Utah Housing Corporation (UHC) Lender/Seller Participation Application

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1 Utah Housing Corporation (UHC) Lender/Seller Participation Application All Lenders/Sellers requesting to participate in UHC's Single Family Mortgage Loan Programs must complete this Application and submit the required fee and information to UHC. Estimated Application review time is 4-6 weeks. Application packages sent incomplete and/or requiring further documentation will delay the review time. Date of the Application: Legal Name of Person Completing Application: Phone: Name of Lender/Seller: Organizational Structure: Corporation, under the laws of Partnership Individual Address of the Lender/Seller Main Office: Street: City, State, Zip: Main Office Phone: Fax: Lender/Seller URL for placement on UHC website as an approved Participating Lender: President: Principal Officers Name Title Area of Responsibility Direct Phone (Add additional pages, if necessary) Lender/Seller Primary Contact for UHC loans: Name: Title: Direct Phone #: How did you hear about UHC programs? Page 1

2 Are you a depository institution? yes no. If not, describe the kinds of products and services Lender/Seller offers and the licenses or registrations it currently holds or maintains. Nationwide Mortgage Licensing System & Registry (NMLS): Utah License #: License Expiration date: Entity Name and Address (if different from above): Entity DBA, if applicable: Fiscal Year Ending (e.g. December 31): Total Number of Offices that will originate UHC Loans: Total Number of employees who will be involved with UHC Loans: Regular Business Hours: to Does your corporate structure include Mortgage Net Branches authorized to originate UHC loans in Utah? yes no Number of years Mortgage Net Branch has been owned by Lender/Seller: Total Number of Mortgage Net Branches: Name of Mortgage Net Branch(es), if different from Lender/Seller: List the names of all entities and individuals with more than 5% ownership in the Lender/Seller Company and applicable percentage: Entities with more than 5% ownership Name Title Ownership % Direct Phone List names of all Affiliate Companies of the Lender/Seller: Affiliate Company Name Address Affiliate Companies Contact Person & Title Direct Phone Page 2

3 List any state Housing Financing Agency (HFA) where Lender/Seller is approved to participate in originating and/or selling loans to: HFA Lender/Seller Approved HFA Date Approved Number Loans FHA purchased in the last 12 months HFA Reference Contact Direct Phone Does your organization have the capability and approval to underwrite its own loans? yes no Complete all designations applicable to your institution and include copies of applicable FHA, VA and Fannie Mae Approval Letters. FHA Mortgagee ID # Do you have a DE Underwriter? yes no VA Approval # VA Automatic underwriter? yes no Fannie Mae Seller/Servicer # Contract or trained staff to underwrite Fannie Mae MERS ID# Past loan closing volumes for single family first mortgages for the State of Utah: Number Last Fiscal Year: FHA# Conv# Preceding Fiscal Year: FHA# Conv# Dollar Amount FHA $ Conv$ FHA $ Conv $ Anticipated new first mortgage loans sold to UHC during the next twelve (12) months in # Third Party Originations (Check One)*: We allow TPO s We do not allow TPO s If TPO s are allowed, who will be requesting Mortgage Purchase Agreement requests (rate lock)? (i.e. secondary department, branch managers, loan officers, etc.) *New Lenders/Sellers will be ineligible to sell TPO loans to UHC for at least 1 year from the date of purchase of the first loan sold to UHC by Lender/Seller. Page 3

4 Has Lender/Seller or a company in which one of the principals or a previous principal ever been debarred or suspended by HUD? yes no If yes, please provide evidence of reinstatement date in an attachment Has a principal of Lender/Seller ever been debarred, suspended, or been the subject of an unfavorable finding as a result of an audit or examination from any insuring or regulating entity during the last five years? Has Lender/Seller ever been suspended by VA or Fannie Mae? Has Lender/Seller ever been suspended from selling or servicing mortgages to or for another lender? Has Lender/Seller been the subject of any unfavorable findings as a result of an audit or examination from Fannie Mae, HUD, VA or any other state or federal regulatory agency during the past three years? Has Lender/Seller or any principal, officer or director ever been charged or convicted of any crime anywhere (excluding minor traffic violations) or declared bankruptcy, been placed into receivership or otherwise declared insolvent? Certifications Anti-Money Laundering Program Certification Execution of this application certifies the implementation of an OFAC Alert screening process and Anti-Money Laundering Program that meets the following requirements: Lender/Seller to provide a Customer Identification Notice to each borrower at the time of application advising them of anti-money laundering activities Lender/Seller to obtain borrower s complete name, middle initial, address, tax ID number and date of birth Face to face application: Lender/Seller must identify their borrower by reviewing driver s license, green card, passport, or other acceptable government issued form of identification and document in the loan file that the identity has been verified (mail and phone applications will not require any additional documentation other than what is customary in the normal course of business) Lender/Seller to check OFAC lists and identify matches Appraisal Policy Certification Execution of this application certifies that the Lender/Seller maintains a written policy governing the appraisal ordering process and preparation of the Appraisal Reports prepared on the Lender/Seller behalf. This policy maintains that all Appraisal Reports must, at a minimum: Meet Appraiser Independence safeguards as published by HUD Meet HVCC as published by Fannie Mae Comply with the standards of the Uniform Standards of Professional Appraisal Practice (USPAP), promulgated by the Appraisal Standards Board of the Appraisal Foundation Be written and contain sufficient information and analysis to support the decision to engage in the transaction Be based upon the definition of market value as set forth in the USPAP Page 4

5 Be performed by a state licensed or certified appraiser It is agreed by the Lender/Seller that proper controls are implemented with regard to quality control audit, and review procedures to ensure the Appraisal Policy Requirements and Ordering Procedures are followed. It is further agreed that the Lender/Seller will furnish a written copy of its current appraisal policy to UHC. Inspection by UHC UHC or its designated representative(s) shall have the right to inspect Lender/Seller s records, policies and operations during regular business hours at any time in UHC s sole discretion. Lender/Seller agrees to make any and all records of any kind requested by UHC available for inspection and audit by UHC or its representative(s). Statement of Understanding and Compliance Lender/Seller hereby certifies that all loans sold to Utah Housing Corporation are secured by properties in Utah and comply with applicable state and federal laws, regulations, rules and guidelines and is a Qualified or compliant Non- Qualified Residential Mortgage, and that all loans sold to UHC must comply with the Participation Documents regarding points and fees. The Lender/Seller agrees to release all servicing rights to any Mortgage Loan sold to UHC in consideration for a servicing release fee in the amount set forth in the Participation Documents at the time UHC purchases the first mortgage. It is agreed and understood that if UHC funds a subordinate mortgage of Lender/Seller s borrower(s) prior to or at closing of the first mortgage (for purposes of this paragraph, the Subordinate Loan and the First Mortgage respectively), and UHC does not purchase the First Mortgage for any reason, UHC may collect a fee equal to six percent of the Promissory Note Amount of the First Mortgage from the Lender/Seller by deducting that amount from the amount owed by UHC to Lender/Seller in connection with the purchase of a future loan from Lender/Seller. By signing this Application, I certify that I have read UHC s Participation Documents and acknowledge that, if approved as a Utah Housing Participating Lender, my organization will comply with such policies in originating, processing, closing, selling, and delivering loans to Utah Housing Corporation. I certify that our organization has policies and procedures in place to comply with all applicable state and federal laws, rules, regulations, and guidelines. I attest that all answers and information submitted in this application are true and correct, that the undersigned Lender/Seller has the authority and have taken all necessary actions to authorize entering into the agreements set forth in this application, and I have the authorization to submit this Application on behalf of the Lender/Seller. I hereby authorize Utah Housing Corporation, at its discretion, to verify the information provided in this application with any other sources, including, but not limited to credit agencies and I hereby waive any cause of action or claim I may have against such source with respect to any information they may provide. By: Authorized Signer: Date: Legible Printed/Typed Name: Title: Direct Phone # Page 5

6 Application Checklist Summary Attach this checklist along with all required application documents into an 8 ½ x 11 binder, in the following order dividing each section with a description and send to: Utah Housing Corporation Attn: Pamela Shinsel 2479 South Lake Park Blvd West Valley City, UT Description 1. Check payable to Utah Housing Corporation, in the amount of $500, reference on check must read NEW LENDER APPLICATION (checks provided without the reference may be delayed in processing approval) 2. Completed Lender/Seller Participation Application with original signature. 3. UHC Recitals and Signature Page (two copies with original signature) of the UHC Participation Agreement 4. Evidence of Authority to Execute UHC documents (UHC Form 124, attached to the Application) 5. New Lender/Seller Operations Contact Information (Exhibit A to the Participation Application) 6. Wire Instructions on Company Letter Head and if applicable Bailee Agreement (Three original signed copies, signed by Lender/Seller and Warehouse Lender) 7. Financial Statements (two most recent years) 8. Resumes for each person listed on New Lender/Seller Operations Contact Information form (Exhibit A) 9. Quality Control Plan (must include Policies and Procedures for Federal, State and agency requirements). Also include the following: a. Copy of Appraisal Policies b. Copy of Anti Laundering Policies c. Copy of Loan Originator Compensation Package d. Copy of QRM and ATR Policies and Procedures 10. Copy of summary of the three most recent monthly single family Quality Control internal audits 11. Copy of MER s most recent annual audit 12. Copy of two Scorecards from Lenders to whom Lender/Seller sells loans 13. Evidence from HUD of Current Default Compare Ratio 14. Copy of Fidelity Bond and Evidence of Insurance 15. Evidence of at least 100 purchased loans annually in Utah (two previous years) 16. List of Offices (Exhibit B to Participation Application) 17. List of Mortgage Net Branches, if applicable (Exhibit C to Participation Application), copies of Utah license for the past year of all Mortgage Net Branches in Utah 18. Additional Documents a. Copy of MERS, Fannie Mae, FHA and VA approvals b. Copy of Lender/Seller Utah License c. Copy of NMLS License/Registration number for Application (not NMLS Branch #) d. Copy of at least two broker or correspondent Investor References (Exhibit # D) Page 6

7 Lender/Seller Participation Application Required Documents Detailed Requirements 1. Application Fee: $ check payable to Utah Housing Corporation, reference on the check must state New Lender Application, attention of Pamela Shinsel (checks and application packages without this reference may be delayed in processing). Additional fees may be required for incomplete applications. 2. Lender/Seller Participation Application: One (1) completed and original signed Lender/Seller Participation Application 3. UHC Recitals and Signature: Review and execute (by a person authorized to enter into a contract) UHC s Participation Recitals and Signatures, (located in the UHC Participation Agreement) a. Two (2) originals signed by an authorized officer of the Lender/Seller (one will be signed by UHC and returned to Lender/Seller upon approval) 4. Evidence of Authority to Execute: Signed by a corporate officer of the Lender/Seller authorizing the signer of UHC contracts to sign for and behalf the company (UHC Form 124) 5. New Lender/Seller Operations Contact Information: A completed New Lender/Seller Contact Information form (Exhibit A to the Participation Application) a. Resumes, Contact and Manager information, and location of Lender/Sellers branches and mortgage net branches 6. Wiring Instructions or Bailee Agreement: a. Wire Instructions: For Lender/Sellers funding their own loans and not using a Warehouse Lender: A completed original wiring instructions form on your company letterhead in substantially the format provided in Exhibit C to the Participation Application signed by an authorized Officer of the Lender/Seller. NOTE: Contact person and signatory must be two different individuals. 7. Financial Statement: Most recent two (2) years audited Financials and YTD Quarterly Financials a. Net Worth: Each Lender/Seller must maintain a minimum net worth of $1,000,000 or FHA, VA, GSE, or other Investor required amount, whichever is greater b. For FHA lenders that meet the size standards for a small business as defined by the Small Business Administration (13 CFR , Section 52, Subsection 522). The adjustment will be in accordance to the FHA Single Family lending guideline in affect at the time of the Lender/Seller Application c. If parent corporation is not a Utah corporation, financial statements representing all Utah operations must be submitted in addition to corporate financials d. Lender/Seller must maintain the liquid, financial ability to repurchase any loan sold to UHC 8. Resumes: Resumes for the persons designated as principal officers and resumes for Underwriter, Closing, Shipping, Post Purchase, Compliance, Quality Control and Production Managers who will oversee the UHC loan processes a. NOTE: Underwriter designated as UHC underwriter must have a minimum of three years FHA and Fannie Mae underwriting experience and at least one year experience underwriting bond loans 9. Quality Control Plan: A copy of the Lender/Seller s most current Single Family Quality Control Plan for Underwriting and Origination. The plan must include policies and procedures including but not limited to: a. Fair Lending, Avoiding Predatory Lending, and avoiding unfair, deceptive or abusive acts and practices b. Qualified Residential Mortgage (QRM) and Ability To Repay (ATR) c. Gramm-Leach-Bliley Act (GLBA) Page 7

8 d. Fraud detection process and procedures, including those for red flags and alert messages e. Appraisal Independence Requirements f. Hiring procedures for checking employees involved in the origination of mortgage loans against the General Service Administration (GSA) and HUD s Limited Denial of Participation List of ineligible parties g. Pre-funding Quality Control process and procedures h. Loan Officer Compensation Plan i. Anti-Money Laundering Policy 10. Internal Audits: Copy of three (3) most recent monthly Single Family QC audits 11. MER s: Copy of MER s most recent annual audit 12. Scorecard: Copy from 2 Investors purchasing loans from Lender/Seller 13. Default Compare Ratio: Copy of FHA current default ratio. If ratio exceeds 100%, approval will not be granted. 14. Certificate of Insurance: Copy of Lender/Seller s Fidelity Bond and Errors and Omissions coverage a. Lender/Seller must maintain a minimum coverage of 5% of entire dollar volume of previous year of Utah loan production or $3 million whichever is greater 15. Loan Volume: Evidence Lender/Seller has closed (recorded) at least 100 first mortgage loans in Utah for a minimum of two successive years for the most current two year period. At least 50% of these mortgages must be FHA-insured loans. Consideration may be given to smaller Lender/Seller for slightly lower number of loans sold. 16. Utah Offices authorized to originate UHC loans (Exhibit B) 17. Mortgage Net Branches authorized to originate UHC loans (existing mortgage broker firm, staff are employees and receive pay from Lender/Seller) (Exhibit C): a. Business license from the state of Utah for any Mortgage Net Branches of Lender/Seller that are authorized to originate loans in Utah b. Verification the date the Mortgage Net Branch was approved to originate loans in Utah and under what name. c. Documentation all Mortgage Net Branches in Utah (if applicable) are licensed to do business in Utah, and have been a Mortgage Net Branch of Lender/Seller for a minimum of two of the most recent consecutive years. 18. Additional Documentation: a. Copy of approval from MERS, Fannie Mae, FHA and VA b. Copy of Utah license and all Utah Offices PLM License (from the Utah Department of Commerce) c. Copy of NMLS License/Registration Number - Note: Organization NMLS # should be provided, not branch office NMLS# d. Copy of at least two broker or correspondent Investor References (Exhibit #D) Page 8

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