fha training understanding & completing fha forms and disclosures july 20, 2011 presented by
TRANSCRIPT
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FHA TRAININGUnderstanding &
Completing FHA Forms and Disclosures
July 20, 2011
Presented By
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FHA vs. Conventional
• FHA Disclosures• HUD Form 92900-LT vs. FNMA 1008 (Loan
Transmittal Summary)• Addendum to the URLA (HUD Form 29200-A)• FHA Case# - See FHA case# request
procedures via JMAC Website• Refinance (aka:Netting) Authorization
(Streamline refinance)• CAIVRS (Credit Alert Interactive Voice System)• LDP (Limited Denial Participation)• GSA (General Services Administration)
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FHA Disclosures
• Important Notice to Homebuyer (HUD 92900-B)• For Your Protection Get A Home Inspection
(HUD 92564-CN) • Informed Consumer Choice Disclosure• FHA Amendatory Clause / Real Estate
Certification• Notice to Homeowner: Assumption of HUD/FHA
Insured Mortgages• Energy Efficient Mortgage Disclosure (EEM)• FHA ARM Disclosure (When Applicable)• Borrower’s Contract With Respect To Hotel and
Transient Use Of Property (HUD 92561)
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92900-B
• Important Notice to Homebuyer (HUD 92900-B)
• Page 1 of 2• Signed & dated
by all borrowers• At Application
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92900-B
• Important Notice to Homebuyer (HUD 92900-B)
• Page 2 of 2• Signed & dated
by all borrowers• At Application
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92564-CN
• For Your Protection Get A Home Inspection (92564-CN)
• Must be provided to borrower
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Informed Consumer Choice Disclosure
Notice
• Must be provided to borrower no later than 3 business days after the lender’s receipt of the initial loan application.
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Amendatory Clause Real
Estate Certification
• Must be signed & dated by borrower(s), seller(s) and real estate agents
• Must be dated no later than the date on purchase contract
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Notice to Homeowner:
Assumption of HUD/FHA Insured
Mortgages
• Must be signed and dated by all borrowers
• At Application
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Energy Efficient Mortgage Disclosure
• Must be signed and dated by all borrowers
• At Application
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FHA ARM DISCLOSURE
(PAGE 1)
• Must be signed and dated by all borrowers (If Applicable)
• At Application
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FHA ARM DISCLOSURE
(PAGE 2)
• Must be signed and dated by all borrowers (If Applicable)
• At Application
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Borrower’s Contract With Respect to
Hotel and Transient Use of Property
(HUD 92561)
• Must use on 2-4 unit property
• Must be signed and dated by all borrowers
• At Application
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INITIAL Addendum to URLA
92900-A (PAGE 1)
• Must be fully completed except for Box 14 & 16
• At Application• Not required to be
signed by broker (TPO) – Signed by JMAC
• Box #13: Use JMAC Lender ID, always use 2599900002
• Box #15: JMAC Lending16782 Von Karman #12Irvine, CA 92606
• Box #17: JMAC Phone#(949) 390-2688
Leave this box blank
Leave this box blank
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INITIAL Addendum to URLA
92900-A (PAGE 2)
• Must be fully completed
• Check appropriate boxes
• At Application• Must be signed
and dated by borrower(s) both places
Sign & date by borrower
Sign & date by borrower
Sign & date by borrower
Sign & date by borrower
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FINAL Addendum to URLA
92900-A (PAGE 1)
• Must be fully completed except for Box 14 & 16
• To be signed & dated by JMAC prior to closing
• Box #13: JMAC Lender ID, always use 2599900002
• Box #15: JMAC Lending16782 Von Karman #12Irvine, CA 92606
• Box #17: JMAC Phone#(949) 390-2688
Leave this box blank
Leave this box blank
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FINAL Addendum to URLA
92900-A (PAGE 2)
• Must be fully completed
• Check appropriate boxes
• Must be signed and dated by borrower(s) both places at closing with Docs
Sign & date by borrower
Sign & date by borrower
Sign & date by borrower
Sign & date by borrower
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FINAL Addendum to URLA
92900-A (PAGE 3)
• Will be completed, signed and dated by JMAC DE Underwriter
• Reminder: 09/2010 Version must be used for all loans.
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FINAL Addendum to URLA
92900-A (PAGE 4)
• Must be signed and dated by borrower(s) at closing with docs
• Lender’s Certificate portion will be signed and dated by JMAC post closing
Sign & date by JMAC post closing
Sign & date by borrower at closing with DOCS
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FHA Loan Underwriting and
Transmittal Summary (92900-LT)• Must be fully
completed by broker (TPO)
• Form will be corrected as needed, signed & dated by JMAC DE underwriter
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FHA Loan Underwriting and Transmittal Summary (92900-LT)
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FHA Loan Underwriting and Transmittal Summary (92900-LT)
Yes = Borrower on the listNo = Borrower NOT on the list
CAIVRS should start with “A” always
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CAIVRS (Credit Alert Interactive Voice System)AKA “Credit Alert Verification Reporting System”
• JMAC will process CAIVRS for you at the same time FHA case # is ordered
• CAIVRS must be run & cleared on ALL borrowers• Anything other than “A” must be cleared or not
eligible for FHA Loan
•Delinquent Federal Debts•Student Loan•FHA Loan, VA Loan•SBA Loan, Rural Housing & DOJ
•CAIVRS Results (A, C, D, F)•A = Active (good standing)•C = Claim•D = Default•F = Foreclosure
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LDP & GSA Database (Government lists of bad
boys/girls)• All parties to the transaction must be cleared in
both databases• All parties: Borrowers, Sellers, Loan Officer,
Real Estate Agents• LDP (Limited Denial Participation)
https://www5.hud.gov/ecpcis/main/ECPCIS_List.jsp
• GSA (General Services Administration)https://www.epls.gov
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LDP (Limited Denial Participation)
https://www5.hud.gov/ecpcis/main/ECPCIS_List.jsp
Example of a “hit”
Contact agency to confirm if it’s your borrower
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LDP (Limited Denial Participation)
https://www5.hud.gov/ecpcis/main/ECPCIS_List.jsp
Example of a cleared LDP
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GSA (General Services Administration)
https://www.epls.gov
Example of a cleared LDP
CLICK HERE
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GSA (General Services Administration) https://www.epls.gov
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GSA (General Services Administration) https://www.epls.gov
GSA Hit on NormaGSA Cleared on Paris
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Condo Project Approval Search
• Condo must be approved (Condo ID must be provided)• Quick Link: https://entp.hud.gov/idapp/html/condlook.cfm • Or log on www.fha.gov & click on search for FHA approved condominiums on left side of the webpage
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FHA Submission Checklist• In addition to standard items, the following forms/disclosures
must be included:– JMAC Loan Submission Form (Fully completed)– 92900-LT (Fully completed with FHA case# assigned to JMAC
Lending, Inc)– FHA Case Number Assignment Print-out showing JMAC Lending as
Lender.– Initial and Typed URLA (Fully completed)– HUD Form 92900-A (Page 1 & 2 – Fully Completed, page 2 must be
signed by all borrowers)– Clear CAIVRS Print-out– Clear LDP/GSA for all parties (Borrowers, Sellers, Loan Officer, RE
Agents) – Print-out– FHA Disclosures:
• Informed Consumers Choice, Important Notice to Homebuyer• Notice to Homebuyer (assumption), Amendatory Clause & Real Estate
Certification• For Your Protection: Get a Home Inspection, Energy Efficient Mortgage
Disclosure• ARM Disclosure, if applicable• Hotel and Transient (HUD 92561), if applicable
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FHA Streamline Refinance Checklist
• In addition to standard items, the following form/disclosures must be included:– Initial & Typed 1003 (Only employment info, No income)– Clear LDP/GSA for all parties (Borrowers, Loan Officer) – Print-out– Refinance (Netting) Authorization Print-out– FHA Case Number Assignment Print-out showing JMAC Lending
as Lender– Proof of Social Security Number (SS Card, Driver’s license, etc)– Full Credit Report showing credit scores and satisfactory
mortgage rating for the past 12 months– Copy of Note and Deed of Trust (To verify Net Tangible Benefits)– Net Tangible Benefit worksheet– Current Pay Off Demand– 2 months bank statements if cash is required for closing
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FHA Case# Request
• Complete JMAC Case Request form(Will be available online soon)
• Email fully completed Case Request form with fully completed 1003 to [email protected]
• Fully executed sales contract must be included (purchases)
• CAIVRS will be processed with Case Number Assignment via FHAC.
• Refinance Authorization will be processed with Case Number Assignment via FHAC
• Case # assignment, CAIVRS and Refinance (Netting) Authorization will be emailed to you upon receipt
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Some Cool Links• Main FHA Site: www.fha.gov • Online 4155.1 Handbook
http://www.fhaoutreach.gov/FHAHandbook/prod/contents.asp?address=4155-1 • HUD FAQs http://www.fhaoutreach.gov/FHAFAQ/ • HUD Lenders Page http://www.hud.gov/groups/lenders.cfm • HUD Condo Lookup https://entp.hud.gov/idapp/html/condlook.cfm • HUD Condo Mortgage Insurance (Project Approval Guidance)
http://www.hud.gov/offices/hsg/sfh/condo/ • HUD Loan Limits https://entp.hud.gov/idapp/html/hicostlook.cfm • HUD Mortgagee Letters
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/ • Santa Ana HOC Center http://www.hud.gov/offices/hsg/sfh/talk/addr_sna.cfm • FHA DAP Approved List http://www.hud.gov/offices/hsg/sfh/np/sfhdap01.cfm• Subscribe to HUD Single Family Email Update List
http://www.hud.gov/offices/hsg/sfh/ref/hsgregst.cfm
• The MOST USEFUL & BEST WEBSITE in the world: http://www.jmaclending.com
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