conventional underwriting guidelines ... these guidelines describe our underwriting requirements for

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  • Conventional Underwriting Guidelines

    VI. Underwriting Guidelines 1 of 144 07/15/2020 Return to Menu

    Contents General ................................................................................................................................................................................... 8

    Lending Policy .................................................................................................................................................................... 8 Product Descriptions And Rate Sheets ............................................................................................................................. 8 Loan Registration/Lock ...................................................................................................................................................... 8

    Present Address ......................................................................................................................................................... 8 Purchase Commitments ............................................................................................................................................. 8 Subject Address Change ........................................................................................................................................... 9

    Loan Disclosures/Submissions .......................................................................................................................................... 9 Adjustable Rate Mortgage (ARM) Disclosure ............................................................................................................ 9 Electronic Signed Application Disclosures ................................................................................................................. 9

    Adverse Action ................................................................................................................................................................... 9 Ineligible Participants ................................................................................................................................................. 9

    Exceptions.......................................................................................................................................................................... 9 Loan Verifications .............................................................................................................................................................. 9 Liens ................................................................................................................................................................................... 9

    Assessments .............................................................................................................................................................. 9 Transfer Fee Covenants .......................................................................................................................................... 10

    Document Expiration ........................................................................................................................................................ 10 Escrow/Impound Funds ................................................................................................................................................... 10 Escrow/Impound Waiver .................................................................................................................................................. 10

    Escrow Waiver Limitations ....................................................................................................................................... 10 Multiple Loans To The Same Borrower ........................................................................................................................... 11 Number Of Financed Properties ...................................................................................................................................... 11

    Fannie Mae .............................................................................................................................................................. 11 Freddie Mac ............................................................................................................................................................. 11

    Power Of Attorney ............................................................................................................................................................ 11 Short Sale Fees Paid By The Borrower ........................................................................................................................... 12

    Assets ................................................................................................................................................................................... 13 Asset Documentation ....................................................................................................................................................... 13

    Bank Printouts .......................................................................................................................................................... 13 Truncated Asset Account Numbers ......................................................................................................................... 13 Verification Of Deposit Form .................................................................................................................................... 14

    Asset Types ..................................................................................................................................................................... 14 Business Assets ....................................................................................................................................................... 14 Cash-On-Hand ......................................................................................................................................................... 15 Depository Accounts ................................................................................................................................................ 15 Individual Development Accounts (IDA) .................................................................................................................. 15 Life Insurance Net Cash Value ................................................................................................................................ 15 Pooled Savings (Community Savings Funds).......................................................................................................... 16 Retirement Accounts ................................................................................................................................................ 16 Stocks, Bonds And Mutual Funds ............................................................................................................................ 16 Trust Accounts ......................................................................................................................................................... 16

    Borrowed Funds ............................................................................................................................................................... 17 Borrowed Funds Secured By An Asset .................................................................................................................... 17 Bridge Or Swing Loans ............................................................................................................................................ 17 Credit Card Financing .............................................................................................................................................. 17 Disaster Relief Grant Or Loan .................................................................................................................................. 18 Employer Assistance ................................................................................................................................................ 18

  • Conventional Underwriting Guidelines

    VI. Underwriting Guidelines 2 of 144 07/15/2020 Return to Menu

    Personal Unsecured Loans ...................................................................................................................................... 19 Small Business Administration (SBA) loans and Grants under COVID-19 ............................................................. 20

    Contributions by Interested Parties .................................................................................................................................. 20 Corporate Relocations ............................................................................................................................................. 20 Down Payment Assistance Programs ...................................................................................................................... 20 Interested Party Contributions.................................................................................................................................. 20 Financing Concessions ............................................................................................................................................ 21 Maximum Contributions ........................................................................................................................................... 22 Payment Abatements ......................................................................

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