EFFECTIVE FOR FHA CASE NUMBER ASSIGNMENTS ON AND AFTER SEPTEMBER 14, 2015 OVERLAY MATRIX: GOVERNMENT

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1 Appraisals Attached PUDs Automated Findings Condominiums Credit History VA: Form 2055 Appraisal dated prior to the Note Date required on IRRRLs if current VA loan is not serviced by BB&T. FHA: Property Insurance requirements: HO3/comparable full coverage homeowners insurance policy; OR HO6 policy required with coverage, as determined by the insurer, which is sufficient to repair the unit to its condition prior to a loss claim event for attached PUDs where the homeowners association has a blanket policy covering the exterior structure only; OR Homeowners Association blanket policy covering the exterior AND interior of the unit. HO6 coverage will not be escrowed separately if blanket policy covers the exterior and interior of the unit. HO3/comparable full coverage policies will be escrowed. USDA: follow FHA property insurance requirements above. VA: follow FHA property insurance requirements above. FHA: LP Accept or DU Approve/Eligible findings required on Purchases, No Cash Out Refinances, Cash-Out Refinances. TOTAL Scorecard run through an approved FHA vendor is acceptable. The list of approved vendors is accessible in FHA Connection. Simple Refinance Transactions are not eligible for delivery at this time. USDA: Manual Underwriting or GUS Accept Eligible accepted. Loans submitted to GUS receiving a Refer or Refer with Caution and switched to manual underwriting are not eligible for delivery to BB&T Correspondent Lending. May not register USDA loans where funds are not available. VA: LP Accept or DU Approve/Eligible findings required on Purchase and Cash-Out Refinances. Manual Underwriting required on VA IRRRLs. FHA: FHA Approved only DELRAP Condos not accepted. EXCEPTION: Streamline Refinances currently serviced by BB&T are acceptable for delivery to BB&T where the condominium project is no longer insurable under FHA guidelines or the project was DE approved and not FHA approved. Property Insurance requirements: HO6 policy required with coverage, as determined by the insurer, which is sufficient to repair the unit to its condition prior to a loss claim event for Condominiums where the condominium master policy covers the exterior structure only; OR Condominium master policy covering the exterior AND interior of the unit. HO6 coverage will not be escrowed separately if master policy covers the exterior and interior of the unit. USDA: FHA DELRAP Condos not accepted. Follow FHA property insurance requirements above. VA: VA Approved only. Follow FHA property insurance requirements above. FHA: Streamline Refinances - 12 months clean documented mortgage payment history. Prior rental history or history residing with family members is not acceptable. Credit Inquiries: Written explanation is required from Borrower for all inquiries shown on the credit report that were made within the last 90 days. New debts must be included in debt ratios. VA: Non-BB&T Serviced IRRLs - 12 month clean documented mortgage payment history. Prior rental history or history residing with family members is not acceptable. Current Form 2055 appraisal required, with base LTV not exceeding 100% of that value. 1

2 Credit Score Requirements Rescoring and Credit Repair: Legitimate corrections to a borrower s credit profile are acceptable, i.e., John Doe Jr. s derogatory credit is reflected on John Doe Sr. s credit report. In order to ensure the accuracy of the information, corrections should be made at the credit repository level. Any supporting documentation sent to the credit repositories along with all copies of credit reports should be maintained in the Correspondent s loan file and included with the file submission when delivered to BB&T Correspondent Lending. The use of credit repair vendors who assist borrowers to falsely repair their credit by the manipulation of data contained in the borrower s credit profile to improve credit scores for purposes of loan eligibility and creditworthiness is expressly prohibited by BB&T Correspondent Lending. It is at BB&T Correspondent Lending s discretion to determine if the credit history and credit scores are legitimate, acceptable and meet guideline requirements FHA: Purchases, No Cash Out, Cash-Out & BB&T serviced Owner Occupied Streamline Refinances/HUD REO properties: <= $417,000 = 660 BB&T serviced Non-Owner Occupied Streamline Refinances: All loan amounts = 720 FHA Owner Occupied and Non-Owner Occupied Streamlines that are not BB&T serviced are ineligible. USDA: Minimum credit score is 680 for program eligibility and credit underwriting. Each borrower on transaction must meet the 680 minimum. For borrowers with one credit score reported on the traditional credit report, non-traditional credit sources are required. See USDA Product Description for more details. A non-traditional mortgage credit report score is not eligible for consideration to meet credit score requirement. VA: Purchases & Cash-Out Refinances: <= $417,000 = 640 IRRRLs: O/O BB&T serviced all loan amounts: 620 O/O Non-BB&T serviced <= $417,000 = 660 Non-Owner Occupied BB&T serviced only IRRRL = 700 2

3 Debt-to-Income Ratio Downpayment Assistance Programs Identity Certification Income Ineligible Loan Programs Investment Property Loan Amounts FHA: Maximum DTI is 50% on Purchases and Refinances, regardless of DU or LP Approval. FHA Jumbo loans are limited to 45% regardless of DU or LP Approval. DTI is not calculated on non-credit qualifying Streamline Refinances Credit Inquiries: Written explanation is required from Borrower for all inquiries shown on the credit report that were made within the last 90 days. New debts must be included in debt ratios. VA: No set maximum DTI with LP Accept or DU Approve/Eligible. Residual Guideline minimums must be met or exceeded. FHLB eligible for all government programs. See product descriptions for information regarding additional eligible programs. FHA: A "FHA Identity Certification" form must be signed by the Correspondent associate responsible for reviewing and verifying the Borrower's identity using valid government-issued photo ID. The completed form must be included in the submission package. A copy of the photo ID should not be provided to BB&T Correspondent Lending. FHA: Projected Income - Borrower s employment offer must be non-contingent, and the non-contingent offer letter must be retained in the file. In the event the borrower provides an offer letter with contingencies, the file must contain an additional letter from the employer stating that all contingencies have been cleared for employment. Borrower s written acceptance of the employment offer must also be retained in the file. FHA: Energy Efficient Mortgages (EEMs); Home Equity Conversion Mortgages (HECMS); Non-BB&T serviced Streamline Refinances; Refinance of borrowers in Negative Equity Positions; Simple Refinances USDA: Energy Efficient Mortgages (EEMs); Properties located in mudslide zone; Refinance Pilot Program; Streamline Refinances. VA: Energy Efficient Mortgages (EEMs); VA Vendee Financing Program FHA: Investment property purchases ineligible. Investment property allowed on Streamline Refinance if currently serviced by BB&T. VA: Investment property purchases ineligible. Investment property allowed for IRRRLs if currently serviced by BB&T. FHA: Maximum base loan cannot exceed $750,000 in high cost areas. Upfront MIP can be added to maximum base. USDA: Maximum base loan cannot exceed current conforming conventional limit. Guarantee Fee can be added to maximum base. VA: Maximum base loan cannot exceed $750,000 in high cost areas. VA Funding Fee can be added to maximum base. 3

4 EFFECTIVE FOR FHA CASE NUMBER ASSIGNMENTS ON AND AFTER SEPTEMBER 14, 2015 Loan-to-Value VA: Purchase 100% LTV (if subject to subordinate financing, the maximum TLTV accepted by BB&T is 105%) Cash Out Refinance 90% LTV (if subject to subordinate financing, the maximum TLTV accepted by BB&T is 100%) Product Features FHA: Fixed rate only 203(b), 234(c), and 203(k) eligible. 203(k) loans must be fully disbursed with a final inspection in the file at time of delivery to BB&T. USDA: Fixed rate only VA: Fixed rate only Properties Sold at Auction, FHA: HUD REO properties - Refer to Product Description and Price Adjustments & LTV Charts for additional information. Foreclosure, Deed in Lieu, HUD Repo, Bank-Owned or Short Sale Property Flipping FHA: HUD REO properties - Refer to the Property Flipping section in the Product Description for additional information. Refinance Simple FHA: Simple Refinance Transactions are not eligible for delivery at this time. Refinance Streamlines FHA: FHA Streamline Refinances must be serviced by BB&T. BB&T requires a completed Lender Certification by the Correspondent on letterhead certifying standard FHA guidelines for streamline refinances. Refer to FHA Product Description for details. Refinance Cash Out VA: 90% LTV (if subject to subordinate financing, the maximum TLTV accepted by BB&T is 100%) Refinance IRRRLs VA: VA Interest Rate Reduction (IRRRLs). The following apply to loans not serviced by BB&T: Require an exterior appraisal, Form If current mortgage has less than 12 months, a prior mortgage to equate to twelve consecutive payments is required. Prior rental history or history of residing with family members is not acceptable. Non-owner occupied Interest Rate Reduction Refinances (IRRRLs) are allowed for BB&T serviced loans only. No Florida condominiums. Maximum LTV/TLTV is limited to 100% of the appraised value. This is calculated by taking the base loan amount excluding any financed Funding Fee and dividing by the value determined by the appraisal required by BB&T. The Total Loan Amount includes the Funding Fee after the LTV has been calculated. Condition of property must be at least "average" and any repairs that impact safety or habitability must be completed. Loan amounts over $650,000 require a full appraisal. 4

5 Secondary Financing FHA: Permitted. Max CLTV 105% VA: Purchase Max TLTV 105% Cash Out Refinance Max TLTV 100% Tax Returns Personal tax returns: Borrower signature not required. Business tax returns: Borrower signature required. Tax Transcripts FHA: Most recent available tax year is required for ALL LOANS for each borrower. VA: Most recent available tax year is required for ALL LOANS for each borrower. USDA: Follow USDA guideline. Most recent two years are required for ALL adult members of the household. Test Cases FHA: Eligible. Loan submission package must contain Mortgage Insurance Certificate. VA: Eligible. Loan submission package must contain Loan Guaranty Certificate. 5

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