administrator s guideline southern california home ......2020/01/28 · 2 administrator’s...

Administrator’s Guideline Southern California

Home Financing Authority (SCHFA) First Home Mortgage Program

UPDATED 1/28/2020

2 Administrator’s Guidelines Updated 1/28/2020

TABLE OF CONTENTS

Revision Table 3

Southern California Home Financing Authority Team

4

Who To Contact

5

Program Products

7

Eligibility

8

Property Requirements

9

Compliance Underwriting

11

Income

12

FICO Credit Scores and Downpayment and Closing Cost Assistance

17

Automated and Manual Underwriting Systems

18

Summary of the Compliance Origination Process

19

Funding of Downpayment and Closing Cost Assistance

20

Loan Closing

22

Program Timeline

23

Program Fees and Lender Compensation

24

Program Forms

26

Final Closing Disclosure (TRID)

27

Post Closing – Shipping and Submission

27

Compliance File Mailing Address eHousing Plus

27

Mortgage File

27


REVISION TABLE

Date Revision Page

3-9-2017 Revised US Bank contact for DPA wire requests 20

8-8-2017 Ownership Interest in Another Property 8

8-8-2017 Homebuyer Education Requirement 8

8-8-2017 Maximum Purchase Price Limits 9

8-8-2017 Maximum Income Limits 12

11-8-2017 Removed Roger Sinila from contact list 6

12-7-2017 Debt Ratio 16

1-5-2018 Maximum Loan Amount 11

4-25-2018 Revised US Bank Tax Service Fee 24

5-22-18 Revised income and purchase price limits 9, 12

12-10-2018 Added eHP Digital Docs Information REMOVED DU AUS for Freddie Mac HFA Advantage Loan

Throughout 18

1-07-2019 Revised FICO Credit Scores and Down Payment and Closing Cost Assistance Chart

17

7-08-2019 Revised Purchase Price Limits Effective 07/08/19 Revised Income Limits Effective 07/08/19 Revised US Bank All Regs Link

9 12 27

1-28-2020 Revised Contact Directory Revised link to Rates/Offerings tab Added Special Note to Freddie Mac HFA Advantage loans Revised first motgage loan amount Revised income limits Revised FICO and DTI requirements Added Melanie Fijan to DPA Grant Requisition Form Revised US Bank Web Site link Revised Program Timeline

5, 6 7 8 12 13 18 21 28 29


THE SOUTHERN CALIFORNIA HOME FINANCING AUTHORITY TEAM

Southern California Home Financing Authority Creates and sponsors a first mortgage and down payment assistance program, funds down payment/closing cost assistance, solicits lender participation, sets the rate, term and points and markets the program.

Participating Lenders

Take applications, process, underwrite, approve, fund, close and sell qualified loans to US Bank, the program Master Servicer. Lenders are responsible for servicing first mortgage program loans in accordance with Agency guidelines until the loan is purchased by the US Bank.

US Bank National Association

Master Servicer Conducts training, provides information on acceptable loan products and delivery and funding, receives all mortgage files, reviews mortgage files, notifies lenders of mortgage file exceptions, approves mortgage files, purchases first mortgage loans, services loans.

US Bank National Association Global Trust Services Escrow Agent

This is a different US Bank division that is providing the service of wiring the Authority’s funds for down payment/closing cost assistance to each closing. Please do not contact US Bank, the Master Servicer regarding the wiring of these funds. The Grant Wire Requisition Forms are located on the eHousingPlus system SCHFA page behind a secured area.

eHousingPlus Program Administration

Maintains the program reservation system, website, and posts Administrator’s guide, forms, training materials, provides program and system training, answers program and system questions, receives compliance files, reviews, posts and notifies of exceptions and approves compliance file.


WHO TO CONTACT (Rev. 1/28/2020)

Question Direct Questions to:

Contact Information

General Program Compliance Questions Assistance with eHPortal Assistance with User Credentials for eHPortal

eHousingPlus (eHP)

(813) 415-3549 [email protected]

(954) 217-0817 [email protected] Ashlynn Mosher (954) 217-0817 ext. 261 [email protected]

Update an Underwriter Certified Loan

eHousingPlus (eHP) Anyone at eHP Compliance Office [email protected] (954) 217-0817

Program Training Problems with Training

eHousingPlus (eHP) (813) 415-3549 [email protected]

System Software Training for eHP Lender Portal

eHousingPlus (eHP) Click on this link to register for the once weekly Live System Training Webinar.

Program Rates eHousingPlus (eHP) Click on this link: to view the RATES/OFFERINGS tab.

Credit Underwriting Questions

Participating Lenders need to refer to internal Underwriting Department or Manager

US Bank does not re-underwriter loans. For general questions, contact US Bank at [email protected] or 800-200-5881 Option 2 Please note: US Bank answers underwriting questions from the underwriter of a lender for whom US Bank provides underwriting services ONLY.

Questions regarding the shipping of closing loan files

eHousingPlus (eHP) for questions regarding the program compliance file US Bank for questions regarding the first mortgage closed loan file

[email protected] (954) 217-0817 [email protected] (800) 562-5165, Option 1

mailto:[email protected]





https://register.gotowebinar.com/rt/688431022170503437

https://www.ehousingplus.com/available-programs/california/southern-california-home-finance-authority/





Question Direct Questions to:

Contact Information

Questions regarding exceptions

eHousingPlus (eHP) for questions regarding exceptions on the program compliance file US Bank for questions regarding exceptions on the first mortgage closed loan file

Debbie Kerr [email protected] (954) 217-0817 X216 [email protected] (800) 562-5165, Option 1

Down Payment Assistance Southern California Home Financing Authority Los Angeles County Development Authority Jewel Warren-Reed [email protected] (626) 586-1830 Mark Trinidad [email protected] (626) 586-1803





PROGRAM PRODUCTS FIRST MORTGAGE LOAN The following mortgage products have been approved by US Bank, the Master Servicer and may be used with the First Home Mortgage Program, (Program): FHA, VA, USDA/RD and Freddie Mac HFA Advantage Mortgage. Please note that interest rates and the amount of the down payment assistance are subject to change at any time. With respect to reserved loans, the interest rate and assistance will not change as long as loans are delivered according to the timetable included in this guide. Funds are available in a first-come, first-served revolving pool that provides a continuous source of funding. The loan may be paid off early without

a prepayment penalty. Current rates are available on the eHousingPlus web page for the SCHFA First Home Mortgage Program (click on the Rates/Offerings tab). (Rev. 1/28/2020) Down Payment Assistance – Non-Repayable Grant

• The program provides Down Payment Assistance, (DPA) in the form of a non-repayable grant and is calculated based on the Note amount.

• The DPA is funded at closing by the Custodian, US Bank Global Trust Services on behalf of the Authority.

• The DPA funds are automatically reserved when the first mortgage loan is reserved.

• There are no liens or deed restrictions recorded against the property.

• The DPA is not a stand-alone product and must be used with the Authority’s First Home Mortgage Program.

The DPA may be used for the following:

• To pay closing costs described as prepaid taxes and insurance premiums, origination points, a buy down reserve, guaranty fees, credit report fees, survey fees, appraisal fees, inspection fees, title insurance premium, abstract and attorneys’ fees, escrow and courier fees, recording fees, discount fees and similar fees, but only if the fees and premiums do not exceed the reasonable and customary amounts charged by the Lender for other mortgage loans.

• The DPA may not be used under any circumstances to pay the difference between the purchase price and the appraised value if the purchase price is higher or to pay off borrower debt. Borrowers are permitted a reimbursement of pre-paids and overage of earnest money deposit to the extent any minimum contribution has been satisfied and permitted by FHA, VA, USDA/RD and Freddie Mac HFA Advantage guidelines. There must be no cash back from the proceeds of the DPA.

• The Lender will be required to repay the Authority in full if the DPA is funded and any of the following circumstances occur: if the Mortgage Loan is not closed, if the Mortgage Loan is not purchased by the Servicer within 70 days of the Mortgage Loan reservation or if an extension is granted, 100 days of the Mortgage Loan reservation date, if the Mortgage Loan is to be repurchased by the Lender prior to being pooled into a GNMA or FHLMC Certificates or in the event of fraud.




SPECIAL NOTE FOR FREDDIE MAC HFA ADVANTAGE CONVENTIONAL LOANS

EFFECTIVE WITH NEW LOAN RESERVATIONS February 3, 2020, the HFA Advantage conventional loan product will change. Borrowers with income limits at or below 80% AMI will still be permitted in the program. HFA Advantage conventional loans with income greater than 80% AMI will no longer be permitted. Borrowers with income at or below 80% AMI will continue to receive the following benefits of the HFA Advantage pricing:

• 97% LTV – 105% TLTV

• Charter level MI coverage – 18%

• No loan level pricing adjustments

In order for the program loans to meet deadlines prior to the implementation of Freddie Mac’s changes, HFA Advantage loans with income limits greater than 80% AMI, must be RESERVED PRIOR TO February 3, 2020, DELIVERED and PURCHASED by U.S. Bank no later than March 31, 2020. NO EXTENSIONS WILL BE GRANTED.


ELIGIBILITY Borrower Requirements Each borrower must be a U.S. citizen, permanent resident alien or qualified alien. Must meet the credit, income and loan requirements as outlined in this Guide. Eligible Homebuyers – First Time Homebuyer Requirement

• The program is available for first time homebuyers unless the borrower is purchasing a home in an IRS Designated Target Area Census Tract. A first time homebuyer is defined as a borrower who does not have a present ownership interest in a principal residence at any time during the three (3) year period immediately before the date of obtaining the Program loan.

• Federal Income Tax Returns or transcripts for the past three years are required for borrowers and spouse, even if the spouse is not on the loan or on title unless the borrowers are purchasing a home in an IRS Designated Targeted Area Census Tract.

OWNERSHIP INTEREST IN ANOTHER PROPERTY (Rev. 12/10/2018) Lender should contact the Agency (FHA, VA, RD, Freddie Mac) regarding ownership of other property. Homebuyer Education Requirement (Effective 5/22/2017) Homebuyer Education is required for at least one homebuyer. The certificate will expire the earlier of one (1) year from issuance or the expiration date on the certificate. Each certificate must be dated within twelve (12) months prior to the close of escrow. Providers of such programs will include programs developed and approved by the following:

• HUD-approved counseling agencies.

• Housing Finance Agencies (HFAs).

• Community Development Financial Institutions (CDFIs).

• Mortgage Insurance Companies.

• Other Providers with programs which meet the standards of the National Industry Standards for Homeownership Education and Counseling (www.homeownershipstandards.com).

• Freddie Mac Credit Smart (www.freddiemac.com/creditsmart) Owner Occupancy Requirement Must reside in the home as their primary residence within 60 days after the close of escrow. Co-Signers

• Non-occupant co-signers are permitted for FHA, VA and USDA/RD loans.

• Non-occupant co-signers are not permitted for Freddie Mac HFA Advantage loans. Co-Borrowers

• Non-occupant co-borrowers are not permitted for FHA, VA and USDA/RD loans.

• Non-occupant co-borrowers are not permitted for Freddie Mac Advantage loans.

http://www.homeownershipstandards.com/


PROPERTY REQUIREMENTS

Eligible Areas Los Angeles County All cities and unincorporated areas are eligible for the Program except the City of Los Angeles areas. Please Note: If a property is located in the County of Los Angeles County and has an IRS Census Tract Number of 2999.99 or lower, that property is located in the City of Los Angeles jurisdiction and DOES NOT QUALIFY for the program. Go to www.ffiec.gov/geocode to verify the IRS Census Tract Number. Orange County All cities and unincorporated areas are eligible for the Program. Maximum Purchase Price Limits (Effective 7/08/2019) Purchase price limits are subject to change annually. Los Angeles and Orange Counties for New and Existing Construction Non-Targeted Areas $653,883 Targeted Areas $799,190 Property Types

• Property must be a single family one-unit residence, including FHA approved condominiums and PUDs.

• Two to four units are not permittted.

• Manufactured, mobile homes and modular homes are not permitted.

• No more than 15% of the square footage of the home being purchased may be used in connection with a trade or business including child care services.

• Homes are considered new if never previously occupied.

• Land may not exceed the size required to maintain basic livability.

• Appraisal must indicate that the home has at least a 30 year remaining useful life.

http://www.ffiec.gov/geocode


IRS Designated Targeted Area Census Tracts (As of April 1, 2014) Los Angeles County: 3018.02, 3023.02, 3024.01, 3025.03, 3025.04, 3025.05, 3202.01, 4023.04, 4025.01, 4025.02, 4027.02, 4028.01, 4045.04, 4087.24, 4088, 4328.01, 4328.02, 4331.02, 4333.05, 4334.01, 4334.02, 4338.01, 4339.01, 4622.01, 4623.01, 4803.04, 4817.11, 4825.03, 5306.02, 5308.01, 5311.01, 5312.01, 5312.02, 5313.02, 5315.02, 5315.03, 5315.04, 5316.02, 5316.04, 5317.02, 5319.01, 5326.05, 5326.06, 5328, 5329, 5330.01, 5331.03, 5331.04, 5331.05, 5331.07, 5332.03, 5335.03, 5336.02, 5337.01, 5338.03, 5338.05, 5338.06, 5341.02, 5342.01, 5342.02, 5342.03, 5343.02, 5344.05, 5344.06, 5348.04, 5350.02, 5351.01, 5351.02, 5353, 5354, 5355.01, 5355.03, 5356.03, 5356.06, 5357.02, 5360, 5402.02, 5405.02, 5406, 5415, 5416.04, 5416.05, 5421.05, 5425.02, 5426.01, 5535.03, 5538.01, 5702.03, 5703.04, 5704.03, 5706.03, 5716, 5717.03, 5730.02, 5730.04, 5732.01, 5732.02, 5733, 5751.02, 5752.01, 5753, 5754.01, 5754.02, 5758.01, 5758.02, 5758.03, 5763.02, 5764.01, 5764.02, 5764.03, 5765.01, 5765.02, 5765.03, 5769.03, 6002.01, 6003.03, 6003.04, 6011, 6015.02, 6016, 6017, 6019, 6025.05, 6025.06, 6030.05, 6037.04, 7011, 9006.02, 9006.07, 9007.01, 9007.04, 9008.04, 9008.06, 9101.01, 9104.02, 9104.03, 9105.01, 9105.02, 9105.04, 9106.02, 9200.11, 9203.36, 9800.08, 9800.14, 9800.15 Orange County: 117.14, 117.20, 626.26, 744.03, 744.05, 745.01, 748.05, 750.02, 750.03, 875.04, 995.09


COMPLIANCE UNDERWRITING Mortgage Credit Certificates (MCCs) MCCs may be layered with the first mortgage products and considered as qualifying income. Subordinate Financing and Affordable Seconds

• The loan may be layered with the Los Angeles County Development Authority‘s Home Ownership Program (HOP).

• The program may be layered with approved subordinate financing products. Subordinate financing is not required to be approved by the Authority of US Bank. Lenders are responsible for determining if the subordinate financing loan products meet FHA, VA, USDA/RD and Freddie Mac HFA Advantage guidelines. The maximum CLTV must meet Investor requirements.

Transaction Type

• Purchase transactions only Terms

• Fully amortized 30 year fixed rate loan

Minimum Loan Amount • There is no minimum loan amount in this program Maximum Loan Amount

• The first mortgage loan amount cannot exceed $510,400 including MIP for FHA loans

• The first mortgage loan amount cannot exceed $510,400 for Freddie Mac HFA Advantage loans (Rev. 1/28/2020) 2/1 Temporary Buydowns

• Are permitted as per FHA, VA USDA/RD and Freddie Mac HFA Advantage, Master Servicer and Primary Mortgage Insurer guidelines

Mortgage Insurance

• FHA Loans - Mortgage Insurance is required regardless of the LTV

• Freddie Mac HFA Advantage offers monthly and single-premium borrower-paid payment options which may be financed

Loan To Value (LTV) and Combined Loan To Value (CLTV)

• LTV must follow applicable agency guidelines

• CLTV must follow applicable agency guidelines

Freddie Mac HFA Advantage Loans

• LTV cannot exceed 97%

• CLTV cannot exceed 105%


MAXIMUM INCOME LIMIT

(Rev. 1/28/2020)

Los Angeles County: FHA, VA and USDA-RD Loans 1-2 person household - $125,280 3+ person household - $125,280

Orange County: FHA, VA and USDA-RD Loans 1-2 person household - $142,440 3+ person household - $142,440

Los Angeles County: Freddie Mac HFA Advantage (at or below 80% AMI) All household sizes - $63,280

Orange County: Freddie Mac HFA Advantage (at or below 80% AMI) All household sizes - $63,280 Lenders are required to calculate income to qualify the borrowers(s) for loan approval using FHA and Freddie Mac guidelines; in addition, eHousingPlus will review the borrower’s income pursuant to Program compliance. The income of borrower(s) and spouse whether or not spouse is liable on the loan or is on the title must be included. Income must also be included for any adult (over 18 years of age) who will live in the household and be secondarily liable on the note or on the title. Program income is not averaged. It is annualized. This income calculation is different from income used for credit underwriting. More detailed guidelines for calculating program income are in the Compliance Underwriting section included in this Guide. Family Income Includes: Gross pay, overtime, bonuses, commission, part-time employment, dividends, interest, interest, annuities, child support, public assistance, disability payments, alimony, sick pay, social security benefits and pensions, deferred income, Veterans Administration (VA) Compensation, unemployment compensation. Family Income Excludes: Gifts - casual, sporadic, or irregular, lump sum inheritances, insurance settlements, capital gains, student financial aid assistance and settlements for personal and property losses, education scholarships, food stamps, foster care and adoption assistance payments unless used to credit qualify for the loans, income from household members not on title or the loan. PLEASE NOTE: CALCULATION OF PROGRAM (COMPLIANCE) INCOME IS DIFFERENT THAN CALCULATION OF INCOME FOR CREDIT PURPOSES. The program requires that underwriters include all income of borrowers and their spouses (regardless of their address) and all household members 18 years of age or older (related or unrelated) who are secondarily liable on the note or on the title and expected to live in the residence. Use the information below as a general guide. Because each case is different, please contact eHousingPlus Compliance if you have questions. Unlike income that is averaged for credit underwriting, the Program is concerned with actual current income. You should be reviewing the YTD income, the income of the last 4 months and the income shown


on previous tax returns for consistency. You should not be averaging income. If there are not inconsistencies in earnings, use the guidelines for each loan type to determine current gross monthly income. Current gross monthly income is multiplied by remaining months in the year to determine "total current annualized income". For the tax year in which the closing occurs, consider YTD income. Then establish current base income for the balance of the year using the guidelines for each type of income. Then consider any additional income. For assistance, contact the Compliance Office. Gross monthly income is the sum of monthly gross pay; any additional income from overtime, part-time employment, bonuses, income from self-employment, dividends, interest, royalties, pensions, VA compensation and net rental income, other income (such as alimony, child support, public assistance, sick pay, social security benefits, unemployment compensation, income received from trusts, and income received from business activities or investments, continuation of which is probable based on foreseeable economic circumstances based upon the Mortgagor's Certification (to such effect), all as computed at the time of application for a mortgage loan and confirmed at the time of closing. eHousingPlus will check information with respect to gross monthly income obtained from the reservation form, Underwriter’s Certification and applicable certificates and affidavits executed the date of the Closing of the Mortgage Loan, provided that any gross monthly income not included for credit underwriting purposes must be included in determining gross monthly income. The limit is the limit and any amount over the limit is not acceptable. Include the income of non-borrower co-habitants who will reside in the property. However, do not include dependents that are claimed on tax returns but who will not permanently reside in the home the majority of the time. The Certification, executed by the borrower(s), and certified by the lender, must include the total verified annual household income. Questions regarding the calculation of income for program purposes should be directed to the Compliance office (954) 217-0817. There are many variables, and the Compliance Office will be pleased to assist. The Servicer requires the complete closing and credit documentation as identified on their specific loan delivery checklists. Lenders may rely on the same documentation for program compliance purposes. Although mentioned in this section of the guidelines, VOE’s and VOD’s, current pay stubs which delineate “current period”, W-2's, for all borrowers from all employers, and bank statements to verify assets may be included to the extent required by the Servicer for their purposes. Figures shown on all documents should be consistent. Because a program qualifier is “income”, even if not required for credit purposes (i.e. automated underwriting), you should be seeking the two most current paystubs with YTD. Do not include in the compliance file, keep copies for your records. Although reference is made to the last 4 to 6 weeks’ income, Underwriters should review the income tax returns submitted to verify that there are no unexplained and/or unacceptable differences between current income and past income. The examples below are not intended to serve as an exclusive method on how to calculate income. Please contact the Compliance Office with questions regarding individual cases. Please note that the income reported for the Program income calculation CAN NEVER BE LOWER THAN THE INCOME USED TO QUALIFY FOR CREDIT PURPOSES.


Hourly Employees For the tax year in which the loan is closing, use the Year to Date base income. If consistent, utilize the base to determine the balance of the year as follows: 1. Using last 4 to 6 weeks' pay stubs, identify hourly rate of pay and average number of regular hours

worked per week. Multiply hourly rate times regular weekly hours. Multiply result times number of weeks for balance of year and add to YTD for an annualized base salary.

2. If the person has no other sources of income (for example: overtime, bonus, commissions, second jobs, interest, dividends, child support, alimony, public assistance), this will be the Current Total Annual Income.

3. Compare the total annual income in #2 above to Paystubs, VOE’s, previous year’s income per W-

2's and tax returns. You should not find significant differences. In some cases, the Current Total Annual Income will be higher than the previous year's income. Variances should be attributable to increases/decreases in pay or number of hours worked.

Salaried Employees

1. Using last 4 to 6 weeks' pay stubs, identify weekly (or other frequency) rate of pay. Multiply rate times the number of regular pay periods in the year (52 weekly, 26 bi-weekly, 24 semi-monthly, 12 monthly).


3. Compare the total annual income in #2 above to Paystubs, VOE’s, previous year’s income per W-2's and tax returns. You should not find significant differences. In some cases, the Current Total Annual Income will be higher than the previous year's income. Variances should be attributable to increases/decreases in pay or number of hours worked.

Business, Self-Employment 1. Use the quarterly tax returns and financial statements to identify the current NET year to date income.

2. Divide the year to date income by the number of months during which it was earned and multiply times remaining number of months in year. Add to actual YTD. ADD DEPRECIATION.


4. Compare the total annual income in #2 above to the previous year's income per W-2's and tax returns. You SHOULD NOT find significant differences.

Verified Termination of Overtime, Commission, Bonus, Seasonal, Periodic, One Time Overtime, Bonus, Commissions Use the last 4 to 6 weeks' pay stubs, identify the year to date total earnings of the borrower. Subtract the Current Total Base Income (see above) to arrive at the total year to date extraordinary income. If verification of termination of overtime, commission or bonus is provided in writing (i.e. a letter from an


employer) or such termination is due to a change of employment, use the current YTD overtime, commission or bonus, do not annualize and add as a lump sum to the Current Total Annual Income. Regular Overtime, Bonus, Commissions

1. Use the last 4 to 6 weeks' paystubs, identify the year to date total earnings of the borrower. Subtract the Current Total Base Income (see above) to arrive at the total year to date extraordinary income.

2. Divide the year to date extraordinary income by the number of pay periods during which it was earned

(to obtain an average). Multiply times the appropriate factor (Balance of year weeks, months, semi-months, etc.) for balance of year figure and add to actual YTD extraordinary income for annual income.

3. If the person has no other sources of income (for example: second jobs, interest, dividends, child support, alimony, public assistance), this will be the Current Total Annual Income.

4. Compare the total annual income in #2 above to Paystubs, VOE’s, previous year’s income per W-2's and tax returns. You should not find significant differences. In most cases, the Current Total Annual Income will be higher than the previous year's income. It will also generally be higher than the annualized year to date income. The variances should be attributable to increases/decreases in pay.

Interest and Dividends 1. Use current earnings statements issued by the bank, investment broker or agent. Identify the year

to date interest or dividend earnings. Divide by the investment term year to date (for an average) and multiply times appropriate factor to annualize the earnings.

2. If statements are not available, and the terms of the investment agreement are available, multiply the principal amount of the asset times the annual interest yield factor for a projected interest earnings amount.

3. If neither are available, use the previous year's earnings statements or tax returns to identify total annual interest and dividend income. If the assets are still invested in the same instruments, use the previous year's figure.

4. Add the result of the computation in either #1, #2 or #3 above to the Current Total Annual Income. Alimony and Child Support

1. Use the monthly amount appearing in the divorce decree, separation agreement or other support document.

2. If the borrower receives more than the amount stipulated in the agreements, use the monthly figure that the borrower declares and can be verified.

3. If the borrower receives less than the amount stipulated in the agreements and there is a verifiable history of the underpayments for at least 2 years (as evidenced by Court records), then use the past 2 years' historical monthly earnings. If there is no such history that can be verified, use the amount stipulated in #1 above.

4. Multiply the monthly amount of alimony or child support times 12. Add to the Current Total Annual Income (plus any other income sources).


Pensions, Temporary Payments

1. Use the benefits statement issued by the benefits provider (pensions, workers compensation, disability compensation, social security, AFDC, etc.) to identify the amount of the benefit, payment frequency and expected term of the benefit.

2. Multiply the amount of the benefit times the payment frequency for the balance of year and add to

actual YTD for an annualized amount. Add to the Current Total Annual Income (plus any other income sources).

3. If the benefit is absolutely not payable to the recipient beyond a given date (that means a complete and permanent stop of benefits without extensions, exceptions, waivers or other conditions) and such date is within 12 calendar months of the anticipated closing date, then calculate the benefits expected through the end of the benefits term. That will be the total annual income amount from the specific benefits source. Add to the Current Total Annual Income (plus any other income sources).

Debt Ratios 1. FHA Loans - The maximum debt ratio cannot exceed 45.0% 2. Freddie Mac HFA Advantage Loans – A maximum debt ratio up to 50.0% is permitted as long as

the loan receives an “Accept” through Loan Product Advisor (LPA) or “Approved/Eligible” through Desktop Underwriter (DU).

The Mortgage Credit Certificate may be used for credit qualifying purposes per Investor guidelines.

Please Note: If a stricter policy is required by the GSEs or MI insurers, it must be adhered to.


FICO CREDIT SCORES AND DOWN PAYMENT ASSISTANCE Minimum FICO Credit Scores The program requires a minimum credit score of 660 (mid score must be at least the minimum) regardless of the type of loan. • A borrower without a credit score may be eligible as long as an occupant borrrower(s) has a credit

score that meets the minimum representative credit score requirement required by the Master Servicer.

• When all borrowers have a credit score they must meet the minimum representative credit score requirements. The middle score of the lowest-scoring borrower should be used to determine eligibility.

• If a tri-merged credit report is used, use the middle score.

• If a merged credit report only has only two scores, use the lower score.

• If a merge report only has only one score, that score must be used.

Click here to view the Rates/Offerings chart for the Lock Rate, FICO and DPA (click on RATES/OFFERINGS tab). FICO Credit Scores and Down Payment and Closing Cost Assistance

LOAN TYPE

FICO CREDIT SCORE REQUIREMENT

ASSISTANCE AMOUNT

FHA, USDA-RD, VA 660+ 4%

Freddie Mac HFA Advantage 660+ 4%

(Rev. 1/28/2020)

Please Note: If a stricter policy is required by the GSEs or MI insurers, it must be adhered to.

DTI Requirement Effective with new loan reservations 2/03/2020 • The program maximum DTI ratio is 45% for loans with a minimum 660 FICO. • The program maximum DTI ratio is 50% for loans with a minimum 680 FICO. • Lenders must comply with Mortgage Insurance DTI requirements which may limit the maximum DTI for borrowers with a FICO under 700. (Rev. 1/28/2020)



AUTOMATED AND MANUAL UNDERWRITING SYSTEMS FHA Acceptable Automated Underwriting Systems

• Loan Prospector (LP) Risk Class: Accept Recommendation • Desktop Underwriter (DU) with an Approve/Eligible Recommendation

Freddie Mac HFA Advantage Acceptable Underwriting Systems

• Freddie Mac HFA Advantage –Loan Prospector (LP) – Run as Home Possible Advantage for HFAs or Offering 251

Manual Underwriting Systems US Bank’s guidelines are located can be found at www.hfa.usbank.com. Should the guidelines differ, the most restrictive requirements will apply.

• FHA loans is not permitted under any circumstances

• VA and USDA/RD loans – is permitted. Must follow all Agency and Master Sevicer’s guidelines.

• Freddie Mac HFA Advantage loans is permitted, however the LTV cannot exceed 95.0%. Must follow all Agency and Master Servicer’s guidelines for Debt to Income Ratios.

http://www.hfa.usbank.com/


SUMMARY OF THE COMPLIANCE ORIGINATION PROCESS (Rev. 1/28/2020)

MANDATORY PROGRAM TRAINING

Lender training is mandatory for anyone working with this program. eHousingPlus and US Bank provide program training online 24/7. To attend click on this link.

eHousingPlus eHPortal and eHP Digital Docs Training We highly encourage anyone who will reserve funds, complete an underwriter certification, print forms or clear exceptions to attend this additional training. Click here for eHPortal Training Click here for eHP Digital Docs Training

eHPortal USER CREDENTIALS Following completion of Program training at eHP University training, an email will be sent to lenders giving directions on how to apply for User Credentials for the eHPortal. These instructions are for both new users of system and existing users looking to add programs to their profile.

QUALIFY

Lenders use program requirements to qualify applicants for the program. Buyers must present an executed sales agreement before being entered into the program reservation system.

RESERVE FIRST MORTGAGE FUNDS and ASSISTANCE

To reserve funds, use the eHousingPlus eHPortal. Log in and reserve the first mortgage that automatically provides Assistance. To reserve funds in the program the borrower is required to have a signed real estate purchase contract for a specific address. You will need a 1003 and the Real Estate Purchase contract in order to make a reservation. If the reservation is successful, you will receive a loan number and a message that you’ve completed the reservation successfully. IMPORTANT - A reservation is for a borrower with a real estate purchase contract for a specific property. If the property needs to change, the loan must be cancelled and re-reserved. The lender is responsible for cancelling the loan within the eHousingPlus Lender Portal. And then, the lender must email ([email protected]) or call the eHousingPlus Compliance office at 954-217-0817 to have the borrower permanently removed from the eHousingPlus Lender Portal. Until this process is complete, the lender will not be able to re-reserve funds for the borrower. (Added 12/10/2018)

http://www.ehpuniversity.com/index.html?page_id=68








FUNDING OF DOWN PAYMENT AND CLOSING COSTS ASSISTANCE You must complete, sign, scan, and email the fo llowing documents to the Authori ty and US Bank

National Association Global Trust Services, as Escrow Agent for the Authority.

1. Down Payment and Closing Cost Assistance Grant Wire Requisition Form

2. Underwriter’s Certification Form

3. Closing Disclosure (all pages)

4. Wiring Instructions

Please Note: All of the information on the forms must be accurate and cannot be handwritten except for the signature of the authorized signer. The Mortgage Loan must receive i t s Underwriter Certification prior to the request of DPA Grant

Funds provided by the Authority. The Grant Wire Requisition Form requires the Lenders to include the

FICO score used for the final credit approval. Please email the documents listed above (with a subject

line reference to "SCHFA DPA Grant Wire Requisition and Borrower's Last Name") no later than

10:00 a.m. Pacific Time at least two (2) business days prior to the Mortgage Loan closing to: US Bank National Association Global Corporate Trust Services

633 W. 5th Street, 24th Floor Los Angeles, CA 90071

Attention: Lorraine Goodson

Telephone: (213) 615-6040 Fax: (213) 615-6198

Email: lorraine.goodson @usbank.com And with a copy emailed to (and with a subject line reference to "SCHFA DPA Grant Wire Requisition and Borrower's Last Name"):

Attention: Bertha Mares Melanie Fijan

Telephone: (213) 615-6032 Fax: (213) 615-6199 Telephone: (213) 615-6025 Fax: (213) 615-6199

Email: [email protected] Email: [email protected] And to: (Added 1/28/2020)

Attention: Michael Popham

Telephone: (213) 615-6022 Fax:(213) 615-6198

Email: [email protected]

And with a copy emailed to the Authority (and with a Subject Line Reference to "SCHFA DPA Grant

Wire Requisition and Borrower's Last Name"):

Southern California Home Financing Authority

c/o Los Angeles County Development Authority

700 West Main Street Alhambra, CA 91801

Attention: Jewel Warren-Reed

Telephone: (626) 586-1830 Email: [email protected]

and

Mark Trinidad

Telephone: (626) 586-1803

Email: mark.tr [email protected] (Rev. 1/28/2020)






A representative of the Authority w i l l r e v i e w t h e r e q u i r e d d o c u m e n t a t i o n w i t h i n four hours of receipt. A “Reply to All’’ on the Requisition email "Authorized and Confirmed" after a representative of the Authority has confirmed the Mortgage Loan Number and L o a n A mount on the website of the Compliance Administrator for the Program, eHousingPlus. The Escrow Agent will rely solely on emails received from Jewel W a r r e n - R e e d and Mark Trinidad for the purposes of approving your request to fund the DPA.

The DPA Grant funds must be returned to the Authority’s Escrow Agent if the Mortgage Loan closing

does not occur within 1 (one) business day after the funds have been wired to the closing agent. The

funds must be returned to the Escrow Agent using the following wire instructions:

For: US Bank National Association

ABA#: 091000022 Acct #: 180121167365

BNF: US Bank Trust N.A. Attn: Lorraine Goodson (213) 615-6040

REF: Southern California HFA First Home Mortgage Escrow Account

mailto:Jewel


LOAN CLOSING

It is important to provide accurate closing instructions to closing agents. All program documents must be returned to you. At closing the borrower will sign the Mortgagor & Lender Certification Form and the Notice of Down Payment/Closing Cost Assistance Grant Letter. The originals remain with Lender, copy to borrower. Also include a copy of the Grant Letter to US Bank (with USB002) and in FHA Case Binder. Find all forms behind security at the eHousingPlus web site. IT IS IMPORTANT that lenders have the borrower(s) sign the letter that meets requirements of 2013-14 (appears in the auto-fill Forms available for closing labeled as 2013-14) and retain original with copies to borrower, US Bank and a copy in the FHA Case Binder.

COMPLIANCE FILE DELIVERY INSTRUCTIONS

(ADDED 12/10/2018) • All compliance files are uploaded directly to eHousingPlus via eHP Digital Docs. • All exceptions / file deficiencies will be communicated to the Lender via email and will be posted in the eHPortal. Exceptions may be viewed online at the loan level and in an exceptions report. • Documentation requested to clear file deficiencies are uploaded directly in eHP Digital Docs.

eHP Digital Docs

See pages 24 - 27 of this guide for detailed information about eHP Digital Docs. (Added 12/10/2018)

New Digital Delivery Instructions eHP Digital Docs® eHousingPlus ™

24

INSTRUCTIONS FOR THE DELIVERY OF COMPLIANCE FILES, FEES

AND CORRECTED DEFI’S.

Compliance Files and Corrections to previously submitted files with erroneous or missing

required documents will be managed through the eHousingPlus Digital Docs Portal.

This Digital Docs Portal provides lenders with all the tools necessary to deliver the

required documents for the approval of the originated loan(s) in their respective affordable

homebuyer programs. This Portal is a secure, easy to use and efficient way for lenders

to deliver the Compliance File, Correct DEFI’s and pay the required Compliance Review

Fees via our new eHPay on line fee approval, and related tools.

Who needs Access to eHP Digital Docs? Closers, Post-closers, Shippers, Defi/Exceptions and Accounting personnel.

FIRST STEPS

• You will need a Username and Password

to access eHP Digital Docs

a. If you are already an existing Active User of the eHPortal Lender Portal,

you will automatically be set up to use eHP Digital Docs. Your Username

and Password will be the same, but you may be prompted to change the

password if it does not meet security guidelines.

b. If you are NEW to any of the eHousingPlus Portals, you will need to

request User Credentials at www.ehousingplus.com/user-credentials

NEXT, ACCESS THE NEW EHP DIGITAL DOCS PORTAL

• As a participating lender to various programs, you already know that our web

page for the SCHFA First Home Program is where you access both Program Info

and the Systems.

HELPFUL TIPS FOR UPLOADING THE

COMPLIANCE FILE

• The site works best with the Google

Chrome browser. All other browsers

may encounter problems.

• If you cannot remember your

password, you can reset from the

eHP Digital Docs log in screen.


25

• There are two icons you will immediately see:

o This is the existing Lender Origination Portal

o This is the NEW eHP Digital Docs Portal.

NOW YOU ARE READY TO DELIVER YOUR COMPLIANCE FILE…

The Compliance File should be a PDF file composed of all required documents on the

Checklist.

➢ By clicking “NEW UPLOAD” on the Digital Docs Menu, you will be able to upload

the file easily.

➢ Currently, there are three file types you will upload into the new DD Portal:

Compliance Files, DEFI’s, and/or pre-closing documents as required. Additional

uploads after the Compliance File are identified as Defis.

➢ There is a NOTES Feature in case there is any pertinent information you want to

add to the compliance documents.

➢ Once Submitted, the System will confirm that the document was uploaded

successfully, or it will present an error.

➢ All Files Uploaded, can be seen immediately in UPLOADED DOCS.

➢ All documents must be a PDF format and must not be locked or encrypted.

➢ Documents must be uploaded upright and in a clear legible format.

➢ Use the Checklist to make sure you are delivering al required documents.

…AND SUBMIT THE REQUIRED COMPLIANCE REVIEW FEE

➢ Compliance Review Fees may now be submitted separately from the

Compliance File.

➢ The NEW eHPay is a secure, efficient method for lenders to pay the fees ON-

LINE by enrolling in this FREE Program. Loans managed through eHPay are

processed faster, without fee errors or other unnecessary delays. Accounting

Staff can access eHP Digital Docs and process the compliance fees payment

easily via eHPay.


26

Not sure of the required fee for your loan? Use the FIND MY FEE feature

under PAYMENT CENTRAL and get the instant answer.

➢ Compliance Files Uploaded are NOT ready for review until the Compliance Review

Fee Payment has been received by eHP.

➢ FILES PENDING PAYMENT lists Compliance Files that have been uploaded

successfully, but whose fee payment is still pending. Lenders can monitor this

area to ensure their fees have been delivered in a timely manner.

➢ UNIDENTIFIED PAYMENTS are payments received from your company without

the proper identification to apply it to the intended loan. Lenders can monitor this

area to ensure that payments made are being properly identified with OUR LOAN

NUMBER.

➢ SHORT PAYMENTS If an incomplete payment is submitted, it will be displayed

indicating the amount paid and the correct fee amount.

TIPS

➢ Sign up for eHPay. This is a secure solution for the payment of fees. Talk to one

of our eHousingPlus Business Representatives about how you can sign up, and to

answer any questions related to this new service

➢ Make sure that every payment made is properly identified with OUR LOAN

NUMBER. This is particularly a problem with Wires and ACH payments, as well

as bundled payments. ACH/Wires do not properly identify loans in most cases

and hold up the processing of your loans!

➢ If submitting a paper check, print the INVOICE/RECEIPT. You can submit the fee

for one or several loans at one time by attaching this receipt to your check.

NOT QUITE READY TO UPLOAD YOUR COMPLIANCE FILES?

During this initial transition of delivering Compliance Files Digitally on our NEW eHP

Digital Docs portal, eHousingPlus will continue to accept paper Compliance Files from

those lenders that need a little extra time. If you are sending the paper files, please

continue to ship them as you currently do to:

eHousingPlus

3050 Universal Boulevard, Suite 190

Weston, FL 33331

WE trust that you will soon be utilizing all the new features that have been developed to

make the delivery of Compliance Files easier and less costly via our NEW eHP Digital

Docs portal available for you, the participating lenders.


27

CORRECTING DEFICIENT FILES

✓ CORRECTED LOAN DEFICIENCIES WILL NOT BE ACCEPTED VIA EMAIL.

The eHPortal (Lender Origination Portal) has various tools that alert lenders when a

Compliance File is delivered DEFICIENT. These multiple tools assist you, the lender, in

easily correcting these deficiencies and allow your file to be Compliance Approved in a

timely manner.

➢ System generated DEFI emails sent at time of review with corrective actions.

➢ Loan’s TIMELINE Tab depicts pending deficiencies ANYTIME you log in and view

your loan.

➢ EXCEPTIONS/DEFICIENCY Reports are available on the REPORTS Menu.

WHEN YOU ARE READY TO SUBMIT YOUR CORRECTED DEFI’S OR MISSING DOCUMENTS

NEW: The Corrected DEFI’s will now be submitted and UPLOADED via eHP Digital

Docs, using the same easy method the Compliance File is delivered.

▪ Log in to eHP DIGITAL DOCS

▪ Search for your loan

▪ NEW UPLOAD: select your file(s), and if prompted select

Corrected DEFI as ‘Type’.

▪ The NOTES Feature is available to add any relevant information if

needed.

▪ YOU’RE DONE!

▪ Defi’s may be uploaded as a lender receives a document.

▪ Corrected Defi’s may be view in eHP Digital Docs under, Uploaded

Docs.

QUICK TIPS

➢ Save time by trying to consolidate corrections to your loan files.

➢ Working on DEFI’s might be easier if grouped by loan & Program; typically, the

same types of errors occur based on varying Program Criteria.

➢ Use the reports available on the eHPortal (EXCEPTIONS/DEFICIENCIES) as a

guide and deliver them easy using eHP Digital Docs.


SUBMIT MORTGAGE FILE & CREDIT PACKAGE TO SERVICER

The Mortgage File including Credit Package and it is sent to US Bank. The US Bank Delivery and Funding Checklist is found within the US Bank web site. To locate the US Bank Checklist click on this link. Click on the Learn More button found under the heading, Enjoy Housing Finance Agency Services. Your web page will be redirected to the AllRegs site for US Bank HFA Division. If you experience any technical difficulty, please contact US Bank HFA Division directly at 800-562-5165. (Rev. 1/28/2020) US BANK notifies lenders of Exceptions, posts exceptions online and sends a weekly summary of outstanding exceptions.

APPROVALS

Following approval of Compliance File by eHousingPlus, lenders are notified and reminded of the

purchase deadline.

FINAL DOCUMENTS

The recorded mortgage documents for the first mortgage should be sent to U.S. Bank.

PROGRAM TIMELINE The borrowers must have a fully executed purchase contract for a specific property in order to have funds reserved or be on a waiting list. The contract may be dated prior to the date of the loan application. Borrowers may be pre-qualified. To assure that loans are purchased, please follow the Processing, Delivery and Purchase Timetable below. Please DO NOT reserve loans that cannot meet the timetable. If the loan is not Underwriter Certified within 15 days of loan reservation, the loan is subject to cancellation. eHousingPlus via email notifies lenders that the loan may be canceled if the Underwriter Certification is not completed. If the loan reservation is canceled at any point during the reservation, the

https://www.usbank.com/corporate-and-commercial-banking/industry-expertise/correspondent-lending.html


Authority may allow the loan to be reinstated at the higher of the mortgage rate originally reserved or the then current program mortgage rate. Please wait until 45 days before closing to reserve funds for new construction, short sales and foreclosures. Loans not purchased within the timeframe below cannot be purchased. The revolving pool of funds assures continuous funding, therefore it is not necessary to rush to reserve funds. Loan Processing, Delivery and Purchase Timetable Once a loan is reserved in the eHousingPlus system and is provided the Servicer’s Loan number, the loan must be 1) Underwriter certified within 15 days of loan reservation. 2) Closed and delivered to the Servicer within 45 days of loan reservation and, 3) Purchased within 70 days of loan reservation.

Loan Purchase Extension Fee Any loan not purchased within 70 days will automatically receive a one-time only 30-day extension. The cost of the extension is $375 and the fee is due whether or not the Mortgage Loan is ultimately delivered by the Lender for purchase. If the Loan is delivered and purchased, the fee shall be charged and netted out of the Mortgage Loan purchase price paid to the Lenders, with a separate monthly payment to the Issue for all collected extension fees. If the extended Mortgage Loan is not purchased to U.S. Bank, the fee will be separately invoiced by the Issuers and paid by the Lender to the Issuers.

If a Rate Lock period (including extensions) expires with respect to a Mortgage Loan and such Mortgage Loan has not closed, no new Rate Lock may be made for the same Borrower, whether the property address is new or the same as the previous reservation, until sixty (60) days after expiration of the prior Rate Lock period (including extensions).

If a Lender participating in the Program has a high rate of cancellations of loan reservations, or otherwise engages in behavior inconsistent with Program goals, the Issuers reserve the right to consider the suspension or termination of such Lender with respect to the Program, even is such Lender is in good standing with the Master Servicer.

In order for the program loans to meet deadlines prior to the implementation of Freddie Mac’s changes,

HFA Advantage loans with income limits greater than 80% AMI, must be RESERVED PRIOR TO 2/03/20, DELIVERED and PURCHASED by U.S. Bank no later than March 31, 2020. NO EXTENSIONS WILL BE GRANTED. (Added 1/28/2020)

The Authority may suspend or terminate any Lender from further participation in the Program if the Lender has an excessive amount of canceled loan reservations of fails to deliver loans for purchase in a timely manner to the Master Servicer.

PROGRAM FEES AND LENDER COMPENSATION

First Mortgage Loan Fees There is a 1.00% origination fee and 0% ZERO discount fee. Lenders cannot charge additional points. Lenders may charge reasonable and customary closing costs and fees in full disclosure in accordance with FHA, VA, USDA/RD, Freddie Mac and federal, state and local laws and regulations. eHousingPlus Fees


The program includes a first mortgage Compliance/Admin Fee of $250 and a penalty fee of $100 for files that are chronically deficient. The Compliance/Admin Fee is submitted with the Compliance File. Read pages 24 - 27 of this guide for information about Payment Central located in eHP Digital Docs. (Rev.12/10/2018)

The Compliance/Admin Fee is the fee charged by the Program Administrator/Compliance Agent to process the applicant/borrower from Origination to Compliance Approval, and to assess that the lenders originating such loans are following Program guidelines for the benefit of the eligible borrower(s). The Program Administrator/Compliance Agent tracks the loan via its web-based system, and assists the lender in processing the loan ensuring eligibility to the program available offerings, which can include various rate options, and down payment assistance. The Compliance/Admin fee includes the review of information and documents delivered in the form of a Compliance File by the originating lender, on behalf of the borrower(s). Additionally the Compliance review verifies that the lender has charged only the fees allowed by the Program. Contrary to this, approval may be denied and/or fees may have to be reimbursed to the borrower. The Compliance File processing consists of required affidavits, application, closing documents, certain non-mortgage documents, tax returns where applicable and other pre-defined Program documents that are disclosed to the potential borrower(s). This is required to ultimately receive Compliance Approval. These documents can support both the first mortgage and any down payment assistance available, and are required to ensure eligibility to the Program, Federal, State and Local requirements, where applicable. The Compliance Review verifies that the data and documents submitted meet all requirements, and may include those for first-time homebuyer, income limits, sales price limits, targeted areas, homebuyer education, rate, term, points, fee limits, LTV and FICO credit score. US Bank, Master Servicer Fees US Bank charges a Tax Service Fee of $80 and a Funding Fee of $400. These fees will be netted out at time of purchase by US Bank. (Rev. 4/25/2018)

Lenders are permitted to charge reasonable and customary charges for out of pocket expenses and costs. Other financing costs such as legal fees and underwriting fees may be charged and courier fees may be charged if such fees are normally charged. Lenders may charge the usual and reasonable settlement costs. Settlement costs include titling and transfer costs, title insurance, survey fees or other similar costs. Other allowable fees include doc prep fees, notary fees, hazard, mortgage and life insurance premiums, recording or registration charges, prepaid escrow deposits and other similar charges allowable by the insurer/guarantor. "Junk" fees are not a defined term and may not be charged. Excessive fees are not permitted in the program.

Lender Compensation On each loan the lender collects and retains the 1.00% origination as explained above from buyer or seller (follow Agency guidelines). Lender will receive 1.25% Service Release Premium for FHA, USDA/RD and Freddie Mac HFA Advantage loans and .75% Service Release Premium for VA loans purchased by the Master Servicer. Lenders receive a total of 2.25% for FHA and USDA/RD and Freddie Mac Advantage loans and 1.75% for VA loans.


PROGRAM FORMS

The program forms MUST generated directly from the eHousingPlus Lender Portal at the loan level. The program forms MUST be printed from the eHousingPlus eHPortal ONLY. Any program forms printed anywhere other than the eHPortal will be deemed void and may cause a loan file to not be purchased. This topic addresses the specific forms required for the program for originating, processing, closing and loan delivery. The simple rule of who signs program forms – if the person is named on the Mortgage or Warranty Deed or is the spouse of the Mortgagor (even if a non-borrowing spouse), they must sign the compliance forms. Also, remember Co-signors cannot live in property, do not sign program documents or take title. Under no circumstances may a Co-signer have an ownership interest in the property. Original, personal signatures of all borrowers and sellers are required and must match on all documents associated with the transaction. Whenever a party is known in any of the documents by more than a single name, an AKA Name Affidavit will be required. Powers of Attorney and/or Personal Representatives for the Borrower are not acceptable. An Exception to the Power of Attorney will be made for Active Duty Military Personnel as well as an “Alive and Well” letter. Originating Compliance Forms

• Extension Request Form - Available online at www.ehousingplus.com.

• Down Payment Assistance Grant Wire Requisition. Final Typed Loan Application (1003) • The typed application signed and dated by all parties is required.

• Loan interviewer must complete and sign page 3 of 4 of the 1003. If this is not possible, then an Officer must sign in place of the interviewer.

• All persons taking title to the property must execute all program documents.

• The purchase price, loan amount, and other financial details must be the same as shown on all other documents.

Closing Forms

• Mortgagor & Lender Certification Form.

• DPA Acknowledgment Form RECREATED TO respond to 2013-14 (find under Forms on the Program’s eHousingPlus page behind a secured area under heading 2013-14. Auto-fills when printed for closing. ORIGINAL RETAINED BY LENDER, copy to borrower and in FHA Case Binder.

Post Closing Forms

• The Compliance File Checklist is available online. The Master Servicer provides checklists on their site for submission of the Mortgage File. US Bank is posting the Verification Form to AllRegs. It may be found in the Exhibits folder. Attach documentation indicated. Include with US Bank mortgage file delivery as per the delivery checklist.

http://www.ehousingplus.com/


FINAL CLOSING DISCLOSURE (TRID) Buyer, seller and closing agent must fully execute the Closing Disclosure (CD). Borrowers on the CD must be all persons taking title to the property and match the Affidavit and application. Persons not taking title to the property may not appear or sign the CD. All fees must be itemized. Payoffs of other debt must appear on the CD as part of "Settlement Costs".

POST CLOSING – DOCUMENTS REQUIRED FOR COMPLIANCE FILE Read pages 24 - 27 of this guide for information the compliance file submission to eHP Digital Docs. (Rev. 12/10/2018) These are the required documents for this program. For accuracy with the payment of the Compliance Review Fee, please visit ‘PAYMENT CENTRAL’ and ‘FIND MY FEE’ in eHP Digital Docs.

• Homebuyer Education Certificate

• SCHFA Program Mortgagor & Lender Certification

• Taxes for Borrower(s) & Spouse - 3 years IRS transcripts or Signed 1040 o (Not required for Targeted Area loans)

• Real Estate Purchase Contract

• FINAL SIGNED 1003

• FINAL SIGNED CLOSING DISCLOSURE (TRID form)

• Warranty Deed