on the form correctly, check both the req d box brw box because the fee is required and the borrower can shop for the service, then print.

30 What ACBN Needs from You at Submission - A fully completed loan application - An acceptable GFE disclosure (dated within 3 business days of the originator application date) - TIL Disclosure (dated within 3 business days of the originator application date) - Mortgage Loan Disclosure Statement - ACBN Fee Acknowledgment Form (see TILA guidelines) - Settlement Services Providers List (dated within 3 business days of the originator application date) - Certification of Receipt of GFE and Intent to Proceed form - Initial Fees Worksheet - All remaining federal, state, and program specific borrower authorizations and disclosures - AUS findings - Income and asset documentation - Contract, if applicable - See ACBN s stacking order for a full list of possible items required on a file at time of submission Prior to accepting a loan package, ACBN must audit the GFE, GFE Acknowledgement, Settlement Services Providers List, and Fee Worksheet for acceptability. Any loan that is not acceptable cannot be cured, will be returned to the originator, and may not be re-submitted. Pre-Quals/TBD properties are acceptable at ACC/ACBN, no GFE required. Additional information and ACBN required forms will be posted on ACBN s web site by January 1, 2010 under Member Info and/or Forms tabs (or posted on the Village for ACC Retail Originators.)