Single Family Housing Policy Handbook: FHA Connection 203k Calculator and Other System Enhancements
|
|
- Crystal York
- 5 years ago
- Views:
Transcription
1 Office of Single Family Program Development Single Family Housing Policy Handbook: FHA Connection 203k Calculator and Other System Enhancements April 28, 2016 Last Updated: 4/27/16 Presented by: Kevin Stevens, Director Home Mortgage Insurance Division MelissaLee, Contractor SalientCRGT
2 Agenda Call Welcome and Introduction of Speakers SF Handbook Systems Changes Overview Screen Changes and Enhanced Functionality 203k Calculator Appraisal Logging Insurance Application HUD Real Estate Owned (REO) Good Neighbor Next Door (GNND) Refinance Authorization and Refinance Credit Query Energy Efficient Homes (EEH) Stretch Ratios Escrow Closeout Certification Questions and Answers 2
3 Overview Monday, April 18, 2016, marked the official implementation of system modifications and enhancements to the FHA Connection (FHAC) and FHA Connection Business to Government (FHAC B2G) in conjunction with the March 14, 2016 update of FHA s Single Family Housing Policy Handbook (SF Handbook). 3
4 FHAC Screen Changes & Enhanced Functionality Bulk of the changes to FHAC are included in the following: 203k Calculator (new functionality) Appraisal Logging Insurance Application Remaining changes offer enhanced functionality regarding: HUD Real Estate Owned (REO) program Good Neighbor Next Door (GNND) program Refinance Authorization and Refinance Credit Query Energy Efficient Home (EEH) program Escrow Closeout Certification 4
5 203k CALCULATOR 5
6 203k Calculator: Purpose New tool provides ability to accurately calculate the maximum mortgage amount for a 203(k) purchase or refinance case. Also used to determine: Loan-to-value (LTV) factor for maximum mortgage eligibility; Calculates LTV for application of annual mortgage insurance premium; and Establishes details of 203(k) escrow account. 6
7 203k Calculator: Implementation Release Date: April 18, 2016 Optional for 203(k) case numbers assigned September 14, 2015 through October 30, If 203k Calculator is started for a case, it cannot be backed out and must be successfully processed for endorsement. Mandatory for 203(k) case numbers assigned on/after October 31, 2016 and must be completed before processing Insurance Application and endorsing the case for FHA mortgage insurance. Dates also applicable to FHAC B2G users. 7
8 203k Calculator: Versions Two versions of 203k Calculator are available: 203k Calculator (Public Version) Located on HUD.gov website at: No FHAC sign on required; and Results print out for later reference but are not saved. 203k Calculator (FHAC Version) Sign on to FHAC required; FHA Case Number required; and When it is successfully processed, the data is saved and used to pre-fill certain Insurance Application fields. 8
9 203k Calculator: Authorizations 203k Calculator (Public Version) No authorization required. 203k Calculator (FHAC Version) FHA Connection Update authorization required to add or update case information. Query authorization required for view-only access. 9
10 203k Calculator: Background Information 203k Calculator is used for both Standard and Limited 203(k) cases that are either a purchase or refinance case. Standard 203(k): Requires use of a 203(k) consultant and is used for all structural remodeling/repairs and has a minimum repair cost of $5,000. Limited 203(k): Use of a 203(k) consultant is optional and used for minor remodeling/repairs not exceeding $35,000. Structural remodeling/repairs are not allowed with Limited 203(k). 10
11 203k Calculator: Background Information (cont.) Based on entered information, several fields are pre-filled by the system from: Case Number Assignment, Appraisal Logging, and/or FHA TOTAL Scorecard. Pre-filled case information must be updated on the page in which it was originally entered, such as Appraisal Logging. Then, reprocess 203k Calculator. For example, if 203k Calculator is processed before Appraisal Logging, or if specific Appraisal Logging information is updated after the calculator is processed, the 203k Calculator must be updated and reprocessed before Insurance Application can be accessed. 11
12 203k Calculator: Reference Documentation Additional assistance is available as follows: System Changes and Processing Instructions can be downloaded through the Materials button on the lower left corner of the screen. Help Links are available on each page and provide access to help for the FHA Connection function currently displayed. 12
13 Accessing 203k Calculator on FHAC Sign on to FHAC and select: Single Family FHA Single Family Origination Case Processing Click 203k Calculator New Click Send Enter FHA case number 13
14 203k Calculator (FHAC Version): Case Information Basic case information is displayed and separated into three subsections. Preloaded fields are protected, so edits must be made where data was originally entered (such as Case Assignment) for the fields shown here. 14
15 203k Calculator (FHA Version): Case Information (cont.) Edits may be made to specific fields as needed. For a HUD REO purchase case, select the appropriate option from the drop-down list, otherwise the field cannot be edited. 15
16 203k Calculator (FHA Version): Case Information (cont.) Enter EEM and Solar/Wind fields Pre-filled if TOTAL Scorecard was previously processed; otherwise, enter amount. Enter N/A for borrower with nontraditional or nonsufficient credit. 16
17 203k Calculator (FHA Version): Case Information (cont.) If Appraisal Logging was not processed, the time period within which the property was acquired by the borrower must be selected (pictured below) applicable only to a refinance case. 17
18 203(k) Loan Appraisal Requirements Policy Reminder Subject To appraisals are required on all 203(k) loans. As-Is appraisals are required for: 203(k) purchase transactions - in cases of property flipping On a 203(k) Refinances where:» The sum of existing debt plus fees on the new loan is greater than the value on the Subject To appraisal.» The property was acquired less then 12 months prior to the case assignment date. An As-Is appraisal may be obtained on any transaction. 18
19 Step 1: Establishing Financeable Repair and Improvement Costs, Fees and Reserves The type of 203(k) case (Standard or Limited) determines what must be entered in this section. There are no differences in this section if the case is a purchase or refinance. Enter only whole numbers do not enter cents, commas, or dollar signs. Several system-calculated fields are included in this section. As amounts are entered, the fields are calculated and displayed in the respective fields. 19
20 Step 1A: Repair and Improvement Costs and Fees Total (sum of Step A1 thru Step A7) System-calculated field based on items A1 through A7 below. 20
21 Step 1A: Repair and Improvement Costs and Fees Total (sum of Step A1 thru Step A7) for Limited 203(k) Case As amounts are entered, the system calculates and displays the total amount in Step 1A: Repair and Improvement Costs and Fees Total (sum of Step A1 thru Step A7). Items A1, A4, A5, and A6 are applicable to a Limited 203(k) case. The other listed items in Step 1A are protected from data entry and do not pertain to a Limited 203(k) case. 21
22 Step 1A: Repair and Improvement Costs and Fees Total (sum of Step A1 thru Step A7) for Standard 203(k) Case Items A1 through A7 are all applicable to a Standard 203(k) case. If an amount is zero, you may leave the field blank or enter a zero. As amounts are entered, the system calculates and displays the total amount. 22
23 Step 1B: Financeable Contingency Reserves Step 1B: Financeable Contingency Reserves - See Handbook for requirements for Standard and Limited Note: If Appraisal Logging is completed prior to processing the 203k Calculator form, the minimum and maximum financeable contingency reserve requirements are validated using the amount entered in Step 1B, along with the age of the property entered for Appraisal Logging. 23
24 Step 1C: Financeable Mortgage Payments Reserves Step 1C: Financeable Mortgage Payments Reserves Optional for a Standard 203(k) case (max 6 months) Not applicable to a Limited 203(k) case 24
25 Step 1D: Financeable Mortgage Fees Total (sum of Step D1 and Step D2) Step 1D: Financeable Mortgage Fees Total If origination and/or discount fees are charged, they must be entered in D1 and D2. The sum of Steps D1 and D2 is system-calculated and displayed in 1D. Note: The mortgagee may finance a portion of the borrower-paid origination fee not to exceed the greater of $350, or 1.5 percent of the total of the of the sum of Steps 1A, 1B, and 1C. 25
26 Step 1E: Total Rehabilitation Cost (Step 1 total) (sum of Steps 1A, 1B, 1C and 1D) for Standard 203(k) Step 1E is system calculated and the sum of previous fields in this section. 26
27 Step 2: Establishing Value The Adjusted As-Is and After-Improved values for a property are determined in this section. Some field labels differ based on whether the case is a purchase or refinance, and other case characteristics. Enter only whole numbers do not enter cents, commas, or dollar signs. Several preloaded and system-calculated fields are included in this section. Preloaded fields are protected and any updates must be made where the case data was originally entered, such as Appraisal Logging. 27
28 Step 2: Establishing Value - Adjusted As-Is Value (Purchase case) If Appraisal Logging was processed, Step 2A. Purchase Price is system populated and the amount is protected; otherwise, enter the amount. 28
29 Step 2: Establishing Value Adjusted As-Is Value (Purchase case) (cont.) If an amount is entered in Step 2B. Inducements to Purchase, the Inducements to Purchase field for Insurance Application is pre-filled with that amount. Step 2C is a system-calculated field and subtracts the amount in Step 2B from Step 2A. 29
30 Step 2: Establishing Value - Adjusted As-Is Value (Purchase Case) (cont.) When an As-Is Appraisal is required, enter the estimated value in Step 2D while waiting for the appraiser s report. After logging the appraisal via Appraisal Logging, Step 2D is preloaded and becomes a protected field. Step 2E is a system-calculated field. 30
31 Step 2: Establishing Value - After-Improved Value (Purchase Case) (cont.) If Appraisal Logging was processed, Step 2F. Appraised Value (subject to repairs and improvements) is preloaded and the amount is protected; otherwise, enter the amount. The After-Improved Value field for Insurance Application is pre-filled with this amount. 31
32 Step 2: Establishing Value - Adjusted As-Is Value (Refinance Case) Fields A, B, and C are labeled differently for a refinance case; and, field D is not listed for a purchase case. 32
33 Step 2: Establishing Value - Adjusted As-Is Value - Step 2A (Refinance Case) (cont.) Enter the amount in Step 2A. 33
34 Step 2: Establishing Value - Adjusted As-Is Value - Step 2B (Refinance Case) (cont.) Step 2B is protected and populated with the amount from Step 1E. Total Rehabilitation Cost (Step 1 total) (sum of Steps 1A, 1B, 1C and 1D). 34
35 Step 2: Establishing Value - Adjusted As-Is Value - Step 2C (Refinance Case) (cont.) Enter the amount in this field. 35
36 Step 2: Establishing Value - Adjusted As-Is Value - Step 2D (Refinance Case) (cont.) Amount is system calculated, protected, and the sum of the previous three fields. 36
37 Step 2: Establishing Value - Adjusted As-Is Value - Steps 2E and 2F (Refinance Case) (cont.) Step 2E: If an as-is appraisal was entered via Appraisal Logging, the amount is preloaded and the field is protected. If an as-is appraisal has not been logged yet, enter the amount; otherwise leave blank. Step 2F: Amount is system calculated and protected. 37
38 Step 2: Establishing Value - Adjusted As-Is Value Step 2G (Refinance Case) (cont.) Enter estimated After-Improved value while waiting for the appraiser s report. After Appraisal Logging is processed, Step 2G is system populated and protected. The After-Improved Value field on Insurance Application is also pre-filled with this amount. 38
39 Step 3: Calculating Maximum Mortgage Some field labels in this section differ based on whether the case is a: Purchase not HUD Real Estate Owned (REO) Purchase REO not $100 Down Purchase REO $100 Down Refinance Majority of the fields in this section are system calculated and protected. 39
40 Step 3: Calculating Maximum Mortgage (Purchase - Not a HUD REO) For a purchase case that is NOT an REO: All fields in Step 3 are protected and calculated/populated by the system. Step 3C. Lead-Based Paint Credit Adjustment is only applicable to REO purchases and is otherwise protected from data entry. 40
41 Step 3: Calculating Maximum Mortgage (Purchase -REO Not $100 Down) For a purchase case - REO not $100 Down case: All fields in Step 3 are protected and calculated/populated by the system, except for Step 3C. Lead-Based Paint Credit Adjustment, which is entered by the user if applicable. The field label for Step 3D differs based on whether the case is participating in the $100 Down Sales Incentive HUD program. 41
42 Step 3: Calculating Maximum Mortgage (Purchase - REO $100 Down) For a purchase case - REO $100 Down case: All fields in Step 3 are protected and calculated/populated by the system, except for Step 3C. Lead-Based Paint Credit Adjustment, which is entered by the user, if applicable. The field label for Step 3D differs based on whether the case is participating in the $100 Down Sales Incentive HUD program. 42
43 Step 3: Calculating Maximum Mortgage (Refinance Case) For a refinance case: All fields in Step 3 are protected and calculated/populated by the system. Field labels for Steps 3A thru 3D and 3F of this section also differ for a refinance case. 43
44 Step 4: Additions to Base Mortgage Amount The majority of the fields in this section are: System calculated and protected; Applicable to: An Energy Efficient Mortgage (EEM) and/or Solar/Wind case; and A purchase or refinance case. 44
45 Step 4: Additions to Base Mortgage Amount Policy Reminder Solar/Wind refers to use of the Solar and Wind Technologies product in Handbook II.A.8.m. This product allows for the Nationwide Mortgage Limit to be exceeded. EEM refers to the use of the Energy Efficient Mortgage product in Handbook II.A.8.c. This product allows for underwriting the mortgage excluding the amount related to the EEM improvement costs (excluded from DTI). The 203k program by itself also permits the financing of Solar/Wind or other energy efficient improvements. The costs for EEM and/or Solar/Wind improvements must be entered in Step 1 or Step 4, but not both. 45
46 Step 4: Additions to Base Mortgage Amount (Purchase Case) For a purchase or refinance case: All fields in Step 4 are system calculated and protected except for Steps 4A and 4C, for which data must be entered if Yes was selected for EEM and/or Solar/Wind in the Case Information section. Step 4G is calculated upon successfully processing the completed form and is displayed on the 203k Calculator Results page. 46
47 Step 4: Additions to Base Mortgage Amount Refinance Case For a purchase or refinance case: All fields in Step 4 are system calculated and protected except for Steps 4A and 4C, for which data must be entered if Yes was selected for EEM and/or Solar/Wind in the Case Information section. Step 4G is calculated upon successfully processing the completed form and is displayed on the 203k Calculator Results page. 47
48 Step 5: Calculating LTV for Application of Annual MIP Step 5A is protected and displays the system-calculated annual mortgage insurance premium (MIP) loan-to-value (LTV) ratio after the completed 203k Calculator form is successfully processed (pictured below for a Refinance case). 48
49 Step 6: Establishing the Rehabilitation Escrow Amount View-only fields that are pre-filled by the system. 49
50 Step 6: Establishing the Rehabilitation Escrow Amount (cont.) 6D applies only to HUD REO purchase cases 6F is the system-calculated sum of all applicable amounts entered in items 6F. 1 thru 7 50
51 Step 6: Establishing the Rehabilitation Escrow Amount - Limited 203(k) Not applicable to a Limited 203(k) case 51
52 Processing 203k Calculator and Viewing Results Click to process the completed 203k Calculator form. 203k Calculator Results page is displayed if processing is successful. 52
53 Processing 203k Calculator and Viewing Results (cont.) On the 203k Calculator Results page, the system-calculated values are provided for Steps 4G (Final Base Mortgage Amount) and 5A (MIP LTV) (pictured below for a Purchase case). Fields calculated only upon processing 203k Calculator 53
54 203k Calculator Updates Updates may be made to case information entered on 203k Calculator until the case is endorsed. Changes to Appraisal Logging will require users to re-run 203k Calculator. Once endorsed, the page becomes protected and no changes are permitted unless the Mortgage Insurance Certificate (MIC) is cancelled by authorized Homeownership Center (HOC) personnel. 54
55 Other Functions Menu and 203k Calculator Access to other related functions for the same case is available from the 203k Calculator and 203k Calculator Results page using Links available from drop-down list to other FHAC functions for the same case A link to 203k Calculator is also available using from other relevant pages, such as Appraisal Logging, for the same 203(k) case. Use link to display the 203k Calculator page for the displayed case 55
56 203k Calculator Public Version Available to the public on the HUD.gov website at: Use to develop scenarios for 203(k) loans prior to issuing a case number. No sign on or FHA Case Number is required. Enter basic case information, then the page functions like the FHAC version of 203k Calculator. Results can be viewed/printed but not saved. 56
57 203k Calculator Public Version (cont.) Click link to access help information for this page Enter basic case information in the three subsections Click Send 57
58 203k Calculator Public Version (cont.) If processing of the initial page is successful, the 203k Calculator page appears with the appropriate calculator worksheet (based on entered case information). Fields are not pre-filled from other case sources, such as Case Number Assignment or Appraisal Logging. Enter case information similar to 203k Calculator (FHAC Version). Mortgage limits for property not provided but are available at: FHAC: HUD.GOV: Process page when all information is entered and if no errors, 203k Calculator Results page appears. 58
59 203k Calculator Public Version (cont.) Edits may be made to entered case information except: 203k Type, Purchase/Refinance, Condominium, and Secondary Residence. Do not use your browser s Back button. Use Repaint Form link to return to the case input page, enter edits, and process page again. Click to return to the previous page and enter any necessary edits as needed. 59
60 203k Calculator Topics Discussed ü Implementation dates ü Authorizations ü Reference materials ü Public and FHAC 203k Calculator versions ü Walkthrough of 203k Calculator 60
61 APPRAISAL LOGGING CHANGES 61
62 Appraisal Logging:Changes that Affect 203k Calculator 203k Calculator information must be updated if the following Appraisal Logging information is changed: Contract Price; Appraised Value; Second appraisal added; and/or Prior sale information for a refinance case (property was acquired within the last 12 months or prior sale/transfer as a result of family gift or inheritance). Insurance Application cannot be accessed until 203k Calculator and Appraisal Logging have the same updated information. 62
63 Appraisal Logging: Appraisal Type Field Added The Appraisal Type field was added to the Reconciliation Fields section of Appraisal Logging. New 63
64 Appraisal Logging: Appraisal Type Field Added (cont.) The two options on the drop-down list of the Appraisal Type field are: As-Is: Estimate of the market value of real property in its current physical condition, use, and zoning as of the appraisal date. Subject to: Appraised value of the property subject to: Completion; Repairs and improvements; and/or Plans and specifications. 64
65 Appraisal Logging: Appraisal Type Field Added (cont.) Appraisal Logging Rules for 203(k) Cases Only The Appraisal Type is required for all 203(k) cases processed on the FHA Connection, regardless of the Case Number Assignment date. On a 203(k) case only, the first appraisal logged must be a Subject to Appraisal Type. If a second appraisal is required, it must be an As-Is Appraisal Type. Appraisals submitted via the Electronic Appraisal Delivery (EAD) portal must be submitted in this order: Appraisal 1: Subject to appraisal; and Appraisal 2: As-Is appraisal. 65
66 Appraisal Logging: Appraisal Type Field Added (cont.) Rules for 203(k) Cases via B2G For 203(k) cases processed via B2G, entry of the Appraisal Type depends on the Case Number Assignment date as follows: Before September 14, 2015: Optional; On or after September 14, 2015: If the Appraisal Type is not provided, it defaults to Subject to for the first appraisal and As- Is for the second appraisal; and On or after October 31, 2016: Required. 66
67 Appraisal Logging: Appraisal Type Field Added (cont.) Rules for Non-203(k) Cases The Appraisal Type can be either Subject to or As-Is for the first and/or second appraisal. Entry of the Appraisal Type is required for non-203(k) cases processed on the FHA Connection with a Case Number Assignment date of April 18, 2016 or later. Entry of the Appraisal Type is optional for non-203(k) cases with a Case Number Assignment date prior to April 18,
68 Appraisal Logging: Appraisal Type Field Added (cont.) Rules for Non-203(k) Cases via B2G For non-203(k) cases processed via B2G, entry of the Appraisal Type depends on the Case Number Assignment date as follows: On or after October 31, 2016: Required Prior to October 31, 2016: Optional 68
69 Appraisal Logging: Second Appraisal Reason for 203(k) The Second Appraisal Reason field for Appraisal Logging was modified to include 203(k) As-Is Appraisal as an option. This option is used for a 203(k) case that requires an As-Is appraisal, in addition to the initial Subject to appraisal. New 69
70 Appraisal Logging Topics Discussed ü Appraisal Type field added ü Reason for a second appraisal added for a 203(k) case 70
71 INSURANCE APPLICATION CHANGES 71
72 Insurance Application: 203(k) Changes Insurance Application cannot be accessed if: 203k Calculator does not agree with Appraisal Logging. Minimum Decision Credit Score for TOTAL Scorecard does not agree with the Minimum Decision Credit Score for 203k Calculator. They fall in different ranges or fall below k Calculator is required for the case but not completed (only applicable to FHA case numbers assigned on/after October 31, 2016). 72
73 Insurance Application: 203(k) Changes (cont.) Pre-filled Fields from 203k Calculator If 203k Calculator was previously processed, the following Insurance Application fields are pre-filled from the calculator and protected: After-Improved Value * 203k Calculated Value * EEM Improvement Amount Energy Efficient Mortgage Escrow Amount Inducements to Purchase MIP LTV * Sales Price Solar/Wind Solar/Wind Amount $100 REO Down Payment Program * New pre-filled fields included with this release 73
74 Insurance Application: 203(k) Changes (cont.) Updating Pre-filled Fields from 203k Calculator Use 203k Calculator to update the pre-filled Insurance Application fields, except for Sales Price and After-Improved Value. Use Appraisal Logging to update the Sales Price and After- Improved value fields. For an electronic appraisal, update the appraisal report then upload it to the Electronic Appraisal Delivery (EAD) portal. Use Appraisal Logging to review and confirm the changes. Reprocess 203k Calculator with the updated information from Appraisal Logging. 74
75 Insurance Application: 203(k) Changes (cont.) Worksheet Information Section After Improved Value field rather than the Appraised Value appears in the Worksheet Information section of Insurance Application for 203(k) cases for which 203k Calculator was completed. It is protected and displays the pre-filled subject to appraisal value from Appraisal Logging. New 75
76 Insurance Application: 203(k) Changes (cont.) Mortgage Information Section Loan-to-value (%): Case LTV (mortgage amount without MIP divided by the 203k Calculated Value). 203k Calculated Value: New field for 203(k) cases only, systemcalculated field based on values from the 203k Calculator. It is used as the denominator when calculating case LTV based on values from 203k Calculator. MIP LTV: System-calculated LTV used to determine the Annual MIP for a 203(k) for forward cases assigned on or after April 18, This new field is pre-filled from 203k Calculator for 203(k) cases, if 203k Calculator was processed, and cannot be greater than the amount calculated by Insurance Application or an error message is returned. 76
77 Insurance Application: 203(k) Changes (cont.) Mortgage Information Section New 203(k) Fields New field corresponding to Step 3D on the 203k Calculator. This is the denominator for calculating Case LTV vs. MIP LTV, which uses After-Improved Value in Step 5. New field corresponding to Step 5 on the 203k Calculator. 77
78 Insurance Application: Building on Own Land Modifications were made to the Building on Own Land field in the General Information section. For this field, if you select: Yes, then Construction Code must be: Proposed Construction, Under Construction, or New Construction (Less than 1 Year) No, then Construction Code must be: Existing Construction, or Substantial Rehabilitation. 78
79 Insurance Application: Energy Efficient Home (EEH) Updates to the Worksheet Information section related to Energy Efficient Mortgages (EEM) and Energy Efficient Home (EEH) stretch ratios. Must be completed when case is manually underwritten for EEH and the borrower s income ratios are stretched by two percentage points above the standard home limits. Updated field name Two new EEH fields 79
80 Insurance Application: Energy Efficient Home (EEH) (cont.) Home Energy Score For cases with a Construction Code of Existing Construction or Substantial Rehabilitation, enter the home s energy performance score (between 0 10). Leave blank for cases with a Construction Code of Proposed Construction, Under Construction, or New (Less than 1 Year). These homes automatically qualify for stretch ratios if manually underwritten, but must be in compliance with HUD s other qualifying criteria regarding energy code standards. See the HUD Handbook for additional information regarding stretch ratio qualifications. 80
81 Insurance Application: Energy Efficient Home (EEH) (cont.) Manual Underwrite Stretch Ratios (EEH) Select Yes if manually underwritten using stretch ratios, Select No if the case is not manually underwritten and stretch ratios are not being used for the EEH; the Home Energy Score field is left blank. Energy Efficient Mortgage (EEM) Replaces the Energy Efficient Mortgage Type classification field. Select Yes or No to specify whether the case is an EEM and energy efficient improvements are being factored into the loan. If Yes is selected, the EEM Improvement Amount must be greater than $0 and is subject to limits in Handbook
82 Insurance Application Topics Discussed ü Changes for 203k Calculator (pre-filled fields from 203k Calculator and new/renamed fields) ü Changes for the Energy Efficient Home (EEH) program ü Changes for Building on Own Land 82
83 HUD REO CASE CHANGES 83
84 HUD REO Changes: Case Number Assignment Processing Type Must Be Real Estate Owned with Appraisal For HUD REO cases assigned an FHA case number on or after April 18, 2016, the Processing Type must be Real Estate Owned w/appraisal. Real Estate Owned w/o Appraisal is no longer an available option. 84
85 HUD REO Changes: Insurance Application HUD REO Repair Amount Field Added New optional field applicable to HUD REO cases. Records amount of repair funds held in escrow to meet HUD s minimum property requirements. Cannot include escrow funds for installation of solar/wind/ weatherization systems. Escrow must be Yes if entered in the HUD REO Repair Amount field (max $5,500). 85
86 HUD REO Changes: Insurance Application (cont.) Maximum LTV Ratios For HUD REO case numbers assigned on or after April 18, 2016, the maximum loan-to-value (LTV) ratios are: HUD REO investment property: LTV 75% (one to four units) HUD REO: LTV 96.5% HUD REO $100 Down: No LTV ratio (can be $100 less the Adjusted Value plus repairs) 86
87 GOOD NEIGHBOR NEXT DOOR (GNND) CHANGES 87
88 Good Neighbor Next Door Changes: Secondary Financing If Federal Government GNND is selected as the Source of Funds, enter the amount of the discount by which the sales price was reduced in the Amount 1 field. Do not enter any other information. New option added to identify Good Neighbor Next Door (GNND) as a Source of Funds. 88
89 Good Neighbor Next Door Changes: Insurance Application CLTV Total (%) field (located in the Mortgage Information section of Insurance Application) provides the combined loan-to-value ratio if the borrower has more than one loan (i.e., secondary financing). The new HUD Good Neighbor Next Door (GNND) secondary financing source is not included in the CLTV Subject to Limit (%) for Insurance Application (Mortgage Information section) since it is a government entity. 89
90 ORIGINAL ANNUAL MIP FACTOR (%) ADDED 90
91 Original Annual MIP Factor (%) Original Annual MIP Factor (%) field was added to three FHA Connection pages: Refinance Authorization Results Refinance Credit Query Results Case Number Assignment Results Current MIP factor of loan being refinanced. Displayed for use in FHA Streamline Net Tangible Benefit Test. 91
92 Original Annual MIP Factor (%): Refinance Authorization New 92
93 ESCROW CLOSEOUT CHANGES 93
94 Escrow Closeout: Fields Added for 203(k) Cases 203k Consultant ID Identifies 203(k) consultant assigned to a 203(k) case; Appears only for 203(k) cases; Is protected no edits can be made; and For a: Standard 203(k) case: The consultant s FHA ID and name appears. Limited 203(k) case: Displays 203KS unless a 203(k) consultant was used then the FHA ID and name appears. 94
95 Escrow Closeout: Fields Added for 203(k) Cases (cont.) Replacement 203k Consultant ID Records 203(k) consultant information if a new consultant is needed for the case. For a: Standard 203(k): You must enter consultant ID. Limited 203(k): You may enter 203KS, leave blank, or enter consultant ID (if consultant is used). Cannot be the same as the current 203k Consultant ID. Must currently be active on 203(k) Consultant Roster, or have been active on roster at time of endorsement. Field is displayed only for a 203(k) case. 95
96 Escrow Closeout: Fields Added for 203(k) Cases (cont.) Replacement 203k Consultant Date Records the date a replacement 203(k) consultant was assigned to the project. Field is displayed only for 203(k) cases. New fields (displayed only for 203(k) cases) Protected If date is entered, the Replacement 203k Consultant ID is required. 96
97 Escrow Closeout: Closeout Type Changes HUD REO Option Added This new option is for repair work on a former HUD REO property. New option 97
98 Escrow Closeout: Closeout Type Changes (cont.) Energy Efficient Improvements and Closeout Types If Solar/Wind is the Closeout Type, then you must select Solar PV/Hot Water and/or Wind Energy System as an energy efficient improvement. Previously was N/A 98
99 Escrow Closeout: Changes for a Project Extension Borrower may request an extension for a project that is not completed by the established finish date. Extension can be for any case type. Mortgage must be current. Lender grants extensions at its own discretion, and Documentation must be retained by the lender. New fields include: Approved for Extension Yes/No Revised Expected Completion Date Extension Justification Reason 99
100 Escrow Closeout: Changes for a Project Extension (cont.) New fields for a project extension (applicable to all case types) 100
101 Escrow Closeout: Changes for a Project Extension (cont.) Lender selects Yes to approve extension or No to deny extension. If Approved: Enter the month/year of the revised completion date. Must be later than the original completion date, but no more than six months past. If Denied: Revised Expected Date must be left blank. 101
102 Escrow Closeout: Changes for a Project Extension (cont.) If an extension is approved, then a reason for the extension must be selected from the drop-down list. If you select Other, you must enter an explanation in the text box. If an extension is not approved, you must select Other as the justification reason and enter an explanation in the text box. 102
103 Escrow Closeout: Health and Safety Issue Changes New fields added for health and safety issues. Specify whether health/safety hazards that violate HUD s Minimum Property Requirements were resolved by selecting Yes or No. If No is selected, enter the unresolved issues in the text box. 103
104 Escrow Closeout: Certification Changes New certification section for a 203(k) case. The list of required documents differs between a 203(k) and non-203(k) case. However, the certification section is completed the same way for all case types. 104
105 Escrow Closeout: Certification Changes (cont.) New certification section for a non-203(k) case. For a non-203(k) case, the required documents differ between programs. 105
106 Escrow Closeout: Certification Changes (cont.) Select Yes if: work was completed, escrow account was closed, and any remaining funds were applied to the principal. If Yes is selected above, this section of the certification applies to the 203(k) case. 106
107 Escrow Closeout: Certification Changes (cont.) Select No if: work is incomplete, escrow account was closed, and remaining funds were applied to the principal. If No is selected above, this section of the certification applies to the case. 107
108 Escrow Closeout: Certification Changes (cont.) If the work is incomplete, select a reason from the drop-down list. If Other is selected as the reason, enter an explanation in the text box. Note: Box is limited to 500 characters. If more detail is needed, summarize and indicate complete write-up is retained in file. 108
109 Escrow Closeout: Certification Changes (cont.) Once the Escrow Closeout certification is processed (whether or not the work was completed) the information cannot be updated by the lender. Only authorized HOC staff can remove the existing Escrow Closeout information for the lender to be able to make updates. 109
110 QUESTIONS AND ANSWERS
111 THANK YOU!
Paramount Residential Mortgage Group (PRMG) HUD REPAIR ESCROWS UNDERWRITING AND APPRAISAL REQUIREMENTS
Paramount Residential Mortgage Group (PRMG) HUD REPAIR ESCROWS UNDERWRITING AND APPRAISAL REQUIREMENTS PURPOSE This is an outline of specific requirements for HUD repair escrows. Follow the published FHA
More informationQuarterly Owner s Financial Certification Reporting Instructions
Quarterly Owner s Financial Certification Reporting Instructions Quarterly Owner Financial Certification Reports are due by the 15 th business day of April (for the Quarter Jan Mar), July (for the Quarter
More informationWorking with the LendingQB-Appraisal Firewall Interface
Working with the LendingQB-Appraisal Firewall Interface Setup and User Training Guide Lenders that use the LendingQB LOS can stay in their familiar loan origination system and place real estate appraisal
More informationAppraisal Firewall Guide for Administrators
Appraisal Firewall Guide for Administrators Managing Your Branches and Market Areas in Appraisal Firewall The Appraisal Firewall Administrator user was designed to give lenders fast and easy access to
More informationDMS Authority Online. User s Manual
Illinois Housing Development Authority DMS Authority Online User s Manual for Property Owners and Agents Revised 4/1/2018 DMS Authority Online User Guide Table of Contents Overview What is DMS How Owners
More informationUnderstanding the AOFC. Reporting for 2015
Texas Department of Housing and Community Affairs Click to edit Master text styles Second level Third level Understanding the AOFC Fourth level Reporting for 2015 Fifth level 1 1 The Basics The Annual
More informationHomeowner s Exemption (HOE)
Homeowner s Exemption (HOE) Table of Contents CHEAT SHEETS... 3 Add HOE to a Parcel...3 Edit HOE Record...3 Remove HOE from a Parcel...3 Find the HOE Amount...3 Who is getting the exemption?...4 New Application
More informationUsing HEROS as an FHA Partner
Using HEROS as an FHA Partner The purpose of this document is to provide instructions to consultants and lenders assisting with environmental reviews for Multifamily FHA-insured projects. Consultants will
More informationUniform Collateral Data Portal (UCDP) General User Guide October 2017
Uniform Collateral Data Portal (UCDP) General User Guide October 2017 direction of their regulator, the Federal Housing Finance Agency. 1 of 100 direction of their regulator, the Federal Housing Finance
More informationOwner Builder Training Guide for the New Home Buyer Protection Public Registry
Owner Builder Training Guide for the New Home Buyer Protection Public Registry Prepared by New Home Buyer Protection Office Alberta Municipal Affairs Contents 1 Introduction... 3 2 Using the Owner Builder
More informationUNIFORM APPRAISAL DATASET (UAD) FHA SPOTLIGHT - SELECTION AND VERIFICATION OF COMPARABLE SALES
Spring 2011 Issue 3 FHA APPRAISER In This Issue: Welcome to the third issue of the Federal Housing Administration Appraiser Roster Newsletter. We hope you will find it informative. Uniform Appraisal Dataset
More informationRPR For Your Business
RPR For Your Business What is RPR? RPR (Realtors Property Resource) is a member benefit from the National Association of REALTORS and is provided to you at no additional charge. Logging in RPR is in our
More information54 System Design Collaborate: Agent Task Instructions
1 54 System Design Collaborate: Agent Task Instructions Version Date Description By 1.0 1/25/2013 Final Lizette Patterson Table of Contents Profile information... 2 Agent (Listing) Confirmation Task...
More informationSecurity Administrator (SA) Training Agency Agreements
Security Administrator (SA) Training Agency Agreements Training Topics Introduction to Agency Agreements How to create an Agency Agreement How to approve an Agency Agreement How to terminate an Agency
More informationAppraisal Firewall Quick Start Guide
Appraisal Firewall Quick Start Guide Information for Manager Users BASIC USAGE AND LAYOUT... 2 MANAGER SETTINGS... 3 ORDERS... 5 PINNED ORDERS... 6 WORKING IN AN ORDER... 7 RELATIONSHIPS... 9 LENDERS TAB...
More informationGeoWarehouse Land Registry. Teranet Enterprises Inc.
GeoWarehouse Land Registry Teranet Enterprises Inc. TABLE OF CONTENTS Neighoubourhood Sales... 1 Overview... 1 Find Neighbourhood Sales... 1 Neighbourhood Sales and Map... 6 Map Neighbourhood Sales...
More informationEnter the web address and click on Housing Credit Management System
Registration http://resources.thda.org/ Enter the web address and click on Housing Credit Management System To create an HCMS account click the New User? Register Here. tab next to the username data field.
More informationSection Leasehold Estate Guidelines
Section 1.10 - In This Section This section contains the following topics: Overview... 2 General... 2 Related Bulletins... 3 Identifying a Leasehold Estate... 4 Occupancy/Property Types... 5 Eligible Occupancy/
More informationDEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. [Docket No. FR-6001-N-07] 60-Day Notice of Proposed Information Collection:
This document is scheduled to be published in the Federal Register on 05/19/2017 and available online at https://federalregister.gov/d/2017-10229, and on FDsys.gov Billing Code: 4210-67 DEPARTMENT OF HOUSING
More informationAFFORDABLE HOUSING CONNECTIONS NOTES FOR CHART REPORTING (FOLLOW THESE INSTRUCTIONS TO AVOID FINDINGS)
AFFORDABLE HOUSING CONNECTIONS NOTES FOR HTC-12 PREPARATION AND REPORTING: PROGRAM YEAR 2015, DUE MARCH 15, 2016 (FOLLOW THESE INSTRUCTIONS TO AVOID FINDINGS) i. The HTC 12 requires the signature of the
More informationRAQS ENHANCEMENTS. Automated Transfer/Approval of Performance Appraisals and Formal Reviews/Appeals. Instructions to Consultants
RAQS ENHANCEMENTS Automated Transfer/Approval of Performance Appraisals and Formal Reviews/Appeals Instructions to Consultants Contract Management Office April 2007 Contents 1.0 Approving Performance Appraisal
More informationAudit Rent... 3 Calculate Rent... 3 Verify and Accept Rent... 4 Print Tenant Rent Report... 4 Print Revised Tenant Rent Report...
Rent Calc Rent Calculation Tabs Prompt Tab... 1 Family Tab... 1 Income Tab... 1 Assets Tab... 1 Detail Tab... 2 Summary Tab... 2 History Tab... 2 Audit Tab... 2 Comments Tab... 2 Amounts Tab... 2 Control
More informationThe ecrv Submit application opens with the following important warning message on privacy:
Submit Form Tabs Buyers and Sellers Property Sales Agreement Supplementary Submitter The ecrv form is a single Web-page form with entry fields, choices and selections in multiple tabs for submitting a
More informationCapital One Escrow Express SM Reference Guide
Capital One Escrow Express SM Reference Guide Table of Contents Overview 2 Accessing Capital One Escrow Express 2 About the Capital One Escrow Express Menu 4 About the Master Account Summary 5 Creating
More informationRMS USER GUIDE. Version 17. Steps for the Doctor being Appraised Page 5 Steps for the Appraiser Page 31 Help Section Page 36
RMS USER GUIDE Please use this guide if you are using the Revalidation Management System If you can see the RMS logo and your organisation s logo at the top of your screen you are using the correct user
More informationHUD Office of Housing Counseling Frequently Asked Questions (FAQs) Housing Counseling: New Certification Requirements
SUMMARY... 3 What are some Key Provisions of the Final Rule?... 3 When do the provisions of the rule go into effect?... 4 PROVISIONS THAT BECAME EFFECTIVE ON JANUARY 13, 2017, THE EFFECTIVE DATE OF THE
More informationGuidance for Reporting Projected and Actual NSP Grantee Accomplishments in DRGR
Guidance for Reporting Projected and Actual NSP Grantee Accomplishments in DRGR Table of Contents Introduction...1 Steps for Accomplishment Reporting...3 Step 1. Select the Activity Type... 3 Step 2. Select
More informationThis chapter describes Fannie Mae s project standards, policies, and requirements.
Chapter 2, Project Standards Chapter B4-2, Project Standards Project Standards Click to see prior version of topic Introduction This chapter describes Fannie Mae s project standards, policies, and requirements.
More informationCondo - PUD Project Review Manual
Table of Contents Condo - PUD Project Review Manual Section 1: PRMG Project Approval Section 2: Limited/Streamlined Condo Project Review Section 3: CPM Review Section 4: Lender Full Condo Review Section
More informationWorking in the Appraisal Firewall Relationships Screen
Working in the Appraisal Firewall Relationships Screen User Training Guide for Managers The Relationships window is your guide to manage your clients accounts, work within their orders, and oversee all
More informationUS Bank Home Mortgage Web Appraisal Ordering U.S. Bank National Wholesale Sales Division Broker Users Manual
US Bank Home Mortgage Web Appraisal Ordering U.S. Bank National Wholesale Sales Division Broker Users Manual USBHM APPRAISAL SERVICES WEB BASED APPRAISAL-ORDERING SYSTEM The USBHM Appraisal Services web
More informationSection 1.16a Resale/Deed Restrictions Guidelines
Section 1.16a Resale/Deed Restrictions Guidelines In This Section This section contains the following topics: Overview... 2 Introduction... 2 Related Bulletins... 2 General... 2 Identification and Eligibility
More informationTHE FUNDAMENTALS OF MANUFACTURED LENDING
THE FUNDAMENTALS OF MANUFACTURED LENDING Last Revised: 06/07/17 DISCLAIMER These materials are intended for AFR internal use and client training procedures only. This is neither legal advice nor a substitute
More informationPACIFIC COAST TITLE COMPANY
PACIFIC COAST TITLE COMPANY ESCROW FEES AND CHARGES FOR THE STATE OF CALIFORNIA EFFECTIVE: August 15, 2012 (Unless Otherwise State Herein) Table of Contents Part I Escrow Rates General Rules... 1 A. Minimum
More informationAdd a Step Lease Agreement to an Active Listing
Add a Step Lease Agreement to an Active Listing Follow the steps in this guide to add a step lease agreement to a Commercial Lease Listing in dash. Security Role Prerequisite: Only users with Brokerage
More informationFamily Self-Sufficiency winfss M anual
Family Self-Sufficiency winfss M anual Page 1 of 25 General Setup Some general setup work needs to be done before you can use WinFSS: (1) Transaction codes need to be created (FSS Transaction Codes), (2)
More informationMining Rehabilitation Fund (MRF)
Government of Western Australia Department of Mines and Petroleum Department of Mines and Petroleum Mining Rehabilitation Fund (MRF) Frequently Asked Questions www.dmp.wa.gov.au 1 Contents Mining Rehabilitation
More informationetrac Guide Enhanced Appraiser Scoring Global DMS, 1555 Bustard Road, Suite 300, Lansdale, PA , All Rights Reserved.
etrac Guide to Enhanced Appraiser Scoring Version: 2.5.0 Published: 09/22/2014 Global DMS, 1555 Bustard Road, Suite 300, Lansdale, PA 19446 2014, All Rights Reserved. Table of Contents Introduction to
More informationDEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. [Docket No. FR-5875-N-01]
This document is scheduled to be published in the Federal Register on 09/07/2016 and available online at http://federalregister.gov/a/2016-21226, and on FDsys.gov DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
More informationCommon errors / misunderstandings in the CNA etool Workbook Page 1 of 5
Common errors / misunderstandings in the CNA etool Workbook Page 1 of 5 Participants FHA Number Federally Assisted Indicator Additional Testing Indicator Site Visit Date You need to have at least: Current
More informationMass CSV file Enrolment Submission Instructions
Mass CSV file Enrolment Submission Instructions Note: Use this option if you are entering large numbers of enrolments at the same time or for the same project (i.e. condo enrolments) 1. Select Submit Enrolments
More informationLIHTC ANNUAL INCOME CERTIFICATION PORTAL USER GUIDE
LIHTC ANNUAL INCOME CERTIFICATION PORTAL USER GUIDE Introduction... 1 Logging In... 2 Website Location... 2 The Account Information Login Box... 2 Forgot Your Password?... 3 Changing Your Password... 4
More informationMastering the Equator Short Sale Processing System
Mastering the Short Sale Processing System Initiating a Short Sale Before an Is Received Module 3: 6-30-2011 Screenshots are the exclusive property of, LLC and used herein under limited license for Bank
More informationetransfer Form User Guide The Property Registry s
s etransfer Form User Guide A service provider for the Province of Manitoba Most recent update: 2018-01-08 Version 2.03 Table of Contents Purpose... 4 General Guidelines for Completion... 4 Requirements...
More informationKeller Williams Listing System (KWLS)
Keller Williams Listing System (KWLS) NOTES... KWLS AND THE GSO 0707R3 2007 KELLER WILLIAMS REALTY INC. i NOTICES While Keller Williams Realty International (KWRI) has taken due care in the preparation
More informationPerformance Pro Update 3.13 June 7, Concurrent Appraisals
Performance Pro Update 3.13 June 7, 2018 Concurrent Appraisals 3.13_2018 What s New? The 3.13 release adds a few exciting new features to Performance Pro. The first is the ability to add a new section
More informationRevision Sheet REVISION NUMBER DATE DESCRIPTION JULY, 16, 2018 LAUNCH ESCROW MANUAL. XCG TECH Xcgtech.com
ESCROW MANUAL Revision Sheet REVISION NUMBER DATE DESCRIPTION 1.0.0 JULY, 16, 2018 LAUNCH ESCROW MANUAL XCG TECH Xcgtech.com TABLE OF CONTENTS CHAPTER 1 SECTION 1.1 LAYOUT SUBSECTION 1.1.A OVERVIEW PAGE
More informationNEW HAMPSHIRE HOUSING FINANCE AUTHORITY AFFORDABLE HOUSING FUND PROGRAM RULES HFA 113
NEW HAMPSHIRE HOUSING FINANCE AUTHORITY AFFORDABLE HOUSING FUND PROGRAM RULES HFA 113 Table of Contents HFA 113 PART ONE: Overview, Purpose, Applicability HFA 113.01 Overview and Purpose HFA 113.02 Applicability
More informationSUBJECT: SELLING UPDATES
TO: Freddie Mac Sellers June 27, 2018 2018-10 SUBJECT: SELLING UPDATES This Guide Bulletin announces: Property eligibility and appraisal requirements Eligibility of Condominium Units for automated collateral
More informationPACIFIC COAST TITLE COMPANY
PACIFIC COAST TITLE COMPANY ESCROW FEES AND CHARGES FOR THE STATE OF CALIFORNIA EFFECTIVE: September 30, 2015 (Unless Otherwise State Herein) Table of Contents Part I Escrow Rates General Rules... 1 A.
More informationPro Series User Guide
Pro Series User Guide Table of Contents Page 2 Getting Started Page 7 Property Search and Reports Page 22 Farm Search and Reports Page 30 Using the Map GETTING STARTED 2 P a g e Property Search select
More informationIntroduction to Property Management
6 Introduction to Property Management Introduction to Property Management Overview CREST EDG Property Management Module Commercial Property Management and Other Income Transactions Property Management
More informationHUD Multifamily Southwest Region
HUD Multifamily Southwest Region Southwestern Affordable Housing Management Association (SWAHMA) March 17-18, 2015 Presentation Agenda Kelly Haines Regional Director 1. MFT Transformation Wave 1 Overview
More informationASA MTS CANDIDATE REPORT REVIEW CHECKLIST INSTRUCTIONS (Effective as of January 01, 2018) Basic Report Requirements and General Report Quality
ASA MTS CANDIDATE REPORT REVIEW CHECKLIST INSTRUCTIONS (Effective as of January 01, 2018) Basic Report Requirements and General Report Quality This checklist was designed to be a useful resource tool by
More informationHow to Buy a HUD Home 3 Hours
www.elaeducation.com Office: 443-223-7500 How to Buy a HUD Home 3 Hours www.hudhomesstore.com Our website for more information: www.hudmdstore.com Elite Learning Academy MDHEC Approval Number: 1540 Address:
More informationUsing HEROS as a RAD Partner
Using HEROS as a RAD Partner The purpose of this document is to provide instructions to third party providers and Public Housing Authorities (PHAs) assisting HUD with Part 50 environmental reviews for
More informationNational Housing Co-Investment Fund APPLICATION GUIDE FOR FINANCIAL VIABILITY WORKBOOK - NEW CONSTRUCTION
National Housing Co-Investment Fund APPLICATION GUIDE FOR FINANCIAL VIABILITY WORKBOOK - NEW CONSTRUCTION TABLE OF CONTENTS About the Financial Viability Workbook... 3 Rents Affordability (Tab 2)... 3
More informationDS0444 AP Allocations
Property of WilloWare Incorporated. 1 DS0444 AP Allocations Property of WilloWare Incorporated. 2 Table of Contents Table of Contents... 2 Problem Definition... 3 Problem Definition... 3 Solution Overview...
More informationANNOUNCEMENT #10-03, February 2, 2010
ANNOUNCEMENT #10-03, February 2, 2010 To: All Michigan Mutual Brokers Re: Condominium Projects Topics included in this announcement per HUD Mortgagee Letters 2009-46A and 46B: Elimination of the Spot Loan
More informationReal Estate 63-Hour Sales Associate Pre-Licensing Course. Topics Covered & Learning Objectives
Real Estate 63-Hour Sales Associate Pre-Licensing Course Topics Covered & Learning Objectives Lesson 1: Administrative Matters And Course Overview; The Real Estate Business Describe the various activities
More informationNSP Project Feasibility Analysis Template: Instruction Manual
NSP Project Feasibility Analysis Template: Instruction Manual About this Tool Description: This tool provides tab-by-tab instructions for using the NSP Project Feasibility Analysis Template, a workbook
More informationJune 12, 2009 MORTGAGEE LETTER
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER June 12, 2009 MORTGAGEE LETTER 2009-19 TO: ALL APPROVED MORTGAGEES
More informationAPPENDIX A: VALUATION OF REAL ESTATE OWNED PROPERTIES A-1 REAL ESTATE OWNED (REO)
APPENDIX A: VALUATION OF REAL ESTATE OWNED PROPERTIES 4150.2 A-1 REAL ESTATE OWNED (REO) FHA s Real Estate Owned (REO) properties are a result of paying a claim to a lending institution and the lender
More informationGAAR Harness the Power of Technology to Create the BEST Appraisal Reviews Possible
GAAR Harness the Power of Technology to Create the BEST Appraisal Reviews Possible Presented by FNC March 21, 2012 INTRODUCTION General Information: Conference Web Page Audio & Supporting Documents Submit
More information203K Standard Renovation Loan
203K Standard Renovation Loan RI Mortgage Broker Licene # 20082309LB MA Mortgage Broker License # MB3915 FL Mortgage Broker License # MBR475 PA Mortgage Broker License # 60246 Atlantic Mortgage & Finance
More informationAbila MIP Fund Accounting TM. Encumbrances STUDENT WORKBOOK ABILA LEARNING SERVICES. Important Notice:
Abila MIP Fund Accounting TM Encumbrances STUDENT WORKBOOK ABILA LEARNING SERVICES Important Notice: Authentic Abila MIP Fund Accounting TM training guides display a holographic image on the front cover.
More informationFIRST LOOK PROGRAM. FHA First Look Sales Method - Introduction. Stabilization Trust and HUD s National First Look Program
U.S. Department of Housing and Urban Development FIRST LOOK PROGRAM Neighborhood Stabilization Program Problem-Solving Clinic Neighborhood Stabilization Program Neighborhood Stabilization Program FHA First
More informationTitle Transfer of Ownership (Bill of Sale Initiation)
Title Transfer of Ownership (Bill of Sale Initiation) Note: The transfer of title between Free Miners is handled in two (2) parts. These instructions cover the Initiation portion. 1. The seller enters
More informationHow to Participate. July 24, 2015
How to Participate July 24, 2015 Please read these User Instructions carefully. You are advised to practice using the website with the assistance of the online recorded Demos to acquire personal mastery
More informationNSW OSR Land Tax and Valuation Certificates
NSW OSR Land Tax and Valuation Certificates Client Reference Guide Version 2.0 August 2016 1800 773 773 confirm@citec.com.au Innovative Information Solutions 2 of 21 Table of Contents 1 Getting Started...
More informationUniform Appraisal Dataset (UAD) Frequently Asked Questions
Uniform Appraisal Dataset (UAD) Frequently Asked Questions July 13, 2014 Updated for formatting May 15, 2017 The following provides answers to questions frequently asked about Fannie Mae s and Freddie
More informationMarshall & Swift SwiftEstimator
Program Reference Marshall & Swift SwiftEstimator Commercial Estimator Program June 2016 June 2016 SwiftEstimator - Commercial Estimator 2 - i 2016 CoreLogic, Inc. All Rights Reserved Worldwide. No part
More informationHC FINAL COST CERTIFICATION FORM AND INSTRUCTIONS
HC FINAL COST CERTIFICATION FORM AND INSTRUCTIONS The Final Cost Certification Application (FCCA) must be completed by the Applicant and returned to Florida Housing along with an unqualified audit report
More informationSix Steps to a Completed Appraisal Report
Six Steps to a Completed Appraisal Report Section 1 DataLog - Comparable Sales Database ClickFORMS - Report Processor Section 2 Addenda Section 3 Mini Sample - Approach Pages 1 Six Steps to a Completed
More informationListing Load Manual. for. Staff
Listing Load Manual for Staff 1 Listing Load Listing Load is the module that allows you to add a new listing, change listing information and make contractual changes such as status or price at any time
More informationCHAPTER 34: SPECIAL ASSISTANCE PROGRAMS
34-1: OVERVIEW OF CHAPTER 34-2: DISASTER ASSISTANCE (A) Ginnie Mae Advances and Forbearance From time to time, Ginnie Mae may offer to assist Issuers who are responsible for pooled mortgage loans on property
More informationCHOICE BASED LETTING (CBL) HOW TO USE THE CBL SYSTEM
CHOICE BASED LETTING (CBL) HOW TO USE THE CBL SYSTEM A new system to help people on Cork County Council s Social Housing Support waiting list express interest in Council Accommodation Phoneline: (021)
More informationDemonstration Properties for the TAUREAN Residential Valuation System
Demonstration Properties for the TAUREAN Residential Valuation System Taurean has provided a set of four sample subject properties to demonstrate many of the valuation system s features and capabilities.
More informationOWN IN OGDEN APPLICATION PROCESS
OWN IN OGDEN APPLICATION PROCESS Complete Application Packet: (Incomplete applications will not be accepted) Own in Ogden Application (completed and signed) Own in Ogden Loan Commitment (signed & dated)
More informationTaxpayer Guide. Pioneer Technology Group 110 Central Park Drive, Suite 200 Sanford, FL or Fax:
Taxpayer Guide Pioneer Technology Group 110 Central Park Drive, Suite 200 Sanford, FL 32771 407.321.7434 or 1.800.280.5281 Fax: 407.321.7971 Table of Contents INTRODUCTION...1 CONTACT INFORMATION... 2
More informationFannie Mae Update. July 30, AI Annual Conference Fannie Mae.
Fannie Mae Update July 30, 2018 Disclaimer While every effort has been made to ensure the reliability of the session content, Fannie Mae s Selling and Servicing Guides and their updates, including Guide
More informationCHAPTER TAX CREDITS AND SUBSIDY LAYERING. The Table of Contents
UNIT 12.0 PRESERVATION CHAPTER 12.10 TAX CREDITS AND SUBSIDY LAYERING The Table of Contents 12.10.1 Purpose.. I-1 12.10.2 Applicability.. I-2 12.10.3 Definitions and Acronyms... I-2 12.10.4 LIHTC s and
More informationSTEARNS APPRAISAL REQUEST SYSTEM - ARS
HVCC HOME VALUATION CODE OF CONDUCT Due to the recent regulation passed in December 2008 by the Federal Housing Finance Agency (FHFA) new standards in relation to Appraisal Procedures must be followed.
More informationRequest for Approval of Advance/Release of Escrow Funds Section 232
Request for Approval of Advance/Release of Escrow Funds Section 232 U.S. Department of Housing and Urban Development Office of Residential Care Facilities OMB Approval No. 2502-0605 (exp. 06/30/2017) Public
More informationAPPRAISAL MANAGEMENT COMPANY
APPRAISAL MANAGEMENT COMPANY STANDARDS OF GOOD PRACTICE IN APPRAISAL MANAGEMENT JANUARY 6, 2010 POST OFFICE BOX 1196 WEXFORD, PA 15090 (P) 724-934-1420 (F) 724-934-0057 (W) WWW.TAVMA.ORG APPRAISAL MANAGEMENT
More information3-2 ORDERING THE APPRAISAL AND OBTAINING A CASE NUMBER. To order an appraisal and receive a case number, a lender should do the following:
CHAPTER 3. PROPERTY ANALYSIS 3-1 PURPOSE. This chapter explains the procedures for the lender to follow in submitting the property for valuation analysis. The procedures for the local HUD office to follow
More informationPillar 2 - Escrow Trust Accounting Created: 09/09/2014 Update: 11/16/2016 CFPB PUBLIC Page 1 of 8
PUBLIC Page 1 of 8 Pillar 2 Escrow Trust Account 2.01 Escrow Trust Accounting The Company maintains appropriate written controls for open (active and inactive; escrow and non-escrow) bank accounts and
More informationUnderwriting the FHA Appraisal
Disclosure The purpose of this presentation is an overview of the subject matter with summation and explanation of recent changes in FHA policy. It introduces and explains, rather than supplants, official
More information1. Participant Eligibility. Participants must be first time homebuyers, m eet certain income requirements and complete a homebuyer education class.
NSP-3 Homebuyer Assistance Program Updated 2/25/2013 This program is made available through Neighborhood Stabilization Program (NSP-3) funding provided to the City of Chandler (CITY). NEWTOWN is administering
More informationUser Manual. Section 2: Implementation and Industry Translations. Created: October Copyright PropertyBoss Solutions, LLC. All Rights Reserved.
User Manual Section 2: Implementation and Industry Translations Created: October 2010 Copyright PropertyBoss Solutions, LLC. All Rights Reserved. PropertyBoss Manual Section 2 - Implementation and Industry
More informationPreferred Realtor Liaison
Preferred Realtor Liaison Tri-Emerald Financial is a FULL SERVICE DIRECT LENDER. We correspond with MULTIPLE investors which allow us to offer a variety of programs. We are pursuing a partnership with
More informationFreddie Mac Condominium Unit Mortgages
For all mortgages secured by a Unit in a Project, Sellers must meet the requirements of Freddie Mac Single-Family Seller/Servicer Guide (Guide) Chapter 5701, Special for s, and the Seller s other Purchase
More informationUSDA sigik_. mom. Ru ra I. Development. United States Department of Agriculture. Rural Development
TO: State Directors* Rural Development USDA sigik_ mom Ru ra I Development United States Department of Agriculture Rural Development August 12, 2016 ATTENTION: Rural Housing Program Directors Rural Housing
More informationFeatures Guide. Enhancements. Mortgage Calculators VERSION 7. May 2008
Features Guide VERSION 7 May 2008 Copyright 2002-2008 SuperTech Software All rights reserved. Printed in Australia. Enhancements This document describes new features and enhancements in POSH. Mortgage
More informationAdministrative Processing
Administrative Processing 7 Reducing or Removing Encumbrances............ 212 What Is an Encumbrance?............. 212 When Should Encumbrances Be Monitored/Updated?. 212 Identifying PO Encumbrances............
More informationAgency Guideline Revisions Note: SunTrust Mortgage specific overlays are underlined.
Accessory Units Correspondent Section 1.07 Appraisal Guidelines & Correspondent Section.01 Agency Loan Programs- Guideline Standard Agency Agency Plus Home Possible Mortgage Section 1.07 Appraisal Guidelines
More informationBPO Best Practices Guide
BPO Best Practices Guide A Step by Step Guide for Completing BPO Reports Version: 1.0.0 Published: 03/01/2011 Global DMS, 1555 Bustard Road, Suite 300, Lansdale, PA 19446 2014, All Rights Reserved. Table
More informationDEPARTMENT OF ECONOMIC DEVELOPMENT Unified Government of Wyandotte County/Kansas City, Kansas
DEPARTMENT OF ECONOMIC DEVELOPMENT Unified Government of Wyandotte County/Kansas City, Kansas 701 North 7 th Street, Ste. 421 Phone: (913) 573-5730 Kansas City, Kansas 66101 Fax (913) 573-5745 Neighborhood
More informationOffer Preparation Tips for Selling Agents
Overview The following information is presented to assist you with submitting an offer that will expedite presentation to Fannie Mae. The listing agent will only submit complete offers to Fannie Mae. A
More informationDevelopment Tabs. Unit Tabs
Section 7 Development Development Tabs Block Tabs Unit Tabs Add Rent Amount... 7-2 Block Level... 7-2 Unit Level... 7-3 Tenancy Level... 7-3 To Add A Rent Amount At The Block Level... 7-3 To Add A Rent
More information