Appraisal Standards and Guidelines chapter

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1 Appraisal Standards and Guidelines chapter Union Capital requires appraisers and appraisal reports to meet USPAP and applicable Union Capital, FNMA, FHLMC, FHA and VA policies and requirements, as applicable. Appraisals must be provided by independent, disinterested appraisers. Appraisers must be licensed or certified in accordance with Title XI of the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) of Any party having an interest in the transaction is prohibited from applying pressure or influence on the appraiser to encourage providing specific results or findings. Union Capital may request additional information from the appraiser if deemed necessary in Union Capital s sole judgment. Union Capital reserves the right to accept, or not accept, appraisals completed by appraisers that do not meet Union Capital s guidelines and standards. Upon notification by Union Capital, clients must take steps to ensure that no appraisal or other third-party service is delivered to Union Capital if prepared by an appraiser or other provider that is unacceptable. Union Capital may take disciplinary action with the appropriate bodies (up to and including legal action) against any appraiser or other third-party vendor. Union Capital expects all clients to have adequate controls in place to ensure its employees and other interested parties do not compromise the accuracy and integrity of appraisal reports. Union Capital prohibits the development of a property value that is based on race, color, religion, sex, handicap, familial status, or national origin. The Effective Date of this chapter is listed at the bottom of each page. The categories are listed alphabetically. Acreage Acreage restrictions, if any, are listed in the individual Product Descriptions within this Seller s Guide. Value based on a lesser amount of acreage than the actual lot size is not acceptable on any loan. Adverse Market Conditions The level of collateral risk associated with housing trends indicating values are unstable or declining, combined with the risk of specific loan products, purposes and occupancy may require a reduction in the LTV / CLTV / HCLTV. For New Construction transactions, regardless of market conditions: Appraisals for properties located in a new construction subdivision or development must include at least 1 current sale from the subject development/builder and either 1 closed sale from a competing development/builder OR 1 closed sale from the subject development that has closed within 30 days of the date of the appraisal. FOR CONVENTIONAL LOANS, special requirements apply to appraisals that identity adverse market conditions for the subject property (examples: declining values, an over-supply of properties, or marketing times in excess of 6 months). Such appraisals need to be documented and reviewed carefully. Required documentation includes: o At least 2 of the 3 comparables must be dated within 90 days of the appraisal date. o At least 1 listing or pending sale is required. Ideally, and when possible, at least 2 additional comparable listings or pending sales should be provided. o The appraiser must address the impact on marketability and value of both favorable and unfavorable factors and avoid using subjective, racial or stereotypical terms, phrases or comments within the appraisal report. o Days on market must be reported for the subject property and each comparable sale, and must support the average marketing time listed on Page 1 of the appraisal report. o If the appraiser is unable to provide 2 comparables within 90 days and/or the required current listings, the appraiser must provide a detailed explanation and identify whether value adjustments resulted. The explanation from the appraiser must be consistent with other tools utilized to review the appraisal. When the appraiser is unable to provide this (or other) information, second level reviews through Union Capital may be required. o The maximum LTV/CLTV on any property located in a soft or declining market is limited to the lesser of 95% or the maximum LTV/CLTV for the specific product and loan type. o Time adjustments, when deemed appropriate by the appraiser, must reflect the difference in market conditions between the date of sale of the comparables and the effective date of appraisal for the subject property. March 1, 2010 Page 1

2 AGRICULTURAL PROPERTIES Agricultural properties such as farms, ranches, orchards, or undeveloped land or on land-development-type properties, are not eligible. APPRAISAL FORM REMINDER Appraisals dated on and after April 1, 2009 must include Form 1004 Market Conditions Addendum (1004MC). APPRAISAL RECERTIFICATION AND UPDATE REQUIREMENTS This policy is effective for all CONVENTIONAL loan products. A recertification of value is normally required on appraisals dated more than 120 days prior to closing. Form 442, Satisfactory Completion Certificate, is no longer acceptable for this purpose. The acceptable form for recertification of value is the 1004D (revised March 2005). A full appraisal, including the appraisal form initially required, will be required if the re-certification indicates a decline in the property s value from the initial appraisal. See applicable Product Description for appraisal documentation requirements. Form 442 or 1004D (revised March 2005) will be acceptable to certify the completion of work performed, for appraisals made subject to and completion of escrow holdbacks. All appraisals must reflect the current transaction information. When using an appraisal for a refinance that was previously used by the current borrowers to purchase the subject property, the FNMA Form 1004C may be used to update the current owner and recent transfer information since the previous appraisal date, as well as other required information in accordance with FNMA guidelines. A complete new appraisal is required any time the property has declined in value. CONDOMINIUMS and PUDs All loans must comply with the most current FNMA guidelines, regardless of DU or LP. Condo and PUD Insurance Requirements: Many units in Condo projects are covered by master or blanket policies, instead of by individual policies. This is also true for some PUD units. In these cases, Union Capital requires a copy of the current master or blanket policy and a certificate of insurance showing that the individual unit that secures the mortgage is covered. All insurance documentation will be reviewed prior to funding. Hazard Insurance Requirements: o A blanket policy covering 100% of the insurable replacement cost of the project improvement is required. o Individual insurance policies are acceptable for Detached PUDs and Site Condos, and must follow standard SFR insurance guidelines. Liability Insurance Requirements: o Required on all Condos and PUDs in the amount of $1,000,000. o Site Condos and detached PUDs require liability insurance coverage only if there are common elements and/or a master or blanket policy is in place. Fidelity Bond or Employee Dishonesty: o Coverage is required on all Condos consisting of more than 20 units. Amount of coverage is not verified for Limited Review. o Site Condos and detached PUDs require Fidelity Bond/Employee dishonesty coverage only if a master or blanket policy is in place. Flood Insurance: o If the insurable improvements on the Mortgaged Premises are located in an area that has been identified as a Special Flood Hazard Area, a flood insurance policy and certificate of insurance covering the cost of improvements must be obtained. Litigation: o A condo project (or HOA) which is currently involved in a lawsuit may not be eligible for financing, depending on the nature of the litigation. Union Capital will review such situations case-by-case. March 1, 2010 Page 2

3 CONDOMINIUM APPRAISALS The appraiser must complete the FNMA Form 1073 / FHLMC Form 465 Individual Condominium Unit Appraisal Report (March 2005). The underwriter must review the Project Improvements section to determine the project classification and whether the project meets investor guidelines as indicated in this section. The project information should be compared to the Homeowner s Association Certification. And discrepancies must be verified and corrected documentation must be obtained. CONSTRUCTION LOANS Construction to Permanent Financing (2 x close) Construction to permanent financing involves the granting of a long-term mortgage to a borrower for the purpose of replacing interim financing that the borrower obtained in order to fund the construction of the home. Union Capital requires that: All FNMA/FHLMC guidelines must be met except as noted below. Owner occupied single family and second homes only. A final Certificate of Completion is required, or the current appraisal must indicate the subject property is 100% complete. Photographs of the completed property must be provided. A Certificate of Occupancy or equivalent from the local authority must be provided. Construction to Permanent transactions may be treated as: o A Purchase where the applicant receives no cash out, or o A Refinance where the applicant may or may not receive cash out. Loans underwritten through DU: The dates of VOE, Income, Source of Funds, and Credit History must not be more than 120 days prior to the Note date of the permanent mortgage. The date of the appraisal report must not be more than 120 days prior to the Note date. All loans should be input into DO/DU as Construction to Permanent refinances or purchases. Purchase Transactions: o When a purchase transaction is used in connection with a lot that the borrower acquired 12 or more months before applying for the construction financing or if the borrower acquired the lot through an inheritance or gift (regardless of the date of acquisition), the LTV ratio is determined by dividing the loan amount by the lesser of: The current appraised value of the property (both the lot and improvements), OR The sum of the documented costs of the construction and the current appraised value of the lot. o If the borrower acquired the lot within the 12 months preceding the application date for the construction financing, the LTV ratio is determined by dividing the loan amount of the construction to permanent mortgage by the lesser of: The current appraised value of the property (both the lot and improvements), OR The total acquisition costs (the sum of the documented costs of construction and the sale price of the lot). The sale price of the lot must be documented by a copy of either the purchase contract or the related HUD-1 settlement statement. o o o The borrower must use his/her own savings or other liquid assets to make a minimum required down payment of 5%. The remainder of the down payment may come from other sources. The purchase price must be clearly supported with the documented cost to construct including the lot. All LTV, loan amount and down payment requirements for Purchase transactions must be met. March 1, 2010 Page 3

4 CONSTRUCTION LOANS (continued) Loans underwritten through DU (continued): Refinance Transactions: o When underwriting as a Refinance transaction, the construction financing must be in the borrower s name. o The borrower must have held legal title to the lot before he/she applied for the construction financing. o If the borrower acquired the lot 12 months or more prior to the application for the construction loan, the LTV/CLTV/HCLTV are based on the lesser of the current appraised value or the total acquisition cost (cost of improvements plus the lot). o The loan is subject to all LTV and loan amount restrictions for Refinance transactions (either rate/term or cash-out). o All improvements must be completed prior to funding. Loans underwritten through LP The dates of verification of employment, income, source of funds, and credit history must not be more than 120 days prior to the Note date of the permanent mortgage when the loan is being considered a regular Refinance. The date of the appraisal report must not be more than 120 days prior to the Note date. The borrower on the permanent financing must be the borrower on the construction financing. A borrower may not be added or removed when the construction financing is paid off or converts to permanent financing. Prior to the start of construction, the borrower must own the land in fee simple or have a leasehold estate. All loans should be input into LP as a regular Refinance or Purchase without utilizing the LP Construction to Permanent Option. The current appraised value may be used. Must receive an LP Accept/Eligible to be eligible for LP guidelines. Construction/Permanent Loans with Modification (1 x close) Union Capital currently will NOT accept construction/permanent loans with modification. DEGREE OF DEVELOPMENT Geographic areas which are less than 25% developed are generally not acceptable for maximum financing. Areas between 25% and 75% developed and showing a steady growth pattern are acceptable for maximum financing. ESCROW HOLDBACKS An Escrow Holdback includes non-completion of items due to weather conditions. Please see the applicable Product Description in this Seller s Guide for the Escrow Holdback allowances and requirements for that particular product. Subject To appraisals are not allowed on any product. Eligible Mortgages: A mortgage subject to an escrow holdback is eligible if it meets all of the following requirements: Owner-occupied new construction Detached single-family residence or detached PUD (factory built housing not eligible). The maximum LTV is 95% for a Fixed-Rate, or 90% for an ARM. Ineligible Mortgages: Escrow holdbacks are not allowed for the following purposes: Structural repairs Well/Septic Foundation work Roofs Clean-up or correction of environmental hazards Other purposes deemed unacceptable by Union Capital. March 1, 2010 Page 4

5 ESCROW HOLDBACKS (continued) Marketability and Acceptability: An escrow holdback may be used only for the following purposes: Construction items that need to be completed but do not affect the livability of the dwelling There must be no adverse affect to marketability due to the incomplete items Incomplete items must be minor in nature and must not affect the borrower s safety or ability to live in the home The subject property must be habitable, safe and basically complete The incomplete work cannot prevent the issuance of a Certificate of Occupancy The work must be completed and notice of completion must be delivered to Union Capital by the specified date. Documentation: Appraiser s cost breakdown (item by item) or contractor s (not the builder) bid used to determine the amount of the escrow. The maximum amount for completion of escrows is 10% of the lesser of the property s cost or appraised value. A copy of the signed escrow agreement must be submitted prior to funding. A clear final inspection from the appraiser, and Certificate of Occupancy from the local authority, must be provided upon completion. FHA loans require a Mortgagee s Assurance of Completion form. Completion Requirements and Amount of Escrow: Weather related escrow between November 1 st and April 30 th is 120 days. An amount of 150% of the cost to complete will be used to determine the amount of escrow. Swimming Pool Escrows: The maximum amount of time allowed for a pool escrow is 75 days. Escrow holdback is 1.5 times the amount to complete the pool. The maximum estimated cost to complete the pool must not exceed the following: o For LTV/CLTV of %: the greater of $20,000 or 10% of the lesser of the property s total cost or appraised value. o For LTV/CLTV of 90%: the greater of $20,000 or 15% of the lesser of the property s total cost or appraised value. All other Escrow Holdback requirements stated above apply. FACTORY BUILT HOUSING Factory-built housing must assume the characteristics of site-built housing and be legally classified as real property. The purchase, conveyance, and financing (or refinancing) of the property, which must be evidenced by a valid and enforceable first lien mortgage or deed of trust that is recorded in the land records, must represent a single real estate transaction under applicable state law. Prefabricated, panelized, or sectional housing units must conform to all local building codes in the jurisdiction in which they are permanently located. Modular homes must be built to the state building code requirement of the state in which they are to be installed. There are several state agencies that have adopted a Uniform Building Code for modular homes. Marketing time must not exceed 6 months. Minimum of 2 similar factory-built comparables is required. HUD PROPERTIES Union Capital will NOT accept FHA repo properties that require repairs (regardless of whether an appraisal is completed as is ). Loans secured by FHA repo properties may be accepted subject to the following: All utilities must be operational at the time of the appraiser s property inspection. Deferred maintenance or repairs must be completed prior to funding. Escrow holdbacks are not allowed. March 1, 2010 Page 5

6 HVCC REQUIREMENTS Appraisal Delivery: The borrower must receive a copy of their appraisal, or waive that right, as follows: Borrower(s) must receive a copy of their appraisal at least 3 business days prior to closing, without having to make a written or verbal request, unless they have previously waived their right to the appraisal. Union Capital must receive an appraisal delivery form prior to funding, documenting the date and method used to deliver the copy of the appraisal to the borrower. If the borrower(s) elect to waive their right to receive a copy of the appraisal, the waiver may be signed at time of application. It may not be signed at time of closing, since HVCC requires the copy of the appraisal to be received by the borrower at least 3 business days prior to closing. Since HVCC requires that a copy of the appraisal be delivered to the borrower(s) promptly upon completion, the waiver would need to be signed sometime before the appraisal was completed. Transferred Appraisals: A transferred appraisal occurs when an initial lender takes an application and orders the appraisal, then subsequently transfers that appraisal to another lender prior to closing. Union Capital does not accept transferred appraisals. INELIGIBLE PROPERTIES Manufactured Housing Dome Homes Earth Berm homes Store Front properties Log Homes for FHA loans Unique properties Properties rated in Fair condition See applicable Product Description for any additional property limitations Properties within a Right of Redemption period (not considered clear title ) Properties with less than 600 square feet Builder Equity Trades Properties sold at Auction see comments below: o Properties sold at auction by a builder, developer or other related entity, condominiums or attached PUD projects are not eligible. Any property reflecting an inconsistency with sellers, purchase price, any assignment of contract, flips or chain of title discrepancies, marketability issues or any other guideline violation is not eligible. This does not include standard purchase transactions where the seller is a financial institution disposing on an REO property. PROPERTY APPRAISERS The property appraiser must be a state-licensed or certified appraiser. The appraisal forms define the appraiser as the individual who personally inspected the property being appraised, inspected the exterior of the comparables, performed the analysis, and prepared and signed the appraisal report as the appraiser. The appraiser may rely on individuals who are not state-licensed or certified to provide significant professional assistance, such as an appraiser trainee or an employee of the appraiser doing market data research or data verification. March 1, 2010 Page 6

7 PROPERTY INSPECTION WAIVERS and PROPERTY INSPECTION ALTERNATIVES The PIW or PIA option must be indicated on the AUS findings report. Also refer to the applicable Product Description in this Sellers Guide for PIW/PIA eligibility. For example, this option is not available for FHA loans. To be eligible, PIW loans must either be submitted: Through the lender s own DU system, if applicable. The lender must print the waiver and include it in the file delivered to Union Capital. Through Union Capital s underwriting process. Union Capital will activate and print the waiver prior to funding the loan. If the PIW or PIA option is elected, a fee of $75 will be charged by Union Capital at funding. If the PIW option is elected, the borrower must sign a Property Inspection Waiver Disclosure. RURAL PROPERTIES Rural properties may be acceptable unless otherwise limited by the parameters of the particular loan product. See the applicable Product Description in this Sellers Guide. Rural properties must also meet the following requirements: Owner-occupied primary residence or Second Home. Marketing time must be 6 months or less, and values must be stable or appreciating. The area generally must be at least 25% developed. All comparable sales must generally be located within 5 miles of the subject property. Must be accessible by roads that meet local standards. Must have adequate sewage, water, and utilities available and in service. Land value generally must not exceed 35%. (End of Chapter) March 1, 2010 Page 7

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