bac florida bank / wholesale rates

BAC FLORIDA BANK / WHOLESALE RATES
www.bacflorida.com/ratesheet
August 30, 2016
ALL LOANS WILL BE LOCKED AT LOAN SUBMISSION FOR 60 DAYS RESIDENTIAL FOREIGN NATIONAL AND DOMESTIC LOAN PROGRAMS. SEE PROGRAM DESCRIPTION FOR ALL CRITERIA Condo Loans : increase rate by .250% if the
developer is still in control of the HOA.
PRICING
FOR ALL NON REGULATION “Z” APPLICABLE & NON TRID
LOANS, INCLUDING FOREIGN NATIONAL LOANS AND CORPORATE
BAC LENDER PAID BROKER COMPENSATION IS 2.00 % TITLE LOANS
THAT ARE SECOND HOMES AND INVESTMENT LOANS**
Maximum Lender Paid Broker Compensation is $50,000 15 YR.
LENDER PAID
 SEE LOAN PROGRAM DESCRIPTION FOR VENEZUELAN, ARGENTINE OR RUSSIAN BORROWERS. 3/1 ARM
*
5/1 ARM
7/1 ARM
10/1 ARM
 3/1 ARMS WITH LENDER PAID COMPENSATION ARE NOT AVAILABLE FOR PRIMARY RESIDENCE LOANS COMPENSATION
FIXED

ALL LENDER PAID LOANS HAVE A (3/2/1) PREPAYMENT PENALTY, PRIMARY RESIDENCE LOANS WILL BE (2/1).  BORROWER PAID BROKER COMPENSATION LOANS HAVE NO PREPAYMENT PENALTY. 0.00%
4.125%
4.375%
4.875%
5.375%
5.125%
 1 YEAR LIBOR INDEX ‐ MARGIN 3.25% ‐ 2/6 CAPS.  6% SELLER CONTRIBUTION ALLOWED TOWARDS BUYERS CLOSING COST AND PREPAIDS 1.00%
4.250%
4.500%
5.000%
5.500%
5.250%
 REAL ESTATE TAXES WILL BE ESTIMATED AT 2.00% OF THE SALES PRICE ON PURCHASE TRANSACTIONS 4.375%
4.625%
5.125%
5.625%
5.375%
1.50%
4.500%
4.750%
5.250%
5.750%
5.500%
2.00%
* INTEREST ONLY for 3/1 ARM’s with LTV’s of 50% or less for Corporate Title Purchase Money Loans only, increase rate by .25% ** Additional borrower paid broker compensation and fees are
allowable on Non Regulation “Z” and Non TRID applicable loans.
PRICING FOR ALL TRID & REGULATION “Z” APPLICABLE LOANS
BORROWER PAID BROKER COMPENSATION PRICING 3/1 ARM
5/1 ARM
4.000%
4.375%
7/1 ARM
10/1 ARM
15 Yr. Fixed
LENDER PAID
COMPENSATION
4.875%
5.375%
5.125%
0.00%
Maximum Lender Paid Compensation is $50,000
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SEE LOAN PROGRAM DESCRIPTION FOR VENEZUELAN OR RUSSIAN BORROWER RESTRICTIONS. ALL NON REG. Z / NON TRID LOANS WITH LENDER PAID COMP. HAVE A (3/2/1) PREPAYMENT PENALTY. LOANS WITH ONLY BORROWER PAID BROKER COMPENSATION HAVE NO PREPAYMENT PENALTY. BAC DOES NOT OFFER LENDER PAID COMPENSATION ON REG. Z or TRID APPLICABLE LOANS. 1 YEAR LIBOR INDEX ‐ MARGIN 3.25% ‐ 2/6 CAPS. 6% SELLER CONTRIBUTION ALLOWED TOWARDS BUYERS CLOSING COST AND PREPAIDS 
* INTEREST ONLY for 3/1 ARM’s with LTV’s of 50% or less for Corporate Title Purchase Money Loans only  REAL ESTATE TAXES WILL BE ESTIMATED AT 2.00% OF THE SALES PRICE ON PURCHASE TRANSACTIONS PRIMARY RESIDENCES *** SECOND HOMES *** INVESTMENT PROPERTIES
FOREIGN NATIONAL LOANS (Including Corporate Title)
LOAN AMOUNT
SINGLE FAMILY & PUD LTV
PURCHASE – RATE & TERM
REFINANCE
$100,000 - $ 149,999
$150,000 - $ 199,999
$200,000 - $ 1,000,000
Over $ 1,000,000
50%
65%
70%
CASE BY CASE
CONDOMINIUM LTV
PURCHASE – RATE & TERM
REFINANCE
50%
60% ***
65% ***
CASE BY CASE
LOAN AMOUNT
$100,000 - $ 149,999
$150,000 - $ 499,999
$500,000 - $1,000,000
Over - $ 1,000,000
REFINANCE
CASH OUT
50%
50%
60%
CASE BY CASE
REFINANCE
CASH OUT
50%
50%
60% ***
CASE BY CASE
*** If the Developer is still in control of the HOA, the maximum loan amount cannot exceed 50% of the purchase price *** DOMESTIC BORROWER LOANS (Including Corporate Title)
SINGLE FAMILY & PUD LTV
PURCHASE – RATE & TERM
REFINANCE
60%
70%
65%
REFINANCE
CASH OUT
50%
60%
50%
CONDOMINIUM LTV
PURCHASE – RATE & TERM
REFINANCE
REFINANCE
CASH OUT
LOAN AMOUNT
$100,000 - $ 149,999
$150,000 - $ 1,000,000
Over $ 1,000,000
LOAN AMOUNT
$100,000 - $ 149,999
$150,000 - $ 1,000,000
Over $ 1,000,000
60%
70%
65%
50%
60%
50%
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CONDO BUILDINGS MUST BE AT LEAST 50% CLOSED OR SOLD (UNDER CONTRACT TO CLOSE) OR A COMBINATION OF BOTH. IF CONDO IS NOT 50% CLOSED OR SOLD (UNDER CONTRACT TO CLOSE) OR A COMBINATION OF BOTH, THE MAX LTV IS 50%.  NON WARRANTABLE CONDOS ARE ACCEPTABLE 
CONDO QUESTIONNAIRE REQUIRED ON ALL CONDO LOANS 
FOR ALL REFI CASH‐OUT TRANSACTIONS THAT CLOSE WITHIN 6 MONTHS OF ORIGINAL CASH PURCHASE USE THE SAME LTV’S AS THOSE FOR RATE & TERM REFINANCE 2 of 5
RATESHEETWHOLESALE KEY FEATURES
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ALTERNATE INCOME DOCUMENTATION FOR FOREIGN NATIONALS.
SELF-EMPLOYED FOREIGN NATIONALS REQUIRE AN ACCOUNTANT’S LETTER WITH 2
YEARS OF INCOME AND A YTD FIGURE
DOMESTIC BORROWERS REQUIRE FULL INCOME DOCUMENTATION (4506 REQUIRED)
MINIMUM U.S. CREDIT SCORE FOR DOMESTIC BORROWERS IS 680
CORPORATE TITLE ACCEPTABLE (SHELL CORPS ONLY)
NO ESCROW WAIVERS ARE ALLOWED
ALL LOANS MUST ESTABLISH AN ACH DEBIT FOR MORTGAGE PAYMENTS FROM A U.S.
BANK.
THE ACH DEBIT FORM MUST BE SIGNED PRIOR TO SCHEDULING CLOSING.
A WAIVER OF THE ACH DEBIT PAYMENT REQUIREMENT WILL BE ALLOWED BY
INCREASING THE RATE BY 1.00%
PREPAYMENT PENALTIES ARE (3/2/1) 3% FIRST YEAR; 2% SECOND YEAR AND
1% THE THIRD YEAR. A PARTIAL PRINCIPAL REDUCTION OF 20% OF THE ORIGINAL
BALANCE IS ALLOWABLE WITH NO PENALTY.
BAC REQUIRES THE CASH TO CLOSE TO BE ON DEPOSIT IN A US BANK PRIOR TO
CLOSING. SEE PROGRAM DESCRIPTION FOR CASH RESERVE REQUIREMENTS.
THE BORROWER’S LIQUID ASSET POSITION MUST BE COMMENSURATE WITH THE
BORROWER’S FINANCIAL STATEMENT AND INCOME LEVEL.
LENDING AREAS
Primary Lending Areas: Miami Dade and Broward, counties.
Secondary Lending Areas: The entire State of Florida. Foreign National
Loans in the following counties: Polk, Lake, Seminole, Osceola and Orange,
will have a maximum LTV of 60% and a minimum loan amount of $200,000
LOAN FEES
BAC FEES
Underwriting /
Doc Prep. Fee
Tax Service
Fee
Flood
Certification
Appraisal
AMOUNT
GFE. FEE LOCATION
HUD FEE LOCATION
$1500.00
Block 1 Origination Charge
801
$187.00
Block 3 Required Services
806
$ 14.00
Block 3 Required Services
807
SEE BELOW
Block 3 Required Services
804
DISCLOSING BROKER COMPENSATION ON THE GFE FOR NON TRID AND NON REG Z
APPLICABLE LOANS:
CALL YOUR LOAN REP FOR ALL TRID DISCLOSURE REQUIRMENTS
The GFE must reflect all Lender and/or Borrower compensation regardless of who is paying them.
NON REG - Z LOANS: (Borrower Paid, Lender Paid or Dual Compensation is allowed.)
Block #1 = Borrower and/or Lender Paid Broker compensation + Broker Processing Fees or Third party
Processing fee + BAC Underwriting Fee.
Block #2 = Lender Paid Broker Compensation (Check the middle box).
Block A = Difference between Block #1 and Block #2 = (PBC + BAC Underwriting Fees)
3 of 5
RATESHEETWHOLESALE
ESTIMATED APPRAISAL FEES FOR PRIMARY LENDING AREAS
PURCHASE PRICE
APPRAISAL FEE
$ 200,000.00 - $500,000.00
$ 375.00
$ 500,000.00 - $ 750,000.00
$ 450.00
$ 750,000.00 - $ 1,000,000.00
$ 750.00
$ 1,000,000.00 – UP
CALL FOR QUOTE
2-4 Family Properties
CALL FOR QUOTE
ESTIMATED APPRAISAL FEES FOR SECONDARY LENDING AREAS
PURCHASE PRICE
APPRAISAL FEE
$ 200,000.00 - $500,000.00
$ 395.00
$ 500,000.00 - $ 1,000,000.00
$ 425.00
$ 1,000,000.00 - UP
CALL FOR QUOTE
2-4 Family Properties
CALL FOR QUOTE
BAC FLORIDA BANK CONTACT LIST Jeff Gross MANAGING DIRECTOR
305‐789‐8035 off 305‐772‐7960 cell [email protected]
German Gonzalez ACCOUNT EXECUTIVE
305‐785‐3905 cell
[email protected]
Mark Glaser ACCOUNT EXECUTIVE
954‐309‐2960 cell
[email protected]
Steve Holtmann ACCOUNT EXECUTIVE
239‐224‐2127 cell
[email protected]
Ana Wilrycx LOAN UNDERWRITING
305‐789‐8038
[email protected]
Marta San Martin LOAN UNDERWRITING
305‐789‐8078
[email protected]
Sara de la Regata LOAN UNDERWRITING
305‐789‐7099
[email protected]
Nildy Aquino LOAN UNDERWRITING
305‐789‐8068
[email protected]
Jason Puig RE SYSTEM ADMIN 305‐ 789‐7066 [email protected] Silvia Vasquez LOAN REGISTRATION
305‐789‐8039
[email protected]
Christy Espinosa LOAN REGISTRATION
305‐789‐7055
[email protected]
Maria Morell LOAN CLOSING 305‐789‐8083
[email protected]
Merida Galceran LOAN CLOSING 305‐789‐7085
[email protected]
Gloria Valdivia LOAN CLOSING 305‐789‐8019
[email protected]
4 of 5
RATESHEETWHOLESALE
COMMERCIAL REAL ESTATE LOAN PROGRAM
MINIMUM LOAN AMOUNT - $500,000
MAXIMUM LOAN AMOUNT - CALL SCOTT HODSON
LTV
PURCHASE/RATE & TERM - 70%
CASH OUT/REFINANCE - 50%
TERMS
• 10 YEAR BALLOON, 25 YEAR AMORTIZATION, FIRST 5 YEARS FIXED
• SECOND FIVE YEARS EQUAL TO 1 YEAR LIBOR RATE + 3.25% ADJUSTED YEARLY WITH A FLOOR OF 6%
• NO YSP
• COMMITMENT FEE 1%
• DSCR - 1.30X (OWNER OCCUPIED)
• DSCR - 1.25X (MULTIFAMILY)
PREFERRED PROPERTY TYPES
* MULTIFAMILY
* OWNER OCCUPIED
• FOREIGN NATIONAL BORROWERS ARE WELCOME
• 10-20 DAY COMMITMENTS
• 72 HOUR PREQUALIFICATIONS
• 30 DAY CLOSING PERIOD
CONTACTS
Scott Hodson
Office: 305-789-8067
Cell: 305-794-9022
[email protected]
BAC FLORIDA BANK LENDING BULLETIN
June 23, 2016
BAC Florida Bank will be making the following
adjustments to our Residential Loan
Programs:
1. Effective immediately BAC has lifted all
restrictions for borrowers from
Argentina.
2. Effective with Foreign National Condo
Loans received by BAC, after June 30,
2016, if the developer is still in control
of the HOA, the maximum loan amount
cannot exceed 50% of the purchase
price.
3. Effective with applications taken as of
June 30, 2016, BAC will be increasing its
Underwriting / Doc Prep Fee to $1,500.
Please review our revised loan program
description and rate sheets for specific
guidelines.
BAC FLORIDA BANK
RESIDENTIAL FOREIGN NATIONAL AND DOMESTIC
LOAN PROGRAMS
6/23/16
Product Offering Types: Description: ARM Margin: ARM Caps and Floor: Terms: Late Charge Fee: Occupancy: Prepayment Penalties: Escrows:  3/1 ARMs (Fully Amortizing) & ( Interest Only at 50% or less LTV, Corporate Title Purchases only)
 5/1 ARMs (Fully Amortizing)  7/1 ARMs (Fully Amortizing)  10/1 ARMs (Fully Amortizing)  15 Yr. Fixed Rate Mortgage A fixed rate mortgage or an adjustable rate mortgage based on the 1 year LIBOR defined as the average interbank offered rates for 1 year U.S. dollar‐denominated deposits in the London market (“LIBOR”) as published in the Wall Street Journal. Interest rate renewals will utilize the most recent Index figure available as of the first business day of the month immediately preceding the month in which the change date occurs. The current margin is 3.25%. The interest rate may not increase or decrease by more than 2 percent above or below the previous rate. In addition, the interest rate has a life‐of‐loan cap of 6 percent above the initial interest rate. The initial rate is the floor rate. 30 or 15 years 7% of overdue principal and interest payment if not paid within 10 calendar days of the due date  Primary  Second Homes  Investment Properties PREPAYMENT PENALTIES ARE (3/2/1) 3% FIRST YEAR; 2% SECOND YEAR AND 1% THE THIRD YEAR. A PARTIAL PRINCIPAL REDUCTION OF 20% OF THE ORIGINAL BALANCE IS ALLOWABLE WITH NO PENALTY. Escrow waivers are NOT allowed. No exceptions. Lending Areas: Primary Lending Areas: Miami‐Dade, Broward counties. Secondary Lending Areas: The entire State of Florida. Foreign National Loans in Polk, Lake, Seminole, Osceola and Orange counties will be limited to a 60% LTV and $200,000 minimum loan amount. Multiple Loans To One Borrower: BAC will only make a maximum of two loans to any individual or family of individuals if the income is coming from the same business. The second loan’s LTV may not exceed 60% and both loans will be cross‐defaulted. Acceptable Collateral Types: 
Single Family Homes, 2‐4 Family Properties , Condominium, Townhouses (Short Term Rental Communities max LTV of 50%) STUDIOS, EFFICIENCES ARE NOT ACCEPTABLE COLLATERAL. CONDO HOTELS WILL BE CONSIDERED ON A CASE BY CASE BASIS EXCEPT IN CENTRAL FLORIDA. NON WARRANTABLE CONDOS ARE ACCEPTABLE Documentation: Documentation Continued: The following documentation is required to be present in the loan files prior to underwriting: 1. Complete Residential Mortgage Application (FNMA 1003), signed and dated by the borrower and the interviewer. Complete executed 1003s must be received prior to scheduling closing. 2. Self employed Foreign National borrowers require an Accountant/CPA Letter verifying income figures for the last two years and providing a year to date income figure. Salaried employees must provide a letter from the employer stating their current monthly salary or a valid pay stub. Domestic borrowers require full income documentation which may include; two years personal and/or corporate tax returns; paystubs; W2s or a standard VOE. See Page 5 for Asset Depletion Underwriting Guidelines 3. Tri‐Merged US Credit Report, accessing at least three repositories on all loans regardless of nationality except on borrowers from Canada, Ireland and the United Kingdom where an International Credit Report is required. (U.S. citizens and resident aliens must have a middle credit score of 680). Credit score exceptions can be approved by the Division Head of Real Estate Finance with the bank President, or in the absence of the President, his designee. 4. Verification of Initial Down payment, cash to close, and post‐ closing reserves is required. 5. Reserve requirements and cash to close as follows: The borrower’s liquid asset position must be commensurate with the borrower’s financial statement and income level. For LTV’s greater than 65%, Post‐closing reserves must be at a minimum equivalent to no less than 24 months of PITI and HOA. For LTV’s 65% or below, Post‐closing reserves must be at a minimum equivalent to no less than 12 months of PITI and HOA. Reserves must be on deposit and verified in countries not subject to currency controls. Proof and verification that cash required to close comes from the borrowers verified US Bank Account. 2
Escrow Letter is required & verification of down payment. 6. Mortgage Verification, when applicable. 7. One letter of reference from a banking or financial institution. 8. Fully Executed Sales Contract, when applicable.
9. Appraisal by an approved BAC Florida Bank appraiser. All appraisals must be addressed to BAC Florida Bank (All appraisals will be ordered by BAC)
Qualifying Ratios: Credit Score: Condominium Highlights:
10. Copy of Borrower’s passport and visa (when applicable), if foreign national, or copies of green card, if resident alien. 11. Borrowers must set up an Auto Payment Debit Account with a U.S. banking institution. Mandatory ACH for mortgage payments must be signed prior to scheduling closing and be accompanied by a cancelled check. 12. A Waiver of the ACH debit payment requirement will be allowed by increasing the rate by 1% 13. All letters, documents, and bank statements translated if necessary. 14. Corporate title acceptable. (Shell Corps. ONLY). All corporate owners must file applications and guarantee the debt. 15. Gift funds are not acceptable on Foreign National loans The borrower’s income must be plausible. Qualifying ratios should generally not exceed 30% for the primary housing expense / income ratio and 40% for the total obligation / income ratio. Quality credit is mandatory on all loans. Minimum United States credit score for domestic borrowers is 680. 
NEW CONDO BUILDINGS MUST BE AT LEAST 50%
CLOSED OR SOLD (UNDER CONTRACT TO CLOSE)
OR A COMBINATION OF BOTH. IF THE CONDO IS
NOT 50% CLOSED OR SOLD (UNDER CONTRACT
TO CLOSE) OR A COMBINATION OF BOTH, THE
MAXIMUM LTV IS 50%.
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CONDO QUESTIONNAIRES ARE REQUIRED ON
ALL CONDO LOANS.
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NON WARRANTABLE CONDOS ARE
ACCEPTABLE
3
LTV’s FOR FOREIGN NATIONAL LOANS (Including Corporate Title) SINGLE FAMILY LTV
LOAN AMOUNT
PURCHASE –
REFINANCE CASH RATE & TERM OUT REFINANCE $100,000 ‐ $149,999
50%
50%  Primary $150,000 ‐ $199,999
65%
50% Residences  Second Homes $200,000 ‐ $1,000,000
70%
60%  Investment Over $1,000,000.
CASE BY CASE
CASE BY CASE
Properties CONDOMINIUM LTV
LOAN AMOUNT
PURCHASE –
REFINANCE CASH RATE & TERM OUT REFINANCE $100,000 ‐ $149,999
50%
50%  Primary Residences $150,000 ‐ $499,999
60% ***
50%  Second Homes $500,000 ‐ $1,000,000
65% ***
60% ***
 Investment Over $1,000,000.
CASE BY CASE
CASE BY CASE
Properties *** If the Developer is still in control of the HOA, the maximum loan amount cannot exceed 50% of the purchase price *** LTV’s FOR DOMESTIC BORROWER LOANS (Including Corporate Title) SINGLE FAMILY LTV
LOAN AMOUNT
PURCHASE –
REFINANCE CASH RATE & TERM OUT REFINANCE $100,000 ‐ $149,999
60%
50%  Primary $150,000 ‐ $1,000,000
70%
60% Residences  Second Homes Over $1,000,000
65%
50%  Investment Properties  Primary Residences  Second Homes  Investment Properties CONDOMINIUM LTV
LOAN AMOUNT
PURCHASE –
RATE & TERM REFINANCE $100,000 ‐ $149,999
60%
REFINANCE CASH OUT 50% $150,000 ‐ $1,000,000
70%
60% Over $1,000,000
65%
50% 4
Asset Depletion Underwriting Methodology BAC Florida Bank also allows in certain circumstances an asset depletion underwriting methodology. BAC Florida Bank is aware that income can be derived from the borrower’s / guarantor’s asset sources. Asset depletion is a method for calculating monthly income by dividing a borrower’s / guarantor’s available total liquid assets by a set number of months. The borrower / guarantor is not required to cash in their assets as they're only used to demonstrate an ability to make the mortgage and housing payments. Borrowers / guarantors who use the asset depletion program to demonstrate qualification do not need to verify any employment, but if currently employed they must indicate employment information on the loan application. Eligible borrowers / guarantors can rely on an asset depletion calculation based on a combination of verified after closing cash, retirement, and investment monies divided by 120 months including a return factor based upon the 10 year US treasury yield at the time of underwriting. Assets are generally qualified with 100% of cash accounts and investment accounts and 70% of retirement accounts (if under 62 years old, if over 62, 100%). All eligible assets include cash or cash equivalents in US Banks or US Securities, and/or deposits at other acceptable banks at the discretion of BAC Florida Bank. Cash or cash equivalents include the following: Money market accounts, savings accounts, checking accounts, CD’s Trust Funds Investment portfolios: stocks, bonds, mutual funds, etc. Retirement accounts (IRA’s, etc.) The asset depletion methodology can be used with an LTV request of no more than 50% and a minimum down payment of $250,000. LTV’s of 60% are also acceptable with properties valued at $1,000,000 and greater. Qualifying ratios for the asset depletion underwriting should not exceed 40% for the primary housing expense / income ratio and 50% for the total obligation / income ratio. 5
COUNTRY SPECIFIC GUIDELINES
Special Guidelines for borrowers / guarantors whose business and employment income source is from Venezuela Temporarily Suspended countries due to current economic and political risks: Loans in this category are only acceptable with the asset depletion underwriting methodology. For underwriting purposes, income sources from Venezuela are unacceptable. See asset depletion underwriting guidelines on page #5 Russia, Ukraine 6
T: 305-789-8039
F: 305-789-8043
Loan Origination Dept.
CONDO/PUD QUESTIONNAIRE
CONDOMINIUM/PUD WARRANTY LETTER
CONDOMINIUM NAME:___________________________________________________
CONDOMINIUM ADDRESS: _______________________________________________ UNIT #________
________________________________, Fl _____________
APPLICANT(S) NAME: ___________________________________________________________
We have received an application for a mortgage loan on the above-mentioned condominium unit. Please
complete the following questions and provide us with the documentation requested. Upon completion, please
have an authorized individual sign and date this form, and return to BAC FLORIDA BANK along with a copy of last
year’s and the most current budget for the association, for approval.
1. IS THE CONDOMINIUM SUBJECT TO ADDITIONAL PHASING?
YES …
NO …
2. ARE ALL UNITS IN THE CONDOMINIUM OWNED FEE SIMPLE?
YES …
NO …
3. ARE THERE WEEKLY OR DAILY RENTALS PERMITTED WITHIN THE PROJECT?
YES …
NO …
4. DOES THE PROJECT HAVE A RENTAL/RESERVATION DESK ON THE PREMISES
YES …
NO …
5. DOES ANY SINGLE ENTITY OR INDIVIDUAL OWN MORE THAN 10% OF THE
CONDOMINIUM UNITS?
YES …
NO …
IF YES: Name of entity/individual: ______________________________________ % owned: _______________
6. IS THIS CONDOMINIUM A CONVERSION?
IF YES, INDICATE CONVERSION DATE:_____
YES …
NO …
7. HAS CONTROL OF THE OWNERS ASSOCIATION BEEN TURNED OVER TO
THE UNIT OWNERS? IF YES INDICATE DATE:__________________
YES …
NO …
8. DOES THE PROJECT CONTAIN COMMERCIAL SPACE?
IF YES, NUMBER OF UNITS:_________ OR TOTAL SQUARE FEET:___________
YES …
NO …
9. IS THE CONDO OR HOMEOWNER ASSOCIATION CURRENTLY INVOLVED IN
ANY SORT OF LITIGATION?
YES …
NO …
IF YES EXPLAIN:____________________________________________________________________________
10. DOES THE ASSOCIATION HAVE ANY EMPLOYEES:
YES …
NO …
11. IF CONDO WAS CONSTRUCTED IN SEPARATE PHASES, HAS A CONSOLIDATED
MASTER DEED BEEN ESTABLISHED?
IF YES, HAS THE DEED BEEN RECORDED:
YES …
YES …
NO …
NO …
YES …
NO …
13. IS THE CONDO CURRENTLY UNDER CONTRACT TO A MANAGEMENT COMPANY? YES …
NO …
12. IS THERE A SPECIAL ASSESMENT PENDING?
IF YES EXPLAIN:___________________________________
14. WHAT IS THE AMOUNT OF FIDELITY BOND COVERAGE? $___________________
15. NUMBER OF UNITS IN THIS PROJECT: ___________
16. NUMBER OF UNITS CLOSED: ___________
17. NUMBER OF UNITS SOLD AND NOT CLOSED: __________
18. NUMBER OF UNITS INVESTOR OWNED: ____________
19. NUMBER OF UNITS OWNER OCCUPIED AS PRINCIPAL RESIDENCE: __________
20. NUMBER OF UNITS OCCUPIED AS SECOND HOME: ___________
21. NUMBER OF UNITS RENTED: ____________
22. WHAT IS THE MONTHLY UNIT ASSOCIATION FEE FOR THE UNIT LISTED ABOVE: __________
23. NUMBER OF UNITS DELINQUENT ON ASSOCIATION FEE MORE THAN 30 DAYS: ___________
24. NUMBER OF UNITS FORECLOSED OR PENDING FORECLOSURE: __________
INSURANCE AGENT NAME:__________________________INSURANCE AGENT PHONE:_________________
Completed by (signature):__________________________________
Date:_______________________
Print name: _____________________________________ Title:__________________________________
Phone:_______________________________________ email:___________________________________
Please remember to include a copy of last year’s and the most current budget for the association.
\BULLETINS\2009 CONDO QUESTIONNAIRE 7/14/09
REVIEW ALL PAGES!!!
PLEASE PRINT ON LEGAL SIZE PAPER IF POSSIBLE FOR CLARITY
Borrowers: (Individuals or Corp & Guarantor Name): ____________________________________________________
BAC FLORIDA BANK - Loan Submission Sheet – RIGHT
SIDE OF FOLDER (Page 1):
DOCUMENTATION CHECKLIST
MUST BE ACCO FASTENED IN LEGAL SIZE FOLDER
To help expedite the processing of the loan submission, PLEASE follow this stacking order guide (left and right side) and include all
applicable documentation. Additional documentation may be required at the Underwriter’s discretion.
All files are to be submitted in a file folder with original documentation acco fastened to left or right side of the file. Incomplete packages will delay
registration and underwriting review.
BROKER MUST MARK OFF THIS DOCUMENT CHECKLIST AS APPLICABLE
ASSIGNMENT LETTER - On Broker’s letterhead, signed, dated, referencing borrowers complete name & property address.
BROKER EXPLANATION LETTER (if applicable) - Explain any non-confirming characteristics, compensating factors or exception
requests
TYPED FORM 1008
TYPED FORM 1003 APPLICATION: Unsigned, for Underwriters use. Must reflect updated and verified information.
Government Monitoring Section should be the same as on the original handwritten application.
ORIGINAL INITIAL FORM 1003 APPLICATION – Must be signed and dated by Borrower and Broker. Please ascertain that it is
complete including “present address” and “employment address” (NO P.O. boxes allowed). Borrower’s “type of business” and “position”
must be indicated under employment section. Income must be stated on page two. Government Monitoring Section must be completed in
accordance with the Home Mortgage Disclosure Act and Equal Credit Opportunity Act.
Refinances with Cash Out (If borrower will be cashing out on the property): A letter from borrower explaining purpose of
cash out is required. Initial and final 1003, must be specific and in accordance with letter. Initial and final 1003 cannot just show
“Cash out” as a purpose. i.e.: Recoup equity on cash purchase, business investments, home improvements, future real estate
investment, purchase a residential property located at…. etc.
COPY OF BORROWER’S ID (Two photo ID’s required):
-Foreign National: Valid Passport and Visa (if living in the United states also include: Driver’s License) (If Visa exempt include foreign DL)
-Permanent Resident Alien: Green Card and Driver’s License United States Citizen: Driver’s License
Borrowers website (if self-employed):
Borrowers email address:
Copy of Business card
Documentation confirming home address: Such as Utility Bill, Credit Card Statement or Bank statement
SATISFACTORY US FACTUAL CREDIT REPORT ON ALL FILES: (If from the U.K, Ireland & Canada include Factual Intl Credit Report also)
INCOME VERIFICATION FOR FOREIGN NATIONAL BORROWERS:
-IF SELF-EMPLOYED: Accountant letter- Letter must explain borrower’s source of income. Position, title, percentage of
ownership and must include previous two years of income and current YTD income. All letters are to be on accountant’s
company letterhead, with signors contact information, dated & executed by the appropriate parties. Include copy of
Accountants professional license. English translations are to be placed in front of the reference letters and signed, dated
and certified by a translator.
-SALARIED EMPLOYEE: Letter from Employer - Stating current monthly salary, position & include valid pay stubs if
applicable.
INCOME VERIFICATION FOR DOMESTIC BORROWERS;
 Full income documentation which may include two years personal and corporate (if applicable) income tax returns, pay
stubs, W2’s and/or a Standard VOE.
 An original signed form T4506 is required on all applicants. It must be included in the file at the time of submission (left
side).
Banking Reference Letters: One personal banking reference letter (US or foreign bank). Letter of reference must be on
company letterhead with address and phone number, dated and executed by the appropriate parties. Letter must include
how the account is titled, type of account. English translations are to be placed in front of the reference letters and signed,
dated and certified by a translator.
Asset Verification: Original Verification of Deposit, Bank letter or signed account printout required, as applicable:
(Refer to Bulletins and Loan Programs for requirements for borrowers with income generated in specific
countries such as Venezuela and Russia). Other borrowers: Verification of Initial Down payment, cash to close, and
reserves equivalent to no less than 24 months of PITI and HOA on loan to values greater than 65%. Verification of Initial
Down payment, cash to close, and reserves equivalent to no less than 12 months of PITI and HOA on loan to values of 65%
or less. All cash to close must be on deposit in a US Banking Institution. GIFT FUNDS ARE NOT ACCEPTABLE.
The borrower’s liquid asset position must be commensurate with the borrower’s financial statement and income
level.
ESCROW LETTER - Held by third party, on company letter held signed, dated with copy of check or incoming wire and
showing cleared funds.
ADDENDUM, ASSIGNMENT OR EXTENSION OF PURCHASE/SALE AGREEMENT (IF APPLICABLE) – All pages and
fully executed by all parties.
PURCHASE/SALE AGREEMENT - All pages including addendums and fully executed by all parties.
CONDO/PUD QUESTIONAIRE- All Condominium/PUD loans require BAC’s Condo Questionnaire form to be submitted at
the time of submission. Must include a copy of last year’s and the most current budget for the association.
CORPORATE DOCUMENTS (IF APPLICABLE): All shareholders must personally guarantee the loan. BAC accepts
certain corporations established for the purpose of owning the subject real estate to take title. Those customary are:
Florida (Corp or LLC), Delaware, Panama, BVI (British Virgin Island). Please ask us. Provide copies of all fully executed
corporate documents including: Articles of Incorporation, By Laws, Tax ID#, Certificate of Good Standing, Operating
Agreement for LLC’s, Shares Registry indicating total number of shares and who the shareholders are. If corporate
borrower is owned by another entity copies of owning entity documents must be submitted with application.
All other required regulatory disclosures which are NOT listed on the LEFT side checklist: All files must be submitted
with all applicable disclosures based on the most current regulatory changes (Refer to LEFT side of folder checklist for Disclosure
applicability/requirements/instructions).
\Bulletins\Consolidatedloansubmissionheet040916VJ/
Borrowers: (Individuals or Corp & Guarantor Name): ____________________________________________________
BAC FLORIDA BANK - Loan Submission Sheet – LEFT
SIDE OF FOLDER (Page 2/7):
DOCUMENTATION CHECKLIST
MUST BE ACCO FASTENED IN LEGAL SIZE FOLDER
To help expedite the processing of the loan submission, PLEASE follow this stacking order guide (left and right side) and include all
applicable documentation. Additional documentation may be required at the Underwriter’s discretion.
All files are to be submitted in a file folder with original documentation acco fastened to the left or right side of the file. Incomplete packages will delay
underwriting review.
BROKER MUST CHECK OFF THIS DOCUMENT CHECKLIST AS APPLICABLE
BROKER
Included
BAC
received
Documentation
Payment for appraisal: DO NOT COLLECT ANY FEE FROM THE
BORROWER UNTIL YOU HAVE DETERMINED TRID/RESPA
APPLICABLITY AS PER PAGE 4 OF OUR SUBMISSION SHEET
INSTRUCTIONS.
Procedures for appraisal fee collection are indicated on page 4 of the Loan Submission Sheet as applicable to different scenarios.
BAC Florida Bank will order the appraisal upon receipt of payment in accordance with the Loan Submission Sheet. Files will be
reviewed as “Credit Only” until Appraisal is obtained by BAC.
 If appraisal was ordered by BAC prior to submission (case by case only) please indicate date the Appraisal Request Form &
payment was sent by the Mortgage Broker to BAC: _________________
 Provide copy of borrowers check or payment to Broker for any POC fees. Ie appraisal and credit report.
LOAN SUBMISSION SHEET– All pages must be completed for
registration, lock in and our review of the disclosures as applicable.
All Files: Automatic Payment Program Form: IMPORTANT: UNDERWRITING CONDITIONS WILL NOT BE
CLEARED UNTIL THIS IS RECEIVED. Borrower must complete and sign an automatic payment authorization form
to allow the mortgage payment deduction from a U.S. bank account. (Loan number and monthly payment will be
filled in by BAC prior to closing). The name on the account to be debited must match borrower(s) or guarantor(s)
names.
All Files: APP form support: IMPORTANT A voided check must accompany the APP form listed above, showing
account holder’s pre-printed name.
All Files: Affiliated Business Disclosure Statement (if applicable on this loan). If no affiliated businesses are
associated with MLO’s indicate this on the submission sheet
If borrower is a US taxpayer, include a completed and signed form T4506. Names and address must match exactly
as last filing. However BAC may send borrower one to sign electronically.
DISCLOSURES: Before taking the application, refer to our Loan
Submission Sheet for further clarification and applicability of TRID
OR RESPA DISCLOSURES.
A. CORPORATE TITLES: If contract AND application show title will be in the name of a corporation,
occupancy is investment. Then this is a NON-TRID/NON RESPA LOAN. Mark here and cross out disclosure
section below. If the guarantor has indicated on the application that they will be occupying the property as a
primary residence, then this will be treated as a TRID LOAN (B).
B. TRID APPLICABLE LOAN:
MORTGAGE BROKER MUST NOT ISSUE A LOAN ESTIMATE. BORROWERS APPLICATION MUST BE
SUBMITTED TO BAC FLORIDA BANK WITHIN ONE DAY OF RECEIPT OF APPLICATION. BAC FLORIDA
BANK WILL ISSUE LOAN ESTIMATE.
C. NON TRID, RESPA APPLICABLE LOAN:






GOOD FAITH ESTIMATE Disclosure – Prior to completion we suggest you refer to our Fee
Worksheet and GFE Guide which is part of the Loan Submission Sheet. (Borrowers must not sign
the GFE form). Note: ONLY BAC will issue re-disclosures of the Good Faith Estimate (ie lock in or
changed circumstances) once we have registered a file.
List of Homeownership Counseling Agencies provided on all RESPA applicable loans within 3
days of application. Refer to this website to create the list based on borrower’s primary zip
code. If foreign primary address use zip code of subject property being financed by borrower.
http://www.consumerfinance.gov/find-a-housing-counselor/
LIST OF IDENTIFIED PROVIDERS (Closing agents, surveyor, as applicable)
ACKNOWLEDGEMENT OF RECEIPT OF GFE AND INTENT TO PROCEED: This is a signed and
dated separate acknowledgement of receipt of GFE and intent to proceed with the transaction.
60 DAY CLOSING DISCLOSURES: If new construction and closing beyond 60 days
Preliminary HUD-1 (Ensure all applicable fees and endorsements are included as per BAC’s Fee
worksheet)
\Bulletins\Consolidatedloansubmissionheet040916VJ/
BAC FLORIDA BANK - Loan Submission Sheet – LEFT
SIDE OF FOLDER (Page 3/7):
-MORTGAGE BROKER MUST COMPLETE ALL PAGES OF THIS LOAN SUBMISSION PACKAGE. INCLUDING THE FEE WORKSHEET
AND STACKING ORDER AS APPLICABLE
-PLEASE READ ENTIRE FORM TO ENSURE YOUR FILE IS NOT RETURNED OR DENIED FOR NOT COMPLYING WITH INSTRUCTIONS.
Borrowers: (Individuals or Corporate name): _____________________________________________________________
Guarantors if in corp. name: _________________________________________________________________________
Any individuals (borrower or guarantor) should appear in all documents (as applicable, contract, application, deed) with their complete legal name as it is
reflected on their legal photo identification: ie passports, visa etc.
Property address: _________________________________________________________________________________
Estimated closing date: ______ possible mail away?: ______ Loan amount: $__________________ LTV:_____ %
Occupancy:  Primary  Second  Investment (All corp. titles are considered investment)
METHOD OF APPLICATION: 1003 must clearly state method of application and date taken as follows:
 Face to face interview: Date of application: _____________: The date signed by the Borrower and Mortgage Broker must be the same.
 Telephone interview: Date of telephone application/interview taken: _________: The Mortgage Broker must indicate on the 1003 the date the phone interview
was taken by his signature. Timing for issuance of disclosures will begin on that date not when borrower signs the application form if it is a later date. GFE and
other disclosures could not have been issued or dated before this date.
 By the applicant and submitted via fax, mail, e-mail or internet: Date of application: _________: The Mortgage Broker should indicate the day the broker
actually received the application next to the brokers signature. This should be a date after the date the borrower dated/signed the application. Timing for
disclosures will begin on the date received by the Mortgage Broker. GFE and other disclosures could not be dated before this date.
Contact
Name
Email
Phone
MLO Individual
Processor
***If third party must include: Invoice, NMLS# and Company name
on page 5 of this Loan Submission Sheet.
Schedule appraisal
Contact:
 Realtor  Developer  Owner
Contact:
Closing agent
Company:
LOAN SUBMISSIONS WILL BE LOCKED FOR 60 DAYS AT TIME OF FILE REGISTRATION AS INDICATED BELOW.
(REFER TO RATE SHEET FOR ACCURATE PRICING):
 DETERMINE TRID/NON TRID APPLICABLITY BEFORE PRICING AND ISSUING ANY DISCLOSURES
CONTACT BAC WITH ANY QUESTIONS. If you are unsure of TRID/NON-TRID applicability, please contact your
30y
15y
LOCK
PERIOD
PROGRAM
LOAN
TERM
Account Executive at BAC to ensure correct pricing and disclosure. Refer to Page 4 this Submission Sheet
INITIAL RATE: See rate sheet
for pricing adjustments:
-No payment ACH + 1.00%
-Loans $500,000-$1,000,000-.25%
-Loans over $1,000,000-.375%
LENDER PAID
COMPENSATION (LPC) TO
BROKER BELOW
(IF BORROWER PAID COMPENSATION
PUT N/A IN BOTH COLUMNS)
 YES: LPC
& Non-TRID
loan only
ARM
 3/1
 5/1
 7/1
 10/1
: Rate Sheet Price
60 days
FIXED
 15 yr
BAC USE ONLY
(LPC IS NOT
AVAILABLE ON TRID
LOANS- see Page 4)
_
:%
$_____________
: Pricing adjustment
15y
PREPAYMENT
PENALTY
-Non Trid
Loans only
 YES: Dual
Comp & Non-TRID
loan only
Lock Date: ________
Lock Expiration: ____
Confirmed By: _____
Floor:
%: Final rate
 NO: IF BPC
OR A TRID
loan
BAC USE ONLY FOR RELOCKS
30y
15y
 YES: LPC
& Non-TRID
loan only
ARM
 3/1
 5/1
 7/1
 10/1
: Rate Sheet Price
15y
FIXED
 15 yr
60 days
: Pricing adjustment
_
:%
$_____________
 YES: Dual
Comp & Non-TRID
loan only
Lock Date: ________
Lock Expiration: ____
Confirmed By: _____
Floor:
%: Final rate
 NO: IF BPC
OR A TRID
loan
On non TRID loans, This Loan Submission Sheet and the following Fee Worksheet have been completed based on BAC loan programs and the
terms requested by Borrowers. All fees listed on the fee worksheet and Good Faith Estimate, if applicable are accurate to the best of my knowledge.
On NON TRID, RESPA applicable loans if on or after closing, it is determined that BAC is required to credit or refund the borrower due to exceeding
tolerances between the Good Faith Estimate and the final HUD-1 Settlement Statement comparison, the Mortgage Broker will reimburse Lender for
those amounts. The reimbursement may be done by deducting the amounts due from the Mortgage Brokers origination charges, Lender Paid
Compensation or by check on or after closing as requested by BAC. I have determined this loan applications’ TRID AND RESPA applicability, as
detailed in all pages of these instructions & we have complied with these regulations. By signing this Loan Submission Form, I agree to the
above terms.
ARE ANY OF THE SERVICES PROVIDED ON THIS LOAN PROVIDED BY AN AFFILIATE OF THE MLO ORGANIZATION
OR MLO INDIVIDUAL?  No  Yes: If yes, Affiliated Business Arrangement Disclosure must be included on left side.
Signature of Mortgage Broker: __________________________________ Date: _________
Name of Person Signing: ___________________________________________________________
MLO/Mortgage Broker Company: _______________________________________________
\Bulletins\Consolidatedloansubmissionheet040916VJ/
Borrowers: (Individuals or Corp & Guarantor name): ____________________________________________________
BAC FLORIDA BANK - Loan Submission Sheet – LEFT
SIDE OF FOLDER (Page 4/7):
GUIDE TO DETERMINING TRID/RESPA APPLICABILILTY. MUST SELECT ONE:
 If you are unsure of TRID OR RESPA applicability, please contact your Account Executive at BAC to ensure
correct pricing and disclosures are given.
A)
 Title will be in the name of a Corporation (occupancy is investment) *: NON-TRID/NON RESPA Loan.
The appraisal fee can be collected by the Mortgage Broker at any time after application. The contract must show a corporate name
or read “and or assigns”. The initial 1003 must show Title will be in the name of a corporation and for investment purpose on page 1.
TO PROCEED WITH AN APPRAISAL ORDER BAC CAN ACCEPT PAYMENT FROM THE MORTGAGE BROKER OR BORROWER.
 Title will be in the name of a Corporation (however guarantor has indicated that the occupancy will be a
primary residence: TRID APPLICABLE LOAN Refer to section (B) below.
Note: A change after application to an individual’s name with a change in occupancy can trigger either a TRID or RESPA
disclosures to be required. BAC must be advised of changes within 24 hours so that BAC can issue applicable disclosures.
This may delay the transaction.
If you are unsure of TRID OR RESPA applicability, please contact your Account Executive at BAC to ensure correct
pricing and disclosures are given.
B) US person: Title will be in individual names and also:
 Borrower or Co-borrowers are U.S. Citizens (whether or not they are currently living in the US)
 Borrower or Co-borrowers are U.S. Permanent Resident Aliens of any state in the U.S.
(even if they are not currently living in the
US)
 Borrower or Co-borrowers are living or are relocating to the US (i.e.: as per work Visa, etc.).
Also determine occupancy:
1)  Owner occupied  2nd home: TRID Applicable loan
2)  Investment occupancy, further determine purpose of loan proceeds:
 Purchase or Home Improvement of the subject property: NON-TRID/NON-RESPA Loan
 Refinance or cash out funds: (ALL NON PURCHASE AND NON RATE/TERM REFINANCE
LOANS MUST HAVE A SIGNED LETTER FROM BORROWER INDICATING PURPOSE OF LOAN
PROCEEDS IN FILE AT TIME OF SUBMISSION. PURPOSE ON THE 1003 CAN’T READ “CASH OUT”
IT MUST MATCH LETTER:
 Any personal, family or household purpose: TRID applicable loan
 Business Investment: NON-TRID/NON RESPA loan.

BAC Florida Bank will issue the TRID disclosures, if a TRID applicable loan. Mortgage Broker must
deliver the loan application to Lender within 24 hours of receipt of an application.
TO PROCEED WITH APPRAISAL ORDER BEFORE ISSUANCE OF DISCLOSURES, BAC CAN ACCEPT PAYMENT FROM THE MORTGAGE
BROKER ONLY. AFTER ISSUANCE AND ACCEPTANCE BY BORROWER OF LOAN ESTIMATE ISSUED BY BAC FLORIDA BANK, BAC WILL
ALLOW APPRAISAL PAYMENT TO BE MADE BY THE BORROWER OR FOR REIMBURSEMENT TO BE MADE TO THE MORTGAGE BROKER
IF PAID BY THEM AT THIS TIME. (Check or Credit card authorization form from the customer must not be obtained or dated
prior to the date of receipt of the signed LE issued by BAC).
If you are unsure of TRID OR RESPA applicability, please contact your Account Executive at BAC to ensure correct
pricing and disclosures are given.
C) Foreign person: Title will be in individual names and also:
 Prospective Borrower or Co-Borrower type is not listed in any of the scenarios in A) or B) above. (Borrowers are
Foreign Nationals not living/working now or in future to US.
1)  2nd home: RESPA Applicable loan
2)  Investment occupancy: NONTRID/NON RESPA loan
If RESPA applicable:

The Mortgage Broker will issue a Good Faith Estimate within three days of receipt of an application.
No fee can be collected from the borrower except for a credit report fee until the borrower has received the Good Faith
Estimate and signs a separate Acknowledgement of Receipt and Intent to Proceed with the transaction. If the Good Faith
Estimate is mailed it is deemed to have been received on the 4th day after mailing. By selecting this section and signing
on page one of this Loan Submission Sheet, we certify that we have not received any funds from this borrower,
except for possibly a credit report fee and have complied with RESPA.



Upon registration of a file, BAC will lock in the loan and mail a re-disclosure of the GFE to borrowers updating the terms
affected by the Lock in.
BAC will issue any other necessary re-disclosures of the GFE once BAC has registered the file.
CHANGED CIRCUMSTANCES In the event the Mortgage Broker is advised of a Changed Circumstance by the
Borrower or anyone other than BAC, the Mortgage Broker must advise BAC Florida Bank. They must do so by emailing
both Silvia Vasquez at [email protected] or Christy Espinosa at [email protected] within
24 hours of receipt of the notification of a changed circumstance. BAC will review the request and if applicable, issue any
Re-disclosure of the GFE as applicable.
TO PROCEED WITH APPRAISAL ORDER BAC CAN ACCEPT PAYMENT FROM THE MORTGAGE BROKER ONLY. ONLY AFTER ISSUANCE AND
ACCEPTANCE BY THE BORROWER OF THE GFE AND ACKNOWLEDGEMENT OF RECEIPT OF GFE AND INTENT TO PROCEED, CAN
PAYMENT BE ACCEPTED FROM THE BORROWER.
(Check or Credit card authorization form from the customer must not be obtained or dated prior to the date of the signed
acknowledgement of receipt of the GFE and Intent to Proceed).
If you are unsure of TRID OR RESPA applicability, please contact your Account Executive at BAC
\Bulletins\Consolidatedloansubmissionheet040916VJ/
Borrowers: (Individuals or Corp & Guarantor name): ____________________________________________________
BAC FLORIDA BANK - Loan Submission Sheet – LEFT
SIDE OF FOLDER
FEE WORKSHEET (Page 5/7):
-All Non TRID loans: Complete section 1 for verification of pricing.
-All RESPA applicable loans: Complete all other sections to be used as a guide to completing the GFE

WE SUGGEST COMPLETING THIS FORM PRIOR TO PREPARING THE GFE. INCOMPLETE FILES WITH INACCURATE WORKSHEETS OR
INACCURATE GFE’S WILL BE RETURNED TO THE MORTGAGE BROKER WITHOUT REGISTRATION. THE FOLLOWING FEE WORKSHEET
MUST BE COMPLETED BY THE MORTGAGE BROKER AS AN EXPLANATION OF THE GFE CALCULATIONS.
 Page 1 OF THE GFE: All sections of the GFE PAGE 1 must be completed accurately based on BAC program.



Borrowers should not sign any of the three pages of the Good Faith Estimate form
Date of initial GFE must be on or within 3 days of receipt of the application (see pg1 of submission sheet).
Important Dates section:
1. Since rate is not locked in at time of GFE issuance= at least 1 day. If the rate were locked in= expiration date of 60-day lock
2. At least 10 BUSINESS (not calendar) days from date of issuance of GFE. (You can use more days to be safe i.e. 15 business days)
3. 60 days
4. Since rate is not locked in at time of GFE issuance=7 days.

1.
Summary of your loan section:
Ensure that this section is completed in accordance with BAC pricing for the loan program selected. If you need assistance
completing the ARM section, please call Silvia or Christy in our office prior to issuance.
THESE AMOUNTS MAY NOT INCREASE AT SETTLEMENT
ALL NON TRID APPLICABLE LOANS ONLY:
BROKER USE
1: OUR ORIGINATION
CHARGE:
FEE DESCRIPTION
PAYABLE TO:
PERCENT (as
applicable)
USE ONLY IF NON TRID APPLICABLE LOAN
 Dual compensation (NON TRID loan only).
TOTAL OF BROKER FEES
FROM LEFT COLUMN)
(MUST MATCH SIGNED
BROKER AGREEMENT)

$
BORROWER OR LENDER PAID:
 Third party processing fee
(must include invoice)
Payable to:
BAC USE ONLY
AMOUNT
Complete both sections
below. Broker agreement must indicate both amounts.
Borrower Paid Compensation to Mortgage Broker:
Figures must match Borrower/Broker Agreement
 If based on a % of loan amount: __________% = $______________
 OR flat fee (NOT based on a % of loan amount): $ ________________
rd
 Broker processing fee $______________ (if 3 party see next line)
 All other Mtg Broker fees $______________
BAC USE ONLY
BORROWER PAID
$
NMLS #
Cannot be an affiliate of Mortgage Loan
Originator if Lender Paid Compensation
BPC OR LPC
 Invoice attached
 If Lender Paid Compensation
to Mortgage Broker. Figures
must match the Borrower /
Broker Agreement
$
$
%
LENDER PAID
Lender Underwriting Fee
BAC
LENDER PAID ONLY
NA
$1,500.00
TOTAL 1 NON TRID APPLICABLE LOANS ONLY:
$
1,500.00
$1,500.00
$
OUR ORIGINATION CHARGE
Note:Maximum Lender paid compensation=$50,000
Complete the rest for all RESPA APPLICABLE LOANS ONLY:
2: YOUR CREDIT FOR INTEREST RATE CHOSEN:
If BPC/PAR pricing:
NA
0.00
DO NOT LEAVE BLANK ON GFE PUT
ZERO “0”
Mtg Broker
either a – or ().
If available in pricing:
LPC ___% less discount ___%=
A: YOUR ADJUSTED ORIGINATION
CHARGES:
TOTAL A
REGISTRATION)
NA
DO NOT LEAVE BLANK ON GFE
PUT ZERO “0”
If LPC to be paid by
BAC Must appear as a credit with
THESE AMOUNTS MAY NOT CHANGE AT SETTLEMENT ONCE LOCKED (AT
%
($
)
Must appear as a credit with
either a – or () on GFE.
THESE AMOUNTS MAY NOT CHANGE AT
SETTLEMENT ONCE LOCKED (AT REGISTRATION)
$
Difference of block 1-2
\Bulletins\Consolidatedloansubmissionheet040916VJ/
Borrowers: (Individuals or Corp & Guarantor name): ____________________________________________________
BAC FLORIDA BANK - Loan Submission Sheet – LEFT
SIDE OF FOLDER
FEE WORKSHEET (Page 6/7):
Complete for all RESPA APPLICABLE LOANS ONLY:
YOUR CHARGES FOR ALL OTHER SETTLEMENT SERVICES:
THESE FEES MAY NOT INCREASE BY MORE THAN 10% AT SETTLEMENT
3: REQUIRED SERVICES THAT WE SELECT:
Appraisal Fee (see rate
sheet) See pg. 2 regarding
collection of this fee.
As selected by
Lender
$
Credit Report Fee
As selected by
Broker
$
Tax Service Fee (may be
less at closing)
First American
Tax Service
$
187.00
Flood Certification Fee
First American
Flood Service
$
14.00
Condo Questionnaire
HOA
$
Translation fee (NOT A
PROCESSING FEE)
Third party only
$
(see rate sheet)
(If new construction include
final inspection fee in quote
$14.00
$14.00
NOT TO BROKER
TOTAL 3
$
4: TITLE SERVICES & LENDER’S TITLE INS
Important note regarding the Settlement Provider and tolerances. See last section
below.
Settlement fee FC
Closing agent
$
Lender’s title ins premium NFC
Closing agent
$
Endorsements to Lender’s title
ins premium NFC
Closing agent
Alta 4: Condo $___________
Alta 5: PUD $_____________
Alta 6: ARM $_____________
Alta 8.1 Enviromental $___________
Alta 9: FL Forma 9 $__________
Navigat. Servitude (if on water) $_______
Other:
$_______
$
Title/lien searches NFC
Closing agent or other
$
All other title services* FC
Closing agent or other
settlement service provider
$
(Need this figure separately as this is not
a finance charge) to accurately disclose
APR as applicable.
*Preparation, issuance of commitment,
clearing of underwriting objections,
preparation and issuance of policy,
settlement agent’s processing,
administrative services (document
delivery, preparation, copying, wiring,
notary). Digital imaging, post closing
title updates, including e-filing, fees such
as eoi insurance.
TOTAL 4
$
5: OWNER’S TITLE INSURANCE (EVEN IF SELLER PAID)
Important note regarding the Settlement Provider and tolerances.
See last section below.
Owner’s Title Insurance
$
Closing agent
6: REQUIRED SERVICES YOU CAN SHOP FOR:
THESE FEES CAN NOT INCREASE BY MORE THAN 10% AT SETTLEMENT IF
BORROWER DID NOT SELECT COMPANY
Survey
$
$
$
$
$
$
Surveyor
7: GOVERNMENT RECORDING CHARGES estimate $250
THESE FEES MAY NOT INCREASE BY MORE THAN 10% AT
SETTLEMENT
\Bulletins\Consolidatedloansubmissionheet040916VJ/
Borrowers: (Individuals or Corp & Guarantor name): ____________________________________________________
BAC FLORIDA BANK - Loan Submission Sheet – LEFT
SIDE OF FOLDER
FEE WORKSHEET (Page 7/7):
Complete the rest for all RESPA APPLICABLE LOANS ONLY:
8: TRANSFER TAXES PAID TO GOVERNMENT OFFICIALS ONLY
(NO EFILING FEES) THESE FEES MAY NOT INCREASE AT SETTLEMENT
Documentary Stamps on Deed:
IMPORTANT FOR
CALCULATIONS:
*If PURCHASE PRICE or
LOAN AMOUNT is not rounded
to a hundredths digit, you must
do so to the next hundredths to
calculate to avoid shortage. Ie:
$100,550=$100,600)
*Purchase price:
$_______________________
Round (if applicable):
$_______________________
 If contract says Seller will pay this amount,
then do NOT include here or on the GFE. On
HUD-1, pg. 2, it will be on Sellers column.
(If being paid from a closing charge imposed on
borrower see below)
 If contract does not say Seller will pay the
taxes on the deed or it’s unknown who will pay,
this amount must be included here and on the
GFE. On HUD-1, pg. 2, it will be on Borrower
columns. If after disclosures are given, it is
determined the Seller will pay them, it will ALSO
appear on HUD-1, pg 2 on Borrower Columns and
on the HUD-1, page 1 as a credit to Borrower and
charge to Seller.
 Developer contract with a closing charge (%) in
contract, of which part will be applied to the Deed
stamps: Handle the same as if charged to
borrower because this is not a true seller paid
item. Borrower will be charged on pg2 of HUD,
receive a credit from seller on pg 1 to cancel out
and then charged the closing charge on pg 1 of
HUD.
 Miami-Dade:
Purchase price x
.0060
 All other counties:
Purchase price x
.0070
(see left for rounding
info)
$
Documentary Stamps on Mtg
*Loan Amount: $____________
Round (if appl): $___________
Loan amount x .0035
(see left for rounding
info)
$
Intangible Tax on Mtg
Loan amount x .002
$
TOTAL 8
$
9: INITIAL DEPOSIT FOR YOUR
ESCROW ACCOUNT
Completed as applicable and accurately. If condo select taxes. If SFD select
both taxes and insurance. Note: BAC collects a 2-month cushion on all escrows, which may
later be adjusted by the aggregate adjustment.
Taxes:
 Purchases or refinances of a recent purchase
MUST be calculated at 2% of purchase price:
 Refinances of properties already assessed in
owner’s name use Gross tax amount:
-Purchase price $_______________x
2%=$_________ divided by 12 mos.= monthly tax
amount escrow of $__________.
12 mos. - ______ (# of pmts to be made through
and including Nov) = ______ + 2-month cushion=
_______ mos. x $_________ monthly payment=
tax escrow reserves
$
Insurances:
Hazard: Annual premium $___________. Divided
12=monthly $____________ x 3 months (*)
=
$
(*) If a refinance (months to collect will depend on expiration date of policy)
Windstorm: Annual premium $___________.
Divided 12=monthly $____________ x 3 months
(*) =
$
(*) If a refinance (months to collect will depend on expiration date of policy)
Flood: Annual premium $___________. Divided
12=monthly $____________ x 3 months (*)
=
$
(*) If a refinance (months to collect will depend on expiration date of policy)
TOTAL 9
BLOCK 10
BLOCK 11





$
Completed as BAC system calculates. Must state an estimated closing date (if TIL applicable use 2nd
day of month) and the calculations be accurate for number of days listed. Must be calculated at 365
days. Loan amount x interest rate divided by 365= per diem (4 decimal places).
Example: Loan amount $100,000 x Note Rate (4.375%) divided by 365 = per diem of $11.9863 x number
of days (30) = $359.5890 = $359.59 (Rounded to Nearest Cent).
Completed as applicable and accurately. Include Hazard, Windstorm and Flood insurance estimate as
applicable. If single family must correlate to sections in Block 9 above.
Page 3 GFE
Using the Tradeoff table: Only the first column must be completed. MUST BE ACCURATE with totals from first page.
Using the Shopping cart: This section is OPTIONAL. If you fill it out it MUST BE ACCURATE with terms of loan from first page.
Written List of Providers (Identified provider of Settlement Services List) MUST BE INCLUDED with GFE:

Broker MUST list at least one provider of each Settlement Services for Blocks 4, 5 and 6: Settlement Agent/Title Agent and Surveyor (if not a condominium).
Name, address, phone number and type of service provided must be listed. This does not mean that the Broker is requiring this company.

For Block 4 the loan originator may separate the services in the Written List of Providers to show providers that conduct settlements (or closings) separately from
providers of lender‘s title insurance and the related services

If Block 4 services are separated on the Written List of Providers, the associated estimated fee for the component service must be listed next to the header for the list
of providers of that service. The sum of the estimated fees for the two services must equal the amount in Block 4. Only two (2) categories of service providers may
be listed: providers that conduct settlements (or closings) and providers of lender‘s title insurance and the related services.
Acknowledgement of Receipt of Good Faith Estimate and Intent to Proceed:

Borrowers must sign a separate Acknowledgement of Receipt of the Good Faith Estimate and Intent to Proceed
Important note regarding the Settlement Provider and tolerances:

If the borrower uses a company on the Provider list: THE FEES IN BLOCKS 4, 5, and 6 MAY NOT INCREASE BY MORE THAN 10% AT SETTLEMENT.

If the borrower selects their own Provider and does NOT use a company listed: THESE CHARGES CAN CHANGE AT SETTLEMENT. If BAC accepts the Good
Faith Estimate and there was no 4th page Provider of Settlement Services List, it will be assumed that the borrower was not allowed to select the provider and
therefore, THE FEES IN BLOCKS 4, 5 and 6 MAY NOT INCREASE BY MORE THAN 10% AT SETTLEMENT.
End of Fee Worksheet.
\Bulletins\Consolidatedloansubmissionheet040916VJ/
Phone: 305-789-8039
Fax: 305-789-8043
M E M O R A N D U M
DATE
:
9/17/14
TO
:
MORTGAGE BROKERS/CLOSING AGENTS
FROM
:
REAL ESTATE LENDING DEPARTMENT
RE
:
APPROVED TITLE UNDERWRITERS AND MORTGAGEE CLAUSES
BELOW ARE THE APPROVED TITLE UNDERWRITERS AND THE REQUIRED MORTGAGEE CLAUSES FOR
BAC MORTGAGES:
BAC APPROVED TITLE UNDERWRITERS ARE:
 Alliant National Title Insurance Company, Inc.
 American Guaranty Title Insurance Company
 Chicago Title Insurance Company
 Commonwealth Land Title Insurance Company
 Entitle Insurance Company
 Fidelity National Title Insurance Company
 First American Title Guaranty Company
 First American Title Insurance Company
 Investors Title Insurance Company
 National Investors Title Insurance Company
 National Title Insurance of New York Inc.
 North American Title Insurance Company
 Old Republic National Title Insurance Company
 Premier Land Title Insurance Company
 Stewart Title Guaranty Company
 Title Resources Guaranty Company
 Westcor Land Title Insurance Company
 WFG National Title Insurance Company
TITLE COMMITMENTS, TITLE POLICIES AND CLOSING PROTECTION LETTERS MUST READ AS FOLLOWS:
BAC FLORIDA BANK, ITS SUCCESSORS AND/OR ASSIGNS, ATIMA
169 Miracle Mile, R-10
Coral Gables, Florida 33134
INSURANCE POLICIES MUST READ AS FOLLOWS:
BAC FLORIDA BANK, ITS SUCCESSORS AND/OR ASSIGNS, ATIMA,
C/O Dovenmuehle Mortgage Inc.
P.O. BOX 961292
FORT WORTH, TX 76161-0292
Phone: (866) 685-2664 EXT 8065 OR (847-719-5858) (if calling out of the U.S.)
Fax: 855-640-4865 (for insurance declaration pages, policies, renewals, cancellation notices and
other associated insurance notices
MORTGAGE PAYMENTS SHOULD BE FORWARDED TO:
BAC FLORIDA BANK c/o Dovenmuehle Mortgage Inc.
P.O. Box 0054
Palatine, IL. 60055-0054
Phone: (866) 685-2664
OR (847-719-5858) (if calling out of the U.S.)
CUSTOMER SERVICE INQUIRIES ON ALL LOANS SHOULD BE ADDRESSED TO:
BAC Florida Bank c/o Dovenmuehle Mortgage Inc.
1 Corporate Drive
Suite 360
Lake Zurich, IL 60047
Phone: (866) 685-2664
OR (847-719-5858) (if calling out of the U.S.)
(Spanish speaking customers should press extension number 2)
Facsimile: (847) 574-7659
IF YOU SHOULD HAVE ANY QUESTIONS ON A LOAN IN PROCESS, PLEASE CONTACT THE MORTGAGE
LENDING DEPARTMENT AT (305) 789-8039.
THANK YOU.
BACLENDING/BULLETINS/VJ/MORTGAGEE CLAUSE 09/17/14