Underwriting Guideline Matrix

Transcription

1 : Program / Product Codes: 30 Year Fixed (W130) 15 Year Fixed (W132) Subject to Change Without Notice Valid as of: 06/10/2014 Copyright 2015 Skyline Financial Corp. dba Skyline Home Loans Nationwide Mortgage Licensing System & Registry (NMLS) Company ID # 12072, Arizona Arizona Mortgage Banker License # , California - Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act File No: , Colorado - Registered with Colorado Division of Real Estate, Connecticut - Connecticut Mortgage Lender License No. ML-12072, Florida - Florida Mortgage Lender/Servicer License No. MLD947 issued by the Florida Office of Financial Regulation, Georgia Georgia Mortgage Lender License # 42980, Hawaii - Licensed by the Hawaii Division of Financial Institutions No. HI-12072, Idaho - Licensed by the Idaho Department of Finance MBL-7422, New Mexico - New Mexico Financial Institutions Division, Registered Mortgage Company License # 01653, Oregon - Licensed by the Division of Finance & Corporate Securities No. ML2797, Tennessee Tennessee Mortgage License # Texas - Registered with Texas Department of Savings and Mortgage Lending, Utah - Licensed by the Division of Real Estate License # , Washington - Licensed by the Department of Financial Institutions No. CL 12072, West Virginia West Virginia Mortgage Lender License # ML

2 NEWLEAF Product Codes: W130, W132 This program is for existing Fannie Mae owned mortgage and eligibility is determined by DU. Please refer to fanniemae.com for guidelines not included in this document All Occupancy Types (Second Homes Limited to 1 Unit) Transaction Parameters # Units Maximum Loan Amount Hawaii Properties 1 417, ,500 Maximum LTV/TLTV Min FICO 2 533, , , , %/Unlimited TLTV ,950 $1,202,925 General Guidelines The mortgage being refinanced: Eligibility Requirements Minimum Loan Amount Must have a Note Date on or before May 31, 2009 Must be a 1 st Lien, Conventional mortgage currently owned by Fannie Mae Must result in at least one of the following borrower benefits: o Reduction in the interest rate of the first lien mortgage, o Replacement of an ARM, Initial Interest Mortgage (or any mortgage with an interest-only period) or a balloon/reset mortgage with a fixed-rate, fully amortizing mortgage, or o Reduction in the amortization term of the first lien mortgage, or o Reduction in the monthly principal and interest (P&I) payment of the first-lien mortgage There is no limitation on the amount of the increase in the Borrower s principal and interest payment Program expires on December 31, 2016 The new DU Refi Plus and the existing mortgage do not have to represent the same occupancy. The occupancy of the subject property may have changed by the time of the new mortgage transaction $75,000 Maximum Loan Amount Conforming: Agency loan limits High Balance: Not allowed Eligible States AZ, CA, CO, CT, FL, GA, HI, ID, NM, OR, TN, TX, UT, WA & WA Eligible Terms and Product Codes Underwriting Method 15 year Fixed W year Fixed W130 DU determines if loan is eligible for DU Refi Plus Manual underwriting is not allowed NewLeaf DU Refi Plus (V3) Page 1 of 4 Last Update

3 Loan Purpose/Proceeds Limited Cash-out only If guidelines not specified in this document, follow Fannie Mae s standard limited cash-out guidelines The new loan can include: o Payoff of the unpaid principal balance on the existing mortgage o The financing of closing costs, prepaid items and points (junk fees on the payoff demand) o Cash back to the borrower cannot exceed $250 o Any access funds at closing must be applied as a principal curtailment and reflected on the final HUD-1 Eligible Borrowers Borrower(s) may be removed from the new refinance, provided that at least one of the original borrowers is retained on the new loan Borrower(s) may be added to the new loan provided the existing borrower(s) is retained Citizens & Permanent and Non-Permanent Resident Aliens are allowed with a valid Social Security number. Non-Resident aliens (foreign nationals) are not allowed Property Types Eligible: SFR, 2-4 Units, Condo, PUD, Leasehold Ineligible: Non-Warrantable Condos, Hotel/Resort Projects, Manufactured Homes, Co-ops, Farms & Ranches, Dome Homes, Earth Homes, Timeshares, Condo Hotels, Log Homes or other unique properties. Income producing properties are ineligible. Refer to max acreage section and to the Geographic restrictions section for more details. Geographic Restrictions Texas a(6) mortgages are not eligible Florida condos - Primary Residences only up to 80% LTV max Mortgage Insurance If existing mortgage does not have MI, MI is not required regardless of the new refinance LTV If existing mortgage has MI and the new DU Refi Plus loan being refinanced is > 80%: o Same % of coverage must be maintained o MI must be transferred with existing MI company The following MI types are permitted and Certification must be transferred to NewLeaf: o Borrower Paid MI including Financed premiums Lender Paid MI not permitted on new loan Must be converted to Borrower Paid Monthly MI Qualifying Ratios Determined by DU Qualifying Rate Note Rate Subordinate Financing Existing subordinate financing can remain in place as long as it is resubordinated to the new DU Refi Plus mortgage loan An increase in the current unpaid principal amount of any junior lien is prohibited to curtail the DU Refi Plus refinance New subordinate financing is only permitted if it replaces existing subordinate financing Closed End subordinate financing that is not fully amortized and has a maturity date or balloon payment due in less than five years is ineligible HELOCs with maturity or call date within 5 years are eligible No. of Financed Properties No Limit NewLeaf DU Refi Plus (V3) Page 2 of 4 Last Update

4 Impounds CA: <90% LTV/CLTV Impounds are not required even if the original loan being paid off had impounds >90% LTV/CLTV Impounds are required only when the original loan being paid off had impounds Other States: >80% LTV/CLTV Impounds are required only when the original loan being paid off had impounds Income Employment History There is no requirement for minimum history of receiving income or to make a determination that the income used to qualify can be expected to continue for at least the next 3 years. However, below income documentation requirements must be met. VVOE is required for all employment types and must be obtained no more than 10 business days prior to the note date. Self Employed borrowers require third party verification of business existence. Income Documentation Requirements: Income Documentation Minimum Trade Lines Mortgage History Significant Derogatory For Employed Income (Base pay, Bonus and Overtime Income): o One paystub o Applies to primary employment, secondary employment (second job and multiple jobs) and seasonal income Commission Income: o One paystub or one year personal tax returns o Applies without regard to the percentage of commission earnings For Self Employed Income: o One year personal tax returns o Applies to primary and secondary self-employment Alimony or Child Support Income: o Copy of divorce decree, separation agreement, court order or equivalent documentation, and o One month documentation of receipt Retirement, Pension and Social Security Income: One of the following is required: o Award letter, or o One year personal tax returns, or o W-2 or 1099 form or SSA-1099 form, or o One month bank statement reflecting direct deposit Rental Income: o Lease or one year personal tax return o Applies to rental income from subject or other properties owned o 1007 not required Temporary Leave Income: o The borrower s written confirmation of his/her intent to return to work, and o Evidence or information from the borrower s employer indicating that the borrower does have the right to return to work after the leave period All Other Income Types: o Appropriate documentation determined by the Underwriter No minimum tradelines required Credit Determined by DU If an open mortgage is not reported on the credit report, a 12 month rating must be obtained reflecting 0X30 Waiting period and re-establishment of credit requirements are not required for DU Refi Plus loans DU will issue a message when a significant derogatory credit event is identified that indicates the loan is eligible for a DU Refi Plus regardless of when the event had occurred NewLeaf DU Refi Plus (V3) Page 3 of 4 Last Update

5 Assets Assets Determined by DU Most recent bank statement verifying sufficient funds needed to close Source of large deposits and proof of liquidation not required Gifts funds are allowed Collateral Property Valuation Option 1: Property Inspection Waiver (PIW) PIW is eligible as determined by DU $75.00 fee is required Property Inspection Waiver Disclosure form is required Option 2: New appraisal If DU does not offer a PIW, a full appraisal is required Appraisal cannot be more than 90 days old from the note date Properties Listed For Sale There is no requirement to confirm if the property is listed for sale Maximum Acreage Site size must be typical for the area and supported by comps. Maximum 20 acres as long as the subject property is residential in nature and there is a demonstrated market. Income producing properties are ineligible. Condo review is not required. Newleaf must confirm project is not a condo-hotel, motel or timeshare Condominiums All insurance requirements must be met Florida condos Only allowed for primary residence/ rate/term up to 80% LTV NewLeaf DU Refi Plus (V3) Page 4 of 4 Last Update