CityLIFT Oakland/East Bay Program Overview Non-Approved Lender Participation Application

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1 CityLIFT Oakland/East Bay Program Overview Non-Approved Lender Participation Application DUE BY: Monday, December 23, 2013, 5:00 pm. Dear Lender: The Unity Council Homeownership Center (TUC HOC) is administering the CityLIFT program in the Cities of Oakland, Hayward, Fremont, Antioch, Bay Point, Brentwood, Concord, Pittsburg & Richmond, California. CityLIFT is a down payment assistance program funded by a grant from Wells Fargo Bank and NeighborWorks America. CityLIFT provides $20,000 in down payment assistance (DPA) funds to eligible homebuyers who are purchasing a home within the city limits of Oakland, Hayward, Fremont, Antioch, Bay Point, Brentwood, Concord, Pittsburg & Richmond, California. No repayment of these funds is required as they are structured as a soft second mortgage that is forgiven over a five year period. In order to be eligible for CityLIFT assistance, the homebuyer must: Be at or below 120% of the Area Median Income for the cities of Oakland Hayward, Fremont, Antioch, Bay Point, Brentwood, Concord, Pittsburg & Richmond, California Attend an 8-hour homebuyer education course by an approved CityLIFT Homebuyer Education Provider Purchase a home within the city limits of Oakland, Hayward, Fremont, Antioch, Bay Point, Brentwood, Concord, Pittsburg & Richmond, California Agree to maintain the home as his or her primary residence for at least 5 years Obtain a first mortgage loan from a CityLIFT approved lender The Unity Council would like to invite your lending institution to have the opportunity to offer the CityLIFT program to your mortgage borrowers. However, your lending institution is not currently on the approved lender list for CityLIFT. In order for your borrowers to access the $20,000 in DPA funds from the CityLIFT program, your lending institution will need to complete the enclosed application form for review and be approved as a CityLIFT lender. Please note, wholesale mortgage brokers are not allowed to participate in CityLIFT. See enclosed CityLIFT Lender Participation Requirements for additional program requirements. If your lending institution is interested in becoming an approved CityLIFT lender, please: 1. Designate a dedicated CityLIFT point of contact for your institution, 2. Complete the Lender Partner Application form (page 3 below), 3. Complete the New Lender Questionnaire (pages 4 & 5 below) 4. Complete the Lender s Affidavit (page 9 below) and 1 P a g e C i t y L I F T N e w L e n d e r A p p l i c a t i o n P a c k a g e 1 2 /

2 5. Return these along with any requested supporting documents to The Unity Council Homeownership Center 6. by Monday, December 23, 2013, 5:00 pm. If you have any questions about this form, the CityLIFT program, or becoming an approved lender, please contact Sheri Powers, JD, MA, Homeownership Center Director, at or via at: Sincerely, Sheri Powers, JD, MA Homeownership Center Director The Unity Council Homeownership Center 3301 East 12th Street, Suite 101 Oakland, CA P a g e C i t y L I F T N e w L e n d e r A p p l i c a t i o n P a c k a g e 1 2 /

3 CityLIFT Lender Partner Application Form Please return this completed form along with supporting documentation by Monday, December 23, 2013, 5:00 pm. The Unity Council Homeownership Center 3301 East 12th Street, Suite 101 Oakland, CA ATTN: SHERI POWERS, JD, MA Lender/Institution Name: NMLS License Number: Designated CityLIFT Contact Person for Lending Institution: Designated CityLIFT Contact Person s telephone number: Designated CityLIFT Contact Person s address: Required Documentation: Please submit sample Good Faith Estimate and Truth in Lending form for a home with a purchase price of $220,000 where the borrower is using $20,000 in subordinate financing 1. an FHA first mortgage loan product 2. any conventional mortgage product 3. any portfolio affordable loan product The Unity Council Homeownership Center will send sample GFE and TIL forms for our second mortgage ($20,000 in down payment assistance funds) upon request. Please note: We disclose our own fees on a separate 1003, 1008, GFE & TIL; you are not required to disclose our fees. A combined estimated HUD-1 is required prior to final approval showing our lien and fees. Most title companies will also issue a separate HUD- 1 for our loan. 3 P a g e C i t y L I F T N e w L e n d e r A p p l i c a t i o n P a c k a g e 1 2 /

4 CityLIFT NEW LENDER QUESTIONNAIRE Please answer the following questions to the best of your ability so we can better understand your current lending capacity and experience in originating deals with layered financing using down payment assistance programs. 1. Identify each DPA program which your company has used in closing transactions in Alameda and Contra Costa counties in the past 12 months a. Name of program b. # transactions closed using this program in last 12 months 2. Identify at least 1 conventional first mortgage program that you have which allows layering with DPA programs. a. For each conventional mortgage program that you have which allows layered financing with DPA programs, state i. LTV/CLTV max ii. Min FICO requirement iii. # months reserves required iv. Whether permanent buy downs are permitted 3. Identify any portfolio first mortgage programs that you have which allow layering with DPA programs a. For each portfolio mortgage program that you have which allows layered financing with DPA programs, state i. LTV/CLTV max ii. Min FICO requirement iii. # months reserves required iv. Whether permanent buy downs are permitted 4. State the number of transactions completed (funded) by your company in last 30, 60 and 90 days with any DPA program in California a. State the type of first mortgage product used i. Conventional 30/60/90 days ii. Portfolio 30/60/90 days iii. FHA 30/60/90 days iv. FHA 203k 30/60/90 days 5. Identify each loan officer (name, , phone #) within your company who will be originating CityLIFT deals (if your company is approved, these loan officers will be invited to attend a Lender training in early January. Only these loan officers will be permitted to originate CityLIFT deals.) a. For each LO, state the total number of transactions funded in last 90 days using any DPA 6. State whether you currently originate Section 8 Homeownership loans 4 P a g e C i t y L I F T N e w L e n d e r A p p l i c a t i o n P a c k a g e 1 2 /

5 a. Identify each loan officer currently employed by your company that has closed a Section 8 homeownership loan in the past 90 days, and the number of section 8 homeownership transactions funded. b. Does this person plan to participate in the CityLIFT program? Please return this completed Questionnaire along with supporting documentation by Monday, December 23, 2013, 5:00 pm. The Unity Council Homeownership Center 3301 East 12th Street, Suite 101 Oakland, CA ATTN: SHERI POWERS, JD, MA 5 P a g e C i t y L I F T N e w L e n d e r A p p l i c a t i o n P a c k a g e 1 2 /

6 CityLIFT SM Approved Lender Participation Requirements 1. Eligible Lenders: The following definitions govern the eligibility of lenders that wish to participate in the CityLIFT SM down payment assistance program: Mortgage Correspondent Definition: The wholesale mortgage correspondent is a primary market mortgage originator. The correspondent typically takes a loan application directly from the borrower and processes the loan on behalf of an investor. The investor is typically a bank or mortgage company. The investor usually underwrites the loan but the correspondent actually funds and services the loan on a temporary basis until the loan is sold to the investor usually within 1 to 6 months of funding. Wholesale mortgage correspondent first mortgage transactions ARE allowed in connection with CityLIFT SM down payment assistance funds. Retail/Direct/Portfolio Lender Definition: Retail/Direct lenders are typically banks or mortgage companies that subsequently sell their loans directly to a secondary market entity such as Fannie Mae, Freddie Mac, Ginnie Mae or one of the Federal Home Loan Banks. The Retail/Direct Lender may also be a Portfolio lender. In those cases the lender retains the loan in its portfolio and does not sell the loan to any secondary market investor entity. Retail/Direct/Portfolio Lenders may also temporarily or permanently service mortgage loans. Retail/Direct/Portfolio Lender first mortgage transactions ARE allowed in connection with CityLIFT SM down payment assistance funds. 2. Ineligible Lenders: The following definitions govern the ineligibility of lenders that wish to participate in the CityLIFT SM down payment assistance program: Wholesale Mortgage Broker Definition: The wholesale mortgage broker is a primary market mortgage originator. The broker takes a loan application directly from the borrower and packages the loan on behalf of an investor. The investor is typically a bank or mortgage company. The investor then processes, underwrites and funds the loan. Brokers do not directly fund or service mortgage loans. Wholesale mortgage broker first mortgage transactions ARE NOT allowed in connection with CityLIFT SM down payment assistance funds. 3. Designated Point of Contact Approved lenders must establish a designated point of contact for CityLIFT SM Program representatives in order to secure and retain CityLIFT SM Program participation approval. This designated point of contact is responsible for coordination of all communication activities between the approved lender and the CityLIFT SM Program representative. 6 P a g e C i t y L I F T N e w L e n d e r A p p l i c a t i o n P a c k a g e 1 2 /

7 4. Transaction Notification Practices Approved lenders must notify The Unity Council Homeownership Center of any transaction in which the lender anticipates the layering of CityLIFT SM Program funds. Notification must be made using the protocols established by The Unity Council Homeownership Center and must be made within 7 days of the first mortgage loan application. Approved lenders should also instruct first mortgage applicants to contact The Unity Council Homeownership Center to begin the CityLIFT SM Program funds application process and complete any required homebuyer education if applicable. Approved lenders must also notify borrowers that transactions involving CityLIFT SM Program funds cannot close in less than 30 days, and typically require a day close of escrow period. 5. Eligible Transaction Fees The Unity Council Homeownership Center reserves the right to review and approve or reject excessive loan origination related fees in connection with any transaction that includes the layering of CityLIFT SM Program funds. 6. Loan Package Documentation Requirements The following documents must be included in the FINAL first mortgage submission package which must be delivered to The Unity Council Homeownership Center at least 7 business days prior to transaction funding: 7 P a g e C i t y L I F T N e w L e n d e r A p p l i c a t i o n P a c k a g e 1 2 /

8 LIFT Loans First Mortgage Lender Package Required Documents Checklist and Stacking Order Borrower s Name: Co-Borrower s Name: Closing Date: Date of 1 st Lender Document Submission: The following documents must be included in the first mortgage submission package which must be sent at least 7 business days prior to transaction funding: A copy of this stacking order indicating the documents included in submission package If any DPA funds other than LIFT that are going to be layered into transaction, please indicate below that these funds along with any associated closing costs have been included on the preliminary HUD-1 also provided in this package: o Yes Additional DPA funds have been included on the included preliminary HUD-1 o N/A no additional DPA funds to be layered into this transaction Borrower Authorization to Release Information 1 st Lender Commitment Letter 1008 Final Underwriting Transmittal Summary or equivalent FHA MCAW, VA Loan Analysis etc. For FHA 203(k) Maximum Mortgage Worksheet (Form 2700) if applicable 1 st Lender Final 1003 Uniform Residential Loan Application Final Reg Z Truth-in-Lending Disclosure. Final Good Faith Estimate Title Commitment 1 st Lender Wire instructions for the Settlement Agent o Settlement Agent Name: o Settlement Agent Telephone Number: 1 st Lender Preliminary HUD-1 First 4 pages of appraisal for all loan products except FNMA Home Path or FHLMC Home Step Approved Homebuyer Education Certificate if issued by an Agency other than The Unity Council Name of 1 st Mortgage Lender: Name/Title Signature 8 P a g e C i t y L I F T N e w L e n d e r A p p l i c a t i o n P a c k a g e 1 2 /

9 CityLIFT SM Approved Lender Affidavit The Unity Council Homeownership Center (TUC HOC) promotes responsible lending practices that help borrowers become default-resistant, long-term homeowners. TUC HOC is committed to working with responsible lenders that are seeking to serve the needs of borrowers participating in the CityLIFT SM Down Payment Assistance Program ( Program ). To that end, TUC HOC expects all Program lenders to abide by our required practices in order to retain their approval status under the Program. ( Lender ) through its execution of this Affidavit certifies that it has received and reviewed the following documents and agrees to the terms and provisions of these documents: CityLIFT SM Program Overview CityLIFT SM Lender Partner Application CityLIFT SM New Lender Questionnaire CityLIFT SM Approved Lender Participation Requirements CityLIFT Sm First Lender Required Documents Checklist & Stacking Order Lender further agrees that it will continue to be duly organized, validly existing, and in good standing under the laws of the jurisdiction in which it was incorporated or organized, as applicable, and has and will continue to maintain all licenses, registrations, and certifications necessary to carry on its business as now being conducted, and is and will continue to be licensed, registered, qualified, and in good standing in the State where the property securing the mortgage loan is located if the laws of the State require licensing, registration or qualification in order to conduct business of the type conducted by Lender. Lender shall at all times comply with all federal, state, and local mortgage disclosure requirements and any other laws, regulations, and/or ordinances applicable to it and, in particular, but without limitation, shall not, at any time: (i) Discourage or dissuade any person from applying for a mortgage loan (ii) Offer or negotiate different interest rates or terms, or treat any applicant or potential applicant differently, on the basis of that person's race, sex, religion, national origin, age, color, disability, or marital status; or the fact that the person derives all or part of his/her income from any public assistance program; or the fact that the person has in good faith exercised any right under the Federal Consumer Credit Protection Act or any state anti-discrimination law; or based upon any other characteristic of the person which is defined to be a prohibited basis for credit discrimination under any state or federal law or regulation. Lender Name: 9 P a g e C i t y L I F T N e w L e n d e r A p p l i c a t i o n P a c k a g e 1 2 /

10 Lender Representative: Lender Signature/Date: The section below is for TUC HOC use only: Approved for CityLIFT by: Sheri Powers, JD, MA, Responsible Managing Officer Homeownership Center Director The Unity Council Homeownership Center Signature of TUC HOC Representative Date 10 P a g e C i t y L I F T N e w L e n d e r A p p l i c a t i o n P a c k a g e 1 2 /

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