GENERAL GUIDELINES
Where will you find Discount Points, explain
Page 11, section 11.1.9
For loans up to 80% LTV, HomeXpress will finance up to two (2) discount points that may be used to buy the rate down. The funds used to buy down the rate will be reflected in the LTV, but the pricing of the loan will be based on the base LTV.
What is our credit report requirement?
Page 30 Section 11.9.1
Explain our general income requirements
Page 38 Section 11.13
Do we fund loans to mortgage broker or employee of mortgage broker?
Page 17 Section 11.3.11
Do we allow for Power of Attorney?
Page 16 Section 11.3.10
What is the UW Philosophy?
Page 9 section 11.1
Call it what it is and let's deal with it.
Where in the guidelines will you find Bankruptcy guidelines?
Page 33 Section 11.10
Read and review BK 7, 11, and 13
How much ownership in the business is considered to be ok for self employed? Explain how we handle
Page 60 Section 11.19.1
25% or more
Do we allow financing of closing costs?
Page 22 Section 11.4.4
I have a Foreign National, what program can I use?
What is DSCR Page 118 Section VI.1
Explain our First Time Home Buyer...
Page 15 Section 11.3.6
FTHB is defined as a borrower who has no demonstrated interest in a property in the last 7 years.
Subject to the following: read from guidelines
How do we determine credit score, do we use the brokers credit report, explain...
Page 31 Section 11.9.6
What would be acceptable evidence of self employment?
Page 62 Section 11.20
Do we do a Non-Arm's Length Transaction? Explain
Page 28 Section 11.8.2
Explain Asset Express and Asset Assist...
Asset Xpress Page 65 Section 11.24.1
Asset Assist Page 66 Section 11.24.2
Does HomeXpress allow for non occupying co borrowers?
Page 15 Section 11.3.7
Read guideline , explain
How do we treat Collections, Charge Offs, and Repos?
Page 31-32 Section 11.9.7.1
How do we treat NSFs when using bank statements?
Page 45 Section 11.16.6 Under doc type requirements bank statement loans
Do we allow for income to be used from employment by a relative or interested party?
Page 53 Income Doc Chart
Where will you find all our income documentation type programs and documentation requirements
Page 44-48
What is the maximum number of loans to one borrower?
Page 17 Section 11.3.12
Where will you find how we treat rolling delinquencies and foreclosures?
Page 36 Section 11.12.1
How do we use tip and gratuities income?
Page 57
read and discuss
How much cash out must be used for business purpose?
Page 112 Section IV.2.1
51% must be documented for business purpose
Where can I find information about acceptable assets/funds to close
Page 74 Section 11.27.7