Idaho Housing and Finance Association Reference Guide

Transcription

1 Reference Guide Servicing CHFA Loan Types: FHA, VA and USDA Service Released Lenders only HFA Preferred TM - All Lenders / HFA Advantage - Eligible Lenders Conventional loans that are uninsured All Lenders (See CHFA DAP Servicing Guides) an Independent Body, Politic and Corporate. 6 W. Myrtle Street, Boise, ID 870 Toll Free # Mon Fri 8am pm (mountain time) Closed on certain holidays Tax ID#: 8-00 Branch 001 HUD ID #: Lender Connection: Contact resloan@ihfa.org Borrower Connection: Send Questions: resloan@homeloanserv.com CONTACTS: Mark Suderman Annie Smith Loan Acquisition Lead Business Development Specialist (08) (08) 1-81 marks@ihfa.org annies@ihfa.org Note Endorsement: Pay To The Order of Assignment of Mortgage (No Ampersand Sign) P.O. Box 7899 Without Recourse Boise, ID 8707 Lender Name Signature Or MERS: IHFA # Signatory s typed name/title Loan Purchase within 1 Days Original Note To: of 1 st Payment Due 1 st pay netted out of purchase amount 6 W. Myrtle Street, Boise, ID 870 Lender retains 1 st payment Purchase Statement will account for monthly escrow Trailing Docs Delivered Within 90 Days Transfer Flood Certificate to HomeLoanServ of Loan Closing Transfer Hazard/Flood Insurance to HomeLoanServ (Upload thru Lender Connection) *Original Recorded Mortgage & Assignment * Final Title Insurance Policy Borrower s Payments/Servicing Questions * FHA MIC/VA LGC/USDA-RD LNG P.O. Box 71, Boise, ID Toll Free #: Servicing Questions: mortgageserv@ihfa.org Customer can mail both the 1 st and nd mortgage payments in the same envelope but there should be two separate checks one for the 1 st mortgage and one for the nd mortgage payment- If only one check is sent for both payments it will all be credited to the first mortgage as additional principle paydown. First Mortgagee Clause: HomeLoanServ - its successors and/or assigns ATIMA: P.O. Box Boise, ID 8707 Second Mortgagee Clause: CHFA Downpayment Assistance Program (DAP) = Connecticut Housing Finance Authority C/O HomeLoanServ, its successors and/or assigns ATIMA: P.O. Box 7899 Boise, ID

2 CHFA - LOAN FILE SUBMISSION FORM SERVICER: IDAHO HOUSING AND FINANCE ASSOCIATION (Form for HFA Preferred TM / HFA Advantage & Uninsured Only) Date: All Files Submitted To CHFA Are Required To Be Scanned In Checklist Order CHFA LEAN LOAN COMPLETE THE FOLLOWING TO SUBMIT LOANS IN CHFA LOS: Update All Applicable Fields In LOS - Confirm Program Type & Interest Rate - Including DAP Worksheet (If applicable) Complete And Submit CHFA LOS Additional Data Screen Upload The Final Loan Application (100) In CHFA LOS File Contact Name & Title LENDER / SELLER CONTACT INFORMATION Telephone & Ext. Contacts Address BORROWER INFORMATION CHFA Loan # IHFA Loan # Primary Borrower Name (Last, First) LOAN FILE SUBIMISSION TO INCLUDE, but is not limited to the following documentation (as applicable). Documentation requirements may differ by program. CREDIT PACKAGE DOCUMENTS - CHECK ONLY ITEMS APPLICABLE Commitment / Loan Exceptions / Transmittal 1 File Submission Checklist - CHFA Form ID Loan Exception Documentation Other Subordinate Financing - Initial Financing Approval Document Final Transmittal Summary (1008) FNMA (dated/signed by Underwriter) (i.e. Housing Dev. Fund, Equity Builder, City of HTFD, etc.) First Mortgage Loan Approval & Application Final/Verified Loan Application (100) 1 Initial Loan Application (100) (signed by Borrower & Ln Originator) AUS Findings - Final version (DU, LP) Private Mortgage Insurance Certificate - Copy (if applicable) Credit & Fraud Checks 1 Credit Supplements (if applicable) Credit Report Inquiry Explanation with Documentation - signed & dated Credit Report - RMCR / Tri-Merge (associated to AUS, if applicable) 6 Divorce Decree / Property Separation Agreements (if applicable) Bankruptcy Report / Discharge (if applicable) 7 Child Support Verification (if applicable) Letter addressing Adverse Credit and/or Discrepancies - signed & dated Income / Employment - (Most recent Documentation on Top) 1 Income Analysis Worksheet - Lender or CHFA Form (Repayment) 7 Academic Student Transcript - for full-time student (or pay stub) if DAP LN 8 Income Analysis Worksheet - Lender or CHFA Form (Income Limit) Verification of Employment (past yrs with start/end dates) Current paystubs (reflecting 0 days & YTD income) 8 Verif. of Supplemental Income - Soc Sec, Pension Award (or per AUS) 8 IRS Tax Return Transcripts - most recent - 1 yr if targeted area ~ or ~ Fed. Tax Return-Personal Signed most recent - 1 yr if target area - all schedules Fed. Tax Return-Business Signed most recent - yrs if target area - all schedules 6 W-'s, 1099's - Most recent yrs 9 Income Letter(s) of Explanation (if applicable) Assets - (Most recent Documentation on Top) Cleared Earnest Money Check (copy) with source of funds (if applicable) 1 Gift Documentation per FNMA guidelines Any Additional Supporting Asset Documentation (if applicable) Asset Statements (Bank name & ownership) most recent mths - all accounts DAPS: Document source of deposit & withdrawals >10% of mnthly income Property / Appraisal Appraisal Report (include Photos, Street View, Comparables) 1 6 Flood Hazard Notice Final / Repair Inspection with Photos - FNMA 100D (if applicable) 7 Verification of Property Census Tract - FFIEC Geocoding print-out or Other 8 Evidence Condo is FNMA Eligible - CHFA Form or - Equivalent 9 Purchase Agreement - All Addendums & Counter Offers (fully executed) Certificate of Occupancy (if applicable) Flood Life of Loan Determination Certificate Purchase Agreement - short sale agreement, probate approval...(fully executed) 1 Form # A Conv - ID Eff. --18

3 IHFA Conventional Mtg - Continued 1 Federal Recapture Tax Notice - Potential Tax Police Statement of Eligibility Federal Recapture Tax Notice - Understanding Tax Teacher Statement of Eligibility Federal Recapture Tax Notice - Method to Compute (LEAN Only) 1 Military Form DD1 Separation Documents (Honorable Discharge) IRS Form 06-T - Copy (completed & signed for each Borrower) Borrower Eligibility Certificate DAP - Application for Downpayment Only - DAPappOnly CHFA REQUIRED DOCUMENTS (if applicable) 6 1 Homeownership Counseling Pre-Closing Homebuyer Education Certificate (Hr) DAP - Borrower's Certificate - DAP Pre-Purchase Homebuyer Education Certificate (8Hr) Loan Estimate (LE) Initial Disclosure (1st Mtg & DAP if applicable) 8 1 Online Homebuyer Education (e-home America) Certificate 9 Landlord Verif. of Tenant Address or Lease, or Recertification 1 Financial Fitness Certificate 1 Landlord Certificate (if multifamily) CLOSING DOCUMENTS - IDAHO HOUSING AND FINANCE ASSOC. Final FNMA 100 uploaded in "Lender Connection" Web Portal "Lender Connection" Loan Information Completed Online Documents Delivered Electronically in "Lender Connection" Original/Final Documents Mailed To: Idaho Housing and Finance Association - 6 W. Myrtle St. - Boise, ID 870 Detail Purchase Advice Funding Sheet - CHFA Form Participating Lender Certification - CHFA Form LEAN Lender Commitment Letter - Fully Executed 1 New Construction Exhibits (if applicable) Commitment Letter - (CHFA) - Fully Executed 16 UCDP - Submission Summary Report CHFA DAP (Subordinate Financing) - Copy Executed Commitment Letter Only 17 UCD - (Uniform Closing Dataset) - Final Submission Report - Eff. 9//017 Other Subordinate Financing - Copy Second Mortgage Note & Deed 18 Private Mtg Insurance Certificate IHFA - Certif. of Accelerated Delivery Form 100 (see Lender Connection) 19 Private Mtg Insurance Cancellation Disclosures - Assigned to HomeLoanServ Flood Life of Loan Determination - Certificate Transferred to HomeLoanServ 6 0 Flood Insurance Policy (if applicable) HomeLoanServ listed loss payee w/ln# 7 1 Servicing Transfer Discl. - "Goodbye Letter" Borrower notified of HmLnServ info. Original Note (First Mtg) - Endorsed to IHFA 8 Hazard Ins. Policy/Binder - HomeLoanServ listed loss payee with LN # Mtg Deed/Sec. Instr., Applicable Riders, Legal Descrip - Copy (First Mtg) 9 Hazard Ins. - Condo Master Insurance Policy (if applicable) Immigration & Naturalization Services (INS) Card - Copy 10 Hazard Ins. - Condo "Walls In" Binder - H-06 policy (if applicable) Legal Address matches Note, Deed, 100 App'l, AUS, Flood Cert., Ins. etc. Mortgage Assignment to IHFA - ISAOA ATIMA -Copy (if not utilizing MERS) 11 Borrower Signature Affidavit S 1 Title Ins. Policy - Final with Chain of Title & Property Tax Info. 6 Closing Discl. (CD) Initial & Final with Settlement Agent disbursement sheet 1 Initial Escrow Account Disclosure 7 Loan Estimate (LE) Revised - Change of Circumstance Form, if applicable 1 Well, Septic Inspections (if applicable) **Recorded Mtg & Assignment, Title Policy and FHA MIC/VA LGC/USDA-RD LNG must be delivered within 90 days of loan purchase** CHFA DAP Closing Documents (if applicable) Homeowners insurance policy to include second mortgagee clause as follows: Connecticut Housing Finance Authority C/O HomeLoanServ, its successors and/or assigns as their interests may appear: P.O. Box 7899-Boise, ID Executed Commitment Letter - Copy (CHFA DAP subordinate financing) Original DAP Note (closed in the name of CHFA) Original DAP Deed DAP Loan Estimate (LE) DAP Closing Disclosure (CD) Miscellaneous Documents (if applicable) 1 6 Form # A Conv - ID Eff. --18

4 CHFA - LOAN FILE SUBMISSION FORM SERVICER: IDAHO HOUSING AND FINANCE ASSOCIATION CHFA LEAN LOAN (Form for FHA, USDA-RD, VA Only) COMPLETE THE FOLLOWING TO SUBMIT LOANS IN CHFA LOS: Update All Applicable Fields In LOS - Confirm Program Type & Interest Rate - Including DAP Worksheet (If applicable) Complete And Submit CHFA LOS Additional Data Screen Upload The Final Loan Application (100) In CHFA LOS LENDER / SELLER CONTACT INFORMATION File Contact Name & Title Telephone & Ext. Contacts Address Date: All Files Submitted To CHFA Are Required To Be Scanned In Checklist Order CHFA Loan # IHFA Loan # BORROWER INFORMATION Primary Borrower Name (Last, First) LOAN FILE SUBIMISSION TO INCLUDE, but is not limited to the following documentation (as applicable). Documentation requirements may differ by program. CREDIT PACKAGE DOCUMENTS - CHECK ONLY ITEMS APPLICABLE Commitment / Loan Exceptions / Transmittal 1 File Submission Checklist - CHFA Form ID USDA-RD Form -18 Conditional Commitment for S/Fam Ln Guarantee Other Subordinate Financing - Initial Financing Approval Document 6 Loan Exception Documentation 7 HUD 9900LT - Final Underwriting & Transmittal Summary (signed by UW & dated) VA Form 6-69 Loan Analysis (signed by UW & dated) Final Transmittal Summary (1008) FNMA (USDA Loans ONLY - signed by UW & dated) First Mortgage Loan Approval & Application Final/Verified Loan Application (100) 1 AUS Findings - Final version (DU, LP, GUS) Initial Loan Application (100) (signed by Borrower & Ln Originator) Credit & Fraud Checks 1 Credit Supplements (if applicable) Credit Report Inquiry Explanation with Documentation - signed & dated Credit Report - RMCR / Tri-Merge (associated to AUS, if applicable) 6 Divorce Decree / Property Separation Agreements (if applicable) Bankruptcy Report / Discharge (if applicable) 7 Child Support Verification (if applicable) Letter addressing Adverse Credit and/or Discrepancies - signed & dated Income / Employment - (Most recent Documentation on Top) 1 Income Analysis Worksheet - Lender or CHFA Form (Repayment) 7 Academic Student Transcript - for full-time student (or pay stub) if DAP LN 8 Income Analysis Worksheet - Lender or CHFA Form (Income Limit) Verification of Employment (past yrs with start/end dates) Current paystubs (reflecting 0 days & YTD income) 8 Verif. of Supplemental Income - Soc Sec, Pension Award (or per AUS) 8 IRS Tax Return Transcripts - most recent - 1 yr if targeted area ~ or ~ Fed. Tax Return-Personal Signed most recent - 1 yr if target area - all schedules Fed. Tax Return-Business Signed most recent - yrs if target area - all schedules 6 W-'s, 1099's - Most recent yrs 9 Income Letter(s) of Explanation (if applicable) Assets - (Most recent Documentation on Top) 1 Cleared Earnest Money Check (copy) with source of funds (if applicable) Any Additional Supporting Asset Documentation (if applicable) 1 10 Gift Documentation per FNMA guidelines DAPS: Document source of deposit & withdrawals >10% of mnthly income Property / Appraisal Appraisal Report (include Photos, Street View, Comparables) Final / Repair Inspection with Photos - FNMA 100D (if applicable) Certificate of Occupancy (if applicable) 1 Asset Statements (Bank name & ownership) most recent mths - all accounts Escrow Holdback Agreement (if applicable) 0(K) Rehabilitation Loans HUD Maximum Mtg Worksheet Evidence Condo is VA / FHA approved Flood Life of Loan Determination Certificate Flood Hazard Notice 6 Verification of Property Census Tract - FFIEC Geocoding print-out or Other 7 Purchase Agreement - short sale agreement, probate approval...(fully executed) 8 6 HUD Consultant Report (if applicable) Work Estimates - Fully Executed - Copy Work Write-up and signed Contract - Copy Contractor Licenses - Copy Contractor Liability Insurance - Copy 9 Purchase Agreement - All Addendums & Counter Offers (fully executed) 1 Form # B Gov - ID Eff. --18

5 CHFA REQUIRED DOCUMENTS (if applicable) 1 Federal Recapture Tax Notice - Potential Tax Veterans Statement - Due on Sale Federal Recapture Tax Notice - Understanding Tax VA Eligibility Certificate - or - Automated Certificate of Eligibility 1 Federal Recapture Tax Notice - Method to Compute (LEAN Only) IRS Form 06-T - Copy (completed & signed for each Borrower) IHFA Government Mtg - Continued Military Form DD1 Separation Documents (Honorable Discharge) 6 Borrower Eligibility Certificate DAP - Application for Downpayment Only - DAPappONLY DAP - Borrower's Certificate - DAP Loan Estimate (LE) Initial Disclosure (1st Mtg & DAP if applicable) 8 1 Landlord Verif. of Tenant Address or Lease, or Recertification 9 1 Police Statement of Eligibility Teacher Statement of Eligibility Homeownership Counseling Pre-Closing Homebuyer Education Certificate (Hr) Pre-Purchase Homebuyer Education Certificate (8Hr) Online Homebuyer Education (e-home America) Certificate Financial Fitness Certificate Landlord Certificate (if multifamily) CLOSING DOCUMENTS - IDAHO HOUSING AND FINANCE ASSOC. Final FNMA 100 uploaded in "Lender Connection" Web Portal "Lender Connection" Loan Information Completed Online Detail Purchase Advice Funding Sheet - CHFA Form Documents Delivered Electronically in "Lender Connection" Original/Final Documents Mailed To: Idaho Housing and Finance Association - 6 W. Myrtle St. - Boise, ID 870 Participating Lender Certification - CHFA Form LEAN Lender Commitment Letter - Fully Executed 1 Copy - Deactived Title for Manuf. Home showing Property as Real Property Commitment Letter - (CHFA) 16 Well, Septic Inspections (if applicable) CHFA DAP (Subordinate Financing) - Copy Executed Commitment Letter Only 17 New Construction Exhibits (if applicable) Other Subordinate Financing - Copy Second Mortgage Note & Deed 18 UCDP - Submission Summary Report IHFA - Certif. of Accelerated Delivery Form 100 (see Lender Connection) 19 Private Mtg Insurance Certificate Flood Life of Loan Determination - Certificate Transferred to HomeLoanServ 6 0 Flood Insurance Policy (if applicable) HomeLoanServ listed loss payee w/ln# 7 1 Hazard Ins. Policy/Binder - HomeLoanServ listed loss payee with LN # 8 Private Mtg Insurance Cancellation Disclosures - Assigned to HomeLoanServ Servicing Transfer Discl. - "Goodbye Letter" Borrower notified of HmLnServ info. Original Note (First Mtg) - Endorsed to IHFA 9 Hazard Ins. - Condo Master Insurance Policy (if applicable) Mtg Deed/Sec. Instr., Applicable Riders, Legal Descrip - Copy (First Mtg) 10 Hazard Ins. - Condo "Walls In" Binder - H-06 policy (if applicable) Immigration & Naturalization Services (INS) Card - Copy 11 Mortgage Assignment to IHFA - ISAOA ATIMA -Copy (if not utilizing MERS) Legal Address matches Note, Deed, 100 App'l, AUS, Flood Cert., Ins. etc. 1 Title Ins. Policy - Final with Chain of Title & Property Tax Info. 6 Borrower Signature Affidavit S 1 Initial Escrow Account Disclosure 7 Closing Discl. (CD) Initial & Final with Settlement Agent disbursement sheet 1 Engineers Certification of foundation, required on Manufactured Homes 8 Loan Estimate (LE) Revised - Change of Circumstance Form (if applicable) CHFA DAP CLOSING DOCUMENTS (if applicable) Homeowners insurance policy to include second mortgagee clause as follows: Connecticut Housing Finance Authority C/O HomeLoanServ, its successors and/or assigns as their interests may appear: P.O. Box 7899-Boise, ID Executed Commitment Letter - Copy (CHFA DAP subordinate financing) Original DAP Note (closed in the name of CHFA) Original DAP Deed DAP Loan Estimate (LE) DAP Closing Disclosure (CD) 0 HUD 9900A - Addendum to Initial Loan Application FHA, VA, USDA-RD SPECIFIC DOCUMENTS FHA Documents (if applicable) 1 FHA Connection Case # Assignment FHA Amendatory Clause/ RE Certification - signed & dated by all parties HUD 9800.B - Conditional Commitment Stmnt of Appraised Value VA Documents (if applicable) Form 6-180a /HUD Form 9900A - Addendum to Initial Ln Application 1 Notice of Value (NOV) or Master Certificate of Eligiblity VA Form Cert. of Commitment - if prior apprvd, must be unexpired USDA-RD Documents (if applicable) Form Guaranteed Ln Closing Report - Proof Upfront Ln Fee Paid Form -17 Loan Note Guarantee 1 Form -11 Guaranteed Rural Housing Lender Record Change Form -1 Request for S/Fam Housing Loan Guarantee **Recorded Mtg & Assignment, Title Policy and FHA MIC/VA LGC/USDA-RD LNG must be delivered within 90 days of loan purchase** Form # B Gov - ID Eff. --18