Fannie Mae DU Refi Plus/Freddie Mac Relief Refi-Open Access - Quick Reference Guide Wholesale Lending Program Highlights Eligible Products LTV/CLTV Matrices 10, 15, 20, 25 and 30 year Fully Amortizing Fixed Rate Conforming Balance and High Balance are eligible Occupancy Units LTV CLTV 1-4 135% Unlimited 1 200% 200% Program Features Proceeds used to pay off an existing Fannie Mae or Freddie Mac loan DU Approve/Eligible or LP Accept/Eligible required (LP Caution AMinus/Eligible are not eligible) Loans that require MI are eligible if insured by Genworth, Radian, RMIC, PMI, Triad, MGIC or United Guaranty (UG approval may take up to 30-45 days) Loan Limits Maximum and Minimum Loan Amounts Maximum Conforming Balance Contiguous Alaska Units States and Hawaii 1 $417,000 N/A 2 $533,850 N/A 3 $645,300 N/A 4 729,750 N/A Minimum None High Balance1 Contiguous Alaska States and Hawaii $625,500 N/A 729,750 N/A 729,750 N/A /N/A N/A Max conf amount plus $1 Primary Residence Second Home 1 Investment Property Primary Residence 1. Credit Score DTI Rely on DU/LP Rely on DU/LP Second Home limited to one unit dwellings Loans that comply with all Fannie Mae or Freddie Mac requirements and the following overlays are eligible for purchase/funding consideration: Adjustable Rate Mortgages are not eligible High cost loans are not eligible The property is not a Cooperative Unit, Manufactured Home or (if Open Access) Leasehold Estate File contains a fully executed 4506-T signed at application and again at closing Mortgage Insurance (MI) – See Mortgage Insurance topic for details. 1. High Balance Loan Amounts: Refer to Maximum County Limits (select Fannie/Freddie in Limit Type field) HARP Quick Reference Guide-Wholesale Lending Program Pricing and Codes - Program pricing and codes vary by program, product and LTV. See Program Codes grid. page 1 of 5 12/15/2014 For business and professional use only. Not for consumer distribution. This document is not an advertisement as defined in 12 CFR 226.2 (a) (2). All products are subject to credit and property approval. Other restrictions and limitations may apply. California DOC CFL 6053971,CRMLA # 4150081, #NMLS-2221, Pacific Union Financial, LLC. Subject to change without notice. All rights reserved. Equal Housing Opportunity. Agency and Program Specific Requirements Topic Requirement Overview/Details Closing Costs Freddie Mac max financed closing costs: The lesser of $5,000 or the actual closing costs. Fannie Mae max financed closing costs: Not restricted Closing costs, financing costs, and prepaids/escrows may not exceed the lesser of $5,000 or the actual closing costs. The Freddie Mac Relief Refi-Open Access Worksheet may be completed to confirm that financed costs do not exceed this restriction. Escrows for taxes and insurance are encouraged. Escrows may be waived regardless of LTV. Escrow waivers are not allowed on: Loans that include monthly Mortgage Insurance (MI) Loans that have been identified as a HPML. Partial escrows are not allowed If an escrow account is waived: Borrower must be financially able to handle the future lump-sum payments. File must contain a written disclosure advising of the implication of waiving an escrow account. At a minimum, the disclosure must: Closing Costs/PrepaidsMax Financed-Freddie Mac Escrow Waivers HVE Requirements Identify any fees associated with waiving escrow accounts. Advise borrower that they may establish an account at any time after closing. Advise borrower that they are responsible for payment of taxes and insurance. Advise borrowers that if they do not make their taxes and insurances payment, the lender has the right to force place an impound account. Borrowers should be provided with an estimate of the first year taxes and insurance payments along with due dates for each. HVE is a Freddie Mac tool that provides a point value estimate for a property within a Confidence Score and Forecast Standard Deviation, indicating the accuracy of the estimated value. Forecast Standard Deviation scores of 0.20 and lower indicate that the degree of confidence in the valuation estimate is a high or medium level. Forecast Standard Deviation scores above 0.20 indicate that the degree of confidence in the valuation estimate is low. If the HVE is used to determine value: Review the HVE point value estimate to insure that it meets all requirements. The property must not be ineligible for HVE. The file must include evidence that the property is not a 3-4 unit or Leasehold. Resubmit to Loan Prospector using the point value estimate received from LP. The initial HVE values may change with subsequent resubmissions. Freddie Mac allows the use of any HVE value provided it is dated within 120 days of the Note Date. It is not necessary to resubmit when a different value is obtained from LP, provided the loan was resubmitted with the initial point value estimate. HARP Quick Reference Guide-Wholesale Lending page 2 of 5 12/15/2014 For business and professional use only. Not for consumer distribution. This document is not an advertisement as defined in 12 CFR 226.2 (a) (2). All products are subject to credit and property approval. Other restrictions and limitations may apply. California DOC CFL 6053971,CRMLA # 4150081, #NMLS-2221, Pacific Union Financial, LLC. Subject to change without notice. All rights reserved. Equal Housing Opportunity. Topic Mortgage Insurance Mortgage Payment History - Fannie Mae Restructured/Modified Mortgages–Freddie Mac Restructured/Modified Mortgages–Fannie Mae Requirement Overview/Details The Loan Prospector feedback certificate reflecting submitted point value estimate must be included in the loan file. Loans that require MI are permitted as follows: File must evidence that the MI policy from existing loan has been transferred to the new loan or new MI has been obtained. See Program Features for eligible MI providers. Borrower paid monthly plans may be converted to Single Pay LPMI provided the loan file includes evidence that the conversion results in a benefit to the borrower. On annual plans, the full annual premium is paid at closing. Any applicable refunds are processed by the MI provider. Financed/ Split MI: If the existing loan has financed upfront MI, the coverage transfers to the new loan. The existing coverage is continued on the new loan regardless of whether the initial premium was paid as a single financed premium or split upfront premium. Loans with new financed MI are not eligible. Single Pay LPMI may be transferred to the new loan. LPMI with monthly premiums must be converted to a borrower paid plan. Existing Borrower Paid MI may not be converted to LPMI. Monthly constant renewal premiums only. Non-Pacific Union to Pacific Union transactions: The existing loan must be current. Modified: Refinance of a Modified Mortgage OR Other Modified Mortgage(s) – Non-Subject: Eligible with LP Open Access approval. The terms of the modified loan must be used in determining if the new loan meets required benefit to borrower. If the borrower was previously in a trial period plan, but was denied a permanent modification, the current terms of the loan must be used for this purpose. Restructured: Refinance of a Restructured Mortgage: Not allowed regardless of LP approval Other Restructured Mortgage(s) – Non-Subject: Allowed with LP Open Access approval. Refer to the Program Guide for additional information on Restructured/Modified Mortgages. Modified: Refinance of a Modified Mortgage: A previously modified mortgage is eligible for refinance subject to DU Refi Plus approval and the following: In addition, the mortgage payment history must be reviewed to insure that there has not been one or more 60, 90, 120, or 150 day delinquencies within the 12 months prior to the report date. The terms of the modified mortgage must be used to determine Net Tangible Benefit. If the borrower was previously in a trial period plan, but was denied a permanent modification, the current terms of the loan must be used to determine Net Tangible Benefit. Other Modified Mortgage(s) – Non-Subject: Eligible with DU Refi Plus approval, and The mortgage payment history must be reviewed to insure that there has not been one or more 60, 90, 120, or 150 HARP Quick Reference Guide-Wholesale Lending page 3 of 5 12/15/2014 For business and professional use only. Not for consumer distribution. This document is not an advertisement as defined in 12 CFR 226.2 (a) (2). All products are subject to credit and property approval. Other restrictions and limitations may apply. California DOC CFL 6053971,CRMLA # 4150081, #NMLS-2221, Pacific Union Financial, LLC. Subject to change without notice. All rights reserved. Equal Housing Opportunity. Topic Requirement Overview/Details Subordinate Financing Underwriting Verbal VOE day delinquencies within the 12 months prior to the report date. Restructured: Refinance of a Restructured Mortgage OR Other Restructured Mortgage(s) – Non-Subject: Eligible with DU Refi Plus approval, and The mortgage payment history must be reviewed to insure that there has not been one or more 60, 90, 120, or 150 day delinquencies within the 12 months prior to the report date. Refer to the Program Guide for additional information on Restructured/Modified Mortgages. Subordinate financing: Both Fannie and Freddie do not allow new subordinate financing but allow a second lien to be refinanced into a new subordinate lien as long as the second lien principal balance is not increased. In addition, Freddie requires that the subordinate lien is being refinanced for one of the following purposes: A reduction in interest rate of the subordinate lien To replace a subordinate lien with an ARM, interest-only, balloon, or call option with a new fixed rate, fully amortized subordinate lien A reduction in amortization term of the subordinate lien A reduction in monthly payment of the subordinate lien Second review required when DTI >43% or when the existing mortgage payment history is 1x30 in the six months prior to loan application. Must be completed by a Pacific Union closer within five business days of closing. Product Codes Fannie Mae DU Refi Plus High Balance Conforming Balance Product Code D10105 D15105 D20105 D25105 D30105 D10125 D15125 D20125 D25125 D30125 D10135 D15135 D20135 D25135 Description 10 Year Conforming 15 Year Conforming 20 Year Conforming 25 Year Conforming 30 Year Conforming 10 Year Conforming 15 Year Conforming 20 Year Conforming 25 Year Conforming 30 Year Conforming 10 Year Conforming 15 Year Conforming 20 Year Conforming 25 Year Conforming ≤ 105% LTV ≤ 105% LTV ≤ 105% LTV ≤ 105% LTV ≤ 105% LTV Fixed >105%-125% Fixed >105%-125% Fixed >105%-125% Fixed >105%-125% Fixed >105%-125% Fixed >125% LTV Fixed >125% LTV Fixed >125% LTV Fixed >125% LTV HARP Quick Reference Guide-Wholesale Lending LTV LTV LTV LTV LTV Product Code D10HB05 D15HB05 D20HB05 D25HB05 D30HB05 D10HB25 D15HB25 D20HB25 D25HB25 D30HB25 D10HB35 D15HB35 D20HB35 D25HB35 page 4 of 5 Description 10 Year High Balance ≤ 105% LTV 15 Year High Balance ≤ 105% LTV 20 Year High Balance ≤ 105% LTV 25 Year High Balance ≤ 105% LTV 30 Year High Balance ≤ 105% LTV 10 Year High Balance Fixed >105%-125% 15 Year High Balance Fixed >105%-125% 20 Year High Balance Fixed >105%-125% 25 Year High Balance Fixed >105%-125% 30 Year High Balance Fixed >105%-125% 10 Year High Balance Fixed >125% LTV 15 Year High Balance Fixed >125% LTV 20 Year High Balance Fixed >125% LTV 25 Year High Balance Fixed >125% LTV LTV LTV LTV LTV LTV 12/15/2014 For business and professional use only. Not for consumer distribution. This document is not an advertisement as defined in 12 CFR 226.2 (a) (2). All products are subject to credit and property approval. Other restrictions and limitations may apply. California DOC CFL 6053971,CRMLA # 4150081, #NMLS-2221, Pacific Union Financial, LLC. Subject to change without notice. All rights reserved. Equal Housing Opportunity. D30135 30 Year Conforming Fixed >125% LTV D30HB35 30 Year High Balance Fixed >125% LTV Freddie Mac Relief Refinance – Open Access High Balance Conforming Balance Product Code R10105 R15105 R20105 R25105 R30105 R10125 R15125 R20125 R25125 R30125 R10135 R15135 R20135 R25135 R30135 Description 10 Year Conforming 15 Year Conforming 20 Year Conforming 25 Year Conforming 30 Year Conforming 10 Year Conforming 15 Year Conforming 20 Year Conforming 25 Year Conforming 30 Year Conforming 10 Year Conforming 15 Year Conforming 20 Year Conforming 25 Year Conforming 30 Year Conforming ≤ 105% LTV ≤ 105% LTV ≤ 105% LTV ≤ 105% LTV ≤ 105% LTV Fixed >105%-125% Fixed >105%-125% Fixed >105%-125% Fixed >105%-125% Fixed >105%-125% Fixed >125% LTV Fixed >125% LTV Fixed >125% LTV Fixed >125% LTV Fixed >125% LTV HARP Quick Reference Guide-Wholesale Lending LTV LTV LTV LTV LTV Product Code R10HB05 R15HB05 R20HB05 R25HB05 R30HB05 R10HB25 R15HB25 R20HB25 R25HB25 R30HB25 R10HB35 R15HB35 R20HB35 R25HB35 R30HB35 page 5 of 5 Description 10 Year High Balance ≤ 105% LTV 15 Year High Balance ≤ 105% LTV 20 Year High Balance ≤ 105% LTV 25 Year High Balance ≤ 105% LTV 30 Year High Balance ≤ 105% LTV 10 Year High Balance Fixed >105%-125% 15 Year High Balance Fixed >105%-125% 20 Year High Balance Fixed >105%-125% 25 Year High Balance Fixed >105%-125% 30 Year High Balance Fixed >105%-125% 10 Year High Balance Fixed >125% LTV 15 Year High Balance Fixed >125% LTV 20 Year High Balance Fixed >125% LTV 25 Year High Balance Fixed >125% LTV 30 Year High Balance Fixed >125% LTV LTV LTV LTV LTV LTV 12/15/2014 For business and professional use only. Not for consumer distribution. This document is not an advertisement as defined in 12 CFR 226.2 (a) (2). All products are subject to credit and property approval. Other restrictions and limitations may apply. California DOC CFL 6053971,CRMLA # 4150081, #NMLS-2221, Pacific Union Financial, LLC. Subject to change without notice. All rights reserved. Equal Housing Opportunity.
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