Análisis del Costo de Importación de los productos de COMAUTOR S.A

108.2.1

Bank Accounts

DU Requirements

Bank accounts include funds on deposit in savings accounts, checking accounts, certificate of deposits, and money market accounts. These funds may be used for the down payment, closing costs, and reserves.

• Individual Accounts - Funds in the borrower’s individual account are acceptable.

• Joint Bank Accounts - If assets/reserves are sourced from a joint bank account, EMM requires a signed letter from all account holders who are not party to the subject transaction confirming that the borrower requesting the loan has access to all funds in the account.

• Trust Accounts - Funds disbursed from a trust account where the borrower is the beneficiary are acceptable if the borrower has immediate access to them. The trust manager or trustee must verify the value of the trust account and confirm the conditions under which the borrower has access to the funds.

Funds in accounts that do not allow the borrower to have immediate access to the funds for the above stated purposes may not be included in asset calculations. This includes funds in accounts on which the borrower is not the beneficiary, such as custodial accounts.

LP Requirements

Bank accounts include funds on deposit in savings accounts, checking accounts, certificate of deposits, and money market accounts. These funds may be used for the down payment, closing costs, and reserves.

• Individual Accounts - Funds in the borrower’s individual account are acceptable.

• Joint Bank Accounts - If assets/reserves are sourced from a joint bank account, EMM requires a signed letter from all account holders who are not party to the subject transaction confirming that the borrower requesting the loan has access to all funds in the account.

• Trust Accounts - Funds disbursed from a trust account where the borrower is the beneficiary are acceptable if the borrower has immediate access to them. The trust manager or trustee must verify the value of the trust account and confirm the conditions under which the borrower has access to the funds.

˗ A copy of the trust agreement is also required.

• All bank accounts listed on the application must be verified according to requirements outlined below.

Funds in accounts that do not allow the borrower to have immediate access to the funds for the above stated purposes may not be included in asset calculations. This includes funds in accounts on which the borrower is not the beneficiary, such as custodial accounts.

Bank Statements

DU Requirements1

• All pages of most recent monthly bank statement reflecting both the beginning and ending balance or all pages of two most recent consecutive monthly bank statements may be obtained to document the borrower's assets. Bank statements must be dated within 30 days of application.

• Quarterly and annual bank statements dated greater than 30 days old and less than 90 days old are acceptable with verification that the funds are still available.

• If a quarterly statement is provided, confirm that the funds in the account have not been transferred to another asset account that is verified with documentation that is more current.

LP Requirements1

Streamlined Accept Standard Documentation

• Most recent monthly bank statement may be obtained to document the borrower's assets. Bank statements must be dated within 30 days of application.

• Quarterly and annual bank statements dated greater than 30 days and less than 90 days are acceptable with verification that the funds are still available.

• Most recent two monthly bank statements may be obtained to document the borrower's assets. Bank statements must be dated within 30 days of application.

• Quarterly and annual bank statements dated greater than 30 days and less than 90 days are acceptable with verification that the funds are still available.

1

Note- EMM underwriters may require additional documentation based on review of asset

documentation in the file.

Bank statements must clearly identify:

• Name and address of the depository or investment institution • Borrower as the account holder

Section 108 Assets, Reserves and Funds to Close

E Mortgage Management, LLC

This document is intended for use only by E Mortgage Management, LLC and its business partners. It may not be distributed without express, written consent of E Mortgage Management, LLC. EMM Wholesale Lending is a division of E Mortgage Management, LLC. Last Updated: 05/29/2014 ©2013 - E Mortgage Management, LLC NMLS #2926 Page 77 Bank statements may be online account or portfolio statements obtained by the borrower, provided such are printed and the Internet Uniform Resource Locator (URL) address is included identifying the source of

information as well as all of the other information listed above for standard bank statements or protected bank statements retrieved online. Statements downloaded directly from the internet to Word documents or Excel spreadsheets, as well as printing directly from the website, are not acceptable.

Verification of Deposit

A Verification of Deposit (VOD) issued by the depository institution may be obtained to supplement bank statements but may not replace them. The VOD should detail holdings.

The VOD must clearly identify:

• Name and address of the depository or investment institution • Borrower as the account holder

• Account number • Type of account

• Date the account was opened

• Account balance as of the date of the VOD

• Average balance for the previous two months must be dated within 90 days of the closing date. When a VOD is used and depository activity is not included, written explanation and documentation of the source of funds are required for-

• accounts opened within 90 days prior to application date, and

• account balances that are considerably greater than the average balance reflected on the VOD. One month’s bank statement must support all written verifications of deposit. Written verifications of deposit are not acceptable as standalone documentation to substantiate the borrower's assets regardless of AUS requirements.

In cases where average balances are not available, the most recent two months’ bank statements are required.

The VOD must be remitted directly to the depository institution. A VOD may not be mailed to a Post Office Box or to an individual's attention. If the borrower indicates this is necessary, then the file must include evidence that the depository institution was independently contacted and confirmed this requirement. The return address on the verification must be the originator's address. The hand carrying of verifications is strictly prohibited.

Review of Bank Account Statements

Any indications of borrowed funds must be investigated. Indications of borrowed funds include: • A recently opened account (within 90 days of application date)

• A recently received large deposit, defined as a single deposit that exceeds 50% of total monthly qualifying income for the loan.

• An account balance that is considerably greater than the average balance over the previous few months

Written explanation and documentation of the source of funds are required for large deposits, defined as a single deposit that exceeds 50% of the total monthly qualifying income for the loan.

• When a deposit includes both sourced and unsourced (undocumented) portions, only the unsourced portion must be used in calculating whether the deposit meets the 50% definition.

• When a lender uses a reduced asset amount, net of the unsourced amount of a large deposit, the reduced amount must be used for underwriting purposes.

• If the source of a large deposit is readily identifiable on the account statement, such as a direct deposit from an employer (payroll), the Social Security Administration, or IRS or state income tax refund, and the source of the deposit is printed on the statement, no further explanation or documentation is required.

• If a large deposit is from another account that is verified in the loan file, then that account must be verified after the withdrawal to ensure that the assets are not counted twice.

If there is a recently opened account with a substantial balance or a discrepancy between the average and current balances, then source of funds must be explained by the borrower and verified. Unverified funds are not acceptable sources for the down payment, closing costs, and/or reserves.

Asset documentation must be examined for signs of fabrication or alteration. Analyzing the documentation to calculate interest, and reviewing deposits against income levels and sources are necessary to validate the documents.