Ocwen Loan Servicing, LLC Overlay Matrix Conforming; Standard Loan Amounts Manual UW/Non-traditional Credit Not permitted. Credit Score Varies based on LTV, Occupancy and Loan Purpose; refer to product summary for complete details. Non-Arms Length Transactions · Not permitted for: Second Homes, Investment, New Construction Second Homes, LPMI, subject property is a foreclosure of any nature, minimum 5% down from borrower funds. · Even if not a direct non-arms length transaction, the loan officer/broker and realtor may not be one in the same persons. · Requires a full appraisal report. · Requires full income documentation: two (2) years tax returns regardless of employment type, VOE, 2 paystubs and 2 years W-2s. Housing History Evaluated per AUS; however, a mortgage/rental payment history reflecting any 1x60 lates within the most recent 12 months are not permitted regardless. Qualifying Ratios Maximum 50.00%; LP Accept with DTI 45.01-50% will require a 0.500% LLPA; Scenarios with MI may have additional overlays from the selected MI Partner. Employed by Family Required documentation: verification that borrower is not self-employed due to percentage of ownership, computer generated paystub covering 30 days, most recent 2 year tax returns and most recent 2 year W-2 forms. Self Employed Documentation 2 years tax returns regardless of AUS engine. Certain self-employed situations may require additional documentation than recommended by the AUS engine, including P&Ls and Business Returns. Refer to the Lending Guide for complete details. Reserves · Appraisals Following scenarios require a full 1004 interior/exterior appraisal: FL Condo requires 3 months PITI * Non-arms length transactions * Purchases of REO, short sales or where the previous transaction was a foreclosure sale (flip scenarios) * Construction to Perm * Log Homes * Customer Loans Homeward Residential affiliated Mortgage Brokers, owners of mortgage firms, employees of affiliate mortgage brokers and/or mortgage firms are permitted; however, the borrower may not be the loan officer or processor nor may the loan officer or processor be employed by the same company (i.e. may not be an employee or co-worker of the borrower(s)). Escrow Holdbacks Not permitted for any reason. Transferred Appraisals Not Permitted. Investment & Multiple Units All Investment Properties and All 2-4 Unit Properties, regardless of occupancy and regardless of borrower using rental income to qualify and AUS findings, will require with of the following: Form 216, Current Lease, Form 1007, Fair market rent letter from Realtor, or rental income as noted on the application. Form must show current market rents for all units including those that will be occupied by the borrower. PIWs Non-owner occupied transactions utilizing the PIW, must be accompanied by the Rental Income and Bedroom Count Form to capture rental income and bedroom count. Florida Florida: Condo properties permitted with the following restrictions. · · · Primary Residence: 75% LTV/(H)CLTV. Cash out not permitted for Florida Condos. Second Homes: 65% LTV/(H)CLTV; Cash out not permitted for Florida Condos. 3 months reserves required regardless of DU. Investment properties are not permitted. Texas Cash out refinances are not permitted regardless of occupancy. Elderly Parents/Disabled Child(ren) Financing a primary residence for an elderly parent or disabled child is not permitted. Page 1 REV 01/05/2015 Equal Housing Lender © 2015 Ocwen Loan Servicing, LLC - 1661 Worthington Road, Suite 100 - West Palm Beach, FL 33409. (800-766-4622) NMLS#1852, applicable for MA and VA loans only. Ocwen Loan Servicing, LLC Overlay Matrix FNMA High Balance Loans (additional overlays for higher loan amounts) Eligible Borrowers Non-occupant co-borrowers are not permitted. LPMI Not Permitted Subordinate Financing Not allowed on LTVs greater than 80.00% LTV. FHMLC Super Conforming Loans (additional overlays for higher loan amounts) Terms 8 to 30 year amortizations in 12-month increments for FRM, 360 Months for all ARMs. Income Documentation Many income types, such as self-employment, require 2 years tax returns regardless of LP recommendation. Eligible Borrowers ü Loan Amounts Continental US: 1 unit $625,500, 2 Units $800,775, 3 Units $967,950, 4 Units $1,000,000* NOTE: Minimum loan limit is an amount greater than the applicable standard loan limits for the given number of units. Alaska and Hawaii: 1 unit $938,250, 2 Units $1,000,000*, 3 Units $1,000,000*, 4 Units N/A* NOTE: Minimum loan limit is an amount greater than the applicable standard loan limits for the given number of units. ü ü Newly added non-occupant co-borrowers are not permitted for cash out refinances. Loan amounts may not exceed the applicable maximum loan limits for the specific area in which the property is located. Maximum loan amounts are limited by MSA/County. The loan limits by county can be located in the Federal Housing Finance Agency website: http://www.fhfa.gov/DataTools/Downloads/Documents/Conforming-Loan-Limits/Counties_with_increases_cy2015.pdf OR Freddie Mac’s website: http://www.freddiemac.com/singlefamily/mortgages/super_conforming.html *Freddie Mac limits Super Conforming loans run via Loan Prospector to $1,000,000. LPMI Page 2 Not Permitted REV 01/07/2015 Equal Housing Lender © 2015 Ocwen Loan Servicing, LLC - 1661 Worthington Road, Suite 100 - West Palm Beach, FL 33409. (800-766-4622) NMLS#1852, applicable for MA and VA loans only. Ocwen Loan Servicing, LLC Overlay Matrix DU Refi Plus Terms 8 to 30 year amortizations in 12-month increments for FRM, including High Balance; 5/1, 7/1 & 10/1 LIBOR ARMs, including High Balance. Minimum Credit Score New Servicer: 660 for Primary Residence; 700 for 2nd Homes and Investment. Maximum LTV/(H)CLTV New Servicer: 150% LTV/Unlimited (H)CLTV Primary Residence AND 100% LTV/Unlimited (H)CLTV 2 nd Homes & Investment; Same Servicer: Per DU for All Occupancies. Credit Minimum 12 month mortgage history with 0x30 reported; applies to all mortgages listed on the borrower’s credit report, regardless of DU; housing history requirement is waived for Same-Servicer scenarios. Condo Reviews Florida projects permitted for Primary Residence up to 75% LTV/CLTV AND 2 nd Homes up to 65% LTV/CLTV; Investment FL Condos not permitted, waived if Same-Servicer. Escrow Waiver Escrows may be waived on the new loan provided they were waived on the loan being paid in full regardless of LTV/CLTV. Customer Loans Homeward Residential affiliated Mortgage Brokers, owners of mortgage firms, employees of affiliated mortgage brokers and/or mortgage firms are not permitted. Transferred Appraisal Not permitted. Mortgage Insurance ü The DU Findings will state if the current loan has Mortgage insurance. The MI Company and the percentage of coverage will be identified in the findings. ü Must obtain the mortgage insurance on the new loan from the same company that is insuring the loan being paid off. The percentage of coverage, frequency and renewal type MUST remain the same on the new loan. Same Servicer: Per DU. LP Open Access Terms 10 to 30 year amortizations in 12-month increments for FRM, including Super Conforming; 5/1, 7/1 & 10/1 LIBOR ARMs, including Super Conforming. Minimum Credit Score New Servicer: 660 for Primary Residence; 700 for 2nd Home and Investment. Maximum LTV/(H)CLTV New Servicer: 150% LTV/Unlimited (H)CLTV Primary Residence AND 100% LTV/Unlimited (H)CLTV for 2 nd Home & Investment; Same Servicer: Per LP for All Occupancies. Credit Minimum 12 month mortgage history with 0x30 reported; applies to all mortgages listed on the borrower’s credit report, regardless of LP; housing history requirement is waived for Same-Servicer scenarios Condo Reviews Florida projects permitted for Primary Residence up to 75% LTV/CLTV AND 2 nd Homes up to 65% LTV/CLTV; Investment FL Condos not permitted, waived if Same-Servicer. Escrow Waiver Escrows may be waived on the new loan provided they were waived on the loan being paid in full regardless of LTV/CLTV. Customer Loans Homeward Residential affiliated Mortgage Brokers, owners of mortgage firms, employees of affiliated mortgage brokers and/or mortgage firms are not permitted. Transferred Appraisal Not permitted. Mortgage Insurance ü The LP Findings will state if the current loan has Mortgage insurance. The MI Company and the percentage of coverage will be identified in the findings. ü Must obtain the mortgage insurance on the new loan from the same company that is insuring the loan being paid off. The percentage of coverage, frequency and renewal type MUST remain the same on the new loan. Page 3 Same Servicer: Per Du. REV 01/05/2015 Equal Housing Lender © 2015 Ocwen Loan Servicing, LLC - 1661 Worthington Road, Suite 100 - West Palm Beach, FL 33409. (800-766-4622) NMLS#1852, applicable for MA and VA loans only.
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