LTV CLTV Max Debt-to- Income Ratio. LTV CLTV Max Debt-to- Income Ratio. LTV CLTV Max Debt-to- Income Ratio VF30IRL580SG VF15IRL580SG

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1 Primary Residence Second Home SERIES G WITH APPRAISAL Varies by County 1 100% 1,3 100% 2 N/A Varies by County 1 100% 1,3 Unlimited 2 N/A Varies by County 1 Unlimited Unlimited 2 N/A Footnotes 1 P&I increase >20% requires requalification of the borrower. VA Loan Limits - Click Here VA Handbook: Click Here 2 Existing subordinate financing must be fully executed Subordination Agreement recorded for any existing subordinate lien. No new subordinate financing allowed. 3 Max cash back to borrower not to exceed $ Sub 580 ( ): Refer to page 2 for full requirements. Investment Property WITH APPRAISAL Varies by County 1 100% 1,3 100% 2 N/A Varies by County 1 Unlimited Unlimited 2 N/A Product Codes Standard High Balance Sub 580 ( ) VF30IRLSG VF15IRLSG VF30IRLHBSG VF15IRLHBSG 580 VF30IRL580SG VF15IRL580SG Type of Loan Regular Military Reserves/National Guard Funding Fee Disabled Veteran Funding Fee Refinance of an existing VA loan.50% Exempt Page 1

2 SERIES G Eligible Product Programs and Properties Properties in Hawaii Second Home and Non Owner available with >579 on SFR VVOE Required confirming currently employed Premium pricing credit may be applied toward the borrowers VA nonallowable fees. No appraisal, AVM or drive-by required for 1-4 unit dwelling with Credit Score > 579 Mortgage only credit report, reporting thru the most current month due permitted on 1-4 unit, all occupancy types, s > 579 Ineligible Manufactured housing Adjustable rate mortgages 4506T Requirements 4506T to be fully completed and signed/dated by all applicants 4506T validation to be completed for the most current 2 tax years when credit qualifying due to payment increasing >20% FCMC Guidelines for Sub 580 VA IRRL Transactions Min 560 High Balance not allowed Multi unit dwellings 3-4 are ineligible Mortgage rating required thru the most current month due (all mortgages) 0x30X12 required. Owner occupied refinance only Properties listed in the last 6 months are ineligible Full appraisal required confirming value. Max LTV/CLTV 100%. Any required repairs must be completed. Judgments and / or non-mortgage liens must be paid in full Funds required to close must be fully sourced and seasoned from the borrowers own funds VVOE Confirming currently employed required Standard VA Seasoning requirements apply for all major derogatory credit Page 2

3 Q&A Series G Product VA IRRRL Q What does IRRL stand for? A Interest Rate Reduction loan or sometimes this type of refinance is called an IRRRL for Interest Rate Reduction Refinance Loan. They are one and the same! Q What specifically are the CFPB requirements for VA IRRRLs? A The four (4) requirements below are driven by CFPB Requirements: A minimum of 6 months seasoning from the date of origination (application date) for loan being refinanced to the closing date of the new loan. The veteran has not been more than 30 days past due during the 6 months preceding the new loan s closing date. The recoupment period for all allowable fees and charges financed, as part of the loan, or paid at closing, does not exceed 36 months. All other VA requirements for guaranteeing an IRRRL are met. Q - Can I run DU or LP on a VA IRRRL transaction? A - Yes, you can... But DON T! Once run the AUS documentation requirements MUST be met, including full employment verification and qualifying. Q - If the mortgage was transferred from one lender (Servicer) to another, would the 6 months payment with the new lender be required? A - No, The six month seasoning requirement is seasoned from the date the deed is recorded, not servicer transfer date. Q - Would a mortgage only credit report be permitted in lieu of a Tri-Merge? A - Yes, for non-credit qualifying IRRRLs with FICO > 579 only. IRRLS are manually underwritten using only the mortgage rating for determination of credit worthiness. If a full report is pulled, IHM will automatically populate individual trade lines. These trade lines may remain on the application, however will not be considered in the credit assessment. FICO s less than 580, see Pg 2 of the matrix for underwriting requirements. Q - If a Tri-Merge is used to underwrite, would an inquiries letter be required? A - No, DTI is not calculated on a VA IRRRL and therefore an inquiry letter is not required. Q - Would a LOE be required for address discrepancies? A - Yes, if the credit report or FraudGuard detect properties not disclosed or indicates that the subject property occupancy may be other than as submitted. Q When is an occupancy affidavit required to be signed by the borrower? A When the refinance is submitted as a second home or investment property transaction the veteran or the spouse of an active service member must certify that he or she previously occupied the property as his or her home. This is different than the requirement for non-irrrl VA loans that the veteran must intend to personally occupy the property as his or her home. Q - Does Foreclosure of a mortgage on the credit report need to be addressed or seasoned? A - No seasoning is required on SG when the FICO is >579. See Pg 3 of the matrix for S9 requirements. Page 3

4 Q - Does bankruptcy showing on the credit report have to be addressed or seasoned? A - No seasoning is required on SG when the FICO is >579. See Pg 3 of the matrix for S9 requirements Q - Does income documentation in the file need to be reviewed? And if not should the UW move to the other bucket or leave it and mark Do not use? A - Only in the event that the borrower s mortgage payment is increasing by more than 20% is review of qualifying documentation required. As a best practice, prior to moving income documents to the other bucket, validation of borrower name, spelling, address, SSN, etc. should be checked against IHM to ensure correct data entry. Q - Is a VVOE required confirming the borrowers employment prior to funding? A Yes the borrowers current employer must confirm employment. Q - If new payoff was requested after CTC due to payment made, would a principal reduction be acceptable, or would the loan amount must be reduced? A - A principal reduction is acceptable up to the full amount of the monthly mortgage payment. If the amount of the principal reduction is in excess of the borrowers monthly mortgage payment, the loan must be returned to underwriting for recalculation. Q - Are IRS Transcripts required on a VA IRRRL? A-IRS Transcripts would only be required if the borrower is having to credit qualify due to a mortgage payment increase of greater than 20% for all distribution channels. Q - Does the veterans name on the closing docs need to match COE? A VA IRRRL documentation requirements do not include a DD214 or COE. Therefore the Veterans name as it appears on Title is to be for ordering the VA Portal produced IRRRL Loan Information printout. Example: Q - Can the veteran request to add or remove middle initial from the closing docs as long as he has ID to match? A - First Cal is to order the IRRL Loan Information printout based on current title. Minor IHM / Docs variations for middle initial are acceptable as long as the name per the IRRL Loan Information printout is listed as an AKA. Q - Can I build in a cushion when calculating the loan amount? A - No. Only fees disclosed in the initial GFE or subsequent Change of Circumstances may be used for calculation of the loan amount. Page 4

5 Q- Is there any time in which an appraisal is required? A Yes, An appraisal is required in the following situations: SG product and the FICO is < 580. S9 product, when the property is 2-4 units or if modular or condo an AVM Required with a maximum 150% LTV of the subject s highest probable value. If AVM does not return results, a minimum of a drive-by appraisal is required with a maximum 150% LTV Q - Is the borrower required to disclose income or only employment? A Only employment is to be disclosed. There are no ratios, therefore disclosure of income is not required. Q - Is the borrower required to disclose assets? A SG Product, Assets are required when the amount required to close the transaction is greater than 4% of the total loan amount. See Pg 3 of the matrix for S9 requirements. Q - Can 60 days of interest be included in the new mortgage calculation? A Yes and No. The new loan amount calculation may include up to 60 days of interest, only if the borrower has not yet made the mortgage payment for the month currently due. Example: The loan is funding in February: If the payment for February has been made the only 30 days of interest may be included. If the February payment has NOT been made, then 60 days of interest may be included. Q - Can the borrower s ex-spouse be removed from an IRRRL refinance due to divorce? A Yes, if the note on the current mortgage confirms the ex-spouse was not on the loan. Q - Can the borrowers spouse be removed from an IRRRL refinance if credit is an issue? A Yes, if the note on the current mortgage confirms the spouse was not on the loan. Q - What property value is to be used in IHM when an appraisal is not required? A IHM is to reflect the original VA loan amount of the existing loan being refinanced. Q - What is the maximum LTV for an IRRRL? A A maximum LTV is only applicable when an appraisal is required. Refer to the program matrix for specific guidance. Q - When is acceptable for the borrower to receive cash back? A - The borrower may only receive cash back as a result in minor fee variations. Q - What is the max cash back to the borrower on a VA IRRRL? A - $ Page 5

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