February 2015 Guidance for the mortgage professional

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1 FHA Streamline Refi Guidance for the mortgage professional

2 FHA 50 bp Annual MIP reduction! January

3 FHA 50 bp Annual (MIP) Reduction! January

4 FHA Prepayment Penalty-Some Confusion About Prepayment (excerpt from Important Notice to Homebuyers Disclosure): This notice is to advise you of the requirements that must be followed to accomplish a prepayment of your mortgage, and to prevent accrual of any interest after the date of prepayment. You may prepay any or all of the outstanding indebtedness due under your mortgage at any time, without penalty. However, to avoid the accrual of interest on any prepayment, the prepayment must be received on the installment due date (the first day of the month) if the mortgagee stated this policy in its response to a request for a payoff figure. Otherwise, you may be required to pay interest on the amount prepaid through the end of the month. The mortgagee can refuse to accept prepayment on any date other than the installment due date. For all FHA mortgages closed on or after January 21, 2015, mortgagees may only charge interest through the date the mortgage is paid in full. Best Practice when refinancing an existing FHA loan that was originated prior to January 21 st, 2015: Assume interest will be charged through the end of the month payoff is received until or unless your payoff demand states otherwise. 4

5 Loan must be an FHA insured loan, not delinquent, 6 months old (212 days) or case number will not be assigned Fixed Rate Only, no new ARM loans Net Tangible Benefit - The refinance must result in an immediate payment reduction (Reducing the term of the mortgage is NOT a net tangible benefit, by itself) Lowering the borrower s monthly P&I payment, plus the annual MIP, by at least 5% OR Refinancing from an ARM to a Fixed The table below defines permissible minimum thresholds: From To Fixed Fixed Rate Reduction of at least 5% of P&I and MIP One-Year ARM New interest rate no greater than 2% above the current interest rate of the ARM Hybrid ARM, during fixed period Reduction of at least 5% of P&I and MIP Hybrid ARM, during adjustable period New interest rate no greater than 2% above the current interest rate of the Hybrid ARM 5

6 January 2015 LTV/CLTV Regardless of property state or value Type of Transaction Max LTV 1 Max CLTV 2 Credit Qualifying w/appraisal 97.75% 125% Credit Qualifying w/out Appraisal See Note 3 125% Non-Credit Qualifying w/appraisal 97.75% 125% Non-Credit Qualifying w/out Appraisal See Note 3 125% 1 - The loan must meet maximum insurable mortgage guides 2 - The max CLTV may vary depending on the type of subordinate financing 3 - No maximum LTV on a streamline refinance without an appraisal. The loan must meet maximum insurable mortgage guidelines. 6

7 Maximum Insurable Mortgage Amount - Streamline Refinance WITH Appraisal Credit Qualifying Max insurable mortgage is the lower of The outstanding principal balance minus the applicable refund of UFMIP, plus closing costs, prepaid items to establish the escrow account and the new UFMIP. OR 97.75% of appraised value of the property, plus the new UFMIP Non-Credit Qualifying Max insurable mortgage cannot exceed: The outstanding principal balance minus the applicable refund of the UFMIP, PLUS the new UFMIP An appraisal may not be used to increase the insurable mortgage balance beyond the sum of the outstanding principal balance and the new UFMIP. The new loan balance may NOT include closing costs, prepaid items or other financing The outstanding principal balance may include interest charged by the servicing lender when the payoff is not received on the first day of the month, but may NOT include delinquent interest, late charges or escrow shortages. Discount points may not be included the new mortgage. 7

8 Maximum Insurable Mortgage - Streamline Refinance WITHOUT Appraisal At the time of case number, the original value must be obtained from FHA Connection The maximum insurable mortgage cannot exceed: The outstanding principal bal. minus the applicable refund of the UFMIP, plus the new UFMIP The outstanding principal balance may include interest charged by the servicing lender when the payoff is not received on the first day of the month, but may not include delinquent interest, late charges or escrow shortages Condo project approval is not required Recently listed properties Listing must be cancelled at least 1 day prior to the date of the loan application A letter of intent to occupy from the borrower is required 8

9 LTV/CLTV Regardless of property state or value Type of Transaction Max LTV 1 Max CLTV 2 Credit Qualifying w/appraisal % 3 100% Credit Qualifying w/out Appraisal 5 115% 3 100% Non-Credit Qualifying w/appraisal 4 115% 3 100% Non-Credit Qualifying w/out Appraisal 5 115% 3 100% 1 - The loan must meet maximum insurable mortgage guides 2 - The max CLTV may vary depending on the type of subordinate financing 3 - Refer to the AVM notes coming up. 4 - Streamlines with appraisals, CLTV is based on the new appraised value 5 - Streamlines without appraisals (AVM only) CLTV is based on the ORIGINAL appraised value of the property 9

10 Maximum Insurable Mortgage Amount - Streamline Refinance WITH Appraisal Credit Qualifying Max insurable mortgage is the lower of The outstanding principal balance minus the applicable refund of UFMIP, plus closing costs, prepaid items to establish the escrow account and the new UFMIP. OR 97.75% of appraised value of the property, plus the new UFMIP Non-Credit Qualifying Max insurable mortgage cannot exceed: The outstanding principal balance minus the applicable refund of the UFMIP, PLUS the new UFMIP An appraisal may not be used to increase the insurable mortgage balance beyond the sum of the outstanding principal balance and the new UFMIP. The new loan balance may NOT include closing costs, prepaid items or other financing The outstanding principal balance may include interest charged by the servicing lender when the payoff is not received on the first day of the month, but may NOT include delinquent interest, late charges or escrow shortages. Discount points may not be included the new mortgage. 10

11 Maximum Insurable Mortgage - Streamline Refinance WITHOUT Appraisal At the time of case number, the original value must be obtained from FHA Connection The maximum insurable mortgage cannot exceed: The outstanding principal bal. minus the applicable refund of the UFMIP, plus the new UFMIP The outstanding principal balance may include interest charged by the servicing lender when the payoff is not received on the first day of the month, but may not include delinquent interest, late charges or escrow shortages Condo project approval is not required Recently listed properties Listing must be cancelled at least 1 day prior to the date of the loan application A letter of intent to occupy from the borrower is required 11

12 (continued) Order new case number on our website, will need old case number, select streamline refinance. Need LDP and GSA run for all parties to transaction, include in submission CAIVRS NOT required on streamlines Minimum Credit Score is 640 Credit Report Score Only, Mortgage Rating Only Report. Mortgage lates in past 12 months on subject or ANY other property is unacceptable. Please submit credentials for THIS type of report in order for PCM to import it properly. The incorrect credentials may result in a FULL report application to be complete in its entirety, No INCOME is to be listed Income/Employment documentation: Salaried all employment info on 1003, including phone number Self Employed Business license, CPA letter or other 3 rd party verification of business. (411.com or similar does not meet requirement) DO NOT submit tax returns Other income types, see PCM guidelines (retirement, SSI, etc.) PCM will perform Lender Certification for Employment/Income Do not run AUS Manual underwrite only 12

13 (continued) Assets - 2 months bank statements, if assets needed to close Copy of Hazard Insurance is required at submission Unused MIP refinance authorization is calculated in FHA Connection No cash may be taken out $500 max at closing Subordinate financing may remain in place subject to re-subordination, MAX CLTV is 100% New individuals may be added to title without credit review Removing individuals from title - original loan must credit qualify, with employment, income and assets Partial Claims, modified loans, are NOT allowed in Streamline Program Tax Impounds: Use amount shown on Prelim or proof from county of new tax amount. Refer to FHA MIP / Case Number Chart for appropriate MIP 13

14 Streamline Document Checklist PCM Submission Form Case Number Assignment Printout LT Loan Transmittal FHA Refinance Worksheet Net Tangible Benefit Worksheet 1003 Initial and typed, all sections to be completed HUD A, pages 1 and 2 completed and signed by borrower LDP/GSA Worksheet and Printouts for all parties verified Credit Report, score only (min 640), plus mortgage rating no mortgage lates Copy of Social Security Card and/or SS Authorization Form signed by borrower Hazard Insurance, coverage at least at or above loan amount Copy of Original Note, reflecting old case number Copy of current Pay off Demand, good through end of month Secondary financing documentation, if applicable (Max CLTV 125%) Employment/Income documentation, if applicable Asset documentation if needed to close, 2 months bank statements, and source of all non-payroll deposits Preliminary Title Report Appraisal, if applicable Good Faith Estimate Borrower s Signed Credit Auth Important Notice to Homebuyer FHA Disclosure/Notice to Homeowner/Assumption Notice Informed Consumer Choice Disclosure ARM Disclosure if applicable 14

15 Maximum Mortgage Calculation WITHOUT Appraisal $ Unpaid principal balance* of existing FHA loan - The LESSER of: $ Unearned UFMIP (from FHA Refinance Authorization or appropriate MIP Refund Schedule) OR $ New Estimated UFMIP = Maximum Base Loan Amount before UFMIP + New UFMIP = Total New Loan Amount including UFMIP *May include interest charged when payoff is not received on the first day of the month. Cannot include delinquent interest, late charges or escrow shortages or MIP. 15

16 Maximum Mortgage Calculation WITH Appraisal Calculation A: $ Outstanding Principal Balance* - ( ) The LESSER of: $ Unearned UFMIP (from FHA Refinance Auth. or appropriate MIP Refund Schedule) OR $ New Estimated UFMIP + Closing costs** + Prepaids (includes per diem interest to end of month on new loan, hazard insurance and real estate tax deposits needed to establish escrow account) - Lender Credit for Closing Costs and Prepaid Items = Total A Calculation B: $ Total B = Appraised Value x 97.75% Calculation C: $ Total C = Max County Limit New Mortgage Amount: $ Maximum Base Mortgage (Lowest of Totals A, B and C) + New UFMIP (If financed) $ Total New Mortgage Amount *Outstanding Principal Balance May include Interest, but not delinquent interest, late charges or escrow shortages **Discount points may not be included in the loan amount, must be paid from borrowers funds. 16

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