oklahoma county home finance authority turnkey mortgage ......household income limits for turnkey...

Oklahoma County

Home Finance Authority Turnkey Mortgage Origination Program

! Administrator’s Guidelines

Published - January 4, 2013 Updated 12/10/18

Updates are shown on Page 3

!

OCHFA Turnkey Mortgage Origination Program Administrator Guideline Page �2

TABLE OF CONTENTS

REVISIONS TABLE 3 REVISIONS TABLE CONTINUED 4 OKLAHOMA COUNTY HOME FINANCE AUTHORITY PROGRAM TEAM 5 WHO TO CONTACT 6 THE PROGRAM PRODUCTS 7

Program Rates and Reservation System Availability 7

Assistance 7

Mortgage Loan Options 8

PROGRAM REQUIREMENTS 10 Eligible Borrowers 10

Homebuyer Education - FHA, VA RD Borrowers 10

Homebuyer Education - Freddie Mac HFA Advantage Borrowers 10

HOUSEHOLD INCOME LIMITS FOR TURNKEY FIRST MORTGAGE PROGRAM 10

ALL LOAN PRODUCTS 10

Use Form 1003 Credit Qualifying Income 10

Eligible Area 10

HOUSEHOLD INCOME LIMITS AFFORDABLE INCOME SUBSIDY GRANT 11 80% of AMI $55,520 11

PURCHASE PRICE LIMITS FOR TURNKEY FIRST MORTGAGE PROGRAM AND AFFORDABLE INCOME SUBSIDY GRANT 11

Property Requirements 11

ABOUT THE FINANCING 12 SUMMARY OF THE COMPLIANCE ORIGINATION PROCESS 14

eHP Digital Docs 16

PROGRAM TIMETABLE 22 Loan Processing, Delivery and Purchase Timetable 22

Extension Request 22

PROGRAM FEES 23 First Mortgage Fees 23

Lender Compensation 24

PROGRAM FORMS 25 DOCUMENTS REQUIRED FOR COMPLIANCE FILE 25


REVISIONS TABLE

Date Topic (effective date shown in”date” column and applies to “reservation date unless otherwise noted.

Page

10-14-15 Added eHP fee information & revised US Bank fees 13

10-15-15 Added disclaimer regarding not reproducing program forms 14

11-01-1511-01-15

Revised U.S. Bank Funding Fee Revised U.S. Bank Manufactured Housing policy Added Freddie Mac HFA Advantage and new section

14, 259, 20

7, 17-26

11-9-15 Revised FICO Score Language Maximum DTI for manually underwritten HFA Advantage loans Homebuyer education requirement for HFA Advantage loans

8, 191919

12-1-15 Program Products Chart Minimum Credit Score language revised Manufactured Housing Manual underwriting

8, 209

10, 2110, 21

12-22-15 Revised eHP Fee 15, 26

2-1-16 Program Products Chart change - now includes manual underwriting for FHA loans Deleted language excluding FHA loans from manual underwriting eHousingPlus fee change

810, 2115, 26

08-22-16 Clarified minimum FICO language Updated manual underwriting US Bank Bulletin Clarified tax return requirement Clarified eHousingPlus fee Added eligible borrower requirement Revised Conventional loan minimum FICO

91011162121

01-23-17 Removed separate Freddie Mac HFA Advantage guide section and added overlays 8 & 9

05-19-17 Revised Who To Contact Directory Revised DTI Requirement Added Freddie Mac Credit Smart homebuyer eduction link Added US Bank overlays to Property requirements Added US Bank overlay regarding tax transcripts Revised US bank Tax Service Fee Revised US Bank Web Site link

5889

101518

12-01-17 Revised DTI requirement for Freddie Mac HFA Advantage loan Removed reference to US Bank for tax returns Increased income and purchase price limits

81010

12-14-17 Added Affordable Income Subsidy Grant Information Revised eHP Fee for Affordable Income Subsidy Grant Loan

7,9,13,14,1618

02-01-18 Revised Rates/Offerings chart 8

REVISIONS CONTINUED ON NEXT PAGE


REVISIONS TABLE CONTINUED

Date Topic (effective date shown in”date” column and applies to “reservation date unless otherwise noted.

Page

04-23-18 Revised AIS Grant amount Effective 04/23/18Removed incorrect information from AIS Grant regarding no reimbursement of overage of EMD Revised Rate/Offerings Chart, Effective02/01/18Revised US Bank Tax Service Fee, Effective 04/30/18

8, 14, 15, 178, 14, 17

919

07-30-18 Revised AIS Income Limits effective 07/29/18 11

12-10-18 Changed eHousingPlus Lender Portal to, eHPortal Removed screen shots of eHPortal for AIS Grant reservation Added language for a lender to contact Agency (FHA, VA, RD, Freddie Mac) regarding ownership of other property Added Mortgage Insurance language under DTI requirement Added eHP Digital Docs

Throughout

1010

14, 16-20, 23, 25


OKLAHOMA COUNTY HOME FINANCE AUTHORITY PROGRAM TEAM

!

OKLAHOMA COUNTY HOME FINANCE AUTHORITY(“OCHFA” or “the Authority”)

Creates and sponsors a first mortgage program and a down payment assistance program, sets the mortgage loan rate, term and

points, and markets the program

Participating Lenders Take applications, reserve in their own systems, process, underwrite,

approve, fund, close and sell qualified home mortgage loans to the program. Lenders are responsible for servicing program loans in accordance with Agency requirements until they’re

purchased by the Master Servicer.

US BankMaster Servicer or Servicer

Provides information on acceptable loan products and delivery and funding, receives all first mortgage files, reviews first mortgage files, notifies lenders

of first mortgage file exceptions, approves first mortgage files, purchases pools and delivers loans, delivers certificate.

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 05/19/17)

Question Direct Questions to:

Contact Information

General Program Compliance Questions

eHousingPlus (eHP)

813-415-3549 [email protected]

Assistance with eHPortal

eHousingPlus (eHP)

(954) 217-0817 [email protected]

Assistance with User Credentials for eHPortal

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 eHousingPlus (eHP) Click on this link to attend Program training.

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

System Software Training for eHP Lender Portal

eHousingPlus (eHP) Click on this link for the once weekly Live Webinar: http://www.ehousingplus.com/ehp-system-trainings/

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

Program Rates eHousingPlus (eHP) Click on this link: to view the OCHFA Turnkey Program rateThen click on the RATES 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 800-562-5165 Option 2 (for general questions) 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


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


mailto:[email protected]




http://www.ehpuniversity.com/index.html?page_id=60


http://www.ehousingplus.com/ehp-system-trainings/


http://www.ehousingplus.com/available-programs/oklahoma/oklahoma-county/







THE PROGRAM PRODUCTS

PLEASE NOTE THAT RATES AND ASSISTANCE GRANT AMOUNTS ARE SUBJECT TO CHANGE AT ANY TIME. With respect to reserved loans, the 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 continuous funding. All loans in this program are Assisted Rate Loans.

The following mortgage products are offered in this program: FHA, VA, USDA: RD and the Freddie Mac HFA Advantage Conventional Loan. US Bank provides the types of government loans permitted. (Rev 11/02/15)

Program Rates and Reservation System AvailabilityRates and Assistance will be posted on the eHousingPlus web page by 9:00am CT Monday-Friday excluding Holidays. New loan reservations are accepted Monday-Friday 9:00am – 7:00pm CT excluding Holidays. All other functions: underwriter certification, print forms, view pipeline are available 24/7.

AssistanceThe Assistance is calculated on the Note amount. The Assistance may be used for down payment or closing costs and prepaids. Assistance may not be used for payoff of other debt or difference between appraised value and sales price. While there is no cash back in this program, the borrower may be reimbursed for any overpayment of escrow. Because the Assistance is a fixed percentage of the original principal amount of the mortgage loan, any remaining Assistance must be applied as a principal reduction. Assistance is in the form of a non-repayable grant. It is not repayable under any circumstances. When the first mortgages reserved, the Assistance is automatically reserved. There is no additional reservation necessary. When you close the loan there are not second mortgages, second notes, deed restrictions or liens. There is no repayment. (Rev 10/26/15)

The Assistance will be funded by the Authority via electronic wire transfer either directly or from its agent. Lenders are required to submit a Wire Transfer Request Form minimum of 2 business days prior to any loan closing date. The Wire Transfer Request Form may be found in the secure section of the eHousingPlus Lender Portal. The Underwriter Certification must be completed prior to the submission of the Requisition Form. Follow instructions on the Requisition Form for email delivery to the appropriate parties.


Affordable Income Subsidy (AIS) Grant - Freddie Mac HFA Advantage Loan ONLY Borrowers using the Freddie Mac HFA Advantage Loan that meet specific income limits may be eligible for additional funds to help with down payment and closing costs. The income limits are determined by the county location of the home. Effective with new loan reservations April 23, 2018 and after, Borrowers at or below 80% of the Area Median Income Limits as published by Freddie Mac are eligible for an additional grant in the amount of $1,500 and Borrowers at or below 50% AMI will receive an additional grant of $2,500. The AIS Grant is reserved in the eHPortal using the ADDITIONAL LOAN tab after the first mortgage is reserved. The AIS will be provided at closing by the Lender. The AIS funds must be used for down payment and closing cost assistance only. Upon purchase of the loan, US Bank will reimburse the Lender for all qualified subsidies. The AIS must be reflected on Page 3, Section L of the CD as Affordable Income Subsidy. This AIS Grant must be reflected in DU or LP findings, along with the Grant provided by the Program. Any questions about the preparation of the CD should be directed to US Bank HFA Division. The AIS Grant will be available for new reservations beginning 12/14/17. (Rev 04/23/18)

Mortgage Loan OptionsOn all assisted rate loan options, the borrower receives a 30-year, fixed rate, fully amortizing first mortgage loan with 360 level monthly payments as well as an assistance payment equal to the applicable percentage of the note amount (based on the grant assistance selected) to apply toward down payment and/or closing costs. Current rates are available online within the system. Income limits apply. (Added 11/02/15)

See next page for Mortgage Loan Options!


RATES/OFFERINGS CHART

Please note that the Rate/Offerings tab at http://www.ehousingplus.com/available-programs/oklahoma/oklahoma-county/ includes the information below AND the current first mortgage rate.

Beginning with new reservations dated 02-01-18, the following products will be available in this program:

• All Loans are Assisted Rate Loans • 30 Year, Fixed Rate, Amortized • Non repayable grant based on the final loan amount; Funds requested prior to

closing • Manufactured homes not allowed (Effective with 12/1/15 reservations)

Mortgage Loan Options FICO Score DPA/Grant Assistance

GOVERNMENT

USDA-RD or VA 640 w/3.5%

FHA 660 660 w/3.5%

FHA 660 w/manual underwrite 660 w/2.5%

FHA 640 640-659 w/2.5%

FHA 640 w/manual underwrite 640-659 w/1.5%

CONVENTIONAL - FREDDIE MAC

HFA ADVANTAGE 640 5%

HFA ADVANTAGE 640 3.5%




PROGRAM REQUIREMENTSEligible Borrowers• There is no first-time homebuyer requirement in this program.• Follow Agency (FHA, VA, USDA-RD, Freddie Mac) and U.S. Bank guidelines for non-citizens. • Buyers must occupy the property within 60 days of closing. • Lender should contact the Agency (FHA, VA, RD, Fannie Mae, Freddie Mac) regarding ownership

of other property. (Rev 12/10/18)• Applicants must be considered irrespective of age, race, color, religion, national origin. • Homebuyer Education not required (except for Freddie Mac borrowers). (Added 01/23/17)

Minimum Credit Score and DTI Ratio The Program requires a minimum FICO credit score for various products, the mid score must be the minimum or above. If an Agency (FHA, etc) has a higher minimum, follow Agency guidelines. If a participating lender has a higher minimum for other loans and wishes to require a higher minimum for loans, then lenders must use the higher minimum. For home buyers with NO FICO score, participating lenders must comply with U.S. Bank HFA guidelines.

DTI Requirement • The program maximum DTI ratio is 45% for Government loan products. • The program maximum DTI ratio is 50% for the Freddie Mac HFA Advantage loan product. • Contact US Bank HFA Division with any questions regarding acceptable AUS, 800-562-5165. • Lenders must comply with Mortgage Insurance DTI requirements which may limit the maximum DTI

for borrowers with a FICO under 700. (Rev 12/10/18)

Homebuyer Education - FHA, VA RD BorrowersThe Authority recommends but does not require homebuyer education for borrowers originating a government loan product (FHA, VA, RD). Homebuyer education IS required for a borrower using the Freddie Mac HFA Advantage loan product (see below).

Homebuyer Education - Freddie Mac HFA Advantage BorrowersBuyers utilizing the Freddie Mac HFA Advantage Conventional Loan will be required to attend homebuyer education. The course, Freddie Mac CreditSmart – Steps to Homeownership Tutorial is required if a borrower is a first-time homebuyer. The tutorial must be completed by at least one borrower per Guide Section 4501.12 Click on this link to attend the training: http://www.freddiemac.com/creditsmart/tutorial.html The course may also be conducted by a HUD-approved counseling agency including online HUD-approved non-profits using eHomeAmerica (Neighborworks based curriculum) http://ehomeamerica.org. (Rev 05/20/17)

HOUSEHOLD INCOME LIMITS FOR TURNKEY FIRST MORTGAGE PROGRAMALL LOAN PRODUCTS Use Form 1003 Credit Qualifying Income Maximum Income Limit = $94,220 (Rev 12/01/17)

Eligible AreaOklahoma County including Oklahoma City.

http://www.freddiemac.com/creditsmart/tutorial.html

http://ehomeamerica.org


HOUSEHOLD INCOME LIMITS AFFORDABLE INCOME SUBSIDY GRANT FREDDIE MAC LOANS ONLY Loan reservations 07/29/18 and after 80% of AMI $55,52050% of AMI $34,700

PURCHASE PRICE LIMITS FOR TURNKEY FIRST MORTGAGE PROGRAM AND AFFORDABLE INCOME SUBSIDY GRANTNew or Existing Residence = $275,665 Rev and Effective for loans reserved on or after 12/01/17 Must include everything paid by the buyer or on the buyer’s behalf.

Property Requirements• New or existing residential, one-four units*, detached or attached, condos, townhomes. *Freddie

Mac Loans - One Unit property ONLY. • Freddie Mac Loans - Condos are permitted. • For condos with LTVs from 95.01% to 97% the project must be approved by US Bank, in addition

to meeting Fannie Mae or Freddie Mac guidelines, as applicable. Review US Bank bulletin 2017-05 Condominium Guideline Expansion for complete details. (Added 05/19/17)

• Homes are considered new if never previously occupied. • Manufactured homes, mobile, recreational, seasonal or other types of vacation or non-permanent

homes are not permitted. (Rev 12/01/15) • Land may not exceed the size required to maintain basic livability. • Properties purchased in the program must be residential units.


ABOUT THE FINANCING It’s expected that lenders have reviewed some preliminary documentation and believe that applicants will also qualify for credit. Excessive cancellations will be reviewed to assure that allocation is not being utilized inappropriately.

FHA, VA, RD and Freddie Mac HFA Advantage conventional loans are permitted. Find the specific government and conventional loan products permitted on the US Bank website. (Rev 01/23/17)

Check with your underwriter for updates to information for Freddie Mac HFA Advantage. Such information is provided by a third party (i.e.Freddie Mac, U.S. Bank, etc) who do not provide updated information to eHousingPlus. (Added 01/23/17)

Freddie Mac HFA Advantage Fact Sheet: http://www.freddiemac.com/singlefamily/pdf/hfa_factsheet.pdf (Added 01/23/17)

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

Asset test Asset tests are not required in this program.

Assumptions Not permitted.

Buy downs Not permitted.

Cash Back Cash Back to the borrower is not permitted. However, borrowers are permitted a reimbursement of pre-paids and overage of earnest money deposit as permitted by Agency guidelines and to the extent any minimum contribution, if any, has been satisfied.

Construction to Perm Not permitted.

Co-signors Permitted to the extent permitted by FHA. Treat co-signor/income as directed by FHA. A co-signor cannot reside in the property and cannot have any ownership interest in the property (they cannot be on the Mortgage/Deed/WarrantyDeed).

Co-signors (Freddie Mac) - Not allowable. (Added 01/23/17)

Manual Underwriting - With new reservations as of February 1, 2016, FHA loans may be manually underwritten. ALL manually underwritten loans must adhere to the following U.S. Bank credit guidelines. Lenders are required to follow a combination of U.S. Bank, Agency, and HFA program guidelines. When guidelines differ, use the more restrictive. See U.S. Bank bulletin 2015-07 and 2016-05. (Rev 08/22/16)

Manufactured Housing See U.S. Bank Bulletin for current guidance. As of December 1, 2015 effective for new loan reservations, manufactured housing will no longer be eligible for purchase. U.S. Bank considers manufactured housing to be a mobile home built entirely offsite on a permanent chassis that is pulled on the highway to a permanent location. Modular, panelized or prefabricated homes are not considered manufactured housing. Revised 12-1-15

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

http://www.freddiemac.com/singlefamily/pdf/hfa_factsheet.pdf

http://www.freddiemac.com/singlefamily/pdf/hfa_factsheet.pdf


Prepayments The first mortgage may be prepaid at any time without penalty.

Recapture Tax There is NO RECAPTURE TAX IN THIS PROGRAM.

Refinances Refinances are not permitted in this program. However, temporary, bridge or construction loans with a term or 2 years or less may be taken out with a program loan.

Remaining reserves are not established by the program. Follow Agency Guidelines.

Tax Returns or Tax Transcripts - Not required for program compliance purposes. (Rev 12/01/17)


SUMMARY OF THE COMPLIANCE ORIGINATION PROCESS (Revised 12/10/18)

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. (Rev 12/10/18) 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 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 12/10/18)

RESERVE AFFORDABLE INCOME SUBSIDY (AIS) GRANT INCOME QUALIFIED FREDDIE MAC HFA ADVANTAGE LOAN ONLY

To reserve the Affordable Income Subsidy Grant funds, immediately following the first mortgage loan reservation, click on the “Add Additional” tab. The lender will be responsible for calculating the amount of the additional subsidy based upon borrower AMI (view AMI limits on page 11) and enter that amount in the ADDITIONAL LOAN tab. The subsidy must be for the exact amount ($1,500 or $2,500) based upon borrower AMI - no more and no less.


https://register.gotowebinar.com/rt/587468355806678530


https://www.ehousingplus.com/available-programs/oklahoma/oklahoma-county/



PROCESS

Lenders process the loan as they would normally keeping in mind the program timelines.

UNDERWRITE AND CERTIFY

Lenders underwrite & are responsible for credit decisions of the loans in the program. Servicer does not re-underwrite loans. Following credit approval AND WITHIN 15 DAYS OF LOAN RESERVATION, the Underwriter completes the online Underwriter Certification within the eHPortal. Once a loan is Underwriter Certified no further changes can be made. If a change needs to occur after the certification is complete, please email ([email protected]) or call the eHousingPlus Compliance office at 954-217-0817 to request to have the certification removed.

REQUEST WIRE TRANSFER OF ASSISTANCE FOR TURNKEY GRANT FUNDS ONLY

Lenders are required to submit a Wire Transfer Request Form a minimum of 2 business days prior to any loan closing date. The Wire Transfer Request Form may be found in the secure section of the ehousingplus.com website. Underwriter Certification must be completed prior to the submission of the Wire Transfer Request Form.

After the Underwriter Certification has been completed, and Two (2) business days prior to funding, with a scheduled closing date, the Lender’s authorized representative must fill out and execute the DPA Grant Requisition own Payment Assistance Funding Request Form available in the system, under LOAN FORMS.

The DPA Grant Requisition Form must be printed, signed, and scanned in .pdf format. Two (2) business days prior to funding, the Lender sends a complete, executed .pdf or scanned version of the DPA Grant Requisition Form, to the following email addresses:

[email protected] [email protected] [email protected]

The DPA Grant Funds Requisition Form is reviewed. The Authority then will ‘Reply to All’ on the email Requisition “Confirmed” – after a representative of the Authority has confirmed the Mortgage Loan number and amount on the website of the Program Compliance Administrator, eHousingPlus. BancFirst, custodian for OCHFA, wires funds to the Closing Agent. Funds are wired directly to the Closing Agent/Title Company and NOT the Lender or Borrower. Please make sure that instructions are provided to internal Processor/Closer and to the Title Company/Closing Agent.


http://ehousingplus.com/





If the Loan does not close on the Loan Closing Date indicated on the Request Form, Lender agrees to cause the funds to be returned to BancFirst for the credit of the Authority’s account not later than the close of business on the business day following the Loan Closing Date. Wiring instructions for the return of funds are as follows: BancFirst; ABA 103003632; Account Number: 403979008; Attention: Trust Department; REF: Oklahoma County HFA ’13 Turnkey Escrow Account

IT’S IMPORTANT that lenders (1) have the borrower(s) sign the letter that meets requirements of 2013-14 and retain original with copies to borrower, US Bank and a copy in the FHA Case Binder; AND (2) have a copy of the wire or proof of the wire delivered to the Closing Agent. Lenders retain proof, place a copy of the proof in their FHA Case Binder and FOLLOW US BANK requirements (USB002). NOTE: The Lender will be required to repay the DPA Grant to the Authority if the mortgage loan is not ultimately pooled into a GNMA Certificate sold to the Authority under the program.

CLOSE It’s important to provide accurate closing instructions to closing agents. All program documents must be returned to the lender. The following forms are located within the eHPortal and must be signed by the borrower at closing:

Notice of Down Payment/Closing Cost Assistance Grant Letter (the Original remains with Lender, provide a copy to borrower, copy to US Bank and a copy in the FHA Case Binder.

CLOSE - BORROWER RECEIVING AIS GRANT

The AIS will be provided at closing by the Lender. The AIS funds must be used for down payment and closing cost assistance only. Upon purchase of the loan, US Bank will reimburse the Lender for all qualified subsidies. The AIS must be reflected on Page 3, Section L of the CD as Affordable Income Subsidy. This AIS Grant must be reflected in LPA findings, along with the Grant provided by the Program. Any questions about the preparation of the CD should be directed to US Bank HFA Division. (Rev 04/23/18)

COMPLIANCE FILE DELIVERY INSTRUCTIONS

•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. (Added 12/10/18)

eHP Digital Docs See pages 17 - 20 of this guide for detailed information about eHP Digital Docs. (Added 12/10/18)

NewDigitalDeliveryInstructionseHPDigitalDocs®eHousingPlus™

17

NEW INSTRUCTIONS FOR THE DELIVERY OF COMPLIANCE FILES, FEES AND CORRECTED DEFI’S.

Effective December 10, 2018 Compliance Files and Corrections to previously submitted files with erroneous or missing required documents will be managed through the NEW eHousingPlus Digital Docs Portal. This NEW 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 website at www.ehousingplus.com is where you access both Program Info and the Systems. Click on the PROGRAM Tab and select the desired Agency’s available Program(s).

HELPFULTIPSFORUPLOADINGTHECOMPLIANCEFILE

• ThesiteworksbestwiththeGoogleChromebrowser.Allotherbrowsersmayencounterproblems.

• Ifyoucannotrememberyourpassword,youcanresetfromtheeHPDigitalDocsloginscreen.


18

• 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.

Ø By clicking “NEW UPLOAD” on the Digital Docs Menu, you will be able to upload the file easily.

Ø 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.

Ø There is a NOTES Feature in case there is any pertinent information you want to add to the compliance documents.

Ø Once Submitted, the System will confirm that the document was uploaded successfully, or it will present an error.

Ø All Files Uploaded, can be seen immediately in UPLOADED DOCS. Ø All documents must be a PDF format and must not be locked or encrypted. Ø Documents must be uploaded upright and in a clear legible format. Ø Use the Checklist to make sure you are delivering al required documents.

…AND SUBMIT THE REQUIRED COMPLIANCE REVIEW FEE

Ø Compliance Review Fees may now be submitted separately from the Compliance File.

Ø 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.


19

Not sure of the required fee for your loan? Use the FIND MY FEE feature under PAYMENT CENTRAL and get the instant answer.

Ø Compliance Files Uploaded are NOT ready for review until the Compliance Review Fee Payment has been received by eHP.

Ø 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.

Ø 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.

Ø SHORT PAYMENTS If an incomplete payment is submitted, it will be displayed indicating the amount paid and the correct fee amount.

TIPS

Ø 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

Ø 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!

Ø 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.


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CORRECTING DEFICIENT FILES

ü AS OF 12/10/2018 CORRECTED LOAN DEFICIENCIES WILL NO LONGER 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.

Ø System generated DEFI emails sent at time of review with corrective actions. Ø Loan’s TIMELINE Tab depicts pending deficiencies ANYTIME you log in and view

your loan. Ø 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

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

Ø Working on DEFI’s might be easier if grouped by loan & Program; typically, the same types of errors occur based on varying Program Criteria.

Ø 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: www.hfa.usbank.com. Click on US Bank Lending Manuals. Pop-up box will appear, click on Continue. Web page will be redirected to US Bank All Regs site. Click on Housing Finance Authority folder.

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.

http://www.hfa.usbank.com


PROGRAM TIMETABLE

Buyers MUST HAVE A FULLY- EXECUTED SALES 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. Buyers may be pre-qualified. However, if the buyer does not have a contract on a property, program funds cannot be reserved for the buyer until such time as the buyer presents a valid contract. 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. Should the loan reservation be canceled at any point during the reservation, the issuer 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. Fund availability makes it unnecessary 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.

Extension RequestAny loan not purchased within 70 days is ineligible for purchase unless the lender chooses a one-time only 30-day extension. The cost of the extension is $375. The $375 extension fee is due whether or not loans are ultimately delivered and/or purchased. The $375 will be netted by the Servicer when loans are purchased. If an extension is permitted, but the loan is not purchased, the originating lender will be billed for the extension fee of $375. Any outstanding fees owed by the lender may result in that Lender becoming ineligible to participate in the program.

At 101 days, a loan that hasn’t been delivered is cancelled and cannot be reinstated.

Again, the extension is offered once per loan and no further extensions will be allowed. Furthermore, regardless of choosing an extension, any loan not purchased within the approved timeframe will become the liability of the originating lender. To the extent that Assistance is advanced on loans that do not close, are not purchased by the Servicer under the program or are to be repurchased by the lender prior to being pooled into a mortgage-backed security, the lender will be required to reimburse the City with respect to such Assistance so advanced. An extension request is available on the eHousingPlus web page for the OCHFA Program, click on this link. Then click on the SUMMARY tab, scroll to the area titled, Extensions. Remember that the form must be submitted BEFORE the 70th day after loan reservation.




PROGRAM FEES

First Mortgage Fees There are zero origination and zero discount fees in this program. No additional points may be charged.

eHousingPlus Fees The program includes a first mortgage Compliance/Admin Fee: (Rev 12/14/17)

The program includes a first mortgage Compliance/Admin Fee and a penalty fee of $100 for files that are chronically deficient. The Compliance/Admin Fee is submitted with the Compliance File. Read pages 17 - 20 of this guide for information about Payment Central located in eHP Digital Docs. (Rev 12/10/18)

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. (Added 10/14/15)

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. 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, FICO score, special state, city, county program requirements for qualified military, first responders, teachers, etc.). (Rev 08/22/16)

US Bank Fees $80 Tax Service Fee and $400 Funding Fee. These fees will be netted out at time of purchase by US Bank. (Rev 04/23/18)

LOAN PRODUCT eHousingPlus Compliance/Admin Fee

Turnkey First Mortgage with Grant Assistance $300

Turnkey First Mortgage with Grant Assistance and Affordable Income Subsidy (AIS) Grant $375


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 receives 2.00% SRP for FHA, Freddie Mac and USDA: RD loans and 1.50% SRP for VA loans paid by US Bank on loan purchase.


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.

PRE-CLOSING

Extension Request Form An extension request is available here. Click on the SUMMARY tab and scroll down to the area titled - PROGRAM DOCUMENTS. The extension request will be completed and submitted online.

DPA Grant Requisition Form Underwriter Certification must be completed prior to submission of the Requisition Form. The Requisition Form is available in the eHousingPlus Lender Portal behind security, click on this link.

. CLOSING DOCUMENT

All program forms are located within the eHPortal. The forms will pre-populate with a majority of the information required. However, a lender may need to add information.

Notice of Down Payment/Closing Cost Assistance Grant Letter

DOCUMENTS REQUIRED FOR COMPLIANCE FILE

Read pages 17 - 20 of this guide for information the compliance file submission to eHP Digital Docs. (Rev 12/10/18)

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.

• Real Estate Purchase Contract

• Homebuyer Education Certificate (Freddie Mac Borrowers only)

• FINAL SIGNED CLOSING DISCLOSURE

• Warranty Deed


https://services.ehousingplus.com/Default.htm