FMC Product and Credit Guidance for Wholesale Divisions

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1 FMC Product and Credit Guidance for Divisions Ineligible Product Programs and Properties FMC does not accept Loan Prospector AUS for Conventional, FHA or VA loans The Negative Equity FHA (MHA) loan program is not currently being offered at FMC. CalHFA & CHDAPP No leased land EEM HomePath USDA No unique properties: Earth houses, geodesic homes, log homes, dome homes Cash Out in Texas Division Eligible Product Programs and Properties FMC can only accept wholesale loans from these states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington Access 2 nd - Properties in California Only Division First Down 2 nd Available for properties in: Arizona, New Mexico, Nevada, Texas & Utah FG Preferred Program- Parameters attached 1

2 Eligible Product Programs and Properties cont. Manufactured Home Financing- refer to outlined guidelines for each product type attached Platinum- California Properties Only All escrow withholds must be approved by Secondary Marketing. FHA financed Condo s must be on FHA HRAP or DELRAP approval list All HRAP and DELRAP FHA approved condo projects are required to be reviewed by a FMC approved contractor. The reviewer will provide an approval letter certifying the FHA project still meets FHA standards to lend on. The Fee for this review is $ and is charged to the branch requesting the review. VA condo s must have VA approval. 203K Branch must be approved to accept this product Appraisal Requirements All appraisals must be in the UAD format Per California state law requirement, all properties, including new construction, must have a condition by the appraiser to require the installation of a carbon monoxide detector. All other states that require carbon monoxide detectors on all new construction and all re-sales are: Colorado, Oregon, Utah, Washington For California, Nevada and Arizona, all hot water heaters must have safety straps and smoke detectors. All other states will comply with the state and local jurisdiction requirements. The appraisals must state a remaining economic life no less than the term of the loan being financed. 4506T Requirements Two years of validated 4506Ts/W-2s on all wage earners. Most recent filed year 1040s and W-2s processed for construction workers and truck drivers, and 4506 validation for previous year s W-2s. 4506Ts signed and processed for all self-employed borrowers or borrowers required to utilize 1040 to support income (e.g., commission earnings, rental income and/or other income used from 1040) for most recent two years. Division 2

3 FMC REQUIREMENTS: ABILITY TO REPAY AND QUALIFIED MORTGAGE RULE FOR MANUAL UNDERWRITING FHA FINANCING On January 10, 2014, HUD will require all lenders to comply with the Ability to Repay (ATR) and Qualified Mortgage Rule (QM). This rule will be applied to mortgages with a case number on or after January 10, The ATR rule requires that FMC make reasonable, good-faith determination prior to consummation of a mortgage loan that the borrower has a reasonable ability to repay the loan. FMC will be presumed to have complied with the ATR requirement if they issue QM Underwritten Loans. As with any manually underwritten loan, loans with a debt-to-income ratio in excess of 43.00% must be underwritten in accordance with all manual underwriting requirements, Ability to Repay & Qualified Mortgage Rule & Mortgagee Letter FHA eligible loans will be treated as QM compliant for underwriting purposes. Loans that exceed the specified 43% DTI ratio but meet the respective agency standards will be considered QM loans. NOTE; MORTGAGEE Letter guidelines will be applied to all FHA case numbers on or after and are subject to comply with the qualifying guidelines set forth for a Manual Underwrite. **Important Note: While even a DU approval does not necessarily make a file exempt from documenting the strengths, a loan that resonates layers of risk requires further evaluation and documentation as part of the approval process. Aside from the borrower s credit, FMC s responsibility as a lender is to prove that its borrower has the capacity to repay, sufficient assets to close the transaction and collateral that is secure and sound. FMC s responsibility is to provide supporting documentation in files that reflect apparent deficiencies 3

4 FMC ADDITIONAL CREDIT GUIDANCE FOR FHA LOANS MANUALLY UNDERWRITTEN & AUS APPROVED Amended tax returns are acceptable only if the return reflects that the borrower had income reported via W2 or 1099 that was not reported on the original return. Borrowers who are in a repayment plan to the IRS for 3 yrs or more are generally ineligible for financing with FMC Borrowers who are in a repayment plan to the IRS <3yrs will be reviewed and considered on a case by case basis Buyers must complete a Homebuyer Education and provide the signed certificate for each borrower ( Req. for Manual Underwrite only) Verification of rent by providing 12 months cancelled checks or a VOR from a property management company or a credit supplement showing the property management company verified the rent. If the borrower lived with a family member, borrower to provide a signed budget letter. (Note: A rental reference from a management company with payment history for the most recent 12 months may be used in lieu of 12 months of cancelled checks.) (Required for Manual Underwrite only) A letter of explanation for all inquiries and all derogatory credit regardless of the date. The explanation must make sense and be consistent with other credit information in the file. ( Required for Manual Underwrite Only) Borrower s credit history cannot include a late payment within the past 12 months on any account. Borrowers with an abundance of poor credit history cannot provide alternative credit to compensate for past poor credit. (Req. for Manual Underwrite) Borrower s whose income is derived solely from commissions must have 3 months cash reserves over and above their required investment. Non-occupying co-borrowers or co-signors are permitted as long as they are immediate family members; proof of relationship will be required. *********** EXEMPTIONS TO CREDIT GUIDANCE S CAN BE MADE AT THE UNDERWRITER S DISCRETION******** 4

5 Effective April 21, 2014, all manually underwritten FHA loans must comply with Mortgagee Letter Collections and Disputed accounts must comply with the published Mortgagee letters & 25 Judgment accounts must comply with the published Mortgagee Letter Extenuating Circumstances related to Back to Work must comply with Mortgagee Letter The guidelines below are outlined for a manual underwrite for borrowers with insufficient credit profile. For a borrower with no credit references, or only Group II references as outlined in HUD C.5.f or per Mortgagee Letter , with a satisfactory payment history of at least 12 months in duration: Ratios may not exceed 31/43 regardless of whether they meet one or more compensating factor, as comp factors are not applicable on a borrower with Non-traditional or an insufficient credit profile- see M.L No more than one 30-day delinquency on payments due to any Group II reference No collection accounts/court record reports (other than medical) filed within the past 12 months Occupant borrower must have one month PITI reserves from own funds after closing; gifts cannot be used for this reserve requirement For additional guidance for an insufficient credit profile borrower, refer and follow mortgage letter for all case numbers on or after Compensating factors are not applicable for a borrower with an insufficient credit or poor profile. 5

6 FMC CREDIT GUIDANCE FOR FHA MANUFACTURED HOMES Purchase transaction and Rate/Term limited to the following: o 96.50% LTV/*CLTV with 660 or Greater Fico Score o *NOTE: *CLTV PURCHASES ONLY, ARE ACCEPTABLE WITH ACCESS OR FIRST DOWN AS SECONDARY FINANCING. o 95% LTV/*CLTV with <660 Fico Score Cash-out refinance limited to the following: (The mortgage history must reflect all mortgage payments paid on time with no lates and current at the time of closing) o 80% LTV/CLTV with 660 or greater fico Score o 75% LTV/CLTV with <660 fico Score Property cannot be in a designated flood zone for any transaction Property cannot be on a dirt road FMC will allow properties up to five acres only if the appraisal reflects land value at 40% and structure at 60% of total value Non-occupying co-borrowers are not allowed Appraisal must have recent closed like comparables A second appraisal may be requested at the underwriter s discretion Properties with less than one year seasoning will require a full appraisal and are limited to 90% LTV/CLTV, no flood zones and will allow properties up to five acres only if the appraisal reflects land value at 40% and structure at 60% of total value Double wide or larger No single wide manufactured homes Streamlines are allowed on manufactured homes with no appraisal after one year seasoning but will require an AVM reflecting no more than 125% LTV. NOTE: If the new payment on the new Streamline loan renders a $ savings to the borrowers new housing payment, FMC will waive the AVM requirement. Streamlined existing serviced FMC to FMC transactions will not require an AVM 6

7 FMC CREDIT GUIDANCE FOR FHA MCC LOANS Reservation for the program & MCC worksheet to be done by the branch and in the file when submitted into Underwriting 660 Minimum fico for all borrowers AUS approved loan only-no Manual Underwrites allowed Owner Occupied properties Non-Occupying Co-borrowers not allowed 2 months PITI cash reserves required (gifts acceptable and verified per FHA gift guidelines) FMC POLICY ON LENDING IN AGE RESTRICTED PROJECTS (FHA FINANCING) Age Restricted Communities require the following criteria in reference to LTV/CLTV and the required FHA appraisal criteria. The borrowers must comply with all written guidelines per the agency type chosen and FMC will make the exception for the following LTV/CLTV only: FHA- 80% LTV/CLTV with an AUS approval. The FMC Program Code is: F30FRC FHA 30 year Aged Restricted Community APPRAISAL VERBIAGE FOR AGE RESTRICTED PROJECTS REQUIREMENT The lender must ensure that the borrower and appraiser are aware of the resale restrictions and should advise the appraiser that he or she must address the following statements in the appraisal report: This appraisal is made on the basis of a hypothetical condition that the property rights being appraised are without resale and other restrictions that are terminated automatically upon the latter of foreclosure or the expiration of any applicable redemption period, or upon recordation of a deed-in-lieu of foreclosure. The appraisal must reflect the impact the restrictions have on value and be supported by comparables with similar restrictions and the appraiser must note the existence of the resale restrictions and comment on any impact the resale restrictions have on the property s value and marketability. 7

8 VA FINANCING FMC CREDIT GUIDANCE FOR VA MANUAL UNDERWRITE Must meet all VA Guidelines plus: Maximum DTI for a manually underwritten loan is 46% and veteran must meet the residual requirement with compensating factors (VA has only one ratio). NOTE: Maximum DTI for a manually underwritten loan is 41% without compensating factors and must meet VA residual requirements. Although there is no minimum FICO, the veteran must meet the ratio requirement and have residual income 120% over that required for family size VORs or 12 months cancelled checks for the last 12 months rental history with no late payments No derogatory credit within the past 12 months Letter of explanation for any derogatory credit and credit inquiries Note: VA considers open collections as recent derogatory credit; this would count if the collection was reported within the last 12 months. Recent short sale of a previous mortgage or a previous foreclosure for the veteran or the non-purchasing spouse, will be a substantial negative issue in a veteran s credit review (regardless of DU approval) No down payment assistance programs allowed 8

9 FMC CREDIT GUIDANCE FOR VA MANUFACTURED HOMES Purchase/rate-term refinance limited to the following o 100% LTV/CLTV with 660 or greater Fico Score o 95% LTC/CLTV with <659 or less Fico Score Cash-out refinance limited to the following : (no late payments within the last 12 months and must be current at the time of refinance) o 80% LTV/CLVT with 660 or greater Fico Score o 75% LTV/CLTV with 659 or less Fico Score Double wide or larger allowed (single wide unacceptable) Maximum five acres 9

10 FMC CREDIT GUIDANCE FOR VA IRRRL Non-FMC VA/IRRRL loans require minimum of a 2055 drive-by appraisal and value must support the loan amount No mortgage lates within the past 12 months If FMC to FMC to a new FMC to FMC loan- No appraisal is required Please visit the VA website ( for the useful link to the Lenders Handbook 26-7 To review the residual income required for all VA loans depending on the loan amount and family size, see Chapter 4 Section 9 for the charts Review Chapter 8 to find the VA funding fee for your veteran For veterans who have rental properties and a rent credit is reflected on the DU, VA requires three months PITI verified cash reserves For grossed up non-taxable income, VA allows 125% Partial Eligibility: Second signature required 10

11 FMC CREDIT GUIDANCE FOR JUMBO VA LOANS (AMOUNTS ABOVE $417k) All VA Guidelines to be followed plus: Minimum credit score Per VA Handbook Six months PITI reserves required cannot be a gift Full documentation loan with DU approval Manual underwrites allowed and must have two VA allowed compensating factors - Corporate Underwriting Manager second signature required Two underwriter signatures required for approval on all VA Jumbo loans One-unit SFR or PUD properties only; two to four units not allowed Must meet all residual guidelines per VA Handbook Partial eligibility allowed with two VA underwriters review Copy of VA County Loan Limits for current year to be in all submissions Cash Out Refinances allowed to 80% LTV/CLTV 11

12 FMC CREDIT GUIDANCE FOR CREDIT REPORTS SHOWING DISPUTED ACCOUNTS ON VA LOANS VA product (code 07): Follow the DU findings for accounts in dispute. If the accounts in dispute are reflecting a balance, the disputed account with the balance must be paid off and reflect a zero balance via credit supplement. FMC POLICY ON LENDING IN AGE RESTRICTED PROJECTS- VA LOANS Age Restricted Communities require the following criteria in reference to LTV/CLTV and required appraisal criteria. The borrowers must comply with all written guidelines to qualify. VA-100% with AUS approval as VA does not have any written restrictions currently. Borrower must be a veteran and meet the written guidelines published. The FMC Program Code is: V30FRC VA 30 year Aged Restricted Community 12

13 CONVENTIONAL FINANCING FMC CREDIT GUIDANCE FOR CONVENTIONAL FINANCED MANUFACTURED HOMES Purchase transaction and Rate/Term limited to the following: o 95% LTV/CLTV with 660 or Greater Fico Score o 90% LTV/CLTV with <660 Fico Score Cash-out refinance limited to the following: (The mortgage history must reflect all mortgage payments paid on time with no lates and current at the time of closing) o 65% LTV/CLTV with 660 or greater fico Score o Cash out refinance term is 15 yrs only per Fannie Mae Property cannot be in a designated flood zone for any transaction Property cannot be on a dirt road FMC will allow properties up to two acres only if the appraisal reflects land value at 40% and structure at 60% of total value Non-occupying co-borrowers are not allowed Appraisal must have recent closed like comparables A second appraisal may be requested at the underwriter s discretion Properties with less than one year seasoning will require a full appraisal and are limited to 90% LTV/CLTV, no flood zones and will allow properties up to two acres only if the appraisal reflects land value at 40% and structure at 60% of total value Double wide or larger No single wide manufactured homes 13

14 FMC POLICY FOR CREDIT REPORTS SHOWING DISPUTED ACCOUNTS CONVENTIONAL LOANS Conventional product (01): Per Fannie Mae, all disputed accounts must be resolved per the DU findings as follows: DU identified the following tradeline(s) as disputed by the borrower and did not include the tradeline(s) in the credit risk assessment. The lender must verify the accuracy of the tradeline(s) by determining if it belongs to the borrower and by confirming the accuracy of the payment history. If the tradeline does not belong to the borrower or the reported payment history is inaccurate, no further action is necessary. If the tradeline does belong to the borrower and the reported payment history is accurate, it must be taken into consideration in the credit risk assessment. To ensure it is considered, the lender may obtain a new credit report with the tradeline no longer reported as disputed and resubmit the loan case file to DU. Conventional loans cannot be downgraded to a manual underwrite as manual underwrites on conventional loans are not allowed FMC POLICY ON LENDING IN AGE RESTRICTED PROJECTS-CONVENTIONAL FINANCING Age Restricted Communities require the following criteria in reference to LTV/CLTV and appraisal requirement. The borrowers must comply with all written guidelines per the agency type chosen and FMC will make the exception for the following LTV/CLTV only: Conventional- Program Code C30FRC- 80% LTV/CLTV with an AUS approval plus the following below verbiage Must be present in the appraisal for Conventional financing as follows: CONVENTIONAL APPRAISAL VERBIAGE FOR AGE RESTRICTED PROJECTS REQUIREMENT The lender must ensure that the borrower and appraiser are aware of the resale restrictions and should advise the appraiser that he or she must address the following statements in the appraisal report: This appraisal is made on the basis of a hypothetical condition that the property rights being appraised are without resale and other restrictions that are terminated automatically upon the latter of foreclosure or the expiration of any applicable redemption period, or upon recordation of a deed-in-lieu of foreclosure. The appraisal must reflect the impact the restrictions have on value and be supported by comparables with similar restrictions and the appraiser must note the existence of the resale restrictions and comment on any impact the resale restrictions have on the property s value and marketability. 14

15 FG Preferred Program Required Parameters FHA, VA or Conventional Financing Minimum fico score for all borrowers for FHA/VA 640- No exceptions Available for FHA, VA and Conventional Financing, Unless otherwise stated No Manual Underwrites or downgrades (per investor-no exceptions can be granted) DU or Loan Scorecard Automated Underwriting Systems No guideline exceptions can be granted, follow standard published 4155 and published Mortgagee Letter for FHA loans, VA handbook and current circulars and Fannie Mae Guidelines Ratio s are per what the AUS system approves No Branch Concessions No Unpermitted Additions- (FHA/VA) No Manufactured Homes- (FHA/VA) No Flip Properties- (FHA/VA) Units are acceptable under FHA or VA and comply with the written posted guidelines (2-4 units) Second T.D. financing available only with CHDAP 2 nd behind FHA 1 st T.D. High balance loans allowed Signed 4506T by all borrowers at the time of submission Processed 4506T for All self employed borrowers NOTE: FG Programs allows for FHA Streamline Refinances manually underwritten with a mortgage rating and three fico scores with the mid score of no less than 640. Contact First Mortgage Secondary Marketing for additional pricing information 15

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