New Jersey Housing and Mortgage Finance Agency Purchase Review Submission Checklist First Time Home Buyer Program

Transcription

1 New Jersey Housing and Mortgage Finance Agency Purchase Review Submission Checklist First Time Home Buyer Program BORROWER NAME(S): HMFA Loan # Smart Start Loan # Address: City State Zip Code Lender Name: Contact Person: Delivery packages are to be submitted with HMFA FORM 99 Delivery Transmittal Form and forms should be in the order specified thereon. ONLY BORROWERS WHO APPEAR ON THE UNDERWRITING COMMITMENT / APPLICATION ARE TO APPEAR ON ALL PURCHASING DOCUMENTS. NO ONE CAN BE ADDED OR DELETED FROM THESE DOCUMENTS OR THE LOAN WILL NOT BE PURCHASED. loan documents for each prospective mortgage loan must be secured with an acco type fastener and arranged in the order listed with the first item on top. Enc: Item #: Required for: Form ID: Document Name: 1 ALL HMFA 99 (FTHB) Purchase Submission Cover Sheet 2 ALL Final 1003 Uniform Residential Loan Application (FINAL) 3 ALL HMFA 101 Mortgage Schedule 4 ALL Note 5 ALL Mortgage 6 ALL Deed 7 ALL HMFA 142 Assignment of Mortgage 8 ALL Title Binder 9 ALL Mortgagor's Affidavit of Title 10 ALL Property Plat Survey 11 ALL HUD1 HUD I Settlement Statement 12 ALL GFE Good Faith Estimate 13 ALL TIL Initial TIL and Final 14 >80% MI Cert MI Certificate Commitment 15 ALL Amortization Schedule 16 ALL Initial Escrow Account Disclosure Statement 17 ALL Initial Tax Authorization Notice 18 ALL First Payment Letter 19 ALL HOI Hazard 20 Condo HO 6 H 06 Policy 21 Condo or PUD Condo/PUD Limited Liability Certification 22 ALL Lender's Commitment to borrowers 23 ALL NPMA 33 Wood Destroying Pest Inspection NPMA ALL Transfer of Servicing 25 ALL Notice of Assignment, Sale of transfer of Servicing Rights 26 POA Power of Attorney 27 ALL Borrowers Certification & Authorization 28 ALL Privacy Policy 29 ALL W 9 30 ALL Errors & Omissions Form 31 ALL VVOE Verbal Verification of Employment 32 ALL Hazard Transfer Letter 33 ALL Flood Hazard Determination Letter New Jersey Housing and Mortgage Finance Agency

2 Purchase Review Submission Checklist & Conventional First Time Home Buyer Instructions Delivery packages are to be submitted with HMFA FORM 99 Delivery Transmittal Form and forms should be in the order specified thereon. ONLY BORROWERS WHO APPEAR ON THE UNDERWRITING COMMITMENT / APPLICATION ARE TO APPEAR ON ALL PURCHASING DOCUMENTS. NO ONE CAN BE ADDED OR DELETED FROM THESE DOCUMENTS OR THE LOAN WILL NOT BE PURCHASED. loan documents for each prospective mortgage loan must be secured with an acco type fastener and arranged in the order listed with the first item on top. A reminder that electronic signatures are not acceptable on NJHMFA loans. HMFA Seller s Guide can be found on our website at In # Required Form ID: Doc Name: Special Instructions: Sub 1 ALL HMFA 99 Purchase Submission Cover Sheet HMFA 99 must include the $79.00 tax service fee payable to NJHMFA along with the original loan package with selfaddressed pre paid envelope to the Sub Servicer. Tax Service Fee does not apply to FHA, VA loans. 2 ALL Final 1003 Uniform Residential Loan Application (FINAL) 3 ALL HMFA 101 Mortgage Schedule Signed by Borrowers To be completed in its entirety with clear wiring instructions. This form must include a name, telephone number and executed by an officer of the company. Payment history must accompany form 101 when submitted after first payment. If wiring instructions are going to be changed, you must submit the new wire instructions via e mail or fax to my attention prior to sending in the loan with new wire instructions. 4 ALL Note endorsed to NJHMFA with original signature late 4% 15 days 5 ALL Mortgage CTC Stamped Certified True. Completed as original, signed, sealed, with prepared by and acknowledgement containing all signatures, copy of description and all riders. MERS LANGUAGE IS NOT ACCEPTABLE ON NJHMFA LOANS 6 ALL Deed Must match vesting on prelim title commitment exactly. Will require an amended policy. 7 ALL HMFA 142 Assignment of Mortgage CTC Stamped Certified True, completed as original, signed, and in recordable form, prepared by and acknowledgement to contain all signatures. The Assignment is to be recorded at the same time as the mortgage. 8 ALL Title Binder Signed by appropriate title officer, must not be over six months old, showing borrowers complete legal names and marital status, the correct mortgage amount, and name NJHMFA, or your institution, with and/or assigns added. The legal description in the binder must agree with the survey, and be either a metes and bounds or a filed map description. The binder must contain a survey endorsement, or the survey exception must be removed in the binder. Alta 8.1 & 9 etc. endorsements to be attached where applicable. The binder should be fully marked up as to open mortgages satisfied, tax and assessments paid through current quarter, subsequent billings not yet due and payable, and exceptions removed or insured over. Searches must be included (Charles Jones, Patriot Act, etc.). We require the standard FNMA/FHLMC affirmative insurance language for easements, restrictions, and covenants, agreements, etc. and insurance against loss or damage for minor encroachments. A closing agent/lender certification attached to the binder will be acceptable in lieu of markup. 9 ALL Mortgagor's Affidavit of Title Form to be supplied by lender or closing agent. Allstate/Blumberg/Attorney form is acceptable. Must have marital information section completely filled in, refer to any same/similar name judgments, and cover any other

3 10 ALL Property Plat Survey 11 ALL HUD1 HUD I Settlement Statement 12 ALL GFE Good Faith Estimate names borrower is/has been known by. If any judgments show against name of purchasers, affidavit must state either they are not against them, or if they are against them, they must be satisfied prior to closing and we must be furnished proof of same (warrant to satisfy judgment. Attach divorce decree if applicable. Acknowledge bankruptcies. Must show property address and/or title binder commitment number. Not to be over six months old, certified to borrowers, lender and Title Company with surveyor signature, license number and raised seal, acceptable to Title Company. The HUD 1 Settlement Statement is to reflect all charges to the borrower in connection with the loan, whether paid outside closing, or at closing. Any items paid outside closing should be marked POC. Must show proof of Escrows for Hazard, Mortgage, Taxes and Association fee, if applicable. When hazard insurance is included in the Condo fee, show proof of H06 policy with paid receipt with coverage no less than $50,000 and that the premium is part of the mortgage payment. The Agency requires a 2 month cushion for escrows. A) On the HUD 1 the credit for reimbursement may be listed in Section 200 Amounts Paid by or in behalf of Borrower. The credit may be listed in the Adjustments blank lines 213 to 219 on the new HUD 1 B) NJHMFA requires that a tax service fee be charged on conventional loans ant USDA loans. The tax service fee should be reflected on the GFE in the section titled your charges for all other settlement services #3. Required services that we select. The description of the tax service is listed under service and the dollar amount is listed under charge. When the loan is closed the tax service fee should be listed on the HUD 1 Settlement statement on line 806. C) For all SMART START loans: Loan amount(s) must be reflected on the first page of the HUD I Settlement Sheet. Compliance: Seller is liable and responsible for compliance with Respa/GFE and all consumer protection laws and regulations in effect at the time of closing of the mortgage loan. A) The initial Good Faith Estimate (GFE) and Settlement Services Provider list. B) All subsequent GFEs in chronological order, including dates of issuance, full documentation of change in circumstances and the date of such change. Screenshot of COCs accepted. C) The final GFE stamped or marked FINAL on the disclosure. Permissible Fees/Origination fee: Seller may collect an origination charge not to exceed $325 from the loan applicant to cover out of pocket origination cost. This charge should be the same as the origination charge listed on the HUD GFE. The origination charge is in addition to other reasonable and customary charges for costs itemized on the GFE and HUD 1 Settlement Statement. Required services such as appraisal, credit report, flood and termite certifications, and other costs reported separately on the HUD GFE are not included in the origination charge. 13 ALL TIL Initial TIL A) The initial Truth in Lending Disclosure (TIL) including date of issuance. Lenders would benefit from clearly delineating that all required disclosures were issued within three business days from the date of application. B) Interim or re disclosed TILs. C) The final TIL signed and dated by all borrowers.

4 14 >80% LTV MI Certificate of Mortgage 15 ALL Amortization Schedule 16 ALL Initial Escrow Account Disclosure Statement 17 ALL Initial Tax Authorization Notice 18 ALL First Payment Letter 19 ALL HOI Hazard To contain lender signature, date of closing, and amount remitted, which must agree with HUD 1. Coverage must be in accordance with program requirements. The certificate must be clear of conditions. Loans processed under the FHA, VA and/or USDA guidelines must have the appropriate insurance or guarantee. Must be completed in its entirety. Must have 1 year paid premium, if paid outside of closing, a paid receipt must be included in loan file. 20 Condo HO 6 H 06 Policy 21 Condo or PUD Condo/PUD Limited Liability Certification 22 ALL Lender's Commitment to borrowers 23 ALL NPMA 33 Wood Destroying Pest Inspection 24 ALL Transfer of Servicing 25 ALL Notice of Assignment, Sale of transfer of Servicing Rights 26 POA Power of Attorney 27 ALL Borrowers Certification & Authorization 28 ALL Privacy Policy Your commitment signed and dated by borrowers and Lender unless damage noted or damage was observed then original signatures is required. Certification can be no older than 4 months prior to the loan closing. A certification stating all damages & treatments have been repaired & completed is required. Inspection Report to be a HUD form NPMA 33. Any infestation is to be cured. Any damage noted, either from wood destroying insects or other causes, is to be certified, or noted that damage is minor, cosmetic and does not affect the structural integrity of premises. Certification is to be from inspection company or trade expert and must be signed by borrowers. Evidence of paid invoices must be included. Wood destroying insect certifications are not required on new homes completed less than a year prior to the closing date or condominium units constructed of concrete and steel. NJHMFA will allow a Power of Attorney for the Borrower only at closing. Participating Lenders must obtain NJHMFA s written approval of a POA prior to closing. A POA for the Property seller is not acceptable at application, but is acceptable at closing and should be recorded simultaneously with the deed. In either case, the proper documentation must be obtained and provided to NJHMFA in the purchase Package. 29 ALL W 9

5 30 ALL Errors & Omissions Form 31 ALL VVOE Verbal Verification of Employment 32 ALL Hazard Transfer Letter 33 ALL Flood Hazard Determination Letter Lenders must obtain a verbal verification of employment for each borrower using employment of self employment income to qualify. The VVOE must be obtained within 10 days business days prior to the closing date for employment income and within 30 days prior to the closing date for self employment income. Lenders must comply with provisions of the National Flood Program as required by the Flood Disaster Protection Act of MISCELLANEOUS Income: We have several forms wherein the borrower s income is reflected. Income on all these forms must be identical. If the borrower s income changes after application, underwriting must be notified and the file will then have to be re underwritten. The loan will not be purchased if the income differs on any of these forms, without underwriting approval. Borrowers must initial any corrections. Collateral Documents: Must be submitted no later than 120 days after the loan closing along with the Custodial Certificate (HMFA 301.) In the instance where the Trailing Documents have been outstanding for more than 120 days from the purchase Date, NJHMFA has the right charge/collect from the participating lender a fee of $25, per trailing document or the actual recovery cost and recorded costs, whichever is greater. All recorded Smart Start documents are to be sent directly to NJHMFA. PURCHASING STAFF Maria Collazo Manager of Underwriting Mcollazo@njhmfa.state.nj.us Jacqueline Perchalski Document Reviewer I Jperchalski@njhmfa.state.nj.us Monica Steele Taylor Document Reviewer II Msteele Taylor@njhmfa.state.nj.us