Affiliated Mortgage Company

Transcription

1 Affiliated Mortgage Company Investor Tips: Conforming Max Debt Ratios -45%, regardless of AUS recommendation MI Companies Allowed : Genworth, MGIC, UG and Essent Minimum 720 credit score for LTV/CLTV/HCLTV >95.00% Recently listed property must be off market minimum of 6 months prior to application date Co-Signers not allowed Electronic signatures allowed on initial application and early disclosures, but not on the final app or closing docs Removed requirement for at least one borrower to have two (2) credit scores Removed requirement for co-borrower s with only one (1) credit score to only be allowed to contribute 25% of income used to qualify Minimum credit score will be increased to 640 for cash-out refinance transactions Minimum credit score will be increased to 660 for investment properties Property transfers within the past 90 days will now be allowed Property transfers within the last 180 days are not allowed on a non-arm s length transactions NO DU REFI PLUS EFFECTIVE 9/5

2 Affiliated Mortgage Company Investor Tips: VA 100% Maximum LTV/CLTV for Purchases and IRRRL s 90% Maximum LTV/CLTV for Non IRRRL refinances Co-Signers not Allowed Recently listed property must be off market minimum of 6 months prior to the application date IRRRL s require full conventional appraisal Electronic signatures allowed on initial application and early disclosures, but not on the final app or closing docs Removed requirement for at least one borrower to have two (2) credit scores Removed requirement for co-borrower s with only one (1) credit score to only be allowed to contribute 25% of income used to qualify Minimum credit score will be increased to 640 Maximum DTI for VA loans will be reduced to 55.00% for credit scores 680 Maximum DTI for VA loans will be reduced to 50.00% for credit scores < 680 The borrower must have compensating factors to exceed the 45-55% debt ratio requirement Affiliated follows VA guidelines closely for most things very few overlays.

3 Affiliated Mortgage Company Verification of rental history required regardless of AUS findings. LOX for Derogatory credit required regardless of AUS findings. Investor Tips: FHA Max Debt Ratios < 680 score = 50% >680 score = 55% Recently listed property must be off market minimum of 6 months prior to application date Minimum 680 credit score required if using a DPA program Electronic signatures allowed on initial application and early disclosures, but not on the final app or closing docs Streamline Refinance NOT ALLOWED! Removed requirement for at least one borrower to have two (2) credit scores Removed requirement for co-borrower s with only one (1) credit score to only be allowed to contribute 25% of income used to qualify Co-signers are now allowed Verification of rental history required regardless of AUS findings. LOX for Derogatory credit required regardless of AUS findings. The borrower must have compensating factors to exceed the 45-50% debt ratio requirement Affiliated follows HUD guidelines closely for most things very few overlays. FHA Case Number assigned prior to application date (Rosemary sent out reminder on this 8/29) No Escrow holdbacks allowed

4 Affiliated Mortgage Company Investor Tips: USDA Max Debt Ratios per GUS recommendation Cannot have both a Ratio and Credit waiver. Can only request one or the other Recently listed property must be off market minimum of 6 months prior to application date. Electronic signatures allowed on initial application and early disclosures, but not on the final app or closing docs USDA Refinance transactions have been suspended due to no funding until at least 10/1/2012. Removed requirement for at least one borrower to have two (2) credit scores Removed requirement for co-borrower s with only one (1) credit score to only be allowed to contribute 25% of income used to qualify The borrower must have compensating factors to exceed the 29/41% debt ratio requirement Affiliated follows USDA guidelines closely for most things very few overlays. Guarantee Fees are changing effective 10/1/2012. Purchase 2% upfront.40% annually Refinance 2% upfront and.40% annually

5 MSI Investor Tips: FHA Max Debt Ratios if the borrower is a first time homebuyer or loan is an arm product = 50% otherwise per AUS findings Streamline Refinance Max CLTV = 100% Streamlined MINIMUM scores is 680 Recently Listed property must be off market minimum of 6 months prior to application date All borrowers must have at least 1 valid FICO score and minimum 2 currently reported trade lines that have been reviewed for a minimum of 12-months, regardless of the AUS. Electronic signatures allowed only on initial package. OTP must have original signatures on it. The maximum Hazard Insurance deductible for fire or flood may not exceed the higher of 1% of the face value of the insurance or $1,000.00, unless state law requires a higher deductible. Minimum 680 score required on Streamline Refinances locked on/after 8/17/2012 The borrower must have compensating factors to exceed the 45-50% debt ratios requirement MSI follows HUD guidelines closely for most things very few overlays. Under no circumstances may lenders inquire into or request documentation concerning the nature of the disability or the medical condition of the borrower Title must have the exact loan amount in coverage FHA Case Number assigned prior to application date (Rosemary sent out reminder on this 8/29) No Escrow holdbacks allowed

6 MSI Investor Tips: Conforming Max Debt Ratios LTV <80% Standards maximum is 45% >80% = 41% MI Companies Allowed : Genworth, MGIC, UG and Essent Minimum credit scores < 80% = 640 > 80% = 680 DU Refi Plus MAX LTV 105% and CLTV 110% Self-employed borrowers, commission borrowers, seasonal employees, and any other income that requires the use of averaging taxable income to qualify requires 2 year s tax returns regardless of the AUS findings Electronic signatures allowed only on initial package. OTP must have original signatures on it. Recently Listed property must be off market minimum of 6 months prior to application date Required Reserves Per AUS Except: Second homes require 2 months PITI reserves for subject property and 2 months for each additional financed property Investment properties require 6 months PITI reserves for subject property and 2 months for each additional financed property Under no circumstances may lenders inquire into or request documentation concerning the nature of the disability or the medical condition of the borrower Title must have the exact loan amount in coverage

7 MSI Investor Tips: VA 100% Maximum LTV/CLTV for Purchases and IRRRL s 90% Maximum LTV/CLTV for Non IRRRL refinances IRRRL s require 2055 to support the total loan amount IRRRL s require a minimum 12 month payment history on the current mortgage. Max Debt Ratios for VA qualifying loans is 60%, regardless of AUS Recently Listed property must be off market minimum of 6 months prior to application date All borrowers must have at least 1 valid FICO score and minimum 2 currently reported trade lines that have been reviewed for a minimum of 12-months, regardless of the AUS. Electronic signatures allowed only on initial package. OTP must have original signatures on it The maximum Hazard Insurance deductible for fire or flood may not exceed the higher of 1% of the face value of the insurance or $1,000.00, unless state law requires a higher deductible. The borrower must have compensating factors to exceed the 50% debt ratios requirement MSI follows VA guidelines closely for most things very few overlays. Under no circumstances may lenders inquire into or request documentation concerning the nature of the disability or the medical condition of the borrower Title must have the exact loan amount in coverage No Escrow holdbacks allowed

8 MSI Investor Tips: USDA NOT ELIGIBLE

9 5 th 3 rd If a Desk Review comes back with a lower value and the loan still works with using the lower value, a Field Review will be required. If the credit report reveals the borrower is disputing any credit accounts, excluding mortgage tradelines, a new credit bureau is not required if any of the following apply: The disputed account has a 0 balance OR The disputed account is marked paid in full or resolved OR The aggregate amount of the outstanding balance on disputed accounts is < $500 and is > 24 months old (based on the date of the dispute) Max Debt Ratios per AUS Investor Tips: Conforming MI Companies Allowed: Radian, MGIC, UG and Essent. MI Transfers not allowed DU Refi Plus: O/O =Max 105% LTV and CLTV unlimited. MAX 95% LTV/CLTV/HCLTV on attached housing Recently Listed property must be off market minimum of 6 months prior to application date for cash out or < 70% LTV Rate/term must be off the market a minimum of one day prior to application date Electronic signatures allowed Gaps in employment exceeding 60 days must be explained by the borrower in the file. Required Reserves Per AUS Except: Second homes require 2 months PITI reserves for subject property and 2 months for each additional financed property. Investment Properties require 6 months PITI reserves for subject property and 2 months for each additional financed property If a Desk Review comes back with a lower value and the loan still works with using the lower value, a Field Review will be required!

10 5 th 3 rd Investor Tips: VA NOT ELIGIBLE

11 5 th 3 rd Investor Tips: FHA NOT ELIGIBLE

12 5 th 3 rd Investor Tips: USDA NOT ELIGIBLE

13 Flagstar Investor Tips: Conforming Max Debt Ratios -45%, regardless of AUS recommendation MI Companies Allowed : Genworth, MGIC, and Essent. Mortgage insurance. NO MI TRANSFERS DU Refi Plus loans up to 125% LTV allowed Minimum 700 credit score for LTV/CLTV/HCLTV >95.00% Recently Listed property must be off market minimum of 6 months prior to application date for cash out and < 70% LTV one day prior to application date and >70% and 3 months prior to application date rate and term All borrowers must have at least 1 valid score to be eligible. The borrower must have minimum 2 trade lines with a 12-month history Electronic signatures not allowed No 2055 s allowed Required Reserves Per AUS Except: Second homes require 2 months PITI reserves for subject property and 2 months for each additional financed property. Investment Properties require 6 months PITI reserves for subject property and 2 months for each additional financed property The borrower must have compensating factors to exceed the 45-50% debt ratio requirement The borrower must have a minimum 4% savings on a rate/term refinance Under no circumstances may lenders inquire into or request documentation concerning the nature of the disability or the medical condition of the borrower The number of mortgage inquiries will be taken into consideration and could result in a denial

14 Flagstar Investor Tips: VA NOT ELIGIBLE

15 Flagstar Investor Tips: FHA Max Debt Ratios per AUS findings Max debt ratio for a borrower receiving a gift, grant, DPA or loan from family member for funds to close = 35/48% Streamline Refinance Max CLTV = 125% Recently Listed property must be off market minimum of 6 months prior to application date for cash out and < 70% LTV one day prior to application date and >70% 3 months prior to application date Electronic signatures not allowed Netting escrows from payoff letter at closing not allowed Streamline refinance now require a minimum 700 credit score for non- Flagstar serviced loans! 660 on loans currently services by Flagstar Streamline Refinance require verification of SS which in the past we have allowed the IRS transcripts to verify this but Flagstar will no longer accept this we will need to get W-2's or copies of the borrowers SS cards. The borrower must have compensating factors to exceed the 45-50% debt ratio requirement The borrower must have a minimum 4% savings on a rate/term refinance Flagstar follows HUD guidelines closely for most things very few overlays. Under no circumstances may lenders inquire into or request documentation concerning the nature of the disability or the medical condition of the borrower The number of mortgage inquiries will be taken into consideration and could result in a denial FHA Case Number assigned prior to application date (Rosemary sent out reminder on this 8/29) No Escrow holdbacks allowed

16 Flagstar Investor Tips: USDA NOT ELIGIBLE

17 WINTRUST Investor Tips: Conforming Max Debt Ratios per AUS with a max 50% MI Companies Allowed : UG only Minimum 700 credit score for LTV/CLTV/HCLTV >95.00% Recently Listed property must be off market minimum of 6 months prior to application date for cash out or < 70% LTV Rate/term must be off the market a minimum of one day prior to application date. DU Refi Plus not eligible program Property Inspection Reports 2070 / 2075 ineligible. Property Inspection Waiver (PIW) / Property Inspection Alternative (PIA) ineligible. Real Estate Owned(REO Properties) are an ineligible property type All borrowers must have at least 1 valid score to be eligible. Electronic signatures not allowed Required Reserves Per AUS Except: Second homes require 2 months PITI reserves for subject property and 2 months for each additional financed property. Investment Properties require 6 months PITI reserves for subject property and 2 months for each additional financed property Risk assessment is performed for ratios between 45-50% loans must have compensating factors

18 WINTRUST Investor Tips: VA 100% Maximum LTV/CLTV for Purchases 90% Maximum LTV/CLTV for Non IRRRL refinances Minimum 660 credit score Minimum 3 credit scores required for all borrowers Recently Listed property must be off market minimum of one day prior to application IRRRL s not ELIGIBLE Electronic signatures not allowed MAX Debt ratio per AUS Findings Risk assessment is performed for ratios between 45-50% loans must have compensating factors Wintrust follows VA guidelines closely for most things very few overlays

19 WINTRUST Investor Tips: FHA Max Debt Ratios 50% regardless of AUS findings DPA programs are ineligible Streamline Refinance Max CLTV = 100% Streamline refinances must full credit qualify Minimum 3 credit scores required for all borrowers with a minimum 2 active trade lines with 12 month histories verified. Recently Listed property must be off market minimum one day prior to application date. Electronic signatures not allowed An unaudited P & L and balance sheet is required for all self-employed borrowers. Streamline refinances NOT ALLOWED! Risk assessment is performed for ratios between 45-50% loans must have compensating factors Wintrust follows HUD guidelines closely for most things very few overlays. FHA Case Number assigned prior to application date (Rosemary sent out reminder on this 8/29) No Escrow holdbacks allowed

20 WINTRUST Investor Tips: USDA Max Debt Ratios per GUS recommendation Cannot have both a Ratio and Credit waiver. Can only request one or the other Minimum 620 credit score Recently Listed property must be off market minimum of 6 months prior to application date. Electronic signatures not allowed The borrower must have compensating factors to exceed the 29-41% debt ratio requirement Wintrust follows USDA guidelines closely for most things very few overlays. Guarantee Fees are changing effective 10/1/2012. Purchase 2% upfront.40% annually Refinance 2% upfront and.40% annually

21 Everbank Investor Tips: Conforming Max Debt Ratios per AUS MI Companies Allowed: Radian or Essent. MI Transfers allowed from Radian, Essent, Traid and RMIC DU Refi Plus: Unlimited LTV/CLTV on Owner Occupied and 2nd home (1 unit only) as long as PIW is obtained on AUS findings. Max 100% LTV for transactions that do not receive a PIW for Owner Occupied, 2nd home and 2-4 NO LP OPEN ACCESS LOANS Recently Listed property must be off market minimum of 6 months prior to application date for cash out and Rate/term must be off the market a minimum of one day prior to application date Electronic signatures not allowed Required Reserves Per AUS Except: Second homes require 2 months PITI reserves for subject property and 2 months for each additional financed property. Investment Properties require 6 months PITI reserves for subject property and 2 months for each additional financed property

22 Everbank Investor Tips: VA NOT ELIGIBLE

23 Everbank Investor Tips: FHA Max Debt Ratios per AUS Streamline refinance require minimum 660 scores Streamline refinance MAX CLTV = 100% Recently Listed property must be off market minimum of 6 months prior to application date for cash out and Rate/term must be off the market a minimum of one day prior to application date Electronic signatures not allowed Streamlines Minimum credit scores 660 The borrower must have compensating factors to exceed a 45% debt ratio Everbank follows HUD guidelines closely for most things very few overlays. FHA Case Number assigned prior to application date (Rosemary sent out reminder on this 8/29) No Escrow hold backs allowed

24 Everbank Investor Tips: USDA NOT ELIGIBLE

25 Plaza Investor Tips: Conforming Max Debt Ratios per AUS MI Companies Allowed: Radian, MGIC, PMI and Essent. MI Transfers allowed from Radian, MGIC, PMI and RMIC DU Refi Plus: Max 105% LTV and CLTV unlimited. DU Refi Plus and Freddie Relief Open Access: Max 105% LTV and CLTV unlimited. NO MI Transfers allowed NO LP OPEN ACCESS LOANS Recently Listed property must be off market minimum of 6 months prior to application date for cash out or < 70% LTV Rate/term must be off the market a minimum of one day prior to application date Electronic signatures allowed on initial package only Required Reserves Per AUS Except: Second homes require 2 months PITI reserves for subject property and 2 months for each additional financed property. Investment Properties require 6 months PITI reserves for subject property and 2 months for each additional financed property

26 Plaza Investor Tips: VA NOT ELIGIBLE

27 Plaza Investor Tips: FHA Max Debt Ratios = 50% Streamline refinance require minimum 660 scores Streamline refinance MAX CLTV = 100% Recently Listed property must be off market minimum of 6 months prior to application date for cash out or < 70% LTV Rate/term must be off the market a minimum of one day prior to application date LTV over 95% requires rental verification- 12 months cancelled checks no VOR s 100% payment shock requires 2 months reserves Minimum 680 credit score required if using a DPA program At least one borrower must have at least 2 credit scores Electronic signatures allowed on initial package only An unaudited P & L and balance sheet is required for all self- employed borrowers. Minimum 660 credit score required on Streamline refinances FHA Case Number assigned prior to application date (Rosemary sent out reminder on this 8/29) No Escrow hold backs allowed

28 Plaza Investor Tips: USDA NOT ELIGIBLE

29 Chase Investor Tips: Conforming Max Debt Ratios: Max 50% Minimum 740 FICO for LTV> 80% and 660 for LTV s <80% MI Companies Allowed: MGIC, UGIC, Genworth, Radian and Essent. MI transfers on Chase to Chase HARP loans only: CMG, PMI and RMIC. DU Refi plus/lp Open Access: LTV is maxed at 95% if not paying off a Chase/WAMU Serviced loan. If Chase/WAMU max 105% LTV Recently Listed property must be off market minimum of 6 months prior to application date for cash out and Rate/term must be off the market a minimum of one day prior to application date Full appraisal required for all loans over 80% LTV Electronic signatures allowed NO LP OPEN ACCESS NO MI Transfers in DU refi loans NO PIW allowed on CONDO s Required Reserves Per AUS Except: Second homes require 2 months PITI reserves for subject property and 2 months for each additional financed property. Investment Properties require 6 months PITI reserves for subject property and 2 months for each additional financed property

30 Chase Investor Tips: VA NOT ELIGIBLE

31 Chase Investor Tips: FHA NOT ELIGIBLE

32 Chase Investor Tips: USDA Max Debt Ratios per GUS recommendation Cannot have both a Ratio and Credit waiver. Can only request one or the other Recently Listed property must be off market a minimum of one day prior to application date At least one borrower must have at least 2 credit scores Electronic signatures allowed Chase follows USDA guidelines with no overlays Guarantee Fees are changing effective 10/1/2012. Purchase 2% upfront.40% annually Refinance 2% upfront and.40% annually

33 Suntrust Investor Tips: Conforming Max Debt Ratios per AUS Ratios >45% require 720 score and 80% or less LTV MI Companies Allowed: UG, Genworth, MGIC, Radian, Essent, CMG Recently Listed property must be off market minimum of 6 months prior to application date for cash out and Rate/term must be off the market a minimum of 90 days prior to application date Full appraisal required for all loans over 80% LTV Electronic signatures allowed on Agency and Agency Plus Loans and VA Required Reserves Per AUS Except: Second homes require 2 months PITI reserves for subject property and 2 months for each additional financed property. Investment Properties require 6 months PITI reserves for subject property and 2 months for each additional financed property

34 Suntrust Investor Tips: VA NOT ELIGIBLE

35 Suntrust Investor Tips: FHA NOT ELIGIBLE

36 Suntrust Investor Tips: USDA NOT ELIGIBLE

37 PHH Investor Tips: Conforming Max Debt Ratios < 80% determined by AUS >80% max 41% unless scores >740, SFD/SFA/PUD, O/O and No Cash out MI Companies Allowed : Essent, Genworth, MGIC and UG for HARP loans: Genworth, MGIC, PMI, RMIC, Triad and UG Minimum 720 credit score for LTV/CLTV/HCLTV >95.00% Recently listed property must be off market minimum of 6 months prior to application date. All borrowers must have at least 2 valid score to be eligible. Electronic signatures not allowed Required Reserves Per AUS Except: Second homes require 2 months PITI reserves for subject property and 2 months for each additional financed property. Investment Properties require 6 months PITI reserves for subject property and 2 months for each additional financed property

38 PHH Investor Tips: VA 100% Maximum LTV/CLTV for Purchases and IRRRL s 90% Maximum LTV/CLTV for Non IRRRL refinances Minimum 640 credit score all loans Max Debt ratio per AUS findings All borrowers must have at least 2 valid score to be eligible Recently listed property must be off market minimum of 6 months prior to application date. IRRRL s require a full conventional appraisal Electronic signatures not allowed PHH follows VA guidelines closely for most things very few overlays

39 PHH Investor Tips: FHA FHA not eligible

40 PHH Investor Tips: USDA Max Debt Ratios per GUS recommendation Cannot have both a Ratio and Credit waiver. Can only request one or the other Minimum 640 credit score Recently listed property must be off market minimum of 6 months prior to application date. Electronic signatures not allowed The borrower must have compensating factors to exceed the 29/41% debt ratio requirement PHH follows USDA guidelines closely for most things very few overlays. Guarantee Fees are changing effective 10/1/2012. Purchase 2% upfront.40% annually Refinance 2% upfront and.40% annually

41 BB&T Investor Tips: Conforming Max Debt Ratios Standards maximum is 45% over 45% must have compensating factors and not require MI. MI Companies Allowed : Genworth, MGIC, UGIC and Essent Minimum 660 credit score and 680 For Cash out refinances Self-employed borrowers require 2 years personal and business tax returns regardless of the AUS findings 2070 s, 2075 s PIW s and PIA s not acceptable Condo associations must use BB&T Condo questionnaire Recently Listed property must be off market minimum of 6 months prior to application date Electronic signatures on initial docs only Required Reserves Per AUS Except: Second homes require 2 months PITI reserves for subject property and 2 months for each additional financed property Investment properties and 2-4 Unit properties require 6 months PITI reserves for subject property and 2 months for each additional financed property BB&T requires 2 yrs worth of taxes including business tax returns regardless of the AUS findings.

42 BB & T Investor Tips: VA 100% Maximum LTV/CLTV for Purchases and IRRRL s 90% Maximum LTV/CLTV for Non IRRRL refinances Recently Listed property must be off market minimum of 1 day prior to the application date IRRRL s require 2055 to support the total loan amount IRRRL s require a minimum 12 month payment history on the current mortgage. Electronic signatures on initial docs only Self-employed borrowers require 2 years personal and business tax returns regardless of the AUS findings. BB&T requires 2 yrs worth of taxes including business tax returns regardless of the AUS findings. BB&T follows VA guidelines closely for most things very few overlays.

43 BB&T Investor Tips: FHA NOT ELIGIBLE

44 BB&T Investor Tips: USDA NOT ELIGIBLE

45 SunWest Investor Tips: Conforming Max Debt Ratios -45%, regardless of AUS recommendation MI Companies Allowed : Genworth, MGIC, Radian and UGIC Minimum 720 credit score for LTV/CLTV/HCLTV >95.00% DU Refi Plus loans LTV/CLTV per DU Recently listed property must be off market minimum of 12 months prior to application date At least one borrower must have at least 2 credit scores with a minimum 2 active trade lines with 12 month histories verified. Electronic signatures allowed NO LP OPEN ACCESS LOAN S NO MI Transfers on DU Refi loans NO K & M appraisal management company allowed Required Reserves Per AUS Except: Second homes require 2 months PITI reserves for subject property and 2 months for each additional financed property. Investment Properties require 6 months PITI reserves for subject property and 2 months for each additional financed property Sunwest has a ton of overlays must see guidelines

46 SunWest Investor Tips: VA 100% Maximum LTV/CLTV for Purchases and IRRRL s 90% Maximum LTV/CLTV for Non IRRRL refinances At least one borrower must have at least 2 credit scores Recently listed property must be off market minimum of 12 months prior to the application date IRRRL s require full conventional appraisal Electronic signatures allowed NO K & M appraisal management company allowed The borrower must have compensating factors to exceed the 45-55% debt ratio requirement Sunwest has a ton of overlays must see guidelines

47 SunWest If the borrower changed jobs or became retired since the last loan the borrower must credit qualify 2 Months bank statements required to verify cash to close Investor Tips: FHA Max Debt Ratios < 680 score = 50% >680 score = 55% Recently listed property must be off market minimum of 12 months prior to application date Minimum 680 credit score required if using a DPA program At least one borrower must have at least 2 credit scores Electronic signatures allowed 12 months cancelled checks to verify rental history required on all purchase loans Streamline Refinance allowed minimum score 660 with no mortgage lates in the last 24 months. For properties acquired prior to 05/01/2010 = 680 and above Income: Income qualification OR AVM LTV less than 125% Below 680: Income Qualification AND AVM Based LTV less than 125% For properties acquired on or after 05/01/2010 = 680 and above: No income qualification and appraisal required Below 680: Income Qualification Required Ratios calculated if income qualifying. 1-2 unit =45%/55% 3-4 unit = 31%-43% MAX CLTV on a streamline refinance =125% NO K & M appraisal management company allowed The borrower must have compensating factors to exceed the 45-50% debt ratio requirement SunWest has a ton of overlays must see guidelines Must have CPL letter from K & M for Sunwest FHA Case Number assigned prior to application date (Rosemary sent out reminder on this 8/29) No Escrow hold backs allowed

48 SunWest Investor Tips: USDA Max Debt Ratios 50% regardless of GUS Approval Cannot have both a Ratio and Credit waiver. Can only request one or the other At least one borrower must have at least 2 credit scores Minimum credit score 640 Payment shock cannot be greater than 20% if credit score below 680 and DTI over 43% Electronic signatures allowed NO K & M Appraisal management company The borrower must have compensating factors to exceed the 29/41% debt ratio requirement SunWest has a ton of overlays must see guidelines Guarantee Fees are changing effective 10/1/2012. Purchase 2% upfront.40% annually Refinance 2% upfront and.40% annually

49 First Guaranty Mortgage Corp Investor Tips: FHA Max Debt Ratios: Per AUS findings Recently listed property must be off market minimum of 6 months prior to application date. LOX if less than 6 months and pre-closing approval from FGMC 203K Streamline and 203K Full ~ Straight to HUD guidelines no overlays Streamlines if prior loan closed before 1/1/2010 must have an AVM from a National company if not value available a 2055 will be required. If prior loan closed after 1/1/2010 no AVM or appraisal required FHA Streamline AVM required but no MAX LTV The borrower must have compensating factors to exceed the 45-50% debt ratio requirement FGMC follows HUD guidelines closely for most things very few overlays. FHA Case Number assigned prior to application date (Rosemary sent out reminder on this 8/29)

50 First Guaranty Mortgage Corp USDA Refinance transactions have been suspended due to no funding until at least 10/1/2012. Investor Tips: USDA Max Debt Ratios per GUS recommendation Cannot have both a Ratio and Credit waiver. Can only request one or the other Recently listed property must be off market minimum of 6 months prior to application date. LOX if less than 6 months and pre-closing approval from FGMC The borrower must have compensating factors to exceed the 29/41% debt ratio requirement FGMC follows USDA guidelines closely for most things very few overlays. Guarantee Fees are changing effective 10/1/2012. Purchase 2% upfront.40% annually Refinance 2% upfront and.40% annually

51 First Guaranty Mortgage Corp Investor Tips: VA 125% Maximum LTV/CLTV for Purchases and IRRRL s 90% Maximum LTV/CLTV for Non IRRRL refinances IRRRL s if prior loan closed before 1/1/2010 must have AVM from National company if not value available a 2055 will be required. If closed after 1/1/2010 no AVM or appraisal required Minimum 6 months payments made in IRRRLS Recently listed property must be off market minimum of 6 months prior to application date. LOX if less than 6 months and pre-closing approval from FGMC FGMC follows VA guidelines closely for most things very few overlays.

52 First Guaranty Mortgage Corp Investor Tips: Conforming Max Debt Ratios LTV <80% Standards maximum is 45% >80% = 41% MI Companies Allowed : MGIC, UGIC, Genworth, Radian and Essent, CMG, PMI and RMIC. MI Transfers Allowed Minimum credit scores < 80% = 640 > 80% = 680 DU ONLY no LP Loans DU Refi Plus: MAX LTV NONE and CLTV NONE Recently listed property must be off market minimum of 6 months prior to application date. LOX if less than 6 months and pre-closing approval from FGMC Required Reserves Per AUS Except: Second homes require 2 months PITI reserves for subject property and 2 months for each additional financed property Investment properties require 6 months PITI reserves for subject property and 2 months for each additional financed property FGMC Follows Fannie guidelines closely for most things very few overlays

53 Stonegate Mortgage Streamline overlays have all been removed Stonegate follows HUD guidelines Max Debt Ratios: 49.99% Investor Tips: FHA Recently listed property must be off market minimum of 6 months prior to application date for cash out and 1 day for rate and term Electronic signatures allowed The borrower must have compensating factors to exceed the % debt ratio requirement Stonegate follows HUD guidelines closely for most things very few overlays. FHA Case Number assigned prior to application date (Rosemary sent out reminder on this 8/29)

54 Stonegate Mortgage Investor Tips: USDA Max Debt Ratios 50% regardless of GUS Approval Cannot have both a Ratio and Credit waiver. Can only request one or the other At least one borrower must have at least 2 credit scores Minimum credit score 640 Payment shock cannot be greater than 20% if credit score below 680 and DTI over 43% Electronic signatures allowed The borrower must have compensating factors to exceed the 29/41% debt ratio requirement Stonegate follows USDA guidelines closely for most things very few overlays. Guarantee Fees are changing effective 10/1/2012. Purchase 2% upfront.40% annually Refinance 2% upfront and.40% annually

55 Stonegate Mortgage Investor Tips: VA 125% Maximum LTV/CLTV for Purchases and IRRRL s 90% Maximum LTV/CLTV for Non IRRRL refinances IRRRL s require 2055 appraisals Minimum 6 months payments made in IRRRLS Recently listed property must be off market minimum of 6 months prior to application date for cash out and 1 day for rate and term Electronic signatures allowed Max 45% DTI Ratio regardless of AUS findings Minimum 620 full doc Purchase and Refinance 640 IRRRL s Stonegate follows VA guidelines closely for most things very few overlays.

56 Stonegate Mortgage Investor Tips: Conforming Max Debt Ratios LTV <80% Standards maximum is 45% >80% = 41% MI Companies Allowed : MGIC, UG and Essent NO DU Refi Plus MI Transfers Allowed Minimum credit scores 640 Electronic signatures allowed Recently listed property must be off market minimum of 6 months prior to application date for cash out and 1 day for rate and term Required Reserves Per AUS Except: Second homes require 2 months PITI reserves for subject property and 2 months for each additional financed property Investment properties require 6 months PITI reserves for subject property and 2 months for each additional financed property Stonegate follows Fannie guidelines closely for most things very few overlays

57 Stearns Investor Tips: FHA Max Debt Ratios: 50.00% Minimum score 640 and Cash out 660 Recently listed property must be off market minimum of 6 months prior to application date. Electronic signatures allowed All streamlines must credit qualify AV required to support Prior value Max CLTV 100% Debt ratio between 41/45% require a minimum 680 score 3 years required since BK chapter 7 & 1 year chapter 13 $100 down program Max DTI 45% regardless of AUS No Non-Occupying co-borrowers allowed! LOX for all derog credit last 24 months regardless of AUS Max CLTV 100% The borrower must have compensating factors to exceed the % debt ratio requirement FHA Case Number assigned prior to application date (Rosemary sent out reminder on this 8/29)

58 Stearns Investor Tips: VA 125% Maximum LTV/CLTV for Purchases and IRRRL s 90% Maximum LTV/CLTV for Non IRRRL refinances IRRRL s require 2055 appraisals Minimum 6 months payments made in IRRRLS Recently listed property must be off market minimum of 6 months prior to application date. Electronic signatures allowed Max 45% DTI Ratio regardless of AUS findings Minimum 620 full doc Purchase and Refinance 640 IRRRL s 3 years required since BK chapter 7 & 1 year chapter 13 Stearns follows VA guidelines closely for most things very few overlays.

59 Stearns Investor Tips: USDA Max Debt Ratios 50% regardless of GUS Approval Cannot have both a Ratio and Credit waiver. Can only request one or the other At least one borrower must have at least 2 credit scores Minimum credit score 640 Payment shock cannot be greater than 20% if credit score below 680 and DTI over 43% Electronic signatures allowed In-ground pools not permitted! The borrower must have compensating factors to exceed the 29/41% debt ratio requirement Stearns follows USDA guidelines closely for most things very few overlays. Guarantee Fees are changing effective 10/1/2012. Purchase 2% upfront.40% annually Refinance 2% upfront and.40% annually

60 Stearns Investor Tips: Conforming Max Debt Ratios LTV <80% Standards maximum is 45% >80% = 41% MI Companies Allowed : MGIC, UG, Genworth and Radian Minimum credit scores 620 High Balance loans require a 660 score DU Refi Plus max 105% LTV Electronic signatures allowed Recently listed property must be off market minimum of 6 months prior to application date. Required Reserves Per AUS Except: Second homes require 2 months PITI reserves for subject property and 2 months for each additional financed property Investment properties require 6 months PITI reserves for subject property and 2 months for each additional financed property Stearns follows Fannie guidelines closely for most things very few overlays