VA IRRRL Offering 5/20/14

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1 VA IRRRL Offering 5/20/14

2 What is an IRRRL? IRRRL stands for Interest Rate Reduction Refinance Loan An IRRRL is a VA guaranteed loan made to refinance an existing VA guaranteed loan, generally at a lower interest rate and with lower principal and interest payments than the existing VA loan IRRRLs are a true streamline product and as such only existing VA loans are eligible Available on 30, 20, 25 or 15 year fixed rate, 3/1 and 5/1 ARM 2

3 IRRRL Basics IRRRLs have NO INCOME VERIFICATION A 2 year employment history is not required on the 1003 (except Credit Qualifying IRRRLs) HomeBridge will not verbally verify employment (except Credit Qualifying IRRRLs) IRRRLs do not require asset verification unless funds to close exceed $500 No Ratios No DU (IRRRLs are manual underwrites; do not run through DU) No Monthly MI 3

4 IRRRL Basics (continued) Funding Fee.50% Cash back at closing cannot exceed $500 Escrow account mandatory Maximum loan term Term may not exceed the original term of the loan being refinanced by more than 10 years, not to exceed 30 years and 32 days Minimum loan amount $60,000 Maximum loan amount $1,000,000 State of HI max loan amount $1.5 Million 4

5 Loan Eligibility VA to VA Loans Only; county loan limits do not apply to IRRRLs Veteran re-uses the entitlement from existing VA loan IRRRL does not impact amount of entitlement Veteran has in use IRRRL Case Number Assignment from VA Portal is required from the Broker (order without requesting an appraisal) offers temporary support for Brokers without Portal access Broker Bulletin has details on interim process 5

6 Loan Eligibility (continued) Generally the party/parties obligated on the original loan must be the same on the new loan (and the Veteran must still own the property): 6

7 Qualifying The principal and interest payment on an IRRRL must be less than the principal and interest payment on the loan being refinanced unless one of the following exceptions applies: Loan documents a benefit to the Veteran Loan term reduction OR term going from ARM to Fixed Credit Qualifying required when any of the following apply: PITI is increasing more than 20% Conforming primary residence with a FICO < 640 Spouse being removed from loan High Balance primary residence with a FICO < 720 7

8 Qualifying - Continued Qualifying Quick View Eligibility Chart Eligible Properties: 1 Unit, SFR, Condo, & PUD 8

9 Non Eligible Transactions & Properties The following are eligible for IRRRL transactions: Mortgages with less than 12 months payments made prior to the application (can be considered for exception) High Balance second home and investment properties High Balance 2-4 units properties 9

10 Credit Requirements Conforming Loan Amounts A mortgage only credit report with credit scores is acceptable unless the PITI payment is increasing by more than 20% or a spouse is being removed from the new loan, then a tri-merge credit report is required High Balance Loan Amounts Full credit report to verify no major derogatory credit in the past 12 months. Major derogatory credit is defined as any payment > 60 days delinquent, collections and/or judgments (excludes medical/utilities) 10

11 Credit Requirements (continued) FICO Credit qualifying only; refer to VA program guidelines for complete credit qualifying guidelines 1 unit only Conforming and High Balance Maximum 90% LTV/CLTV Minimum 2 year payment history on the loan being refinanced with a 0x30 in the previous 24 months - Less than 2 year payment history ineligible Maximum 31%/43% DTI No Exceptions VA residual income requirements apply 11

12 Credit Requirements (continued) Minimum FICO Credit qualifying only; refer to VA program guidelines for complete credit qualifying guidelines 1-4 unit primary residence conforming and high balance loan amounts Minimum 640 FICO 1 unit primary non-credit qualifying conforming loan amounts Minimum 680 FICO Second home and 1 unit investment property noncredit qualifying conforming loan amounts High Balance Ineligible 12

13 Required Submission Documentation IRRRL submissions require the following from the Broker in addition to standard submission requirements: 2 year employment history not required; do not show income (except Credit Qualifying IRRRLs) Assets should not be included unless the amount of funds to close is > $500 Liabilities should not be included with the exception of the mortgage loan to be paid off (except Credit Qualifying IRRRLs) from weblgy This will provide Funding Fee status (Exempt or Non-Exempt) 13

14 Required Submission Documentation (cont.) IRRRL Worksheet Located at > Forms VA Debt Questionnaire Located at > Forms VA Rate Reduction Certification signed by Borrower Sample available at > Forms Copy of existing Note/Current Mortgage Statement/Payoff When funds required to close exceeds $500, 1 month bank statement is required 14

15 Required Submission Documentation (cont.) AVM /2055/or full appraisal as required per matrix Signed 4506T Only processed on Credit Qualifying transactions Broker completed IRRRL Worksheet VA Form This form breaks out loan amount calculation Sample available at > Forms NOTE: HomeBridge VA Indebtedness Questionnaire is not required on IRRRL transactions 15

16 Appraisal Options and Requirements Acceptable on loan amounts or equal to $417,000 ($625,500 for properties located in AK/HI) Always check the estimated value to ensure it works for the loan parameter/ltv! Max LTV when using an AVM is 125% A standard deviation of or equal to 18 must be received If the standard deviation is > 18 a 2055 is required Core Logic will charge Broker a fee of $18 per AVM 16

17 Appraisal Options and Requirements Loans with 2055 will have max LTV of 125% 2055 is required to be completed by HomeBridge approved AMC Loans with loan amount $417,000 ($625,500 in AK/HI) will require a Full appraisal must be from HomeBridge approved AMC Max LTV is 100% 17

18 How To Order a CoreLogic GeoAVM Brokers not signed up with CoreLogic can contact Brian Keysor at to establish account Go to Enter your user name and password From the menu on the left side of the screen, under Report Summary select AVMs as the report option; select AVM Cascade, then GeoAVM Core (1) Type in the property address and zip code. Click on Submit Request On the Report Summary screen, the address will appear. (2) Click on the Get button, next to AVM Cascade to retrieve the AVM (3) 18

19 How To Order a CoreLogic GeoAVM 19

20 How to Read AVM Results GeoAVM will run 4 valuation models at one time and will return results for the AVM with the highest score: 20

21 How to Read AVM Results Note the Estimated Value, Confidence Score and Standard Deviation on the final AVM report: 21

22 Maximum Base Loan Amount < $417,000 Maximum Base Loan Amount will be the lesser of the following two calculations: Unpaid Principal Balance (current at time of closing) PLUS Allowable VA Closing Costs PLUS VA Funding Fee (if applicable) PLUS up to 2 points to obtain rate reduction (discount) Appraised value X 125% 22

23 Maximum Base Loan Amount > $417,001 Maximum Base Loan Amount will be the lesser of the following two calculations: Unpaid Principal Balance (current at time of closing) PLUS Allowable VA Closing Costs PLUS VA Funding Fee (if applicable) PLUS up to 2 points to obtain rate reduction (discount Appraised Value (FULL appraisal required) 23

24 Calculating Maximum IRRRL Loan Amount Assuming using an AVM with Appraised Value Less Than Existing Loan amount plus allowable costs: Appraised Value $100,000 X 125% = $125,000 Existing VA Loan UPB $145,000 Allowable Costs $3,000 $148,000 Max loan amount is $125,000 (lesser of two) 24

25 Calculating Loan Amount (continued) Assuming using an AVM with Appraised Value higher than Unpaid Principal plus allowable costs: Appraised Value $100,000 X 125%= $125,000 Existing VA loan UPB $114,000 Allowable Costs $3,000 $117,000 Max loan amount is $117,000 (lesser of two) 25

26 Fees and Charges VA allows the following fees and charges: 1% origination fee based on total loan amount. Fees determined by VA as unallowable cannot be charged to the Borrower OR 1% unallowable fees based on the total loan amount. An origination fee cannot be charged to the Borrower OR Blend of loan origination and unallowable fees based on total loan amount can be charged to the Borrower. Blend cannot exceed 1% of total loan amount. Since there is no origination fee charged, the Borrower can pay up to 1% of unallowable fees 26

27 Unallowable Fees The following fees be charged if a 1% origination fee is charged: Lender s Appraisal Closing/Settlement or Escrow Fee Doc Prep or Notary Fees Conveyance or Trustee Fee Underwriting Fee or Commitment Fee Interest Rate Lock Fee Postage/Mail Fees Tax Service Fee Attorney services other than title work Loan application/processing Fee Fees to Brokers or other 3rd party fees 27

28 Allowable Fees The following fees be charged to the Borrower if applicable: Loan Origination Fee Reasonable Discount Points Appraisal Fee Credit report Fee (actual) Title examination/title Insurance Fees Recording fees and taxes Flood determination Federal Express/Express mail fee Closing Protection letter fee VA Funding Fee MERS Registration fee 28

29 Fee/Charge Calculation Examples Loan Amount $200,000 Loan Origination $2000 Un-Allowable Fees $595 In this example the Borrower is paying a 1% loan origination fee. Therefore the Borrower is not able to cover the un-allowable fees The lender will be responsible for covering the unallowable fees of $595 via a lender credit 29

30 Fee/Charge Calculation Examples (continued) Loan Amount $150,000 Loan Origination $0 Un-Allowable Fees $595 In this example the Borrower is not paying a loan origination fee. The Borrower is able to cover the unallowable fees up to 1% 30

31 Fee/Charge Calculation Examples (continued) Loan Amount $300,000 Loan Origination $2000 Un-Allowable Fees $595 In this example the Borrower can cover the loan origination fee and the unallowable fees since the total is less than 1% of the loan amount 31

32 Closing Tips For VA IRRRLs, a general or military POA is acceptable if Veteran signed initial application and disclosures Alive and Well statement required if Veteran not at closing Maximum principal reduction is 1% of the loan amount Funding into the month with an interest credit is allowed Prior months payment must be made Existing IRRRL payoffs do not require full months worth of interest to be paid off (unlike FHA) For AVM option, insurance coverage only required for loan amount 32

33 VA Resources VA Resources include: Under Veteran Services click Home Loans Lender s Handbook is available Veterans Information Portal VA forms can be located at 33

34 VA IRRRL Forms IRRRL Forms (located under FORMS on website): Federal Collection Policy Notice HUD/VA Addendum to URLA Loan Summary Interest Rate Reduction Worksheet Verification of VA Benefits (N/A if exempt from funding fee) IRRRL Worksheet VA Debt Questionnaire 34

35 VA IRRRL Sample Forms 35

36 VA IRRRL Sample Forms 36

37 VA IRRRL Sample Forms 37

38 VA IRRRL Sample Forms 38

39 Questions? 39

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