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Closed End 2nds
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Closed End 2nds
Closed End 2nds
Table of Contents
Introduction
Program and Requirements
Property Eligibility
Transaction Types
Borrower Eligibility and Requirements
Credit
Assets
Income Documentation
Senior Liens
Table of Contents
Table of Contents
Introduction
1.1 Overview and Underwriting Philosophy
1.2 Underwriting Criteria
1.2.1 Ability-To-Repay (ATR)
1.2.2 Alternative Loan Review /AUS
CES Program and Requirements
2.1 Program Overview
2.2 Eligible Products
2.3 Ineligible Senior Liens
2.4 Seasoning: Loan and Document
2.5 Seasoning: Property Listing
2.6 Season Ownership
2.7 Borrower Contact Consent Form
2.8 State and Federal High Cost Loans
2.9 Legal Documentation
2.10 Interest Credit
2.11 Assumability
2.12 Property Hazard Insurance
2.12.1 Coverage Requirements
2.13 Flood Insurance
2.13.1 Flood Certificate
2.13.2 Minimum Flood Insurance Coverage
Property Eligibility
3.1 Appraisals
3.1.1 Appraisal Options
3.2 Minimum Property Standards
3.2.1 Eligible Property Types
3.2.2 Ineligible Property Types
3.2.3 Acreage Limitations
3.3 State Ineligibility
3.4 Title Vesting and Ownership
3.4.1 Inter Vivos Revocable Trust
3.5 Leasehold Properties
3.6 Limitations on Financed Properties
3.7 Disaster Areas
3.8 Declining Values
3.9 Condominiums
Transaction Types
4.1 Eligible Transactions
4.1.1 Cash-out Seasoning
4.2 Non-Arm’s Length
Borrower Eligibility and Requirements
5.1 Fraud Report and Background Check
5.2 Non-Occupant Co-Borrowers
5.3 First Time Homebuyers
5.4 Residency
5.4.1 U.S. Citizen
5.4.2 Ineligible Borrowers
Credit
6.1 Credit Report
6.2 Loan Integrity and Fraud Check
6.3 Credit Inquires
6.4 Gap Credit Report
6.5 Housing History
6.6 Consumer Credit
6.6.1 Consumer Credit History
6.6.2 Consumer Credit Charge-offs and Collections
6.6.3 Consumer Credit Counseling Services
6.6.4 Judgement or Liens
6.6.5 Income Tax Liens
6.7 Credit Event Seasoning
6.8 Credit Score
6.9 Standard Tradeline Requirements
6.10 Obligations / Liabilities not appearing on Credit Report
6.10.1 Housing and Mortgage Related Obligations
6.10.2 Current Debt Obligations, Child Support, Alimony or Maintenance Obligations
Assets
7.1 Document Options
Income Documentation
8.1 Income Analysis
8.1.1 Income Worksheet
8.1.2 Employment and Income Verification
8.2 Debt to Income Ration / DTI
8.3 Documentation Options
8.4 Full Income Documentation
8.4.1 Full Doc
8.5 Alternative Income Documentation: 12 or 24 months Bank Statements
8.5.1 Alt- Doc: 12 or 14 months Bank Statements
8.5.2 Alt-Doc: Bank Statement Restrictions
8.5.3 Alt-Doc: Bank Statement Documentation
8.5.4 Alt-Doc: Bank Statement Income Analysis
Senior Liens
9.1 Senior Lien Limits
9.1.1 Maximum Combines Liens
9.1.2 Ineligible Senior Liens
9.2 Senior Lien Documentation Requirements
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