Instructions for Submitting Loans to Investors and … Instructions for Submitting Loans... ·...

Instructions for Various Investor/MI of 35 Revised 07/03/17

Submissions/Verifications

Instructions for Submitting Loans to Investors and

MI Companies for Prior Approval and Exceptions

Tip: To find specific information for a product, Press Ctrl+F (or use “Find” from the Edit Menu) and then

search for the product name or topic you are looking for. Or, if you know the investor you want, simply

click on the investor/company name below to go directly to the investor or company’s information.

Investors AmeriHome

Ditech (f/k/a GreenTree and GMAC)

PennyMac

Wells Fargo - Includes information on checking the Condo Do Not Lend List

Freedom Mortgage

Caliber

Chase

Bank of America Merrill Lynch (BAML)

Galton

Everbank

Jumbo Credit/Appraisal Review Appraisal Review

Mortgage Insurance Companies Radian

Essent

Genworth

Appraisal Transfers – Exclusionary List Check Transferred Appraisals

Please contact [email protected] for access to the investor/MI websites

mailto:[email protected]



AmeriHome https://sellerweb.amerihome.com/Account/Login?ReturnUrl=%2F

AmeriHome does not offer prior approval underwriting. AmeriHome requires prior review of the

appraisal and an eligibility review on the Diamond Jumbo (for locks on or after 1/13/16) product only.

Prior Approval Underwriting

N/A

Jumbo Eligibility Review

For use with Diamond Jumbo product only.

Once loan file has been approved by the fulfillment center, a request for submission for an

eligibility review should be sent to [email protected]. The Eligibility Review form must

also be completed and submitted to [email protected], The form can be found at the

following link:

http://www.eprmg.net/ResourceCenter/JumboandNicheProductForms/DiamondJumboEligibilit

yReviewSubmissionForm.pdf

The eligibility review will be submitted to Corporate Underwriting for second review.

Prior Appraisal Review (Jumbo Only)

For use with Diamond Jumbo product only

Appraisal Review:

All files must be submitted to Clear Capital for appraisal review. The fulfillment center must

submit an email to [email protected] with the review request after branch level loan

approval for the Jumbo Review Department to submit the order:

For Use by Jumbo Review Team:

1. Upload appraisal(s) for a review to Clear Capital: http://www.clearcapital.com/

2. CDA Result > 10% Below Appraisal: The CDA value may be used as the appraised value

to calculate the LTV/CLTV OR a Clear Capital Broker Price Opinion (BPO) AND a Clear

Capital Value Reconciliation of Three Reports (Recon Form 3.0) may be obtained (submit

request to [email protected] for Clear Capital Broker Price Opinion (BPO) AND a

https://sellerweb.amerihome.com/Account/Login?ReturnUrl=%2F



http://www.eprmg.net/ResourceCenter/JumboandNicheProductForms/DiamondJumboEligibilityReviewSubmissionForm.pdf

http://www.eprmg.net/ResourceCenter/JumboandNicheProductForms/DiamondJumboEligibilityReviewSubmissionForm.pdf


http://www.clearcapital.com/



Clear Capital Value Reconciliation of Three Reports. Reconciliation will take into account

the original appraisal, CDA and BPO. The final value determined by Clear Capital will be

used as the appraised value for the property.

3. CDA Result of Indeterminate Value: If CDA cannot determine a value, a second full

appraisal is required.

4. A CDA review fee will be charged (currently $150.)

5. Clear Capital contact information is: [email protected]

6. Use the following link for additional step-by-step instructions:

http://www.eprmg.net/InvestorForms/ClearCapitalInstructions.doc

Exceptions

AmeriHome will not consider exception requests on loans that have not yet closed.





Ditech

Ditech:

correspondent.ditech.com

Company ID: 20159

Ditech offers prior approval underwriting and exceptions are offered on a case-by-case basis.


For use any Ditech specific loans.

For all loans with an application date as of 1/10/14, all prior approval loans may not be a Higher

Priced Mortgage Loan (HPML).

Be sure to complete a cover letter indicating why we are submitting the loan for prior approval

(for instance our company policy on jumbo loans is to require prior approval.)

1. Register loan with Ditech correspondent.ditech.com

2. Loan file can be uploaded directly to website using Image Central after registration

o Dietch requires the upload of the Fannie Mae 3.2 file (1003 Import)

o Once the 3.2 file has been uploaded and the 1003 application image along with the

rest of the credit file has been uploaded, your loan will advance into the

underwriting queue.

o There are two ways to import the 1003:

▪ Using the loan registration tab or

▪ Loan Status Workflow, if not completed at the time of loan registration

o Loan Registration

▪ To upload your 3.2 file (1003 Import) at registration, go to the bottom of the

first Registration page and select 1003 Import.

▪ Once you have done that you will need to select Browse to locate your 3.2

file

▪ When you have found your file select it

▪ Then click on 1003 Import to complete.

o For loans where the 1003 was not imported via the loan registration, the 1003 file

can be imported via the Loan Status link within the Pipeline Manager.

▪ Click on Loan Status:

▪ Search loan and click find (can use any of the search options)

▪ Open the loan

▪ Import 3.2 (1003 Import) link is located on the top right of the screen

▪ Click Browse and attach the FNMA 3.2 file and click on "1003 Import"





▪ Once your 3.2 loan file has been successfully imported, you will see the

message below:

▪ If a 3.2 file has already been imported, you will not be able to upload the file

again. Underwriting will utilize and update the 3.2 file that was uploaded at

the time of registration. A future release will allow the ability to upload

multiple 3.2 files.

▪ You will be able to identify a 1003 was already imported at registration as a

link to import the 1003 file will not be available.

▪ Loans missing the 3.2 file will be suspended in the loan set up process.

Loans suspended in loan set up are displayed under Pipeline Manager,

either under Loan Status or by using the Underwriting Reports. If your loan

is suspended for the 3.2 file and you do not have the capability/permission

to upload files - please contact your Client Manager to advise that you do

not have this capability and your loan will be moved to the underwriting

queue.

3. If required, obtain DU or LP recommendation

4. Process the loan file according to the findings and the guideline requirements

5. Use findings report to assemble your package and refer to the Ditech to assemble your

package before submitting your loan for underwriting. The package must be complete

before the loan is delivered to Ditech underwriting

6. The Ditech checklist can be found at the following link:

http://www.eprmg.net/InvestorForms/DitechUnderwritingSubmissionChecklistCorr.doc

7. All income and asset documents required as per the AUS findings must be submitted in

package submitted to Ditech

8. The credit report referenced on the AU findings must be included in package submitted to

Ditech

9. If applicable, place loan in a FINAL status in Desktop Originator.

10. The loan must contain a statement from PRMG to Ditech that indicates the reason PRMG is

submitting the file for prior approval.

11. All loans submitted to Ditech for underwriting are first reviewed by the Loan Set-up Team to

confirm file completeness. Loans missing documentation from the submission package will

be suspended and will not move into the underwriting queue. If credit file is still incomplete

after twenty days from receipt, the incomplete file will be moved to underwriting for review

and decision.

12. Access the Underwriting Status Report on the Ditech website to confirm that the file cleared

loan set up and is in the underwriting queue.

13. After loan is reviewed by an underwriter, the Ditech Loan Decision Letter will be posted on

line.

14. Submit follow up “Underwriter to Clear” conditions to Ditech using the Underwriter to Clear

Cover Sheet that is attached to the loan approval notification. Follow the instructions on the

cover sheet when submitting your Underwriter to Clear conditions to Ditech.

http://www.eprmg.net/InvestorForms/DitechUnderwritingSubmissionChecklistCorr.doc



15. The Loan Decision Letter will be updated and available on our website showing any cleared

conditions

16. When loan is Clear to Close, closing and/or funding may be scheduled.

Important Note: It is the Underwriter’s responsibility to monitor the loan on the Ditech website

to ensure the investor posts the loan as “Cleared for Underwriting.” The Underwriter must

check back to the website every 24 hours until it is “Cleared for Underwriting.” The website

should indicate why the loan has not yet been cleared, and if it is an issue that needs to be

handled, it must be addressed by the Underwriter.

Exceptions

When requesting an exception you need inform the Ditech underwriter what the requested

exception is and then the Ditech underwriter needs to request it from the appropriate party at

Ditech. If you are unable to submit the electronic file to underwriting through their website due

to an exception (for instance the credit score is too low, so the system rejects it), we need to

have Operations Manager email our Account Executive or Representative to request loan be

submitted.

Exceptions on Loans Not Yet Closed

1. Loan Exception Requests for prior approvals must be submitted with the entire credit

package to Ditech for Underwriting. The Loan Exception Request Form must be completed

in its entirety and submitted with the loan file.

2. The Loan Exception Request Form can be found at the following link:

http://www.eprmg.net/InvestorForms/Ditech_Loan_Exception_Request_Form.doc

3. Any loan requiring a Credit Policy exception will need to be uploaded through Ditech’s

Image Central process for a full underwriting review. The loan will go through the setup

process before being assigned to an underwriter for review. The Ditech underwriter will

submit the exception request, once the loan is reviewed.

Exceptions on Closed Loans

1. Loan Exceptions for closed loans require the HUD-1 evidencing the loan has closed along

with the completed Loan Exception Request and any applicable documentation needed to

review the request for exception.



Exceptions for Condo Waivers, Escrow Waivers or Systems

1. The request form must be completed indicating the appropriate reason on the Loan

Exception Request Form.






http://www.eprmg.net/InvestorForms/Ditech_System_Exception_Request_Form.doc

Return to Top of Document

http://www.eprmg.net/InvestorForms/Ditech_System_Exception_Request_Form.doc



PennyMac www.gopennymac.com


PennyMac will provide prior approval on retail conventional loans. They must be delivered via

best efforts pricing. PennyMac must clear all conditions from their approval prior to

documents/funding (as applicable).

Following additional requirements apply:

• Condo projects only allowed if eligible for limited review.

• Preliminary Title Report - 24 month chain of title is required

• Most recent UCDP SSR with CU score required for review

• Appraisal must be shared with PennyMac designated as “Aggregator” in Collateral

Underwriter (refer to FNMA CU release notes 052016 for details)

PennyMac’s submission form must be completed and a request for upload to website must be

sent by the fulfillment center to [email protected] with the completed submission form,

but requestor must note on the email to JumboReview that this is for a PennyMac conforming

loan prior approval. Access the PennyMac Submission Form at the following link:

http://www.eprmg.net/InvestorForms/PennyMacEligibilityReviewSubmissionForm.pdf

Information for submitting to PennyMac’s portal can be found at the following link:

http://www.eprmg.net/InvestorForms/PennyMacSubmissionGuide.pdf

Exceptions

PennyMac will no longer review exception requests on loans that have not yet closed. An

exception request to PennyMac guidelines for a closed loan will be considered.

For closed loans only, a PennyMac Credit Exception Request Form must be completed and

submitted to PennyMac with the following documentation: 1003, 1008, AUS Report, credit

reports for all borrowers and any other documentation to support the request.

Submit the completed form and supporting documentation to [email protected]

The PennyMac Credit Exception Request Form can be found at the following link:

http://www.eprmg.net/InvestorForms/PennyMac_Request_for_Credit_Guideline_Exception_Re

view_and_Approval.pdf

http://www.gopennymac.com/


http://www.eprmg.net/InvestorForms/PennyMacEligibilityReviewSubmissionForm.pdf

http://www.eprmg.net/InvestorForms/PennyMacSubmissionGuide.pdf


http://www.eprmg.net/InvestorForms/PennyMac_Request_for_Credit_Guideline_Exception_Review_and_Approval.pdf

http://www.eprmg.net/InvestorForms/PennyMac_Request_for_Credit_Guideline_Exception_Review_and_Approval.pdf



Power of Attorney

To obtain all of PennyMac’s Power of Attorney requirements, which much be met when

PennyMac is the investor, go to the following website and search for Power of Attorney:

http://www.gopennymac.com/Seller_Guide/WebHelp/PNMAC_Sellers_Guide.htm


http://www.gopennymac.com/Seller_Guide/WebHelp/PNMAC_Sellers_Guide.htm



Wells Fargo www.wellsfargofunding.com

Lender ID: 233894

Wells Fargo offers prior approval underwriting on jumbo products and exceptions are offered on a case-

by-case basis. As of January 5, 2017, Wells Fargo allows prior approval on conventional loans.


For use with Silver Medal products.


eligibility review should be sent to [email protected]. Must review the product profile

for additional documents/requirements for submission. The Eligibility Review form must also be

completed and submitted to [email protected], and that document then must be

submitted to Wells Fargo with the file. The submission form can be found at the following link:

http://www.eprmg.net/InvestorForms/WellsNonConformingSubmission.docx

Silver Medal product requires use of the following Verbal VOE:

http://www.eprmg.net/InvestorForms/WellsFargoVVOE.doc

Silver Medal Solar Panel agreements must be submitted to the investor for review and approval

and include the following submission form:

http://www.eprmg.net/InvestorForms/WellsFargoSolarPanelApprovalRequest.pdf

Silver Medal leasehold agreements must be submitted to the investor and include the following

submission form:

http://www.eprmg.net/InvestorForms/WellsFargoLeaseholdApprovalRequest.doc

Tips for completing the Loan Submission Summary can be found here:

http://www.eprmg.net/InvestorForms/WellsFargoLSS_TIPS.pdf

For all loans with an application date as of 1/10/14, all prior approval loans may not be a Higher

Priced Mortgage Loan (HPML).

All files submitted to Wells Fargo must include:

1. A fully completed Loan Submission Summary (Form 1), Correspondent Minimum

Underwriting Standards (Conforming Only) and the Loan Document Checklist (Form 2)

or Non-Conforming Submission Form which can be found at the following links:

Conventional (not currently allowed):

http://www.eprmg.net/InvestorForms/WellsFargoLoanSubmissionForm1.doc

http://www.wellsfargofunding.com/




http://www.eprmg.net/InvestorForms/WellsFargoVVOE.doc

http://www.eprmg.net/InvestorForms/WellsFargoSolarPanelApprovalRequest.pdf

http://www.eprmg.net/InvestorForms/WellsFargoLeaseholdApprovalRequest.doc

http://www.eprmg.net/InvestorForms/WellsFargoLSS_TIPS.pdf




http://www.eprmg.net/InvestorForms/WellsFargoLoanDocumentChecklistForm2.doc

http://www.eprmg.net/InvestorForms/WellsConformingUWStandardsChecklist.pdf

Non-Conforming:


2. All conforming loans: Loan Prospector® (LP) Feedback Cert or Desktop Underwriter®

(DU) Findings

3. Fully complete and signed IRS Form 4506-T for each Borrower on the Loan.

4. Tax Return Transcripts

a. Seller to request most recent year 1040 IRS Tax Return Transcript for all borrowers

and include in the Loan file if income information was used in the underwriting

decision. Transcripts must be obtained directly from a tax transcript vendor or the

IRS by the Seller, rather than accepted from a borrower or third-party originator.

b. Any difference between income documented in the tax transcript and income used

to qualify for the loan must be reasonable and supported by information and

documentation in the Loan file.

Please note: Wells Fargo will review 'credit only' submission packages. For these reviews,

Underwriting will determine the LTV using the sales price for purchase transactions. However,

the Loan will be conditioned for an acceptable appraisal supporting the sales price and which

will be subject to a satisfactory review by a Wells Fargo underwriter.

To submit the file, use the following steps:

1. Enter www.wellsfargofunding.com website.

5. Complete and include a fully completed Loan Submission Summary (Form 1) and the

Loan Document Checklist (Form 2) or Non-Conforming Submission Form which can be

found at the following links:

Conventional:



Non-Conforming:


2. Click on Loan Management and then select Pipeline.

3. Locate your loan number in your pipeline and then double click on it.

4. If the loan is not locked or does not seem to be in the Wells Fargo pipeline, double check

with Secondary to ensure the loan does not get double entered and use Start New Loan

option and upload using the “Other” method to upload the FNMA DU File.

5. Select Manage Images in the drop down box labeled Select a Task to Perform.

6. Use this to walk you through uploading the credit package, any conditions needed from

the underwriter, and the closing package to Wells Fargo.


http://www.eprmg.net/InvestorForms/WellsConformingUWStandardsChecklist.pdf








7. It is imperative to ensure you receive the transmission ID when submitting a loan for

prior approval as this ensures Wells Fargo has received the file. You should enter this

information in the Loan Note of FastTrac for future reference.

Wells Fargo provided the following information for submissions when they offered Wholesale

Lending, which can be used as additional reference, but are not the “official” forms to be used

for Correspondent Lending. This information can be found using the following links:

http://www.eprmg.net/InvestorForms/WellsFargoSubRefGuide111411_aes.doc

http://www.eprmg.net/InvestorForms/WellsFargoConventional_aes.doc

http://www.eprmg.net/InvestorForms/WellsFargoNonConfchecklist_aes.doc

Exceptions

Not offered

Condo Project Do Not Lend List

To verify if a condo project is eligible for Agency or Silver Medal products, you will need to do

the following:

• Go to Wells Fargo’s website: www.wellsfargofunding.com

• Login to website (Member ID: 233894) – Contact FastTrac Support if you do not have a

Wells Fargo log on

• At the top of the website, Select “Info Gallery” and then “Project Search”

• Enter the Condo name and the Zip Code (at minimum)

• When the project appears, click on the correct project and then review the “Investor

Restrictions”

• If it indicates the project is on the investors DNL list or a “rejected” status, the loan is

not eligible for approval/funding.

• If the condo project does not show up on the list, you will need to send an email to

[email protected] to clarify if the project is allowed or on their

DNL/rejected list.

If the project reflects a “DNL” (Do Not Lend) indicator or a “rejected” project status in the

“Special Considerations” field in the Project Search Tool, Management has determined that it

will not be eligible to fund with PRMG using most Agency products and must be declined or

moved to the Agency Portfolio product.

Additionally, if the Project Search Tool indicates a CVAS waiver is required, the loan is not

eligible unless the CVAS waiver is obtained (senior management approval on this option is

http://www.eprmg.net/InvestorForms/WellsFargoSubRefGuide111411_aes.doc

http://www.eprmg.net/InvestorForms/WellsFargoConventional_aes.doc

http://www.eprmg.net/InvestorForms/WellsFargoNonConfchecklist_aes.doc





required and it requires a Fannie Mae direct execution) or loan is processed with a limited

review on Agency Portfolio product.

Evidence should be placed in the left hand side of the file (not to send to investors) regarding

the final outcome of this search, confirming the project is or is not on the DNL list.

The following links provide additional information about the Project Search tool and

requirements for correspondent lenders with delegated authority using this feature.

http://www.eprmg.net/InvestorForms/WF_ProjectToolsInformation.pdf

http://www.eprmg.net/InvestorForms/WF_ProjectToolsSearch.pdf

http://www.eprmg.net/InvestorForms/WF_ProjectToolsUserGuide.pdf


http://www.eprmg.net/InvestorForms/WF_ProjectToolsInformation.pdf

http://www.eprmg.net/InvestorForms/WF_ProjectToolsSearch.pdf

http://www.eprmg.net/InvestorForms/WF_ProjectToolsUserGuide.pdf



Freedom Mortgage www.freedomspg.com

www.freedomrenovates.com

Freedom does not offer prior approval underwriting but offers review of the 203K documentation.


N/A

203K Documentation Review

For use with FHA 203K products.

All 203K loans must have the 203K loan documentation reviewed and approved by the investor.

• 203K Documentation Review Website: www.freedomrenovates.com

• 203K Documentation Submission Email: [email protected]

To submit the documentation, the loan must first be registered or locked.

If the loan is already locked and you are unable to find the loan in the investor’s system, email

Secondary and request to have them send the investor registration/lock confirmation, as the

loan should already be in the investor’s system and should not be registered again.

Review time is a maximum of 72 hours (typically closer to 24-48 hours)

Underwriters should contact [email protected] to obtain a username/password to register

and/or submit the documentation to Freedom’s website

Use the following steps to register the loan if it is not locked:

Use the following document for the steps to complete the registration process:

http://www.eprmg.net/InvestorForms/FreedomRegistering203kLoans.pdf

Register loans for a Pre-Review process by selecting the Pre-Review indicator in either of the

following locations: Register Loan flow, or Upload Loan flow, using the information from the

Correspondent Update: http://www.eprmg.net/InvestorForms/FreedomPre-ReviewProcess.pdf

http://www.freedomspg.com/

http://www.freedomrenovates.com/




http://www.eprmg.net/InvestorForms/FreedomRegistering203kLoans.pdf

http://www.eprmg.net/InvestorForms/FreedomPre-ReviewProcess.pdf



To create a ZIP file for document submission, use the following for guidance:

http://www.eprmg.net/InvestorForms/FreedomCreatingaZIPFile.pdf

General Steps (use document links for direct guidance from investor)

1. Log into the Freedom Renovation Lending website.

2. Go to www.freedomrenovates.com and click on the phrase, “Click here to login”.

3. Enter your Renovation Lending website credentials to login.

4. To register and/or lock a loan, click on the Pipeline tab at the top of the screen.

5. One the pipeline screen opens, click on “Register Loan”

6. Enter the information required on the screen then click on Next.

7. Click on the Any Loan Type dropdown and select FHA. Select the appropriate 203(k)

product from the list and click on the radio button to select. (Note this list shows more

products than you will see on your selection grid) Then click on Next.

8. On this loan information screen:

a. Select FHA 203(k) in the Special Program drop down

b. Select whether the loan is a Regular or Streamlined 203(k) loan in the next drop

down

c. Select the appropriate amortization term

d. Enter the loan amount

e. Complete the drop downs for

i. Occupancy, HUD REO, Housing Type, Document Type, Property Type,

Appraised Value, Sales

ii. Price (for purchases), Refinance Type (for refinance), Lien Position and

Cash out Refinance (for refinances only – never any cash out for 203(k)

refinances)

f. Select an initial Interest rate to float

g. Select the AUS system, AUS Recommendation and whether it is a manual

underwrite (Note: Freedom does not accept manual underwriting at this time)

h. Once complete, click on Next.

9. If a TPO screen comes up, select Warehouse purchase.

10. The final screen is a review of the information. Click on Register Loan at the bottom of

the page to register the loan.

11. Once you click on register loan, the loan will be registered and you don’t need to go any

further. Click on Pipeline at the top of the page and it will return you to the pipeline

view and you should see your newly registered loan.

12. You may also see an option at the bottom of the screen to register and lock or lock and

save. All users need to do is click on register loan and the loan will be registered with

Freedom loan number and added to your pipeline so the project pre‐review can be

uploaded.





After the loan is locked/registered, use the following steps to submit the 203K loan

documentation to the investor for review. The checklist below provides the information on

what needs to be provided to the investor for review.

Upload the following from the In Process Loans tab of the pipeline page, using information from

the following document as guidance:


To create a ZIP file for document submission, use the following for guidance:


The following document provides additional information on the process outlined below:

http://www.eprmg.net/InvestorForms/FreedomUploadingProjectPrereviewDocuments.pdf

Exceptions

Send an email to the Wholesale or Retail Operations Manager (as appropriate) with details of

the transaction (borrower, address, fico, LTV, product type, etc.), reason for exception and

compensating factors. Include the transmittal summary/1003/credit report/AUS findings and

anything else that pertains to the exception. The Manager will forward that request to the

Freedom Account Executive for consideration.




http://www.eprmg.net/InvestorForms/FreedomUploadingProjectPrereviewDocuments.pdf



Caliber https://www.calibercl.com/Default/Logout

Caliber does not offer prior approval underwriting for conventional products. Caliber requires prior

review of the appraisal in some circumstances, condo review and an eligibility review on the Niche

Conforming Jumbo, Niche Alternative Access and Niche Non-Prime Advantage only.


N/A

Niche Product (Niche Conforming and Jumbo, Niche Alternative Access

and Niche Non-Prime Advantage) Eligibility Review





submitted to Caliber with the file. The submission form can be found at the following link:

http://www.eprmg.net/ResourceCenter/JumboandNicheProductForms/NicheProductsEligibility

ReviewSubmissionForm.pdf

Information on submitting the eligibility review can be found at the following links:

http://www.eprmg.net/InvestorForms/CaliberPortalGuide.pdf

http://www.eprmg.net/InvestorForms/CaliberSubmissionVideo.pdf

Investor Product Name to PRMG Product Name Conversion

Premier Access > Niche Conforming and Jumbo

Homeowner's Access > Niche Alternative Access

Fresh Start > Niche Non-Prime Advantage

Prior Appraisal Review

Appraisal Review:

When required, files must be submitted to Clear Capital for appraisal review. The fulfillment

center must submit an email to [email protected] with the review request after branch

level loan approval for the Jumbo Review Department to submit the order:


https://www.calibercl.com/Default/Logout



http://www.eprmg.net/ResourceCenter/JumboandNicheProductForms/NicheProductsEligibilityReviewSubmissionForm.pdf

http://www.eprmg.net/ResourceCenter/JumboandNicheProductForms/NicheProductsEligibilityReviewSubmissionForm.pdf






1. Upload appraisal(s) for a review to Clear Capital: http://www.clearcapital.com

2. Underwriter to determine requirement for CDA




Exceptions

Caliber will consider exceptions on some items. Before submitting the exception request, email

[email protected] to have them reach out to investor to determine if it is an exception the

investor will consider. Exception form must be completed and submitted with loan file and can

be found at the following link:

http://www.eprmg.net/InvestorForms/CaliberException.pdf

Condo Reviews

All warrantable and non-warrantable condos must be sent to them for review on the Niche

Conforming Jumbo, Niche Alternative Access and Niche Non-Prime Advantage programs

Email [email protected] the condo project name and address to determine if project is

on investor’s approved project list. If on approval list, loan must fund 30 days prior to project

expiration to be eligible for purchase by investor

Condo reviews, for warrantable or non-warrantable condos, must be performed by investor and

must be submitted separately from underwriting eligibility review

Review should be submitted by the fulfillment center to [email protected] with the

Condo Review Submission form and required documentation. Must mark condo submission

form as Niche Product condo submission.

Approval on the project will be issued by investor to Condo Reviews. Request for condo review

can be submitted prior to loan submission to the investor for eligibility review or concurrently

with eligibility review

Condo submission information, including submitting to the portal can be found at the following

links:



http://www.eprmg.net/InvestorForms/CaliberCondoSubmission.pdf





http://www.eprmg.net/InvestorForms/CaliberException.pdf





http://www.eprmg.net/InvestorForms/CaliberCondoSubmission.pdf



Compliance Reviews

After underwriting submission, all Change of Circumstance (COC) and Subsequent Loan

Estimates (LE) must be submitted to investor for review, if the disclosures have material defects,

defects must be corrected and re-disclosed to the borrower. Submission of the COC and LE will

be handled by the Disclosures team.

Closing Disclosure must be submitted to investor for review prior to release. Once prepared,

email [email protected] with loan number and copy of CD for submission to

investor. CDs will be reviewed by investor and should be returned in 24 business hours

If the CD has material defects, they must be corrected and resubmitted to investor for re-review

prior to issuance to the borrower.

Eligibility Certificate from investor will not be issued until the CD has been reviewed and

deemed acceptable. Loan documents cannot be released until Eligibility Certificate is received

from investor.

Compliance must upload the COC LE/CD to Caliber’s portal and send an email to

[email protected] notifying Caliber the document has been uploaded.

Information on submitting to the portal and compliance requirements can be found at the

following links:



http://www.eprmg.net/InvestorForms/CaliberTRID.pdf






http://www.eprmg.net/InvestorForms/CaliberTRID.pdf



Chase www.chaseb2b.com

Chase only allows retail originated loans. Chase does not offer prior approval underwriting for

conventional products. Chase requires condo and attached PUD review and an eligibility review on the

Gold Jumbo only.


N/A

Gold Jumbo Eligibility Review





submitted to Chase with the file. The submission form can be found at the following link:

http://www.eprmg.net/ResourceCenter/JumboandNicheProductForms/Gold%20Underwriting%

20Submission%20Checklist.pdf

Documents must be uploaded to their portal in the following categories: Credit Package Only

(which includes appraisal), 1st Gen Appraisal or XML (which is for XML of appraisal) and UW

Conditions (for loan conditions.) Information on submission can be found at the following links:

http://www.eprmg.net/InvestorForms/ChaseImageDelivery.pdf

http://www.eprmg.net/InvestorForms/ChaseImageDeliverySearchAndUpload.pdf

Exceptions

Exceptions considered on their jumbo (non-agency) product on a case-by-case basis by the

investor underwriters. The full loan file must be submitted, and exceptions may be considered

on things like credit history, rental income, etc. PRMG will not allow DTI above 43%.

Additionally, Chase will not consider exceptions on loans where the LTV or CLTV is over 80%.

http://www.chaseb2b.com/



http://www.eprmg.net/ResourceCenter/JumboandNicheProductForms/Gold%20Underwriting%20Submission%20Checklist.pdf

http://www.eprmg.net/ResourceCenter/JumboandNicheProductForms/Gold%20Underwriting%20Submission%20Checklist.pdf

http://www.eprmg.net/InvestorForms/ChaseImageDelivery.pdf

http://www.eprmg.net/InvestorForms/ChaseImageDeliverySearchAndUpload.pdf



Condo and Attached PUD Reviews

All condos must be sent to them for review on the Gold Jumbo program.

Email [email protected] the condo project name and address to determine if project is

on investor’s approved project list. If on approval list, loan must fund 60 days prior to project

expiration to be eligible for purchase by investor.

Condo reviews must be performed by investor and must be submitted separately from

underwriting eligibility review

Review should be submitted by the fulfillment center to [email protected] with the Gold

Jumbo Condo Review Submission form and required documentation. The form can be found at

the following link:

http://www.eprmg.net/ResourceCenter/JumboandNicheProductForms/GoldJumboCondoandAt

tachedPUDSubmissionForm.doc



with eligibility review.

Information on Full Condo Reviews can be found at the following link:

http://www.eprmg.net/InvestorForms/ChaseCondoLimitedReviewApprovalInformation.pdf

http://www.eprmg.net/InvestorForms/ChaseCondoFullApprovalInformation.pdf




http://www.eprmg.net/ResourceCenter/JumboandNicheProductForms/GoldJumboCondoandAttachedPUDSubmissionForm.doc

http://www.eprmg.net/ResourceCenter/JumboandNicheProductForms/GoldJumboCondoandAttachedPUDSubmissionForm.doc

http://www.eprmg.net/InvestorForms/ChaseCondoLimitedReviewApprovalInformation.pdf

http://www.eprmg.net/InvestorForms/ChaseCondoFullApprovalInformation.pdf



Bank of America Merrill Lynch (BAML) markets.ml.com

BAML requires submission of appraisal to Clear Capital for appraisal review. BAML does not perform the

review, but requires it meets their specific requirements as described in the Product Profile.

PRMG requires use of an external credit review by Clayton or Opus on all delegated jumbo products.

Instructions for submission can be found under Clayton or Opus or Opus in the Jumbo Credit Review

section.

Use the Internal Jumbo Submission Checklist when submitting the product

http://www.eprmg.net/ResourceCenter/JumboandNicheProductForms/Internal%20Jumbo%20Corporat

e%20UW%20Submission%20Checklist%20.pdf

Prior Appraisal Review

For use with Platinum Jumbo products.

Appraisal Review:

All files must be submitted to BAML (Clear Capital) for appraisal review. The fulfillment center

must submit an email to [email protected] with the review request after branch level

loan approval for the Jumbo Review team to submit the order:


1. Upload appraisal(s) for a review to Clear Capital: http://www.clearcapital.com/

2. Value must be supported for both the Diamond and Platinum program per the Valuation

Requirements chart which is available at the following link:

http://www.eprmg.net/PlatinumValuationRequirements.pdf

3. If value is not supported, a field review must be ordered through Clear Capital




Exceptions

For exception request, BAML’s Waiver Request must be completed by the Branch Underwriter

and submitted to the fulfillment center’s Operations Manager. Include the transmittal

summary/1003/credit report/AUS findings or anything else that pertains to the exception. The

variance request needs to be reviewed and approved by the fulfillment center’s Operations

Manager who will then submit the request to BAML at the lender submission email address.

markets.ml.com

http://www.eprmg.net/ResourceCenter/JumboandNicheProductForms/Internal%20Jumbo%20Corporate%20UW%20Submission%20Checklist%20.pdf




http://www.eprmg.net/PlatinumValuationRequirements.pdf





The BAML Exception Request Form can be found at the following link:

http://www.eprmg.net/InvestorForms/BAMLWaiverRequestForm.xlsx

For loan scenario analysis requests, BAML’s Scenario Analysis must be completed and submitted

by the Branch Underwriter to PRMG’s the fulfillment center’s Operations Manager. Include the

transmittal summary/1003/credit report/AUS findings or anything else that pertains to the

scenario. The loan scenario needs to be reviewed and approved by the fulfillment center’s

Operations Manager who will then submit the request to BAML at the lender submission email

address.

The BAML Scenario Analysis Form can be found at the following link:

http://www.eprmg.net/InvestorForms/BAMLScenarioAnalysisRequestForm.xlsx


http://www.eprmg.net/InvestorForms/BAMLWaiverRequestForm.xlsx

http://www.eprmg.net/InvestorForms/BAMLScenarioAnalysisRequestForm.xlsx



Galton https://portal2.edgemac.com/Default.aspx

Galton requires an eligibility review of the loan file. This is for use with Closed End Second products.

Closed End Second Eligibility Review





submitted to Galton with the file. The submission form can be found at the following link:

http://www.eprmg.net/ResourceCenter/JumboandNicheProductForms/Internal%20Jumbo%20C

orporate%20UW%20Submission%20Checklist%20.pdf

Any conditions from the eligibility review must be sent to [email protected] as individual

documents (they can be in the same email) and named as the condition number to be sent to

the investor for clearance. All eligibility conditions must be met prior to close.


Register the Loan, and use Pre-Funding Submission option.

Documents must be uploaded to their portal in in a PDF format, including a color appraisal.

When registering the loan select SL A+ as the credit grade, mark as Qualified Mortgage and

enter Jumbo Reviews, [email protected], 951-278-0000 as the Seller Underwriting

Contact and Post Closing, [email protected], 951-278-0000 as the Seller Shipping Contact.

After review is completed, download Individual Loan Summary (ILS) report once review is

completed

Exceptions

Exceptions are not allowed.


https://portal2.edgemac.com/Default.aspx










Everbank www.everbankcorrespondent.com

Everbank requires prior approval of the loan file and exceptions are offered on a case-by-case basis.

This is a Retail Only product and is for use with Emerald Jumbo products.





submitted to Everbank with the file. The submission form can be found at the following link:

http://www.eprmg.net/InvestorForms/EverbankSubmissionForm.pdf

Condo Project Underwriting

All warrantable and non-warrantable condos must be sent to them for review on Emerald

program.

Condo reviews, for warrantable or non-warrantable condos, must be performed by investor and

must be submitted separately from underwriting eligibility review

Review should be submitted by the fulfillment center to [email protected] with the

Condo Review Submission form and required Everbank documentation.



with eligibility review

1. Condo projects must meet the requirements as described in

http://www.eprmg.net/InvestorForms/EverbankCondo.pdf

2. Condo related documents:

http://www.eprmg.net/InvestorForms/EverbankCondoLimitedReviewWarranty.pdf

http://www.eprmg.net/InvestorForms/EverbankCondoQuestionarre.pdf

http://www.eprmg.net/InvestorForms/EverbankFullCondoQuestionnaire.pdf

http://www.eprmg.net/InvestorForms/EverbankFullCondoSubmission.pdf

http://www.eprmg.net/InvestorForms/EverbankInsuranceCondoQuestionnaire.pdf

http://www.eprmg.net/InvestorForms/EverbankLimitedCondoQuestionnaire.pdf

http://www.eprmg.net/InvestorForms/EverbankLimitedCondoSubmission.pdf



http://www.everbankcorrespondent.com/





http://www.eprmg.net/InvestorForms/EverbankCondo.pdf

http://www.eprmg.net/InvestorForms/EverbankCondoLimitedReviewWarranty.pdf

http://www.eprmg.net/InvestorForms/EverbankCondoQuestionarre.pdf

http://www.eprmg.net/InvestorForms/EverbankFullCondoQuestionnaire.pdf

http://www.eprmg.net/InvestorForms/EverbankFullCondoSubmission.pdf

http://www.eprmg.net/InvestorForms/EverbankInsuranceCondoQuestionnaire.pdf

http://www.eprmg.net/InvestorForms/EverbankLimitedCondoQuestionnaire.pdf

http://www.eprmg.net/InvestorForms/EverbankLimitedCondoSubmission.pdf



1. Loan will be submitted for prior approval by the fulfillment center.

2. Account access to Everbank’s Loan Document Center must be initially be completed

prior to being able to upload to the system, and this required is in addition to their

system website access

3. Before uploading the file it must be registered via their website by going to Action, and

then selecting one of the “Register” options

a. When registering the file use [email protected] in the loan officer field as

that is where all lock notifications, expirations, etc. are sent

b. When registering the file use the email address where you want notification of

missing loan documents, etc. in the processor field

4. To submit files to Everbank, use the following document, starting with Step 3 to guide

you through the upload process.

http://www.eprmg.net/InvestorForms/EverbankLoanDocumentCenterUserGuide.pdf

a. Utilize the following submission form to ensure all necessary documents are

included: http://www.eprmg.net/InvestorForms/EverbankSubmissionForm.pdf

b. The loan files will be uploaded at https://everbankldc.ec.virpack.com/ as

directed in the above document.

c. Please note, Appraisal must be uploaded separately from loan package

i. When submitting the file initially, submit the entire package without the

appraisal first. Once that is a success, then you can send the appraisal by

itself. If it is sent with ANY other documents, it will reach them as a

black and white appraisal (even if you uploaded a color PDF of the

appraisal).

5. After you “submit” the file must verify on the Upload Log that it was successfully

submitted

Exceptions

1. Register the loan at www.everbankcorrespondent.com and obtain an EverBank loan

number

2. Complete the Underwriting Variance Request Form which can be found at the following

link: http://www.eprmg.net/InvestorForms/EverbankLoanVarianceForm.pdf

3. Upload the following to the Variance dropdown within the Loan Document Center

(LDC):

a. Underwriting Variance Request form

b. 1008

c. 1003

d. Credit Report


http://www.eprmg.net/InvestorForms/EverbankLoanDocumentCenterUserGuide.pdf


https://everbankldc.ec.virpack.com/

http://www.everbankcorrespondent.com/

http://www.eprmg.net/InvestorForms/EverbankLoanVarianceForm.pdf



4. The Underwriting Variance Request will be reviewed by EverBank within the stated

variance request review turn times. A decision will be emailed via secure email to the

contact notated on the Underwriting Variance Request Form.




Appraisal Review

As detailed in each investor section, delegated jumbo products and closed end seconds require an

appraisal review which will be ordered by the Jumbo Review team. The fulfillment center must submit

an email to [email protected] with the review request after branch level loan approval for the

Jumbo Review team to submit the order.

Summary of various appraisal review requirements can be found at the following link:

http://www.eprmg.net/InvestorForms/PRMGDelegatedJumboAppraisalReviewInformation



http://www.eprmg.net/InvestorForms/PRMGDelegatedJumboAppraisalReviewInformation



Radian www.radian.biz

Master Policy Number: 69802-002

Florida Policy Number: 69802-012

The following is for non-delegated approvals only, see the Radian website for delegated instructions via

Encompass (FT360) integration.

Please Note: All loans with Mortgage Insurance must be submitted for prior approval with the MI

Company. It must be a full file underwrite (no limited type of review) for MI prior approval. The loan

must be submitted for “MI Only” underwriting. Do NOT select Contract Underwriting when ordering the

review.

Note: when option is available in FT360 to submit loan to MI company via system integration, use that feature. This is only for use when that is not available.

Radian requires the complete loan package to be uploaded to them.

Submission Option 1 (Preferred):

1. Log into the Radian website

2. Go to Order Services

3. Select New Application

4. Select MI Only – Complete Loan Package

5. Import DU file and complete and upload any additional documentation

Additional information about the process can be found in the following document: http://www.eprmg.net/InvestorForms/RadianMIOnlineLoanDataandDocumentUploadQRG.pdf

Submission Option 2: All documentation below must be included in the file and stacked in the following order:

1. Complete and include the Radian MI Application which can be found at the following

link: http://www.eprmg.net/InvestorForms/RadianMIApplication.pdf

2. Include the following loan documentation, the order as it appears:

a. 1008

b. 1003

c. Appraisal

d. Credit

e. Income Documentation

http://www.radian.biz/

http://www.eprmg.net/InvestorForms/RadianMIOnlineLoanDataandDocumentUploadQRG.pdf

http://www.eprmg.net/InvestorForms/RadianMIApplication.pdf



f. Asset Documentation

g. Purchase Contract (if applicable)

h. Any other supporting loan documentation

3. Once the submission package is complete, it must be scanned and emailed to

[email protected] or faxed to (866) 496-8764.





Essent www.essent.us

Master Policy Number: 05-0009-0001

Area specific policy numbers: http://www.eprmg.net/InvestorForms/EssentAreaIDs.xlsx

The following is for non-delegated approvals only, see the Essent website for delegated instructions via

Encompass (FT360) integration.




review.


The first time you use MI Ordering, make sure to click on “My Profile” on the upper left menu bar to set your User Defaults for Preferred Submission Type and MI Information

Non Delegated Submissions:

1. Log into the Essent website 2. Go to New Submission and be sure to select “Non Delegated” 3. Enter minimal data to identify the borrower and the subject property or import and

then review to ensure it was imported correctly 4. Enter the MI Information desired for the loan (if you set MI defaults in your profile, the

data will auto-populate and you will only have to change it when appropriate). 5. Click on Upload Documents. If you go directly to the Upload Documents after inputting

the file, your certificate number will auto-populate, otherwise enter the certificate number.

a. Include the following loan documentation i. Verified 1003 and 1008

ii. Merged credit report

iii. Income documentation and asset documentation

iv. Employment verification

v. Complete appraisal

vi. Sales contract, if applicable

b. Select you’re the documents from your computer. Depending on the system, you may be able to Drag & Drop files from your computer to the Upload screen, or use Control-Click to capture multiple files at the same time. When you click the Submit to Underwriting button, you will see the progress of the files as they upload.

http://www.essent.us/

http://www.eprmg.net/InvestorForms/EssentAreaIDs.xlsx



4. Enter any comments you may have for Essent’s Underwriting Team, (“MI Underwrite Only – Not Contract Underwriting”)

5. Once the status of each of your files is at 100%, the Submit to Underwriting button will turn blue. Click on it and, if your software allows, watch the progress as your files are transmitted to Essent.

Additional information about the process can be found in the following document: http://www.eprmg.net/InvestorForms/EssentMIOnline.pdf

For any issues getting into MI ordering from www.essent.us, or the Log On Screen, please email Client Services at [email protected] For guideline, or specific loan questions, or are in MI Ordering and receive a guideline-related message from MI Ordering that you do not understand, need the current Underwriting turn-time, or the status of a loan, please contact Essent’s Underwriting Team at [email protected], or (877)-330-3535. If you are in MI Ordering and receive an error message, or have a specific system question please email [email protected]


http://www.eprmg.net/InvestorForms/EssentMIOnline.pdf

http://www.essent.us/






Genworth www.mortgageinsurance.genworth.com

Master Policy Number: B222229NNR

Area specific policy numbers: http://www.eprmg.net/InvestorForms/GenworthAreaIDs.xls

The following is for non-delegated approvals only, see the Genworth website for delegated instructions

via Encompass (FT360) integration.




review.


Loan Submissions:

1. Log into the Genworth website 2. Always select Genworth Underwrite and “Submit Full Package” 3. Follow the prompts to enter the required data manually or upload a Fannie Mae 3.00 or

3.20 data file. 4. Once you’ve completed all required fields and verified MI coverage the loan status will be

Submission Pending. From here you can begin submitting loan documentation immediately or return later to submit.

a. Select Upload next to the file to upload its required documents. Be sure to use the Underwriting File Stacking Order from ImageFlow to ensure only the necessary documents are sent and the file will process faster from Genworth’s system.

5. Select Upload Docs next to the loan and browse for the files to include in the upload and then follow the prompts. (Or, select Fax Documents for an automatically generated fax cover sheet to include with your faxed documents.)

6. Upload the following documents: a. 1008 (Uniform Underwriting and Transmittal Summary) b. 1003 (Uniform Residential Loan Application) c. AUS Findings/Feedback d. CREDIT

i. Credit reports and score information disclosure ii. Verification of mortgage and/or rent

iii. Credit explanation letter(s) iv. Evidence of payoffs and tax lien satisfaction v. HUD 1 statements (sale of Previous Property)

vi. Related Public Records e. INCOME

http://www.mortgageinsurance.genworth.com/

http://www.eprmg.net/InvestorForms/GenworthAreaIDs.xls



i. Pay stubs and W-2s ii. Verifications of employment

iii. Retirement/social security/pensions iv. Military information v. Rental/lease agreements (owned property)

vi. Tax returns f. ASSETS

i. Bank and brokerage statements ii. Verification of deposits

iii. Check copies for earnest money deposits iv. Gift letters and proof of receipt

g. APPRAISAL i. All appraisal documents, license and clear photos

ii. Condo/PUD information h. SALES CONTRACT

i. Executed contract and supporting documents i. OTHER

i. Divorce, separation, child support agreements j. Any documents used to make Underwriting Decision

7. Enter your phone and fax number and select Submit Additional information about the process can be found in the following document: http://www.eprmg.net/InvestorForms/GenworthFullPackageFlyer.pdf For Assistance contact the Action Center at (800) 444-5664, extension 2.


http://www.eprmg.net/InvestorForms/GenworthFullPackageFlyer.pdf



Transferred Appraisals

Transferred appraisals must be completed by an appraiser that is not on PRMG’s Appraiser/Appraisal

Company Exclusionary List or any Agency exclusionary list.

To check an appraiser against the exclusionary lists the underwriter must review the scrub lists that are

on the public drive.

Instruction for this process can be found at the following location: PUBLIC DRIVE/ QC Dept/ Watchlist

Conditions on the DataVerify DRIVE Report

The Watchlists can be found at the following location: PUBLIC DRIVE/INVESTOR WATCHLISTS-

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