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Instructions for Various Investor/MI Page 1 of 35 Revised 07/03/17
Submissions/Verifications
Instructions for Submitting Loans to Investors and
MI Companies for Prior Approval and Exceptions
Tip: To find specific information for a product, Press Ctrl+F (or use “Find” from the Edit Menu) and then
search for the product name or topic you are looking for. Or, if you know the investor you want, simply
click on the investor/company name below to go directly to the investor or company’s information.
Investors AmeriHome
Ditech (f/k/a GreenTree and GMAC)
PennyMac
Wells Fargo - Includes information on checking the Condo Do Not Lend List
Freedom Mortgage
Caliber
Chase
Bank of America Merrill Lynch (BAML)
Galton
Everbank
Jumbo Credit/Appraisal Review Appraisal Review
Mortgage Insurance Companies Radian
Essent
Genworth
Appraisal Transfers – Exclusionary List Check Transferred Appraisals
Please contact [email protected] for access to the investor/MI websites
Instructions for Various Investor/MI Page 2 of 35 Revised 07/03/17
Submissions/Verifications
AmeriHome https://sellerweb.amerihome.com/Account/Login?ReturnUrl=%2F
AmeriHome does not offer prior approval underwriting. AmeriHome requires prior review of the
appraisal and an eligibility review on the Diamond Jumbo (for locks on or after 1/13/16) product only.
Prior Approval Underwriting
N/A
Jumbo Eligibility Review
For use with Diamond Jumbo product only.
Once loan file has been approved by the fulfillment center, a request for submission for an
eligibility review should be sent to [email protected]. The Eligibility Review form must
also be completed and submitted to [email protected], The form can be found at the
following link:
http://www.eprmg.net/ResourceCenter/JumboandNicheProductForms/DiamondJumboEligibilit
yReviewSubmissionForm.pdf
The eligibility review will be submitted to Corporate Underwriting for second review.
Prior Appraisal Review (Jumbo Only)
For use with Diamond Jumbo product only
Appraisal Review:
All files must be submitted to Clear Capital for appraisal review. The fulfillment center must
submit an email to [email protected] with the review request after branch level loan
approval for the Jumbo Review Department to submit the order:
For Use by Jumbo Review Team:
1. Upload appraisal(s) for a review to Clear Capital: http://www.clearcapital.com/
2. CDA Result > 10% Below Appraisal: The CDA value may be used as the appraised value
to calculate the LTV/CLTV OR a Clear Capital Broker Price Opinion (BPO) AND a Clear
Capital Value Reconciliation of Three Reports (Recon Form 3.0) may be obtained (submit
request to [email protected] for Clear Capital Broker Price Opinion (BPO) AND a
Instructions for Various Investor/MI Page 3 of 35 Revised 07/03/17
Submissions/Verifications
Clear Capital Value Reconciliation of Three Reports. Reconciliation will take into account
the original appraisal, CDA and BPO. The final value determined by Clear Capital will be
used as the appraised value for the property.
3. CDA Result of Indeterminate Value: If CDA cannot determine a value, a second full
appraisal is required.
4. A CDA review fee will be charged (currently $150.)
5. Clear Capital contact information is: [email protected]
6. Use the following link for additional step-by-step instructions:
http://www.eprmg.net/InvestorForms/ClearCapitalInstructions.doc
Exceptions
AmeriHome will not consider exception requests on loans that have not yet closed.
Instructions for Various Investor/MI Page 4 of 35 Revised 07/03/17
Submissions/Verifications
Ditech
Ditech:
correspondent.ditech.com
Company ID: 20159
Ditech offers prior approval underwriting and exceptions are offered on a case-by-case basis.
Prior Approval Underwriting
For use any Ditech specific loans.
For all loans with an application date as of 1/10/14, all prior approval loans may not be a Higher
Priced Mortgage Loan (HPML).
Be sure to complete a cover letter indicating why we are submitting the loan for prior approval
(for instance our company policy on jumbo loans is to require prior approval.)
1. Register loan with Ditech correspondent.ditech.com
2. Loan file can be uploaded directly to website using Image Central after registration
o Dietch requires the upload of the Fannie Mae 3.2 file (1003 Import)
o Once the 3.2 file has been uploaded and the 1003 application image along with the
rest of the credit file has been uploaded, your loan will advance into the
underwriting queue.
o There are two ways to import the 1003:
▪ Using the loan registration tab or
▪ Loan Status Workflow, if not completed at the time of loan registration
o Loan Registration
▪ To upload your 3.2 file (1003 Import) at registration, go to the bottom of the
first Registration page and select 1003 Import.
▪ Once you have done that you will need to select Browse to locate your 3.2
file
▪ When you have found your file select it
▪ Then click on 1003 Import to complete.
o For loans where the 1003 was not imported via the loan registration, the 1003 file
can be imported via the Loan Status link within the Pipeline Manager.
▪ Click on Loan Status:
▪ Search loan and click find (can use any of the search options)
▪ Open the loan
▪ Import 3.2 (1003 Import) link is located on the top right of the screen
▪ Click Browse and attach the FNMA 3.2 file and click on "1003 Import"
Instructions for Various Investor/MI Page 5 of 35 Revised 07/03/17
Submissions/Verifications
▪ Once your 3.2 loan file has been successfully imported, you will see the
message below:
▪ If a 3.2 file has already been imported, you will not be able to upload the file
again. Underwriting will utilize and update the 3.2 file that was uploaded at
the time of registration. A future release will allow the ability to upload
multiple 3.2 files.
▪ You will be able to identify a 1003 was already imported at registration as a
link to import the 1003 file will not be available.
▪ Loans missing the 3.2 file will be suspended in the loan set up process.
Loans suspended in loan set up are displayed under Pipeline Manager,
either under Loan Status or by using the Underwriting Reports. If your loan
is suspended for the 3.2 file and you do not have the capability/permission
to upload files - please contact your Client Manager to advise that you do
not have this capability and your loan will be moved to the underwriting
queue.
3. If required, obtain DU or LP recommendation
4. Process the loan file according to the findings and the guideline requirements
5. Use findings report to assemble your package and refer to the Ditech to assemble your
package before submitting your loan for underwriting. The package must be complete
before the loan is delivered to Ditech underwriting
6. The Ditech checklist can be found at the following link:
http://www.eprmg.net/InvestorForms/DitechUnderwritingSubmissionChecklistCorr.doc
7. All income and asset documents required as per the AUS findings must be submitted in
package submitted to Ditech
8. The credit report referenced on the AU findings must be included in package submitted to
Ditech
9. If applicable, place loan in a FINAL status in Desktop Originator.
10. The loan must contain a statement from PRMG to Ditech that indicates the reason PRMG is
submitting the file for prior approval.
11. All loans submitted to Ditech for underwriting are first reviewed by the Loan Set-up Team to
confirm file completeness. Loans missing documentation from the submission package will
be suspended and will not move into the underwriting queue. If credit file is still incomplete
after twenty days from receipt, the incomplete file will be moved to underwriting for review
and decision.
12. Access the Underwriting Status Report on the Ditech website to confirm that the file cleared
loan set up and is in the underwriting queue.
13. After loan is reviewed by an underwriter, the Ditech Loan Decision Letter will be posted on
line.
14. Submit follow up “Underwriter to Clear” conditions to Ditech using the Underwriter to Clear
Cover Sheet that is attached to the loan approval notification. Follow the instructions on the
cover sheet when submitting your Underwriter to Clear conditions to Ditech.
Instructions for Various Investor/MI Page 6 of 35 Revised 07/03/17
Submissions/Verifications
15. The Loan Decision Letter will be updated and available on our website showing any cleared
conditions
16. When loan is Clear to Close, closing and/or funding may be scheduled.
Important Note: It is the Underwriter’s responsibility to monitor the loan on the Ditech website
to ensure the investor posts the loan as “Cleared for Underwriting.” The Underwriter must
check back to the website every 24 hours until it is “Cleared for Underwriting.” The website
should indicate why the loan has not yet been cleared, and if it is an issue that needs to be
handled, it must be addressed by the Underwriter.
Exceptions
When requesting an exception you need inform the Ditech underwriter what the requested
exception is and then the Ditech underwriter needs to request it from the appropriate party at
Ditech. If you are unable to submit the electronic file to underwriting through their website due
to an exception (for instance the credit score is too low, so the system rejects it), we need to
have Operations Manager email our Account Executive or Representative to request loan be
submitted.
Exceptions on Loans Not Yet Closed
1. Loan Exception Requests for prior approvals must be submitted with the entire credit
package to Ditech for Underwriting. The Loan Exception Request Form must be completed
in its entirety and submitted with the loan file.
2. The Loan Exception Request Form can be found at the following link:
http://www.eprmg.net/InvestorForms/Ditech_Loan_Exception_Request_Form.doc
3. Any loan requiring a Credit Policy exception will need to be uploaded through Ditech’s
Image Central process for a full underwriting review. The loan will go through the setup
process before being assigned to an underwriter for review. The Ditech underwriter will
submit the exception request, once the loan is reviewed.
Exceptions on Closed Loans
1. Loan Exceptions for closed loans require the HUD-1 evidencing the loan has closed along
with the completed Loan Exception Request and any applicable documentation needed to
review the request for exception.
2. The Loan Exception Request Form can be found at the following link:
http://www.eprmg.net/InvestorForms/Ditech_Loan_Exception_Request_Form.doc
Exceptions for Condo Waivers, Escrow Waivers or Systems
1. The request form must be completed indicating the appropriate reason on the Loan
Exception Request Form.
Instructions for Various Investor/MI Page 7 of 35 Revised 07/03/17
Submissions/Verifications
2. The Loan Exception Request Form can be found at the following link:
http://www.eprmg.net/InvestorForms/Ditech_System_Exception_Request_Form.doc
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Instructions for Various Investor/MI Page 8 of 35 Revised 07/03/17
Submissions/Verifications
PennyMac www.gopennymac.com
Prior Approval Underwriting
PennyMac will provide prior approval on retail conventional loans. They must be delivered via
best efforts pricing. PennyMac must clear all conditions from their approval prior to
documents/funding (as applicable).
Following additional requirements apply:
• Condo projects only allowed if eligible for limited review.
• Preliminary Title Report - 24 month chain of title is required
• Most recent UCDP SSR with CU score required for review
• Appraisal must be shared with PennyMac designated as “Aggregator” in Collateral
Underwriter (refer to FNMA CU release notes 052016 for details)
PennyMac’s submission form must be completed and a request for upload to website must be
sent by the fulfillment center to [email protected] with the completed submission form,
but requestor must note on the email to JumboReview that this is for a PennyMac conforming
loan prior approval. Access the PennyMac Submission Form at the following link:
http://www.eprmg.net/InvestorForms/PennyMacEligibilityReviewSubmissionForm.pdf
Information for submitting to PennyMac’s portal can be found at the following link:
http://www.eprmg.net/InvestorForms/PennyMacSubmissionGuide.pdf
Exceptions
PennyMac will no longer review exception requests on loans that have not yet closed. An
exception request to PennyMac guidelines for a closed loan will be considered.
For closed loans only, a PennyMac Credit Exception Request Form must be completed and
submitted to PennyMac with the following documentation: 1003, 1008, AUS Report, credit
reports for all borrowers and any other documentation to support the request.
Submit the completed form and supporting documentation to [email protected]
The PennyMac Credit Exception Request Form can be found at the following link:
http://www.eprmg.net/InvestorForms/PennyMac_Request_for_Credit_Guideline_Exception_Re
view_and_Approval.pdf
Instructions for Various Investor/MI Page 9 of 35 Revised 07/03/17
Submissions/Verifications
Power of Attorney
To obtain all of PennyMac’s Power of Attorney requirements, which much be met when
PennyMac is the investor, go to the following website and search for Power of Attorney:
http://www.gopennymac.com/Seller_Guide/WebHelp/PNMAC_Sellers_Guide.htm
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Instructions for Various Investor/MI Page 10 of 35 Revised 07/03/17
Submissions/Verifications
Wells Fargo www.wellsfargofunding.com
Lender ID: 233894
Wells Fargo offers prior approval underwriting on jumbo products and exceptions are offered on a case-
by-case basis. As of January 5, 2017, Wells Fargo allows prior approval on conventional loans.
Prior Approval Underwriting
For use with Silver Medal products.
Once loan file has been approved by the fulfillment center, a request for submission for an
eligibility review should be sent to [email protected]. Must review the product profile
for additional documents/requirements for submission. The Eligibility Review form must also be
completed and submitted to [email protected], and that document then must be
submitted to Wells Fargo with the file. The submission form can be found at the following link:
http://www.eprmg.net/InvestorForms/WellsNonConformingSubmission.docx
Silver Medal product requires use of the following Verbal VOE:
http://www.eprmg.net/InvestorForms/WellsFargoVVOE.doc
Silver Medal Solar Panel agreements must be submitted to the investor for review and approval
and include the following submission form:
http://www.eprmg.net/InvestorForms/WellsFargoSolarPanelApprovalRequest.pdf
Silver Medal leasehold agreements must be submitted to the investor and include the following
submission form:
http://www.eprmg.net/InvestorForms/WellsFargoLeaseholdApprovalRequest.doc
Tips for completing the Loan Submission Summary can be found here:
http://www.eprmg.net/InvestorForms/WellsFargoLSS_TIPS.pdf
For all loans with an application date as of 1/10/14, all prior approval loans may not be a Higher
Priced Mortgage Loan (HPML).
All files submitted to Wells Fargo must include:
1. A fully completed Loan Submission Summary (Form 1), Correspondent Minimum
Underwriting Standards (Conforming Only) and the Loan Document Checklist (Form 2)
or Non-Conforming Submission Form which can be found at the following links:
Conventional (not currently allowed):
http://www.eprmg.net/InvestorForms/WellsFargoLoanSubmissionForm1.doc
Instructions for Various Investor/MI Page 11 of 35 Revised 07/03/17
Submissions/Verifications
http://www.eprmg.net/InvestorForms/WellsFargoLoanDocumentChecklistForm2.doc
http://www.eprmg.net/InvestorForms/WellsConformingUWStandardsChecklist.pdf
Non-Conforming:
http://www.eprmg.net/InvestorForms/WellsNonConformingSubmission.docx
2. All conforming loans: Loan Prospector® (LP) Feedback Cert or Desktop Underwriter®
(DU) Findings
3. Fully complete and signed IRS Form 4506-T for each Borrower on the Loan.
4. Tax Return Transcripts
a. Seller to request most recent year 1040 IRS Tax Return Transcript for all borrowers
and include in the Loan file if income information was used in the underwriting
decision. Transcripts must be obtained directly from a tax transcript vendor or the
IRS by the Seller, rather than accepted from a borrower or third-party originator.
b. Any difference between income documented in the tax transcript and income used
to qualify for the loan must be reasonable and supported by information and
documentation in the Loan file.
Please note: Wells Fargo will review 'credit only' submission packages. For these reviews,
Underwriting will determine the LTV using the sales price for purchase transactions. However,
the Loan will be conditioned for an acceptable appraisal supporting the sales price and which
will be subject to a satisfactory review by a Wells Fargo underwriter.
To submit the file, use the following steps:
1. Enter www.wellsfargofunding.com website.
5. Complete and include a fully completed Loan Submission Summary (Form 1) and the
Loan Document Checklist (Form 2) or Non-Conforming Submission Form which can be
found at the following links:
Conventional:
http://www.eprmg.net/InvestorForms/WellsFargoLoanSubmissionForm1.doc
http://www.eprmg.net/InvestorForms/WellsFargoLoanDocumentChecklistForm2.doc
Non-Conforming:
http://www.eprmg.net/InvestorForms/WellsNonConformingSubmission.docx
2. Click on Loan Management and then select Pipeline.
3. Locate your loan number in your pipeline and then double click on it.
4. If the loan is not locked or does not seem to be in the Wells Fargo pipeline, double check
with Secondary to ensure the loan does not get double entered and use Start New Loan
option and upload using the “Other” method to upload the FNMA DU File.
5. Select Manage Images in the drop down box labeled Select a Task to Perform.
6. Use this to walk you through uploading the credit package, any conditions needed from
the underwriter, and the closing package to Wells Fargo.
Instructions for Various Investor/MI Page 12 of 35 Revised 07/03/17
Submissions/Verifications
7. It is imperative to ensure you receive the transmission ID when submitting a loan for
prior approval as this ensures Wells Fargo has received the file. You should enter this
information in the Loan Note of FastTrac for future reference.
Wells Fargo provided the following information for submissions when they offered Wholesale
Lending, which can be used as additional reference, but are not the “official” forms to be used
for Correspondent Lending. This information can be found using the following links:
http://www.eprmg.net/InvestorForms/WellsFargoSubRefGuide111411_aes.doc
http://www.eprmg.net/InvestorForms/WellsFargoConventional_aes.doc
http://www.eprmg.net/InvestorForms/WellsFargoNonConfchecklist_aes.doc
Exceptions
Not offered
Condo Project Do Not Lend List
To verify if a condo project is eligible for Agency or Silver Medal products, you will need to do
the following:
• Go to Wells Fargo’s website: www.wellsfargofunding.com
• Login to website (Member ID: 233894) – Contact FastTrac Support if you do not have a
Wells Fargo log on
• At the top of the website, Select “Info Gallery” and then “Project Search”
• Enter the Condo name and the Zip Code (at minimum)
• When the project appears, click on the correct project and then review the “Investor
Restrictions”
• If it indicates the project is on the investors DNL list or a “rejected” status, the loan is
not eligible for approval/funding.
• If the condo project does not show up on the list, you will need to send an email to
[email protected] to clarify if the project is allowed or on their
DNL/rejected list.
If the project reflects a “DNL” (Do Not Lend) indicator or a “rejected” project status in the
“Special Considerations” field in the Project Search Tool, Management has determined that it
will not be eligible to fund with PRMG using most Agency products and must be declined or
moved to the Agency Portfolio product.
Additionally, if the Project Search Tool indicates a CVAS waiver is required, the loan is not
eligible unless the CVAS waiver is obtained (senior management approval on this option is
Instructions for Various Investor/MI Page 13 of 35 Revised 07/03/17
Submissions/Verifications
required and it requires a Fannie Mae direct execution) or loan is processed with a limited
review on Agency Portfolio product.
Evidence should be placed in the left hand side of the file (not to send to investors) regarding
the final outcome of this search, confirming the project is or is not on the DNL list.
The following links provide additional information about the Project Search tool and
requirements for correspondent lenders with delegated authority using this feature.
http://www.eprmg.net/InvestorForms/WF_ProjectToolsInformation.pdf
http://www.eprmg.net/InvestorForms/WF_ProjectToolsSearch.pdf
http://www.eprmg.net/InvestorForms/WF_ProjectToolsUserGuide.pdf
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Instructions for Various Investor/MI Page 14 of 35 Revised 07/03/17
Submissions/Verifications
Freedom Mortgage www.freedomspg.com
www.freedomrenovates.com
Freedom does not offer prior approval underwriting but offers review of the 203K documentation.
Prior Approval Underwriting
N/A
203K Documentation Review
For use with FHA 203K products.
All 203K loans must have the 203K loan documentation reviewed and approved by the investor.
• 203K Documentation Review Website: www.freedomrenovates.com
• 203K Documentation Submission Email: [email protected]
To submit the documentation, the loan must first be registered or locked.
If the loan is already locked and you are unable to find the loan in the investor’s system, email
Secondary and request to have them send the investor registration/lock confirmation, as the
loan should already be in the investor’s system and should not be registered again.
Review time is a maximum of 72 hours (typically closer to 24-48 hours)
Underwriters should contact [email protected] to obtain a username/password to register
and/or submit the documentation to Freedom’s website
Use the following steps to register the loan if it is not locked:
Use the following document for the steps to complete the registration process:
http://www.eprmg.net/InvestorForms/FreedomRegistering203kLoans.pdf
Register loans for a Pre-Review process by selecting the Pre-Review indicator in either of the
following locations: Register Loan flow, or Upload Loan flow, using the information from the
Correspondent Update: http://www.eprmg.net/InvestorForms/FreedomPre-ReviewProcess.pdf
Instructions for Various Investor/MI Page 15 of 35 Revised 07/03/17
Submissions/Verifications
To create a ZIP file for document submission, use the following for guidance:
http://www.eprmg.net/InvestorForms/FreedomCreatingaZIPFile.pdf
General Steps (use document links for direct guidance from investor)
1. Log into the Freedom Renovation Lending website.
2. Go to www.freedomrenovates.com and click on the phrase, “Click here to login”.
3. Enter your Renovation Lending website credentials to login.
4. To register and/or lock a loan, click on the Pipeline tab at the top of the screen.
5. One the pipeline screen opens, click on “Register Loan”
6. Enter the information required on the screen then click on Next.
7. Click on the Any Loan Type dropdown and select FHA. Select the appropriate 203(k)
product from the list and click on the radio button to select. (Note this list shows more
products than you will see on your selection grid) Then click on Next.
8. On this loan information screen:
a. Select FHA 203(k) in the Special Program drop down
b. Select whether the loan is a Regular or Streamlined 203(k) loan in the next drop
down
c. Select the appropriate amortization term
d. Enter the loan amount
e. Complete the drop downs for
i. Occupancy, HUD REO, Housing Type, Document Type, Property Type,
Appraised Value, Sales
ii. Price (for purchases), Refinance Type (for refinance), Lien Position and
Cash out Refinance (for refinances only – never any cash out for 203(k)
refinances)
f. Select an initial Interest rate to float
g. Select the AUS system, AUS Recommendation and whether it is a manual
underwrite (Note: Freedom does not accept manual underwriting at this time)
h. Once complete, click on Next.
9. If a TPO screen comes up, select Warehouse purchase.
10. The final screen is a review of the information. Click on Register Loan at the bottom of
the page to register the loan.
11. Once you click on register loan, the loan will be registered and you don’t need to go any
further. Click on Pipeline at the top of the page and it will return you to the pipeline
view and you should see your newly registered loan.
12. You may also see an option at the bottom of the screen to register and lock or lock and
save. All users need to do is click on register loan and the loan will be registered with
Freedom loan number and added to your pipeline so the project pre‐review can be
uploaded.
Instructions for Various Investor/MI Page 16 of 35 Revised 07/03/17
Submissions/Verifications
After the loan is locked/registered, use the following steps to submit the 203K loan
documentation to the investor for review. The checklist below provides the information on
what needs to be provided to the investor for review.
Upload the following from the In Process Loans tab of the pipeline page, using information from
the following document as guidance:
http://www.eprmg.net/InvestorForms/FreedomPre-ReviewProcess.pdf
To create a ZIP file for document submission, use the following for guidance:
http://www.eprmg.net/InvestorForms/FreedomCreatingaZIPFile.pdf
The following document provides additional information on the process outlined below:
http://www.eprmg.net/InvestorForms/FreedomUploadingProjectPrereviewDocuments.pdf
Exceptions
Send an email to the Wholesale or Retail Operations Manager (as appropriate) with details of
the transaction (borrower, address, fico, LTV, product type, etc.), reason for exception and
compensating factors. Include the transmittal summary/1003/credit report/AUS findings and
anything else that pertains to the exception. The Manager will forward that request to the
Freedom Account Executive for consideration.
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Instructions for Various Investor/MI Page 17 of 35 Revised 07/03/17
Submissions/Verifications
Caliber https://www.calibercl.com/Default/Logout
Caliber does not offer prior approval underwriting for conventional products. Caliber requires prior
review of the appraisal in some circumstances, condo review and an eligibility review on the Niche
Conforming Jumbo, Niche Alternative Access and Niche Non-Prime Advantage only.
Prior Approval Underwriting
N/A
Niche Product (Niche Conforming and Jumbo, Niche Alternative Access
and Niche Non-Prime Advantage) Eligibility Review
Once loan file has been approved by the fulfillment center, a request for submission for an
eligibility review should be sent to [email protected]. Must review the product profile
for additional documents/requirements for submission. The Eligibility Review form must also be
completed and submitted to [email protected], and that document then must be
submitted to Caliber with the file. The submission form can be found at the following link:
http://www.eprmg.net/ResourceCenter/JumboandNicheProductForms/NicheProductsEligibility
ReviewSubmissionForm.pdf
Information on submitting the eligibility review can be found at the following links:
http://www.eprmg.net/InvestorForms/CaliberPortalGuide.pdf
http://www.eprmg.net/InvestorForms/CaliberSubmissionVideo.pdf
Investor Product Name to PRMG Product Name Conversion
Premier Access > Niche Conforming and Jumbo
Homeowner's Access > Niche Alternative Access
Fresh Start > Niche Non-Prime Advantage
Prior Appraisal Review
Appraisal Review:
When required, files must be submitted to Clear Capital for appraisal review. The fulfillment
center must submit an email to [email protected] with the review request after branch
level loan approval for the Jumbo Review Department to submit the order:
For Use by Jumbo Review Team:
Instructions for Various Investor/MI Page 18 of 35 Revised 07/03/17
Submissions/Verifications
1. Upload appraisal(s) for a review to Clear Capital: http://www.clearcapital.com
2. Underwriter to determine requirement for CDA
3. Clear Capital contact information is: [email protected]
4. Use the following link for additional step-by-step instructions:
http://www.eprmg.net/InvestorForms/ClearCapitalInstructions.doc
Exceptions
Caliber will consider exceptions on some items. Before submitting the exception request, email
[email protected] to have them reach out to investor to determine if it is an exception the
investor will consider. Exception form must be completed and submitted with loan file and can
be found at the following link:
http://www.eprmg.net/InvestorForms/CaliberException.pdf
Condo Reviews
All warrantable and non-warrantable condos must be sent to them for review on the Niche
Conforming Jumbo, Niche Alternative Access and Niche Non-Prime Advantage programs
Email [email protected] the condo project name and address to determine if project is
on investor’s approved project list. If on approval list, loan must fund 30 days prior to project
expiration to be eligible for purchase by investor
Condo reviews, for warrantable or non-warrantable condos, must be performed by investor and
must be submitted separately from underwriting eligibility review
Review should be submitted by the fulfillment center to [email protected] with the
Condo Review Submission form and required documentation. Must mark condo submission
form as Niche Product condo submission.
Approval on the project will be issued by investor to Condo Reviews. Request for condo review
can be submitted prior to loan submission to the investor for eligibility review or concurrently
with eligibility review
Condo submission information, including submitting to the portal can be found at the following
links:
http://www.eprmg.net/InvestorForms/CaliberPortalGuide.pdf
http://www.eprmg.net/InvestorForms/CaliberSubmissionVideo.pdf
http://www.eprmg.net/InvestorForms/CaliberCondoSubmission.pdf
Instructions for Various Investor/MI Page 19 of 35 Revised 07/03/17
Submissions/Verifications
Compliance Reviews
After underwriting submission, all Change of Circumstance (COC) and Subsequent Loan
Estimates (LE) must be submitted to investor for review, if the disclosures have material defects,
defects must be corrected and re-disclosed to the borrower. Submission of the COC and LE will
be handled by the Disclosures team.
Closing Disclosure must be submitted to investor for review prior to release. Once prepared,
email [email protected] with loan number and copy of CD for submission to
investor. CDs will be reviewed by investor and should be returned in 24 business hours
If the CD has material defects, they must be corrected and resubmitted to investor for re-review
prior to issuance to the borrower.
Eligibility Certificate from investor will not be issued until the CD has been reviewed and
deemed acceptable. Loan documents cannot be released until Eligibility Certificate is received
from investor.
Compliance must upload the COC LE/CD to Caliber’s portal and send an email to
[email protected] notifying Caliber the document has been uploaded.
Information on submitting to the portal and compliance requirements can be found at the
following links:
http://www.eprmg.net/InvestorForms/CaliberPortalGuide.pdf
http://www.eprmg.net/InvestorForms/CaliberSubmissionVideo.pdf
http://www.eprmg.net/InvestorForms/CaliberTRID.pdf
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Instructions for Various Investor/MI Page 20 of 35 Revised 07/03/17
Submissions/Verifications
Chase www.chaseb2b.com
Chase only allows retail originated loans. Chase does not offer prior approval underwriting for
conventional products. Chase requires condo and attached PUD review and an eligibility review on the
Gold Jumbo only.
Prior Approval Underwriting
N/A
Gold Jumbo Eligibility Review
Once loan file has been approved by the fulfillment center, a request for submission for an
eligibility review should be sent to [email protected]. Must review the product profile
for additional documents/requirements for submission. The Eligibility Review form must also be
completed and submitted to [email protected], and that document then must be
submitted to Chase with the file. The submission form can be found at the following link:
http://www.eprmg.net/ResourceCenter/JumboandNicheProductForms/Gold%20Underwriting%
20Submission%20Checklist.pdf
Documents must be uploaded to their portal in the following categories: Credit Package Only
(which includes appraisal), 1st Gen Appraisal or XML (which is for XML of appraisal) and UW
Conditions (for loan conditions.) Information on submission can be found at the following links:
http://www.eprmg.net/InvestorForms/ChaseImageDelivery.pdf
http://www.eprmg.net/InvestorForms/ChaseImageDeliverySearchAndUpload.pdf
Exceptions
Exceptions considered on their jumbo (non-agency) product on a case-by-case basis by the
investor underwriters. The full loan file must be submitted, and exceptions may be considered
on things like credit history, rental income, etc. PRMG will not allow DTI above 43%.
Additionally, Chase will not consider exceptions on loans where the LTV or CLTV is over 80%.
Instructions for Various Investor/MI Page 21 of 35 Revised 07/03/17
Submissions/Verifications
Condo and Attached PUD Reviews
All condos must be sent to them for review on the Gold Jumbo program.
Email [email protected] the condo project name and address to determine if project is
on investor’s approved project list. If on approval list, loan must fund 60 days prior to project
expiration to be eligible for purchase by investor.
Condo reviews must be performed by investor and must be submitted separately from
underwriting eligibility review
Review should be submitted by the fulfillment center to [email protected] with the Gold
Jumbo Condo Review Submission form and required documentation. The form can be found at
the following link:
http://www.eprmg.net/ResourceCenter/JumboandNicheProductForms/GoldJumboCondoandAt
tachedPUDSubmissionForm.doc
Approval on the project will be issued by investor to Condo Reviews. Request for condo review
can be submitted prior to loan submission to the investor for eligibility review or concurrently
with eligibility review.
Information on Full Condo Reviews can be found at the following link:
http://www.eprmg.net/InvestorForms/ChaseCondoLimitedReviewApprovalInformation.pdf
http://www.eprmg.net/InvestorForms/ChaseCondoFullApprovalInformation.pdf
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Instructions for Various Investor/MI Page 22 of 35 Revised 07/03/17
Submissions/Verifications
Bank of America Merrill Lynch (BAML) markets.ml.com
BAML requires submission of appraisal to Clear Capital for appraisal review. BAML does not perform the
review, but requires it meets their specific requirements as described in the Product Profile.
PRMG requires use of an external credit review by Clayton or Opus on all delegated jumbo products.
Instructions for submission can be found under Clayton or Opus or Opus in the Jumbo Credit Review
section.
Use the Internal Jumbo Submission Checklist when submitting the product
http://www.eprmg.net/ResourceCenter/JumboandNicheProductForms/Internal%20Jumbo%20Corporat
e%20UW%20Submission%20Checklist%20.pdf
Prior Appraisal Review
For use with Platinum Jumbo products.
Appraisal Review:
All files must be submitted to BAML (Clear Capital) for appraisal review. The fulfillment center
must submit an email to [email protected] with the review request after branch level
loan approval for the Jumbo Review team to submit the order:
For Use by Jumbo Review Team:
1. Upload appraisal(s) for a review to Clear Capital: http://www.clearcapital.com/
2. Value must be supported for both the Diamond and Platinum program per the Valuation
Requirements chart which is available at the following link:
http://www.eprmg.net/PlatinumValuationRequirements.pdf
3. If value is not supported, a field review must be ordered through Clear Capital
4. Clear Capital contact information is: [email protected]
5. Use the following link for additional step-by-step instructions:
http://www.eprmg.net/InvestorForms/ClearCapitalInstructions.doc
Exceptions
For exception request, BAML’s Waiver Request must be completed by the Branch Underwriter
and submitted to the fulfillment center’s Operations Manager. Include the transmittal
summary/1003/credit report/AUS findings or anything else that pertains to the exception. The
variance request needs to be reviewed and approved by the fulfillment center’s Operations
Manager who will then submit the request to BAML at the lender submission email address.
Instructions for Various Investor/MI Page 23 of 35 Revised 07/03/17
Submissions/Verifications
The BAML Exception Request Form can be found at the following link:
http://www.eprmg.net/InvestorForms/BAMLWaiverRequestForm.xlsx
For loan scenario analysis requests, BAML’s Scenario Analysis must be completed and submitted
by the Branch Underwriter to PRMG’s the fulfillment center’s Operations Manager. Include the
transmittal summary/1003/credit report/AUS findings or anything else that pertains to the
scenario. The loan scenario needs to be reviewed and approved by the fulfillment center’s
Operations Manager who will then submit the request to BAML at the lender submission email
address.
The BAML Scenario Analysis Form can be found at the following link:
http://www.eprmg.net/InvestorForms/BAMLScenarioAnalysisRequestForm.xlsx
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Instructions for Various Investor/MI Page 24 of 35 Revised 07/03/17
Submissions/Verifications
Galton https://portal2.edgemac.com/Default.aspx
Galton requires an eligibility review of the loan file. This is for use with Closed End Second products.
Closed End Second Eligibility Review
Once loan file has been approved by the fulfillment center, a request for submission for an
eligibility review should be sent to [email protected]. Must review the product profile
for additional documents/requirements for submission. The Eligibility Review form must also be
completed and submitted to [email protected], and that document then must be
submitted to Galton with the file. The submission form can be found at the following link:
http://www.eprmg.net/ResourceCenter/JumboandNicheProductForms/Internal%20Jumbo%20C
orporate%20UW%20Submission%20Checklist%20.pdf
Any conditions from the eligibility review must be sent to [email protected] as individual
documents (they can be in the same email) and named as the condition number to be sent to
the investor for clearance. All eligibility conditions must be met prior to close.
For Use by Jumbo Review Team:
Register the Loan, and use Pre-Funding Submission option.
Documents must be uploaded to their portal in in a PDF format, including a color appraisal.
When registering the loan select SL A+ as the credit grade, mark as Qualified Mortgage and
enter Jumbo Reviews, [email protected], 951-278-0000 as the Seller Underwriting
Contact and Post Closing, [email protected], 951-278-0000 as the Seller Shipping Contact.
After review is completed, download Individual Loan Summary (ILS) report once review is
completed
Exceptions
Exceptions are not allowed.
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Instructions for Various Investor/MI Page 25 of 35 Revised 07/03/17
Submissions/Verifications
Everbank www.everbankcorrespondent.com
Everbank requires prior approval of the loan file and exceptions are offered on a case-by-case basis.
This is a Retail Only product and is for use with Emerald Jumbo products.
Once loan file has been approved by the fulfillment center, a request for submission for an
eligibility review should be sent to [email protected]. Must review the product profile
for additional documents/requirements for submission. The Eligibility Review form must also be
completed and submitted to [email protected], and that document then must be
submitted to Everbank with the file. The submission form can be found at the following link:
http://www.eprmg.net/InvestorForms/EverbankSubmissionForm.pdf
Condo Project Underwriting
All warrantable and non-warrantable condos must be sent to them for review on Emerald
program.
Condo reviews, for warrantable or non-warrantable condos, must be performed by investor and
must be submitted separately from underwriting eligibility review
Review should be submitted by the fulfillment center to [email protected] with the
Condo Review Submission form and required Everbank documentation.
Approval on the project will be issued by investor to Condo Reviews. Request for condo review
can be submitted prior to loan submission to the investor for eligibility review or concurrently
with eligibility review
1. Condo projects must meet the requirements as described in
http://www.eprmg.net/InvestorForms/EverbankCondo.pdf
2. Condo related documents:
http://www.eprmg.net/InvestorForms/EverbankCondoLimitedReviewWarranty.pdf
http://www.eprmg.net/InvestorForms/EverbankCondoQuestionarre.pdf
http://www.eprmg.net/InvestorForms/EverbankFullCondoQuestionnaire.pdf
http://www.eprmg.net/InvestorForms/EverbankFullCondoSubmission.pdf
http://www.eprmg.net/InvestorForms/EverbankInsuranceCondoQuestionnaire.pdf
http://www.eprmg.net/InvestorForms/EverbankLimitedCondoQuestionnaire.pdf
http://www.eprmg.net/InvestorForms/EverbankLimitedCondoSubmission.pdf
For Use by Jumbo Review Team:
Prior Approval Underwriting
Instructions for Various Investor/MI Page 26 of 35 Revised 07/03/17
Submissions/Verifications
1. Loan will be submitted for prior approval by the fulfillment center.
2. Account access to Everbank’s Loan Document Center must be initially be completed
prior to being able to upload to the system, and this required is in addition to their
system website access
3. Before uploading the file it must be registered via their website by going to Action, and
then selecting one of the “Register” options
a. When registering the file use [email protected] in the loan officer field as
that is where all lock notifications, expirations, etc. are sent
b. When registering the file use the email address where you want notification of
missing loan documents, etc. in the processor field
4. To submit files to Everbank, use the following document, starting with Step 3 to guide
you through the upload process.
http://www.eprmg.net/InvestorForms/EverbankLoanDocumentCenterUserGuide.pdf
a. Utilize the following submission form to ensure all necessary documents are
included: http://www.eprmg.net/InvestorForms/EverbankSubmissionForm.pdf
b. The loan files will be uploaded at https://everbankldc.ec.virpack.com/ as
directed in the above document.
c. Please note, Appraisal must be uploaded separately from loan package
i. When submitting the file initially, submit the entire package without the
appraisal first. Once that is a success, then you can send the appraisal by
itself. If it is sent with ANY other documents, it will reach them as a
black and white appraisal (even if you uploaded a color PDF of the
appraisal).
5. After you “submit” the file must verify on the Upload Log that it was successfully
submitted
Exceptions
1. Register the loan at www.everbankcorrespondent.com and obtain an EverBank loan
number
2. Complete the Underwriting Variance Request Form which can be found at the following
link: http://www.eprmg.net/InvestorForms/EverbankLoanVarianceForm.pdf
3. Upload the following to the Variance dropdown within the Loan Document Center
(LDC):
a. Underwriting Variance Request form
b. 1008
c. 1003
d. Credit Report
Instructions for Various Investor/MI Page 27 of 35 Revised 07/03/17
Submissions/Verifications
4. The Underwriting Variance Request will be reviewed by EverBank within the stated
variance request review turn times. A decision will be emailed via secure email to the
contact notated on the Underwriting Variance Request Form.
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Instructions for Various Investor/MI Page 28 of 35 Revised 07/03/17
Submissions/Verifications
Appraisal Review
As detailed in each investor section, delegated jumbo products and closed end seconds require an
appraisal review which will be ordered by the Jumbo Review team. The fulfillment center must submit
an email to [email protected] with the review request after branch level loan approval for the
Jumbo Review team to submit the order.
Summary of various appraisal review requirements can be found at the following link:
http://www.eprmg.net/InvestorForms/PRMGDelegatedJumboAppraisalReviewInformation
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Instructions for Various Investor/MI Page 29 of 35 Revised 07/03/17
Submissions/Verifications
Radian www.radian.biz
Master Policy Number: 69802-002
Florida Policy Number: 69802-012
The following is for non-delegated approvals only, see the Radian website for delegated instructions via
Encompass (FT360) integration.
Please Note: All loans with Mortgage Insurance must be submitted for prior approval with the MI
Company. It must be a full file underwrite (no limited type of review) for MI prior approval. The loan
must be submitted for “MI Only” underwriting. Do NOT select Contract Underwriting when ordering the
review.
Note: when option is available in FT360 to submit loan to MI company via system integration, use that feature. This is only for use when that is not available.
Radian requires the complete loan package to be uploaded to them.
Submission Option 1 (Preferred):
1. Log into the Radian website
2. Go to Order Services
3. Select New Application
4. Select MI Only – Complete Loan Package
5. Import DU file and complete and upload any additional documentation
Additional information about the process can be found in the following document: http://www.eprmg.net/InvestorForms/RadianMIOnlineLoanDataandDocumentUploadQRG.pdf
Submission Option 2: All documentation below must be included in the file and stacked in the following order:
1. Complete and include the Radian MI Application which can be found at the following
link: http://www.eprmg.net/InvestorForms/RadianMIApplication.pdf
2. Include the following loan documentation, the order as it appears:
a. 1008
b. 1003
c. Appraisal
d. Credit
e. Income Documentation
Instructions for Various Investor/MI Page 30 of 35 Revised 07/03/17
Submissions/Verifications
f. Asset Documentation
g. Purchase Contract (if applicable)
h. Any other supporting loan documentation
3. Once the submission package is complete, it must be scanned and emailed to
[email protected] or faxed to (866) 496-8764.
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Instructions for Various Investor/MI Page 31 of 35 Revised 07/03/17
Submissions/Verifications
Essent www.essent.us
Master Policy Number: 05-0009-0001
Area specific policy numbers: http://www.eprmg.net/InvestorForms/EssentAreaIDs.xlsx
The following is for non-delegated approvals only, see the Essent website for delegated instructions via
Encompass (FT360) integration.
Please Note: All loans with Mortgage Insurance must be submitted for prior approval with the MI
Company. It must be a full file underwrite (no limited type of review) for MI prior approval. The loan
must be submitted for “MI Only” underwriting. Do NOT select Contract Underwriting when ordering the
review.
Note: when option is available in FT360 to submit loan to MI company via system integration, use that feature. This is only for use when that is not available.
The first time you use MI Ordering, make sure to click on “My Profile” on the upper left menu bar to set your User Defaults for Preferred Submission Type and MI Information
Non Delegated Submissions:
1. Log into the Essent website 2. Go to New Submission and be sure to select “Non Delegated” 3. Enter minimal data to identify the borrower and the subject property or import and
then review to ensure it was imported correctly 4. Enter the MI Information desired for the loan (if you set MI defaults in your profile, the
data will auto-populate and you will only have to change it when appropriate). 5. Click on Upload Documents. If you go directly to the Upload Documents after inputting
the file, your certificate number will auto-populate, otherwise enter the certificate number.
a. Include the following loan documentation i. Verified 1003 and 1008
ii. Merged credit report
iii. Income documentation and asset documentation
iv. Employment verification
v. Complete appraisal
vi. Sales contract, if applicable
b. Select you’re the documents from your computer. Depending on the system, you may be able to Drag & Drop files from your computer to the Upload screen, or use Control-Click to capture multiple files at the same time. When you click the Submit to Underwriting button, you will see the progress of the files as they upload.
Instructions for Various Investor/MI Page 32 of 35 Revised 07/03/17
Submissions/Verifications
4. Enter any comments you may have for Essent’s Underwriting Team, (“MI Underwrite Only – Not Contract Underwriting”)
5. Once the status of each of your files is at 100%, the Submit to Underwriting button will turn blue. Click on it and, if your software allows, watch the progress as your files are transmitted to Essent.
Additional information about the process can be found in the following document: http://www.eprmg.net/InvestorForms/EssentMIOnline.pdf
For any issues getting into MI ordering from www.essent.us, or the Log On Screen, please email Client Services at [email protected] For guideline, or specific loan questions, or are in MI Ordering and receive a guideline-related message from MI Ordering that you do not understand, need the current Underwriting turn-time, or the status of a loan, please contact Essent’s Underwriting Team at [email protected], or (877)-330-3535. If you are in MI Ordering and receive an error message, or have a specific system question please email [email protected]
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Instructions for Various Investor/MI Page 33 of 35 Revised 07/03/17
Submissions/Verifications
Genworth www.mortgageinsurance.genworth.com
Master Policy Number: B222229NNR
Area specific policy numbers: http://www.eprmg.net/InvestorForms/GenworthAreaIDs.xls
The following is for non-delegated approvals only, see the Genworth website for delegated instructions
via Encompass (FT360) integration.
Please Note: All loans with Mortgage Insurance must be submitted for prior approval with the MI
Company. It must be a full file underwrite (no limited type of review) for MI prior approval. The loan
must be submitted for “MI Only” underwriting. Do NOT select Contract Underwriting when ordering the
review.
Note: when option is available in FT360 to submit loan to MI company via system integration, use that feature. This is only for use when that is not available.
Loan Submissions:
1. Log into the Genworth website 2. Always select Genworth Underwrite and “Submit Full Package” 3. Follow the prompts to enter the required data manually or upload a Fannie Mae 3.00 or
3.20 data file. 4. Once you’ve completed all required fields and verified MI coverage the loan status will be
Submission Pending. From here you can begin submitting loan documentation immediately or return later to submit.
a. Select Upload next to the file to upload its required documents. Be sure to use the Underwriting File Stacking Order from ImageFlow to ensure only the necessary documents are sent and the file will process faster from Genworth’s system.
5. Select Upload Docs next to the loan and browse for the files to include in the upload and then follow the prompts. (Or, select Fax Documents for an automatically generated fax cover sheet to include with your faxed documents.)
6. Upload the following documents: a. 1008 (Uniform Underwriting and Transmittal Summary) b. 1003 (Uniform Residential Loan Application) c. AUS Findings/Feedback d. CREDIT
i. Credit reports and score information disclosure ii. Verification of mortgage and/or rent
iii. Credit explanation letter(s) iv. Evidence of payoffs and tax lien satisfaction v. HUD 1 statements (sale of Previous Property)
vi. Related Public Records e. INCOME
Instructions for Various Investor/MI Page 34 of 35 Revised 07/03/17
Submissions/Verifications
i. Pay stubs and W-2s ii. Verifications of employment
iii. Retirement/social security/pensions iv. Military information v. Rental/lease agreements (owned property)
vi. Tax returns f. ASSETS
i. Bank and brokerage statements ii. Verification of deposits
iii. Check copies for earnest money deposits iv. Gift letters and proof of receipt
g. APPRAISAL i. All appraisal documents, license and clear photos
ii. Condo/PUD information h. SALES CONTRACT
i. Executed contract and supporting documents i. OTHER
i. Divorce, separation, child support agreements j. Any documents used to make Underwriting Decision
7. Enter your phone and fax number and select Submit Additional information about the process can be found in the following document: http://www.eprmg.net/InvestorForms/GenworthFullPackageFlyer.pdf For Assistance contact the Action Center at (800) 444-5664, extension 2.
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Instructions for Various Investor/MI Page 35 of 35 Revised 07/03/17
Submissions/Verifications
Transferred Appraisals
Transferred appraisals must be completed by an appraiser that is not on PRMG’s Appraiser/Appraisal
Company Exclusionary List or any Agency exclusionary list.
To check an appraiser against the exclusionary lists the underwriter must review the scrub lists that are
on the public drive.
Instruction for this process can be found at the following location: PUBLIC DRIVE/ QC Dept/ Watchlist
Conditions on the DataVerify DRIVE Report
The Watchlists can be found at the following location: PUBLIC DRIVE/INVESTOR WATCHLISTS-
UPLOADED 7TH OF EACH MO