INSTRUCTIONS TO SETUP AHFA CONVENTIONAL HFA STEP UP LOAN IN MORTGAGE BUILDER As of 7/15/14
|
|
- Lee Lynch
- 5 years ago
- Views:
Transcription
1 INSTRUCTIONS TO SETUP AHFA CONVENTIONAL HFA STEP UP LOAN IN MORTGAGE BUILDER As of 7/15/14 1) First, set up the Step Up first lien in Mortgage Builder (MB). Be sure that the loan program selected is Step Up_Conv_HFA Preferred. 2) On the Loan Detail screen, ensure that the appropriate MI plan is selected. If the Alabama Home Buyer Initiative is used (AHFA paid single premium MI), select the AHFA single options based on qualifying FICO. If those funds are exhausted and borrower paid monthly MI is applicable, select the AHFA monthly options based on qualifying FICO. BE SURE THAT YOU OBTAIN A RATE QUOTE FROM GENWORTH S WEBSITE TO CONFIRMT THE CORRECT MI FACTORS ARE APPLIED IN MB.
2 3) In the GFE Closing Costs screens, ensure that the correct Fees Id of RETAIL_AHFA_PURCH is selected. Note that AHFA requires a 1% Origination Fee to be charged by Platinum Mortgage. We may not lower or credit against this fee for any borrower regardless of builder or other negotiations or special offers. Be sure that the AHFA Commitment Fee (0.50% for 15 day lock or 0.75% for 30 day lock) is reflected on box 3 of the GFE (page 2). Also, if an extension becomes necessary, a revised GFE, lock agreement reflecting the total cost (initial commitment fee plus extension cost) is required. 4) In the GFE Prepaids/Reserves screen, it will reflect the borrower paid MI if the single premium option is selected. NOTE THAT THIS MUST BE REFLECTED AS BORROWER PAID IN ORDER TO BE DISCLOSED ON THE GFE AND 1003 PER AHFA REQUIREMENTS. A CREDIT WILL BE REFLECTED ON THE 1003 DOT TO OFFSET THIS AMOUNT AND THE FINAL HUD 1 WILL REFLECT THIS ITEM AS PAID BY AHFA. 5) In the Proposed Housing Payment screen in MB, enter the proposed 2 nd lien P&I payment by clicking the small calculator square to the right of Other Financing to bring up the P&I calculator. Enter the 2 nd lien amount (maximum is the lesser of 3% of sales price or $7500), same rate as the first and 120 months for term. This will enter the proposed P&I for the 2 nd lien on both this screen and the Origination Summary screen once saved.
3 6) In the 1003 Details of Transaction screen, the single premium MI should be reflected in line g. Enter a corresponding amount in line l and label it as AHFA LPMI Credit. NOTE THAT THIS IS ONLY APPLICABLE IF FUNDS REMAIN AVAILABLE FOR THE AL HOMEBUYER INITIATIVE PROGRAM WHERE AHFA PAYS THE MI COST. IF THOSE FUNDS ARE EXHAUSTED, THE MI PLAN MUST BE REVISED TO A MONTHLY PLAN AND A REVISED GFE/TIL ISSUED TO THE BORROWER AND ANY LENDER CREDIT REMOVED FROM LINE L ON THE DOT SCREEN. 7) When submitting your loan to DU, you MUST ensure that the proper codes are selected so that DU evaluates the loan as the special HFA Preferred product. On the Fannie Mae DU Submission screen in MB, be sure to select the FNMA Comm Lending Product option as HFA Preferred from the drop down list. Also, if a DPA 2 nd lien will be utilized, the checkbox to the right of Community Seconds must be checked and Any payment required within first five years chosen from the Repayment Structure drop down list. Ensure these options are all properly chosen for initial and any subsequent DU submissions.
4 8) Your DU Findings must be Approve/Eligible. No other recommendation is allowed by AHFA nor is any LP finding. Ensure that your DU Findings reflect the notation regarding the HFA Preferred product as shown in Findings # 3 & 4 in the example below. Also, note that the MI coverage percentage is reflected on your findings (#5 in this example) be certain that your MI disclosed matches this required coverage percentage. 9) Additionally the DU Findings will list requirements regarding Community Seconds eligibility if the Community Seconds option is selected on the DU Submission screen. Be sure this finding is reflected if a DPA 2 nd lien exists for the transaction. AHFA DPA 2 nd liens will be considered to meet Fannie requirements with no future documentation. Also, all borrowers must execute the AHFA delinquency counseling form. 10) Finally, the findings will reflect that at least one borrower must complete home buyer education. However, AHFA requires all borrowers and spouses (all mortgagors) complete home buyer education. 11) Be sure to print the first lien application and disclosure set in MB. You must also manually add the AHFA disclosure package to it to be completed and signed by the borrowers. 12) Once the first lien is completely setup and disclosed, including property address, all application and disclosure screens, you must credit a 2 nd lien file for disclosure of the 2 nd mortgage. In MB, select the Administration Menu, then select the System Administration sub menu, then select the Copy Loans sub menu, then select the Create 2 nd loan from First Mortgage option. This will open the Create Second Mortgage screen as shown below. Ensure that the first loan information is shown on this screen (if you were in the first loan most recently, it should be reflected) and click the COPY button at the bottom.
5 13) This will bring up the Copy Loan Number screen asking you to input a new loan number for the new 2 nd mortgage in MB. Type in NEW and press <ENTER> and MB will create the 2 nd lien and assign a new loan number to it. A message screen will display with the new 2 nd mortgage loan number take note of it. 14) Next, enter the Origination Summary screen and be sure that you are working in the newly created 2 nd lien loan number (should be displayed in the upper right corner). 15) Go into the Loan Registration screen and select the program for the 2 nd lien as DPAP_2ND_LIEN_AHFA.
6 16) In the Loan Detail screen, ensure that your loan amount, rate, term, etc are all entered correctly. There should not be any MI selected for the 2 nd lien file. 17) On the GFE Closing Costs screen, select the Fees ID as AHFA_2ND_LIEN, and ensure there are not any charges selected except for recording costs, transfer taxes, and interim interest on the GFE Prepaids/Reserves screen.
7 18) Be sure to go through the remainder of the loan screens to ensure it is all accurate. 19) Be sure to print a complete application and disclosure set, including a GFE & TIL for the 2 nd lien. 20) After the loan is approved by Platinum and Genworth, be sure to collect a commitment fee from the borrower payable to AHFA in the form of an official or cashier s check and fax a copy of it along with the Platinum lock agreement, DPA application and lock request to Secondary Marketing to secure the commitment. After the lock is confirmed by Secondary, be sure to redisclose the GFE for BOTH FIRST AND SECOND LIENS!!!
8 EXAMPLE DOCUMENTS: 1) Page 3 of 1003, Details of Transaction (DOT) should reflect the MI and credit for MI if the single premium option is chosen: 2) The TIL should reflect the single premium MI in the amount financed for the initial TIL Itemization:
9 3) A sample GFE page 1 for the first lien is shown below:
10 4) A sample GFE page 2 for the first lien is shown below:
11 5) A sample GFE page 1 for the second lien is shown below:
12 6) A sample GFE page 2 for the second lien is shown below:
2509 Completing the Good Faith Estimate
The printed Good Faith Estimate is comprised of three pages and can be accessed from within a loan file by selecting Forms > Good Faith Estimate, from the menu bar. If the loan is a new construction loan,
More informationMortgage Cadence User Guide Registering a New Loan MANUALLY
Purpose Link to Mortgage Cadence Additional Documentation or Other Resources Mortgage Cadence User Guide Registering a New Loan MANUALLY Follow these steps to manually register a new loan in Mortgage Cadence.
More informationSONYMA Conventional Plus Correspondent Term Sheet
Product Type 30 Year Fixed Rate Mortgage. Sales Focus This program combines the flexibility offered by Fannie Mae s HomeReady Mortgage along with SONYMA s Down Payment Assistance Loan (DPAL). It is designed
More informationDELAWARE STATE HOUSING AUTHORITY (DSHA) HOMEOWNERSHIP LOAN PROGRAM NOTICE Effective May 1, 2018
DELAWARE STATE HOUSING AUTHORITY (DSHA) HOMEOWNERSHIP LOAN PROGRAM NOTICE Effective May 1, 2018 The sections of this Program Notice marked with an asterisk (*) are general summaries of provisions contained
More informationMichigan State Housing Development Authority
Michigan State Housing Development Authority 6/29/2018 Topics Covered in this Training 1. MI First Home & MI Next Home Programs 2. Down Payment Assistance 3. MI First Home Program Highlights 4. MI Next
More informationMichigan State Housing Development Authority
Michigan State Housing Development Authority 3/31/2017 Topics Covered in this Training 1. MI First Home & MI Next Home Programs 2. Down Payment Assistance 3. MI First Home Program Highlights 4. MI Next
More informationIHDA Commitment / Reservation Manual
r The Homeownership Department IHDA Commitment / Reservation Manual Revised April, 2015 Revised September, 2015 Revised March, 2016 Revised August, 2016 Revised October, 2016 Revised June, 2017 The Illinois
More informationLog in at LMS Xpress 2
Log in at www.westernbanc.com LMS Xpress 2 From your home page, select Loan Search. LMS Xpress 3 You will now see the updated information in your pipeline LMS Xpress 4 To register a loan for a loan officer,
More informationCreating and Locking a Loan. Before you can register a loan, it will be necessary to create a loan by importing a data file.
Creating and Locking a Loan Before you can register a loan, it will be necessary to create a loan by importing a data file. Importing a Data File Select Correspondent as the portal mode and choose one
More informationMortgage Builder Architect User Guide. Revised August 8, 2016
Mortgage Builder Architect User Guide Revised Contents Requesting a Rate Quote... 3 Accessing Radian s Order Form... 3 Completing the Request Form for a Rate Quote... 3 Providing Optional Data... 4 Retrieving
More informationEncompass Integration with Radian
Encompass Integration with Radian Encompass Mortgage Insurance (MI) Service includes an enhanced integration with Radian for a more streamlined mortgage insurance ordering process. This integration provides
More informationChapter 9 Product Matrix
Table of Contents Chapter 9 Product Matrix... 1 CONVENTIONAL CONFORMING LOANS... 2 Secondary Market ARM (Adjustable Rate Mortgage) Loans... 4 HARP (Fannie DU Refi Plus and Freddie Open Access)... 5 FHA/VA
More informationCenterState Bank Financial. TPO Connect Portal User Guide
CenterState Bank Financial TPO Connect Portal User Guide Table of Contents Table of Contents... 2 Introduction... 3 Introduction... 4 Getting Started... 5 Getting Started... 6 Gaining Initial Access to
More informationFannie Mae has specific requirements for multiple financed properties:
Fannie Mae has specific requirements for multiple financed properties: If subject loan is owner occupied, Fannie Mae has no limit on number of properties financed If subject is second home or investment
More informationPROCEDURAL MANUAL ALABAMA HOUSING FINANCE AUTHORITY
PROCEDURAL MANUAL ALABAMA HOUSING FINANCE AUTHORITY CONTENTS INTRODUCTION SECTION I DEFINITIONS... 4 SECTION II MORTGAGOR ELIGIBILITY EVALUATION... 6 A. Income Restrictions... 6 B. Occupancy... 6 C. Residence
More informationMerchants Bank, National Association
Merchants Bank, National Association Encompass TPO WebCenter User Guide Full Document Processing Table of Contents Third Party Origination Website User Guide Getting Started Section 1 Gaining Initial Access
More informationIHDA Commitment / Reservation Manual
r The Homeownership Department IHDA Commitment / Reservation Manual Revised April, 2015 Revised September, 2015 Revised March, 2016 Revised August, 2016 Revised October, 2016 Revised June, 2017 Revised
More informationBanker Edition Release Notes. Updates and Enhancements (build ), January 13, 2011
Banker Edition Release Notes Updates and Enhancements (build 6.7.0.2), January 13, 2011 Copyright Statement 2011 Ellie Mae, Inc. Ellie Mae, Encompass, Encompass360, and Ellie Mae Network and the Ellie
More informationWHEDA-Connect Administrators and Users Manual
WHEDA-Connect Administrators and Users Manual Page left blank intentionally. WHEDA 1.0 Overview: WHEDA-Connect 1 Last Revised Date: October 16, 2017 Table of Contents 1.0 Overview: WHEDA-Connect... 3 2.0
More informationFlorida Housing Finance Corporation s First Mortgage Program Options At-A-Glance (Includes Bond and TBA First Mortgage Programs)
Loan Type Features Eligible for FL Housing s Mortgage Credit Certificate (MCC) Program? Eligible for these FL Housing Second Mortgage / Grant Programs Loan Delivery Purchase Timeline Florida Housing Finance
More information19 FREQUENTLY ASKED QUESTIONS
19 FREQUENTLY ASKED QUESTIONS TERMS & CONDITIONS Q. What is the Total Debt To Income ratio allowed under the Program? A. The Total Debt To Income ratio cannot exceed 50.00%, unless other restrictions apply.
More informationPROCEDURAL MANUAL ALABAMA HOUSING FINANCE AUTHORITY
PROCEDURAL MANUAL ALABAMA HOUSING FINANCE AUTHORITY CONTENTS INTRODUCTION SECTION I DEFINITIONS... 4 SECTION II MORTGAGOR ELIGIBILITY EVALUATION... 6 A. Income Restrictions... 6 B. Occupancy... 6 C. Residence
More informationCash Remittance System (CRS) April 2014 Release Job Aid Issued: April 14, 2014
Cash Remittance System (CRS) April 2014 Release Job Aid Issued: April 14, 2014 Table of Contents About This Job Aid and the CRS April 2014 Release... 2 CRS April 2014 Release Enhancements... 2 New CRS
More informationFlorida Housing Finance Corporation s First Mortgage Program Options At-A-Glance (Includes Bond and TBA First Mortgage Programs)
Loan Type Features Eligible for FL Housing s Mortgage Credit Certificate (MCC) Program? Eligible for these FL Housing Second Mortgage / Grant Programs Loan Delivery Purchase Timeline Florida Housing Finance
More information19 FREQUENTLY ASKED QUESTIONS
19 FREQUENTLY ASKED QUESTIONS TERMS & CONDITIONS Q. What is the Total Debt To Income ratio allowed under the Program? A. The Total Debt To Income ratio cannot exceed 50.00%, unless other restrictions apply.
More informationPriceMyLoan.com Broker s Guide. Revision 0705
PriceMyLoan.com Revision 0705 PriceMyLoan Introduction... 3 Create a New File... 4 Upload a Fannie Mae File... 5 Upload a Calyx Point File... 5 Loan Request Interface... 6 Loan Officer Info... 6 Credit
More informationHome Possible and Home Possible Advantage
Home Possible and Home Possible Advantage 1 Freddie Mac Home Possible and Home Possible Advantage mortgages (collectively referred to as Home Possible mortgages) are Freddie Mac s Affordable Mortgage products.
More informationGSFA PLATINUM PROGRAM FHA GUIDELINES SUMMARY
OVERVIEW The GSFA Government Down Payment Assistance Program (DAP) is a competitively priced loan program that does not require a minimum down payment from the homebuyer(s). GSFA Platinum is designed to
More information7389 Florida Blvd., Suite 200A Baton Rouge, LA NMLS #
Version 2018.May 7389 Florida Blvd., Suite 200A Baton Rouge, LA 70806 855.476.8441 NMLS #64997 www.gmfspartners.com 2014, GMFS LLC. All Rights Reserved. GMFS is a registered trade name of GMFS LLC., NMLS
More informationPriceMyLoan.com Lender AE Guide. Revision 0707
PriceMyLoan.com Revision 0707 PriceMyLoan INTRODUCTION... 3 CUSTOMER SUPPORT... 3 VIEWING LOAN SUBMISSIONS... 4 AUTOMATIC EMAIL NOTIFICATIONS... 5 PRICING ENGINE COMMON SCENARIOS... 6 Running the LPE on
More informationEdit 1003 Form. Figure 1 - Tabs of the 1003
Edit 1003 Form The OpenClose 1003 is organized into multiple tabs that coincide with the sections of the 1003 plus three extra tabs to store additional information on the loan file. Figure 1 - Tabs of
More informationFor Lenders. Accessing LOS: LOS is a web based program that can be accessed at the following URL address: https://los.chfa.org/los
Accessing LOS: LOS is a web based program that can be accessed at the following URL address: https://los.chfa.org/los A User ID and Password will be assigned to all users by the designated account administrator
More informationSECTION 9 HFA PREFERRED TM PROGRAM
SECTION 9 HFA PREFERRED TM PROGRAM 9.1 Eligible Loan Purpose 9.2 Principal Residence Requirement; Owner-Occupancy 9.3 Eligible Property Types 9.4 Sales Price Limits 9.5 Closing Costs 9.6 Interest Rate
More informationPalmAgent Software. Owners Program Manual
PalmAgent Software Owners Program Manual Know the Numbers Since 1982 1 Table of Contents Buyers Programs... Quick Estimate... Conventional... 3 FHA... 9 VA... 11 Conventional /2nd... 12 Interest Only...
More information7389 Florida Blvd., Suite 200A Baton Rouge, LA NMLS #
Version 2018.October 7389 Florida Blvd., Suite 200A Baton Rouge, LA 70806 855.476.8441 NMLS #64997 www.gmfspartners.com 2014, GMFS LLC. All Rights Reserved. GMFS is a registered trade name of GMFS LLC.,
More informationNew Mexico Housing HFA Preferred Loan Program (Conventional)
New Mexico Housing HFA Preferred Loan Program (Conventional) Revisions Date Revisions 9/9/14 Updates in Section 10-A: new underwriter, Section 10-B7: Electronic Signatures, Section 10-C5: Acquisition Cost
More informationI. Creating a one-time close construction to permanent loan or a one-time close renovation to permanent loan.
Construction to Permanent FNMA One Time Close DU Data Entry MOTION Important: Items must be completed in the following order Create or Import a construction to permanent loan Select construction product
More informationUNDERWRITING Secondary Financing. U.S. Bank Home Mortgage MRBP Division Master Servicer
UNDERWRITING Secondary Financing U.S. Bank Home Mortgage MRBP Division Master Servicer FHA 203b, 221 (d) (2) 203k VA USDA/RD Fannie Mae MyCommunityMortgage Suite of Products (97/100/Community Solutions/HomeChoice)
More informationWelcome to the TSAHC Lender Training. Module II Compliance, Closing, & Delivery
Welcome to the TSAHC Lender Training Module II Compliance, Closing, & Delivery Reservation & Origination Flow Lender completes loan reservation in the Lender Portal at www.tsm online.org. HFA Preferred
More informationAIG Investments Underwriting Guidelines
AIG Investments Underwriting Guidelines September 5, 2018 MC-2-A987H-1016 2018 AIG Investments. All Rights Reserved. These AIG Investments Underwriting Guidelines (Exhibit A-1) are dated September 5, 2018.
More informationCash Assistance Mortgage Training
HOMEOWNERSHIP Cash Assistance Mortgage Training January 2019 NHHFA.org Today s Agenda What s New with the Cash Assistance Mortgage The Value of Cash Assistance About the Cash Assistance Mortgage Participating
More informationMortgage Cadence User Guide Registering a New Loan MANUALLY
Purpose Link to Mortgage Cadence Additional Documentation or Other Resources Mortgage Cadence User Guide Registering a New Loan MANUALLY Follow these steps to manually register a new loan in Mortgage Cadence.
More informationPRODUCT MATRICES. For Information on any of our products, please contact:
Correspondent Lending PRODUCT MATRICES March 2016 For general underwriting questions and scenarios or product guideline interpretation, call the Underwriting Help Line at (866) 807-6049 For status, pricing,
More informationMortgage Terms Glossary
Mortgage Terms Glossary Adjustable-Rate Mortgage (ARM) A mortgage where the interest rate is not fixed, but changes during the life of the loan in line with movements in an index rate. You may also see
More informationOVERVIEW GUIDE TO HOME COUNSELOR ONLINE NATIONAL FORECLOSURE MITIGATION COUNSELING (NFMC) FEATURES
OVERVIEW GUIDE TO HOME COUNSELOR ONLINE NATIONAL FORECLOSURE MITIGATION COUNSELING (NFMC) FEATURES WHO SHOULD USE THIS OVERVIEW GUIDE? WHAT IS NFMC? This overview guide contains information for Home Counselor
More informationCreating and Submitting a Closed Loan Modification Case Extend Mod for Disaster Relief
Creating and Submitting a Closed Loan Modification Case Extend Mod for Disaster Relief If you are a servicer that is delegated to underwrite modifications on behalf of Fannie Mae and are submitting a Fannie
More informationObtain Pricing and Register CalHFA CalPLUS MyHome & ZIP Programs WHOLESALE
REGISTRATION OF CALPLUS MYHOME & ZIP Because the broker will only have the ability to register one subordinate financing amount in BOLT, the COMBINED assistance amount needs to be input into the 2 nd Financing
More information13 DOWNPAYMENT PROGRAMS
13 DOWNPAYMENT PROGRAMS DOWNPAYMENT ASSISTANCE PROGRAMS These guidelines apply to all downpayment assistance loans offered at the Commission Details for Home Advantage 0% Downpayment Assistance Program
More informationDelaware State Housing Authority. Homeownership Loan Programs Lender Training
Delaware State Housing Authority Homeownership Loan Programs Lender Training DSHA is committed to follow all aspects of the Fair Housing Act in our efforts to promote responsible homeownership and obtaining
More informationProduct Eligibility and Pricing Services. Loan Originator User Guide
Product Eligibility and Pricing Services Loan Originator User Guide Table of Contents Table of Contents Log In... 1 Enter New Loan Data... 1 Evaluate Products... 6 Analyze Search Results... 6 Update Search
More information10/23/17. Chenoa Fund Program
10/23/17 Chenoa Fund Program Disclaimer While every effort has been made to ensure the reliability of the webinar content, PRMG s product profiles and their updates, are the official statements of PRMG
More informationSECTION 6 ELIGIBLE MORTGAGE LOAN
6.01 Loan Types The Agency will purchase the following types of Mortgage Loans: 1. FHA insured loans, including buy downs, excluding GPM loans. 2. RD Guaranteed Loans. Mortgage Loans on two- to four-unit
More informationMortgage Cadence User Guide IMPORTING a New Loan (Recommended)
Purpose Link to Mortgage Cadence Additional Documentation or Other Resources Mortgage Cadence User Guide IMPORTING a New Loan (Recommended) Follow these steps to import a new loan in Mortgage Cadence.
More informationLocking and Change Request Manual. Correspondent User Guide
Correspondent User Guide Effective Date: 12/07/2015 Last Updated: 12/07/2015 Table of Contents Things to Know When Locking... 1 Loan Registration... 1 Loan Locking... 1 Change Request... 1 Registering
More informationHomeNow $0 Down Program Guidelines
HomeNow $0 Down Program Guidelines July 1, 2016 Last Revision June, 2018 Program Offered by: Program Administered by: REVISIONS TABLE Section Page Revision Date Addition of Fannie Mae HomeReady Conventional
More informationGSFA PLATINUM PROGRAM CONVENTIONAL GUIDELINES SUMMARY
OVERVIEW The GSFA Conventional Down Payment Assistance Program (DAP) is a competitively priced Conventional loan program that does not require a minimum down payment from the homebuyer(s). GSFA provides
More informationAlert / Messages Matrix
Alert HPML Needs Impounds This is an HPML Loan and requires impounds. Either reduce the APR below the HPML threshold or add impounds. This is an HPML Loan and requires impounds. Either reduce the APR below
More informationParticipating Lender Training
Participating Lender Training 1 CHFA S MISSION To provide housing opportunities for low and moderate - income people in Connecticut and to aid economic development. 2 www.chfa.org 3 CHFA AND BOND COMPLIANCE
More informationDocument Uploading and MITAS Data Verification Guide
r The Homeownership Department Document Uploading and MITAS Data Verification Guide Revised April, 2015 The Illinois Housing Development Authority 111 E. Wacker Drive Suite 1000 Chicago, IL 60601 (312)
More informationDelaware State Housing Authority. Demystifying the Advantage 4 Loan Program
Delaware State Housing Authority Demystifying the Advantage 4 Loan Program DSHA is committed to follow all aspects of the Fair Housing Act in our efforts to promote responsible homeownership and obtaining
More informationLoan Originator Workflow. General Overview
Loan Originator Workflow General Overview Responsibilities Obtaining a complete and accurate loan application. Completing all required fields within Point including but not limited to Company or Personal
More informationCREATE FILE IN BLITZDOCS
1. Log-into BlitzDocs CREATE FILE IN BLITZDOCS All loan submissions must be submitted through BlitzDocs. In order to obtain a user name and password, a BlitzDocs Audit Checklist form must be completed
More informationSoutheast Texas Housing Finance Corporation 5 Star Texas Advantage Program
! Administrator s Guidelines Southeast Texas Housing Finance Corporation 5 Star Texas Advantage Program Freddie Mac HFA Advantage for Conventional Loans Published December 23, 2015 Revised 0/1/18 Revisions
More informationditech BUSINESS LENDING HOMEREADY MORTGAGE PRODUCT
1. PRODUCT DESCRIPTION ditech BUSINESS LENDING HOMEREADY MORTGAGE PRODUCT Conventional Conforming fixed rate mortgage DU Version 10.1 Servicing retained 10-30 year term in annual increments Fully amortizing
More informationDisclosing a Loan 10/26/2017
0/26/207 Introduction: In this training material and supplemental training exercises, we explore the items necessary to disclose a loan. We will step by step walk you through the general processes and
More informationAccenture Mortgage Cadence. Loan Fulfillment Center. Forms Job Aid
Accenture Mortgage Cadence Loan Fulfillment Center f Table of Contents FORM FORMATS...8 1003 UNIFORM RESIDENTIAL LOAN APPLICATION...9 1008 UNIFORM UNDERWRITING AND TRANSMITTAL SUMMARY... 10 1008 Uniform
More informationAPMC DU REFI PLUS MATRIX
1. PRODUCT DESCRIPTION 2. EXISTING FIRST MORTGAGE ELIGIBILITY 3. FINAL FUNDING DATE Conventional Conforming Fixed Rate DU Version 9.1 LTV
More informationOne-Close Construction
RESTRICTED USE PROGRAM All loan originators must complete Flagstar s Construction Loan training course prior to originating any loans under this program. Originators will not be able to register construction
More informationN.C. Home Advantage Mortgage TM Program Guide
Program Guide North Carolina Housing Financing Agency 1 P a g e 3508 Bush Street Raleigh, NC 27609-7509 (919) 877-5700 www.nchfa.com Table of Contents 1. Introduction 5 2. Definitions 8 3. Lender Participation
More informationLoan Processing. Introduction:
Introduction: In this training material and supplemental training exercises, we explore the items necessary to open a loan. We will step by step walk you through the general processes and required procedures.
More informationOPEN MORTGAGE. October 22, 2015
OPEN MORTGAGE October 22, 2015 Borrower Eligibility All occupying Borrowers 18 years or older and Non- Purchasing Spouse must be a first-time homebuyer Household income is within NIFA s Income limit Purchase
More informationHope Brings You Home DPA Program. Administrator Guidelines
Hope Brings You Home DPA Program Administrator Guidelines Published on: 05/11/2018 Updated on: 06/21/2018 Page 2 Table of Contents NEVADA HOUSING DIVISION (NHD)... 5 PARTICIPATING LENDERS... 5 MASTER SERVICER
More informationN.C. Home Advantage Mortgage TM Program Guide ($15,000 DPA Only)
Program Guide ($15,000 DPA Only) North Carolina Housing Financing Agency 3508 Bush Street Raleigh, NC 27609-7509 (919) 877-5700 www.nchfa.com 1 P age Table of Contents 1. Introduction 1 2. Definitions
More informationUser Guide for Pricing Engine
User Guide for Pricing Engine Version 1.2 Effective Date: 02/27/2019 Contents 1.0 STEPS TO ACCESS SEEMYLOANSTATUS... 2 2.0 SUBMITTING LOCK REQUEST... 4 2.1 STEPS TO REQUEST LOCK ON A NEW LOAN... 4 2.2
More informationGuidelines Correspondent. Loan Program: 5/1 LIBOR ARM 2/2/5 85 LTV No PMI Dollar Bank (1585) LTV Limits:
Loan Program: 5/1 LIBOR ARM 2/2/5 85 LTV No PMI Dollar Bank (1585) LTV Limits: Occupancy Primary Residence Second Home Investment & Non- Owner Property Type Condominiums are ineligible for this product.
More informationditech BUSINESS LENDING CONFORMING FIXED RATE PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION Conventional Conforming fixed rate mortgage DU Version 10.2 Servicing retained 10 to 30 year term in annual increments Fully amortizing Qualified Mortgage (QM) Safe Harbor loans
More informationPRODUCT MATRICES. For Information on any of our products, please contact your USBHM Account Executive
Wholesale Lending PRODUCT MATRICES March 2017 For general underwriting questions and scenarios or product guideline interpretation, call the Underwriting Help Line at (866) 807-6049 For status, pricing,
More informationMultiple Financed Properties Program Fannie Mae/Freddie Mac. Table of Contents
Table of Contents 1. Category... 2 2. High Balance... 2 3. Property Types...2 4. Applying the Multiple Financed property Policy to Manually Underwritten Loans... 2 5. Applying the Multiple Financed property
More informationLender Record Information Form 582
Lender Record Information Form 582 Quick Reference Guide Roles in Your Organization - Ownership Interest - Contact Verification November 2018 2018 Fannie Mae. Trademarks of Fannie Mae. 11.26.2018 1 of
More informationCorrespondent Lending Client Job Aid
Correspondent Lending Client Job Aid 2 Table of Contents Purpose... 3 Procedures... 3 1. Login... 3 2. Automated Importing of Loan Data... 4 3. Manually Input Loan... 6 4. Product Selection, Submitting
More informationAssistance Program: City of Tuscaloosa Home Purchase Assistance Program Code: DALTUSHPP
HOMEOWNERSHIP ASSISTANCE PROGRAM SUMMARY Product Description Allowable Origination Channel Program Name Second mortgage loan program to be used in conjunction with: FHA Fixed Rate Fannie Mae Fixed 30-year
More informationRadian Mortgage Insurance
LOS Interface Administrator/User Guide Radian Mortgage Insurance 2012 PCLender, LLC Contents Introduction... 3 Interface Features... 3 Interface Requirements... 3 Interface Considerations... 4 How Does
More informationFannie Mae (DU) Conventional Loan Matrix
PURCHASE/ LIMITED CASH OUT REFINANCES STANDARD and HIGH BALANCE LOAN AMOUNTS Occupancy Maximum* LTV Maximum* CLTV Min FICO* Max Ratios Minimum Cash Investments Mortgage/ Rental History Reserves 1 Unit
More informationCHFA-Approved Lenders Mortgage Program Training. Rev 5/10/18
CHFA-Approved Lenders Mortgage Program Training Rev 5/10/18 Our Mission To alleviate the shortage of housing for low-to-moderate income families and persons in this State and, when appropriate, to promote
More informationPROCEDURAL MANUAL ALABAMA HOUSING FINANCE AUTHORITY
PROCEDURAL MANUAL ALABAMA HOUSING FINANCE AUTHORITY CONTENTS INTRODUCTION SECTION I DEFINITIONS... 4 SECTION II MORTGAGOR ELIGIBILITY EVALUATION... 6 A. Income Restrictions... 6 B. Occupancy... 6 C. Residence
More information***UPDATED 9/5/18*** TPO Fannie Mae HomeStyle Renovation Product
***UPDATED 9/5/18*** Updated items have been highlighted in yellow. TPO Fannie Mae HomeStyle Renovation Product Overview HomeStyle is Fannie Mae s renovation loan program. This loan will be locked in,
More informationHigh-Cost Area (High Balance) Loan Amounts
Program Qualifications Eligible loans are conforming and high balance loans receiving a DU Version 10.0 or later Approve/Eligible. Maximum Loan Amounts Conforming Maximum Loan Amounts Units Continental
More informationINVITATION TO PARTICIPATE
INVITATION TO PARTICIPATE Mississippi Home Corporation (the Corporation ) invites you to participate in the Smart Solution Program for the origination of qualifying mortgage loans (the Mortgage Loans )
More informationGuidelines Correspondent. Loan Program: 5/1 LIBOR ARM 2/2/5 85 LTV No PMI Dollar Bank (1585) LTV Limits:
Loan Program: 5/1 LIBOR ARM 2/2/5 85 LTV No PMI Dollar Bank (1585) LTV Limits: Occupancy Primary Residence Property Type w/o Sec Fin. PURCHASE MORTGAGES w/sec Fin. Max TLTV Max HTLTV Loan Limits 1 Unit
More informationGFE/TIL AND COC WORKFLOW
Table of Contents Page 1 of the GFE... 2 Tolerance Levels... 5 Page 2 of the GFE... 7 Box 6 of the GFE... 12 How to Calculate Transfer Tax... 13 Page 3 of the GFE... 14 Events Triggering Re-disclosure...
More informationNew Mexico Mortgage Finance Authority. Housing New Mexico s People Since Online Reservations User Manual
New Mexico Mortgage Finance Authority Housing New Mexico s People Since 1975 Online Reservations User Manual October 2015 Table of Contents Chapter 1: Accessing the System... 3 Accessing Secure System...
More informationFHA Product Overview. Product and Underwriting Guidelines. U.S. Bank Home Mortgage Wholesale Division CAT CR U.S.
FHA Product Overview Product and Underwriting Guidelines U.S. Bank Home Mortgage Wholesale Division CAT-12896356 CR-12896418 Not for consumer distribution. This document is not a Consumer Credit Advertisement
More informationRegistering a Deal and Requesting Waivers
Registering a Deal and Requesting Waivers May 2010 2010 Fannie Mae 1 Welcome to Registering a Deal and Requesting Waivers, part of a six-module course on the processes and applications you use in completing
More information999 West Street, Rocky Hill, CT Phone: (860) Fax: (860) Website:
999 West Street, Rocky Hill, CT 06067-4005 Phone: (860) 721-9501 Fax: (860) 571-3550 Website: www.chfa.org Table of Contents Loan Program Outlines & Underwriting Guides......... Pages 2-7 203(k) - FHA
More informationMortgage Cadence User Guide Submitting Loans for Underwriting (Non-Delegated)
Purpose Link to Mortgage Cadence Additional Documentation or Other Resources Mortgage Cadence User Guide Submitting Loans for Underwriting (Non-Delegated) Follow these steps to submit a loan to underwriting
More informationHit the Books: First Time Homebuyer Programs from FNMA and FHLMC
Hit the Books: First Time Homebuyer Programs from FNMA and FHLMC Two common first time homebuyer programs are MyCommunityMortgage from FNMA and Home Possible from FHLMC. This reference will help you understand
More informationHow Genworth Supports HARP Frequently Asked Questions
How Genworth Supports HARP Frequently Asked Questions Overview Created to support a recovery in the housing market, the Treasury Department s Making Home Affordable program will help millions of homeowners
More informationCHFA-Approved Lenders Mortgage Program Training. Rev 3/20/19 WS
CHFA-Approved Lenders Mortgage Program Training Rev 3/20/19 WS Our Mission Connecticut Housing Finance Authority is a self-funded, quasi-public organization. Our mission is to alleviate the shortage of
More information999 West Street, Rocky Hill, CT Phone: (860) Fax: (860) Website:
999 West Street, Rocky Hill, CT 06067-4005 Phone: (860) 721-9501 Fax: (860) 571-3550 Website: www.chfa.org Table of Contents Loan Program Outlines & Underwriting Guides......... Pages 2-7 203(k) - FHA
More informationMortgage Insurance Help
Mortgage Insurance Help Address Line 1 Address Line 2 All Other Monthly Payments Amortization Term Amortization Type Application Number Appraisal Value Borrower's First Name Borrower's Last Name Borrower's
More information