Sierra Lending Group LLC Document Check List

Transcription

1 Sierra Lending Group LLC Document Check List The following documents will be needed for full credit approval: Application 1. Fully completed and signed initial Please make sure to provide all assets and liabilities; make sure all HMDA information and declarations sections are completed. 2. Mortgage brokers must identify what Sierra lending Group LLC loan program the file is being submitted under 3. Signed Borrowers authorization form 4. address and other contact information for borrowers Credit Report 1. Credit report, if available. We have instructions on how to order credit from Mexico. We can order credit reports from Canada directly. Other countries on a case by case basis. 2. Alternate credit letters, if no formal US credit is available. Letters can come from bank relationships or other direct creditors. Need at least 2 alternate sources of credit 3. OFAC Check Sierra Lending Group will order an OFAC check on the borrowers and other entities as needed. Income Documentation 1. Verification of Employment if employee of company. Should reflect last two years of income. 2. Employment letters (for employees being transferred to US company positions) 3. Two most recent months of paystubs showing year to date earnings (make sure to identify the currency the borrower is paid) 4. Last two years of W-2 form (or equivalent) 5. Housing allowances, etc. paid by company provide letter from company identifying what allowances are being paid (and how much) by company and for how long. 6. Signed 4506T We will require transcripts from the IRS for self-employed borrowers, borrowers with unusual income, and TAX ID borrowers months of personal bank statements and copies of the borrowers tax returns for submissions on the bank statement program. An analysis of the bank statements will be performed to determine the income to be used for underwriting purposes. Self-employed borrowers: a. Last two years of personal tax returns (all pages) ; Last two years of corporate tax returns if incorporated (or the equivalent from the country of origin) b. Year to date profit and loss statement c. Incorporation papers and By-laws (or the equivalent from the country of origin). Should reflect ownership of companies d. Proof of business registration e. CPA or Accountant letter identifying borrowers income f. Last 24 months of bank statements (if needed)

2 Assets and Deposits; Source of Down payment 1. Last three months of personal bank statements, all pages for all accounts, foreign and domestic) Please sure to identify the currency the deposit values are in 2. Most recent account statements for retirement, investment or other types of accounts. 3. Other sources of down payment including: a. Cash at home must be listed on initial These funds will need to be deposited and verified prior to closing. b. Gift Gift letter will be needed along with documentation verifying the donor has the fund for the gift. c. Funds transferred from borrower s company must obtain bank statements for business accounts and letter from CPA/Accountant that confirms use of the business funds will not have a negative effect on the company. d. Company paid or reimbursed expenses must provide a letter from the company identifying what expense are paid/reimbursed by company and when funds are paid. e. Sale of asset provide proof of sale of asset and verification of funds received and deposited into borrower s account. Borrowers Government Identification Forms (Photo ID MUST be Current). We will accept the following forms of photo ID. If borrowers have a social security number or TAX ID number, we will need copies of their social security card or TAX ID card or letter. 1. Borrowers US drivers license (if available) 2. Copy of passport (US or foreign) 3. Copy of US VISA (if necessary) 4. Copy of foreign issued identity form including Matricula Card, foreign drivers license, etc. 5. Copy of US social security card (if available) 6. Copy of borrower s TAX ID (ITIN) card or letter from IRS. Other Documentation 1. Explanation letters for credit issues 2. Explanation letter for reason why borrower is purchasing here (this is for borrowers purchasing second homes, particularly foreign national buyers) 3. Explanation letter describing nature of business (if needed) 4. Other documentation as needed or requested by credit committee, title company, or attorneys office Property and Appraisal 1. Earnest Money contract if one has been executed for full submission, all pages and addendums. Final contract must be fully executed by all parties 2. Contact information for appraiser to make appointments to see property 3. Any other relevant information regarding the property once a check is received. 4. Check for appraisal when requested we will order the appraisal. Normal appraisal check is $375. For larger loan amounts, out of town appraisals, or unusual or non-sfr properties, a higher amount for the appraisal may be required and will need to be collected. 5. Complete Condo documents and By-Laws (if necessary) 6. Flood Cert Sierra Lending Group will order the flood cert.

3 Title Company and Hazard Insurance Information 1. Title commitment (*) 2. Tax Cert 3. Insured closing letter (*) 4. Survey (we will accept an existing survey if there have been no additions to the property and the survey is acceptable to the title company) 5. Wiring Instructions 6. All contact information for the title company including the name of the closer, address, physical address of the title company, phone and fax numbers 7. Evidence of hazard insurance including a dec page (*) 8. Flood insurance (*) if required we will request a flood cert once the loan has been approved 9. Copy of Condo Insurance (*) 10. (*)MORTGAGE CLAUSE: Sierra Lending Group LLC, its successors and/or assigns 5005 Riverway Suite 460 Houston, Texas Loan Number: Disclosures 1. Copy of signed disclosures issued by the mortgage broker. Should be consistent with disclosures issued by Sierra Lending Group LLC. 2. Copy of our disclosures signed by all borrowers Document Delivery: 1. Via to 2. Via Mail or delivery: Sierra Lending Group LLC 5005 Riverway Suite 460 or Houston, Texas Attention: 3. Via Fax: (281) QM Test: A QM test will be performed on all mortgage submissions. All loan submissions are fully documented, fully processed submissions. Sierra Lending Group LLC will determine the ability and intent of the borrower to repay the loan and to determine if the borrowers are qualified for the given loan program that they have applied for. Rev 05/27/2014

4 BANK STATEMENT PROGRAM Max LTV up to 75.0% 5/1 ARM with up to 30 year amortization 24 Months of complete Personal Bank Statements used to determine underwriting income. For Primary Residence Buyers Only Minimum Credit Score is 700 Let us help your clients get the financing they deserve We have a variety of loan programs to meet your mortgage needs. Call or Brad Slepicka Residential Mortgage Loan Originator (NMLS #512478) for more details (713) (office) 05/27/ Riverway Drive Suite 460 Houston, Texas Fax

5 Foreign National Program Max LTV up to 75.0% 5/1 ARM with up to 30 year amortization A copy of the Borrower's passport and visa must be obtained to verify eligibility. (Tourist Visa OK) Income and employment verified with tax returns and accountant letter, and proof of business registration. Assets verified with banking reference letter and 3 months statements (home country assets allowed). Foreign credit report or at least two (2) Letters of Credit from US or home country are required to establish creditworthiness. Primary and Second Homes Only Call or Brad Slepicka Residential Mortgage Loan Originator (NMLS #512478) for more details (713) /27/ Riverway Drive Suite 460 Houston, Texas Fax

6 Sierra Lending Group LLC QM Changes Sierra Lending Group LLC will be as active as before with originating portfolio mortgage loans on both a wholesale and retail basis! The new QM regulations that have gone into effect on January 10th, have caused some changes to take place in our origination process. Here is a brief breakdown of these changes: The minimum loan amount is now $125, Effective immediately, the maximum broker compensation has been reduced from 2% to 1.75%. We will be sending out new broker compensation agreements to all of our mortgage brokers. There will be new initial disclosures added to the initial disclosure package including a list of HUD Approved Loan Counselors and a New Appraisal Disclosure. The appraisal must now be sent to the borrower at least 3 business days before the date of closing. There will be a new disclosure in the closing package labeled Verification of Repayment Ability that will be signed by the borrowers. The minimum credit score for our bank statement program is now 700. We will be qualifying the borrowers at 2% over the start rate on our ARM program. Our maximum debt ratio is 38%. We will be taking a somewhat closer look at our self-employed borrowers to make sure we understand the nature, source, and amount of income that is being derived from their business. There may be the need of some additional documentation required in order to document the income that will be used for underwriting purposes. We will be running a QM test at time of submission and at time of closing to make sure we are in compliance with the new regulations 5005 Riverway Drive Suite 460 Houston, Texas Fax

7 Brad Slepicka Preferred Bank October 5, 2010 Page 2 As before, all of our loans are reviewed on a case by case basis since that vast majority of or loan submissions are so unique. It will be as important as ever to be able to ascertain the ability and intent of the borrower to repay the mortgage loan requested. Call or Brad Slepicka Residential Mortgage Loan Originator (NMLS #512478) for more details (713) (office) 05/27/2014

8 Zero Credit Score Program Max LTV up to 75.0% 5/1 ARM with up to 30 year amortization 3 to 4 alternate credit letters including a verification of rent or mortgage This program can be used in conjunction with borrowers who have work VISAs such as L1 or H1. Foreign alternate credit letters will be accepted Primary and Second Home Requests Only Let us help your clients get the financing they deserve We have a variety of loan programs to meet your mortgage needs. Call or Brad Slepicka Residential Mortgage Loan Originator (NMLS #512478) for more details (713) (office) 05/27/ Riverway Drive Suite 460 Houston, Texas Fax

9 Sierra Lending Group, LLC Offers the Following Portfolio Mortgage Loan Programs: Bank Statement Programs True Foreign National programs (Primary and Second Homes) Jumbo loans up to $2,000,000+ Zero Credit Score loans Loans to borrowers with work VISAs (ie: L 1 or H1) Near A portfolio mortgage loans Minimum Loan Amount is $125,000 The max LTV is up to 75.0% depending on the request. All loans are full doc submissions. Please call or me for more details about this program, or if you would like to discuss a loan scenario. We are currently accepting mortgage submissions from the Houston, Austin and San Antonio MSAs only. Brad Slepicka Residential Mortgage Loan Originator NMLS # Director of Wholesale Operations (713) X205 05/27/2014

10 5005 Riverway Suite 460 Houston, Texas (713) Rate Sheet for May 27, /1 ARM: 5.49% (5.736% APR) (1) Max 75% LTV All loan submissions must be fully documented. Escrows are required on all loans. This can be used for the purchase or refinance of a primary or second home. These loan programs can be used for the following borrower types: Foreign Nationals Borrowers with Work VISAs (Such as L1 or H1) Borrowers with Zero Credit Score or No Traditional Credit Other Prime Mortgage Requests Jumbo Loans Are Priced Separately All ARM loans have 2/6 caps. The loans do not have pre-payment penalties. All of our loan programs are fully documented submissions and escrows will be required. Minimum loan amount is $125,000. We fund and service our loans. Sierra Lending Group, LLC Fees: Origination Fee: (Sierra Lending Group) 1% of loan amount Underwriting Fee: (Sierra Lending Group) $450 Flood Cert: (Kroll) $16 Closing Coordination Fee: $75 Doc Prep Fee: $335 Appraisal Fee: (Appraiser) $375 (range) Tax Service Fee (LPS) $110 The Mortgage Company Lender paid fee will be added to the total origination fee collected. Sierra Lending Group, LLC will order the appraisal. The fee will be collected from the borrower or broker before the appraisal is ordered. We are currently accepting mortgage submission from the Houston, Austin, and San Antonio MSAs only.

11 Please call or me with any questions or if you wish to discuss a loan scenario. Brad Slepicka Residential Mortgage Loan Originator NMLS # Sierra Lending Group, LLC. Director of Warehouse Operations (713) X205 Notes: (1) 5/1 Adjustable Rate Mortgage with 25% down payment required on a $150,000 value NOTE: Rates are effective 05/27/2014. Offer may terminate at any time without notice. Rate and annual percentage rate (APR) calculated on 360 day year with typical/normal closing costs. Rates/APRs subject to changes in closing costs; properties, and applicants must qualify. Other restrictions may apply. If you do not wish to receive this rate sheet, please phone Brad Slepicka at (713) or me at