Transcript Correspondent - American Financial Resources, Inc.

Doing business with American Financial Resources, Inc
As a “C” (Correspondent)
As a “CDE” (Correspondent Delegated)
• American Financial Resources, Inc
is the DE Underwriter
• American Financial Resources, Inc
to show as the SPONSOR on FHA Case
Number Assignment
• American Financial Resources, Inc
insures the loan
• Correspondent is the DE Underwriter
• Correspondent insures the loan
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Select your correct company code: C or CDE
203K streamlines: AFR must underwrite and close the loan
LTV for 203K loans: Use the lesser of the sales price or the appraised value to
calculate the MIP cutoff.
IF submitting as a CDE and your closing package is included with your original
submission you will need to upload your closing package into a separate
document name: Correspondent Only/Closing Package for Closed Loans
4506T transcripts are required (both C & CDE)
Flood Cert to be obtained via Corelogic ©
If you are not able to obtain a Corelogic © flood cert, AFR must be informed.
We will order it for you and the corresponding fee will be deducted from the
wire at purchase.
File goes to Underwriting
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Borrower Contact Sheet- either AFR’s or your company’s
Approval
Sample Webtrac Screen Shot
Income Calculation Worksheet (C & CDE)
Title report
Final Lock / GFE
Post Closing Contact Sheet
Funding Procedures Sheet
3 attachments will be sent with Approval:
*Post Closing Contact Sheet
*Funding Procedures
*1003 – or – Income Calculation Sheet
(final 1003 income must match all AFR’s – “C”s only)
• Wire Instructions
• Aged Loans- AFR will not purchase loans with a 90 day note
• Matrix questions
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Condition turn times are 48 business hours
Check loan approval for directions on submitting conditions
(NO e-mail) DO NOT SEPARATE
UPLOAD directly into CORRESPONDENT CONDITIONS FOR REVIEW
Flood Cert – Correspondent provides Flood Cert
Upload
copy of appraisal into a separate document name:
Correspondent Only – Color Appraisal
Closing package must be received prior to lock expiration date in
order to receive a free 10-day extension should one be required
Final 1003’s and 92900A
Check TIL
FEMA.gov search
Verbal Verification of Employment (complete with verifiable phone numbers)
At Closing-are you MERS-Ready?
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Must be sent to your team Account Manager-either electronically:
uploaded into a separate document:
Correspondent Only – Conditions for Closing Loan or by mail
If AFR is drawing docs, the closing package must be over-nighted; it
cannot be uploaded
High Cost
Provide proof Upfront MIP was paid
Provide proof loan has been registered with MERS (our originator ID is 1003363)
American Financial Resources Inc will need to be the servicer and
investor
Provide Copy of MIC Cert (CDE’s only)
Lender to provide wire instructions on company letterhead stationary
Review HUD1
Certified True Copy of note
Verify prior loan was paid off
TX/LA loans must use MRG for title review/closing package or AFR will
provide the closing package for you
QUESTIONNAIRE FOR TRUTH-IN-LENDING CALCULATIONS
Use aggregate method for calculation total monthly payment: YES or NO?
___________ _NO_____
Escrow Payment Rounding Scheme:_________________________________ ______________ROUND UP__
Escrow Cushion (# of months)
_______________2_______
Per-diem interest: calculated to FIRST day of the month________
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Ignore number of Odd Days in APR calc?
(Odd Days = Number of days included to calculate per-diem interest)
________ ___
Round per-diem to the penny before Odd Days Amount Calc: YES or NO?
_____FIRST_____
__NO______
_____________ NO_____
Odd Day rounding scheme: ______________________________________________________ROUND UP__
Display per diem to how many spaces right of the decimal? (4 maximum)
Number of days to use for Interest Factor re: Per-Diem calc: 365
________ ______4_____
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______ 365____
Number of days to use for Interest Factor re: Per-Diem calc on ARMS: 365 ____________________365____
Display APR to how many spaces right of the decimal? ____
_ ________
_____3_____
APR Rounding Scheme: ___________________________________________________TO NEAREST PENNY_
P & I Rounding Scheme: __________________________________________________TO NEAREST PENNY_
MIP Rounding Scheme:______________________UP FRONT – ROUND UP – MONTHLY TO NEAREST PENNY
Are Escrowed MIP Payments Refunded?__________________________ _Refunded on HUD if applicable__
Truth In Lending Calculation Reference
QUESTIONNAIRE FOR TRUTH-IN-LENDING CALCULATIONS
Use aggregate method for calculation total monthly payment: YES or NO?
___________ _NO_____
Escrow Payment Rounding Scheme:_________________________________ ______________ROUND UP__
Escrow Cushion (# of months)
_______________2_______
Per-diem interest: calculated to FIRST day of the month________
______
Ignore number of Odd Days in APR calc?
(Odd Days = Number of days included to calculate per-diem interest)
________ ___
Round per-diem to the penny before Odd Days Amount Calc: YES or NO?
_____FIRST_____
__NO______
_____________ NO_____
Odd Day rounding scheme: ______________________________________________________ROUND UP__
Display per diem to how many spaces right of the decimal? (4 maximum)
Number of days to use for Interest Factor re: Per-Diem calc: 365
________ ______4_____
______
__
______ 365____
Number of days to use for Interest Factor re: Per-Diem calc on ARMS: 365 ____________________365____
Display APR to how many spaces right of the decimal? ____
_ ________
_____3_____
APR Rounding Scheme: ___________________________________________________TO NEAREST PENNY_
P & I Rounding Scheme: __________________________________________________TO NEAREST PENNY_
MIP Rounding Scheme:______________________UP FRONT – ROUND UP – MONTHLY TO NEAREST PENNY
Are Escrowed MIP Payments Refunded?__________________________ _Refunded on HUD if applicable__
Truth In Lending Calculation Reference
• Who do you use as a Warehouse Bank?
• Original note must be endorsed to American
Financial Resources, Inc.
• Copy of mortgage with the legal description
• Allonge must exactly match note
• Once reviewed by AFR’s Clearance on Collateralinstant cooperation with all post-closing Collateral
Condition
• Funding Procedures
• Pre-Funding packages are
electronically archived
• Docs are available for future retrieval
Director of Operations:
Laura J. Brandao
[email protected]
973-588-8539
E-Fax: 973-494-0322
Underwriter Manager:
Taure Cleveland
[email protected]
973-588-8543
E-Fax: 973-553-0155
Account Manager:
Maddy Wik
[email protected]
973-588-8540
E-Fax: 973-553-0155
Collateral:
Anna Morolla
[email protected]
973-298-8271
E-Fax: 973-954-9504
Shipping & Imaging Manager:
Rich Wright
[email protected]
973-298-8261
E-Fax: 973-782-2571