BAC Florida Bank New Program Guideline Highlights:

Transcription

1 BAC FLORIDA BANK LENDING BULLETIN March 28, 2016 BAC Florida Bank New Program Guideline Highlights: 1. BAC will now lend in Orlando and Central Florida, including loans for Foreign Nationals 2. BAC has expanded its Asset Depletion underwriting to include loans with LTVs of 60% 3. BAC has increased its Condo LTV s for Foreign Nationals to 65% 4. BAC has increased its Cash out LTV s to 60% 5. BAC has increased its LTV s for Domestic Borrowers (including Domestic Corporate Title loans) to 70%. This is a great program for non warrantable condo buyers 6. BAC will now allow interest only payment options on the 3/1 ARM loan. Please review our revised loan program description and rate sheets for specific guidelines.

2 BAC LENDER PAID BROKER COMPENSATION IS 2.00 % Maximum Lender Paid Broker Compensation is 50, YR. 3/1 ARM * 5/1 ARM 7/1 ARM 10/1 ARM FIXED BAC FLORIDA BANK / WHOLESALE RATES March 28, 2016 ALL LOANS WILL BE LOCKED AT LOAN SUBMISSION FOR 60 DAYS RESIDENTIAL FOREIGN NATIONAL AND DOMESTIC LOAN PROGRAMS. SEE PROGRAM DESCRIPTION FOR ALL CRITERIA All Loans 500,000-1,000,000 reduce rate by.250% All Loans over 1,000,000 reduce rate by.375% PRICING FOR ALL NON REGULATION Z APPLICABLE & NON TRID LOANS, INCLUDING FOREIGN NATIONAL LOANS AND CORPORATE TITLE LOANS THAT ARE SECOND HOMES AND INVESTMENT LOANS** LENDER PAID COMPENSATION SEE LOAN PROGRAM DESCRIPTION FOR VENEZUELAN, ARGENTINE OR RUSSIAN BORROWERS. 3/1 ARMS WITH LENDER PAID COMPENSATION ARE NOT AVAILABLE FOR PRIMARY RESIDENCE LOANS ALL LENDER PAID LOANS HAVE A (3/2/1) PREPAYMENT PENALTY, PRIMARY RESIDENCE LOANS WILL BE (2/1). BORROWER PAID BROKER COMPENSATION LOANS HAVE NO PREPAYMENT PENALTY. 1 YEAR LIBOR INDEX MARGIN 3.25% 2/6 CAPS. 6% SELLER CONTRIBUTION ALLOWED TOWARDS BUYERS CLOSING COST AND PREPAIDS REAL ESTATE TAXES WILL BE ESTIMATED AT 2.00% OF THE SALES PRICE ON PURCHASE TRANSACTIONS 4.000% 4.375% 4.875% 5.375% 5.125% 0.00% 4.125% 4.500% 5.000% 5.500% 5.250% 1.00% 4.250% 4.625% 5.125% 5.625% 5.375% 1.50% 4.375% 4.750% 5.250% 5.750% 5.500% 2.00% * INTEREST ONLY for 3/1 ARM s with LTV s of 50% or less for Corporate Title Purchase Money Loans only, increase rate by.25% ** Additional borrower paid broker compensation and fees are allowable on Non Regulation Z and Non TRID applicable loans. PRICING FOR ALL TRID & REGULATION Z APPLICABLE LOANS BORROWER PAID BROKER COMPENSATION PRICING 3/1 ARM 5/1 ARM 7/1 ARM 10/1 ARM 15 Yr. Fixed LENDER PAID COMPENSATION 4.000% 4.375% 4.875% 5.375% 5.125% 0.00% Maximum Lender Paid Compensation is 50,000 SEE LOAN PROGRAM DESCRIPTION FOR VENEZUELAN, ARGENTINE OR RUSSIAN BORROWERS. ALL NON REG. Z / NON TRID LOANS WITH LENDER PAID COMP. HAVE A (3/2/1) PREPAYMENT PENALTY. LOANS WITH ONLY BORROWER PAID BROKER COMPENSATION HAVE NO PREPAYMENT PENALTY. BAC DOES NOT OFFER LENDER PAID COMPENSATION ON REG. Z or TRID APPLICABLE LOANS. 1 YEAR LIBOR INDEX MARGIN 3.25% 2/6 CAPS. 6% SELLER CONTRIBUTION ALLOWED TOWARDS BUYERS CLOSING COST AND PREPAIDS * INTEREST ONLY for 3/1 ARM s with LTV s of 50% or less for Corporate Title Purchase Money Loans only REAL ESTATE TAXES WILL BE ESTIMATED AT 2.00% OF THE SALES PRICE ON PURCHASE TRANSACTIONS

3 PRIMARY RESIDENCES *** SECOND HOMES *** INVESTMENT PROPERTIES FOREIGN NATIONAL LOANS (Including Corporate Title) LOAN AMOUNT SINGLE FAMILY & PUD LTV PURCHASE RATE & TERM REFINANCE REFINANCE CASH OUT 100, ,999 50% 50% 150, ,999 65% 50% 200,000-1,000,000 70% 60% Over 1,000,000 CASE BY CASE CASE BY CASE LOAN AMOUNT CONDOMINIUM LTV PURCHASE RATE & TERM REFINANCE REFINANCE CASH OUT 100, ,999 50% 50% 150, ,999 60% 50% 200,000-1,000,000 65% 60% Over - 1,000,000 CASE BY CASE CASE BY CASE DOMESTIC BORROWER LOANS (Including Corporate Title) SINGLE FAMILY & PUD LTV LOAN AMOUNT PURCHASE RATE & TERM REFINANCE REFINANCE CASH OUT 100, ,999 60% 50% 150,000-1,000,000 70% 60% Over 1,000,000 65% 50% LOAN AMOUNT CONDOMINIUM LTV PURCHASE RATE & TERM REFINANCE REFINANCE CASH OUT 100, ,999 60% 50% 150,000-1,000,000 70% 60% Over 1,000,000 65% 50% CONDO BUILDINGS MUST BE AT LEAST 50% CLOSED OR SOLD (UNDER CONTRACT TO CLOSE) OR A COMBINATION OF BOTH. IF CONDO IS NOT 50% CLOSED OR SOLD (UNDER CONTRACT TO CLOSE) OR A COMBINATION OF BOTH, THE MAX LTV IS 50%. NON WARRANTABLE CONDOS ARE ACCEPTABLE CONDO QUESTIONNAIRE REQUIRED ON ALL CONDO LOANS FOR ALL REFI CASH OUT TRANSACTIONS THAT CLOSE WITHIN 6 MONTHS OF ORIGINAL CASH PURCHASE USE THE SAME LTV S AS THOSE FOR RATE & TERM REFINANCE 2 of 5 RATESHEETWHOLESALE

4 KEY FEATURES ALTERNATE INCOME DOCUMENTATION FOR FOREIGN NATIONALS. SELF-EMPLOYED FOREIGN NATIONALS REQUIRE AN ACCOUNTANT S LETTER WITH 2 YEARS OF INCOME AND A YTD FIGURE DOMESTIC BORROWERS REQUIRE FULL INCOME DOCUMENTATION (4506 REQUIRED) MINIMUM U.S. CREDIT SCORE FOR DOMESTIC BORROWERS IS 680 CORPORATE TITLE ACCEPTABLE (SHELL CORPS ONLY) NO ESCROW WAIVERS ARE ALLOWED ALL LOANS MUST ESTABLISH AN ACH DEBIT FOR MORTGAGE PAYMENTS FROM A U.S. BANK. THE ACH DEBIT FORM MUST BE SIGNED PRIOR TO SCHEDULING CLOSING. A WAIVER OF THE ACH DEBIT PAYMENT REQUIREMENT WILL BE ALLOWED BY INCREASING THE RATE BY 1.00% PREPAYMENT PENALTIES ARE (3/2/1) 3% FIRST YEAR; 2% SECOND YEAR AND 1% THE THIRD YEAR. A PARTIAL PRINCIPAL REDUCTION OF 20% OF THE ORIGINAL BALANCE IS ALLOWABLE WITH NO PENALTY. BAC REQUIRES THE CASH TO CLOSE TO BE ON DEPOSIT IN A US BANK PRIOR TO CLOSING. SEE PROGRAM DESCRIPTION FOR CASH RESERVE REQUIREMENTS. THE BORROWER S LIQUID ASSET POSITION MUST BE COMMENSURATE WITH THE BORROWER S FINANCIAL STATEMENT AND INCOME LEVEL. LENDING AREAS Primary Lending Areas: Miami Dade and Broward, counties. Secondary Lending Areas: The entire State of Florida. Foreign National Loans in the following counties: Polk, Lake, Seminole, Osceola and Orange, will have a maximum LTV of 60% and a minimum loan amount of 200,000 LOAN FEES BAC FEES AMOUNT GFE. FEE LOCATION HUD FEE LOCATION Underwriting Block 1 Origination Charge 801 Fee Tax Service Block 3 Required Services 806 Fee Flood Block 3 Required Services 807 Certification Appraisal SEE BELOW Block 3 Required Services 804 DISCLOSING BROKER COMPENSATION ON THE GFE FOR NON TRID AND NON REG Z APPLICABLE LOANS: CALL YOUR LOAN REP FOR ALL TRID DISCLOSURE REQUIRMENTS The GFE must reflect all Lender and/or Borrower compensation regardless of who is paying them. NON REG - Z LOANS: (Borrower Paid, Lender Paid or Dual Compensation is allowed.) Block #1 = Borrower and/or Lender Paid Broker compensation + Broker Processing Fees or Third party Processing fee + BAC Underwriting Fee. Block #2 = Lender Paid Broker Compensation - BAC Loan points, if any. (Check the middle box). 3 of 5 RATESHEETWHOLESALE

5 ESTIMATED APPRAISAL FEES FOR PRIMARY LENDING AREAS PURCHASE PRICE APPRAISAL FEE 200, , , , , ,000, ,000, UP CALL FOR QUOTE 2-4 Family Properties CALL FOR QUOTE ESTIMATED APPRAISAL FEES FOR SECONDARY LENDING AREAS PURCHASE PRICE APPRAISAL FEE 200, , , ,000, ,000, UP CALL FOR QUOTE 2-4 Family Properties CALL FOR QUOTE BAC FLORIDA BANK CONTACT LIST Jeff Gross MANAGING DIRECTOR off cell jgross@bacflorida.com German Gonzalez ACCOUNT EXECUTIVE cell ggonzalez@bacflorida.com Mark Glaser ACCOUNT EXECUTIVE cell mglaser@bacflorida.com Anne Lehner Garcia LOAN UNDERWRITING alehner garcia@bacflorida.com Ana Wilrycx LOAN UNDERWRITING awilrycx@bacflorida.com Marta San Martin LOAN UNDERWRITING msanmartin@bacflorida.com Sara de la Regata LOAN UNDERWRITING sdelaregata@bacflorida.com Jason Puig RE SYSTEM ADMINISTRATOR jpuig@bacflorida.com Vivian Jimenez LOAN REGISTRATION vjimenez@bacflorida.com Silvia Vasquez LOAN REGISTRATION svasquez@bacflorida.com Christy Espinosa LOAN REGISTRATION cespinosa@bacflorida.com Maria Morell LOAN CLOSING mmorell@bacflorida.com Merida Galceran LOAN CLOSING mgalceran@bacflorida.com Gloria Valdivia LOAN CLOSING gvaldivia@bacflorida.com 4 of 5 RATESHEETWHOLESALE

6 COMMERCIAL REAL ESTATE LOAN PROGRAM MINIMUM LOAN AMOUNT - 500,000 MAXIMUM LOAN AMOUNT - CALL SCOTT HODSON LTV PURCHASE/RATE & TERM - 70% CASH OUT/REFINANCE - 50% TERMS 10 YEAR BALLOON, 25 YEAR AMORTIZATION, FIRST 5 YEARS FIXED SECOND FIVE YEARS EQUAL TO 1 YEAR LIBOR RATE % ADJUSTED YEARLY WITH A FLOOR OF 6% NO YSP COMMITMENT FEE 1% DSCR X (OWNER OCCUPIED) DSCR X (MULTIFAMILY) PREFERRED PROPERTY TYPES * MULTIFAMILY * OWNER OCCUPIED FOREIGN NATIONAL BORROWERS ARE WELCOME 72 HOUR PREQUALIFICATIONS DAY COMMITMENTS CONTACTS 30 DAY CLOSING PERIOD Scott Hodson Office: Cell: shodson@bacflorida.com ALL RATES, PROGRAMS AND TERMS ARE SUBJECT TO CHANGE WITHOUT NOTICE. SEE PROGRAM FOR FURTHER LOAN INFORMATION AND PARAMETERS. THIS INFORMATION IS FOR THE EXCLUSIVE USE OF BAC FLORIDA BANK MORTGAGE CORRESPONDENTS AND IS NOT ADVERTISED TO EXTEND CONSUMER CREDIT. AS DEFINED BY SECTION OF REGULATION Z. IT IS NOT INTENDED FOR RELEASE TO CONSUMERS. MEMBER FDIC RATESHEETWHOLESALE of 5 RATESHEETWHOLESALE

7 BAC FLORIDA BANK RESIDENTIAL FOREIGN NATIONAL AND DOMESTIC LOAN PROGRAMS 3/24/16 Product Offering Types: 3/1 ARMs (Fully Amortizing) & ( Interest Only at 50% or less LTV, Corporate Title Purchases only) 5/1 ARMs (Fully Amortizing) 7/1 ARMs (Fully Amortizing) 10/1 ARMs (Fully Amortizing) 15 Yr. Fixed Rate Mortgage Description: A fixed rate mortgage or an adjustable rate mortgage based on the 1 year LIBOR defined as the average interbank offered rates for 1 year U.S. dollar denominated deposits in the London market ( LIBOR ) as published in the Wall Street Journal. Interest rate renewals will utilize the most recent Index figure available as of the first business day of the month immediately preceding the month in which the change date occurs. ARM Margin: The current margin is 3.25%. ARM Caps and Floor: The interest rate may not increase or decrease by more than 2 percent above or below the previous rate. In addition, the interest rate has a life of loan cap of 6 percent above the initial interest rate. The initial rate is the floor rate. Terms: 30 or 15 years Late Charge Fee: 7% of overdue principal and interest payment if not paid within 10 calendar days of the due date Occupancy: Primary Second Homes Investment Properties Prepayment Penalties: PREPAYMENT PENALTIES ARE (3/2/1) 3% FIRST YEAR; 2% SECOND YEAR AND 1% THE THIRD YEAR. A PARTIAL PRINCIPAL REDUCTION OF 20% OF THE ORIGINAL BALANCE IS ALLOWABLE WITH NO PENALTY. Escrows: Lending Areas: Multiple Loans To One Borrower: Escrow waivers are NOT allowed. No exceptions. Primary Lending Areas: Dade, Broward, Palm Beach and Monroe counties. Secondary Lending Areas: The rest of the State of Florida. Foreign National Loans in Polk, Lake, Seminole, Osceola and Orange counties will be limited to a 60% LTV and 200,000 minimum loan amount. BAC will only make a maximum of two loans to any individual or family of individuals if the income is coming from the same business. The second loan s LTV may not exceed 60% and both loans will be cross defaulted. Acceptable Collateral Types: Single Family Homes, 2 4 Family Properties, Condominium, Townhouses (Short Term Rental Communities max LTV of 50%) STUDIOS, EFFICIENCES ARE NOT ACCEPTABLE COLLATERAL. CONDO HOTELS WILL BE CONSIDERED ON A CASE BY CASE BASIS EXCEPT IN CENTRAL FLORIDA. NON WARRANTABLE CONDOS ARE ACCEPTABLE

8 Documentation: The following documentation is required to be present in the loan files prior to underwriting: 1. Complete Residential Mortgage Application (FNMA 1003), signed and dated by the borrower and the interviewer. Complete executed 1003s must be received prior to scheduling closing. 2. Self employed Foreign National borrowers require an Accountant/CPA Letter verifying income figures for the last two years and providing a year to date income figure. Salaried employees must provide a letter from the employer stating their current monthly salary or a valid pay stub. Domestic borrowers require full income documentation which may include; two years personal and/or corporate tax returns; paystubs; W2s or a standard VOE. See Page 5 for Asset Depletion Underwriting Guidelines 3. Tri Merged US Credit Report, accessing at least three repositories on all loans regardless of nationality except on borrowers from Canada, Ireland and the United Kingdom where an International Credit Report is required. (U.S. citizens and resident aliens must have a middle credit score of 680). Credit score exceptions can be approved by the Division Head of Real Estate Finance with the bank President, or in the absence of the President, his designee. 4. Verification of Initial Down payment, cash to close, and postclosing reserves is required. 5. Reserve requirements and cash to close as follows: The borrower s liquid asset position must be commensurate with the borrower s financial statement and income level. Documentation Continued: For LTV s greater than 65%, Post closing reserves must be at a minimum equivalent to no less than 24 months of PITI and HOA. For LTV s 65% or below, Post closing reserves must be at a minimum equivalent to no less than 12 months of PITI and HOA. Reserves must be on deposit and verified in countries not subject to currency controls. Proof and verification that cash required to close comes from the borrowers verified US Bank Account. 2

9 Escrow Letter is required & verification of down payment. 6. Mortgage Verification, when applicable. 7. One letter of reference from a banking or financial institution, showing at least 24 months history and relationship status. 8. Fully Executed Sales Contract, when applicable. 9. Appraisal by an approved BAC Florida Bank appraiser. All appraisals must be addressed to BAC Florida Bank (All appraisals will be ordered by BAC) 10. Copy of Borrower s passport and visa (when applicable), if foreign national, or copies of green card, if resident alien. 11. Borrowers must set up an Auto Payment Debit Account with a U.S. banking institution. Mandatory ACH for mortgage payments must be signed prior to scheduling closing and be accompanied by a cancelled check. 12. A Waiver of the ACH debit payment requirement will be allowed by increasing the rate by 1% 13. All letters, documents, and bank statements translated if necessary. 14. Corporate title acceptable. (Shell Corps. ONLY). All corporate owners must file applications and guarantee the debt. 15. Gift funds are not acceptable on Foreign National loans only Qualifying Ratios: Credit Score: The borrower s income must be plausible. Qualifying ratios should generally not exceed 30% for the primary housing expense / income ratio and 40% for the total obligation / income ratio. Quality credit is mandatory on all loans. Minimum United States credit score for domestic borrowers is 680. Condominium Highlights: NEW CONDO BUILDINGS MUST BE AT LEAST 50% CLOSED OR SOLD (UNDER CONTRACT TO CLOSE) OR A COMBINATION OF BOTH. IF THE CONDO IS NOT 50% CLOSED OR SOLD (UNDER CONTRACT TO CLOSE) OR A COMBINATION OF BOTH, THE MAXIMUM LTV IS 50%. CONDO QUESTIONNAIRES ARE REQUIRED ON ALL CONDO LOANS. NON WARRANTABLE CONDOS ARE ACCEPTABLE 3

10 Primary Residences Second Homes Investment Properties LTV s FOR FOREIGN NATIONAL LOANS (Including Corporate Title) SINGLE FAMILY LTV LOAN AMOUNT PURCHASE RATE & TERM REFINANCE REFINANCE CASH OUT 100, ,999 50% 50% 150, ,999 65% 50% 200,000 1,000,000 70% 60% Over 1,000,000. CASE BY CASE CASE BY CASE CONDOMINIUM LTV Primary Residences Second Homes Investment Properties LOAN AMOUNT PURCHASE RATE & TERM REFINANCE REFINANCE CASH OUT 100, ,999 50% 50% 150, ,999 60% 50% 200,000 1,000,000 65% 60% Over 1,000,000. CASE BY CASE CASE BY CASE Primary Residences Second Homes Investment Properties LTV s FOR DOMESTIC BORROWER LOANS (Including Corporate Title) SINGLE FAMILY LTV LOAN AMOUNT PURCHASE RATE & TERM REFINANCE REFINANCE CASH OUT 100, ,999 60% 50% 150,000 1,000,000 70% 60% Over 1,000,000 65% 50% CONDOMINIUM LTV Primary Residences Second Homes Investment Properties LOAN AMOUNT PURCHASE RATE & TERM REFINANCE REFINANCE CASH OUT 100, ,999 60% 50% 150,000 1,000,000 70% 60% Over 1,000,000 65% 50% 4

11 Asset Depletion Underwriting Methodology BAC Florida Bank also allows in certain circumstances an asset depletion underwriting methodology. BAC Florida Bank is aware that income can be derived from the borrower s / guarantor s asset sources. Asset depletion is a method for calculating monthly income by dividing a borrower s / guarantor s available total liquid assets by a set number of months. The borrower / guarantor is not required to cash in their assets as they're only used to demonstrate an ability to make the mortgage and housing payments. Borrowers / guarantors who use the asset depletion program to demonstrate qualification do not need to verify any employment, but if currently employed they must indicate employment information on the loan application. Eligible borrowers / guarantors can rely on an asset depletion calculation based on a combination of verified after closing cash, retirement, and investment monies divided by 120 months including a return factor based upon the 10 year US treasury yield at the time of underwriting. Assets are generally qualified with 100% of cash accounts and investment accounts and 70% of retirement accounts (if under 62 years old, if over 62, 100%). All eligible assets include cash or cash equivalents in US Banks or US Securities, and/or deposits at other acceptable banks at the discretion of BAC Florida Bank. Cash or cash equivalents include the following: Money market accounts, savings accounts, checking accounts, CD s Trust Funds Investment portfolios: stocks, bonds, mutual funds, etc. Retirement accounts (IRA s, etc.) The asset depletion methodology can be used with an LTV request of no more than 50% and a minimum down payment of 250,000. LTV s of 60% are also acceptable with properties valued at 1,000,000 and greater. Qualifying ratios for the asset depletion underwriting should not exceed 40% for the primary housing expense / income ratio and 50% for the total obligation / income ratio. 5

12 COUNTRY SPECIFIC GUIDELINES Special Guidelines for borrowers / guarantors whose business and employment income source is from Venezuela ======================== Loans in this category are only acceptable with the asset depletion underwriting methodology. For underwriting purposes, income sources from Venezuela are unacceptable. See asset depletion underwriting guidelines on page #5 =========================================== Special Guidelines for borrowers / guarantors whose business and employment income source is from Argentina - Minimum Loan Amount 250, Maximum LTV 50% - Minimum post closing reserves of at least 100% of the loan amount on deposit in a financial institution outside of Argentina. - Properties that have an appraised value or purchase price less than 500,000 are not eligible. Temporarily Suspended countries due to current economic and political risks: Russia, Ukraine Special Guideline for borrowers whose business and employment income source is from countries whose economies were formerly or currently state controlled, e.g. former Soviet Bloc Countries, China, Vietnam, etc. All funds utilized for the down payment of the property which includes the initial escrow deposit and the cash to close, must flow through the borrowers established U.S. Bank Account. 6

13 REVIEW ALL PAGES!!! PLEASE PRINT ON LEGAL SIZE PAPER IF POSSIBLE FOR CLARITY Borrowers: (Individuals or Corp & Guarantor Name): BAC FLORIDA BANK - Loan Submission Sheet RIGHT SIDE OF FOLDER (Page 1): DOCUMENTATION CHECKLIST MUST BE ACCO FASTENED IN LEGAL SIZE FOLDER To help expedite the processing of the loan submission, PLEASE follow this stacking order guide (left and right side) and include all applicable documentation. Additional documentation may be required at the Underwriter s discretion. All files are to be submitted in a file folder with original documentation acco fastened to left or right side of the file. Incomplete packages will delay registration and underwriting review. BROKER MUST CHECK OFF THIS DOCUMENT CHECKLIST AS APPLICABLE ASSIGNMENT LETTER - On Broker s letterhead, signed, dated, referencing borrowers complete name & property address. COPY OF VALID MORTGAGE BROKER S LICENSE - for the individual who executed the 1003 as the "interviewer". BROKER EXPLANATION LETTER (if applicable) - Explain any non-confirming characteristics, compensating factors or exception requests TYPED FORM 1008 TYPED FORM 1003 APPLICATION: Unsigned, for Underwriters use. Must reflect updated and verified information. Government Monitoring Section should be the same as on the original handwritten application. ORIGINAL INITIAL FORM 1003 APPLICATION Must be signed and dated by Borrower and Broker. Please ascertain that it is complete including present address and employment address (NO P.O. boxes allowed). Borrower s type of business and position must be indicated under employment section. Income must be stated on page two. Government Monitoring Section must be completed in accordance with the Home Mortgage Disclosure Act and Equal Credit Opportunity Act. Refinances with cash out: If borrower will be cashing out on the property: A letter from borrower explaining purpose of cash out is required. Initial and final 1003, must be specific and in accordance with letter. Initial and final 1003 cannot just show Cash out as a purpose. Ie: Recoup equity on cash purchase, business investments, home improvements, future real estate investment, purchase a residential property located at. ) etc. COPY OF BORROWER S ID (Two photo ID s required): -Foreign National : Valid Visa and Passport (if living in the United states also include: Driver s License -Permanent Resident Alien: Green Card and Driver s License United States Citizen: Driver s License Borrowers address: Borrowers website (if self-employed): Copy of Business card Documentation confirming home address: Such as Utility Bill, Credit Card Statement or Bank statement SATISFACTORY US FACTUAL CREDIT REPORT ON ALL FILES: (If from the U.K, Ireland & Canada include Factual Intl Credit Report also) INCOME VERIFICATION FOR FOREIGN NATIONAL BORROWERS: -IF SELF-EMPLOYED: Original Accountant letter- Letter must explain borrower s source of income. Position, title, percentage of ownership and must include previous two years of income and current YTD income. All letters are to be on accountant s company letterhead, with signors contact information, dated & executed by the appropriate parties. Include copy of Accountants professional license. English translations are to be placed in front of the reference letters and signed, dated and certified by a translator. -SALARIED EMPLOYEE: Original Letter from Employer - Stating current monthly salary, position & include valid pay stubs if applicable. INCOME VERIFICATION FOR DOMESTIC BORROWERS; Full income documentation which may include two years personal and corporate (if applicable) income tax returns, pay stubs, W2 s and/or a Standard VOE. An original signed form T4506 is required on all applicants. It must be included in the file at the time of submission (left side). Original Banking Reference Letters : One original personal banking reference letter (US or foreign bank). Letter of reference must be on company letterhead with address and phone number, dated and executed by the appropriate parties. Letter must include how the account is titled, type of account, account number, when it was established (must have been open for a minimum of 2 years. English translations are to be placed in front of the reference letters and signed, dated and certified by a translator. Asset Verification: Original Verification Of Deposit, Bank letter or signed account printout required, as applicable: (Refer to Bulletins and Loan Programs for requirements for borrowers with income generated in specific countries such as Venezuela, Argentina and Russia). Other borrowers: Verification of Initial Down payment, cash to close, and reserves equivalent to no less than 24 months of PITI and HOA on loan to values greater than 65%. Verification of Initial Down payment, cash to close, and reserves equivalent to no less than 12 months of PITI and HOA on loan to values of 65% or less. All cash to close must be on deposit in a US Banking Institution. The borrower s liquid asset position must be commensurate with the borrower s financial statement and income level. GIFT FUNDS ARE NOT ACCEPTABLE. ESCROW LETTER - Held by third party, on company letter held signed and dated with copy of check or incoming wire ADDENDUM, ASSIGNMENT OR EXTENSION OF PURCHASE/SALE AGREEMENT (IF APPLICABLE) All pages and fully executed by all parties. PURCHASE/SALE AGREEMENT - All pages including addendums and fully executed by all parties. CONDO/PUD QUESTIONAIRE- All Condominium/PUD loans require BAC s Condo Questionnaire form to be submitted at the time of submission. Must include a copy of last year s and the most current budget for the association. CORPORATE DOCUMENTS (IF APPLICABLE): All shareholders must personally guarantee the loan. BAC accepts certain corporations established for the purpose of owning the subject real estate to take title. Those customary are: Florida (Corp or LLC), Delaware, Panama, BVI (British Virgin Island). Please ask us. Provide copies of all fully executed corporate documents including: Articles of Incorporation, By Laws, Tax ID#, Certificate of Good Standing, Operating Agreement for LLC s, Shares Registry indicating total number of shares and who the shareholders are. If corporate borrower is owned by another entity copies of owning entity documents must be submitted with application. All other required regulatory disclosures which are NOT listed on the LEFT side checklist: All files must be submitted with all applicable disclosures based on the most current regulatory changes (Refer to LEFT side of folder checklist for GFE and TIL instructions). \Bulletins\LoansubmissionheetM081414VJ/Combined

14 Borrowers: (Individuals or Corp & Guarantor Name): BAC FLORIDA BANK - Loan Submission Sheet LEFT SIDE OF FOLDER (Page 2/7): DOCUMENTATION CHECKLIST MUST BE ACCO FASTENED IN LEGAL SIZE FOLDER To help expedite the processing of the loan submission, PLEASE follow this stacking order guide (left and right side) and include all applicable documentation. Additional documentation may be required at the Underwriter s discretion. All files are to be submitted in a file folder with original documentation acco fastened to the left or right side of the file. Incomplete packages will delay underwriting review. BROKER MUST CHECK OFF THIS DOCUMENT CHECKLIST AS APPLICABLE BROKER Included BAC received Documentation Payment for appraisal: DO NOT COLLECT ANY FEE FROM BORROWER UNTIL YOU HAVE READ PAGE RESPA/TIL APPLICABILITY AS PART OF THE LOAN SUBMISSION SHEET Procedures for appraisal fee collection are indicated on second page of the Loan Submission Sheet as applicable to different scenarios. BAC Florida Bank will order the appraisal upon receipt of payment in accordance with the Loan Submission Sheet. Files will be reviewed as Credit Only until Appraisal is obtained by BAC. If appraisal was ordered by BAC prior to submission (case by case) please indicate date the Appraisal Request Form & payment was sent by the Mortgage Broker to BAC: LOAN SUBMISSION SHEET All pages must be completed for registration, lock in and our review of the GFE DISCLOSURES BELOW: Before taking the application, refer to our Loan Submission Sheet for further clarification and applicability of RESPA and TILA. ALL FILES: FLORIDA MORTGAGE BROKER FEE AGREEMENT DISCLOSURE: Must reflect the total all of Mortgage Broker Fees and matching the GFE worksheet. Must be executed by Mortgage Broker and Borrower. ALL FILES: REG B/ECOA Valuation Disclosure : Appraisal notice dated and provided to borrower within 3 days of application must be included in the file. CORPORATE TITLES: If contract AND application show title will be in the name of a corporation RESPA and TIL disclosures are not applicable. Mark here and cross out below disclosures RESPA APPLICABLE LOAN: GOOD FAITH ESTIMATE DISCLOSURE Prior to completion we suggest you refer to our GFE Worksheet and GFE Guide which is part of the Loan Submission Sheet. (Borrowers must not sign the GFE form) Note: ONLY BAC will issue RE-disclosures of the Good Faith Estimate (ie lock in or changed circumstances) once we have registered a file. RESPA APPLICABLE LOAN: List of Homeownership Counseling Agencies provided on all RESPA applicable loans within 3 days of application. Refer to this website to create the list based on borrower s primary zip code. If foreign primary address use zip code of subject property being financed by borrower. RESPA APPLICABLE LOAN: LIST OF IDENTIFIED PROVIDERS (Closing agents, surveyor, as applicable) RESPA APPLICABLE LOAN DISCLOSURE: ACKNOWLEDGEMENT OF RECEIPT OF GFE AND INTENT TO PROCEED: This is a signed and dated separate acknowledgement of receipt of GFE and intent to proceed with the transaction. RESPA APPLICABLE LOAN DISCLOSURE: 60 DAY CLOSING DISCLOSURES: If new construction and closing beyond 60 days Note: Once BAC has registered a file ONLY BAC will issue RE-disclosures of the Good Faith Estimate (ie lock in or changed circumstances) RESPA APPLICABLE LOAN: Affiliated Business Disclosure Statement (if applicable on this loan). If no affiliated businesses are associated with MLO s indicate this on the submission sheet REG Z/TRUTH IN LENDING APPLICABLE LOAN: (refer to page 4 of Loan Submission Sheet for determination) MORTGAGE BROKER CANNOT ISSUE THE Truth In Lending Disclosure Statement, ONLY THE CREDITOR/LENDER CAN. BAC will do so at time of file registration, if applicable Preliminary HUD-1 (Ensure all applicable fees and endorsements are included as per BAC s GFE worksheet) All Files: Automatic Payment Program Form: IMPORTANT: UNDERWRITING CONDITIONS WILL NOT BE CLEARED UNTIL THIS IS RECEIVED. Borrower must complete and sign an automatic payment authorization form to allow the mortgage payment deduction from a U.S. bank account. (Loan number and monthly payment will be filled in by BAC prior to closing). The name on the account to be debited must match borrowers or guarantors names. A voided check from this account, with account holder s pre-printed name MUST be included. If borrower is a US taxpayer, include a completed and signed form T4506. Names and address must match exactly as last filing. \Bulletins\LoansubmissionheetM081414VJ/Combined

15 BAC FLORIDA BANK - Loan Submission Sheet LEFT SIDE OF FOLDER (Page 3/7): MORTGAGE BROKER MUST COMPLETE ALL PAGES OF THIS LOAN SUBMISSION PACKAGE. INCLUDING THE GFE WORKSHEET AND STACKING ORDER. PLEASE READ ENTIRE FORM TO ENSURE YOUR FILE IS NOT RETURNED OR DENIED FOR NOT COMPLYING WITH INSTRUCTIONS. Borrowers: (Individuals or Corporate name): Guarantors if in corp. name: Any individuals (borrower or guarantor) should appear in all documents (as applicable, contract, application, deed) with their complete legal name as it is reflected on their legal photo identification: ie passports, visa etc. Property address: Estimated closing date: possible mail away? : Loan amount: LTV: % Occupancy: Primary Second Investment (Corp titles are considered investment) METHOD OF APPLICATION: 1003 must clearly state method of application and date taken as follows: Face to face interview: Date of application: : The date signed by the Borrower and Mortgage Broker must be the same. Telephone interview: Date of telephone application/interview taken: : The Mortgage Broker must indicate on the 1003 the date the phone interview was taken by his signature. Timing for issuance of disclosures will begin on that date not when borrower signs the application form if it is a later date. GFE and other disclosures could not have been issued or dated before this date. By the applicant and submitted via fax, mail, or internet: Date of application: : The Mortgage Broker should indicate the day the broker actually received the application next to the brokers signature. This should be a date after the date the borrower dated/signed the application. Timing for disclosures will begin on the date received by the Mortgage Broker. GFE and other disclosures could not be dated before this date. Contact Name Phone MLO Individual Processor Schedule appraisal Contact: Realtor Developer Owner ***If third party must include: Invoice, NMLS# and Company name on page 5 of this Loan Submission Sheet. Contact: Closing agent Company: LOAN SUBMISSIONS WILL BE LOCKED FOR 60 DAYS AT TIME OF FILE REGISTRATION AS INDICATED BELOW. (REFER TO RATE SHEET FOR ACCURATE PRICING): DETERMINE REG Z APPLICABLITY BEFORE PRICING AND ISSUING YOUR GFE. CONTACT BAC WITH ANY QUESTIONS. If you are unsure of the RESPA/TIL applicability please contact your Account Executive at BAC to ensure correct pricing and disclosure. Refer to Page 4 and 5 of this Submission Sheet LOAN TERM PROGRAM LOCK PERIOD INITIAL RATE: See rate sheet for pricing adjustments: -No payment ACH % -Loans 500,000-1,000, % -Loans over 1,000, % LENDER PAID COMPENSATION (LPC) TO BROKER BELOW (IF BORROWER PAID COMPENSATION PUT N/A IN BOTH COLUMNS) (LPC is NOT AVAILABLE ON REG Z LOANS) PREPAYMENT PENALTY -Non REG Z Loans only BAC USE ONLY 30y 15y 15y ARM 3/1 5/1 7/1 10/1 FIXED 15 yr 60 days :Rate Sheet Price :Pricing adjustment % Final rate % YES: LPC & non REG Z loan only YES: Dual Comp & non REG Z loan only NO: IF BPC OR A REG Z loan Lock date: Lock Expiration: Confirmed by: Floor: BAC USE ONLY FOR RELOCKS 30y 15y 15y ARM 3/1 5/1 7/1 10/1 FIXED 15 yr 60 days :Rate Sheet Price :Pricing adjustment % Final rate % YES: LPC & non REG Z loan only YES: Dual Comp & non REG Z loan only NO: IF BPC OR A REG Z loan Lock date: Lock Expiration: Confirmed by: Floor: This Loan Submission Sheet and the following GFE worksheet have been completed based on BAC loan programs and the terms requested by Borrowers. All fees listed on the Good Faith Estimate are accurate to the best of my knowledge. If on or after closing, it is determined that BAC is required to credit or refund the borrower due to exceeding tolerances between the Good Faith Estimate and the final HUD-1 Settlement Statement comparison, the Mortgage Broker will reimburse Lender for those amounts. The reimbursement may be done by deducting the amounts due from the Mortgage Brokers origination charges, Lender Paid Compensation or by check on or after closing as requested by BAC. I have determined this loan applications RESPA and TIL applicability, as detailed in all pages of these instructions & we have complied with these regulations. By signing this Loan Submission Form I agree to the above terms. ARE ANY OF THE SERVICES PROVIDED ON THIS LOAN PROVIDED BY AN AFFILIATE OF THE MLO ORGANIZATION OR MLO INDIVIDUAL? No Yes: If yes, Affiliated Business Arrangement Disclosure must be included on left side. Signature of Mortgage Broker: Date: Name of person signing: MLO/Mortgage Broker Company: \Bulletins\LoansubmissionheetM081414VJ/Combined

16 Borrowers: (Individuals or Corp & Guarantor name): BAC FLORIDA BANK - Loan Submission Sheet LEFT SIDE OF FOLDER (Page 4/7): Regulatory websites have been listed for your reference. DETERMINING GFE/TIL APPLICABILILTY ON EACH APPLICATION (MUST SELECT ONE): If you are unsure RESPA/TIL applicability please contact your Account Executive at BAC to ensure correct pricing and disclosure. A) Title will be in the name of a Corporation (occupancy is investment). This transaction will not be subject to RESPA or TILA therefore the appraisal fee can be collected by the Mortgage Broker at any time after application. The contract must show a corporate name or read and or assigns. The initial 1003 must show Title will be in the name of a corporation and for investment purpose on page 1. A Good Faith Estimate or Truth In Lending disclosure is not required on this loan. A change afterwards to an individual s name will trigger RESPA and TIL disclosures (as applicable) to be issued by BAC and may delay the transaction. TO PROCEED WITH AN APPRAISAL ORDER BAC CAN ACCEPT PAYMENT FROM THE MORTGAGE BROKER OR BORROWER. B) Title will be in individual names and also: Borrower or Co-borrowers are US Citizens (whether or not they are currently living in the US) Borrower or Co-borrowers are US Permanent Resident Aliens of any state in the US (even if they are not currently living in the US) Borrower or co-borrowers are living or are relocating to the US (ie: as per work Visa, etc). These borrowers are subject to RESPA and Truth In Lending Act ( and The Mortgage Broker will issue a Good Faith Estimate within three days of receipt of an application. Creditor (Lender/BAC Florida Bank) will issue the TILA disclosure within three days of the Lender s acceptance of the loan application and file submission from Mortgage Broker. No fee can be collected from the borrower except for a credit report fee until the 4 th day after BAC has issued the TILA disclosures. TO PROCEED WITH APPRAISAL ORDER BAC CAN ACCEPT PAYMENT FROM THE MORTGAGE BROKER ONLY. IF AFTER THE 4 TH DAY FROM WHEN BAC FLORIDA BANK MAILED THE TRUTH IN LENDING DISCLOSURE, BAC RECEIVES THE ORIGINAL SIGNED TRUTH IN LENDING DISCLOSURE, BAC MAY ALLOW PAYMENT TO BE MADE DIRECTLY BY THE BORROWER. (Check or Credit card authorization form from the customer must not be obtained or dated prior to the date of receipt of the signed Truth In Lending issued by BAC). C) Title will be in individual names and also: Prospective Borrower or Co-Borrower type is not listed in any of the scenarios in A) or B) above. If you are unsure of applicability such as based on borrowers Visa please contact your Account Executive at BAC to ensure correct pricing and disclosure. This transaction will be subject to RESPA ( but not TILA. The Mortgage Broker will issue a Good Faith Estimate within three days of receipt of an application. No fee can be collected from the borrower except for a credit report fee until the borrower has received the Good Faith Estimate and signs a separate Acknowledgement of Receipt and Intent to Proceed with the transaction. If the Good Faith Estimate is mailed it is deemed to have been received on the 4 th day after mailing. By selecting this section and signing on page one of this Loan Submission Sheet, we certify that we have not received any funds from this borrower, except for possibly a credit report fee and have complied with RESPA. TO PROCEED WITH APPRAISAL ORDER BAC CAN ACCEPT PAYMENT FROM THE MORTGAGE BROKER ONLY. IF BAC RECEIVES A SIGNED ACKNOWLEDGEMENT OF RECEIPT OF THE GOOD FAITH ESTIMATE ISSUED BY THE MORTGAGE BROKER IN ADDITION TO THEIR INTENT TO PROCEED WITH THE TRANSACTION, BAC MAY ALLOW PAYMENT TO BE MADE DIRECTLY BY BORROWER. (Check or Credit card authorization form from the customer must not be obtained or dated prior to the date of the signed acknowledgement of receipt of the GFE and Intent to Proceed). GOOD FAITH ESTIMATE (if applicable): Upon registration of a file, BAC will lock in the loan and mail a re-disclosure of the GFE to borrowers updating the terms affected by the Lock in. BAC will issue any other necessary re-disclosures of the GFE once BAC has registered the file. CHANGED CIRCUMSTANCES In the event the Mortgage Broker is advised of a Changed Circumstance by the Borrower or anyone other than BAC, the Mortgage Broker must advise BAC Florida Bank. They must do so by ing both Vivian Jimenez at vjimenez@bacflorida.com and Silvia Vasquez at svasquez@bacflorida.com within 24 hours of receipt of the notification of a changed circumstance. BAC will review the request and if applicable, issue any Re-disclosure of the GFE as applicable.. If this is a TIL applicable loan, re-disclosures of TIL will be done by BAC as applicable. Only charges and terms which are affected by the changed circumstances or interest rate dependent changes can change when a re-disclosure is issued. BAC s GUIDE TO COMPLETION OF GFE(Refer to: for regulation) Page 1 OF THE GFE:All sections of the GFE PAGE 1 must be completed accurately based on BAC program. Borrowers should not sign any of the three pages of the Good Faith Estimate form Date of initial GFE must be on or within 3 days of receipt of the application (see pg1 of submission sheet). Important Dates section: 1. Since rate is not locked in at time of GFE issuance= at least 1 day. If the rate were locked in= expiration date of 60 day lock 2. At least 10 BUSINESS (not calendar) days from date of issuance of GFE. (You can use more days to be safe ie 15 business days) days 4. Since rate is not locked in at time of GFE issuance=7 days. Summary of your loan section: Ensure that this section is completed in accordance with BAC pricing for the loan program selected. If you need assistance completing the ARM section please call Silvia, Vivian in our office prior to issuance. \Bulletins\LoansubmissionheetM081414VJ/Combined

17 USE ONLY IF REG Z APPLICABLE LOAN Borrowers: (Individuals or Corp & Guarantor name): BAC FLORIDA BANK - Loan Submission Sheet LEFT SIDE OF FOLDER (Page 5/7): THE FOLLOWING WORKSHEET MUST BE COMPLETED BY THE MORTGAGE BROKER AS AN EXPLANATION OF THE GFE CALCULATIONS. WE SUGGEST COMPLETING FORM PRIOR TO PREPARING THE GFE. INCOMPLETE FILES WITH INACCURATE WORKSHEETS OR INACCURATE GFE S WILL BE RETURNED TO THE MORTGAGE BROKER WITHOUT REGISTRATION. Complete for all loans even if not RESPA applicable for pricing verification. GFE WORKSHEET: Compare to Page 2 OF THE GFE: SETTLEMENT FEES: List applicable fees even if P.O.C. DETERMINE REG Z APPLICABLITY AND SELECT ONE OPTION FOR BLOCK 1 OF THE GFE BEFORE ISSUING YOUR GFE. CONTACT BAC WITH ANY QUESTIONS. THESE AMOUNTS MAY NOT INCREASE AT SETTLEMENT REG Z APPLICABLE LOANS ONLY: 1: OUR ORIGINATION CHARGE: FEE DESCRIPTION PAYABLE TO: PERCENT (as applicable) Borrower Paid Compensation to Mortgage Broker: Figures must match Borrower/Broker Agreement If based on a % of loan amount: %= OR flat fee (NOT based on a % of loan amount): Broker processing fee (if 3 rd party see next line) All other Mtg Bkr fees Third party processing fee (must include invoice) Payable to: NMLS # BROKER USE BAC USE ONLY BAC USE ONLY AMOUNT TOTAL OF BROKER FEES FROM LEFT COLUMN) (MUST MATCH SIGNED BROKER AGREEMENT) BORROWER PAID Lender Underwriting BAC NA TOTAL 1: REG Z APPLICABLE LOANS ONLY: OUR ORIGINATION CHARGE Note: Maximum Borrower Paid Compensation=3.5%. OR NON REG Z APPLICABLE LOANS ONLY: 1: OUR ORIGINATION CHARGE: FEE DESCRIPTION PAYABLE TO: PERCENT (as applicable) Maximum Lender paid compensation=50,000 THESE AMOUNTS MAY NOT INCREASE AT SETTLEMENT BROKER USE BAC USE ONLY BAC USE ONLY AMOUNT USE ONLY IF NON REG Z APPLICALBE LOAN Dual compensation (non Reg Z loan only). Complete both sections below. Broker agreement must indicate both amounts. Borrower Paid Compensation to Mortgage Broker: Figures must match Borrower/Broker Agreement If based on a % of loan amount: %= OR flat fee (NOT based on a % of loan amount): Broker processing fee (if 3 rd party see next line) All other Mtg Bkr fees BORROWER OR LENDER PAID: Third party processing fee (must include invoice) Cannot be an affiliate of Mortgage Loan Originator if Lender Paid Compensation If Lender Paid Compensation to Mortgage Broker. Figures must match the Borrower / Broker Agreement Payable to: NMLS # Invoice attached % LENDER PAID TOTAL OF BROKER FEES FROM LEFT COLUMN) (MUST MATCH SIGNED BROKER AGREEMENT) BORROWER PAID BPC OR LPC LENDER PAID ONLY Lender Underwriting Fee BAC NA TOTAL 1 NON REG Z APPLICABLE LOANS ONLY: OUR ORIGINATION CHARGE Note: Maximum Borrower Paid Compensation=3.5%. Maximum Lender paid compensation=50,000 2: YOUR CREDIT FOR INTEREST RATE CHOSEN: THESE AMOUNTS MAY NOT CHANGE AT SETTLEMENT ONCE LOCKED (AT REGISTRATION) If BPC/PAR pricing: DO NOT LEAVE BLANK ON GFE PUT ZERO 0 If LPC to be paid by BAC Must appear as a credit with either a or ( ). If available in pricing: LPC % less discount %= NA NA 0.00 DO NOT LEAVE BLANK ON GFE PUT ZERO 0 Mtg Broker % ( ) Must appear as a credit with either a or ( ) on GFE. A: YOUR ADJUSTED ORIGINATION CHARGES: TOTAL A Difference of block 1-2 THESE AMOUNTS MAY NOT CHANGE AT SETTLEMENT ONCE LOCKED (AT REGISTRATION) \Bulletins\LoansubmissionheetM081414VJ/Combined

18 Borrowers: (Individuals or Corp & Guarantor name): BAC FLORIDA BANK - Loan Submission Sheet LEFT SIDE OF FOLDER (Page 6/7): YOUR CHARGES FOR ALL OTHER SETTLEMENT SERVICES: 3: REQUIRED SERVICES THAT WE SELECT: THESE FEES MAY NOT INCREASE BY MORE THAN 10% AT SETTLEMENT Appraisal Fee (see rate sheet) See pg 2 regarding collection of this fee. Credit Report Fee Tax Service Fee (may be less at closing) Flood Certification Fee As selected by Lender As selected by Broker First American Tax Service First American Flood Service Condo Questionnaire HOA Translation fee (NOT A Third party only PROCESSING FEE) NOT TO BROKER TOTAL 3 4:TITLE SERVICES & LENDER S TITLE INS (see rate sheet) (If new construction include final inspection fee in quote Important note regarding the Settlement Provider and tolerances. See last section below. Settlement fee FC Closing agent Lender s title ins premium NFC Closing agent Endorsements to Lender s title ins premium NFC (Need this figure separately as this is not a finance charge) to accurately disclose APR as applicable. Closing agent Alta 4: Condo Alta 5: PUD Alta 6: ARM Alta 8.1 Environmental Alta 9: Fl Form 9 Navigat. Servitude (if on water) Other: Title/lien searches NFC Closing agent or other All other title services* FC *Preparation, issuance of commitment, clearing of underwriting objections, preparation and issuance of policy, settlement agent s processing, administrative services (document delivery, preparation, copying, wiring, notary). Digital imaging, post closing title updates, including e-filing, fees such as eoi insurance. Closing agent or other settlement service provider TOTAL 4 5: OWNER S TITLE INSURANCE (EVEN IF SELLER PAID) Important note regarding the Settlement Provider and tolerances. See last section below. Owner s Title Insurance Closing agent 6: REQUIRED SERVICES YOU CAN SHOP FOR: THESE FEES CAN NOT INCREASE BY MORE THAN 10% AT SETTLEMENT IF BORROWER DID NOT SELECT COMPANY Survey Surveyor 7: GOVERNMENT RECORDING CHARGES estimate 250 THESE FEES MAY NOT INCREASE BY MORE THAN 10% AT SETTLEMENT 8: TRANSFER TAXES PAID TO GOVERNMENT OFFICIALS ONLY (NO EFILING FEES) THESE FEES MAY NOT INCREASE AT SETTLEMENT Documentary Stamps on Deed: IMPORTANT FOR CALCULATIONS: *If PURCHASE PRICE or LOAN AMOUNT is not rounded to a hundredths digit, you must do so to the next hundredths to calculate to avoid shortage. Ie: 100,550=100,600) *Purchase price: Rounded if applicable: If contract says Seller will pay this amount then do NOT include here or on the GFE. On HUD-1, pg 2, it will be on Sellers column. (If being paid from a closing charge imposed on borrower see below) If contract does not say Seller will pay the taxes on the deed or it s unknown who will pay, this amount must be included here and on the GFE. On HUD-1, pg 2, it will be on Borrower columns. If after disclosures are given, it is determined the Seller will pay them, it will ALSO appear on HUD-1, pg 2 on Borrower Columns and on the HUD-1, page 1 as a credit to Borrower and charge to Seller. Developer contract with a closing charge (%) in contract, of which part will be applied to the Deed stamps: Handle the same as if charged to borrower because this is not a true seller paid item. Borrower will be charged on pg2 of HUD, receive a credit from seller on pg 1 to cancel out and then charged the closing charge on pg 1 of HUD. Miami-Dade : Purchase price x.0060 All other counties: Purchase price x.0070 (see left for rounding info) Documentary Stamps on Mtg *Loan Amount: Rounded if appl: Loan amount x.0035 (see left for rounding info) Intangible Tax on Mtg Loan amount x.002 TOTAL 8 \Bulletins\LoansubmissionheetM081414VJ/Combined

19 Borrowers: (Individuals or Corp & Guarantor name): BAC FLORIDA BANK - Loan Submission Sheet LEFT SIDE OF FOLDER (Page 7/7): 9: INITIAL DEPOSIT FOR YOUR ESCROW ACCOUNT Taxes: Purchases or refinances of a recent purchase MUST be calculated at 2% of purchase price: Refinances of properties already assessed in owners name use Gross tax amount: -Purchase price x 2%= divided by 12 mos= monthly tax amount escrow of. 12 mos - (# of pmts to be made through and including Nov)= + 2 month cushion= mos x monthly payment= tax escrow reserves Insurances: Hazard: Annual premium. Divided 12=monthly x 3 months (*)= (*)If a refinance months to collect will depend on expiration date of policy Windstorm: Annual premium. Divided 12=monthly x 3 months (*)= (*)If a refinance months to collect will depend on expiration date of policy Flood: Annual premium. Divided 12=monthly x 3 months (*)= (*)If a refinance months to collect will depend on expiration date of policy TOTAL 9 Completed as applicable and accurately. If condo select taxes. If SFD select both taxes and insurance. Note: BAC collects a 2 month cushion on all escrows, which may later be adjusted by the aggregate adjustment. BLOCK 10 BLOCK 11 Completed as BAC system calculates. Must state an estimated closing date (if TIL applicable use 2 nd day of month) and the calculations be accurate for number of days listed. Must be calculated at 365 days. Loan amount x interest rate divided by 365= per diem (4 decimal places). Example: Loan amount 100,000 x rate 4.375% divided by 365=per diem of x number of days (30)= = rounded Completed as applicable and accurately. Include Hazard, Windstorm and Flood insurance estimate as applicable. If single family must correlate to sections in Block 9 above. Page 3 GFE Using the Tradeoff table: Only the first column must be completed. MUST BE ACCURATE with totals from first page. Using the Shopping cart: This section is OPTIONAL. If you fill it out it MUST BE ACCURATE with terms of loan from first page. Written List of Providers (Identified provider of Settlement Services List) MUST BE INCLUDED with GFE: Broker MUST list at least one provider of each Settlement Services for Blocks 4, 5 and 6: Settlement Agent/Title Agent and Surveyor if not a condominium. Name, address, phone number and type of service provided must be listed. This does not mean that the Broker is requiring this company. For Block 4 the loan originator may separate the services in the Written List of Providers to show providers that conduct settlements (or closings) separately from providers of lender s title insurance and the related services If Block 4 services are separated on the Written List of Providers, the associated estimated fee for the component service must be listed next to the header for the list of providers of that service. The sum of the estimated fees for the two services must equal the amount in Block 4. Only two (2) categories of service providers may be listed: providers that conduct settlements (or closings) and providers of lender s title insurance and the related services. Acknowledgement of Receipt of Good Faith Estimate and Intent to Proceed: Borrowers must sign a separate Acknowledgement of Receipt of the Good Faith Estimate and Intent to Proceed Important note regarding the Settlement Provider and tolerances: If the borrower uses a company on the Provider list: THE FEES IN BLOCKS 4, 5 and 6 MAY NOT INCREASE BY MORE THAN 10% AT SETTLEMENT. If the borrower selects their own Provider and does NOT use a company listed: THESE CHARGES CAN CHANGE AT SETTLEMENT. If BAC accepts the Good Faith Estimate and there was no 4 th page Provider of Settlement Services List, it will be assumed that the borrower was not allowed to select the provider and therefore, THE FEES IN BLOCKS 4, 5 and 6 MAY NOT INCREASE BY MORE THAN 10% AT SETTLEMENT. End of Worksheet. \Bulletins\LoansubmissionheetM081414VJ/Combined

20 T: F: Loan Origination Dept. CONDO/PUD QUESTIONNAIRE CONDOMINIUM/PUD WARRANTY LETTER CONDOMINIUM NAME: CONDOMINIUM ADDRESS: UNIT #, Fl APPLICANT(S) NAME: We have received an application for a mortgage loan on the above-mentioned condominium unit. Please complete the following questions and provide us with the documentation requested. Upon completion, please have an authorized individual sign and date this form, and return to BAC FLORIDA BANK along with a copy of last year s and the most current budget for the association, for approval. 1. IS THE CONDOMINIUM SUBJECT TO ADDITIONAL PHASING? YES NO 2. ARE ALL UNITS IN THE CONDOMINIUM OWNED FEE SIMPLE? YES NO 3. ARE THERE WEEKLY OR DAILY RENTALS PERMITTED WITHIN THE PROJECT? YES NO 4. DOES THE PROJECT HAVE A RENTAL/RESERVATION DESK ON THE PREMISES YES NO 5. DOES ANY SINGLE ENTITY OR INDIVIDUAL OWN MORE THAN 10% OF THE CONDOMINIUM UNITS? YES NO IF YES: Name of entity/individual: % owned: 6. IS THIS CONDOMINIUM A CONVERSION? YES NO IF YES, INDICATE CONVERSION DATE: 7. HAS CONTROL OF THE OWNERS ASSOCIATION BEEN TURNED OVER TO YES NO THE UNIT OWNERS? IF YES INDICATE DATE: 8. DOES THE PROJECT CONTAIN COMMERCIAL SPACE? YES NO IF YES, NUMBER OF UNITS: OR TOTAL SQUARE FEET: 9. IS THE CONDO OR HOMEOWNER ASSOCIATION CURRENTLY INVOLVED IN ANY SORT OF LITIGATION? YES NO IF YES EXPLAIN: 10. DOES THE ASSOCIATION HAVE ANY EMPLOYEES: YES NO 11. IF CONDO WAS CONSTRUCTED IN SEPARATE PHASES, HAS A CONSOLIDATED MASTER DEED BEEN ESTABLISHED? YES NO IF YES, HAS THE DEED BEEN RECORDED: YES NO 12. IS THERE A SPECIAL ASSESMENT PENDING? YES NO IF YES EXPLAIN: 13. IS THE CONDO CURRENTLY UNDER CONTRACT TO A MANAGEMENT COMPANY? YES NO 14. WHAT IS THE AMOUNT OF FIDELITY BOND COVERAGE? 15. NUMBER OF UNITS IN THIS PROJECT: 16. NUMBER OF UNITS CLOSED: 17. NUMBER OF UNITS SOLD AND NOT CLOSED: 18. NUMBER OF UNITS INVESTOR OWNED: 19. NUMBER OF UNITS OWNER OCCUPIED AS PRINCIPAL RESIDENCE: 20. NUMBER OF UNITS OCCUPIED AS SECOND HOME: 21. NUMBER OF UNITS RENTED: 22. WHAT IS THE MONTHLY UNIT ASSOCIATION FEE FOR THE UNIT LISTED ABOVE: 23. NUMBER OF UNITS DELINQUENT ON ASSOCIATION FEE MORE THAN 30 DAYS: 24. NUMBER OF UNITS FORECLOSED OR PENDING FORECLOSURE: INSURANCE AGENT NAME: INSURANCE AGENT PHONE: Completed by (signature): Date: Print name: Title: Phone: Please remember to include a copy of last year s and the most current budget for the association. \BULLETINS\2009 CONDO QUESTIONNAIRE 7/14/09

21 Phone: Fax: M E M O R A N D U M DATE : 9/17/14 TO : MORTGAGE BROKERS/CLOSING AGENTS FROM : REAL ESTATE LENDING DEPARTMENT RE : APPROVED TITLE UNDERWRITERS AND MORTGAGEE CLAUSES BELOW ARE THE APPROVED TITLE UNDERWRITERS AND THE REQUIRED MORTGAGEE CLAUSES FOR BAC MORTGAGES: BAC APPROVED TITLE UNDERWRITERS ARE: Alliant National Title Insurance Company, Inc. American Guaranty Title Insurance Company Chicago Title Insurance Company Commonwealth Land Title Insurance Company Entitle Insurance Company Fidelity National Title Insurance Company First American Title Guaranty Company First American Title Insurance Company Investors Title Insurance Company National Investors Title Insurance Company National Title Insurance of New York Inc. North American Title Insurance Company Old Republic National Title Insurance Company Premier Land Title Insurance Company Stewart Title Guaranty Company Title Resources Guaranty Company Westcor Land Title Insurance Company WFG National Title Insurance Company TITLE COMMITMENTS, TITLE POLICIES AND CLOSING PROTECTION LETTERS MUST READ AS FOLLOWS: BAC FLORIDA BANK, ITS SUCCESSORS AND/OR ASSIGNS, ATIMA 169 Miracle Mile, R-10 Coral Gables, Florida INSURANCE POLICIES MUST READ AS FOLLOWS: BAC FLORIDA BANK, ITS SUCCESSORS AND/OR ASSIGNS, ATIMA, C/O Dovenmuehle Mortgage Inc. P.O. BOX FORT WORTH, TX Phone: (866) EXT 8065 OR ( ) (if calling out of the U.S.) Fax: (for insurance declaration pages, policies, renewals, cancellation notices and other associated insurance notices MORTGAGE PAYMENTS SHOULD BE FORWARDED TO: BAC FLORIDA BANK c/o Dovenmuehle Mortgage Inc. P.O. Box 0054 Palatine, IL Phone: (866) OR ( ) (if calling out of the U.S.) CUSTOMER SERVICE INQUIRIES ON ALL LOANS SHOULD BE ADDRESSED TO: BAC Florida Bank c/o Dovenmuehle Mortgage Inc. 1 Corporate Drive Suite 360 Lake Zurich, IL Phone: (866) OR ( ) (if calling out of the U.S.) (Spanish speaking customers should press extension number 2) Facsimile: (847) IF YOU SHOULD HAVE ANY QUESTIONS ON A LOAN IN PROCESS, PLEASE CONTACT THE MORTGAGE LENDING DEPARTMENT AT (305) THANK YOU. BACLENDING/BULLETINS/VJ/MORTGAGEE CLAUSE 09/17/14