Southeast Texas Housing Finance Corporation! 5 Star Texas Advantage! Program Lender Training! Revised !

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1 Southeast Texas Housing Finance Corporation! 5 Star Texas Advantage! Program Lender Training! Revised !

2 WHAT YOU RE GOING TO LOVE ABOUT THIS PROGRAM?

3 NEW! THIS ISN T A BOND PROGRAM THIS PROGRAM HAS A DIFFERENT FUNDING SOURCE: THE SALE OF MORTGAGE BACKED SECURITIES DIRECTLY TO THE SECONDARY MARKET SAY GOODBYE TO THE OLD RULES The program changes support more streamlined and faster loan closings and funding and decrease exceptions while increasing profitability.

4 NEW!! NO, First-Time Homebuyer Requirement

5 NEW! 5 STAR TEXAS ADVANTAGE loans may be combined with SETH MCC Programs (MCC requirements apply)

6 NEW! Increase profitability with Shorter Delivery Timelines IMPORTANT! 70 days from loan reservation until loan is purchased by US Bank Fewer Exceptions with fewer forms

7 First mortgage loans feature automatic assistance grant 30 year fixed-rate loans Current rates available online on ehousingplus site Rates and assistance - subject to change at any time Loans in process grandfathered but must meet timelines

8 Assistance Grant Grant = No second lien DOT s or notes not repayable under any circumstances may be used for down payment/closing costs calculated on Note amount funded by Lender at closing! Servicer loan purchase = lender reimbursement

9 A FEW MORE REQUIREMENTS, Remember: Forget the Old Rules

10 NEW!! For non-citizens Follow Agency (FHA, etc.) Guidelines

11 NEW!! NO FEDERAL INCOME TAX RETURNS FOR PROGRAM PURPOSES Check with your underwriter on tax returns for credit purposes

12 NEW!!, NO RECAPTURE TAX

13 NEW!!, NO PURCHASE PRICE LIMITS

14 NEW!! ELIGIBLE AREA Entire State of Texas

15 NEW!! NO TARGETED AREAS

16 New or Existing Residential, 1-2 unit properties Attached, detached Condos, town homes Manufactured homes Not permitted No temporary, seasonal, mobile, recreational properties

17 INCOME LIMITS Listed by county in the Administrator s Guidelines

18 NEW!! NO HOUSEHOLD INCOME CALCULATION USE ONLY 1003 QUALIFYING INCOME

19 NEW!! MINIMUM CREDIT SCORE 640 (MID SCORE REQUIREMENT) MAXIMUM DTI = 45%

20 HOMEBUYER EDUCATION REQUIREMENT All borrowers (those on the Note) must attend Homebuyer Education Provided by SETH online! NEW!! Click on Homebuyer Education on the SETH website

21 NEW!! I M P O R T A N T! Very different calendar for processing and delivering program loans NEED MORE TIME? WAIT TO RESERVE! New construction, foreclosures, short sales save time, save money, Reserve 45 days prior to closing.

22 NEW!! I M P O R T A N T! From the time a loan is reserved in the ehousingplus system Underwriter Certified in ehousingplus system within 15 days of reservation Closed and delivered to US Bank within 45 days of reservation Compliance File delivered to ehousingplus within 10 days of closing Purchased within 70 days of reservation

23 NEW!! Loans not purchased within 70 days ineligible for purchase unless lender chooses one time 30 day extension. Extensions are subject to an extension fee due whether loan delivered or purchased. Fee detailed in Rate Lock Notice. If loan not closed, may re-reserve 60 days after Rate Lock expires (including extensions).

24 Appraisal must indicate that the home has at least a 30 year remaining useful life No Asset Test in this program.! Buydowns (temporary 2/1, 1/1) - Follow Agency Guidelines. Cash Back to borrower not permitted Borrowers permitted reimbursement of prepaids and overage of earnest money deposit if permitted by Agency

25 Construction to perm not permitted! Cosigners or any non-occupying borrower not permitted. There is no minimum loan amount in this program. Prepayments - The first mortgage may be prepaid at any time without penalty. Remaining reserves are not established by the program - Follow Agency Guidelines.

26 THE PROCESS

27 Companies Must be approved by U S Bank through new process Must, execute program Lender Agreement Personnel Must attend training Usernames and passwords assigned

28 QUALIFY Lenders qualify applicants for the program Borrowers need an executed Purchase agreement for reservation. RESERVE Reserve funds by going to ehousingplus.com. PROCESS Lenders process loan normally keeping in mind the program timelines.

29 UNDERWRITE AND CERTIFY Lenders underwrite & are responsible for credit decisions. Servicer does not re-underwrite loans Following, credit approval AND WITHIN 15 DAYS OF LOAN RESERVATION, Underwriter completes online Underwriter Certification form CLOSE Lender closes loan Two program forms at closing.

30 SHIP / SUBMIT Use Compliance Checklist to assemble compliance file. First mortgage file and credit package submitted to US Bank within 45 DAYS OF RESERVATION, Compliance File submitted directly to ehousingplus within 10 days of closing Recorded mortgage documents should be submitted to US BANK.

31 PROGRAM FEES The program includes a first mortgage Program Fee of $225. The fee payable at closing and remitted to ehousingplus with Compliance File. Fee disclosed on HUD-1 as being paid to ehousingplus and can t be financed. US Bank fees of $85 Tax Service Fee and $150 Transfer Fee payable at closing. Both disclosed on the HUD-1 as being paid to US Bank. They will be netted at loan closing and can t be financed.

32 PROGRAM FEES Lenders charge and retain 1.00% Origination Fee paid by buyer or seller as allowable. Lenders are permitted to charge reasonable and customary charges for out of pocket expenses and costs. "Junk" fees are not a defined term and may not be charged. Excessive fees are not permitted in the program.

33 NEW! ONLY TWO FORMS REQUIRED BY THE 5 STAR TEXAS ADVANTAGE PROGRAM Mortgagor Acknowledgment Notice of Down Payment and Closing Cost Assistance

34 DOCUMENTS REQUIRED FOR COMPLIANCE FILE Compliance File Checklist Available online on the ehousingplus website., Final Typed Loan Application (1003) The typed application signed and dated by all parties is required

35 HUD-1 Settlement Statement Buyer, seller and closing agent must fully execute the HUD-1. The Compliance Review Fees must be shown as being payable to ehousingplus. Please do not bundle charges. Itemize all charges to the transaction Warranty Deed A copy of the Warranty Deed is required.

36 Homebuyer Education Certificate A copy of the Homebuyer Education Certificate must be in the Compliance File. All those on the Note must attend homebuyer education. ONLY approved education is provided by SETH via an online course.

37 ONGOING TRAINING!! ehousingplus and US Bank! Available! on ehousingplus.com!! Start Date will be in you receive tomorrow.!

38 Information is in Administrator s Guidelines Follow up Tomorrow Going Forward Call Us With Questions

Southeast Texas Housing Finance Corporation 5 Star Texas Advantage Program Published October 15, 2012 Revised 3-25-15 Revisions are shown on Page 3

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