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FHA TRAINING Understanding & Completing FHA Forms and Disclosures July 20, 2011 Presented By

FHA TRAINING Understanding & Completing FHA Forms and Disclosures July 20, 2011 Presented By. FHA vs. Conventional. FHA Disclosures HUD Form 92900-LT vs. FNMA 1008 (Loan Transmittal Summary) Addendum to the URLA (HUD Form 29200-A)

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FHA TRAINING Understanding & Completing FHA Forms and Disclosures July 20, 2011 Presented By

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  1. FHATRAINING Understanding & Completing FHA Forms and Disclosures July 20, 2011 Presented By

  2. FHA vs. Conventional • FHA Disclosures • HUD Form 92900-LT vs. FNMA 1008 (Loan Transmittal Summary) • Addendum to the URLA (HUD Form 29200-A) • FHA Case# - See FHA case# request procedures via JMAC Website • Refinance (aka:Netting) Authorization (Streamline refinance) • CAIVRS (Credit Alert Interactive Voice System) • LDP (Limited Denial Participation) • GSA (General Services Administration)

  3. FHA Disclosures • Important Notice to Homebuyer (HUD 92900-B) • For Your Protection Get A Home Inspection (HUD 92564-CN) • Informed Consumer Choice Disclosure • FHA Amendatory Clause / Real Estate Certification • Notice to Homeowner: Assumption of HUD/FHA Insured Mortgages • Energy Efficient Mortgage Disclosure (EEM) • FHA ARM Disclosure (When Applicable) • Borrower’s Contract With Respect To Hotel and Transient Use Of Property (HUD 92561)

  4. 92900-B • Important Notice to Homebuyer (HUD 92900-B) • Page 1 of 2 • Signed & dated by all borrowers • At Application

  5. 92900-B • Important Notice to Homebuyer (HUD 92900-B) • Page 2 of 2 • Signed & dated by all borrowers • At Application

  6. 92564-CN • For Your Protection Get A Home Inspection (92564-CN) • Must be provided to borrower

  7. Informed Consumer Choice Disclosure Notice • Must be provided to borrower no later than 3 business days after the lender’s receipt of the initial loan application.

  8. Amendatory Clause Real Estate Certification • Must be signed & dated by borrower(s), seller(s) and real estate agents • Must be dated no later than the date on purchase contract

  9. Notice to Homeowner: Assumption of HUD/FHA Insured Mortgages • Must be signed and dated by all borrowers • At Application

  10. Energy Efficient Mortgage Disclosure • Must be signed and dated by all borrowers • At Application

  11. FHA ARM DISCLOSURE(PAGE 1) • Must be signed and dated by all borrowers (If Applicable) • At Application

  12. FHA ARM DISCLOSURE(PAGE 2) • Must be signed and dated by all borrowers (If Applicable) • At Application

  13. Borrower’s Contract With Respect to Hotel and Transient Use of Property (HUD 92561) • Must use on 2-4 unit property • Must be signed and dated by all borrowers • At Application

  14. INITIAL Addendum to URLA92900-A (PAGE 1) Leave this box blank • Must be fully completed except for Box 14 & 16 • At Application • Not required to be signed by broker (TPO) – Signed by JMAC • Box #13: Use JMAC Lender ID, always use 2599900002 • Box #15: JMAC Lending 16782 Von Karman #12 Irvine, CA 92606 • Box #17: JMAC Phone# (949) 390-2688 Leave this box blank

  15. INITIAL Addendum to URLA92900-A (PAGE 2) • Must be fully completed • Check appropriate boxes • At Application • Must be signed and dated by borrower(s) both places Sign & date by borrower Sign & date by borrower Sign & date by borrower Sign & date by borrower

  16. FINAL Addendum to URLA92900-A (PAGE 1) Leave this box blank • Must be fully completed except for Box 14 & 16 • To be signed & dated by JMAC prior to closing • Box #13: JMAC Lender ID, always use 2599900002 • Box #15: JMAC Lending 16782 Von Karman #12 Irvine, CA 92606 • Box #17: JMAC Phone# (949) 390-2688 Leave this box blank

  17. FINAL Addendum to URLA92900-A (PAGE 2) • Must be fully completed • Check appropriate boxes • Must be signed and dated by borrower(s) both places at closing with Docs Sign & date by borrower Sign & date by borrower Sign & date by borrower Sign & date by borrower

  18. FINAL Addendum to URLA92900-A (PAGE 3) • Will be completed, signed and dated by JMAC DE Underwriter • Reminder: 09/2010 Version must be used for all loans.

  19. FINAL Addendum to URLA92900-A (PAGE 4) • Must be signed and dated by borrower(s) at closing with docs • Lender’s Certificate portion will be signed and dated by JMAC post closing Sign & date by borrower at closing with DOCS Sign & date by JMAC post closing

  20. FHA Loan Underwriting and Transmittal Summary (92900-LT) • Must be fully completed by broker (TPO) • Form will be corrected as needed, signed & dated by JMAC DE underwriter

  21. FHA Loan Underwriting and Transmittal Summary (92900-LT)

  22. FHA Loan Underwriting and Transmittal Summary (92900-LT) CAIVRS should start with “A” always Yes = Borrower on the list No = Borrower NOT on the list

  23. CAIVRS (Credit Alert Interactive Voice System)AKA “Credit Alert Verification Reporting System” • JMAC will process CAIVRS for you at the same time FHA case # is ordered • CAIVRS must be run & cleared on ALL borrowers • Anything other than “A” must be cleared or not eligible for FHA Loan

  24. LDP & GSA Database (Government lists of bad boys/girls) • All parties to the transaction must be cleared in both databases • All parties: Borrowers, Sellers, Loan Officer, Real Estate Agents • LDP (Limited Denial Participation) https://www5.hud.gov/ecpcis/main/ECPCIS_List.jsp • GSA (General Services Administration) https://www.epls.gov

  25. LDP (Limited Denial Participation)https://www5.hud.gov/ecpcis/main/ECPCIS_List.jsp Example of a “hit” Contact agency to confirm if it’s your borrower

  26. LDP (Limited Denial Participation)https://www5.hud.gov/ecpcis/main/ECPCIS_List.jsp Example of a cleared LDP

  27. GSA (General Services Administration)https://www.epls.gov CLICK HERE Example of a cleared LDP

  28. GSA (General Services Administration)https://www.epls.gov

  29. GSA (General Services Administration) https://www.epls.gov GSA Hit on Norma GSA Cleared on Paris

  30. Condo Project Approval Search • Condo must be approved (Condo ID must be provided) • Quick Link: https://entp.hud.gov/idapp/html/condlook.cfm • Or log on www.fha.gov & click on search for FHA approved • condominiums on left side of the webpage

  31. FHA Submission Checklist • In addition to standard items, the following forms/disclosures must be included: • JMAC Loan Submission Form (Fully completed) • 92900-LT (Fully completed with FHA case# assigned to JMAC Lending, Inc) • FHA Case Number Assignment Print-out showing JMAC Lending as Lender. • Initial and Typed URLA (Fully completed) • HUD Form 92900-A (Page 1 & 2 – Fully Completed, page 2 must be signed by all borrowers) • Clear CAIVRS Print-out • Clear LDP/GSA for all parties (Borrowers, Sellers, Loan Officer, RE Agents) – Print-out • FHA Disclosures: • Informed Consumers Choice, Important Notice to Homebuyer • Notice to Homebuyer (assumption), Amendatory Clause & Real Estate Certification • For Your Protection: Get a Home Inspection, Energy Efficient Mortgage Disclosure • ARM Disclosure, if applicable • Hotel and Transient (HUD 92561), if applicable

  32. FHA Streamline Refinance Checklist • In addition to standard items, the following form/disclosures must be included: • Initial & Typed 1003 (Only employment info, No income) • Clear LDP/GSA for all parties (Borrowers, Loan Officer) – Print-out • Refinance (Netting) Authorization Print-out • FHA Case Number Assignment Print-out showing JMAC Lending as Lender • Proof of Social Security Number (SS Card, Driver’s license, etc) • Full Credit Report showing credit scores and satisfactory mortgage rating for the past 12 months • Copy of Note and Deed of Trust (To verify Net Tangible Benefits) • Net Tangible Benefit worksheet • Current Pay Off Demand • 2 months bank statements if cash is required for closing

  33. FHA Case# Request • Complete JMAC Case Request form (Will be available online soon) • Email fully completed Case Request form with fully completed 1003 to fhacaserequest@jmaclending.com • Fully executed sales contract must be included (purchases) • CAIVRS will be processed with Case Number Assignment via FHAC. • Refinance Authorization will be processed with Case Number Assignment via FHAC • Case # assignment, CAIVRS and Refinance (Netting) Authorization will be emailed to you upon receipt

  34. Some Cool Links • Main FHA Site: www.fha.gov • Online 4155.1 Handbook http://www.fhaoutreach.gov/FHAHandbook/prod/contents.asp?address=4155-1 • HUD FAQs http://www.fhaoutreach.gov/FHAFAQ/ • HUD Lenders Page http://www.hud.gov/groups/lenders.cfm • HUD Condo Lookup https://entp.hud.gov/idapp/html/condlook.cfm • HUD Condo Mortgage Insurance (Project Approval Guidance) http://www.hud.gov/offices/hsg/sfh/condo/ • HUD Loan Limits https://entp.hud.gov/idapp/html/hicostlook.cfm • HUD Mortgagee Letters http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/ • Santa Ana HOC Center http://www.hud.gov/offices/hsg/sfh/talk/addr_sna.cfm • FHA DAP Approved List http://www.hud.gov/offices/hsg/sfh/np/sfhdap01.cfm • Subscribe to HUD Single Family Email Update List http://www.hud.gov/offices/hsg/sfh/ref/hsgregst.cfm • The MOST USEFUL & BEST WEBSITE in the world: http://www.jmaclending.com

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