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

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Presentation on theme: "FHA TRAINING Understanding & Completing FHA Forms and Disclosures July 20, 2011 Presented By."— Presentation transcript:

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

2 FHA vs. Conventional FHA Disclosures HUD Form LT vs. FNMA 1008 (Loan Transmittal Summary) Addendum to the URLA (HUD Form 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 B) For Your Protection Get A Home Inspection (HUD 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 B) Page 1 of 2 Signed & dated by all borrowers At Application

5 92900-B Important Notice to Homebuyer (HUD 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 URLA A (PAGE 1) 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 Box #15: JMAC Lending Von Karman #12 Irvine, CA Box #17: JMAC Phone# (949) Leave this box blank

15 INITIAL Addendum to URLA 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

16 FINAL Addendum to URLA A (PAGE 1) 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 Box #15: JMAC Lending Von Karman #12 Irvine, CA Box #17: JMAC Phone# (949) Leave this box blank

17 FINAL Addendum to URLA 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

18 FINAL Addendum to URLA 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 URLA 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 JMAC post closing Sign & date by borrower at closing with DOCS

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 Yes = Borrower on the list No = Borrower NOT on the list CAIVRS should start with “A” always

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 Delinquent Federal Debts Student Loan FHA Loan, VA Loan SBA Loan, Rural Housing & DOJ CAIVRS Results (A, C, D, F) A = Active (good standing) C = Claim D = Default F = Foreclosure

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 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 https://www5.hud.gov/ecpcis/main/ECPCIS_List.jsp Example of a cleared LDP

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

28 GSA (General Services Administration) https://www.epls.govhttps://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.cfmhttps://entp.hud.gov/idapp/html/condlook.cfm Or log on & click on search for FHA approvedwww.fha.gov 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) – 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 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) fully completed Case Request form with fully completed 1003 to 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 ed to you upon receipt

34 Some Cool Links Main FHA Site: Online Handbook HUD FAQs HUD Lenders Page HUD Condo Lookup https://entp.hud.gov/idapp/html/condlook.cfmhttps://entp.hud.gov/idapp/html/condlook.cfm HUD Condo Mortgage Insurance (Project Approval Guidance) HUD Loan Limits https://entp.hud.gov/idapp/html/hicostlook.cfmhttps://entp.hud.gov/idapp/html/hicostlook.cfm HUD Mortgagee Letters Santa Ana HOC Center FHA DAP Approved List Subscribe to HUD Single Family Update List The MOST USEFUL & BEST WEBSITE in the world:

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