2017 ILLINOIS HOUSING DEVELOPMENT AUTHORITY O R I G I N AT I O N A N D D E L I V E R Y B E S T P R AC T I C E S

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1 2017 ILLINOIS HOUSING DEVELOPMENT AUTHORITY O R I G I N AT I O N A N D D E L I V E R Y B E S T P R AC T I C E S

2 IHDA S PROGRAMS WHAT WE OFFER - A REFRESHER Program options for 1 st time homebuyers and repeat buyers Not sure which program is best for your borrower? Call an Account Manager for Assistance!

3 IHDA 2 ND MORTGAGES HOW TO DISCLOSE 1. 1stHomeIllinois Second Mortgages: When total fees are under 1% IHDA REQUIRES an initial and a final TIL- NO EXCEPTIONS - WE WILL NOT BUY THE LOAN! 2. 1stHomeIllinois Second Mortgages: If total fees EXCEED 1% MUST FOLLOW ALL OF RESPA - NO EXCEPTIONS! (GFE, TIL, HUD-1) Second Mortgages: It has a payment! So it Follows TRID guidelines - NO EXCEPTIONS!

4 FINANCING A CONDO WITH IHDA We condos, but be sure to know your guidelines! If your LTV is over 95% it is REQUIRED that USBHM complete the condo review For LTV less than 95% lenders (who are approved by USBHM) may delegated underwrite, see the USBHM eligibility chart for details

5 MINIMUM CREDIT SCORE UPDATE! IHDA has lowered its FHA minimum FICO score 640 to 640 All IHDA loans now require the same minimum score

6 COMMON FILE ISSUES 1. NOT calculating borrower income before reserving Do NOT reserve a loan without using the IHDA income calculator (found on the Homeownership Resource Center), the household calculation is often different than your own calculation If they are married, regardless of separation agreements or other situations, ALL household income is counted. In regards to IHDA financing, borrowers are married or they are not, there is zero in between.

7 COMMON FILE ISSUES (CONT) 2. NOT Verifying the property county 1 st HomeIllinois is only available in select counties (Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will and Winnebago) IHDA loans reserved under an ineligible property under 1 st HomeIllinois WILL NOT BE PURCHASED

8 COMMON FILE ISSUES (CONT) 3. Missing or Incomplete VOE s VOE s need to be dated within 10 days of the Note date

9 COMMON FILE ISSUES (CONT) 4. NUMEROUS CONDITION UPLOADS Sending IHDA conditions buried in massive duplicative uploads means longer review times!

10 COMMON FILE ISSUES (CONT) 5. NOT Following the checklist We use the same checklist during our review If you use it, you won t miss anything!

11 OTHER COMMON FILE ISSUES (CONT) 6. TRID compliance failures 7. Closing Disclosure errors 8. Incorrect down payment assistance disclosed 9. Errors on Note and Mortgage 10. Appraisal issues, ex. Subject to conditions, missing addendums, ect. Always check your dates on all closing docs (especially I-Refi)

12 ELIGIBLE PROPERTY TYPES WE CAN FINANACE THESE! Detached Single Family 1-2 unit Attached Single Family 1-2 unit This includes Townhomes Condos Rowhouses PUDS Rural Homes (LESS THAN 5 ACRES) WE CANNOT FINANCE THESE! Mobile Homes Manufactured homes Modular homes Log cabin homes Unwarrantable condos Properties with outstanding subject to appraisal items If you re not sure if a property is eligible, send us the information, we re happy to help!

13 AFTER YOU UPLOAD YOUR FILE TO IHDA After uploading to MITAS log back in 3-5 days later to review the conditions (hopefully none) issued on the file by IHDA Our turn times are posted daily with our interest rates as to which files are being reviewed

14 WHO CAN BE ON TITLE? o ONLY BORROWERS o NO non-borrowing spouses, children, grandparents, great aunts, etc. o ONLY BORROWERS THAT ARE ON THE NOTE and MORTGAGE

15 UNDERWATER REFI APPLICANTS? I-REFI IS STILL AVAILIBLE UP TO $50, in assistance per borrower to bring them back above water Review your HIGH LTV DNQ lead list! You may have loans of which you are unaware Contact an Account Manager for details!

16 IHDA SUMMERTIME MARKET 814 NEW RESERVATIONS SINCE JUNE 10 NEW LENDERS OVER 100 MILLION IN RESERVATIONS SINCE JUNE WE RE BUSY, BUT WE RE ALWAYS HERE TO SUPPORT YOU AND YOUR BORROWERS!

17 IHDA LOAN OFFICER OF THE MONTH JUNE 2017 o Diego Ramos o 10 IHDA Units Closed and Funded o Over $800k in total volume

18 IHDA ACCOUNT MANAGERS Account managers on call: John Maksim Rebecca Ortiz Covering all 57,915 square miles of Illinois to serve you!

19 LENDER ADVISORY COUNCIL Do you have ideas on how to assist low to moderate income borrowers? Would you like to weigh in on IHDA s next big program? IHDA is assembling a group of lenders to help design new programs and procedures Contact an IHDA account manager if you are interested!

20 BE OUR FRIEND! Find us on Facebook and Twitter! Share your closings with us! We want to hear your success stories!

21 IHDA UPDATES SIGN UP for our daily to stay informed on our interest rates, turn times, and operations updates. ders-realtors/commonforms/

22 IHDA SUPPORT Underwriting Scenarios MITAS Lockouts Exception Requests Tara Pavlik Managing Director Issue escalation Closing disasters Program suggestions Account Managers Training Requests Program Trainings On Site trainings Closing Support

23 THANK YOU FOR YOUR PARTNERSHIP!