Hope Brings You Home - EhousingPlus · 5/11/2018 · Should an Agency (FHA, VA, USDA-RD, Fannie...

Hope Brings You Home DPA Program

Administrator Guidelines

Published on: 05/11/2018 Updated on: 06/21/2018

Hope Brings You Home DPA Program Administrator’s Guidelines

This document is work product and proprietary to HDS, Inc, d|b|a eHousingPlus ©1998-2018 All Rights Reserved

Table of Contents NEVADAHOUSINGDIVISION(NHD)..........................................................................................................................5

PARTICIPATINGLENDERS..........................................................................................................................................5

MASTERSERVICER(USBANK)...................................................................................................................................5

PROGRAMADMINISTRATION(EHousingPlus)..........................................................................................................5

AMOUNTOFASSISTANCE.........................................................................................................................................6

MortgageCreditCertificateOption......................................................................................................................6

LoanProducts........................................................................................................................................................7

EligibleBorrowers.................................................................................................................................................7

MinimumCreditScore..........................................................................................................................................8

IncomeLimits........................................................................................................................................................8

AcquisitionPriceLimits(PurchasePriceLimits)....................................................................................................8

QualifiedResidenceRequirements.......................................................................................................................8

DTIRequirement...................................................................................................................................................9

HomebuyerEducation..........................................................................................................................................9

ApprovedHomebuyerEducationcoursesare:.................................................................................................9

FINANCINGFACTS...............................................................................................................................................10

APPROVEDMORTGAGEINSURANCECOMPANIES..............................................................................................12

LENDERCOMPENSATION....................................................................................................................................13

LENDERTRAININGREQUIREMENTS........................................................................................................................14

MandatoryProgramTraining..........................................................................................................................14

eHPLenderPortalSystemTraining.................................................................................................................14

LENDERPORTAL&USERCREDENTIALS..................................................................................................................14

PROGRAM(LOAN)TIMELINES.................................................................................................................................14

BESTPRACTICES/IMPORTANTTOKNOW................................................................................................................15

RESERVEFIRSTMORTGAGE....................................................................................................................................16

RESERVEDOWNPAYMENTASSISTANCE.................................................................................................................16

Confirmation.......................................................................................................................................................16

Disclosures......................................................................................................................................................16

WheretofindtheProgramForms......................................................................................................................17

COMPLIANCE/ADMINFEETOEHOUSINGPLUS.......................................................................................................19

MORTGAGEFILEPROCESSINGFEESTOUSBANK...................................................................................................19



Therearetwo(2)filepackagesthatareshippedpost-closing:..........................................................................19

File#1TheComplianceFilePackagecontainsthefollowing:.........................................................................19

File#2TheMortgageFileSubmissionPackagecontainsthefollowing:.........................................................20

DEFICIENTFILES.......................................................................................................................................................20

Whattoexpectafterwereceiveandreviewyourpost-closingfiles..................................................................20



UPDATES CHART

Date Topic(effectiveimmediatelyunlessotherwisenoted) Page

05-14-18 CorrectedManufacturedHomesasbeinganallowableproperty 9

05-15-18 RemovednewconstructionfromQualifiedResidenceRequirements 8

05-16-18 Addedtheprogrammaybecombinedwithanotherprogram AddedMaxCLTVRemovedU.S.DepartmentofAgriculture

677

05-17-18 Removed95%LTV 7

05-31-18 AddedborrowermaynothaveownershipinterestinanotherpropertytoEligibleBorrowers

7

06-04-18 AddedMCCComboinformationtoguide 16,19

06-21-18 ClarifiedMaxCLTVlanguage 7

06-26-18 Clarifiedeligiblebuyers 7



NEVADA HOUSING DIVISION TEAM

NEVADA HOUSING DIVISION (NHD) Creates and directly implements the Hope Brings You Home Program, sets the terms, points, markets the program. Nevada Affordable Housing Assistance Corporation (NAHAC) The Nevada Affordable Housing Assistance Corporation (NAHAC) was specifically chosen by the U.S. Treasury’s Hardest Hit Fund® to help Nevada homeowners in their time of need. PARTICIPATING LENDERS Take applications, reserve in the eHousingPlus system, process, underwrite, approve, fund first mortgage and down payment assistance at closing, close and sell qualified loans to the program. Lenders are responsible for servicing program loans in accordance with Agency requirements until they’re purchased by the Master Servicer. MASTER SERVICER (US BANK) 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, buys first mortgage and provides delivers certificate. PROGRAM ADMINISTRATION (EHousingPlus) Compliance agent and program administrator, provides program guidance to participating lenders, designs and develops the eHP Lender Portal where program loans are managed, designs and develops the management reporting tools for program reporting, develops program websites, communications with lenders, compliance file reviews and approvals, publishes the Administrator’s Guidelines, develops programs loan forms, provides lender trainings and support, provides program and system training, answers program and system questions.



ABOUT THE PROGRAM The Hope Brings You Home Down Payment Assistance (DPA) Program is being implemented by the Nevada Affordable Housing Assistance Corporation and the Nevada Housing Division. First Mortgage Loan. All eligible borrowers under this Program will receive a 30-year, fixed rate, fully amortizing first-lien mortgage loan. Interest rates can change daily, locked at the time of loan reservation, and are based on loan type and FICO score considerations. The funds are available on a first come first serve basis. This Program MAY be layered with any other Down Payment Assistance program. As examples, an eligible homebuyer may originate a stand-alone MCC Program and the WISH program may be in third lien position. (Rev 05/16/18) Down Payment Assistance. The funds can be used for down payment, closing costs/ prepaids and mortgage insurance premiums. While there is no cash back permitted, the borrower may be reimbursed for any overpayment of escrow. Any unused and remaining amounts of the DPA must be applied as a Principal Reduction. The funding for the DPA is provided by the U.S. Department of the Treasury through the Trouble Asset Relief Program; Hardest-Hit Fund. The DPA Program has $36,000,000 commitment from the Nevada Affordable Housing Assistance Corporation Hardest-Hit Fund allocation. AMOUNT OF ASSISTANCE

• The DPA is equal to 10% of the subject property purchase price up to a maximum of $20,000.

• The DPA is a lien against the subject property with the following components: • Three-year, deferred loan 100% forgiven after three years • 0% interest rate • No monthly Payment

Mortgage Credit Certificate Option NHD provides a Mortgage Credit Certificate Program, where an eligible homebuyer in this Program can also receive this additional benefit. A standalone MCC can be originated by the lender following that Program’s guidelines, which can be found at: http://www.ehousingplus.com/available-programs/nevada/nevada/mcc/



ELIGIBILITY Within these Guidelines are the overarching requirements related to the Program. However, the Guidelines do not include ALL specific mortgage-related requirements within this one document. The respective Agency guidelines for the underlying mortgage must be met and requirements adhered to. Furthermore, the Master Servicer, US Bank could have additional underwriting overlays. US Bank provides information regarding the specific loan products permitted in the program. See US Bank Lending manuals https://hfa.usbank.com/HFA_Division.html. It is the responsibility of the lender to follow all program, Agency and Master Servicer guidelines. eHousingPlus provides additional updates to program requirements on the eHP Lender Portal at https://services.ehousingplus.com and the program website at http://www.ehousingplus.com. Loan Products (05/17/18) Approved loan products for first mortgages include:

• Federal Housing Administration (FHA) • U.S. Department of Veterans Affairs (VA) • Rural Development (USDA-RD) • Fannie Mae HFA Preferred. • The maximum CLTV limit is 105%and is calculated per agency guidelines. (Revised 06-

21-18) Eligible Borrowers

• Buyers that used the Home is Possible (HiP) Program in the past are NOT eligible for this program. (Updated 06/26/18)

• Must have a fully executed sales contract for a specific property to have funds reserved. The contract may be dated prior to the loan application.

• Buyers may be prequalified. • Regarding non-permanent residents, the respective agency guidelines for the

underlying mortgage (FHA, VA, USDA-RD and Fannie Mae HFA Preferred) must be met and requirements adhered to.

• All borrowers must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.

• Borrowers must occupy the property as their primary residence and reside in the subject property within 60 days of closing.

• Borrowers may not have ownership interest in another property. (Rev 05/31/18)



Minimum Credit Score

• The Program requires a minimum FICO credit score by loan product as follows:

Loan Product FICO Requirement

FHA 660+

Fannie Mae HFA Preferred 640+

VA/RD 640+

• The mid score must be the minimum or above. • Credit (FICO) score requirements apply to ALL borrowers

Should an Agency (FHA, VA, USDA-RD, Fannie Mae HFA Preferred) 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 Lender Bulletins.

Income Limits

• $98,500 per household • Income is calculated based on the respective agency income guidelines for the

underlying mortgage and as disclosed on the final, signed and dated Universal Residential Application Form 1003.

Acquisition Price Limits (Purchase Price Limits)

• Sales price of the property cannot exceed $400,000 Qualified Residence Requirements

• The DPA Assistance is only available for residences located in the following zip codes. The lender MUST verify that the property is legally zoned therein.

89011, 89030, 89031, 89032, 89048, 89060, 89081, 89101, 89102, 89103, 89104, 89106, 89107, 89108, 89109, 89110, 89115, 89118, 89119, 89120, 89121, 89122, 89128, 89142, 89146, 89156, 89169

• Residential Units only; Existing property ONLY (no new construction) Rev 05/15/18 • Single Family Properties, including Detached or attached



• Planned Unit Developments • Condos and Townhomes • Manufactured Homes (Rev 05/14/18)

DTI Requirement

• Government Loans – Max DTI Ratio is 45% • Fannie Mae HFA Preferred – Max DTI Ratio is 50%* • Manually Underwritten Loans – Refer to US Bank Lender Bulletins.

*US Bank Mortgage HFA Division will allow DU “Approve/Eligible” transactions following Fannie Mae guidelines. Please refer to US Bank Bulletins.

Homebuyer Education

• All buyers (any person on the Note/Warranty Deed) must attend an approved homebuyer education course.

• All borrowers are required to attend. • Co-Signers are NOT required to attend.

Approved Homebuyer Education courses are:

• Nevada Housing Division www.homeispossiblenv.org • eHomeAmerica www.ehomeamerica.org • Women’s Development Center www.wdclv.org • Financial Guidance Center www.financialguidancecenter.org • Housing for Nevada www.housingfornevada.org • Community Services of NV www.csnv.org • Finally, Home www.finallyhomecourse.com/ • Neighborhood Housing Services Southern Nevada (702) 649-0998 • Chicanos por La Causa CPLC (702) 207-1614 • Nevada Partners (702) 924-2100 • Additional HUD-approved agencies www.HUD.gov • MGIC https://www.mgic.com/lender-services/homebuyer-education.html • Nevada Rural Housing Authority http://nvrural.org/homebuyer-services/prospective-

homebuyer/homebuyer-education



FINANCING FACTS

• Appraisal: Must indicate the home has at least 30 years of remaining useful life. • All available Assets are not required to be used in this Program. • Boarder Income: Boarder income is not allowable for HFA Preferred. • Buy downs (temporary): Follow agency guidelines. • Cash Back to the borrower: Not permitted. However, borrowers are allowed a

reimbursement of prepaid 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-Signers: Are permitted to the extent allowed by applicable agency (FHA, VA,

USDA-RD and Fannie Mae). Treat co-signer income as directed by agency. A co-signer cannot have any ownership interest in the property (they cannot be on the mortgage/deed/warranty deed).

• Escrow/ Impound Account Requirements: The borrower(s) must establish an impound/escrow account for monthly collection (1/12) and annual / semi-annual disbursement of the property taxes, homeowner’s insurance premiums and private mortgage insurance (if applicable) and flood insurance (if applicable).

• Fannie Mae HFA Preferred Fact Sheet: https://www.fanniemae.com/content/fact_sheet/hfa-preferred-fact-sheet.pdf

• Final 1003 Loan Application: The FINAL 1003 Loan Application is signed and dated by all borrower(s), The Loan Interviewer, or alternatively the Loan Officer.

• Forgivable Second Mortgage Repayment: The DPA has a 36-month lien, forgiven after the completion of that period. If the first mortgage loan is repaid within the first 36 months, a prorated amount of the DPA must be repaid.



• Manual Underwriting: Permitted for FHA, VA and USDA-RD. Fannie Mae

underwritten loans with an LTV of 95% or below (DU) are permitted. Not permitted for Freddie Mac underwritten loans (LP). Maximum allowable DTI is 36%, 2 months PITIA (Principal, interest, taxes, homeowner’s insurance, mortgage insurance, association fees) reserves required unless product/property type requires a lower DTI or> 2 months reserves per GSE (Reference Fannie Mae Eligibility Matrix), insurer, or HFA guidelines. Please refer to or contact US Bank for Non-Traditional Bulletins.

Product Offering FHA VA USDA-RD

HFA Preferred Conventional 95% and Lower LTV

HFA Preferred Conventional 95.01% and Higher LTV

Manual Underwriting Allowed YES YES YES YES NO

• Non-Occupant Co-borrower: Are permitted to the extent allowed by agency (FHA,

VA, USDA-RD and Fannie Mae). Treat non-occupant co-borrower income as directed by agency. The non-occupant co-borrower ownership interest in the property is determined as per agency guidelines.

• Non-Purchasing Spouse: A non-purchasing spouse must sign the mortgage/deed of trust (and/or any riders or disclosures) or a Quit Claim Deed when borrower is vesting as "sole and separate". Signing the mortgage/deed of trust and other related documents does not make the non-purchasing spouse a co-borrower.

• Real Estate Purchase Contract: The full address of the property, full names of all sellers and buyers, total purchase price of the property must be included. If there is not an address for new construction, a lot number and subdivision name are required. All named persons must sign. Include the name and title whenever a representative is signing for a corporation.

• Recapture Tax: There is NO RECAPTURE TAX in this Program. • Refinancing: Not permitted • Rental Income from Accessory Dwelling: HFA Preferred permits using the rental

income from accessory dwelling units per applicable Fannie Mae guidelines. • Reserve Requirements: There are no minimum/ maximum reserve requirements

under the DPA Second Mortgage Program. The DPA Second Mortgage Program does not have liquid assets overlays, restrictions or requirements, furthermore program does not impose restrictions on a homebuyer putting/ providing additional funds for the down payment/ closing costs OR retaining his/her liquid assets in reserves and using just program funds for down payment/ closing costs. If any reserves are required, these are determined by the agency related guidelines.

• Second Mortgage Documents: Documents to be prepared for the second mortgage: Partial Exemption Disclosure (TRID disclosures: LE and CD not required), Deed of Trust and Promissory Note. The date of reservation in the eHousingPlus lender portal



is considered application date for the forgivable second mortgage loan. The Partial Exemption Disclosure form must be delivered to borrower within 3 business days of application date. The Deed of Trust is to be recorded after closing. No title policy is required for the second mortgage.

• Seller advanced funds: Not Permitted, directly or indirectly, for the payment of any amount required by the Loan.

• Tax Returns or Tax Transcripts: Contact US Bank regarding any overlay requirements.

APPROVED MORTGAGE INSURANCE COMPANIES The Lender may select one of the following MI companies for their coverage:

• MGIC • Genworth • Essent • United

• Guaranty • Radian • Arch • National Mortgage Insurance Company

The MI companies listed have guidelines specifically matching the Fannie Mae HFA Preferred product. Check with the MI provider of your choice for detailed guidelines.

Please check with your underwriter for the most current policies with respect to approved MI companies. If U.S. Bank underwrites your loans, contact the U.S. Bank Underwriting Dept.



LENDER COMPENSATION The lender compensation is a combination of Origination/Discount and Service Release Premium (SRP) and Maximum Lender Compensation is provided in the below chart.

Loan Type Origination/Discount Points

SRP Paid at Loan Purchase

Total Lender Compensation Maximum

Fannie Mae HFA Preferred 0.5% 2.25% 2.75%

FHA 0.5% 2.25% 2.75%

USDA 0.5% 2.25% 2.75%

VA 0.5% 1.75% 2.25%

• Normal lender administration, document preparation, processing and/or underwriting fees are NOT included in the lender compensation cap.

• The lender may charge “reasonable and customary” fees and expenses, that would apply on non-program loans.



ABOUT THE PROCESS Lenders currently participating in the NHD Home is Possible Program will be automatically eligible in this program. New lenders will need to be approved by NHD. Certain requirements must be met by all participating lenders to access the system, reserve your loans, manage your pipeline, access forms and other tools. The Administrator’s Program Page will provide you with access to many tools you will need during the origination process. http://www.ehousingplus.com/available-programs/nevada/nevada/ LENDER TRAINING REQUIREMENTS Mandatory Program Training Lender training is mandatory for anyone working with this program. eHousingPlus provides program training online 24/7. To attend, click on this link. eHP Lender Portal System Training Any staff who will need to access the system to reserve funds, complete an underwriter certification, print forms, manage loan timelines, access deficiency notices and reports, and other tools must attend System Training. To attend, click on this link. LENDER PORTAL & USER CREDENTIALS The eHP Lender Portal is a secure platform for lenders to manage the loans in this program. There are many features available to assist you with the required processes. The eHP Lender Portal can be accessed at https://services.ehousingplus.com After completing Program Training, attendees will receive a follow-up email with instructions to apply for user credentials. User Credentials can also be accessed at http://www.ehousingplus.com/user-credentials

PROGRAM (LOAN) TIMELINES This Program requires that all loans meet a specific set of timelines, and milestones.

• Reservation to Underwriting Certification 20 Days • Reservation to Closed Loan Delivered 45 Days*

o Compliance Package to eHousingPlus o Mortgage Package to US Bank

• Reservation to Purchase by Servicer 70 Days



* The 45-day deadline for the loan to be closed and delivered is a soft deadline. However, we recommend that lenders follow the 45-day delivery timeframe to ensure purchase of the loan within 70 days of reservation.

The eHP Lender Portal (https://services.ehousingplus.com) can assist lenders in monitoring the timeline, which tracks the stage and status of each loan. The TIMELINE Tab will provide you with the status of the loan.

• Loans not meeting the Timeline Requirements are subject to CANCELLATION. • Loans cannot be reinstated if they exceed the 70-day maximum. • One-Time 30 Days Extensions are available if requested PRIOR to the 70-day

expiration. The cost to Extend is $375 and will be netted from the loan at purchase by US Bank.

• The $375 Fee is due to US Bank regardless of whether the loan is ultimately delivered, and if unpaid, may result in lender becoming ineligible to participate in the Program.

• Requests for extensions forms are available on the eHousingPlus.com website extension link. However, extension fees will be assessed on any loan not meeting the required timeline.

• Extended loans NOT delivered by the 101st day will be cancelled and will not be purchasable into the Program.

BEST PRACTICES/IMPORTANT TO KNOW

• Buyers must have a FULLY EXECUTED sales contract for a specific property. The Property cannot be changed once a loan is reserved.

• Buyers may be prequalified, but the loan cannot be reserved unless there is a fully executed purchase contract for a qualifying property.

• Lenders should consider their internal workflow requirements and reserve the loan into the Program where you are confident that it can meet the timelines. Reserving prematurely may reduce your timeline or require unnecessary extensions and fees.

• Should a loan reservation be canceled at any point during the loan timeline, 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. Requests for reinstatements, click here.

• Short Sales and foreclosures take longer to close. For that reason, we recommend that you wait 45 days before closing to reserve the loan due to the timeline requirements.

• Please DO NOT reserve loans that cannot meet the Program Timeline.



RESERVING A LOAN RESERVE FIRST MORTGAGE

• Lenders will access the eHP Lender Portal and Reserve the Loan • The Daily Rate Options for the available Loan Products will be available to choose from • Reservations in the program are available Monday – Friday 8:00 a.m. – 7:00 p.m.

Pacific Time excluding holidays. • Complete the Reservation and a (Servicer) Loan Number will be issued. (Lenders can

also add their internal loan number to identify the loan when in the eHP Lender Portal) RESERVE DOWN PAYMENT ASSISTANCE

• Automatically reserved and calculated • 10% of the Acquisition Cost (Purchase Contract) will automatically be calculated • There is a maximum/cap of $20,000 for each loan

RESERVE MORTGAGE CREDIT CERTIFICATE – OPTIONAL (Added 06/04/18)

• Lenders will access the eHP Lender Portal to Reserve the MCC • Immediately after reservation of the HOPE first mortgage, click on ADD ADDITIONAL • Acknowledge the addition of the MCC to the first mortgage and click UPDATE

Confirmation

• Loan Confirmations are available to print if needed • email notifications are generated by the system confirming the Loan Reservation • Users can search for the loan and view the details at any time.

Disclosures

• Provide the borrower with the Partial Exemption Disclosure Form at time of reservation. • Date of reservation in the eHousingPlus lender portal is considered application date for

the forgivable second mortgage loan. • The Partial Exemption Disclosure form must be delivered to borrower within 3 business

days of application date. • Don’t forget the Homebuyer Education requirements must be met prior to closing the

loan.



UNDERWRITE AND CERTIFY

• Lenders underwrite and are responsible for credit decisions of the loans they are closing.

• Servicer does not re-underwrite loans and will only purchase loans that meet the Program and Agency Underwriting requirements.

• Following credit approval AND WITHIN 20 DAYS OF LOAN RESERVATION, the Lender’s Underwriter MUST complete the online Underwriter Certification within the eHousingPlus Lender Portal.

• 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 (888) 643-7974 to request to have the certification removed.

PROGRAM FORMS AND DISCLOSURES – PREPARING THE FILES A key to a purchasable loan starts with the understanding of required documents, and the accurate preparation and execution of the Program Forms. Where to find the Program Forms eHousingPlus provides the lender with the convenience of accessing system-generated Program Forms in one location. Program forms are those required for both the Compliance File and the Mortgage File, in addition to other lender generated or required supporting documents.

• When searching for a Loan, the FORMS feature is easily accessed on the Menu. • The forms are print ready and will pre-populate. • Some forms may contain additional information that is not system generated but the

lender will need to manually enter. • All Program Forms MUST be generated/printed directly from the eHousingPlus Lender

Portal and may not be reproduced by the lender. • Forms should be generated when the lender can verify that the information is final in

order to avoid loan deficiencies. Inconsistencies in documents will place the loan in deficient status, so please make sure the loan record is accurate and final.

For this Program, we have created two separate Program Form Combo options to assist in the file delivery.

1. Compliance Pkg to eHP: This combo-set includes:

• Compliance File Checklist • Dodd Frank Letter



2. DPA Forms to Servicer: This combo-set includes:

• Partial Exception • Gift Letter • Obligation Letter Fulfills 2013-14 requirements. • Deed of Trust (Second Lien) • Note (Second Lien)

These forms will be delivered in their respective post-closing files (Compliance File to eHP and Mortgage File to US Bank) together with the other required supporting documents as depicted by each file checklist.

CLOSING THE LOAN The Lender’s Closing staff should understand the Program Form and document requirements as stated in this Guide. The Compliance File Checklist and the Mortgage File Checklists provide a complete list of what these are and can assist you in making sure a complete package can be prepared for closing. Taking into consideration the Program requirements, including forms, supporting documents and the timely and accurate execution thereof, the lender proceeds to closing as they would typically do. Depending on the type of mortgage being closed, there are different mortgage requirements and documents that are detailed in provided checklists that need to be followed. Moreover, the lender may have their own workflow requirements. For this reason, it is very important to provide accurate closing instructions to the closing agents who will be closing the loan. Incorrect or missing instructions can lead to missing or errors in the documents will later cause unnecessary deficiencies, delays and penalty fees. We HIGHLY recommend that in your instructions to closing agents you include the specific requirements of each document/file.



PROGRAM FEES

COMPLIANCE/ADMIN FEE TO EHOUSINGPLUS (Rev 06/04/18)

• Collected at closing and payable to eHousingPlus and submitted with the Compliance File

o HOPE loan = $275 o HOPE loan with an MCC = $670 o The Compliance/Admin Fee may be paid in the form of a Corporate Check,

Cashier’s Check, ACH or Wire. o The eHP System Loan Number and Borrower Last Name must be included in all

fee payments to properly identify the loan. • Chronically deficient files will be assessed an additional fee of $100. • Fees are not financeable.

MORTGAGE FILE PROCESSING FEES TO US BANK

• $80 Tax Service Fee • $400 Funding Fee • These fees are netted out at time of loan purchase/disbursement by US Bank.

SUBMITTING FILES There are specific document delivery and execution requirements in this Program. The Program Administrator and Master Servicer have created checklists and processes that can greatly assist lenders, if followed. The checklists can guide the post-closing/shipping departments in the preparation of the required file packages.

There are two (2) file packages that are shipped post-closing:

File #1 The Compliance File Package contains the following:

ü Compliance/Admin Fee ($275) ü Compliance Checklist w/Instructions ü Dodd Frank Letter ü Homebuyer Education Certificate ü Real Estate Purchase Contract ü FINAL signed 1003 ü FINAL signed Closing Disclosure (TRID form) ü Warranty Deed



• Only Complete Files will be accepted. • Please do not mix different loans in the same folder. • Please deliver file in this exact order, and USE CHECKLIST. • Incomplete or poorly submitted files will be returned at the lender’s expense. • All program forms are located within the eHousingPlus Lender Portal at the Loan

level, under FORMS. • SHIP TO: eHousingPlus | 3050 Universal Blvd., Suite 190 | Weston, FL 33331 |

954-217-0817

File #2 The Mortgage File Submission Package contains the following:

ü Instructions Page ü Partial Exception ü Gift Letter ü Obligation Letter ü Deed of Trust (Second Lien) ü Note (Second Lien) ü Additional Mortgage-Supporting Documents as detailed in the respective

mortgage-type delivery checklist which is provided by the US Bank.

• Lenders can access these checklists and related mortgage delivery guidance on the US Bank website: https://hfa.usbank.com/HFA_Division.html

MANAGING YOUR LOAN POST-DELIVERY The eHP Lender Portal provides live up to the minute information related to the status of your loan. This can include:

• File receipt confirmation • Compliance File Deficiencies found, if any • Mortgage File Deficiencies found, if any • Compliance File Approval • Mortgage Purchase Information • Timeline Status

DEFICIENT FILES It’s is the responsibility of the lender to follow up on the delivered loans and satisfy any missing or incorrect documents, and issues that may conflict with the Program or Agency requirements. What to expect after we receive and review your post-closing files.



• If all requirements are met and the Compliance File has been delivered correctly, the loan is Compliance Approved.

• If all requirements are met and the Mortgage File has been delivered correctly, and the loan has been COMPLIANCE APPROVED, the loan will be purchased by the servicer, and the lender will be paid accordingly.

• If the packages are delivered with errors (DEFI’s), the lender is required to correct them within the program timeline.

• Non-Payment, Incorrect Payment or un-identifiable payment of Program Fees will put a loan in deficient status. Please indicate eHP Loan Number, Last Name and Fee Amount on any payment submitted, including all ACH, Wire or Check Payments.

• The lender’s identified Post-Closing and Shipping registered users are emailed deficiency reminders after delivery and review of submitted loans.

• There are Deficiency Reports available in the eHP Lender Portal, under LOANS WITH DEFICIENCEIS. The EXCEPTIONS/DEFICIENCIES report contains both Compliance and Mortgage deficiencies that need to be corrected.

• Compliance Files that exceed a 2-week period in deficient state, or require more than two additional reviews will be subject to a $100 Chronic-Defi File Fee

• The loan Timeline DOES NOT STOP because you delivered the Compliance File and Mortgage File.

• The TIMELINE period remains until the Loan is purchased by the Servicer.

Please be proactive and utilize the tools available in the eHP Lender Portal to assist you with the management of your loans.

HOW CAN WE HELP YOU? This guide and related supporting tools is provided to assist you with the Program origination and delivery process for this Program. We understand that at times you will have questions or need additional guidance. It’s important to consider the type of support you need when contacting either the eHousingPlus or US Bank respective staff. We have created a Who to Contact List on our website that can best guide you to the correct party who can help you. We hope that this information can help you get quick answers to any questions/issues you may have. As the Program Administrator, we look forward to assisting you in bringing the Hope Brings You Home DPA Program to eligible Nevada Homebuyers.

Hope Brings You Home - EhousingPlus · 5/11/2018 · Should an Agency (FHA, VA, USDA-RD, Fannie...

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Transcript of Hope Brings You Home - EhousingPlus · 5/11/2018 · Should an Agency (FHA, VA, USDA-RD, Fannie...