FAQ

PRODUCTS

Conventional

Can an account reported as disputed on credit report be ignored if loan receives an “Approval/Eligible”?

Conventional loans, if DU findings did not require any action, no action is required; If DU findings require action on a disputed account the loan cannot close until the dispute has been resolved and an updated new credit report, without the disputed account is submitted to DU. For Government loans, follow published guidelines for program specific requirements.

What is the maximum acceptable age of the credit report?

Conventional loans, credit report is valid for <= 4 months from the Note date. For Government loans, refer to Chapter 6 Loan Eligibility – Age of Documentation section.

Is a manual underwriting on Agency Conforming Program acceptable?

No, a DU “Approve/Eligible” is required. Manual underwriting is ineligible.

What is Delayed Financing?

Borrowers who purchased the subject property within the past 6 months are eligible for a cash-out refinance if all Fannie Mae requirements are met. Refer to HomeBridge’s published guidelines for a complete list of Fannie Mae Delayed Financing requirements.

What is the number of financed properties allowed on second home and investment transactions?

Maximum of 10 residential properties may be financed, including borrower’s primary residence. Refer to HomeBridge’s published guidelines for complete requirements.

Fannie Mae HomeStyle

Is this like an escrow hold back for repairs?

No. the renovation funds do not get disbursed to escrow at the time of closing for them to hold back.

Where does the money go when the loan is closed?

The renovation funds stay with the Lender at closing.

Are we able to disburse any draws at the time of closing?

No.

Are any of the renovation fees allowed to be disbursed at the time of closing?

Yes, Any of the onetime costs that are used on the HomeStyle Maximum Loan Worksheet to determine the maximum allowable loan amount and are not part of the finalization of the renovation. Permit fees and the Consultant report ‘feasibility report’ fee would be allowed. Title update fee and final inspection fee would not be allowed.

When are we able to execute a draw request?

Only after the renovation work has been started and a minimum of 10% of the total contracted scope of work has been completed and verified by the consultant.

Who requests the draw?

The consultant will provide the correct documentation needed to request a draw only after the verification of each phase of work completed as written in their report.

Can the Lender issue out a draw before HomeBridge Funding purchases the loan?

Yes. As long as they do it correctly per Fannie Mae guide and provide us with the supporting documentation.

Do the executed contracts and the consultant report have to be a part of the appraisal?

Yes, It is no different than any other appraisal that identifies a subject to value.

What if the documents that were provided to the appraiser weren’t signed by the borrowers or contractor when the appraisal was completed and now they are signed. Do we have to add them to the appraisal since nothing else changed accept now they are signed?

Yes. The signatures authenticate the final agreement between the borrower(s) and contractor which in turn validates the after repaired value of the appraisal

Since the 3 fees identified in section C.1.  ‘c, d and g’ are fees that can be disbursed at the time of closing, are we able to allow the borrower to recapture the funds they spent out of pocket at the time of close?

  • Examples being;
    • Consultant Fee total $800 and borrower cut a check for $300 to get it started. Can they get cash back the $300 at close?
    • Architect/engineering fee $2,000 and borrower cut a check for $1,000 to get it started. Can they get cash back the $1,000 at close?

Yes. As long as we have receipts showing these amounts were paid the borrower can receive funds at closing.  This goes for all renovation loans.

Are the financed mortgage PITI used as part of the Maximum Mortgage calculations?

Only for primary residence transactions

Do we fund the entire loan amount at the time of the closing?

  1. You take the Gross loan Amount and subtract the total Hold-Back $ amount and send the remainder only. This is that same for both purchase and refinances transactions.
  • Example:
    • Gross loan amount on Note = $257,560.00
    • Maximum Mortgage Worksheet renovation Hold-Back = $107,378.00
    • $257,560 – $107,378 = $150,182.00
    • Total funds sent to closing = $150,182.00

Do you have to escrow the PITI if a property in uninhabitable during the renovation or at the time of the appraisal.

It is up to the borrower(s) to make the determination if they want that to be a part of the loan settlement.

If the borrower(s) elect to have monthly PITI escrowed at time of settlement, can they be financed through the loan?

Only on Primary residence. If the borrower(s) want to escrow monthly PITI on any other occupancy property they have to fund it themselves at time of settlement.

Are the PITI months that are being escrowed used to calculate the maximum mortgage worksheet?

Only on primary residence. It is not allowed as part of the renovation calculations if it not the primary residence.

Can the borrower select to escrow the PITI for the entire duration of the renovation project?

  1. Only for the time frame that the property will be uninhabitable.

Is the Maximum Mortgage Worksheet mandatory to close the HomeStyle loan?

  1. Per Fannie Mea, it is not a required form. However the lender may find it useful and helpful to insure the correct loan amount is calculated.

FHA

What is HomeBridge minimum FHA FICO score requirement?

HomeBridge minimum FHA program FICO score requirement is 580, please refer to HB Seller Guide FHA Program guidelines for complete details.

Does HomeBridge accept manual underwrites for FHA Refer/Elegible?

Yes, please refer to HB Seller Guide FHA Program guidelines for complete details.

Does HomeBridge accept non-occupant co-borrower for FHA transaction?

Yes, we follow HUD requirements. Please refer to HB Seller Guide FHA Program guidelines for complete details.

FHA 203(k)

Can an investor participate in FHA’s 203(k) Full Consultant or 203(k) Streamlined Rehabilitation Program?

Not at this time.

What are the lender’s responsibilities under the 203(k) rehabilitation mortgage program?

To help mitigate concerns about 203(k) loan administration, lenders must assure that underwriters are properly trained in using the 203(k) program, including selection of the consultant and strictly follow FHA guidelines. Lenders are responsible for assuring that all construction progresses on schedule and that any construction change orders are properly reviewed and approved. When construction is completed the loan must be properly closed out.

Lenders should also take specific steps to improve quality control over data entry and comply with the loan administration directives outlined in HUD Mortgagee Letters.

Do I need both an as-is and an as-repaired appraisal for 203(k) loans?

An as-is appraisal is not needed if the lender believes that the sales price or the existing debt is equal to or lower than the as-is value.

For HUD real estate owned (REO) purchase transactions, where the as-is value is not available or disclosed, the lender may utilize the lesser of the contract sales price or initial list price as a proxy for the as-is value.

For refinance transactions, the lender may use the existing debt on the property as the as-is value with an as-is value comment by the appraiser. However, on a refinance transaction, when a large amount of existing debt (i.e., first and secondary mortgages) suggests to the lender that the borrower has little or no equity in the property, the lender must obtain an as-is appraisal on which to base the estimate of as-is value.

Are any repairs allowed under the 203 (k) Streamlined programs as long as the total renovation cost doesn’t exceed $35,000?

Even if the total cost is $5,000, the scope of work is restricted to non-structural or non-safety repairs. Refer to HUD Mortgagee Letter 2005-50

What is the FHA 203(k) Full Consultant rehabilitation mortgage insurance program?

The 203(k) Full Consultant Rehabilitation Mortgage Insurance Program allows individuals or families to purchase or refinance and rehabilitate a home that is at least one year old with a single mortgage loan.  A portion of the loan proceeds is set aside in a Trust account and released as rehabilitation is completed. The cost of the rehabilitation must be at least $5,000 and the total mortgage amount on the property, including the cost of the repairs, must fall within the FHA mortgage limit for the area. The extent of the rehabilitation covered by 203(k) Full Consultant financing may range from relatively minor (though exceeding $5000 in cost) to near total reconstruction provided that a portion of the existing foundation system remains in place.

The types of improvements that the borrowers may make using 203(k) Full Consultant financing include:

* structural alterations and reconstruction
* modernization and improvements to the home’s function
* elimination of health and safety hazards
* changes that improve appearance and eliminate obsolescence
* reconditioning or replacing plumbing; installing a well and/or septic system
* adding or replacing roofing, gutters, and downspouts
* adding or replacing floors and/or floor treatments
* major landscape work and site improvements
* enhancing accessibility for a disabled person
* making energy conservation improvements

HUD requires that properties financed under this program meet certain basic energy efficiency and structural standards. However, luxury items and improvements that do not become a permanent part of the property are not eligible uses of a 203(k) loan.

Can energy efficient and renewable energy improvements be financed under the 203(k) Streamlined?

Energy efficient and renewable energy improvements may be financed under FHA’s 203(k) Streamlined program (also called Streamlined (k)). Improvements may include items, such as roof replacement, windows, HVAC (including ground source systems), solar systems, wood/pellet boilers and stoves, and insulation. Improvements under 203(k) Streamlined program are generally uncomplicated in scope and do not involve structural repairs and do not require a consultant, engineer and/or architect.

Improvements that are subject to normal code compliance reviews, such as HVAC and solar systems, should not be summarily excluded for plan review prohibitions applicable to the 203(k) Streamlined.

Can Solar panels or other energy efficient improvements be financed under the 203(k) Full Consultant program?

The cost for installing solar systems may be financed under FHA’s 203(k) Full Consultant program. The 203(k) Full Consultant  program may also be used to finance a wide range of energy-efficient improvements, including ground source systems, (e.g. geothermal heat pumps), wood/pellet furnaces, boilers and stoves, roof replacement, windows, doors, and isolation.

When would a borrower obtain a plan review for a Section 203(k) Full Consultant loan?

The plan review occurs before the work write-up is done and an appraisal is ordered. The borrower must have the following items prepared: an existing plan of the structure, a proposed plan if structural changes are involved, certain inspection reports, specifications of the repairs, descriptions of the materials and a plot plan if site improvements are involved. The lender must then select an approved 203(k) consultant to visit the site and prepare the work write-up. The consultant must be qualified to review the plans; the plans do not need to be reviewed by HUD or the lender (except for a sampling of cases in order to monitor the consultant).

Who provides lead paint notification on 203(k) Full Consultant and 203(k) Streamlined rehab loans?

HUD does not require that lenders provide the lead paint notification for refinance transactions and no longer requires lenders to maintain a record of delivery of the notification on purchase transactions. Therefore, in order to satisfy the EPA regulation, the renovation contractor must provide the lead paint notification on all 203(k) loans involving pre-1978 properties.

The EPA regulation, known as the Pre-Renovation Lead Information Rule (Section 406(b) of the Toxic Substances Control Act), requires that renovation contractors provide homeowners or occupants of pre-1978 properties with the EPA pamphlet, Protect Your Family from Lead in Your Home, obtain a signed acknowledgment of receipt or certificate of mailing, and maintain a record of the acknowledgment or certificate for three years. For more information, see Mortgagee Letter 2000-01

What are the pre-closing test case requirements for Section 203k rehabilitation mortgages?

All unconditionally approved Direct Endorsement (DE) lenders are eligible to process Section 203(k) loans without completing any pre-closing test cases. The 203(k) Streamlined Limited Repair Program also does not require submission of pre-closing test cases for DE lenders with unconditional approval.

Can a borrower serve as the General Contractor on 203(k) loans?

Lenders are to use extreme caution in approving 203(k) applications where the borrower will act as the General Contractor. Only in those cases where the lender has verified that the borrower is a General Contractor or can document experience in completing rehabilitation projects may it approve ‘self-help’ arrangements for Section 203(k). Lenders should make sure borrowers who elect to do their own work, have the time and expertise to complete the rehabilitation work on schedule. Borrowers doing their own work must have lender approval, sign a self-help agreement, and fully understand that construction must be completed within 5 months of loan closing or a shorter period, as determined by the lender.

What is a self-help agreement?

The Rehabilitation (Self-Help) Loan Agreement is an agreement between the borrower and lender to establish the conditions under which the rehabilitation project will be completed. Under a ‘self-help’ arrangement, the borrower must understand that they will get paid only for materials, not for labor on work they perform.

The lender must also assure that the homeowner has the expertise to perform the work on the project. Example: A homeowner who is a licensed electrician would be considered having the expertise to perform electrical work needed.

The Work Write-up must clearly state both the cost of labor and materials for the work items. The borrower should maintain records documenting actual costs and lien waivers in the same way that a General Contractor would. The lender must ensure the borrower understands the 203(k) program at the construction stage and the risks inherent in rehabilitation projects.

Additional information and a sample Rehabilitation (Self-Help) Loan Agreement can be found in Mortgagee Letters 00-25 and 98-11.

How long does a borrower have to complete the rehabilitation and repairs under the regular FHA 203(k) Full Consultant program?

HomeBridge expects the rehabilitation and repairs under the 203(k) Full Consultant program to be completed within 5 months of closing. When extenuating circumstances beyond the control of the homeowner or contractor delay the completion of the work, the lender may grant up to a 5 month extension beyond the original construction period.

How long does a borrower have to complete the rehabilitation and repairs under the 203(k) Streamlined program?

HomeBridge requires that all repairs under the Streamline 203(k) program must be completed within 5 months from the date of closing.

Can the 203(k) contingency reserve be used for other repairs?

Yes, if the reserve are not to be used to make additional improvements to the dwelling that are considered luxury items; It may be used to pay for added construction costs caused by deficiencies (health, safety and necessity) discovered during rehabilitation.
Use a Request for Change, Form HUD 92577, when the scope of rehabilitation will be affected. When adjustments to the proposed rehabilitation (i.e., deleting a skylight from the work write-up) are made following loan closing, the amount by which the costs are reduced are added to the contingency reserve. Any unused portion of the Contingency Reserve Fund remaining at the time of issuance of the Final Release Notice must be applied to reduce the mortgage balance. Work items cannot be deleted from the rehabilitation if it will decrease the value of the home, since the loan has already closed.

How does a lender close-out a 203(k) Mortgage?

After a 203(k) Full Consultant or 203(k) Streamlined mortgage is endorsed and the rehabilitation work on the home is completed, either the originating lender or its Sponsor uses the Escrow Close Out Screen in FHA Connection to certify that a 203(k) case has been properly closed out. Proper close out means the lender certifies that specific documents (listed in the help screens in FHAC) have been reviewed and verified for accuracy.
After the Escrow Close-Out Screen is successfully processed, the lender retains the close out documents in the lender’s origination case file. The originator must retain the file, either in hard copy or electronic format, for two years following endorsement of the mortgage.
HUD will monitor the timeliness and accuracy of Section 203(k) case close out processing in FHA Connection.

How does the lender disburse the remaining funds in a 203(k) Trust after the work is completed?

Any money remaining in the rehabilitation escrow account will be used to reduce the principal balance. If the borrowers established the trust account with their own money, i.e., it was not included in the loan, the borrowers may receive a refund of unused funds.

How do I calculate a 203(k) Full Consultant or 203(k) Streamlined loan to meet the cash investment and refinance requirements?

Form HUD-92700 203(k) Full Consultant and 203(k) Streamlined Maximum Mortgage Worksheet is used to calculate the maximum mortgage amount, cash investment on a purchase and refinance requirements. After June 15/2015 HUD will have a calculation engine available.

What costs may be included in the ”Cost of Rehabilitation” for a 203(k) loan?

Expenses eligible to be included in the cost of rehabilitation are materials, labor, contingency reserve, overhead and construction profit, up to five (5) months of mortgage payments, plus expenses related to the rehabilitation such as permits, fees, 203k consultant fees, inspection fees by a qualified home inspector, licenses, inspection fees during construction by a HUD accepted inspector, lien protection fees for title updates and architectural/engineering fees. The cost of rehabilitation may also include the supplemental origination fee which the mortgagor is permitted to pay and the discounts which the mortgagor will pay on that portion of the mortgage proceeds allocated to the rehabilitation.

Can I use the current sales price as the estimate of value for calculating the maximum mortgage amount on a Section 203(k) loan if the property was bought with cash within the last six months?

If a borrower purchased a property with cash within the last six months, the original sales price may be used as the estimate of value in determining the maximum mortgage amount for a Section 203(k) loan provided:
– the current sale is from the owner of record and does not involve any sale or assignment of the sales contract
– the owner of record is not HUD
– there is no identity of interest between the purchaser and the owner of record
– the current sale is the only sale within the past twelve months or had the lowest sales price during that time

This will allow the borrower to replenish funds used at the time of purchase. The original purchase price must be documented with a copy of the HUD-1 Settlement Statement and sales agreement.

USDA

What is the minimum FICO score for USDA programs with HomeBridge?

Minimum credit score is 640

Is a manual underwrite allowed on an USDA program?

Yes 

VA

What is the minimum FICO score for VA programs?

Minimum credit score is 580, please refer to HB Seller Guide VA Program guidelines for complete details.

Does HomeBridge require state taxes owed be downgrated to manual underwrite?

No, only federal taxes.

Does HomeBridge require an appraisal for VA IRRRL program?

We require an AVM or 2055 exterior only inspection, please refer to HB Seller Guide VA IRRRL Program guidelines for details.

HOMEBRIDGE INTERACTIVE PORTAL (HIP)

HIP Step By Step

Lock Loan Prior to Submission

Getting Started:
Go to http://www.homebridgefunding.com/
Log in using “Seller Login” button
Under “New Loan Actions”
Select “Lock Prior to Submission”

Step One: Data Import (There are 2 options for importing data.)

Option 1 – AUS Subission

This is the preferred method when DU/DO has been run successfully and the loan has received Approve/Eligible findings.

  • Select “AUS Submission”
  • Enter Fannie Mae Case File #, Fannie Mae User ID and Fannie Mae Password

Option 2 – Manual Submission

  • Select “Manual Submission”
  • Browse and Attach the Fannie Mae 3.2 file

Step Two: Price and Confirm

  • Select “Register” and complete screen
  • Select “Price”
  • Review information on screen and Select “Lock”
  • Select “Confirm”

For detailed instructions see Quick Start #2 located in the “Training Tools” section of HIP.

Submit a Locked Loan

Getting Started:
Go to http://www.homebridgefunding.com/
Log in using “Seller Login” button
Locate loan in “View Pipeline”

Step One: AUS/3.2 FIle Update (Skip this step for FHA Streamline and USDA transactions.)

  • Select “AUS Submission”
  • Enter Fannie Mae Case File #, Fannie Mae User ID and Fannie Mae Password
  • Select “Import” and complete screen

Step Two: Upload File Documentation

  • Select “Upload Documents”
  • Documents may be uploaded in batches or indexed individually (Maximum document size 40mb)
  • Browse attach file and complete screen
  • Select “Upload”

Step Three: Submit Loan

  • Select “Submit Loan” from the Loan Details Summary screen

Submit Loan Prior to Rate Lock

Getting Started:
Go to http://www.homebridgefunding.com/
Log in using “Seller Login” button
Under “New Loan Actions” select either

  • “Prior Approval Submission” (HBF to underwrite your loan)
  • “Closed Loan Submission” (Loan is closed & ready for purchase)

Step One: File Import (There are 2 options for importing a file)

Option 1 – Manual Subission

This is used for FHA Streamline transactions only since they are not run through DU/DO. Browse and attach the Fannie Mae 3.2 File.

  • Select “Manual Submission”
  • Browse and Attach the Fannie Mae 3.2 file
  • Select “Import” and complete screen
  • Select “Register”

Option 2 – AUS Subission

This is the required method when DU/DO has been run successfully and the loan has received Approve/Eligible findings.

  • Select “AUS Submission”
  • Enter Fannie Mae Case File #, Fannie Mae User ID and Fannie Mae Password
  • Select “Import” and complete screen
  • Select “Register”

Step Two: Upload File Documentation

  • Locate loan in pipeline
  • Select “Loan Details Summary”
  • Select “Upload Documents”
  • Documents may be uploaded in batches or indexed individually  (Maximum document size 40mb)
  • Browse attach file and complete screen
  • Select “Upload”

Step Three: Submit Loan

  • Select “Submit Loan” from the Loan Details Summary screen

For more detailed instructions see Quick Start #5 and Quick Start #6 located in the “Training Tools” section of HIP.

Navigation Through HIP

Rate Sheets

Log into HIP and click the “Rate Sheet” tab from the main
menu bar.
Rate Sheets are also delivered daily via email and restricted to
approved Sellers with an assigned user name, login, and
password.

Seller Guide

Log into HIP and click the “Seller Guide” tab from the main menu bar.

Program Matrices/Overlays

Log into HIP and click the “Program Matrices” tab from the main
menu bar.

Announcements

Log into HIP and click the “Announcements” tab from the main
menu bar.

Announcements are also delivered upon release via email and are
restricted to approved Sellers with an assigned user name and
password.

Forms and Resources

Log into HIP and click the “Forms and Resources” tab from the main
menu bar.

Training Tools

Log into HIP and click the “Training Tools” tab from the main
menu bar.

Sales Contact Information

Log into HIP and click the “Sales Contacts” tab from the main
menu bar.

HIP Program

All HIP action links are located directly under the main menu bar.

New Loan Actions
View Pipeline
Generate Pricing Scenerio (GPS)
Seller ReportsForms and Resources

HIP User Links

All HIP User links are located directly to the top right of the screen.

User Settings
Log Out
HIP Support
Contact Us

Troubleshooting HIP Errors

Why does the screen shown in the training does not appear that way on my computer?

This is most likely due to the compatibility view settings in your browser. Click tools on your
browser’s tool bar and add Homebridge to compatibility view settings. You can also try accessing program in Google Chrome.

It seems the action button I need which is referenced in the training is not there?

The user ID you have been issued does not have the proper security access level. Contact your sales support representative to verify that you have the required access.

Why is the action button I need referenced in the training appears to be grayed out and will not allow me to click on it?

This is most likely due to a Homebridge associate actively working on the file which will show a small pad lock next to the loan number. Try the function at a later time when the padlock does not show or contact your sales support representative to assist.

The execute seller action button appears grayed out and does not seem to do anything?

This button does not function unless a seller action in the condition action column is selected. Homebridge is not notified that conditions have been uploaded unless the execute seller action button is pushed.

My SSR has confirmed I have the proper access level but I am still not seeing the lock update or lock extended buttons?

You are still in the prior non updated version of HIP. Below the spot where you put in the
credentials there is verbiage that references the version you are in. If the version v0.39.1 appears in red you are not in the most updated version. You must refresh the browser using the circular arrow refresh button to the left of the URL. The v0.39.1 should then appear black at which point you can log in.

My SSR contacted me and told me to get out of the purchase advice screen. I exited the screen hours ago when I approved the PA?

If you exit the purchase advice screen by shutting down the entire browser it will make it
appear that you are still in the PA and will lock the purchasing department out of your loan. If requested please log back into HIP go back into the purchase advice and then exit Purchase advice by closing only the purchase advice window and not the entire HIP application.

HIP Help

Contact

Email: hiphelp@homebridge.com

Phone: 855.242.3863

CONTACTS

Staff Contacts

National Sales Managers

Chuck Robert | 603-714-4606 | crobert@homebridge.com

Jennifer Caldwell | 909.225.8444 | jcaldwell@homebridge.com

Stan Tucker | 804.317.9017 | stucker@homebridge.com

Stuart Blend | 469.939.9055 | sblend@homebridge.com

Sales Service Representatives

Juju Bundakji | 855.242.3863 Ext.287 | jbundakji@homebridge.com

Kristie Ramirez | 855.242.3863 Ext. 267 | kramirez@homebridge.com

Operations Support

Mary Darter | 855.242.3863 Ext.212 | mdarter@homebridge.com

HomeBridge Contacts

Client Management Email

For questions regarding Seller Eligibility, please contact:
clientmanagement@homebridge.com

Bid Tape Email

homebridge_bidtapes_dl@homebridge.com

Renovation Concierge Email

renovation@homebridge.com

UNDERWRITING

General

What are the minimum tradeline requirements?

HomeBridge will generally accept DU “Approve/Eligible” findings regarding tradeline requirements. Sellers should refer to HomeBridge’s published guidelines for program specific requirements.

Can an account reported as disputed on credit report be ignored if loan receives an “Approval/Eligible”?

Conventional loans, if DU findings did not require any action, no action is required; If DU findings require action on a disputed account the loan cannot close until the dispute has been resolved and an updated new credit report, without the disputed account is submitted to DU. For Government loans, follow published guidelines for program specific requirements.

How is a representative credit score determined?

If there are 3 valid scores, the middle score is used. If 2 of 3 scores are a duplicate, the duplicate score is used. If there are 2 valid scores, the lower of the 2 is used. If there is 1 valid score, that score is used.

What is the maximum acceptable age of the credit report?

Conventional loans, credit report is valid for <= 4 months from the Note date. For Government loans, refer to Chapter 6 Loan Eligibility – Age of Documentation section.

Is a manual underwriting on Agency Conforming Program acceptable?

No, a DU “Approve/Eligible” is required. Manual underwriting is ineligible.

What is Delayed Financing?

Borrowers who purchased the subject property within the past 6 months are eligible for a cash-out refinance if all Fannie Mae requirements are met. Refer to HomeBridge’s published guidelines for a complete list of Fannie Mae Delayed Financing requirements.

What is the number of financed properties allowed on second home and investment transactions?

Maximum of 10 residential properties may be financed, including borrower’s primary residence. Refer to HomeBridge’s published guidelines for complete requirements.

What is the maximum number of properties financed by HomeBridge?

HomeBridge will finance a maximum of 2 loans to one borrower; one must be primary residence.

Does HomeBridge require appraisals to be ordered from an AMC (Appraisal Management Company)?

No, HomeBridge requires all appraisals submitted to HomeBridge meet UAD guidelines and standards and all appraisal forms must comply with Fannie Mae’s UAD requirements effective 09/01/11 for conventional transcations and 01/01/12 for FHA transactions.

Can a Delegated Seller submit a loan for Prior Approval?

Yes, Delegated Sellers have the option to submit loans as Delegated Closed Loan Review or as a Prior Approval.

PURCHASING

Conditions

What is “MIN Search Results”?

A MERS system search by Social Security Number to verify borrower’s property and lien information.

What does “Seller to provide Fannie Mae SSE with appraisal date____ mean?

We are looking for the “Date of Signature and Report” on the Appraisal to match up with the “Date of Appraisal” on the “Appraisal Findings Details Report” or UCDP Submission Summary Report.

What is “Import AUS/3.2 File Update”?

An AUS/3.2 File Update will be required:

  1. Anytime loan information is modified after the initial submission.
  2. If initial submission presented “Warning Exceptions” at the time of registration.
  3. If initial submission contains incorrect/outdated information (eg., incorrect appraised value listed within DU)

For step by step intruction on submitting see Quick Start #11.

What does “Seller to Validate Lock Term” mean?

The lock terms must match the loan terms prior to purchase.

  1. View the Lock/Loan comparison to identify lock updates needed. See Quick Start #3for detailed instructions.
  2. Select “Update Lock” to make necessary changes to the lock. See Quick Start #4for detailed instructions

General

How many days do we have to pay Property Taxes prior to purchase?

If a loan has impounds and Propery Taxes are doe within 60 days of the purchase date, they need to be paid prior to purchase. If a loan has no impounds the requirement doesn’t apply.

Is the LO required to sign and date the Initial 1003?

The initial loan application must be hand signed or electronically signed and dated by the Loan Officer the day the loan application was taken.

If the appraisal invoices reflect POC on the HUD, does the appraisal invoice need to reflect the same?

Yes, invoice should reflect paid.

Does the Borrower Debt Affidavit need to be a specific form? What else can be provided in lieu of this?

HomeBridge Funding does not require a specific form for the Borrower Debt Affidavit that is signed at closing. HBF will also accept a “soft-pull” within a reasonable time frame from the closing date.

Where is the Note Shipped?

Original Note, Bailee Letter and Allonge should be shipped to:

Deutsche Bank National Trust Company
1761 East St. Andrew Place,
Santa Ana, CA 92705-4934
Attn: Team Homebridge

How should the Note be endorsed?

Pay to the order of
HomeBridge Financial Services, Inc.
Without Recourse
(Seller)
(Signature of Officer)
(Officer’s Name and Title)

What is the Conditions Clear by Date?

The purchasing disposition will be issued with a Conditions Cleared by Date, which will be the greater of seven (7) calendar days from the date of disposition or the lock expiration date. If the Conditions Cleared by Date is on a holiday or weekend, it will roll to the next business day.

What information goes on the Goodbye Letter?

Servicer Payment Address for properties located in:
AZ,CA, CO, HI, ID, MT, NE, NM, ND, OR, SD, UT, WA & WY.

Central Loan Administration & Reporting
P.O. Box 54040
Los Angeles, CA 90054-0040

Servicer Payment Address:
All other states.

Central Loan Administration & Reporting
P.O. Box 11733
Newark, NJ 07101-4733

Servicer Payment Overnight:

Central Loan Administration & Reporting
425 Phillips Blvd.
Ewing, NJ 08618

Servicer Correspondence Address:

Central Loan Administration & Reports
P.O. Box 77404
Ewing, NJ 08628

Servicer Phone and Hours:

Phone: (877) 495-4714
Hours: Monday-Friday, 8:30a.m. to 8:00p.m. EST

What is HomeBridge Funding’s MERS Org ID?

1002882

What is HomeBridge’s Mortgage Clause?

Central Loan Administration & Reporting, ISAOA, ATIMA
P.O. Box 202028
Florence, SC 29502-2028

What is HomeBridge’s FHA Servicing Transfer Information?

Enter into FHA Connection:

Holder (HomeBridge Financial Services, Inc.) Number: 78113
Servicer (Cenlar): 30084

What is HomeBridge’s USDA Servicing Transfer Information?

Lender Certification for SFH Guaranteed Loan Form 3555-18.
Servicing Lender- Cenlar

Lender Tax ID: 21-0534340
Assigned Branch Number: 001
Address:

Cenlar
425 Phillips Blvd.
Ewing, NJ 08618

Holding Lender – HomeBridge Financial Services

Lender Tax ID: 22-3123730
Assigned Branch Number: 1
Address:

HomeBridge Financial Services, Inc.
194 Wood Avenue South, 9th Floor
Iselin, NJ 08830

Where are Final Docs sent?

Deliver final documents within 120 days of the purchase date.

Original recorded security instrument,
Original recorded assignments to HomeBridge, and
Any additional documentation specified by HomeBridge.

HomeBridge Financial Services, Inc.
433 Hackensack Ave. 5th Floor
Hackensack, NJ 07601
Attn: Final Docs

Does HomeBridge accept Electronic Signatures?

HomeBridge will accept electronically executed signatures on conventional and FHA transactions as follows:

Purchase/sales contracts,
Initial 1003, and
Initial disclosures

HomeBridge requires physical signatures on closing documents.

 

LOCKS

Lock Desk

What time does the lock desk close?

Lock desk closes daily at 5pm PST.

TBD Property

Can an interest rate be locked before a borrower selects a property?

Yes, enter TBD in address field at time of lock.

Update Lock

How are changes made to the current lock?

Updating a lock is done through HIP utilizing the “Update Lock” tab. See Quick Start #4 for detailed instructions.

Lock Commitments

What lock commitments are available?

Best Efforts

Mandatory

Direct Trade

Lock Commitment Options

How long can a rate be locked?

15 day

30 day

45 day

60 day

90 day

120 day

Max Price

Is there a maximum price HomeBridge Funding will pay?

Yes.

Conventional Product – 106.000

Government Product – 106.250

Lock Extensions

Are lock extensions available?

Yes, extending a lock is done through HIP utilizing the “Extend Lock” tab.

Extension request must be entered prior to 5pm PST of lock expiration date.

7 day – (.125)

15 day – (.250)

30 day – (.500)

A maximum of two 30 day extensions allowed.

Lock Expiration

Does a loan have to be submitted before a lock expires?

Yes, all closed mortgage loans must be received by 5pm PST by the lock expiration date or the lock must be extended.

Re-Lock

If the lock has expired, can the rate be re-locked?

If the mortgage loan is relocked within 45 days of the original lock expiration date, it will be subject to worst case pricing. Worst case pricing is the lower of the current day’s rate sheet base price or the original lock date’s rate sheet base price plus all the accumulated loan level price adjustments, extension fees, and deficiency fees.

Email: hbflocks@homebridge.com

TILA-RESPA INTERGRATED DISCLOSURES

Resources

CFPB TILA-RESPA Intergrated Disclosure Rule Implementation

http://www.consumerfinance.gov/regulatory-implementation/tila-respa/

The CFPB is also conducting a series of webinars concerning the new rule. Recorded versions and PDFs for these sessions and registration for future sessions can be found at: https://consumercomplianceoutlook.org/outlook-live/

 

MBA
Equal Op
US