Florida Housing Finance Corporation Training...

Florida Housing Finance

Corporation

Training Presentation

Florida Housing Finance

Corporation

Training Presentation

Sally Mazzola

UW/Closing/Delivery Overview

Sally Mazzola

UW/Closing/Delivery Overview11.15.1111.15.11

Disclaimer

This presentation represents only a general

overview of the bond program.

It is the lenders responsibility to follow

all specific Federal, Agency and Bond program

guidelines.

Agency Announcements/BulletinsAgency Announcements/Bulletins

Lenders are responsible for keeping updated on all Announcements

and Bulletins released by Agencies

U S Bank requires lenders adhere to all terms and conditions of these

announcements unless otherwise instructed

U S Bank Help Desk (MRBP Division) will advise lenders of

any updates by bulletin

Product & Underwriting

Overview

Government-Eligible Loan ProductsGovernment-Eligible Loan Products

FHA Products 203b - FHA 203ks Streamline Rehab 203h - Disaster Victims 234c Condo FHA loans only 2-1 buy downs are permitted

VA Products

Conventional- Eligible Products

Fannie Mae MyCommunityMortgage (MCM)

Fannie Mae Standard products

Freddie Mac Home Possible products

Loan Products Not PermittedLoan Products Not Permitted

Fannie Mae Flex products Split Loan Products (80/20, 80/15/5 etc.) 203k Rehab Participating Lenders- Government products with FICO

scores

MyCommunityMortgage / Home Possible Standard

Eligible Properties: Single Family Single Family

Condos permitted No condos, manufactured or coops

No Manufactured or Coops

Eligible Loans: DU approved DU-No EAs / LP accept w.

including EA1 or manual 45% DTI permitted, restricted

UW to 95% LTV

HomePossible- LP accept /

Limited to 45% DTI/ 95% LTV

LLPAs & Adverse Market

Fees: LLPAs pd. By FHFC LLPA & Adverse pd. by buyer or

MCM only seller

Adverse.25% pd. by

buyer or seller

Conventional Product Comparison

Maximum LTV/CLTV MCM: 97% / 105% 97% / 105% w.

w. community 2nd community 2nd

No minimum LTV

Condos limited

to 95% LTV

Maximum LTV/TLTV HP: 95% Not permitted


MyCommunity Mortgage / Home Possible Standard


Manual UW Fannie only: LTV/CLTV: 95% FICO >660 Per Selling Guide

Limited to 43% for total DTI DU (limited to 45% DTI

45% with strong compensating factors restricts to 95% LTV

MI companies may restrict to 90% LTV

AUS: MCM DU / Limited to 45% DTI

HomePossible- LP accept / Limited to 45% DTI

Non-Traditional Credit UW Maximum: LTV 95% Not permitted(with no credit) MCM or HP only



Pre-Closing Homebuyer

Education: Required form at closing

Refer to Floridas website for

for approved HBE options

Early Delinquency

Counseling: Required form at closing Required form at closing

Min Borrower None 3% of borrowers own resources

Funds: No contribution if < 80% LTV

MI may require Gifts & grants and Community

1% or $1,000 2nds considered borrowers own

funds


MyCommunity Mortgage/ Home Possible Standard

Seller Contributions: > 90% LTV=3% > 90% LTV = 3%

< 90.01% LTV=6% < 90.01% LTV = 6%

Other: May not own another residential property N/A

Freddie Mac All loans must be submitted through LP only

Home Possible: NO manual underwrite

Risk Class: LP Accept

Max DTI: 45%

LTV or CLTV Min. FICO

Max LTV/CLTV: 95% / 95% 80% and under Credit score >620

95% / 95% Over 80% Credit score >700


MCM / HP Standard

Additional variance: Non-occupant co-signer signing only Note. May ignore DU non-occupant co-signer messaging.

Limited to 90% LTV / Occupant DTI 55%


Income Limits: Above Fannies 100% AMI permitted as long as checked to ensure limits are within Floridas limits or use income AUS adjustor button to increase limit to Floridas

MCM/HP Standard Fannie

80.01-85% LTV: 6% 12% 85.01-90% LTV: 12% 25% 90.01-95% LTV: 16% 35%95.01-97% LTV: 18% N/A HP

Single Premium Financed:

MCM: up to 97% Up to 95% standard coverageHomePossible: up to 95%

MI Coverage Comparison

Note: All applicable Special Feature

Codes and Special Characteristic Codes

must be listed on the 1008

Automated Underwriting SystemsAutomated Underwriting Systems

The following automated systems (AUS) are approved for use in the bond program

Conventional Loan Types: Fannie Mae loans (DU) Only Freddie Mac loans (LP) Only

Government Loan Types: FHA & VA loans (DU or LP)

If manual underwrite is necessary, full documentation is required

Other customized automated underwriting systems are not acceptable at this time.

Appraisals/Condo RequirementsAppraisals/Condo Requirements

USBHM will require a full appraisal report unless otherwise indicated on DU findings

Condominiums - Please follow all agency guidelines relative to loan product you are originating

Manufactured HousingManufactured Housing

Manufactured Homes are permitted on FHA loans only

Reference USBHMs website for manufactured housing guidelines at www.mrbp.usbank.com select U S Bank Lending manuals, click on Manufactured Housing icon

Read & comply with all Agency & U S Bank guidelines prior to loan closing!

Title must be surrendered at closing

Secondary FinancingSecondary Financing

Non-HFA provided Down Payment Assistance Programs

USBHM does not approve your secondary financing programs

Funding source for the DPA program must be:

Must meet Agency (HUD, Fannie, & VA) requirements

Stated on the 1003 and HUD-1

Loan product, down payment source & amount reflected on the 1008 or LT92900 form

Exception: DPA programs that contain Shared Equity component must be reviewed and approved by U.S. Bank Home Mortgage, Underwriting Department send program description to [email protected] or call 1-800-562-5165

Mortgage Disclosure Improvement Act

(MDIA)

Real Estate Settlement Procedures Act

(RESPA)

High Priced Mortgage Loans (HPML)

Mortgage Disclosure Improvement Act

All amortizing loans (includes Hami) delivered for purchase REQUIRED to have:

Early TIL- Delivered or mailed to borrower(s) no later than 3 general business days after lender receives borrower(s) written application.

Corrective TIL- Any corrective TILs that were required, delivered

or mailed to borrower(s)

Final TIL Signed and dated at consummation

Initial loan application (1003) Signed & dated by interviewer

Reference USBHM bulletins: 2009-40, 2009-47, 2009-52, 2009-75 and any subsequent bulletins.

NOTE: Per bulletin 2011-03 USBHM will require that all TILA disclosures be in the regulatory required format.

MDIA/APR Tolerance

Corrective TIL is required when APR on the Early TIL disclosure

increases by more than the .125% tolerance

NOTE: ** USBHM will not purchase a loan which closed before the

three or six precise business day waiting period has expired!

Reference USBHM MRBP bulletin 2009-75

Real Estate Settlement Procedures Act (RESPA)

The following slides represent U.S. Bank Home

Mortgage-MRBP Divisions RESPA related policies

and procedures. For questions related to other

RESPA regulations, please consult with your Legal

Counsel or Compliance Department

The information provided is a summary of

USBHM-MRBP bulletin 2009-89


GFE must be provided no later than 3 business days after lender either receives application or obtains information sufficient to complete and application.

Essential loan terms and costs must be disclosed and remain in effect for at least 10 business daysPage 1 must show:

Initial loan amount, term, and interest rate

Initial monthly payment amount

Whether there was an interest rate change increase

Whether loan allows for negative amortization, provides for a pre-payment penalty or a balloon payment

Total origination charges and charges for other settlement services

REQUIRED: Each individual loan requires a separate GFE & HUD-1 i.e. 1st and 2nd (Hami or Florida Assist mortgage loans must be completed by lender and provided to USBHM with file

GFE format cannot be altered in any way

USBHM Reference Bulletins: 2009-84, 2009-89, 2010-02, 2010-03, 2010-36 and 2010-37


Changed Circumstances

When changed circumstance has occurred, lender MUST issue a revised GFE within

3 business days of receipt of the information that triggered a changed circumstance

Loan officer is bound to GFE tolerances unless new GFE provided; ONLY changed circumstances allow re-disclosure of certain terms on GFE

If lender provides a revised GFE based on a changed circumstance, documentation must be retained in loan file for at least 3 years after settlement.

Note: Reference RESPA guidelines for definition of a changed circumstance.


Tolerances

The first fixed tolerance is 0% and applies to all lender and mortgage broker origination fees. None of these items may exceed the amount disclosed on the GFE by any amount.

The second is 10% and applies to total of:

All lender required settlement services paid to providers selected by lender

All lender required settlement services paid to providers selected by borrower from lender-provided lists

Premiums for optional owners title insurance selected by borrower from lender provided lists

Government recording fees

This means sum of actual charges cannot exceed sum of charges disclosed on the GFE for these items by 10%


Tolerances continued.

The third tolerance is for fees that may change at settlement (no tolerances apply)

Required services the borrower shops for

Title services and lenders title insurance not ID by lender

Owners title insurance not identified by lender

Initial deposit for escrow account

Daily interest charges

Homeowners insurance


U.S. Banks File Review U.S. Bank Home Mortgage-MRBP staff performs a basic compliance review of the GFE document to ensure compliance with the following:

Ensure GFE is on proper form

Ensure HUD-1 is on proper form

Verify Loan Terms on HUD-1 match Summary of Your Loan on the last issued GFE.

Verify HUD-1 is within acceptable tolerances with last GFE issued including a review of charges that cannot increase by more than 10%

Verify lender provided acceptable cure documentation, if applicable

Post Settlement Cure: HUD allow lenders a 30-day cure period from date of borrowers signed closing documents for violating GFE/HUD-1 fee tolerances. Lenders exceeding fee tolerances will be in violation of Section 5 of RESPA. USBHM must receive proof of refund to borrower and a corrected HUD-1, from settlement agent prior to loan purchase.

NOTE: If there is a known issue, dont wait until USBHM has reviewed as you may exceed the 30-day cure period for correction.

Reg Z -High Priced Mortgage Loans (HPML)

Loans purchased by USBHM must comply with TILA requirements and changes to Reg Z regarding HPMLs

You may have a HPML loan When to Test:

Time of Early TIL disclosure

Time of locking the loan

Time of any Corrective TIL disclosure and

Time of Final TIL prior to closing

Reference USBHM MRBP bulletin 2009-69 for details on HPML requirements

Closing, Delivery,

Purchase and Post-Closing

Overview

Closing / Delivery /

Purchase & Post-Closing

Overview

Preparing to DeliverPreparing to Deliver

Loan Officers, Underwriters, Processors, Shippers & Closers should review the guides and documentation required prior to closing

Closing instructions, document preparation and appropriate disclosures are to be done by you and closed in your name

Provide updated or complete Contact Information Sheet and submit to USBHM if you havent already done so

Access the USBHM website at www.mrbp.usbank.com or on the Ehousing website to obtain the information

US Bank Home Mortgage - MRBP Division

Lender Contact Information / Authorization

Bond Program: _________________________________________________________

Lender Name: _________________________________________________________

Mailing Address: _________________________________________________________

_________________________________________________________

Main Phone Number: _________________________________________________________

Main Fax Number: _________________________________________________________

Website (if applicable) _________________________________________________________

MERS ID # (if applicable): _________________________________

Name

Main Contact: ______________________ Phone_______________Fax______________

Main Contact E-mail: ______________________

Bulletin Contact: ______________________ Phone_______________Fax______________

Bulletin Contact E-mail: ______________________

Underwriting Manager: ______________________ Phone_______________Fax______________

Underwriting E-mail: ______________________

Shipping Supervisor: ______________________ Phone_______________Fax______________

Shipping E-mail: ______________________

Shipping Staff: ______________________ Phone_______________Fax______________

Processing Manager: ______________________ Phone_______________Fax______________

Processing E-mail: ______________________

Exception Contact: ______________________ Phone_______________Fax______________

Exceptions E-mail: ______________________

Final Documents: ______________________ Phone_______________Fax______________

Final Docs E-mail: ______________________

Lender Scorecard Recipient: ________________________ Phone_______________Fax______________

Scorecard E-mail: ______________________

Wire Instructions:

Bank Name: __________________________________________________________

ABA Number: ______________________ Account Number:_____________________

Account Name: ______________________________________________________

Purchase Advice Attn: _________________________ Phone: _________________________

Fax # for Purchase Advice: _________________________

E-Mail address: _________________________

Authorized Signature: _________________________

Fax this completed authorization form to: 866-476-5584 -OR-

Scan and email this completed authorization form to: [email protected]

Updated 7-1-10

Loan File Submission ProcessLoan File Submission Process

Ship loan(s) immediately after closing within required guidelines

Reservation to Exceptions Cleared, Loan Purchased = 115 days

Complete Loan Delivery Checklist for loan type you are shipping

All documentation is completed & correctly executed prior to

shipping

CollateralCollateral

ORIGINAL NOTE:

Endorsed to U.S. Bank National Association

Name Affidavit Required, if Borrower(s) undersign

Borrowers typed name(s) under signature line

Co-Signers are to execute NOTE only

Be sure intangible tax verbiage reads as follows:

THIS NOTE AND THE MORTGAGE SECURING THIS NOTE ARISEOUT OF OR ARE GIVEN TO SECURE THE REPAYMENT OF A LOANISSUED IN CONNECTION WITH THE FINANCING OF HOUSING ANDARE EXEMPT FROM DOCUMENTARY STAMP TAX AND INTANGIBLETAX PURSUANT TO SECTION 420.513(1), FLORIDA STATUTES


MORTGAGE: (copy)

Be sure intangible tax verbiage reads as follows:

THIS MORTGAGE AND THE NOTE SECURED BY THIS MORTGAGE ARISE OUT OF OR ARE GIVEN TO SECURE THE REPAYMENT OF A LOAN ISSUED IN CONNECTION WITH THE FINANCING OF HOUSING AND ARE EXEMPT FROM DOCUMENTARY STAMP TAX AND INTANGIBLE TAX PURSUANT TO SECTION 420.513(1), FLORIDA STATUTES


RIDERS: (copy)

Tax Exempt Rider (required on all tax exempt bond loans) Original MUST be recorded with mortgage

Other applicable riders (condo, pud, etc.)

ASSIGNMENT: (copy) if not a MERS lender

Assigned to U.S. Bank National Association

FL Assist /HAMI ProgramsFL Assist /HAMI Programs

1) Original Note to USBHM

2) Copy of Mortgage (with complete legal description)

3) DPA Acknowledgement Form (signed by borrower) in file submission

4) Correct tax verbiage appears on the Note and Mortgage

5) HAMI LOANS Early and Final T-I-Ls are required for USBHM to purchase

6) Florida Assist TIL is not a requirement of purchase by USBHM, however if your company policy/procedures do require completion of the TIL, then follow internal guidelines

7) Lenders are to fund 1st and 2nd mortgages USBHM will reimburse at purchase

8) Be sure to use the correct pre-printed forms located on Ehousing website

Hazard / Flood

Hazard / Flood / Wind / Sinkhole

Insurance Coverage & Deductible

Requirements

Coverage Requirements-Hazard Ins.

100% replacement cost of the insurable improvements as determined by the property insurer

Full replacement cost coverage is also acceptable

Condos & PUDs amount of coverage must equal:

100% of the insurable improvements on a replacement cost basis. Blanket coverage is also acceptable.

HO-6 insurance requires that policy be equal to at least 20% of theappraised value of the unit, unless Home Owner Association insurancecovers the walls in content (Note: This must be escrowed for)

Amount of Coverage 1-4 Family properties must equal the higher of:

The loan amount or

Coverage Requirements-Flood Ins.

Loan amount

Replacement cost of the insurable improvements or

Maximum amount of coverage sold under applicable program of the NFIP for the type of improvements

Condo (if high rise or vertical dwelling unit

The building replacement cost or

$250,000 multiplied by number of residential units in the building

Condo properties in a flood zone will require the number of units tocovered by both hazard and flood policies

Amount of coverage for single family dwelling,1-4 Family unit, PUD or detached individual condo unit must equal the lower

of:

New Coverage Requirement-

Sinkhole

Effective on loans that closed on or after June 10, 2011

Sinkhole will be required only in the following counties or if the appraiser has identified any settlement deficiencies and it is referenced on the property appraisal:

Pinellas

Pasco

Hillsborough

Hernando

Same deductible requirements as homeowner insurance policy

Proof of coverage may consist of the following:

Clear evidence on declarations page of the hazard policy

Letter from insurance agent, on company letterhead referencing borrower, property address, policy # clearly stating borrower has sinkhole coverage and signed by the insurance agent

When sinkhole coverage is required, catastrophic ground collapse coverage is not acceptable in lieu of sinkhole coverage as it does NOT provide adequate coverage. It only pays out if property is uninhabitable

Insurance Deductibles Government Loans

Hazard / Flood / Sinkhole Hazard / FloodUnless a higher maximum amount is required by state law, maximum deductible clause may not exceed the greater of $1,000 or 1 percent of the face amount of the policy

1-4 family; Individual PUD units; Individual condo units(i.e. detached condos, town or row house)

Deductibles may not exceed the higher of $1,000 or 1 percent of the policys insurance limits for all covered losses.

Association Policy requirements for CONDO/PUD Projects and common areas

Windstorm / Hurricane

The greater of $2,000 or 2% of the dwelling coverage

Insurance Deductibles Conventional loans

Hazard / Flood / Windstorm / HurricaneMaximum deductible may not exceed 5 percent of the face amount of the insurance policy limits for dwelling coverage (applies to all

perils)

For 1-4 family; Individual PUD units; Individual condo units(i.e. detached condos, town or row house)

Maximum deductible may not exceed 5 percent of the face amount of the insurance policy (applies to all perils)

Association Policy requirements for CONDO/PUD Projects and common areas;

Loan File and Post Close Trailing Document

Deficiencies

In order of the most common

Mortgage

Missing Tax Exempt Riders

Missing or incorrect tax verbiage information (corrective documentation

does not state proper corrective verbiage)

Property address differs from other docs

Missing pages and/or legal description

Blank or incorrect notary section (missing county, borrowersnames, complete dates, seal or expiration date)

Note

Missing or incorrect endorsements (lenders not usingU.S. Bank National Association) See Bulletin 2010-46

Property address differs from other docs Incorrect payment terms

Loan File Deficiencies

Loan File DeficienciesLoan File Deficiencies

Truth-In-Lending (TIL) Early T-I-L not in file on 1st mortgage Final T-I-L not in file Corrective Final T-I-L, if applicable not in file MI under disclosed or not disclosed in payment stream Per Bulletin 2011-03 new form required MDIA bulletins 2009-40 & 2009-52 for reference

Note: If loan is not compliant, it will not be purchased by USBHM and will be cancelled and returned!


HUD-1 Settlement Statement

DPA not clearly identified or different amount than on other documentation

Missing in file submission

Tolerance violation in GFE fee comparison with and no cure documentation in the file (USBHM bulletin 2009-89)

Missing monthly escrows or not collected escrows

Good Faith Estimate (GFE)

Most recently issued in file does not match loan terms at closing

(See RESPA Bulletin 2009-89)

Initial Loan Application

Interviewer date missing

Missing from file submission

Not properly documenting applicable date for timing of early TIL (see MDIA bulletins 2009-40 & 2009-52


Hazard & Flood Policies

Names & Addresses do not precisely match other docs

Flood coverage inadequate

Deductibles greater than what is required

Flood policy missing Flood Zone from Certification

Proof of payment not in file

Manufactured Housing Documentation

Exceptions identified related to USBHM 2007 bulletin

Not providing evidence of title being surrendered

Missing information on manufactured home not listed on

Security instrument


Underwriting Documentation

Missing AUS (DU) findings in the file submission

Missing or unsigned 9-2900 or 1008

Questions from that arise either from missing information

or documentation provided that is not accurate (Conventional loans)

Assignment Missing from file

Missing all recordings of the mortgage

Not assigned correctly to U.S. Bank National Association

(See USBHM Bulletin 2010-46

Incorrect reference to lender, borrower, and/or property information

from mortgage


FHA Connection

Closing date not correct

ADP code not correct

No evidence that UFMIP has been sent to FHA

Compliance approval

Not providing Ehousing appropriate documentation in order to approve loan for purchase


Title Policy:

Mortgage amount is missing

Schedule A, item 4 contains incorrect mortgage recording information

Name of insured is incomplete (needs to mirror mortgage and have its successors and/or assigns)

Missing required endorsements

Second Mortgages:

Closing date is incomplete

Missing marital status of borrower(s)

Incorrect maturity date

Legal description missing

Tax Exempt Rider is recorded with Second Mortgage instead of the First Mortgage

Post-Close Trailing Doc Exceptions


Posted online for referral and communicated by

Fax

Weekly Exception Report

Provide separate cover letter / sheet identified by USBHM loan

number or attach weekly exception report to your submission

Fax exceptions (216)475-8627 or

E-mail exceptions to [email protected] per USBHM

bulletin 2010-40. NO inquiries should be directed to this mailbox!

Inquiries should be directed to: [email protected]

Partial submissions are acceptable

Exceptions are received and reviewed for accuracy

Once ALL deficiencies are resolved loan purchased

Post Closing DocumentationPost Closing Documentation

Organize documents in order of Final Document Checklist

Docs due in our office no later than 120 days after purchase

A $50 penalty fee may be assessed after 120 days (at a rate of $50 per

month until last document has been received)

Final Recorded Mortgages, Assignments, Riders, Title Policy, (MIC, LGC,

LNG) ONLY!

Deliver to: U S Bank Home Mortgage / Document Control Department17500 Rockside RoadBedford, Ohio 44146-2099

Questions? Contact Document Control Supervisor

Darlene Kreigh [email protected] (216)475-7739

Lender CompensationLender Compensation

Origination : 0%

Discount: 0%

* SRP: 1.50%

LENDERS NET: 1.50%

All conventional products will be funded with an adjustment for the Adverse Market fee of .25%.

MCM Loans ONLY! - LLPAs will be paid by Florida Housing

Loan PurchaseLoan Purchase

Purchased Daily / Amortized Balance / Purchase Summaries Faxed

Loan history is required, if payment activity has occurred

Net Purchase: (no checks)

Current principal balance, interest, SRP, starting escrow

Bond Application Fee $275.00

Tax Service Fee $85.00

Adverse market fee .25%, Conventional

Extension Fee, if applicable .25%

Second Mortgage Loan Application Fee $150.00 (HAMI Only)

U. S. Bank Home Mortgage - MRBP Division

Quick Reference Guide

USBHM-MRBP WebsiteUSBHM-MRBP Website

Access our website at www.mrbp.usbank.com, select U S Bank Lending Manuals and link up to our information via AllRegs

Lender manual Loan Delivery Checklists Product Descriptions U S Bank Lender Bulletins Manufactured Housing requirements (state specific)

Click on U S Bank

Lending Manuals

Click on

Continue

USBHM Manufactured Housing Guidelines,

203ks manual & USBHM Bulletins can be

found here

Click on Housing Finance

Authority for dropdown

Click on Florida Housing to obtain information

For access to Floridas product descriptions and Loan

Delivery Checklists

Loan File Delivery AddressLoan File Delivery Address

All Closed Loan files should be delivered to:

U.S. Bank Home Mortgage MRBP Division

17500 Rockside RoadBedford, OH 44146

Attn: Operations Department

Post Closing Trailing Document Delivery Address

Post Closing Trailing Document Delivery Address

All Post Closing documents should be delivered to:

U.S. Bank Home Mortgage MRBP Division

17500 Rockside RoadBedford, OH 44146

Attn: Document Control Department

Note Endorsements/AssignmentsNote Endorsements/Assignments

U.S. Bank National Association

Loss Payee ClauseLoss Payee Clause

Hazard/Flood Insurance

U.S. Bank National Association

its successors and or assigns as their

interest may appear.

c/o U.S. Bank Home Mortgage

P.O. Box 7298

Springfield, OH 45501-7298

Lender Support (Help Desk)Lender Support (Help Desk)

In an effort to provide all Lenders who participate in the program with easy access to facilitate Program Administration, we have a specialized Help Desk exclusively for that purpose

Product information Pipeline information Loan level information Track lender performance quarterly (scorecard) and

advise lender and Florida Housing of issues Any other support that you may require

(8:00 a.m. EST - 6:00 p.m. EST)1-800-562-5165 or

Email: [email protected]

Shared Mailbox E-mail AddressesShared Mailbox E-mail Addresses

Exceptions sent for clearing should be submitted to: [email protected]

Loan status inquiries or general questions should be submitted to:[email protected]

Post funding requests should be submitted to:

[email protected]

Examples of post funding requests:Request refund of MIRequest refund of hazard ins. or taxes paidAssistance/DPA missed at fundingWire short due to error at funding

Note: Do not send exceptions or loan status inquiries to this address

UW Contact Information

Participating Lenders

Prior to contacting USBHM, please reference specific Agency guidelines relative to product you are

underwriting. If further clarification is still needed

UNDERWRITERS ONLY can send questions via

e-mail [email protected]

or call

1-800-562-5165

3.18.08

3.18.08

Payment InformationPayment Information

Borrower Payment Address and website:U.S. Bank Home Mortgage

P.O. Box 468002Bedford, OH 44146-8002

www.usbankhomemortgage.com

Borrowers will receive a monthly statement

Payments can be made online at: www.usbankhomemortgage.com

Borrower can also access payment transaction & loan information.

Customer ServiceCustomer Service

Toll Free Number(800) 240-7890

Hours: Monday Friday7:00 am 8:00 pm EST

Please give this information to your borrowers at loan closing

RESPA Websites

RESPA FAQs: http://www.hud.gov/offices/hsg/ramh/res/resparulefaqs.pdf

Sample GFE: http://www.hud.gov/offices/hsg/ramh/res/gfestimate.pdf

Sample HUD-1: http://www.hud.gov/offices/hsg/ramh/res/hud1.pdf

RESPA Rule: http://www.hud.gov/offices/hsg/ramh/res/finalrule.pdf

Underwriting ReferencesUnderwriting References

Fannie Mae References www.efanniemae.com

FHA References Guide 4155.1 rev 5 FHA website www.hud.gov

Other References Allregs: www.allregs.com VA: www.homeloans.va.gov USDA-RD: www.rurdev.usda.gov

Thank youfor participating in the Florida

Housing programs

11.15.11 31208121630

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