OVERLAY AND ALLOWANCES MATRIX: CONVENTIONAL CONFORMING AND SUPER CONFORMING

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1 OVERLAY AND ALLOWANCES MATRIX: CONVENTIONAL CONFORMING AND SUPER CONFORMING Appraisals DU: Forms 2055, 2075, 1075 and PIW not accepted. Re-use of an existing appraisal for a subsequent refinance is not permitted. A new appraisal must be ordered for each mortgage transaction. Attached PUDs 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. Automated Findings LPA Caution, DU Refer with Caution and/or Manual Underwrite of non-eligible findings are not accepted. Loans receiving an approval through LPA or DU where the AUS Findings have been customized for a specific Lender are ineligible for delivery to BB&T Correspondent Lending. See Conforming and Super Conforming Underwriting Guidelines for DU overlays. Condominiums Use Condominium Project Questionnaire Full Form or Condominium Project Questionnaire Short Form (or comparable formats) to determine condo classification. Condo must meet one of the Eligible Classifications shown on the BB&T Condominium Classification Certification. Correspondent must complete Certification. Correspondent responsible for reviewing HOA s current budget and balance sheet and declaration page of current insurance policies. All appropriate attachments must be included in submission of loan package. Fannie Mae approved projects accepted. Must be warranted to and meet Freddie Mac requirements. Fannie Mae Limited Review ineligible. Florida New or Newly Converted Condos must have Fannie Mae PERS approval to be eligible for delivery to Freddie Mac. 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. 1

2 OVERLAY MATRIX: CONVENTIONAL CONFORMING AND SUPER CONFORMING Construction Conversion & Renovation Mortgages Follow Section 3:16 of the Conforming and Super Conforming Underwriting Guidelines. Loans receiving LPA Accept & DU Approve/Eligible are eligible. LPA Caution A-minus is not eligible. Freddie Mac: Separate Construction Conversion Documentation option only. See the Freddie Mac Seller/Servicer Guide. Fannie Mae: Conversion of Construction-to-Permanent Financing Two-Closing Transactions option only. See Fannie Mae Selling Guide Section B The following apply regardless of LPA or DU approval: Primary Owner Occupied and Second Homes only. 1 4 Unit Site Built homes only. All improvements must by fully completed before delivery to BB&T Correspondent Lending. Age of Credit Documentation: Credit documents must not exceed 120 days as of the Note Date (effective date of permanent financing). Appraisal Requirements: Interior/Exterior appraisal (Freddie Mac Form 70/Fannie Mae Form 1004 for 1 unit properties; Freddie Mac Form 72/Fannie Mae Form 1025 for 2 4 unit properties) required regardless of LPA feedback. Appraiser s opinion of value must provide the as completed value. Age of Appraisals: If the effective date of the appraisal report is more than 120 days before the Note Date, and not more than 12 months before the Note Date, an appraisal update with at least an exterior-only inspection is required. For the purpose of this section, the Note Date is equivalent to the Effective Date of Permanent Financing when the mortgage is a Construction Conversion or Renovation Mortgage. If the effective date of the appraisal report is more than 12 months before the Note Date, a new appraisal with an interior and exterior inspection is required. If the new refinance mortgage replaces the interim construction mortgage more than 180 days after the property completion, a Right to Cancel would be required. Escrow holdbacks allowed for landscaping only. Ineligible Mortgages Freddie Mac Construction Conversion and Renovation Mortgages Documentation structure: Integrated Construction Conversion Documentation Modification Construction Conversion Documentation Fannie Mae Conversion of Construction-to-Permanent Financing: Single-Closing Transactions LPA and DU Approved Modified Construction Loans Mortgage File Documentation Requirements Freddie Mac: Construction Conversion and Renovation Mortgages The following requirement applies in addition to the mortgage file documentation requirements located in the Freddie Mac Seller/Servicer Guide. Purchase Transactions: Correspondents must provide an explanation on the Transmittal Summary addressing the decision to structure as a purchase transaction while documenting as a refinance. 2

3 OVERLAY MATRIX: CONVENTIONAL CONFORMING AND SUPER CONFORMING Credit History Follow Sections 3:8 & 3:11 of the Conforming and Super Conforming Underwriting Guidelines. Significant Adverse or Derogatory Credit/Waiting Periods Short Sale Freddie Mac requirements for manually underwritten loans must be followed when loan file contains evidence of a short sale on the credit report or elsewhere in the loan file. 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. Conforming Loan Amounts: Purchase & No Cash Out (NCO) = 640 Cash Out Refinance (C/O) = 660 Debt-to-Income Ratio Downpayment Assistance Programs Super Conforming Loan Amounts: 1 unit Primary Purchase or No Cash Out: LTV/TLTV > 75% = 700 LTV/TLTV <= 75% = Unit Primary or Second Home Purchase or No Cash Out = Unit Primary or Second Home Cash Out = Unit Investment Purchase or No Cash Out = 740 Conforming Loan Amounts LPA 55% DU 45% Super Conforming Loan Amounts DU/LPA 45% Eligible for HOME Now products only. See product descriptions for additional information regarding eligible programs. 3

4 First Time HomeBuyer Program (DU Approval Only) HOME Now (LPA Approval Only) OVERLAY MATRIX: CONVENTIONAL CONFORMING AND SUPER CONFORMING Purchase transactions only. At least one borrower must be a First Time HomeBuyer (FTHB), which is defined as an individual who has not had an ownership interest (sole or joint) in residential real estate during the past three years. Minimum credit score is 620. Reduced Mortgage Insurance coverage of 18% is allowed with applicable risk fees. Risk based fees apply. Please refer to Price Adjustments & LTV Charts for details. LTV/TLTV Property Type Maximum LTV Maximum TLTV 3 4 units 80% 95% Secondary Financing Secondary Financing must be an Affordable Second. Affordable Second financing cannot be a Home Equity Line of Credit if LTV exceeds 95%. Note: Affordable seconds with no payments before the 61 st payment on the HOME Now mortgages may be entered as a gift. Minimum Credit Score Requirements LTV <=80% LTV >80% 1 unit None units None units None N/A Investment Property Ineligible Loan Programs/Transactions Large Deposits Cash-Out is not allowed. Florida investment condos are allowed under full condo review only. Refer to Section 3:28 of the Conforming and Super Conforming Underwriting Guidelines under Ineligible Transactions and Product Descriptions for additional information. Large deposits are defined as a single deposit that exceeds 50% of the total gross monthly qualifying income for the loan. This requirement is for all transactions where the deposit is needed to meet the requirements for Borrower Funds and/or required reserves. When a deposit that meets the definition for large deposits is not documented and is not needed for Borrower Funds and/or required reserves, the funds used for qualifying purposes by the amount of the unverified deposit must be reduced. Any borrowed funds including any related liability must be considered, including undisclosed debt. Therefore, a signed statement from the borrower explaining the origin of unverified deposits is required and must be included in the loan file. When a single deposit consists of both verified and unverified funds, the unverified funds are used when determining whether the deposit exceeds the 50% requirement. Note: The reduced amount of the asset must be entered into Loan Product Advisor or Desktop Underwriter. 4

5 OVERLAY MATRIX: CONVENTIONAL CONFORMING AND SUPER CONFORMING Loan Amounts Maximum loan amount based on existing Conforming Conventional policy. Super Conforming loans are capped at $1 million regardless of LPA Accept/DU Approve/Ineligible rating. Loan-to-Value Maximum Number of Financed Properties Refer to Price Adjustments and LTV Charts for all LTV/TLTV/HTLTV limits Primary Residence: No limit on the number of financed properties the borrower may own and/or be obligated. Second Home or Investment Property: Each borrower individually and all borrowers collectively must not own and/or be obligated on more than six 1-4 unit financed properties, including the subject property and Borrower s primary residence. Examples of financed properties that do not have to be counted in this limitation include: Commercial real estate; Multifamily (five or more units) real estate; Timeshares; Undeveloped land; Manufactured homes not titled as real property, unless the property is situated on the land that is titled as real property; Property titled in the name of the Borrower s business provided that the Borrower, in his or her individual capacity, is not on title and/or is not obligated on the property; and Property titled in the name of a trust where the Borrower is a trustee, provided that the Borrower, in his or her individual capacity, is not on title and/or not obligated on the property. Subject loan cannot have an LPA A-Minus Rating Borrowers who own more than one financed Investment Property may not utilize the 3/1 or 5/1 ARMs for subsequent investment property transactions. Non-Arms Length Transaction Other Income Payment Plans for Unpaid Income Taxes Power of Attorney Properties Sold at Auction, Foreclosure, Deed in Lieu, HUD Repo, Bank-Owned or Short Sale Non-Arms Length transactions are allowed for the purchase of newly constructed or existing properties secured by a primary residence or existing properties secured by second homes. Investment properties not allowed. Refer to Section 3.9 of the Conforming and Super Conforming Underwriting Guidelines for documentation requirements. Payment plans for unpaid income taxes, whether or not there is an IRS tax lien on the subject property, must be paid in full prior to, or at loan closing. Unacceptable on Texas Equity Section 50(a)(6) transactions. Eligible for financing for all occupancy types. For Investment Properties, the following restrictions apply: Properties Sold at Auction/Foreclosure/Deed in Lieu/Short Sale for Investment Properties: Arms length transactions only Minimum fico score 740 LTV/TLTV: 10% mandatory reduction from maximum financing Properties Sold at REO/Bank-Owned for Investment Properties: A standard full appraisal is required. 5

6 OVERLAY MATRIX: CONVENTIONAL CONFORMING AND SUPER CONFORMING Property Flipping Recently Listed for Sale Refinance: Cash Out Seasoning Requirements Refinance: No Cash Out Seasoning Requirements Rental Income Reserve Requirements Distress Sales eligible as Primary Residence or Second Home purchase only. Any resale of a property to be no less than 90 days from the date of the seller s recorded deed to the new buyer s initial application date. Credit and collateral documentation must be dated on or after the application date. Exception from required 90 day waiting period for those properties acquired through inheritance, divorce agreement, federally charted institution or HUD, and relocation company. Private individuals, LLC s, Partnerships, or Investors are eligible Sellers after the 90 day waiting period. No Cash Out Refinances The subject property must not be currently listed for sale. It must be taken off the market on or before the disbursement date of the new Mortgage loan, and the Borrowers must confirm their intent to occupy the subject property (for principal residence transactions). Cash Out Refinances Properties listed for sale in the six (6) months preceding the disbursement date of the new Mortgage loan are limited to 70% LTV/TLTV/HTLTV ratios. Properties that were listed for sale must have been taken off the market on or before the disbursement date of the new Mortgage loan, otherwise they are ineligible. Regardless of LPA or DU: Minimum six months for Cash Out Refinance, unless transaction meets Freddie Mac Special Purpose Cash Out Refinance guidelines; meets all Freddie Mac cash out requirements for properties not owned for a minimum of six months; or for DU loans, meets Fannie Mae s Delayed Financing Exception (B ). Residential loans must be titled in the name of individuals only. Loans may not be titled in the name of a business, Corporation, S-Corp, Partnership, LLC or other non-living business entity. Transfer of ownership from an LLC, Corporation, S-Corp, Partnership, or any other non-living business entity for the purpose of refinancing the loan into the prospective borrower s name is unacceptable. Regardless of LPA or DU: No seasoning requirement for refinance of a previous arms-length purchase transaction. Residential loans must be titled in the name of individuals only. Loans may not be titled in the name of a business, Corporation, S-Corp, Partnership, LLC or other non-living business entity. Transfer of ownership from an LLC, Corporation, S-Corp, Partnership, or any other non-living business entity for the purpose of refinancing the loan into the prospective borrower s name is unacceptable. Rental income may be used for qualification provided the Borrower has a 24-month history of managing rental properties within the last five (5) years and subject to the expanded requirements in Section 3:9 Employment and Income of the Conforming and Super Conforming Underwriting Guidelines. Second Homes: Two months for subject property AND per LPA or DU findings for each other financed property that the borrower owns and/or obligated on the mortgage. Investment Properties 1-4 units: Six months for subject property AND per LPA or DU findings for each other financed property that the borrower owns and/or obligated on the mortgage. 6

7 Self Employed Borrowers Tax Returns Tax Transcripts OVERLAY MATRIX: CONVENTIONAL CONFORMING AND SUPER CONFORMING Follow LPA or DU. Refer to the Employment and Income Section of the Conforming and Super Conforming Underwriting Guidelines for additional details regarding tax return and tax transcript requirements. Refer to the Employment and Income Section of the Conforming and Super Conforming Underwriting Guidelines for details regarding tax return requirements. Full Personal Tax transcripts are required if: The borrower is self-employed and owns 25% or more of the business (including a Schedule C) The borrower is commissioned, and the commission income represents 25% or more of their total annual employment income Other income from a tax return is being used to qualify (i.e. dividend/interest, rental income, capital gains, notes receivable, etc.) W-2 Wage Earner Tax Transcripts are now accepted instead of Full Transcripts if: The borrower is a wage earner and receives less than 25% of their total annual employment income from commission The borrower receives 1099s from employers. Refer to the Employment and Income Section of the Conforming and Super Conforming Underwriting Guidelines for additional details regarding tax transcript requirements. Temporary Buydowns ULDD Data Entry Requirements Investment & 2-4 Unit Owner Occupied Properties Ineligible. The following apply to all Conforming and Super Conforming loans delivered to BB&T Correspondent Lending on or after July 2, 2012 (See Bulletin , dated June 21, 2012): A completed Fair Market Rent Verification Form providing the gross rent for all investment and 2-4 unit owner occupied properties regardless of whether rental income was relied upon for loan approval must be included in all loans delivered to BB&T Correspondent Lending for funding. The Fair Market Rent Verification Form is available under the Forms section of the BB&T Correspondent Lending Library. Documentation must be provided showing how the gross rent figure was determined. The following items are considered acceptable documentation for determining fair market rent: - Signed lease stating monthly rent received for all non-owner occupied units. - Bank statements showing monthly rental income for all non-owner occupied units. - Signed statement from the borrower certifying the fair market rent for all non-owner occupied units. Please note: The above information is provided for ULDD data entry compliance purposes. If any income is needed in the qualifying process from an investment or owner occupied 2-4 unit property, BB&T Correspondent Lending income documentation guidelines must be followed. 7

8 ALLOWANCES MATRIX: CONVENTIONAL CONFORMING AND SUPER CONFORMING Future Employment Income Provision (DU Approval Only) Allowances Eligible with DU approval (B ): The borrower s income and employment history must be documented according to Fannie Mae guidelines (B ) The borrower s employment offer or contract for future employment and anticipated income must be retained in the Mortgage file. A paystub supporting the income used to qualify the borrower must be obtained prior to delivery of loan to BB&T for funding. The paystub must be retained in Mortgage file. Future Employment Income Provision (LPA Approval Only) Borrower's executed non-contingent employment offer and written acceptance must be contained in mortgage file. Effective Date of new employment must not be beyond 90 days after Note Date. Seller is not required to obtain a verbal (VOE) in connection with the borrower s future employment. Mortgage must be a ONE UNIT PRIMARY RESIDENCE PURCHASE transaction. CASH ASSET RESERVES must be verified to cover the employment gap proposed monthly housing expense plus 1 ADDITIONAL MONTH. LPA CONFORMING/SUPER CONFORMING ACCEPT ELIGIBLE RATING ONLY. Future Salary Increase Provision (LPA Approval Only) Employer written verification of new salary and effective date required. Effective Date of increase must be no more than 90 days after Note Date. No more than 10 business days prior to the Note Date, or after the Note Date but prior to delivery to BB&T for funding, the Seller obtains a verbal verification of employment (VOE) that meets requirements. LPA CONFORMING/SUPER CONFORMING ACCEPT ELIGIBLE RATING ONLY. Second Home Seasonal Occupancy Provision (LPA Approval Only) Second Homes not suitable for year round occupancy ARE eligible subject to the following: In the appraisal report, the appraiser includes comparable sales that demonstrate properties not suitable for year-round occupancy are typical for residential properties in the market area; and The Mortgage complies with all other requirements in Freddie Mac Seller/Servicer Guide LPA CONFORMING/SUPER CONFORMING ACCEPT ELIGIBLE RATING ONLY. 8

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