Revolving Debt & Other Agency Guideline Revisions Note: SunTrust specific overlays are underlined.

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1 Assets Section 2.04 DU Refi Plus Loan Program DU Refi Plus STM to STM Transactions Asset Documentation Requirements Assets must be documented in accordance with DU Refi Plus eligible DU Findings report. Documentation requirements include, but are not limited to, the following: Asset Type Checking Accounts Savings Accounts Certificates of Deposit Money Market Accounts Stocks, Bonds, Mutual Funds Retirement Accounts Trust Accounts Secured Borrowed Funds Gifts All Other Asset Types Documentation Requirement One recent statement (monthly, quarterly, or annual) showing asset balance. Document in accordance with standard Agency DU guidelines. Notes: Investigation of large deposits is not required. Proof of liquidation of funds needed to close is not required, even if those assets are used by the borrower to pay closing costs. Reference: See Section 2.01: Agency Loan Programs of the Correspondent Seller Guide for additional information. Non-STM to STM Transactions STM to STM guidelines apply Note: All other currently published guidelines in this section remain the same. STM to STM Transactions Asset Documentation Requirements The amount of assets (which may include reserves) must be verified to the extent that the DU Findings Report requires such verification. Assets must be verified in accordance with Asset Documentation Requirements table below. Lenders are not required to investigate large deposits that appear on account statements. Proof of liquidation of assets is not required, even if those assets are used by the borrower to pay closing costs. Standard DU policy regarding discounting certain assets applies if the assets are required to satisfy DU reserve requirements. Asset Type Documentation Requirement Checking Accounts One recent statement (monthly, quarterly, or Savings Accounts annual) showing asset balance. Certificates of Deposit Money Market Accounts Stocks, Bonds, Mutual Funds Retirement Accounts Trust Accounts Secured Borrowed Funds Gifts See Verifying Donor Availability of Funds and Transfer of Gift Funds topic in the Gifts section presented in Section 2.01: Agency Loan Programs document. All Other Asset Types Document in accordance with standard Agency DU guidelines. Reference: See Section 2.01: Agency Loan Programs of the Correspondent Seller Guide for additional information. Non-STM to STM Transactions STM to STM guidelines apply Note: All other currently published guidelines in this section remain the same. Gifts Section 2.01 Agency Loan Programs Standard Agency (non-aus, DU & LP) Agency Plus (DU) DU Refi Plus Texas Cash-Out Refinances [50(a)(6)] First Mortgages Non-AUS Loans Gifts are eligible on purchase and refinance transactions of primary residences and second homes only. Gifts may be provided by the borrower s relative (spouse, child or dependent, or any other person related by blood, marriage, adoption, or legal guardianship), domestic partner, or fiancé/fiancée. The donor may not be, or have any affiliation with, the builder, the developer, the real estate agent, or any other interested party to the transaction. See the Minimum Borrower Contribution Requirements subtopic previously presented in this product description for minimum borrower contribution requirements for transactions that Gift funds may fund all or part of the down payment, closing costs, or financial reserves subject to the minimum borrower contribution requirements. Last Revision Date: 7/3/15 (Correspondent) Page 1 of 7 Conventional Non-AUS Gift Funds A borrower of a mortgage loan secured by a primary residence or second home may use funds received as a personal gift from an acceptable donor. Gift funds may fund all or part of the down payment, closing costs, or financial reserves subject to the minimum borrower contribution requirements. Gifts are not allowed on an investment property. Reference: See the Minimum Borrower Contribution Requirements subtopic previously presented in this product description for minimum borrower contribution requirements for transactions that Acceptable Donors

2 Gift funds may be used to pay off and/or pay down debt in accordance with the guidelines Gift funds may be used to pay off or pay down the borrower s installment or mortgage debt. Gift funds may be used to pay off a revolving or open-end debt. Gift funds may NOT be used to pay down revolving or open-end debt. Revolving or open-end debt must be paid off completely and the account must be closed. Gift funds may be used to pay off collection, charge-offs, judgments, garnishments and/or liens. Gift funds may NOT be used to pay down collections, charge-offs, judgments, garnishments and/or liens. A gift letter is always required and must contain the following information: donor s name, donor s mailing address, donor s relationship to borrower donor s telephone number amount of the gift, date of gift transfer include the donor s statement that no repayment is expected, and donor s signature. Note: It is not acceptable to notate the loan file/application with the gift donor information in lieu of a gift letter. The gift funds must be verified in either the borrower s or the donor s account at underwriting. The transfer of gift funds to the borrower must be documented in one of the following ways: if funds transfer before closing, a copy of the donor s check or withdrawal slip and a copy of the borrower s deposit receipt, or if funds transfer at closing, the HUD-1 with gift funds reflected on it or a copy of the donor s certified, cashier s, or other official check to the closing agent. Gifts must always be listed separately on the loan application, even if gift funds have been transferred to the borrower and the bank statement in the loan file reflects the transfer. In this case, gift funds should be deducted from the account balance of the asset, reflected separately, and identified as a gift. The net balance of the asset account is reflected as the value. A gift can be provided by: A relative, defined as the borrower s spouse, child, or other dependent, or by any other individual who is related to the borrower by blood, marriage, adoption or legal guardianship; or A fiancé, fiancée, or domestic partner. The donor may not be, or have any affiliation with, the builder, the developer, the real estate agent, or any other interested party to the transaction. Documentation Requirements Gifts must be evidenced by a letter signed by the donor, called a gift letter. The gift letter must: Specify the dollar amount of the gift; Specify the date the funds are transferred; Include the donor s statement that no repayment is expected; and Indicate the donor s name, address, telephone number, and relationship to the borrower. When a gift from a relative, domestic partner, fiancé, or fiancée is being pooled with the borrower s funds to make up the required minimum cash down payment, the following items must also be included: A certification from the donor stating that they have lived with the borrower for the past 12 months and will continue to do so in the new primary residence. Documents that demonstrate a history of borrower and donor shared residency. The donor s address must be the same as the borrower s address. Examples include but are not limited to a copy of the driver s license, a bill, or a bank statement. Verifying Donor Availability of Funds and Transfer of Gift Funds The lender must verify that sufficient funds to cover the gift are either in the donor s account or have been transferred to the borrower s account. Acceptable documentation includes the following: a copy of the donor s check and the borrower s deposit slip, a copy of the donor s withdrawal slip and the borrower s deposit slip, a copy of the donor s check to the closing agent, or a settlement statement showing receipt of the donor s check. When the funds are not transferred prior to settlement, the lender must document that the donor gave the closing agent the gift funds in the form of a certified check, a cashier s check, or other official check. Non-AUS guidelines apply. Gifts are eligible on purchase and refinance transactions of primary residences and second homes only. A gift must be from a related person that does not have to be repaid. A related person is any of the following: The borrower s spouse, child, or dependent An individual related to the borrower by blood, marriage, or adoption A guardian of the borrower A person for whom the borrower is a guardian Last Revision Date: 7/3/15 (Correspondent) Page 2 of 7 Follow DU guidelines, which are the same as non-aus guidelines, including the following: It is important that the gift amount is identified separately as a gift even if the funds have already been deposit in a liquid asset account owned by the borrower (such as checking or savings account). The balance of the liquid asset account entered in the loan application must be adjusted accordingly to prevent duplicate entry of funds. A gift from a related person that does not have to be repaid is an eligible source of borrower funds provided the requirements outlined in this section are met. Reference: See the Minimum Borrower Contribution Requirements subtopic previously presented

3 The borrower s fiancé/fiancée The borrower s domestic partner See the Minimum Borrower Contribution Requirements subtopic previously presented in this product description for minimum borrower contribution requirements for transactions that Gift funds may fund all or part of the down payment, closing costs, or financial reserves subject to the minimum borrower contribution requirements. Gift funds may be used to pay off and/or pay down debt in accordance with the guidelines Gift funds may be used to pay off or pay down the borrower s installment or mortgage debt. Gift funds may be used to pay off a revolving or open-end debt. Gift funds may NOT be used to pay down revolving or open-end debt. Revolving or open-end debt must be paid off completely and the account must be closed. Gift funds may be used to pay off collection, charge-offs, judgments, garnishments and/or liens. Gift funds may NOT be used to pay down collections, charge-offs, judgments, garnishments and/or liens. A gift letter signed by the donor is required. Information provided in the gift letter must: State the donor s name and that the funds are given by a related person. Include the donor s mailing address and telephone number. Identify the mortgaged premises. State the amount of the gift. Establish that the funds are a gift that does not have to be repaid. If the verifications provided in the mortgage file do not show evidence that the gift funds have been deposited in the borrower s account, the borrower must provide evidence of the transfer of funds from the donor to the borrower. Gifts must always be listed separately on the loan application, even if gift funds have been transferred to the borrower and the bank statement in the loan file reflects the transfer. In this case, gift funds should be deducted from the account balance of the asset, reflected separately, and identified as a gift. The net balance of the asset account is reflected as the value. in this product description for minimum borrower contribution requirements for transactions that A gift letter signed by the donor is required. Information provided in the gift letter must: State the donor s name and that the funds are given by a related person. Include the donor s mailing address and telephone number. Identify the mortgaged premises. State the amount of the gift. Establish that the funds are a gift that does not have to be repaid. If the verifications provided in the mortgage file do not show evidence that the gift funds have been deposited in the borrower s account, the borrower must provide evidence of the transfer of funds from the donor to the borrower. SunTrust clarifies that it is important that the gift amount is identified separately as a gift even if the funds have already been deposit in a liquid asset account owned by the borrower (such as checking or savings account). The balance of the liquid asset account entered in the loan application must be adjusted accordingly to prevent duplicate entry of funds. Gifts Section 2.07 Agency Plus (DU) Gifts Agency Plus Loan Gifts are eligible on purchase and refinance transactions of primary residences and second Program Guideline homes only. Gifts may be provided by the borrower s relative (spouse, child or dependent, or any other person related by blood, marriage, adoption, or legal guardianship), domestic partner, or fiancé/fiancée. The donor may not be, or have any affiliation with, the builder, the developer, the real estate agent, or any other interested party to the transaction. See the Minimum Borrower Contribution Requirements subtopic previously presented in this product description for minimum borrower contribution requirements for transactions that Gift funds may fund all or part of the down payment, closing costs, or financial reserves subject to the minimum borrower contribution requirements. Gift funds may be used to pay off and/or pay down debt in accordance with the guidelines Last Revision Date: 7/3/15 (Correspondent) Page 3 of 7 Gifts Standard Agency DU guidelines apply. Reference: See Section 2.01: Agency Loan Programs of the Correspondent Seller Guide, for standard Agency DU guidelines.

4 Gift funds may be used to pay off or pay down the borrower s installment or mortgage debt. Gift funds may be used to pay off a revolving or open-end debt. Gift funds may NOT be used to pay down revolving or open-end debt. Revolving or open-end debt must be paid off completely and the account must be closed. Gift funds may be used to pay off collection, charge-offs, judgments, garnishments and/or liens. Gift funds may NOT be used to pay down collections, charge-offs, judgments, garnishments and/or liens. A gift letter is always required and must contain the following information: donor s name, donor s mailing address, donor s relationship to borrower, donor s telephone number amount of the gift, date of gift transfer, include the donor s statement that no repayment is expected, and donor s signature. Note: It is not acceptable to notate the loan file/application with the gift donor information in lieu of a gift letter. When a gift from a relative or domestic partner is being pooled with the borrower s funds to make up the required minimum cash down payment, the following items must also be included: A certification from the donor stating they have lived with the borrower for the past 12 months and will continue to do so in the new primary residence. Documents that demonstrate a history of borrower and donor shared residency. The donor s address must be the same as the borrower s address. Examples include but are not limited to a copy of a driver s license, a bill, or a bank statement. The gift funds must be verified in either the borrower s or donor s account at underwriting. The transfer of gift funds to the borrower must be documented in one of the following ways: if funds transfer before closing, a copy of the donor s canceled check or withdrawal slip and a copy of the borrower s deposit receipt, or if funds transfer at closing, the HUD-1 with gift funds reflected on it or a copy of the donor s certified, cashier s, other official check to the closing agent. Gifts must always be listed separately on the loan application, even if gift funds have been transferred to the borrower and the bank statement in the loan file reflects the transfer. In this case, gift funds should be deducted from the account balance of the asset, reflected separately, and identified as a gift. The net balance of the asset account is reflected as the value. Qualifying Ratios Section 2.01 Standard Agency Qualifying Ratios Agency Loan (non-aus, DU & LP) Programs Agency Plus (DU) Non-AUS DU Refi Plus The housing ratio includes the PITIA of the borrower s primary residence regardless of the Texas Cash-Out subject property occupancy. Refinances [50(a)(6)] The debt ratio includes housing ratio items, installment loans, revolving credit, mortgage First Mortgages payments on properties other than the primary residence and any other monthly debt. Last Revision Date: 7/3/15 (Correspondent) Page 4 of 7 Qualifying Ratios Conventional Non-AUS The total monthly obligation is the sum of the following: the monthly housing expense of the borrower's primary residence (or the qualifying payment amount if the subject mortgage loan is secured by the borrower's primary residence; the qualifying payment amount if the subject mortgage loan is secured by a second home or

5 The overall maximum debt-to-income (DTI) ratio may not exceed 45%, except as When the borrower is relying on non-traditional credit to qualify (or if one borrower has credit scores and other borrowers do not have credit scores), the maximum DTI ratio is 36%. Using only the income of the occupying borrower(s) to calculate the DTI ratio, the maximum allowable STI is 43%. Note: This maximum DTI applies even if the combined qualifying ratio for the borrower and the non-occupant co-borrower are well below 45%. Debt-to-income ratios of % is permitted when: all borrowers have a 720 minimum credit score, and a maximum 80% LTV Note: When the above requirements are not met for % DTI transactions, the maximum DTI is 45%. For transactions with a non-occupant co-borrower, non-occupant co-borrower income and debts are not considered in the ratio calculation. DTI ratios of % is permitted when: all borrowers have a 720 minimum credit score a maximum 80% LTV Note: When the above requirements are not met for % DTI transactions, the maximum DTI is 45%. For transactions with a non-occupant co-borrower, the occupant co-borrower does not qualify separately. investment property; monthly payments on installment debts and other mortgage debts that extend beyond ten months; monthly payments on installment debts and other mortgage debts that extend ten months or less if the payments significantly affect the borrower s ability to meet credit obligations; monthly payments on revolving debts; monthly payments on lease agreements, regardless of the expiration date of the lease; monthly alimony, child support, or maintenance payments that extend beyond ten months; monthly payments for other recurring monthly obligations; and any net loss from a rental property. Payoff or paydown of debt solely to qualify must be carefully evaluated and considered in the overall loan analysis. The borrower s history of credit use should be a factor in determining whether the appropriate approach is to include or exclude debt for qualification. Generally: Installment loans that are being paid off or paid down to 10 or fewer remaining monthly payments do not need to be included in the borrower s long-term debt. If a revolving account balance is to be paid off at or prior to closing, a monthly payment on the current outstanding balance does not need to be included in the borrower's long-term debt, i.e., not included in the debt-to-income (DTI) ratio. Such accounts do not need to be closed as a condition of excluding the payment from the DTI ratio. The DTI ratio consists of two components: total monthly obligations, which includes the qualifying payment for the subject mortgage loan and other long-term and significant short-term monthly debts; and total monthly income of all borrowers, to the extent the income is used to qualify for the mortgage. For non-aus loans, the overall maximum debt-to-income (DTI) ratio may not exceed 45%, except as When the borrower is relying on non-traditional credit to qualify (or if one borrower has credit scores and other borrowers do not have credit scores), the maximum DTI ratio is 36%. Using only the income of the occupying borrower(s) to calculate the DTI ratio, the maximum allowable STI is 43%. Note: This maximum DTI applies even if the combined qualifying ratio for the borrower and the non-occupant co-borrower are well below 45%. Follow DU requirements which are the same as non-aus guidelines, except as follows: Debt-to-income ratios of % is permitted when: all borrowers have a 720 minimum credit score, and a maximum 80% LTV Note: When the above requirements are not met for % DTI transactions, the maximum DTI is 45%. For transactions with a non-occupant co-borrower, non-occupant co-borrower income and debts are not considered in the ratio calculation. Last Revision Date: 7/3/15 (Correspondent) Page 5 of 7

6 The monthly debt payment is the sum of the monthly charges for the following liabilities: Monthly housing expense Payments on all installment debts with more than 10 months of payments remaining, including debts that are in a period of either deferment or forbearance. Alimony, child support or maintenance payments with more than 10 months of payments remaining Monthly payments on revolving or open-end accounts (regardless of the balance). Car lease payments, regardless of the number of payments remaining Aggregate net rental loss from all Investment Properties owned Monthly payment amounts for other properties, including principal and interest on the First Lien and any secondary financing, taxes and insurance and, when applicable, mortgage insurance premiums, leasehold payments, homeowners association dues (excluding unit utility charges) If the Borrower pays off or pays down existing debts in order to qualify for the Mortgage, the lender must document the payoff or pay down of the debts and the source of the funds used in the Mortgage file. A Borrower who increases debt and then periodically uses refinance or debt consolidation to reduce payments to a manageable level presents a higher degree of risk. The lender should consider the Borrower's short- term and long- term ability to repay the Mortgage. DTI ratios of % is permitted when: all borrowers have a 720 minimum credit score a maximum 80% LTV Note: When the above requirements are not met for % DTI transactions, the maximum DTI is 45%. For transactions with a non-occupant co-borrower, the occupant co-borrower does not qualify separately. Revolving Debt Section 2.01 Agency Loan Programs Standard Agency (non-aus, DU & LP) Agency Plus (DU) DU Refi Plus Texas Cash-Out Refinances [50(a)(6)] First Mortgages Revolving Debt Non-AUS Monthly payments on revolving or open-end accounts, regardless of balance, must be included in the borrower s monthly debt payment. Regardless of the funds used (borrower s own funds or gift funds), it is acceptable to pay off revolving or open-end debt and have the payment excluded from the qualifying ratio with documentation the account is closed with a zero balance. Notes: Revolving or open-end debt that is paid off must be paid off completely and the account must be closed for the debt to be excluded from the borrowers qualifying ratios, including cash-out refinance transactions. Paying debts off but the account is not closed will require the debt to still be counted against the borrower. If there is no payment on an open revolving account with a balance on the credit report, the minimum payment is calculated as the greater of $10 or 5% of the outstanding balance. Documentation from other third party sources can justify the use of a lower monthly payment. Last Revision Date: 7/3/15 (Correspondent) Page 6 of 7 Revolving Debt Conventional Non-AUS Revolving charge accounts and unsecured lines of credit are open-ended and should be treated as long-term debts and must be considered part of the borrower's recurring monthly debt obligations. These tradelines include credit cards, department store charge cards, and personal lines of credit. If the credit report does not show a required minimum payment amount and there is no supplemental documentation to support a payment of less than 5%, the lender must use 5% of the outstanding balance as the borrower's recurring monthly debt obligation. Follow DU guidelines, which are the same as non-aus guidelines with the following exception: For DU loan casefiles, if a revolving debt is provided on the loan application without a monthly payment amount, DU will use the greater of $10 or 5% of the outstanding balance as the monthly payment when calculating the total debt-to-income ratio. Monthly payments on revolving accounts must be included in the borrower s monthly debt payment.

7 Reference: See the Gifts subtopic subsequently presented in the Cash Requirements topic for additional information regarding the allowance of gifts to pay off or pay down mortgage debt. In the absence of a monthly payment on the credit report or direct verification, 5% of the outstanding balance will be considered to be the required monthly payment. Non-AUS guidelines apply with the following exception: If a payment for a revolving debt is not included in the online loan application, Fannie Mae DU will calculate an estimated payment to be used in the total monthly expense payment. This payment will be the greater of $10 or 5% of the outstanding balance. Documentation from other third party sources can justify the use of a lower monthly payment. Streamlined and Standard documentation requirements are the same. Monthly payments on revolving or open-end accounts, regardless of balance, must be included in the borrower s monthly debt payment. Regardless of the funds used (borrower s own funds or gift funds), it is acceptable to pay off revolving or open-end debt and have the payment excluded from the qualifying ratio. Note: Revolving or open-end debt that is paid off must be paid off completely and the account must be documented as closed. If no payment is present on credit report and cannot be obtained through direct verification, use greater of $10 or 5% of the outstanding balance. Documentation from other third party sources can justify the use of a lower monthly payment. Reference: See the Gifts subtopic subsequently presented in the Cash Requirements topic for additional information regarding the allowance of gifts to pay off or pay down mortgage debt. Last Revision Date: 7/3/15 (Correspondent) Page 7 of 7

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