ehousingplus Administrator s Guidelines

Transcription

1 ! ehousingplus Administrator s Guidelines Published 9/9/14 Updated 07/23/18 UPDATES are shown on Page 3!

2 WE DeKalb Down Payment Assistance Program Administrator Guidelines Page!2 Time Zones ehousingplus offices are all located in the Eastern Time Zone.

3 WE DeKalb Down Payment Assistance Program Administrator Guidelines Page!3 TABLE OF CONTENTS UPDATES 4 DEVELOPMENT AUTHORITY OF DEKALB COUNTY 5 PROGRAM TEAM 5 WHO TO CONTACT 6 PROGRAM PURPOSE 7 PROGRAM OVERVIEW 7 REFINANCES 7 FIRST MORTGAGE RATE OPTIONS 8 OPTION 1: GOVERNMENT FIRST MORTGAGE WITH 4.00% ASSISTANCE GRANT WITH AUTOMATED UNDERWRITING ONLY 8 OPTION 2: GOVERNMENT FIRST MORTGAGE WITH 3.00% ASSISTANCE GRANT WITH AUTOMATED UNDERWRITING ONLY 8 OPTION 3: FREDDIE MAC CONVENTIONAL FIRST MORTGAGE WITH 5.00% ASSISTANCE GRANT WITH AUTOMATED UNDERWRITING OR MANUAL UNDERWRITING 8 OPTION 4: FREDDIE MAC CONVENTIONAL FIRST MORTGAGE WITH 4.00% ASSISTANCE GRANT WITH AUTOMATED UNDERWRITING OR MANUAL UNDERWRITING 8 PROGRAM REQUIREMENTS 10 Eligible Borrowers 10 ELIGIBLE AREA 10 Homebuyer Education - Freddie Mac HFA Advantage Borrowers 10 HOUSEHOLD INCOME LIMITS 11 AFFORDABLE INCOME SUBSIDY GRANT 11 HOUSEHOLD INCOME LIMITS 11 AFFORDABLE INCOME SUBSIDY GRANT 11 PROPERTY REQUIREMENTS 11 PROGRAM FEATURES (permitted and not permitted) 12 LENDER TRAINING REQUIREMENTS 14 SUMMARY OF THE COMPLIANCE ORIGINATION PROCESS 14 PROGRAM TIMETABLE 17 Loan Processing, Delivery and Purchase Timetable 17 PROGRAM FEES 18 First Mortgage Fees 18 LENDER COMPENSATION (REV 05/17/18) 19 US BANK WEB SITE INFORMATION 21

4 WE DeKalb Down Payment Assistance Program Administrator Guidelines Page!4 UPDATES Date Update (effective immediately for new reservations unless otherwise noted) Page New 2015 Income Limits Added 203(k) streamlined loans Added Contact Directory Reformatted Program Features Reformatted Compliance Process 11 & Reformatted Program Fees Reformatted Documents for Compliance File Added ehp fee s information & increased US Bank fee Added disclaimer regarding not reproducing program forms Revised minimum FICO score Revised loan options to include automated underwriting and manual underwriting Revised Minimum FICO score, Manufactured housing no longer eligible Added Manufactured Housing no longer acceptable description Revised Lender Compensation AND Loan Purchase Price Revised ehp Fee Revised logo on cover Cover Clarified ehousingplus fee Removed any reference to USDA;RHS (RD) loans from guide Revised loan options and chart Revised Income Limits and Minimum Credit Score Revised maximum loan amount Revised Lender Compensation Added Freddie Mac HFA Advantage loans information and requirements Revised Who To Contact Directory Added Freddie Mac & US Bank overlays to Eligible Borrowers Revised DTI Ratio with US Bank Conventional loan overlay Updated Homebuyer Education with Freddie Mac Credit Smart link Added US Bank condo expansion to Property Requirements Revised US Bank Tax Service fee Revised US Bank Web Site link Revised first mortgage DPA options Revised lender compensation Corrected max DTI ratio for Freddie Mac HFA Advantage conventional loan Revised US Bank Tax Service Fee Added Freddie Mac AIS Grant information Revised ehp Fee when combined with AIS Grant Added lender compensation for the 5% grant various pages 8, ,9,10, & , 11, 14, 15, Replaced logo on cover of guide cover Revised AIS Grant Income limits effective 07/29/18 11

5 ! WE DeKalb Down Payment Assistance Program Administrator Guidelines Page!5 DEVELOPMENT AUTHORITY OF DEKALB COUNTY PROGRAM TEAM Development Authority of DeKalb County, Georgia WE (Workforce Enhancement) DeKalb Creates and directs implementation of the first mortgage and down payment assistance programs, sets the interest rate, term and points, provides down payment assistance and markets the program. Participating Lenders Take applications, reserve in their own systems, process, underwrite, approve, fund, close and sell qualified loans to the program. Lenders are responsible for servicing program loans in accordance with Agency (FHA, VA, Freddie Mac) requirements until they are purchased by the Master Servicer. U.S. Bank Master Servicer Provides information on acceptable loan products and delivery and funding first mortgage, receives all first mortgage files, reviews first mortgage files, notifies lenders of first mortgage file exceptions, approves first mortgage files, purchases pools and delivers loans, delivers certificate. ehousingplus Program Administration Maintains the program reservation system, websites, and posts Administrator s Guidelines, forms, training materials, provides program and system training, answers program and system questions, receives compliance files, reviews, posts and notifies of exceptions and approves compliance file.

6 WE DeKalb Down Payment Assistance Program Administrator Guidelines Page!6 Question General Program Compliance Questions Assistance with ehp Lender Portal Assistance with User Credentials for ehp Lender Portal Update an Underwriter Certified Loan Direct Questions to: ehousingplus (ehp) ehousingplus (ehp) ehousingplus (ehp) WHO TO CONTACT (Rev 05/19/17) Contact Information (954) Ashlynn Mosher (954) ext 261 Anyone at ehp Compliance Office Program Training ehousingplus (ehp) Click on this link to attend Program training. Program Training Issues ehousingplus (ehp) System Software Training for ehp Lender Portal ehousingplus (ehp) Click on this link for the once weekly Live Webinar: System Software Issues ehousingplus (ehp) Program Rates ehousingplus (ehp) Click on this link: to view the WE DeKalb Program ratethen click on the RATES tab. Credit Underwriting questions Questions regarding the shipping of closing loan files Participating Lenders need to refer to internal Underwriting Department or Manager ehousingplus (ehp) for questions regarding the program compliance file US Bank does not re-underwriter loans. For general questions, contact US Bank at or Option 2 (for general questions) Please note: US Bank answers underwriting questions from the underwriter of a lender for whom US Bank provides underwriting services ONLY. services@ehousingplus.com Questions regarding exceptions US Bank for questions regarding the first mortgage closed loan file ehousingplus (ehp) for questions regarding exceptions on the program compliance file US Bank for questions regarding exceptions on the first mortgage closed loan file hfa.programs@usbank.com hfa.exceptions@usbank.com Debbie Kerr ehp.exceptions@ehousingplus.com X216 hfa.communications@usbank.com hfa.exceptions@usbank.com

7 WE DeKalb Down Payment Assistance Program Administrator Guidelines Page!7 PROGRAM PURPOSE This initiative is designed to address work-force housing. Work-force housing commonly refers to housing intended to bridge the gap facing those gainfully employed residents that may earn too much to qualify for affordable housing subsidies, but not enough to afford a home for purchase. As such workforce housing can be targeted to low, medium, moderate or above income households including nurses, teachers, police, corporate relocations and others depending on the community needs. The down payment assistance (DPA) aspect of WE DeKalb enhances relocation/retention possibilities for employers and has a direct economic/ financial impact on its employees. PROGRAM OVERVIEW Please note that mortgage interest rates and assistance grant percentages are subject to change at any time. With respect to reserved loans, the rate and assistance will not change as long as loans are delivered according to the timetable included in this Guide. Program mortgage interest rates are available in the reservation system. All loans will be 30- year, fixed, assisted rate loans and are fully amortizing. DAILY RATE LOCK RESERVATION AVAILABILITY Reservations in this program are available Monday - Friday 10:00 a.m. - 8:00 p.m. Eastern Time excluding holidays. There are two mortgage rate options available in the program. MORTGAGE PRODUCTS REV 02/28/17 The following mortgage products are offered in this program: FHA 203(b); 203(k) streamlined (with U.S. Bank approval) VA Freddie Mac HFA Advantage Conventional Loans (effective 03/03/17 and after) U.S. Bank provides the types of government loans permitted. It is expected that lenders have reviewed some preliminary documentation and believe that applicants will also qualify for credit. Excessive cancellations will be reviewed to assure that program funds are not being utilized inappropriately. REFINANCES Refinances are permitted under the following conditions All loans must have a minimum FICO of 660, and a maximum DTI of 45%. No Cash Out. 2. FHA to FHA streamline are eligible only if U.S. Bank is currently servicing the FHA loan (U.S. Bank to U.S. Bank). 3. FHA loans, Conventional loans or VA loans that qualify for FHA refinancing are eligible, however, full documentation will be required. (REV 02/28/17) Questions concerning refinances should be directed to U.S. Bank.

8 WE DeKalb Down Payment Assistance Program Administrator Guidelines Page!8 FIRST MORTGAGE RATE OPTIONS Effective for all new loan reservations 02/05/18 and after. OPTION 1: GOVERNMENT FIRST MORTGAGE WITH 4.00% ASSISTANCE GRANT WITH AUTOMATED UNDERWRITING ONLY The borrower receives a 30-year, fixed rate, fully amortizing first mortgage loan with 360 level monthly payments as well as an assistance payment equal to a percentage of the note amount to apply toward down payment or closing costs. Current rates and assistance are available online within the system. Certain income limits and purchase price maximum amounts apply. OPTION 2: GOVERNMENT FIRST MORTGAGE WITH 3.00% ASSISTANCE GRANT WITH AUTOMATED UNDERWRITING ONLY The borrower receives a 30-year, fixed rate, fully amortizing first mortgage loan with 360 level monthly payments as well as an assistance payment equal to a percentage of the note amount to apply toward down payment or closing costs. Current rates and assistance are available online within the system. Certain income limits and purchase price maximum amounts apply. OPTION 3: FREDDIE MAC CONVENTIONAL FIRST MORTGAGE WITH 5.00% ASSISTANCE GRANT WITH AUTOMATED UNDERWRITING OR MANUAL UNDERWRITING The borrower receives a 30-year, fixed rate, fully amortizing first mortgage loan with 360 level monthly payments as well as an assistance payment equal to a percentage of the note amount to apply toward down payment or closing costs. Current rates and assistance are available online within the system. Certain income limits and purchase price maximum amounts apply. OPTION 4: FREDDIE MAC CONVENTIONAL FIRST MORTGAGE WITH 4.00% ASSISTANCE GRANT WITH AUTOMATED UNDERWRITING OR MANUAL UNDERWRITING The borrower receives a 30-year, fixed rate, fully amortizing first mortgage loan with 360 level monthly payments as well as an assistance payment equal to a percentage of the note amount to apply toward down payment or closing costs. Current rates and assistance are available online within the system. Certain income limits and purchase price maximum amounts apply. RATES/OFFERINGS CHART Effective with new loan reservations dated 02/05/18 and after. Loan Product FICO Requirement Assistance Amount FHA, VA % FHA, VA % Freddie Mac HFA Advantage % Freddie Mac HFA Advantage % (REV 02/05/18)

9 WE DeKalb Down Payment Assistance Program Administrator Guidelines Page!9 ASSISTANCE GRANT The Assistance is calculated on the Note amount. Lenders advance the Assistance at closing on behalf of the Authority. Lenders are reimbursed at loan purchase. The Assistance may be used for down payment or closing costs and prepaids. While there is no cash back in this program, the borrower may be reimbursed for any overpayment of escrow to the extent permitted by Agency (FHA, VA) guidelines. Remember to document your files. Because the Assistance is a fixed percentage, any remaining Assistance must be applied as a principal reduction. Assistance is in the form of a non-repayable grant. It is not repayable under any circumstances. When the first mortgage is reserved, the Assistance is automatically reserved. There is no additional reservation necessary. When loans are closed, there are no second mortgages, second notes, deed restrictions or liens. There is no repayment of the Assistance unless there is fraud or similar circumstances. Affordable Income Subsidy (AIS) Grant - Freddie Mac HFA Advantage Loan ONLY Borrowers using the Freddie Mac HFA Advantage Loan that meet specific income limits may be eligible for additional funds to help with down payment and closing costs. Effective with new loan reservations 06/05/18 and after, borrowers at or below 80% of the Area Median Income Limits as published by Freddie Mac are eligible for an additional grant in the amount of $1,500 and borrowers at or below 50% AMI will receive an additional grant of $2,500. The AIS Grant is reserved in the ehousingplus Lender Portal using the ADDITIONAL LOAN tab after the first mortgage is reserved. The AIS will be provided at closing by the Lender. The AIS funds must be used for down payment and closing cost assistance only. There is no repayment of the AIS Grant. Upon purchase of the loan, US Bank will reimburse the Lender for all qualified subsidies. The AIS must be reflected on Page 3, Section L of the CD as Affordable Income Subsidy. This AIS Grant must be reflected in DU or LP findings, along with the Grant provided by the WE DeKalb Program. Any questions about the preparation of the CD should be directed to US Bank HFA Division. (Added 05/17/18)

10 WE DeKalb Down Payment Assistance Program Administrator Guidelines Page!10 PROGRAM REQUIREMENTS Eligible Borrowers There is no first-time homebuyer requirement in this program. Follow Agency (FHA, VA, USDA-RD, Freddie Mac) and U.S. Bank guidelines for non-citizens. Buyers must occupy the property within 60 days of closing. Freddie Mac HFA Advantage Conventional Loan, a borrower CANNOT own other property at the time of closing. (Added 05/19/17) Applicants must be considered irrespective of age, race, color, religion, national origin. Homebuyer Education not required (except for Freddie Mac borrowers). (Added 05/19/17) ELIGIBLE AREA Properties located within DeKalb County, GA. MINIMUM CREDIT SCORE FHA and VA loans must have a minimum FICO credit score of 660 (effective with all new loan reservations 03/01/17 and after), the mid score must be the minimum or above. Freddie Mac HFA Advantage loans must have a minimum FICO credit score of 640. If an Agency (FHA, VA, Freddie Mac, etc.) has a higher minimum, the participating lender must follow Agency guidelines. If a participating lender has a higher minimum for other loans and wishes to require a higher minimum for loans, then lenders may use the higher minimum. REV 02/28/17 MAXIMUM DEBT-TO-INCOME RATIO For Government loans (FHA, VA, RD) the maximum DTI ratio is 45%. For the Freddie Mac HFA Advantage conventional loan the maximum DTI ratio is 50%. Contact US Bank HFA Division ( ) regarding any additional DTI overlays on conventional loans. The maximum DTI is 36% for manually underwritten Freddie Mac HFA Advantage loans. (Rev 04/25/18) Homebuyer Education - Freddie Mac HFA Advantage Borrowers Buyers utilizing the Freddie Mac HFA Advantage Conventional Loan will be required to attend homebuyer education. The course, Freddie Mac CreditSmart Steps to Homeownership Tutorial is required if a borrower is a first-time homebuyer. The tutorial must be completed by at least one borrower per Guide Section Click on this link to attend the training: The course may also be conducted by a HUDapproved counseling agency including online HUD-approved non-profits using ehomeamerica (Neighborworks based curriculum) (Rev 05/19/17) CALCULATION OF INCOME Use income shown on the 1003 Only the income shown on the 1003 HOUSEHOLD INCOME LIMITS FHA, VA, RD and FREDDIE MAC LOANS REV 02/28/ Person Household 3 or more Person Household $81,000 $94,500

11 WE DeKalb Down Payment Assistance Program Administrator Guidelines Page!11 HOUSEHOLD INCOME LIMITS AFFORDABLE INCOME SUBSIDY GRANT FREDDIE MAC LOANS ONLY Reservations 07/29/18 and after 80% AMI 50% AMI $59,840 $37,400 HOUSEHOLD INCOME LIMITS AFFORDABLE INCOME SUBSIDY GRANT FREDDIE MAC LOANS ONLY Reservations 05/17/18 thru 07/28/18 80% AMI 50% AMI $55,760 $34,850 MAXIMUM LOAN AMOUNT REV 02/28/17 Follow Agency Guidelines $358,800 FHA $424,100 VA and Freddie Mac HFA Preferred PROPERTY REQUIREMENTS New or existing residential, one-four units*, detached or attached, condos, townhomes. *Freddie Mac Loans - One Unit property ONLY. Freddie Mac Loans - Condos are permitted. For condos with LTVs from 95.01% to 97% the project must be approved by US Bank, in addition to meeting Fannie Mae or Freddie Mac guidelines, as applicable. Review US Bank bulletin Condominium Guideline Expansion for complete details. (Added 05/19/17) Homes are considered new if never previously occupied. Manufactured homes, mobile, recreational, seasonal or other types of vacation or non-permanent homes are not permitted. (Rev 12/01/15) Land may not exceed the size required to maintain basic livability. Properties purchased in the program must be residential units.

12 WE DeKalb Down Payment Assistance Program Administrator Guidelines Page!12 PROGRAM FEATURES (permitted and not permitted) It s expected that lenders have reviewed some preliminary documentation and believe that applicants will also qualify for credit. Excessive cancellations will be reviewed to assure that allocation is not being utilized inappropriately. FHA, VA, RD and Freddie Mac HFA Advantage conventional loans are permitted. Find the specific government and conventional loan products permitted on the US Bank website. (Added 05/19/17) Check with your underwriter for updates to information for Freddie Mac HFA Advantage. Such information is provided by a third party (i.e.freddie Mac, U.S. Bank, etc) who do not provide updated information to ehousingplus. Freddie Mac HFA Advantage Fact Sheet: hfa_factsheet.pdf (Added 02/28/17) Appraisal must indicate that the home has at least a 30 year remaining useful life. Buydowns are NOT permitted. Cash Back to the borrower is NOT permitted. However, borrowers are permitted a reimbursement of prepaids and overage of earnest money deposit as permitted by Agency guidelines and to the extent any minimum contribution, if any, has been satisfied. Construction to perm is NOT permitted. Cosigners are NOT permitted. Final Typed Loan Application (1003) The typed application signed and dated by all parties is required. Loan interviewer must complete and sign page 3 of 4 of the If this is not possible, then an Officer must sign in place of the interviewer. All persons taking title to the property must execute all program documents. The purchase price, loan amount, and other financial details must be the same as shown on all other documents. Freddie Mac Loan Level Price Adjustment and Adverse Market Fees. These fees have been waived. (Added 02/28/17) Manufactured Homes - As of December 1, 2015, U. S. Bank will not purchase loans for manufactured housing. U.S. Bank considers manufactured housing: A manufactured home is a mobile home built entirely offsite on a permanent chassis that is pulled on the highway to a permanent location. Modular, panelized or prefabricated homes are not considered manufactured housing. Rev 12/01/15 Manual Underwriting - Not permitted for any Government loan (FHA, VA). Permitted for Freddie Mac HFA Advantage loan with 95% LTV and lower, Maximum DTI 36%, minimum FICO 640 and two months PITIA minimum reserves requirement (At least one borrower must be have a usable Credit Score and an Indicator Score must be established and must meet the required limits. An HFA Advantage mortgage where none of the borrowers have a usable Credit Score is not eligible). (Added 02/28/17)

13 WE DeKalb Down Payment Assistance Program Administrator Guidelines Page!13 Minimum loan amount. There is NO minimum loan amount in this program. Prepayments. The first mortgage may be prepaid at any time without penalty. Real Estate Purchase Contract The full address of the property, full names of all sellers and buyers, total purchase price of the property must be included. If there is not an address for new construction, a lot number and subdivision name are required. All named persons must sign. Include the name and title whenever a representative is signing for a corporation. Remaining reserves are NOT established by the program. Follow Agency Guidelines. Tax Returns or Tax Transcripts are not required for this program. However US Bank will require the past years tax transcript.

14 WE DeKalb Down Payment Assistance Program Administrator Guidelines Page!14 LENDER TRAINING REQUIREMENTS MANDATORY PROGRAM TRAINING FOR LENDERS Lender training is mandatory for anyone working with this program. ehousingplus provides program training online 24/7. To attend, click here. ehousingplus LENDER PORTAL SYSTEM TRAINING Conducted once a week via live WebEx with the ehousingplus Compliance Office. Anyone who will need access to the ehousingplus Lender Portal for the MCC program will need to attend. Training lasts 45 to 60 minutes. Click here to register to attend. LENDER PORTAL USER CREDENTIALS After completing Program training an attendee will receive a follow-up with instructions to apply for user credentials. If you need assistance please contact trainer@ehousing.cc SUMMARY OF THE COMPLIANCE ORIGINATION PROCESS (Rev 05/17/18) QUALIFY Lenders use program requirements to qualify applicants for the program. Buyers must present an executed sales agreement before being entered into the program reservation system. PROCESS Lenders process the loan as they would normally keeping in mind the program timeline. Please do not reserve funds too soon. Wait to reserve until you are relatively sure your underwriter will approve the loan within 15 days of reservation in the ehousingplus Lender Portal. RESERVE FIRST MORTGAGE FUNDS To reserve funds in program s online system click on this link. Log in and reserve the first mortgage. To reserve funds in the program the borrower is required to have a signed real estate purchase contract for a specific address. You will need a 1003 and the Real Estate Purchase contract in order to make a reservation. If the reservation is successful, you will receive a loan number and a message that you ve completed the reservation successfully. (Rev 05/17/18) RESERVE AFFORDABLE INCOME SUBSIDY (AIS) GRANT INCOME QUALIFIED FREDDIE MAC HFA ADVANTAGE LOAN ONLY To reserve the Affordable Income Subsidy Grant funds, immediately following the first mortgage loan reservation, click on the Add Additional tab. The lender will be responsible for calculating the amount of the additional subsidy based upon borrower AMI (view AMI limits on page ) and enter that amount in the ADDITIONAL LOAN tab. The subsidy must be for the exact amount ($1500 or $2500) based upon borrower AMI - no more and no less. Follow the details step-by-step instructions on the next page. (Added 05/17/18)

15 WE DeKalb Down Payment Assistance Program Administrator Guidelines Page 15 AIS Grant STEP-BY-STEP RESERVATION INSTRUCTIONS 1. After the first mortgage is reserved, click on the ADD ADDITIONAL button in the main menu bar. 2. After you click on ADD ADDITIONAL the following pop-up box will appear. Choose either 80%AMI or 50% AMI. WE DeKalb Program 0.00% DPA Assistance 3. Click on New Additional Loan in the main menu bar. WE DeKalb Program 0.00% DPA Assistance 4. Enter the amount of assistance. Then click on the UPDATE button in the main menu bar. WE DeKalb Program WE DeKalb Program Enter assistance amount Buyers at or below 50% AMI = $2,500 Or Buyers at or below 80% AMI = $1,500

16 WE DeKalb Down Payment Assistance Program Administrator Guidelines Page!16 UNDERWRITE AND CERTIFY Lenders underwrite & are responsible for credit decisions of the loans in the program. Servicer does not re-underwrite loans. Following credit approval AND WITHIN 15 DAYS OF LOAN RESERVATION, Underwriter completes the online Underwriter Certification within the ehousingplus Lender Portal. CLOSE Borrower executes the Mortgagor s Acknowledgment and Notice of Down Payment/Closing Cost Assistance Grant Obligation/Gift Letter. As a reminder, the lender will fund the DPA Assistance Grant and will be reimbursed by US Bank upon loan purchase. CLOSE - BORROWER RECEIVING AFFORDABLE INCOME SUBSIDY GRANT The lender will fund the additional Affordable Income Subsidy (AIS) grant at closing. It is critically important that the lender does NOT combine the grant assistance received from the WE DeKalb Program with the AIS grant on the CD. The AIS must be reflected on Page 3, Section L of the CD as Affordable Income Subsidy. This AIS Grant must be reflected in DU or LP findings, along with the Grant provided by the WE DeKalb Program. Any questions about the preparation of the CD should be directed to US Bank HFA Division The AIS grant must be used for down payment and closing cost assistance only. ( Rev 05/17/18) There are two (2) files shipped post closing: SHIP / SUBMIT File #1 is the Compliance File and it is sent to ehousingplus. The Compliance File Checklist is found within the ehousingplus Lender Portal in the Loan Forms section. File #2 is the Mortgage File including Credit Package and it is sent via DocVelocity to US Bank. The US Bank Delivery and Funding Checklist is found within the US Bank web site. To locate the US Bank Checklist click on this link: Click on US Bank Lending Manuals. Pop-up box will appear, click on Continue. Web page will be redirected to US Bank All Regs site. Click on Housing Finance Authority folder. EXCEPTIONS Lenders are notified by ehousingplus and US Bank of exceptions. Exceptions for both ehousingplus and U.S. Bank are available in the ehousingplus web-based system.

17 WE DeKalb Down Payment Assistance Program Administrator Guidelines Page!17 PROGRAM TIMETABLE Buyers must have a fully executed sales contract for a specific property in order to have funds reserved. The contract may be dated prior to the date of the loan application. Buyers may be prequalified. However, if the buyer does not have a contract on a property, program funds cannot be reserved for the buyer until such time as the buyer presents a valid contract. To assure that loans are purchased, please follow the Processing, Delivery and Purchase Timetable below. Please DO NOT reserve loans that cannot meet the timetable. This is particularly important with respect to new construction, foreclosures and short sales. Please wait to reserve funds. Loans not purchased within the timeframe below, may not be accepted for purchase. Loan Processing, Delivery and Purchase Timetable Please wait to reserve funds until certain that the loan will meet the calendar below. Once a loan is reserved in the ehousingplus system and is provided the Servicer s Loan number, the loan must be: 1. Underwriter certified within 15 days of loan reservation; 2. Closed and delivered to the Servicer within 45 days of loan reservation; and 3. Purchased within 70 days of loan reservation. Any loan not purchased within 70 days is ineligible for purchase unless the lender chooses a onetime only 30-day extension. The cost of the extension is.25% times the mortgage loan amount. The extension fee is due whether or not loans are ultimately delivered and/or purchased. The extension fee will be netted by the Servicer when loans are purchased. If an extension is permitted, but the loan is not purchased, the originating lender will be billed for the extension fee. Any outstanding fees owed by the Lender may result in that Lender becoming ineligible to participate in the program. At 101 days, a loan that hasn t been delivered is cancelled. Reinstatement is not guaranteed and, if allowed, is subject to additional penalties in addition to the extension fee. Chris Spelbring at chris.spelbring@raymondjames.com can be contacted to request the reinstatement of loans beyond 100 days from loan reservation. Again, the extension is offered once per loan and no further extensions will be allowed. Furthermore, regardless of choosing an extension, any loan not purchased within the approved timeframe may become the liability of the originating lender, including any down payment assistance provided at closing. An extension request is available on the Development Authority of DeKalb County web page at The Extension Request form is completed and submitted online. Remember that the form must be submitted BEFORE the 70th day following loan reservation.

18 WE DeKalb Down Payment Assistance Program Administrator Guidelines Page!18 PROGRAM FEES First Mortgage Fees The lender may charge an Origination Fee of 1.00%. The buyer or seller is permitted to pay the fees if permitted by Agency (FHA, VA, Freddie Mac) Guidelines. No additional origination or discount fees are allowed. (REV 02/28/17) ehousingplus Fees The program includes a first mortgage Compliance/Admin Fee (See below) and a penalty fee of $100 for files that are chronically deficient. (Rev 05/17/18) Compliance/Admin Fee WE DeKabl Program Loan = $250 WE DeKalb Program Loan + AIS Grant = $325 The Compliance/Admin Fee is collected at closing, payable to ehousingplus and submitted with the Compliance File. ONLY Cashier s or Corporate checks are acceptable and the fee may not be financed. (Rev 12/22/15) The Compliance/Admin Fee is the fee charged by the Program Administrator/Compliance Agent to process the applicant/borrower from Origination to Compliance Approval, and to assess that the lenders originating such loans are following Program guidelines for the benefit of the eligible borrower(s). The Program Administrator/Compliance Agent tracks the loan via its web-based system, and assists the lender in processing the loan ensuring eligibility to the program available offerings, which can include various rate options, and down payment assistance. (Added 10/15/15) The Compliance/Admin fee includes the review of information and documents delivered in the form of a Compliance File by the originating lender, on behalf of the borrower. Additionally the Compliance review verifies that the lender has charged only the fees allowed by the Program. Contrary to this, approval may be denied and/or fees may have to be reimbursed to the borrower. The compliance file processing consists of required affidavits, application, closing documents, certain non-mortgage documents, tax returns where applicable and other pre-defined Program documents that are disclosed to the potential borrower(s). This is required to ultimately receive Compliance Approval. These documents can support both the first mortgage and any down payment assistance available, and are required to ensure eligibility to the Program, Federal, State and Local requirements, where applicable. The Compliance review verifies that the data and documents submitted meet all requirements, and may include those for first-time homebuyer, income limits, sales price limits, targeted areas, homebuyer education, rate, term, points, fee limits, LTV, FICO score, special state, city, county program requirements for qualified military, first responders, teachers, etc.). (Rev 08/22/16) US Bank Fees LOAN RESERVATIONS APRIL 30, 2018 AND AFTER - $80 Tax Service Fee and $400 Funding Fee. These fees will be netted out at time of purchase by US Bank. See US Bank Bulletin L TAX SERVICE FEE CHANGE for further details. (Rev 04/25/18) LOAN RESERVATIONS PRIOR TO APRIL 30, $58.00 Tax Service Fee and $400 Funding Fee. These fees will be netted out at time of purchase by US Bank. See US Bank Bulletin L TAX SERVICE FEE REDUCTION for further details. (Rev 05/19/17)

19 WE DeKalb Down Payment Assistance Program Administrator Guidelines Page!19 Lenders are permitted to charge reasonable and customary charges for out of pocket expenses and costs. Other financing costs such as legal fees and underwriting fees may be charged and courier fees may be charged if such fees are normally charged. Lenders may charge the usual and reasonable settlement costs. Settlement costs include titling and transfer costs, title insurance, survey fees or other similar costs. Other allowable fees include doc prep fees, notary fees, hazard, mortgage and life insurance premiums, recording or registration charges, prepaid escrow deposits and other similar charges allowable by the insurer/guarantor. "Junk" fees are not a defined term and may not be charged. Excessive fees are not permitted in the program. LENDER COMPENSATION (REV 05/17/18) 1. For loans for which a 5.00% Downpayment Assistance grant has been provided, lenders are reimbursed % at loan purchase by U.S. Bank for FHA & Freddie Mac loans and % for VA loans. 2. For loans for which a 4.00% Downpayment Assistance grant has been provided, lenders are reimbursed % at loan purchase by U.S. Bank for FHA & Freddie Mac loans and % for VA loans. 3. For loans for which a 3.00% Downpayment Assistance grant has been provided, lenders are reimbursed % at loan purchase by U.S. Bank for FHA & Freddie Mac loans and % for VA loans. LOAN PURCHASE PRICE (Rev 12/01/15) Mortgage loans originated under the WE DeKalb program will be purchased by the Servicer. Total Lender compensation for Mortgage Loans originated under the WE DeKalb program will be 2.5% for each FHA loan and 2.0% for each VA loan. Lenders will collect and retain origination fee in the amount of 1.0% from the buyer or seller. Rev 12/01/15 Lenders will receive an additional 1.50% servicing release premium ( SRP ) for FHA & Freddie Mac loans and 1.00% for VA loans from the Servicer at loan purchase. REV 02/28/17 Lenders may collect all reasonable and customary fees and closing costs, provided all fees are fully disclosed in accordance with federal, state and local regulations. Ancillary fees collected may not exceed the amount collected on the Lenders similar non-program loans.

20 WE DeKalb Down Payment Assistance Program Administrator Guidelines Page!20 DOCUMENTS REQUIRED FOR THE COMPLIANCE FILE (Rev 9/26/15) The program forms are generated directly from the ehousingplus Lender Portal at the loan level. The program forms MUST be printed from the Lender Portal. It is not acceptable to re-create program forms.(added 10/15/15) ehousingplus has developed a checklist to be utilized after closing to assemble the Compliance File that is delivered to ehousingplus. The checklist is located in the ehp Lender Portal in the Loan Forms area. PLEASE SUBMIT ONLY COMPLETE FILES IN AN ACCO-BOUND FILE FOLDER IN THE EXACT ORDER SHOWN BELOW. INCOMPLETE AND NON ACCO-BOUND FILES WILL BE RETURNED AT LENDER EXPENSE. The Compliance Checklist Compliance/Admin Fee ORIGINAL OR CERTIFIED TRUE ONLY OF THE FOLLOWING: SIGNED Mortgagor s Acknowledgment COPIES OF THE FOLLOWING: FINAL SIGNED 1003 FINAL SIGNED CLOSING DISCLOSURE (TRID form) Warranty Deed THE COMPLETE ACCO-BOUND COMPLIANCE FILE FOLDER IS SUBMITTED TO: ehousingplus 3050 Universal Blvd., Suite 190 Weston, FL PLEASE NOTE: MORTGAGE FILE, INCLUDING CREDIT PACKAGE ARE SENT TO U S BANK.

21 WE DeKalb Down Payment Assistance Program Administrator Guidelines Page!21 US Bank HFA Division Help Desk Use the U.S. Bank All Regs website for: Underwriting, delivery and funding information Training U.S. Bank Manuals U.S. Bank Bulletins Delivery Checklists US BANK WEB SITE INFORMATION Click on this link: Click on U.S. Bank Lending Manuals. Pop-up box will appear, click on Continue. Web page will be redirected to U.S. Bank All Regs site. Click on Housing Finance Authority folder. Click on DeKalb County.