Modelo de informe de gestión recomendado

 VA to VA streamline refinance

o Appraisal required - Base LTV before addition of the financed funding fee must be ≤ 100% of the appraised value

o Borrower may pay for appraisal

o Please note – an appraisal is not required for all IRRRL transactions. An AVM may be acceptable – check the specific program for the requirements.

VA Underwriting Guidelines v. 11.12.13  All borrowers must meet ResMac’s minimum credit score requirement

o If the mortgage history is not included on the credit report, a supplemental credit report for the mortgage history is required

All mortgage late payments require written explanation and evidence of extenuating circumstances

Borrowers having more than two 30-day or one 60-day late mortgage payment in the most recent 12 months are ineligible

 Maximum cash in hand - $500 – Must be the result of documented overages.

 While ratios are not calculated unless the principal and interest payment increases 20% or more, ResMac does not approve IRRRLs if none of the borrowers have income. The 1003 must include the current employer’s name, address, phone number, borrower’s job title and length of time on job. The following documentation requirements apply:

o Salary hourly or commission income – ResMac performs a verbal verification of employment

o Active-duty military income – ResMac performs a verbal verification of employment

o Borrower works in a seasonal profession but is currently receiving unemployment income – Proof the borrower is currently receiving unemployment income and ResMac performs a verbal verification of employment evidencing the borrower has been employed in a seasonal position at least two years. If the climate in which the borrower works indicates the borrower should be currently employed in his or her seasonal position, but the borrower is currently receiving unemployment, the loan will be denied

o Self-employed or partnership income – Provide a copy of a current valid business license or evidence of the business’ existence through third party source.

o Rental income as the borrower’s only source of income – Copy of current lease(s) required

o Social security income and borrower is ≥ 62 years of age – No verification is required

o Pension income – Provide a bank statement documenting direct deposit of the borrower’s pension income or a copy of the borrower’s pension award letter.

o IRA or 401k distribution income: - Provide a copy of the borrower’s written distribution plan from the investment company or three months’ bank statements identifying the consistent monthly deposit.

o Child support or alimony income – Provide a current friend of the court letter or copy of the borrower’s divorce decree or support order and the most recent three months’ bank statements showing consistent deposits in the amount of the support or alimony

o Disability income or social security income and borrower is ≤ 62 years of age – Provide a bank statement documenting direct deposit of income or a copy of the borrower’s social security award letter or a copy of the borrower’s disability award letter or a Certificate of Eligibility indicating the veteran receives VA disability income

o Loans that have two borrowers who were both employed on the application for loan being refinanced but one is no longer employed – As long as acceptable income verification as described above is obtained for the employed or income-receiving borrower, no further verification is needed

o Loans having no borrowers who receive income - Ineligible

 Full income documentation required when the new P & I payment will increase by 20% or more  New loan must accomplish both of the following:

o Decrease in principal and interest payment and

o Decrease in interest rate

VA Underwriting Guidelines v. 11.12.13

o If IRRRL refinances an existing ARM loan into a fixed rate loan, neither the principal and interest payment reduction nor the interest rate reduction are required

 Eligible borrowers:

o All parties on the original loan may obtain IRRRL financing jointly (or solely if loan was in

veteran’s name only), provided the veteran still owns property – If the veteran’s current spouse was obligated on the original loan, he or she must remain on the note and in title

o Veteran obligated on the original loan may obtain IRRRL financing solely after divorce from or death of a spouse with whom he or she was obligated on original loan

o Veteran obligated on the original loan may obtain IRRRL financing with a new spouse when veteran was unmarried at time of original loan

o Veteran obligated on the original loan may obtain IRRRL financing with a different spouse after a divorce from the original co-borrower spouse or when the original co-borrower spouse is deceased

o Un-remarried spouse of deceased veteran may obtain IRRRL financing, provided he or she was obligated on the loan being refinanced

o Veteran obligated on the original loan may obtain IRRRL financing solely when original loan being refinanced was joint with non-veterans

 Ineligible Borrowers:

o A non-veteran ex-spouse of a veteran may not obtain IRRRL financing, even when home was awarded to him or her in a divorce settlement

o A non-veteran widow or widower of a deceased veteran may not obtain IRRRL financing when he or she was not obligated on the original loan being refinanced, regardless of whether they were married at the time the original loan closed

o A non-veteran may not obtain IRRRL financing, even when he or she was obligated on the original loan being refinanced

o ResMac will not permit a different veteran who is substituting entitlement for the veteran on the loan being refinanced

 For all IRRRL loans, regardless of whether VA requires the interest rate and/or payment reduction, the Veteran must acknowledge the following on Old vs. New Loan Comparison:

o The differences between the existing and new VA loans

Unless the borrower is refinancing from an ARM to fixed rate loan or reducing the loan term, the principal and interest payment must decrease at least 4%

oThe time it will take to recoup the costs (closing costs, pre-paid expenses, discount points and funding fee) associated with the loan (This part of the form is not required when the payment is increasing as permitted for an IRRRL loan that reduces the borrower’s loan term or the refinance of an existing VA ARM loan to a fixed rate loan)

Unless the borrower is refinancing from an ARM to fixed rate loan or reducing the loan term, the number of months to recoup may not exceed 48. When totaling the closing costs on line D of the Old Vs. New Loan Comparison, pre-paid expenses and the funding fee are not included

oFully executed form must contain the correct information for both loans

 Loan amount includes the following – To calculate the loan amount, use the Interest Rate Reduction

Refinancing Loan Worksheet, VA Form 26-8923:

o Existing loan balance

o + Allowable closing costs (origination fee is calculated as a percentage of the payoff minus any cash payments by the veteran – refer to Interest Rate Reduction Refinancing Loan Worksheet, VA Form 26-8923)

o + Up to two discount points

VA Underwriting Guidelines v. 11.12.13

o ResMac’s maximum loan limitation applies: 1-2 Units – verify with specific lender program 3-4 units – verify with specific lender program

oNeither the county loan limit nor the veteran’s remaining entitlement are considered  Certificate of Eligibility not required.

 Maximum loan term is the original loan term of the loan being refinanced plus ten years, not to exceed 30 years.

VA Underwriting Guidelines v. 11.12.13

57000.000 RENTAL INCOME