Introduction to Ginnie Mae FHA Product Mix including No Credit Score/Non- Traditional Title Credit Requirements goes here Credit Policy 10/12/2015
Session Agenda Please Note: We are covering only the basics in this session with special emphasis on the new option to originate loans for borrowers with no credit scores who meet non-traditional tradeline and manual underwriting requirements! Effective Dates & Considerations Benefits of Ginnie Mae Direct Product Basic overview of main product characteristics Credit Score Requirements Credit Reports with No Scores Requirements for No Credit Score Pricing Non-traditional account requirements Requirements for adding non-traditional trades to credit report Requirements for individual creditor verifications Definition of Satisfactory/Acceptable Credit Max allowable DTI ratios Reserve Requirements Tips for File Assembly Fairway FHA Resources HUD FHA Resources Fairway Contacts FAQs
Effective Date As was announced on Friday s companywide call 10/08, our new Ginnie Mae FHA product mix is available this morning 10/12 for pricing a rate locks! You ll find the new Ginnie Mae FHA product matrix on the intranet. You will also find our Ginnie Mae FHA FAQs helpful! A few important items to point out about the new product: You will no longer see pricing for the FIMC Custom FHA product as of this morning. You may lock all of your new FHA loans under the new Ginnie Mae Direct Products effective as of this morning! If the FHA case assignment date is prior to 09/14/2015, your loan must meet product requirements and restrictions of the FIMC Custom FHA Product Matrix and guidelines of the Handbook 4155. If the FHA case assignment date is on or after 09/14/2015, the loan must meet all product requirements and restrictions of the new Ginnie Mae FHA product matrix and guidelines of the Handbook 4000.1. FHA loans in your pipeline already locked under FIMC Custom FHA product must meet product requirements and restrictions of the FIMC Custom product Matrix and will be underwritten to either the 4155 or 4000.1 guidelines dependent upon the case assignment date.
Why Ginnie Mae Direct? Pricing Easier to maintain product matrix & guidelines (not as many investors to consider) Control of overlays- More efficient underwriting directly to FHA Handbook guidelines with minimal managed Fairway Policy overlays NOTE: We will GRADUALLY remove some of the existing FIMC product overlays (Realistically we can t remove them ALL today but we will be working over time to add more product features and remove more overlays)
Product Overview This product at time of rollout will have the EXACT same overlays and restrictions as the existing FIMC Custom FHA Product EXCEPT we have incorporated your ability to originate loans for borrowers with no credit scores! That s right! The new product will allow you to serve borrowers who have no credit/no scores as long as they can meet non-traditional credit requirements! More about those specific details a bit later in the presentation
Let s Review General Product Standards
Amortization Terms Standard Loan Limits: 30, 20, 15 year fixed High Balance Loan Limits: 30 year fixed ARMS not eligible. Temporary buydowns not eligible.
Loan Purpose Purchase Existing Construction New Construction Under 1 Year Old Under Construction Proposed Construction No Cash Out Refinance which consists of: Rate Term Refinance Simple Refinance Cash Out Refinance Note: The FHA Streamline Refinance Product is already available as Ginnie Mae Direct so this training will not cover the FHA streamlines.
Ineligible Characteristics The following characteristics are not eligible under our Ginnie Mae product at initial rollout: Assumptions Construction financing Construction to Permanent Mortgage Program Concurrent Short Sales Cooperative Properties Deed restricted properties Down-payment Assistance EEM- Energy Efficient Mortgage Gift from Non-profit Organizations Good Neighbor Next Door Program Grants GPM- Graduated Payment Mortgage Hawaiian Homelands High Cost (Section 32) Loans Hope for Homeowners Program Home Equity Conversion Mortgage (HECM) Investment Occupancy Manufactured Housing Military Impact Area Loans Officer/Teacher/Good Neighbor Next Door Program Negative Equity Refinance Program New Secondary Financing Refinance of Section 235 Mortgage Resale Restrictions Restructured Mortgage Payoff Secondary Residence Occupancy Section 8 Housing Vouchers. Section 184-Indian Tribal Lands Section 223(e) Urban Areas Section 238(c) Military Impact Zones Section 251-Adjustable Rate Mortgages (ARMs) Section 203(h) Disaster Victims Section 203(k) Rehabilitation Section 247-Hawaiian Homelands Section 255-Home Equity Conversion Mortgages (HECM) Shared Equity Loans Short Refinance Streamline Refinances (separate product matrix) Temporary Buydowns Texas 50 (a) (6) Unexpired foreclosure redemption Urban Renewal
Loan Limits Minimum: No minimum required. Maximum: For most products, the maximum loan amount is the lesser of the maximum allowable loan purpose calculation OR the maximum loan limit for the area. Number of Units Low Cost Areas High Cost Areas Alaska & Hawaii The FHA national low cost area mortgage limits, which are currently set at 65 percent of the national conforming limit of $417,000 for a one-unit Property, are, by property unit number, as follows: For areas designated as high cost areas, the maximum FHAinsured mortgage limits (ceiling) by property unit number are as follows: Mortgage limits for the special exception areas of Alaska (AK), Hawaii (HI) are adjusted by FHA to account for higher costs of construction. These four special exception areas have a higher ceiling as follows: One Unit $271,050 $625,500 $938,250 Two Unit $347,000 $800,775 $1,201,150 Three Unit $419,425 $967,950 $1,451,925 Four Unit $521,250 $1,202,925 $1,804,375
LTV/CLTV Purchases 96.5 of the adjusted value for standard max LTV/CLTV 85% of the adjusted value for Identity of Interest 85% of the adjusted value for Tenant/Landlord Transactions 75% of the adjusted value for Non-related nonoccupant co-borrower. 75% of the adjusted value for Non-occupant coborrower for 2-4 unit property. The maximum LTV ratios vary depending upon the type of Borrower, type of transaction (purchase or refinance), program type, and stage of construction. The maximum mortgage amount that FHA will insure on a purchase is calculated by multiplying the appropriate LTV percentage by the Adjusted Value. For purchases, the Adjusted Value is the lesser of purchase price less any inducements to purchase or the Property Value. Maximum Loan Amount-Purchases of New Construction: The maximum LTV is determined in accordance with New Construction program specific requirements. Simple Refinance 97.75 percent for Principal Residences For refinance transactions, the maximum loan amount is determined in accordance with refinance program-specific requirements.
LTV/CLTV Rate Term Refinance Cash out Refinance 97.75/97.75 percent for Principal Residences that have been owneroccupied for previous 12 months, or owner-occupied since acquisition if acquired within 12 months, at case number assignment; 85/85 percent for a Borrower who has occupied the subject Property as their Principal Residence for fewer than 12 months prior to the case number assignment date; or if owned less than 12 months, has not occupied the Property for that entire period of ownership. For open-end line of credit the Mortgagee must utilize the maximum accessible credit limit of the subordinate lien to calculate the CLTV ratio. 85/85% of adjusted value The maximum LTV ratios vary depending upon the type of Borrower, type of transaction (purchase or refinance), program type, and stage of construction. The maximum mortgage amount that FHA will insure on a purchase is calculated by multiplying the appropriate LTV percentage by the Adjusted Value. For purchases, the Adjusted Value is the lesser of purchase price less any inducements to purchase or the Property Value. Maximum Loan Amount-Purchases of New Construction: The maximum LTV is determined in accordance with New Construction program specific requirements.
Mortgage Insurance Up-Front MIP = 1.75% Annual MIP: Base Loan Amount FHA Annual Mortgage Insurance Premiums for Terms > 15 years Purchase, No cash-out/non-streamline & Cash-Out Refinance LTV MIP Rate for Cases on and after 01/26/2015 <=$625,500 <=95%.80 <=$625,500 >95%.85 > $625,500 <=95% 1.00 > $625,500 >95% 1.05 FHA Annual Mortgage Insurance Premiums for Terms <= 15 years Purchase, No cash-out/non-streamline & Cash-Out Refinance Base Loan Amount LTV MI Rate for Cases on and after 01/26/2015 <=$625,500 <=90% 0.45 <=$625,500 >90% 0.70 > $625,500 <=90% 0.70 > $625,500 >90% 0.95
Credit Score Requirements AUS TOTAL Approve/Accept: 620 AUS TOTAL Refer or Manual Downgrade of AUS: 620 NEW! No Score/Non-Traditional Credit Manual Underwrite: No scores required. Where the Mortgage involves multiple Borrowers and one or more of the Borrowers do not have a credit score (non-traditional or insufficient credit), the Mortgagee must select the lowest MDCS of the Borrower(s) with credit score(s) and enter that score into FHA Connection. AUS TOTAL will not approve/accept when any borrower has no credit scores. Note: No Score/Non-Traditional Credit is not eligible on bond & housing loans!
Credit Received With No Scores EXAMPLE CBC Test borrower in Encompass: Lucky Knowscore 999-42-2345 2121 13 th Ave. Las Vegas, NV 89109 Once credit is received back, be sure to import even if no liabilities in order for the reference number and fico score fields to import.
VERY IMPORTANT!!! **IMPORTANT** Pricing for No-Score Borrowers: Depending upon the credit vendor you use to request credit reports, differing data will be imported in the fico score fields in the Borrower Summary Screen in Encompass when a credit report is returned with no credit scores reflected. You will need to manually change the fico score fields and save the file changes prior to requesting pricing from Optimal Blue or you will not receive valid pricing for a no score/non-traditional credit/manual underwrite borrower. There must be a single 0 in each of the fico score fields in order to default a single 0 in the Credit Score for Decision Making field:
Non-Traditional Account Requirements Primary Non-Traditional Credit Sources Non-Traditional accounts must include three credit references with at least 12 month payment history, including at least one of the following: Following are the minimum non-traditional credit account requirements for borrowers who lack credit scores: rental housing payments (subject to independent verification if the Borrower is a renter); telephone service utility company references (if not included in the rental housing payment), including: gas; electricity; water; Television/cable/satellite service; or Internet service. Secondary Non-Traditional Credit Sources If the borrower cannot provide all three credit references from the Primary List at left, the following sources of unreported recurring debt are acceptable with minimum 12 month payment history: insurance premiums not payroll deducted (for example, medical, auto, life, renter s insurance); child care payments made to businesses that provide such services; school tuition; retail store credit cards (for example, from department, furniture, appliance stores, or specialty stores); rent-to-own agreements (for example, furniture, appliances); payment of medical bills not covered by insurance; automobile lease payments; personal loan from an individual with repayment terms in writing and supported by cancelled checks to document the payments; or a documented 12-month history of payment by the Borrower on an account for which the Borrower is an authorized user. a documented 12-month history of savings evidenced by regular deposits resulting in an increased balance to the account that: were made at least quarterly; were not payroll deducted, and; caused no insufficient funds (NSF) checks. Verified non-traditional credit payments do not need to be included in DTI unless the type of repayment is viewed as an installment or revolving account repayment that would require consideration in DTI under traditional credit history.
Verification of Housing History The Mortgagee must verify and document the previous 12 months housing history, whether the borrower has a regular housing expense or not. Payment History on Housing Obligations The Mortgagee must determine the Borrower s Housing Obligation payment history through: the credit report; verification of rent received directly from the landlord (Only for landlords with no Identity of Interest with the Borrower); verification of Mortgage received directly from the mortgage servicer; or a review of canceled checks that cover the most recent 12-month period. For Borrowers who indicate they are living rent-free, the Mortgagee must obtain verification from the property owner where they are residing that the Borrower has been living rent-free and the amount of time the Borrower has been living rent free.
Non-Traditional Account Requirements With the Ginnie Mae product, we prefer that non-traditional credit accounts be added as new tradelines to your initial credit report for no score borrowers but we will accept creditor verifications that meet minimum requirements. Best practice would be to either have them all added to the credit report or to obtain direct creditor verifications for all and not to mix the 2.
Adding Tradelines to the Credit Report You can request non-traditional tradelines be added to the credit report through any of our approved credit providers. You ll find instructions for each approved credit vendor within the Credit Reporting Section of the Vendor Resources page. CBC Instructions CIS Instructions Credit Plus Instructions Factual Data Instructions The credit provider must include the following information, at minimum, for each tradeline added to the report: Creditor s name; Date account was opened; High credit amount; Current status of the account; Required minimum monthly payment; Outstanding unpaid balance; and Payment history in the delinquency categories (for example, 0x30 and 0x60). The non-traditional tradelines should not include subjective statements such as satisfactory or acceptable, and must be presented in similar format to traditional credit references.
Using Non-Traditional Credit References Directly from Credit Provider(s) The mortgagee may independently verify the Borrower s credit references by documenting the existence of the credit provider and that the provider extended credit to the Borrower. To verify the existence of each credit provider, the mortgagee must review public records from the state, county, or city or other documents providing a similar level of objective information. To verify credit information, the mortgagee must: use a published address or telephone number for the credit provider and not rely solely on information provided by the applicant; and obtain a verification of the terms of credit extended from the creditor to the borrower in form of a VOL, or other alternative verification letter from the creditor, and obtain the most recent 12 months of cancelled checks, or equivalent proof of payment, demonstrating the timing of payment to the credit provider. To verify the Borrower s rental payment history, the mortgagee must obtain a rental reference from the appropriate rental management company, provided the Borrower is not renting from a Family Member, demonstrating the timing of payment of the most recent 12 months in lieu of 12 months of cancelled checks or equivalent proof of payment. The following information at minimum must be included in the creditor s verification: Creditor s name; Date account was opened; High credit amount; Current status of the account; Required minimum monthly payment; Outstanding unpaid balance; and Payment history in the delinquency categories (for example, 0x30 and 0x60). If not verified using a standard VOL, VOM, VOR form, the verification must be presented on the creditor s letterhead as applicable.
Determining Acceptable Credit The underwriter must examine the Borrower s overall pattern of credit behavior, not just isolated unsatisfactory or slow payments, to determine the Borrower s creditworthiness. The Mortgagee must not consider the credit history of a non-borrowing spouse in the underwriting decision. Types of Payment Histories The underwriter must evaluate the Borrower s payment histories in the following order: (1) previous housing expenses and related expenses, including utilities; (2) installment debts; and (3) revolving accounts. Satisfactory Credit The underwriter may consider a Borrower to have an acceptable payment history if the Borrower has made all housing and installment debt payments on time for the previous 12 months and the Borrower has no more than two 30-Day late Mortgage Payments or installment payments in the previous 24 months and the Borrower no major derogatory credit** on revolving accounts in the previous 12 months. **Major derogatory credit on revolving accounts must include any payments made more than 90 Days after the due date, or three or more payments more than 60 Days after the due date.
Determining Acceptable Credit Payment History Requiring Additional Analysis If a Borrower s credit history does not reflect satisfactory credit as stated previously, the Borrower s payment history requires additional analysis. The Mortgagee must analyze the Borrower s delinquent accounts to determine whether late payments were based on a disregard for financial obligations, or an inability to manage debt, or extenuating circumstances. The Mortgagee must document this analysis in the mortgage file. Any explanation or documentation of delinquent accounts must be consistent with other information in the file. The underwriter may only approve a Borrower with a credit history not meeting the satisfactory credit history above if the underwriter has documented the delinquency was related to extenuating circumstances. Note: Compensating factors cannot be used to compensate for any derogatory credit.
DTI & Reserves Lowest Minimum Decision Credit Score No Traditional Credit Scores Maximum Qualifying Ratios Maximum Qualifying Ratios Acceptable Compensating factors (%) 31/43 Under no circumstances may ratios be exceeded even with compensating factors. Reserve Requirements: 1 month PITI Reserve for 1-2 Unit Property 3 months PITI Reserve for 3-4 Unit Property
Tips for Non-Traditional Credit Borrower Files Put together a well-documented loan file that tells the borrower story in all areas. WHY doesn t the borrower have a traditional credit history? Does the borrower have a sufficient enough non-traditional credit history with which to make a credibility decision? Since traditional credit history is lacking, are there other compensating factors present to offset that risk? Is the housing expense increasing? Saying same? Very close to current? No experience at all? Are the basics there to help the underwriter facilitate judgment? Experience managing payment of housing expenses Personal savings which demonstrates money management No NSFs/overdrafts etc. in bank statements Stable employment Steadily increasing income
Where to Find Fairway FHA Resources Ginnie Mae FHA Product Matrix on the intranet Summary of guidelines ONLY- not all inclusive. We expect YOU to know the basic guidelines! FHA Guidelines organized alphabetically by chapter and then by topic on the intranet Pay attention to make sure you are reviewing the correct guidelines by case assignment date Guidelines For Case Numbers Assigned through 9/13/2015 Guidelines For Case Numbers Assigned on or after 9/14/2015 Pay attention to make sure you are reviewing the correct guidelines based on whether loan is AUS Accept/Approve or AUS Refer/Manual Downgrade/Manual Underwrite New Ginnie Mae Product FAQs Corporate-Approved Credit Vendor Info
FHA Handbook 4000.1 Where to Find HUD FHA Resources FHA Resource Center FAQs
Helpful Contacts Product guideline questions: Creditpolicy@fairwaymc.com askunderwriting@fairwaymc.com producthelp@fairwaymc.com Scenario Questions: askunderwriting@fairwaymc.com Registration/Rate Questions: lockdesk@fairwaymc.com
FAQs When will the new Ginnie Mae Direct Product be available? Pricing will be available starting Monday, October 12th. What are the benefits of this new Ginnie Mae Direct FHA Product Mix? Pricing It will be much easier for Credit Policy and secondary to maintain products with a single investor source We will have complete control of the overlays we implement Greater underwriting efficiencies with ability to underwrite to standard FHA guidelines with the overlays WE determine should apply Most importantly, we are adding ability for you to originate FHA loans for borrowers who lack traditional credit scores which is a BIG product pick-up for the street! Will we still have access to the existing FIMC Custom FHA Product Mix as well as the new Ginnie Mae Direct Product Mix? No. The FIMC Custom FHA product will no longer be available for pricing and rate locks starting Monday 10/12 and once the pipeline is cleared out, we will completely eliminate the FIMC Custom FHA Product altogether. You may lock all of your new FHA loans under the new Ginnie Mae Direct Products effective as of Monday, 10/12! If the FHA case assignment date is prior to 09/14/2015, your loan must meet product requirements and restrictions of the FIMC Custom FHA Product Matrix and guidelines of the Handbook 4155. If the FHA case assignment date is on or after 09/14/2015, the loan must meet all product requirements and restrictions of the new Ginnie Mae FHA product matrix and guidelines of the Handbook 4000.1. FHA loans in your pipeline already locked under FIMC Custom FHA product must meet product requirements and restrictions of the FIMC Custom product Matrix and will be underwritten to either the 4155 or 4000.1 guidelines dependent upon the case assignment date. What will the minimum credit score requirement be for our new Ginnie Mae FHA Product Mix? AUS Approve/Accept: 620 Manual Underwriting of AUS Refer or Manual Downgrade of AUS: 620 No Score/Non-Traditional Credit Manual Underwrite: No scores required. Borrowers must meet non-traditional credit requirements.
FAQs How do I get pricing for a borrower with no credit scores? Depending upon the credit vendor, differing data will be reflected in the credit score fields in the Borrower Summary Screen when a credit report is returned and imported with no credit scores reflected. You will need to manually change the data fields and save the file changes prior to requesting pricing from Optimal Blue or you will not receive valid pricing for a no score/non-traditional credit/manual underwrite borrower. There must be a single "0" in each of the scoring fields and a single "0" in the Credit Score for Decision Making field demonstrated as follows: What are the non-traditional credit requirements for a borrower with no traditional credit scores? Refer to the chart posted on slide #17 of this presentation. All non-traditional credit accounts must have a minimum 12 month payment history.
FAQs Do I have to have the non-traditional tradelines added to the credit report or will we accept credit letters directly from the non-traditional creditors? If you can pass the creditor information over to your credit vendor, it may be much easier for you to allow them to chase down the non-traditional tradeline information versus you and/or your borrower having to do so but we will accept non-traditional credit verifications/letters directly from the creditors also as long as the following requirements are met: The mortgagee must independently verify the Borrower's credit references by documenting the existence of the credit provider and that the provider extended credit to the Borrower. To verify the existence of each credit provider, the mortgagee must review public records from the state, county, or city or other documents providing a similar level of objective information. To verify credit information, the mortgagee must: use a published address or telephone number for the credit provider and not rely solely on information provided by the applicant; and obtain a verification of the terms of credit extended from the creditor to the borrower in form of a VOL, or other alternative verification letter from the creditor, and obtain the most recent 12 months of cancelled checks, or equivalent proof of payment, demonstrating the timing of payment to the credit provider. To verify the Borrower's rental payment history, the mortgagee must obtain a rental reference from the appropriate rental management company, provided the Borrower is not renting from a Family Member, demonstrating the timing of payment of the most recent 12 months in lieu of 12 months of cancelled checks or equivalent proof of payment. The following information at minimum must be included in the creditor's verification: Creditor's name; Date account was opened; High credit amount; Current status of the account; Required minimum monthly payment; Outstanding unpaid balance; and Payment history in the delinquency categories (for example, 0x30 and 0x60). If not verified using a standard VOL, VOM, VOR form, the verification must be presented on the creditor's letterhead as applicable.
FAQs How do I request non-traditional credit tradelines to be added to my credit report? Upon receiving the report showing the borrower and residence information and rendering no credit scores, simply request a tradeline update just as you normally would when you need to place a customer service request. Be sure that you're able to provide the minimum required information so that the credit provider is able to make contact with the creditor. CBC Instructions CIS Instructions Credit Plus Instructions Factual Data Instructions How does the underwriter determine whether or not the borrower's non-traditional credit history is satisfactory for approval? The underwriter must evaluate the Borrower s payment histories in the following order: (1) previous housing expenses and related expenses, including utilities; (2) installment debts; and (3) (3) revolving accounts. Satisfactory Credit The underwriter may consider a Borrower to have an acceptable payment history if the Borrower has made all housing and installment debt payments on time for the previous 12 months and has no more than two 30-Day late Mortgage Payments or installment payments in the previous 24 months. The underwriter may approve the Borrower with an acceptable payment history if the Borrower has no major derogatory credit on revolving accounts in the previous 12 months. Major derogatory credit on revolving accounts must include any payments made more than 90 Days after the due date, or three or more payments more than 60 Days after the due date. Payment History Requiring Additional Analysis If a Borrower s credit history does not reflect satisfactory credit as stated above, the Borrower s payment history requires additional analysis. The Mortgagee must analyze the Borrower s delinquent accounts to determine whether late payments were based on a disregard for financial obligations, an inability to manage debt, or extenuating circumstances. The Mortgagee must document this analysis in the mortgage file. Any explanation or documentation of delinquent accounts must be consistent with other information in the file. The underwriter may only approve a Borrower with a credit history not meeting the satisfactory credit history above if the underwriter has documented the delinquency was related to extenuating circumstances.
FAQs Are there added reserve requirements for no score borrower loans? Yes. Reserve requirements for manual underwriting apply. Reserves for One- to Two-Unit Properties (Manual): The Mortgagee must verify and document Reserves equivalent to one month s PITI after closing for one- to two-unit Properties. Additional Reserves for Three- to Four-Unit Properties (Manual): The mortgagee must verify and document reserves equivalent to three months PITI after closing on a purchase transaction for three- to four-unit properties. Reserves cannot be derived from a gift. Can a lender use foreign sources to help establish the credit, including the nontraditional credit, of a borrower? Foreign sources of credit that can be adequately documented and verified by the lender may be used to help establish the credit, including nontraditional credit, of a borrower. The lender is fully responsible for determining the authenticity of these foreign sources. If the lender has any doubts about the authenticity of the foreign sources of credit, then the lender should not accept or use them. Can a non-occupant co-borrower be added to an FHA mortgage loan to help qualify an occupant borrower? It is permissible to add a non-occupant coborrower or co-signer to a purchase or a rate/term refinance transaction. However, if the occupant borrower has not established a credit score (insufficient or non-traditional credit history), the credit score of a non-occupant co-borrower/co-signer may not be used to meet FHA mortgage guidelines. Can we consider insurance as an acceptable source of non-traditional credit if the borrower pays quarterly or annually? Yes as long as the insurance agency is able to verify the borrower had paid timely for at least the past 12 months according to the terms of the credit agreement. Once we verify the non-traditional credit references, do we have to count those payments in the borrower s DTI? Only if the type of payment would be considered in the DTI as a traditional credit source. Example- Personal loan repayment would be considered as an installment debt so yes, you would need to manually add that credit tradeline to the liabilities section of the 1003 and include that monthly payment in DTI, same thing would apply for any other type of installment loan repayment type. You do not need to count utility payments, auto insurance etc. in the DTI because you wouldn t normally count those anyway. Are the maximum DTI ratios on a no score/non-traditional credit loan able to exceed 31/43 at all or are we specifically limited to 31.00/43.00? DTI is restricted to 31.00/43.00 and cannot be exceeded regardless of available compensating factors.
FAQs Can you go through some of the overlays we need to be aware of on the Ginnie Mae FHA product mix? If you're familiar with the overlays we've been applying under the FIMC Custom Product, you can assume the majority of them will also apply under our Ginnie Mae Direct Product. Examples (not all inclusive): Downpayment assistance and secondary financing programs will still need to be locked investorspecific with an investor that has reviewed and approved. Deed restrictions still need to be locked investor-specific with an investor that has reviewed and approved. Condominium properties still need to be on HUD's approved condominium list or must be submitted to and approved directly by HUD. We are not partaking in DELRAP at this time. Fairway will continue to require IRS Record of Account Transcripts for the number of years documentation required by AUS or 2 years for manually underwritten loans Fairway will continue to require our own internal forms for things like Fraud Alerts, OFAC alerts be used. A new certification form will be required for any non-borrowing spouse in community property state without valid social security number. Follow Fairway's Escrow Holdback Policy Follow Fairway's Disaster Area Appraisal & Reinspection Policy We will still require a valid bank statement with any handwritten VOD Manufactured housing and cooperative properties are not eligible under this product.