Lending Guide. Section 400 Loan Submission & Standards

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1 General Brokers have the option to submit loans to Rushmore Home Loans, a division of Rushmore Loan Management Services LLC (Rushmore) for underwriting via , Rushmore s IQ2 System, or courier/mail service. All submissions require a completed submission form, which is located under the Forms tab on Rushmore s website at Brokers are required to complete the broker approval process prior to submitting loans; loans submitted by a broker without formal approval by Rushmore will not be underwritten until the approval process is complete. Loans may be submitted to Rushmore using the following address: submissions - Rushmore s IQ2 loan original system, see Section 500 IQ2 Submissions for uploading procedures capacity can be limited. Loan files exceeding 5mb may not be received by Rushmore due to the file capacity. It is recommended that files exceeding 5mb are sent in multiple attachments to ensure receipt by Rushmore. Loans must be fully submitted within ten (10) days of the initial lock or the lock is subject to cancellation; see Section 800 Lock Policy for specific details. Ineligible Rushmore has loan product and state limitations as follows: States/ Programs All FHA/VA loans (except AK and MA) will continue to be designated as Grand Bank. All conventional loans secured by properties located in Missouri, Nevada, New York, and Rhode Island will continue to be designated as Grand Bank. All conventional loans in other states (except AK and MA) are eligible through Rushmore Home Loans. Grand Bank will continue to process loan packages for Rushmore brokers where Rushmore has limitations, until Rushmore receives the appropriate licensing. IQ2 Loans may be submitted via Rushmore s IQ2 broker portal. See the appropriate Submissions documentation requirements as follows: Exhibit A Conventional Submission Requirements loan submission See Exhibit B FHA Standard Submission Requirements loan submission 4/1/13 Rushmore Lending Guide Page 1 of 9

2 See Exhibit C FHA Streamline Requirements loan submission See Exhibit D VA Standard Submission Requirements loan submission See Exhibit E VA IRRRL Submission Requirements loan submission Rushmore does require the broker to the completed submission form to the appropriate addresses as notification that the uploaded file is ready for submission. See Section 500 IQ2 Submission for instructions on IQ2. Loans that are in an Open status in IQ2 without a submission package received by Rushmore will be archived after thirty (30) day of the status being set to Open in IQ2. Loans that are placed in a Submitted status in IQ2 must have a complete submission package uploaded within five (5) days of submission or the loan will be withdrawn. Loans submitted that are deemed incomplete by Rushmore after five (5) days will be removed from the system. NOTE: When a loan has been archived, withdrawn or removed from Rushmore s IQ system, if the loan is resubmitted, the loan is considered a new loan and must follow requirements detailed in Section 403 IQ Submissions. MDIA Mortgage Disclosure Improvement Act (MDIA) loan registration requires the following: Submission form Typed 1008/1003. Must be sent to Rushmore within 24 hours of the time loan application was taken. Submission Fee Sheet Fannie Mae 3.2 Signed Borrower s Authorization to Receive Electronic Disclosures, if applicable. 4/1/13 Rushmore Lending Guide Page 2 of 9

3 Submission Standards Conventional All loan submissions are required to have the minimum documentation listed below. Submissions without the minimum documentation will be placed on hold for the missing documents. The broker and the Rushmore Account Executive will be notified of the missing items. If the missing items are not received by Rushmore within 72 hours of notification, the file will be cancelled. The cut off time for new submissions is 2:00 pm Pacific Standard Time. Conventional file submissions can be ed or uploaded through IQ2 as detailed in Section 400. See Exhibit A Conventional Submission Requirements loan submission The following documentation is required during the loan process; however, not at the time of loan submission: Payoff Demand, required only a refinance transaction FHA FHA file submissions are not available through Rushmore Home Loans, however, Grand Bank will continue to process and close loans using the FHA product until Rushmore receives the appropriate licensing. FHA file submissions can be ed or uploaded through IQ2 as detailed in Section 400. See Exhibit B FHA Standard Submission Requirements loan submission See Exhibit C FHA Streamline Requirements loan submission The following documentation is required during the loan process; however, not at the time of loan submission: FHA Gift Letter Payoff Demand, required at submission on a refinance transaction 4/1/13 Rushmore Lending Guide Page 3 of 9

4 VA Standard VA file submissions are not available through Rushmore Home Loans, however, Grand Bank will continue to process and close loans using the VA product until Rushmore receives the appropriate licensing. See Exhibit D VA Standard Submission Requirements loan submission See Exhibit E VA IRRRL Submission Requirements loan submission The following documentation is required during the loan process; however, not at the time of loan submission: 4/1/13 Rushmore Lending Guide Page 4 of 9

5 Exhibit A Conventional Submission Requirements 1 Rushmore Submission Form, completed 2 Conventional Submission Fee Sheet Transmittal Summary Loan Application, signed by borrower & LO, including NMLS ID# for LO & LO s Company Borrowers Authorization must be signed and allow/assign to Rushmore the ability to pull borrower s credit, verify income, assets, etc. 5 Signed Borrower Authorization 6 Initial Disclosures, including state specific 7 Signed 4506-T Form 8 Income documentation: Salaried borrowers: Paystub and W2. Most recent 2 years tax returns required if other real estate owned. Self-employed borrowers: Most recent 2 years tax returns. 9 Assets, per DU Findings 10 Purchase and Sale Agreement, if applicable 11 Title Policy/Prelim, including any CEMA info, as applicable 12 Power of Attorney, if applicable 13 Fannie Mae 3.2 must be uploaded through IQ2 only 14 DU findings and credit used; uploaded in IQ2 15 GFE 16 Notice of Intent to Proceed 17 Borrower s Authorization to Receive Electronic Disclosures 18 Anti Steering Disclosure 19 Service Provider List The following documentation is required during the loan process; however, not at the time of loan submission: 4/1/13 Rushmore Lending Guide Page 5 of 9

6 Exhibit B FHA Standard Submission Requirements 1 Rushmore FHA Submission Form, completed 2 FHA Submission Fee Sheet, must match GFE 3 Transmittal Summary (92900-LT) 4 FHA Case Number Assigned to Rushmore Home Management Services LLC, including printout 5 Initial 1003 Loan Application, with Addendum A pages 1 and 2, including NMLS ID # s for LO and LO s Company, signed and dated within compliance, by borrower and LO Borrowers Authorization must be signed and allow/assign to Rushmore the ability to pull borrower s credit, verify income, assets, etc. 6 Complete Credit Report, cannot be > 30 days old at time of submission; if older than 30 days a new credit report will be required) 7 Signed Borrowers Authorization 8 Signed Non-Borrowing Spouse s Credit Authorization applicable to state requirements for: AZ, CA, ID, LA, TX, WA, WI 9 Signed 4506-T, fully complete 10 Income documentation: Salaried borrowers: Paystub and W2. Most recent 2 years tax returns required if other real estate owned. Self-employed borrowers: Most recent 2 years tax returns. 11 Assets, if applicable, minimum 2 months current bank statements, all pages 12 Purchase and Sale Agreement, if applicable 13 Fannie Mae 3.2 must be uploaded through IQ2 14 DU Findings & credit report used, uploaded through IQ2 15 Important Notice to Homebuyer 16 Informed Consumer Choice Disclosure 17 FHA Amendatory Clause & Real Estate Certification, signed by all parties 18 Initial Broker disclosures, including all state specific disclosures, signed by the borrower 19 Payoff Demand 20 For Your Protection: Get a Home Inspection (purchase transactions only) 21 GFE 22 Notice of Intent to Proceed 23 Borrower s Authorization to Receive Electronic Disclosures 24 Anti Steering Disclosure 25 Service Provider List NOTE: The following documentation is required during the loan process; however, not at the time of loan submission: FHA Gift Letter, if applicable 4/1/13 Rushmore Lending Guide Page 6 of 9

7 Exhibit C FHA Streamline Submission Requirements 1 Rushmore FHA Submission Form, completed 2 FHA Submission Fee Sheet, must match GFE 3 Transmittal Summary (92900-LT) 4 FHA Case Number Assigned to Rushmore Home Management Services LLC, including printout 5 Initial 1003 Loan Application, with Addendum A pages 1 and 2; Including NMLS ID # s for LO and LO s Company, signed and dated within compliance, by borrower and LO. Borrowers Authorization must be signed and allow/assign to Rushmore the ability to pull borrower s credit, verify income, assets, etc. 6 Complete Credit Report, from an approved Rushmore credit vendor 7 Signed Borrowers Authorization 8 Fannie Mae 3.2 must be uploaded through IQ2 only 9 Important Notice to Homebuyer 10 Informed Consumer Choice Disclosure 11 Initial Broker disclosures, including all state specific disclosures, signed by the borrower 12 Current demand, if applicable 13 GFE 14 Notice of Intent to Proceed 15 Borrower s Authorization to Receive Electronic Disclosures 16 Anti Steering Disclosure 17 Service Provider List NOTE: The following documentation is required during the loan process; however, not at the time of loan submission: 4/1/13 Rushmore Lending Guide Page 7 of 9

8 Exhibit D VA Standard Submission Requirements 1 Rushmore VA Submission Form, completed 2 VA (Refinance/Purchase) Submission Fee Sheet, must match GFE 3 Loan Analysis Sheet 4 VA Certification of Eligibility 5 Initial 1003 Loan Application, including NMLS ID # s for LO and LO s Company, signed and dated within compliance, by borrower and LO Borrowers Authorization must be signed and allow/assign to Rushmore the ability to pull borrower s credit, verify income, assets, etc Addendum ( A) signed and dated; pgs 1 & 2 only 7 Signed 4506T Form 8 Signed Non-borrowing Spouse s Credit Authorization: AZ, CA, ID, LA, NV, NM, TX, WA, WI 9 Income docs: Salaried borrower Paystub & W2, if additional real estate owned most recent 2 yrs tax returns) Self-employed Most recent 2yrs tax returns 10 Assets, for purchase transactions 11 Purchase and Sale Agreement, if applicable 12 VA Amendment to Contract, purchase only, also called the escape clause 13 VA Debt Questionnaire (VA ) 14 VA Federal Collection Policy Notice (VA ) 15 VA Military Counseling Checklist (VA ), if In Service, Rep must sign 16 VA Rights of VA Loan Borrowers (VA VA Verification of Benefit (VA ) 18 Signed VA Indebtedness ( ) 19 Initial Broker disclosures, including state specific disclosures 20 FNMA 3.2, must be uploaded through IQ2 21 DU Findings & credit report used, must be uploaded through IQ2 22 GFE 23 Notice of Intent to Proceed 24 Borrower s Authorization to Receive Electronic Disclosures 25 Anti Steering Disclosure 26 Service Provider List 27 Copy of Photo ID 28 Copy of Social Security card NOTE: The following documentation is required during the loan process; however, not at the time of loan submission: 4/1/13 Rushmore Lending Guide Page 8 of 9

9 Exhibit E VA IRRRL Submission Requirements 1 Rushmore VA Submission Form, completed 2 Borrower s Authorization to Receive Electronic Disclosures 3 VA IRRRL Submission Fee Sheet or Itemized Fee Worksheet or Complete HUD-1 with all fees included 4 Initial 1003 signed and dated by borrower & LO, including NMLS ID #s for LO & LO s company Addendum ( A) pgs1 & 2, signed and dated by borrower & LO 6 Notice of Intent to Proceed 7 Copy of Photo ID 8 Copy of Social Security card 9 Credit Report, complete from an approved Rushmore vendor 10 Complete Copy of the Current Note 11 Current Payoff Demand 12 Signed VA Indebtedness ( ) 13 Rushmore s VA Indebtedness Questionnaire, available on Rushmore s website, Forms tab 14 Nearest Living Relative, not living with the Veteran 15 Current Preliminary Title Report For The States of AZ, CA, HI, ID, NM, NV, OR, UT, WA 16 Hazard Insurance 17 FNMA Disclosures, including state specific 19 GFE 20 Anti Steering Disclosure 21 Service Provider List 4/1/13 Rushmore Lending Guide Page 9 of 9

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