ACC MORTGAGE MATRIX. September 1, for loan amounts over $500,000.00

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1 MORTGG MTRX eptember 1, 2012 GUD TO M Owner Occupy on Owner Occupy / ommercial oans FX D FP PROGRM enefit to the orrower There must be a benefit to the borrower for all Refi's. ash out is not a benefit to the borrower. Must be improving their overall financial position There must be a benefit to the borrower for all Refi's. ash out is not a benefit to the borrower. Must be improving their overall financial position Purchase transaction only apacity to Repay ll borrowers must show the ability to repay the loan ll borrowers must show the ability to repay the loan ll borrowers must show the ability to repay the loan Max TV/TV Max 90% Max 75% Max 100% of purchase price Pre Payment Penalty ever ever ever Rate & Points oan mounts pproved tates Rate start at 8.99% nterest Only Points start at 2 Rate start at 9.99% nterest Only start at 3 Points Rate start at 11% nterest Only Points start at 4 Max oan amount $2,000, Max oan amount $2,000, Max oan amount $500, Min oan mount $80,000 (lower case by case) ut TV to 50% Min oan mount $80,000 (lower case by case) ut TV to 50% oan mount $80,000 (lower case by case) for loan amounts over $500, for loan amounts over $500, Maryland, Virginia & Washington D - other states by exception only ll tates except: Michigan, Ohio, labama, ouisiana, ndiana, alifornia, rizona, laska, Hawaii, Texas, orth arolina, llinois, evada and Georgia D Metro rea OK, other states case-by-case Min Terms 30yr fixed 1yr to 5 yrs - nterest Only 6mos alloon - nterest Only Full Doc Only Minimum redit History R D T redit report Type & ge ndividual R and usiness R -Good for 30 days minimum of 2 cores must be obtained for each borrower ndividual R and usiness R -Good for 30 days minimum of 2 cores must be obtained for each borrower ndividual R and usiness R -Good for 30 days minimum of 2 cores must be obtained for each borrower lternative redit on Traditional redit is not permitted on Traditional redit is not permitted on Traditional redit is not permitted Delinquent ccounts ll ccounts must be paid in full at closing including collections, ll ccounts must be paid in full at closing including collections, judgments, charge offs, pass due child support, liens, etc... eed judgments, charge offs, pass due child support, liens, etc... eed copy of payoff statements copy of payoff statements Foreclosure OK OK hapter 7 K Must be Discharge Min 1 Day Must be Discharge Min 1 Day Must be out of bankruptcy hapter 13 K We can buyout bankruptcy We can buyout bankruptcy Must be out of bankruptcy redit xplanations Written explanations are required for derogatory credit items. Written explanations are required for derogatory credit items. Written explanations are required for derogatory credit items. MTRX PTMR 2012.xls Page 1

2 MORTGG MTRX eptember 1, 2012 GUD TO M Owner Occupy on Owner Occupy / ommercial oans FX D FP PROGRM ncome Documentation - W-2 wage earner mployment and income for a salaried employee may be verified by obtaining all of the following documentations: VO, most recent paystubs, 2 years W-2 ender to verbal verify employment mployment and income for a salaried employee may be verified by obtaining all of the following documentations: VO, most recent paystubs, 2 years W-2 ender to verbal verify employment O DO O M ncome Documentation - mployed uto allowance apital Gains elf Full Doc only: Most recent 2 yrs personal & business tax returnswith all schedules, signed 8821/4506-T(f corp. or Partnership and owner is 25% or greater, will need tax returns as well). Good standing letter, rticle of incorporation, business license. Full Doc: Most recent 2 yrs personal & business tax returns-with all schedules, signed 8821/4506-T(f corp. or Partnership and owner is 25% or greater, will need tax returns as well). Good standing letter, rticle of incorporation, business license. O DO available for TVs below 60% TTD & O DO- We require a 4506T to show they filed tax returns. We will consider automobile allowances as acceptable stable We will consider automobile allowances as acceptable stable income for a borrower who has been receiving the payments for at income for a borrower who has been receiving the payments for at least two years, provided mortgage includes all associated least two years, provided mortgage includes all associated business expenditures in its calculation of the borrower's total debtto-income ratio. business expenditures in its calculation of the borrower's total debtto-income ratio. should not include should not include automobile allowances that have been automobile allowances that have been received for less than two received for less than two years when it calculates the borrower's years when it calculates the borrower's debt-to-income ratio, but debt-to-income ratio, but may use them to justify a higher may use them to justify a higher qualifying ratio. qualifying ratio. ll sources of income, including non-employed income (eg, retirement, stock, etc.) may be used to qualify. 2 yr history of ll sources of income, including non-employed income (eg, retirement, stock, etc.) may be used to qualify. 2 yr history of GD 4506-T onus & ncentive ncome hild upport, limony, Maintenance ommission ncome orrower has been receiving OT or bonus for at least 1 yr, income orrower has been receiving OT or bonus for at least 1 yr, income must be expected for 2 yrs, W2 forms and payroll stmts indicate must be expected for 2 yrs, W2 forms and payroll stmts indicate an an earnings level that is consistent with the total income that is earnings level that is consistent with the total income that is being being considered. considered. Payments must continue for at least 3 years. eed a copy of divorce degree, separation agreement and court order (must have court order) orrowers who receive commission >25% of their total income need to provide: Most recent Federal tax return, current paystub and most recent W2. for borrower's with <25%, follow standard guidelines. Payments must continue for at least 3 years. eed a copy of divorce degree, separation agreement and court order (must have court order) orrowers who receive commission >25% of their total income need to provide: Most recent Federal tax return, current paystub and most recent W2. for borrower's with <25%, follow standard guidelines. Disability ncome/workers omp Full Doc: ll sources of income, including non-employed income Full Doc: ll sources of income, including non-employed income MTRX PTMR 2012.xls Page 2

3 MORTGG MTRX eptember 1, 2012 GUD TO M Owner Occupy on Owner Occupy / ommercial oans FX D FP PROGRM Dividend/nterest Full Doc: ll sources of income, including non-employed income Full Doc: ll sources of income, including non-employed income mployed by relative Full Doc Only, 2 years tax returns Full Doc Only, 2 years tax returns O M Foreign ncome Foster ncome nstallment ales & and ontract ote Receivable cceptable only if income can be verified on U personal tax returns & is paid in U currency. Foreign currency will be on a case-by-case basis Full Doc: 2 yr history of receiving the income is required, and verify receipt of the income for the past 12 mths, and that it is likely to continue for the next 3 ecured: copy of the note is required to verify the payment amount & remaining term. Payments must continue for 3 Unsecured: evidence receipt for the last 12 mths is required in addition to a copy of the note verifying payment amount and remaining term of at least 3 Full Doc: 2 yr history of receiving the income is required, and verify receipt of the income for the past 12 mths, and that it is likely to continue for the next 3 cceptable only if income can be verified on U personal tax returns & is paid in U currency. Foreign currency will be on a caseby-case basis Full Doc: 2 yr history of receiving the income is required, and verify receipt of the income for the past 12 mths, and that it is likely to continue for the next 3 ecured: copy of the note is required to verify the payment amount & remaining term. Payments must continue for 3 Unsecured: evidence receipt for the last 12 mths is required in addition to a copy of the note verifying payment amount and remaining term of at least 3 Full Doc: 2 yr history of receiving the income is required, and verify receipt of the income for the past 12 mths, and that it is likely to continue for the next 3 Trailing pouse/rp ot cceptable ot cceptable Renting Rooms ot cceptable ot cceptable ocial ecurity/retirement opy of award letter, verify likelihood of continuance for at least 3 an OT be grossed up opy of award letter, verify likelihood of continuance for at least 3 an OT be grossed up tock Options Full Doc: ll sources of income, including non-employed income (eg, retirement, stock, etc.) may be used to qualify. 2 yr history of Full Doc: ll sources of income, including non-employed income (eg, retirement, stock, etc.) may be used to qualify. 2 yr history of Unemployment omp Unemployment benefits such as those received by seasonal workers may be considered as acceptable stable income if the income is properly documented, has been received for the past two years, and is predictable and likely to continue (as discussed for seasonal unemployment compensation in ection above). opies of the borrower's signed federal income tax returns that were filed with the R for the past two years should be used to establish a history of the receipt of these benefits Unemployment benefits such as those received by seasonal workers may be considered as acceptable stable income if the income is properly documented, has been received for the past two years, and is predictable and likely to continue (as discussed for seasonal unemployment compensation in ection above). opies of the borrower's signed federal income tax returns that were filed with the R for the past two years should be used to establish a history of the receipt of these benefits V urvivors enefits V benefits are mentioned; award letter, likeliness of 3 yrs continuance, verification of receipt. V educational benefits are unacceptable income sources. V benefits are mentioned; award letter, likeliness of 3 yrs continuance, verification of receipt. V educational benefits are unacceptable income sources. MTRX PTMR 2012.xls Page 3

4 MORTGG MTRX eptember 1, 2012 GUD TO M Owner Occupy on Owner Occupy / ommercial oans FX D FP PROGRM ge of ncome Docs redit and ncome: 30 days ppraisal: 3 mths Recert up to 6 months with exception redit and ncome: 30 days ppraisal: 3 mths Recert up to 6 months with exception redit: 30 days ppraisal: 3 mths iabilities n the absence of a stated mthly payment on revolving or longterm debt, 5% of the outstanding balance will be considered to be debt, 5% of the outstanding balance will be considered to be the n the absence of a stated mthly payment on revolving or long-term the required mthly payment. required mthly payment. G R usiness Debt Deferred tudent oans ot considered in debt ratio even on sole Prop provided proof can be obtained showing business pays the debt. f documentation does not exist then debt and rating will be considered that of the borrower's. The lender should consider the stability of income and the ability to pay both business and personal expenses Deferred installment debt such as student loans and loans in forbearance must also be included as part of the borrower's recurring monthly debt obligations. f the borrower's credit report does not indicate the monthly payment that will be payable at the end of the deferment period, the lender should request a copy of the borrower's payment letter or forbearance agreement so that it can determine what payment amount to use in calculating the borrower's total monthly obligations ot considered in debt ratio even on sole Prop provided proof can be obtained showing business pays the debt. f documentation does not exist then debt and rating will be considered that of the borrower's. The lender should consider the stability of income and the ability to pay both business and personal expenses Deferred installment debt such as student loans and loans in forbearance must also be included as part of the borrower's recurring monthly debt obligations. f the borrower's credit report does not indicate the monthly payment that will be payable at the end of the deferment period, the lender should request a copy of the borrower's payment letter or forbearance agreement so that it can determine what payment amount to use in calculating the borrower's total monthly obligations G U D onsumer redit ounseling loan must pay off completely loan must pay off completely Debt to ncome Ratios Max 45% Max 50% ssets - 1st lien ales & Finance oncessions Foreign ational Purchase: Proof of assets (ource and season) Refi's: used as compensating factor Primary or 2nd Homes: 6% of the lesser of the sales price or appraised value. ll nvestment property: 6% of the less or the sales price or appraised value. Purchase: Proof of assets (ource and season) Refi's: used as compensating factor Primary or 2nd Homes: 6% of the lesser of the sales price or appraised value. ll nvestment property: 6% of the less or the sales price or appraised value. ligible for financing by exception only. Max TV 75% o ncome, ligible for financing by exception only. Max TV 75% o ncome, o redit. eed to see type of Visa o redit. eed to see type of Visa Purchase: Proof of assets 6% of the lesser of the sales price or appraised value. Refinance easoning < then 1 yr seasoning: f the 1st lien being pd off is a purchase & < then 1 yr seasoning: f the 1st lien being pd off is a purchase & the original purchase price (as stated on 1003) is less than the the original purchase price (as stated on 1003) is less than the new new app. value the file should contain documentation supporting app. value the file should contain documentation supporting the the increase in value. F the increase is not supported the UW will increase in value. F the increase is not supported the UW will use use the lower of the original price or the new app. value to the lower of the original price or the new app. value to determine determine TV/TV. TV/TV. First Time Homebuyer o specific guidelines related to FTH. o specific guidelines related to FTH. MTRX PTMR 2012.xls Page 4

5 MORTGG MTRX eptember 1, 2012 GUD TO M Owner Occupy on Owner Occupy / ommercial oans FX D FP PROGRM ash out Refi & Rate and Term Refi Debt consolidation is not considered cash out. ny cash in hand to borrower is by exception only. Debt consolidation is not considered cash out. ny cash in hand to borrower is by exception only. o orrowers (non-occupant) ase by ase ase by ase G R G U D Trusts Must comply with local state regs. orrower must be settler, beneficiary, trustee. Required documentation: ttorney's opinion letter stating the Trust is revocable, the borrower is the settler/beneficiary, trust assets may be used as collateral, trust is valid. eed a copy of Trust docs or a copy of the ummary for Jurisdictions Must comply with local state regs. orrower must be settler, beneficiary, trustee. Required documentation: ttorney's opinion letter stating the Trust is revocable, the borrower is the settler/beneficiary, trust assets may be used as collateral, trust is valid. eed a copy of Trust docs or a copy of the ummary for Jurisdictions Maximum xposure-properties o imit o imit econd Home for Primary or econd homes the full down payment may be from a gift. Max TV 70% for Primary or econd homes the full down payment may be from a gift. Max TV 70% nvestment Property Gift funds are allowed for nv Property Max TV 70% Gift funds are allowed for nv Property Max TV 70% Properties listed for sale cceptable cceptable cceptable and ontract Recorded/ontract for Deed Payoff may be treated as a purchase or refi, appraised value can be used to determine TV in purchase regardless of the remaining loan balance if the land contract or contract for deed has been seasoned for at least 2 years. Payoff may be treated as a purchase or refi, appraised value can be used to determine TV in purchase regardless of the remaining loan balance if the land contract or contract for deed has been seasoned for at least 2 years. and ontract Unrecorded Payoff may be treated as a purchase. Refi, case by case Payoff may be treated as a purchase. Refi, case by case ease Option Must be treated as a purchase Must be treated as a purchase scrows scrows required. ase by case exceptions scrows required. ase by case exceptions Title 24 month look back generally required. will order Title 24 month look back generally required. will order Title Mortgage nsurance o M required o M required Min q Ft 750 sf - case by case 750 sf - case by case scrow Holdbacks will escrow funds for interest reserves, Home improvements, or any other circumstances deemed appropriate by management will escrow funds for interest reserves, Home improvements, or any other circumstances deemed appropriate by management will escrow funds for interest reserves, Home improvements, or any other circumstances deemed appropriate by management mployment Gaps Gaps greater than 30 days must be explained Gaps greater than 30 days must be explained Unacceptable Properties Mobile, Manufactured Homes, land, ubject-to Properties or construction loans hurch, Gas atiations, and, any property with an nvironmental mpact Mobile, Manufactured Homes, land, commercial or construction loans MTRX PTMR 2012.xls Page 5

6 MORTGG MTRX eptember 1, 2012 GUD TO M Owner Occupy on Owner Occupy / ommercial oans FX D FP PROGRM ppraisal For loans one full appraisal by a ertified appraiser & PO review with data verification ( will always order a PO).The lesser of the appraised value, review value, or sales price will be used to determine the TV/TV. For loans one full appraisal by a ertified appraiser & PO review with data verification ( will always order a PO).The lesser of the appraised value, review value, or sales price will be used to determine the TV/TV. For loans one full appraisal by a ertified appraiser & PO review with data verification ( will always order a PO).The lesser of the appraised value, review value, or sales price will be used to determine the TV/TV. ppraiser must provide cost of cure D RV MTRX PTMR 2012.xls Page 6