BB&T Condominium Guidelines - BB&T Correspondent Lending

Transcription

BB&T Condominium Guidelines
Each condominium loan delivered to BB&T must be classified to secondary market industry standards.
BB&T adopts Freddie Mac guidelines as the benchmark for classifying condominium properties.
BB&T Correspondent Lending is now offering the Correspondent more flexibility in classifying condominiums.
This flexibility allows Fannie Mae Approved condos to be delivered to BB&T. Reference tools are available to
help the Correspondent meet the requirements for condominium delivery. They are available in the Forms
folder located in the BB&T Correspondent Lending Library within the document named “BB&T Condominium
Guidelines” as well as the links listed below:
Standard Freddie Mac definitions and minimum requirements are located in Chapter 42 of the Freddie Mac
Seller/Servicer guide: http://www.freddiemac.com/singlefamily/guide/
Condominiums approved under Fannie Mae’s Reciprocal Project Review option are eligible for delivery to
BB&T. Requirements are located in Guide Section 42.9 of the Freddie Mac Seller/Servicer guide.
The following link also provides a quick reference for minimum requirements:
http://www.freddiemac.com/learn/pdfs/uw/condo.pdf
The Correspondent may choose either of these review options if the situation permits.
The Condominium Classification Certification must be completed and included in each condominium file.
This form allows the Correspondent to indicate which classification to apply to the particular property.
Full Condominium Review: Complete the Condominium Classification Certification. Provide completed
Condominium Homeowners Association Questionnaire with all appropriate attachments including a
copy of the current budget and balance sheet for the HOA and declaration page for current insurance
policies which have been reviewed by the Correspondent. Questionnaire must be completed by the
HOA representative.
Streamlined Review: Review Condominium Streamlined Review Process and determine if property is
Streamline Eligible. Complete the Condominium Classification Certification and the
Condominium Streamlined Review Questionnaire. Questionnaire must be completed by the HOA
representative.
Allowances and Limitations:
BB&T requires the completion of the Condominium Homeowners Association Questionnaire or
comparable form on all classifications except Detached or Streamlined eligible condominiums. The
Correspondent is responsible for reviewing the appraisal and all HOA information including the current budget
and balance sheet along with the declaration page for the current insurance policies to determine the
appropriate classification. This classification is then noted on the Condominium Classification
Certification. The completed and signed Certification, appropriate attachments including current budget and
balance sheet for HOA and declaration page for current insurance policies are also required to be submitted
with the loan package.
All condominiums must be classed for delivery to BB&T. This includes Conforming, Super Conforming and
Non-Conforming loans.
6/16/2015
Please be advised that BB&T is not liable for any changes made to this document once it has been distributed.
CONDOMINIUM CLASSIFICATION CERTIFICATION
Borrower Name:
BB&T Loan Number:
Property Address:
City:
State:
Zip Code:
Unit Number:
Project Name/Address:
The undersigned hereby certifies that to the best of their knowledge and belief, the above property meets the eligibility
requirements for the type of project classification selected below.
ELIGIBLE CLASSIFICATIONS
Select One:
Freddie Mac: New Project (LP or DU) except Florida properties
Freddie Mac: New Project in Florida (LP or DU): Fannie Mae PERS approval attached
Freddie Mac: Established Project (LP or DU)
Freddie Mac: Streamlined Review (Conforming LP Accept, LP A-minus or DU Approve/Eligible approvals)
Freddie Mac: 2-4 Unit Project (LP or DU)
Freddie Mac: Detached Condominium Project (LP or DU)
Reciprocal Project Review: (Follow Freddie Mac Guide Section 42.9)
Fannie Mae Accepted Condo Project (Copy of webpage attached)
Fannie Mae CPM Approved (Project Acceptance attached)
Fannie Mae PERS (Copy of webpage attached)
IMPORTANT
• BB&T’s Condominium Homeowners Association Questionnaire (or comparable format) is required on all attached
Condominiums submitted to BB&T.
• Correspondent is responsible for reviewing all HOA information including the current budget and balance sheet along with
the declaration page for current insurance policies to determine the appropriate classification.
• All appropriate attachments including the HOA’s current budget and balance sheet and declaration page for current
insurance policies must be submitted with loan package.
• Condominiums submitted under Non-Conforming and Super Conforming products must meet one of the above Freddie
Mac or Fannie Mae allowed classifications.
• Freddie Mac Streamlined Review is allowed for Freddie Mac LP Accept, LP A-Minus and Fannie Mae DU
Approve/Eligible.
• Freddie Mac Streamlined Review is allowed for Florida properties. See Florida requirements in the BB&T Correspondent
Lending Guide.
• Streamlined Review is not allowed on Non-Conforming loans or Investment properties.
• Projects with Manufactured Homes are not eligible regardless of classification.
CORRESPONDENT CERTIFICATION:
The above noted property meets the indicated condominium classification and relevant warranties as stated in the BB&T
Warranties for Conventional Condominium Unit Mortgages. Evidence of condominium documentation is attached if
required by respective classification. Evidence of Homeowners Association insurance coverage(s) is attached.
Correspondents warrant that insurance standards as required by secondary market guidelines are met.
Signed:
Date:
Print Name:
Title:
Correspondent Name:
4/8/2015
CONDOMINIUM HOMEOWNERS ASSOCIATION QUESTIONNAIRE
Date :
Borrower:
Loan Number:
Project Name:
HOA Taxpayer ID # (Optional)
Project Address:
City:
State:
ZIP Code:
Contact Name:
Phone Number:
PLEASE ANSWER EACH QUESTION. CIRCLE YES OR NO IF INDICATED.
1. Are all common elements and/or facilities complete?
Yes
No
If NO, are all common elements and/or recreational facilities associated with the subject phase complete?
Please explain below.
2. Is the project subject to additional phasing and add-ons?
If YES, Number of additional units to be built:
Yes
No
3. Is the project a conversion of an existing building?
Yes
No
Yes
No
If YES, Year Completed:
4. Does the project consist of manufactured housing units?
5. Date control of the HOA transferred from the developer to the unit owners:
PROJECT
PHASE
6. Date when first units were made available for sale:
7. Total number of units in project/phase:
8. Number of units sold and closed in project/phase:
9. Number of units under contract in project/phase:
10. Number of units rented in project/phase:
11. Number of units Primary Residence/Second Home
12. Number of total sales in the last 90 days:
13. Does any one person or entity own more than one unit?
Yes
No
Yes
No
If YES, list how many each owns(s):
14. How many units are over 60 days delinquent on HOA dues?
15. Are there any pending special assessments?
If YES, Explain:
Page 1
4/30/2015
16. Is the HOA involved in any litigation, arbitration, mediation or other dispute?
If YES, Explain:
Yes
No
17. Are there any adverse environmental factors affecting the project(s) as a whole or
the individual units?
Yes
No
18. Does the homeowner’s association (HOA) have a reserve fund separate from the
operating account?
Yes
No
20. Do the project legal documents include any restrictions on sale which would limit
the free transferability of title? (i.e. age restrictions, right of first refusal, other
deed/income restrictions)
Yes
No
21. Is unit part of a legally established condo project, with common areas jointly
owned by unit owners?
Yes
No
If YES, current amount in fund
$
19. Total income budget for this year:
$
Total reserves budgeted for the year:
$
22. Are the units owned in fee simple or leasehold? (If leasehold, provide copy of
lease)
(Circle One)
Fee Simple OR Leasehold
23. Are the amenities/recreational facilities owned by the HOA? (If leased, provide
copy of lease)
Yes
No
24. Does the property operate as a resort hotel, renting units on a daily/weekly basis?
Yes
No
If YES, number of years in operation:
PLEASE CHECK APPLICABLE
SERVICES:
Restaurant/Food Service
Daily Maid Service
Check-In/Rental Desk
Commercial/
(boutiques, etc.)
Mandatory Rental Pool
Time Share
25. Is any part of the project used for commercial purposes?
Yes
No
26. Do the project legal documents or local zoning limit the amount of time the
owners can live in their unit?
Yes
No
27. Is the HOA named insured on master policy?
Yes
No
28. Are all common elements/limited common elements insured to 100%
replacement cost?
Yes
No
If YES, what percentage of square footage?
Page 2
4/30/2015
29. Coverage: $
Deductible: $
Expiration Date:
30. Are units or common improvements located in a flood zone?
Yes
No
If Yes, is flood insurance in force?
Yes
No
Is the condominium owners associations’ building coverage at least equal to the
lower of 80% of the building’s replacement cost or $250,000 multiplied by
the number of units in the building?
Yes
No
Is coverage maximum available per federal flood program?
Yes
No
Yes
No
Yes
No
Yes
No
31. Is the HOA insured for general liability?
If YES, amount per occurrence?
$
32. Does the HOA provide hazard insurance coverage for the interior
(walls-in) of the condo unit?
33. Is the HOA insured for Fidelity Bond?
If YES, amount carried by management company:
$
34. Minimum number of days required for written notification to be given to HOA or
insurance trustee before any substantial changes or cancellation of the project
coverage:
The above information was obtained from the following representative of the project’s Homeowners Association.
Name:
Date:
Position/Title:
Phone Number:
Please attach copies of the following:
• Current Budget and Balance Sheet for the HOA
• Declaration page of the current insurance policies
Page 3
4/30/2015
CONDOMINIUM STREAMLINED REVIEW PROCESS
The Streamlined Review is eligible for units in an ESTABLISHED condominium project for Conforming and Super
Conforming conventional loans. The requirements to be classified as eligible for the Streamlined review are:
1.
Must meet the definition of an Established Project: The Project is fully complete and NOT subject to
additional phasing, AND at least 90% of the total units have been CONVEYED to unit purchasers
other than the developer, AND the unit owners control the homeowners association (there is no
seasoning requirement for the turnover of control to the unit owners).
2.
A condominium project containing a mix of attached and detached units is eligible for the
streamlined review.
3.
Must meet maximum LTV/TLTV/HTLTV Ratios in the table below:
Units in Established Condominium Projects
NOT Located in Florida
Occupancy
Maximum LTV/TLTV/HTLTV
LP Accept Risk Class
All Other Mortgages*
Primary Residence
90%
80%
Second Home
75%
75%
Investment Property
Not Eligible
Not Eligible
Delivery Requirements: Refer to Guide Section 17.25 for special requirements
Units in Established Condominium Projects
Located IN Florida
Occupancy
Maximum LTV/TLTV/HTLTV
LP Accept Risk Class
All Other Mortgages*
Primary Residence
75%
75%
Second Home
70%
70%
Investment Property
Not Eligible
Not Eligible
*DU Approve/Eligible and A-Minus Mortgages
4.
5.
6.
7.
Credit Score
680
700
N/A
Cannot be an Investment property OR Manufactured Home.
The Project cannot be an Ineligible Project as defined in the Freddie Mac Guide section 42.3.
Appraisal review to determine the subject “unit” does not fall under any “Ineligible” criteria.
If a loan is run through Fannie Mae’s DU and receives an “Approve/Eligible,” property must meet
Freddie Mac Condominium Guidelines for Established Condominiums to be eligible for Streamlined
Review process.
Review Section 42.4 of the Freddie Mac Guide for further instruction relative to Streamlined Reviews.
The following must be submitted in all files originated utilizing the Streamlined Condominium Review:
• Condominium Streamlined Review Questionnaire
• Condominium Classification Certification
6/16/2015
CONDOMINIUM STREAMLINED REVIEW QUESTIONNAIRE
Use this form ONLY when the subject Condo Project meets the eligibility guidelines for a Streamlined Review
(Unit must be located in an Established Condominium Project)
To be completed by a Representative of the Project’s HOA/Management Company
Date:
Borrower:
Project Name:
Project Address and Unit Number:
City:
Loan Number:
HOA Taxpayer ID # (Optional)
State and Zip Code:
1. What is the total number of units in the entire project?
2. What is the total number of units conveyed (closed) to purchasers other than the developer
in the entire project?
a.
b.
______
______
Total percentage:
Is total percentage at least 90%? (Total units conveyed to purchasers other than developer)
3. Is the entire project (all Units and Common Elements including Common Elements owned by
any Master Association) complete?
4. Are all phases or annexations (if applicable) complete?
5. Are unit owners in control of the Homeowners Association?
6. Are there any Manufactured Homes in the Condominium Project?
_____%
Yes No
Yes
Yes
Yes
Yes
No
No
No
No
Insurance Information:
Carrier or Agent Name
Carrier or Agent Phone Number
Policy Number
Hazard____________________
_________________________
____________
Liability___________________
_________________________
____________
Fidelity____________________
__________________________
____________
Flood_____________________
__________________________
____________
Certification of Information: By signing below, you are certifying the above information is true and correct.
NAME/SIGNATURE OF AUTHORIZED HOA REPRESENTATIVE_________________________________
DATE COMPLETED:______________________________________ PHONE NUMBER_________________
*********************************************************************************************
Correspondent Use Only: By signing below, you certify that the above condominium project meets
eligibility requirements for Streamlined Review and meets General Condominium Project
Requirements in Chapter 42.2 of the Freddie Mac Seller/Servicer Guide.
Correspondent Reviewer’s Signature_______________________________________
Print Name____________________________________________
Correspondent Name_____________________________Phone Number____________________Date_________
6/16/2015
BB&T MORTGAGE CORRESPONDENT LENDING
LOAN REGISTRATION FORM
FORM MUST BE COMPLETED IN DETAIL
Phone Number: 1-800-940-4032
Fax Number: 252-293-9050
E-Mail: [email protected]
Date:
CORRESPONDENT:
ID #
CONTACT NAME:
EMAIL:
CONTACT PHONE #:
CONTACT FAX:
BORROWER NAME:
SSN#:
CREDIT SCORE:
CO-BORROWER NAME:
SSN#:
CREDIT SCORE:
PROPERTY ADDRESS:
CITY:
COUNTY:
STATE:
BASE LOAN
AMOUNT
SALES
PRICE
TOTAL LOAN
AMOUNT
PURPOSE:
ZIP:
APPRAISED
VALUE
PURCHASE
SPECIAL PURPOSE CASH OUT REFI (Investor Feature Identifier- Valid Value 203)
REFINANCE
CASH OUT
NO CASH OUT
VA IRRRL
FHA STREAMLINE REFI
OCCUPANCY:
OWNER OCCUPIED
OWNER OCCUPIED SECOND HOME
PROPERTY TYPE:
SFR
HR CONDO
L/R CONDO
STREAMLINE CONDO (CONFORMING)
2 UNIT
3 UNIT
4 UNIT
APPLICATION DATE:
AUS: (Conforming Only)
INTEREST RATE:
%
LOCK PERIOD:
ESCROWS:
LP
DU
WAIVE ESCROW
WAIVE INSURANCE
WAIVE TAXES ONLY
FLOAT ONLY
15 DAYS
30 DAYS
45 DAYS
60 DAYS
120 DAYS
180 DAYS
270 DAYS
360 DAYS
540 DAYS
$
SUBORDINATE FINANCING USED TO CLOSE THIS TRANSACTION:
$
HELOC BALANCE: $
HELOC LIMIT: $
LOAN PROGRAM NUMBER:
AMORTIZATION TERM (# OF MONTHS):
CONFORMING
101
104
102
110
30 YEAR FIXED
20 YEAR
DUFIXED
Refi Plus
15 YEAR FIXED
10 YEAR FIXED
144
340
375
376
5/1 NCVT LIBOR ARM 2/2/5
90 DAYS
90/5/5
80/15/5
111
112
30 YEAR FIXED
15 YEAR FIXED
145
147
149
343
HOME MORTGAGES
153
154
155
302
303
80/10/10
GOVERNMENT
201
202
204
205
501
FHA 30 YEAR FIXED
FHA 15 YEAR FIXED
VA 30 YEAR FIXED
VA 15 YEAR FIXED
USDA/GUARANTEED
RURAL HOUSING
CHECK IF LOAN IS A-MINUS
30 YR HOME Now FIXED
7 YR P&I LIBOR ARM HOME Now
10 YR P&I LIBOR ARM HOME Now
Special Mortgage Types:
Freddie Relief
DU Refi Plus
ALL REQUESTS MUST BE RECEIVED BY 7:00 PM EASTERN TIME.
ANY REQUEST RECEIVED AFTER 7:00 PM WILL BE COMPLETED THE NEXT BUSINESS DAY
11-24-2014
75/20/05
EXPECTED PRICE:
NON-CONFORMING/JUMBO
Fannie Mae & Freddie Mac HARP Refinance
30 YEAR FIXED Rate Relief Plus
20 YEAR FIXED RATE RELIEF PLUS
15 YEAR FIXED RATE RELIEF PLUS
PUD
ESCROW
LIENS/HELOCS NOT USED TO CLOSE THIS TRANSACTION:
950
951
952
INVESTMENT
BB&T MORTGAGE CORRESPONDENT LENDING
CHANGE REQUEST FORM
MUST BE COMPLETED IN DETAIL
Phone Number: 1-800-940-4032
Fax Number: 252-293-9050
Email Address: [email protected]
Website: https://correspondentlending.bbt.com
Date________________
Correspondent______________________________________________________
ID #_________________
Contact Person:________________________________
Email:________________________________________
Contact Phone#: _______________________________
Contact Fax #: _________________________________
Customer Name:____________________________________________ Loan #_____________________________
Relock
Rate:________________%
(Relocks are always locked for a mandatory 30 days with worse case pricing)
Other Changes:
____________________________________________________________________________________
______________________________________________________________________________________________________
______________________________________________________________________________________________________
______________________________________________________________________________________________________
______________________________________________________________________________________________________
______________________________________________________________________________________________________
______________________________________________________________________________________________________
______________________________________________________________________________________________________
______________________________________________________________________________________________________
ALL REQUESTS MUST BE RECEIVED BY 7PM EASTERN TIME. ANY REQUESTS RECEIVED AFTER THAT
TIME WILL BE COMPLETED THE NEXT BUSINESS DAY.
1-14-2011
Cash Flow Analysis
Borrower Name: ___________________
A lender may use this worksheet to prepare a written evaluation of its analysis of a self-employed borrower’s personal
income, including the business income or loss, reported on the borrower’s personal income tax returns. The purpose of
this written analysis is to determine the amount of stable and continuous income that will be available to the borrower for
loan qualifying purposes.
IRS Form 1040 – Individual Income Tax Return
1. Total Income
2. Wages, Salaries, Tips considered elsewhere
3. Tax-Exempt Interest Income
4. State and Local Tax Refunds
5. Nonrecurring Alimony Received
6. Negate Schedule D (Income) Loss
7. Negate Other (Gains) Loss
8. IRA Distributions
9. Pensions and Annuities
10. Negate Schedule E (Income) Loss
11. Nonrecurring Unemployment Compensation
12. Social Security Benefits
13. Nonrecurring Other (Income) Loss
14. Other ______________________
Year_________
___________
(-)_________
(+)_________
(-)__________
(-)__________
(+/-)_________
(+/-)_________
(+)__________
(+)__________
(+/-)_________
(-)__________
(+)__________
(+/-)_________
(+/-)_________
Year_________
___________
(-)__________
(+)__________
(-)__________
(-)__________
(+/-)_________
(+/-)_________
(+)__________
(+)__________
(+/-)_________
(-)__________
(+)__________
(+/-)_________
(+/-)_________
IRS Form 2106 – Employee Business Expenses
15. Total Unreimbursed Expenses
16. Depreciation
(-)___________
(+)___________
(-)__________
(+)__________
Schedule B (IRS Form 1040) – Interest and Ordinary Dividends
17. Nonrecurring Interest Income
(-) __________
18. Nonrecurring Dividend Income
(-) __________
(-) __________
(-) __________
Schedule C (IRS Form 1040) – Profit or Loss from Business: Sole Proprietorship
19. Nonrecurring Other (Income) Loss/Expenses
(+/-) _________
20. Depletion
(+) __________
21. Depreciation
(+) __________
22. Travel, Meals, and Entertainment
(-) ___________
23. Business Use of Home
(+) __________
24. Amortization/Casualty Loss
(+) _________
(+/-) _________
(+) __________
(+) __________
(-) ___________
(+) ___________
(+) ___________
Schedule D (IRS Form 1040) – Capital Gains and Losses
25. Recurring Capital Gains
(+)_________
(+)__________
IRS Form 4797 – Sales of Business Property
26. Recurring Capital Gains
(+)_________
(+)__________
IRS Form 6252 – Installment Sale Income
27. Principal Payments Received
(+)__________
(+)___________
Fannie Mae Form 1084
Page 1
12.16.2014
Schedule E (IRS Form 1040) – Supplemental Income and Loss
Note: A lender may use Fannie Mae Rental Income Worksheets (Form 1037 or Form 1038) to calculate individual rental income (loss)
reported on Schedule E.
28. Royalties Received
29. Total Expenses
30. Depletion
Year_________
(+)_________
(-)__________
(+)_________
Year_________
(+)__________
(-)__________
(+)__________
Schedule F (IRS Form 1040) – Profit or Loss from Farming
31. Non-Tax Portion Ongoing Cooperative Distribution and
Commodity Credit Corporation Payments
33. Depreciation
34. Amortization/Casualty Loss/Depletion
35. Business Use of Home
(+)_________
(+/-)_________
(+)_________
(+)_________
(+)_________
(+)__________
(+/-)__________
(+)__________
(+)__________
(+)__________
_____________________________________________________________________
Schedule K-1 – Ownership in the business <25% -- Borrower does not meet definition of self-employed
Business income reported on Schedule K-1 may be used to qualify only when the borrower has a documented stable history of
receiving cash distributions of income from the business consistent with the level of business income being used to qualify.
Partnership Schedule K-1 (IRS Form 1065)
36. Ordinary Income, Net Rental Real Estate
Income, Other Net Rental Income
37. Distributions
38. Lesser of line 36 or line 37
39. Guaranteed Payments to Partner
____________
____________
(+)__________
(+)__________
_____________
_____________
(+)___________
(+)___________
S Corporation Schedule K-1 (IRS Form 1120S)
40. Ordinary Income, Net Rental Real Estate
Income, Other Net Rental Income
41. Distributions
42. Lesser of line 40 or 41
____________
____________
(+)__________
_____________
_____________
(+)___________
Personal Income Total
___________
___________
Page 2
12.16.2014
Schedule K-1 -- Ownership in the business 25% or greater – Borrower meets definition of self-employed
Business income reported on Schedule K-1 may be used to qualify the borrower only when the borrower has a documented stable
history of receiving cash distributions of income from the business consistent with the level of business income being used to qualify.
Partnerships and S Corporations
The borrower’s proportionate share of adjustments to business cash flow may be used to qualify only when:

the borrower can document ownership and access to income, and has a documented stable history of receiving cash distributions
of income from the business consistent with the level of business income being used to qualify;

the business has adequate liquidity to support withdrawal of earnings; and

the business has positive sales and earnings trends.
Year_________
Partnership Schedule K-1 (IRS Form 1065)
43. Ordinary Income (Loss), Net Rental Real Estate Income (Loss),
Other Net Rental Income (Loss)
(+/-)_________
44. Proportionate Share of Adjustments to Business Cash Flow Income (Loss)
Form 1065; enter result from line 59 below
(+/-)_________
45. Subtotal
____________
46. Distributions
____________
(+)__________
48. Guaranteed Payments to Partner
(+)__________
49. Partnership Total (line 47 + line 48)
____________
(+/-)__________
_____________
_____________
(+)___________
(+)___________
_____________
IRS Form 1065 - Adjustments to Business Cash Flow
50. Pass-through (Income) Loss from Other Partnerships
52. Depreciation
53. Depletion
55. Mortgages or Notes Payable in Less than 1 Year
57. Subtotal
58. Multiply by Borrower % of Ownership
59. Proportionate Share of Adjustments to Business Cash Flow
(+/-)__________
(+/-)__________
(+)___________
(+)___________
(+)___________
(-)___________
(-)___________
_____________
(x)___________
_____________
(+/-)_________
(+/-)_________
(+)__________
(+)__________
(+)__________
(-)__________
(-)__________
____________
(x)___________
____________
Year_________
(+/-)__________
S Corporation Schedule K-1 (IRS Form 1120S)
60. Ordinary Income (Loss), Net Rental Real Estate Income (Loss),
Other Net Rental Income (Loss)
(+/-)_________
61. Proportionate Share of Adjustments to Business Cash Flow Income (Loss)
Form 1120S; enter result from line 74 below
(+/-)_________
62. Subtotal
____________
63. Distributions
____________
(+)__________
65. S Corporation Total
____________
(+/-)__________
_____________
_____________
(+)___________
_____________
IRS Form 1120S - Adjustments to Business Cash Flow
67. Depreciation
68. Depletion
70. Mortgages or Notes Payable in Less than 1 Year
72. Subtotal
73. Multiply by Borrower % of ownership
74. Proportionate Share of Adjustments to Business Cash Flow
(+/-)__________
(+)___________
(+)___________
(+)___________
(-)___________
(-)___________
_____________
(x)___________
_____________
(+/-)_________
(+)__________
(+)__________
(+)__________
(-)__________
(-)__________
____________
(x)___________
____________
Page 3
(+/-)__________
12.16.2014
Regular Corporation – IRS Form 1120
Income derived from the following analysis may be used to qualify when:

the borrower is 100% owner of the business,

the business has adequate liquidity to support withdrawal of earnings, and

the sales and earnings trends of the business are positive.
75.
76.
77.
78.
79.
80.
81.
82.
83.
84.
85.
86.
Taxable Income
Total Tax
Nonrecurring (Gains) Losses
Nonrecurring Other (Income) Loss
Depreciation
Depletion
Amortization/Casualty Loss
Net Operating Loss and Special Deductions
Mortgages or Notes Payable in Less than 1 Year
Travel, Meals, and Entertainment
Dividends Paid to Borrower
Corporation Total
____________
(-)__________
(+/-)_________
(+/-)_________
(+)__________
(+)__________
(+)__________
(+)__________
(-)__________
(-)__________
(-)__________
____________
_____________
(-)___________
(+/-)__________
(+/-)__________
(+)___________
(+)___________
(+)___________
(+)___________
(-)___________
(-)___________
(-)___________
_____________
Totals
Personal Income Total
Partnership Total [line 49]
S Corporation Total [line 65]
Corporation Total [line 86]
(Include only when the borrower owns 100% of the business)
____________
____________
____________
____________
_____________
_____________
_____________
_____________
Grand Total
____________
_____________
____________________________________________________________________
The lender may use a profit and loss statement—audited or unaudited—for a self-employed borrower’s business to
support its determination of the stability or continuance of the borrower’s income. Allowable add-backs include
depreciation, depletion, and other non-cash expenses as identified above.
Year-to-Date Profit and Loss Statement
Salary/Draw to Individual
Net Profit
Total Allowable Add-backs
Year-to-Date Total
_____________
_____________
x________% ownership =
x________% ownership =
Page 4
_____________
_____________
_____________
_____________
12.16.2014
Form 90
Verbal Verification of Employment
Borrower name: ____________________________________________________________
Employer name: ____________________________________________________________
Employer contact: ___________________________________________________________
Employer contact title: ________________________________________________________
Phone number: ______________________
Third party source used to obtain the phone number: _______________________________
__________________________________________________________________________
Dates of employment: ________________________________________________________
Borrower’s title: _____________________________________________________________
Is the Borrower currently employed? (Circle one)
Yes
No
Is the Borrower/employee active or on leave? (Circle one)
Active
On leave
Additional information: _______________________________________________________
__________________________________________________________________________
Verified by: ________________________________________________________________
Title: _____________________________________________________________________
Company: _________________________________________________________________
Date: __________________
Volume 1
Bulletin 2009-18
Single-Family Seller/Servicer Guide
Page F90---1
04/01/10
Basic Income Worksheet
For Self-Employed Refer to Cash-Flow
Loan #:
Borrower:
► Salaried - Paid Weekly (may require 2 yrs documentation depending on LP Feedback)
x 52 ÷ 12 =
$0.00
Gross Monthly Average
Gross Weekly
► Salaried - Bi-Weekly - Paid Every Two Weeks (may require 2 yrs documentation depending on LP Feedback)
x 26 ÷ 12 =
$0.00
Gross Bi-Weekly
► Salaried - Semi-Monthly - Paid Twice-a-Month (may require 2 yrs documentation depending on LP Feedback)
$0.00
x2=
Gross Semi-Monthly
► Alimony, Child Support, Separate Maintenance
÷3=
$0.00
Total Court Ordered Past 3 Mos
► Hourly Pay (may require 2 yrs documentation depending on LP Feedback)
$0.00
x 2080 ÷ 12 =
Hourly Pay Rate
► YTD & 1 Yr: Housing or Parsonage Allowance
(+)
YTD Earnings
(÷)
Past Yr
(=)
Number of Mos.
#DIV/0!
Gross Mo. Avg.
► YTD & 1-2 Yrs: Military, Reserves, Employed by Family Member or Seller or R/E Broker
(1-2 Yrs Determined from LP Feedback)
(+)
YTD Earnings
(+)
Past Yr
(÷)
Prev Yr (if appl)
(=)
#DIV/0!
Gross Mo. Avg.
(=)
#DIV/0!
Gross Mo. Avg.
Number of Mos.
► YTD & 2 Yrs: Bonus, Commission, Overtime, Auto Allowance, Tips, Second Job, Seasonal
(If Bonus/Commission is consistent or increased, ÷ by 24+ mos. If decreased use most recent year, ÷ 12+ mos.)
(+)
(+)
(÷)
YTD Earnings
Past Yr
Prev Yr (if appl)
YTD Estimated-Unreimbursed
Business Expenses
IRS Form 2106-Unreimbursed
Business Expenses
IRS Form 2106-Unreimbursed
Business Expenses
Number of Mos.
► 1 Yr: Retirement, Pension, Social Security (based on LP Feedback S/S may require 2 yrs)
(+)
IRS Form 1099
(÷)
Prev Yr (if appl)
(=)
Number of Mos.
#DIV/0!
Gross Mo. Avg.
► 1 Yr: Royalties, Tax Exempt, Retirement, Pension, Rental
÷ 12 =
$0.00
Past Yr
► 2 Yrs: Dividend, Interest, Capital Gains, Public Assistance, Foster Care
÷ 24 =
(+)
Prev Yr
Past Yr
$0.00
Gross Mo. Avg.
► Borrowers Paid Less than 12 Months-per-Year: (i.e. borrower is paid 10 mos. @ year, multiply by 10 and divide by 12)
(x)
Gross Mo. Avg.
(÷)
# Mos. Worked
(=)
Number of Mos.
#DIV/0!
Adj. Gross Mo. Avg.
Additional Information:
Documentation Requirements for Income Types above, and All Other Income Types not Listed,
Refer to the Freddie Mac Loan Prospector Documentation Matrix.
This Worksheet is not all inclusive of income calculations. Consider income trends.
12/8/2009
HPML CERTIFICATION
HPML LOAN
I hereby certify that BB&T loan #
in the name(s) of
is an HPML (Higher-priced mortgage loan) and has been originated and closed in accordance with all
TILA/Regulation Z requirements. By:
Correspondent Name:
Date:
NOT HPML LOAN
I hereby certify that BB&T loan #
in the name(s) of
is not an HPML (Higher-priced mortgage loan) and has been originated and closed in accordance with all
TILA/Regulation Z requirements. By:
Correspondent Name:
Date:
10-1-09
BB&T Requirements for Higher Priced Mortgage Loans
BB&T’s submission requirements for TILA/Regulation Z “higher-priced mortgage loans”
(HPMLs) are summarized below. These requirements are effective for applications received by
the original lender on or after June 1, 2013.
Correspondent lenders are responsible for full compliance and should review the complete
HPML rules at http://www.consumerfinance.gov/regulations/.
An HPML is a closed-end loan secured by the borrower’s primary residence with an APR 1.5%
or more over the APOR index for conforming 1st-lien loans or 2.5% or more for jumbo 1st liens.
The APOR tables are published at http://www.ffiec.gov/ratespread/newcalc.aspx.
BB&T Correspondent Lending will purchase investor-marketable HPML loans provided these
requirements are met:

Income, assets and debts must be verified and documented

Approval must be based on verified/documented repayment ability, not equity

Qualifying ratios must use the fully-indexed rate and fully-amortizing payment

Qualifying ratios must include all property taxes, insurance and assessments

If P&I payments vary, applicants must be qualified on the largest payment scheduled
during the first seven years

An escrow account must be required for at least the first 60 months, regardless of
LTV.
Based on the Compliance Representations and Warrants in our executed Loan Purchase
Agreements, BB&T is requiring that all Correspondents comply with the TILA/Regulation Z
HPML requirements for loans presented to us for purchase.
A signed certification indicating whether a loan is an HPML or is not an HPML will be
required in each loan file delivered for purchase. Page 2 of this document contains examples of
acceptable certifications.
We would also like to take this opportunity to remind you that loans which exceed any state or
federal high cost loan thresholds must not be submitted to BB&T Correspondent Lending for
purchase.
6/1/2013
HPML Loan
I hereby certify that BB&T loan # _______________ in the name(s) of
_____________________ is an HPML (Higher-priced mortgage loan) and has been originated
and closed in accordance with all TILA/Regulation Z requirements.
By: __________________________
Correspondent Name: ___________________________
Date: _________________________
NOT AN HPML LOAN
I hereby certify that BB&T loan # ________________ in the name(s) of
________________________ is not an HPML (Higher-priced mortgage loan) and has been
originated and closed in accordance with all TILA/Regulation Z requirements.
By: ________________________________
Correspondent Name: ________________________________
Date: _______________________________
PLEASE COMPLETE THE FOLLOWING INFORMATION FOR ALL LOANS:
Final APR At Closing ______________
Date Borrower Locked Rate with Correspondent _____________________________
6/1/2013
Form
4506-T
(Rev. August 2014)
Department of the Treasury
Internal Revenue Service
Request for Transcript of Tax Return
Request may be rejected if the form is incomplete or illegible.
▶ For more information about Form 4506-T, visit www.irs.gov/form4506t.
▶
OMB No. 1545-1872
Tip. Use Form 4506-T to order a transcript or other return information free of charge. See the product list below. You can quickly request transcripts by using
our automated self-help service tools. Please visit us at IRS.gov and click on "Get Transcript of Your Tax Records" under "Tools" or call 1-800-908-9946. If you
need a copy of your return, use Form 4506, Request for Copy of Tax Return. There is a fee to get a copy of your return.
1a Name shown on tax return. If a joint return, enter the name
shown first.
1b First social security number on tax return, individual taxpayer identification
number, or employer identification number (see instructions)
2a If a joint return, enter spouse’s name shown on tax return.
2b Second social security number or individual taxpayer
identification number if joint tax return
3 Current name, address (including apt., room, or suite no.), city, state, and ZIP code (see instructions)
4 Previous address shown on the last return filed if different from line 3 (see instructions)
5 If the transcript or tax information is to be mailed to a third party (such as a mortgage company), enter the third party’s name, address,
and telephone number.
Caution. If the tax transcript is being mailed to a third party, ensure that you have filled in lines 6 through 9 before signing. Sign and date the form once
you have filled in these lines. Completing these steps helps to protect your privacy. Once the IRS discloses your tax transcript to the third party listed
on line 5, the IRS has no control over what the third party does with the information. If you would like to limit the third party's authority to disclose your
transcript information, you can specify this limitation in your written agreement with the third party.
Transcript requested. Enter the tax form number here (1040, 1065, 1120, etc.) and check the appropriate box below. Enter only one tax form
number per request. ▶
6
a
Return Transcript, which includes most of the line items of a tax return as filed with the IRS. A tax return transcript does not reflect
changes made to the account after the return is processed. Transcripts are only available for the following returns: Form 1040 series,
Form 1065, Form 1120, Form 1120A, Form 1120H, Form 1120L, and Form 1120S. Return transcripts are available for the current year
and returns processed during the prior 3 processing years. Most requests will be processed within 10 business days . . . . . .
b
Account Transcript, which contains information on the financial status of the account, such as payments made on the account, penalty
assessments, and adjustments made by you or the IRS after the return was filed. Return information is limited to items such as tax liability
and estimated tax payments. Account transcripts are available for most returns. Most requests will be processed within 10 business days .
c
Record of Account, which provides the most detailed information as it is a combination of the Return Transcript and the Account
Transcript. Available for current year and 3 prior tax years. Most requests will be processed within 10 business days
. . . . . .
7
Verification of Nonfiling, which is proof from the IRS that you did not file a return for the year. Current year requests are only available
after June 15th. There are no availability restrictions on prior year requests. Most requests will be processed within 10 business days . .
8
Form W-2, Form 1099 series, Form 1098 series, or Form 5498 series transcript. The IRS can provide a transcript that includes data from
these information returns. State or local information is not included with the Form W-2 information. The IRS may be able to provide this
transcript information for up to 10 years. Information for the current year is generally not available until the year after it is filed with the IRS. For
example, W-2 information for 2011, filed in 2012, will likely not be available from the IRS until 2013. If you need W-2 information for retirement
purposes, you should contact the Social Security Administration at 1-800-772-1213. Most requests will be processed within 10 business days .
Caution. If you need a copy of Form W-2 or Form 1099, you should first contact the payer. To get a copy of the Form W-2 or Form 1099 filed
with your return, you must use Form 4506 and request a copy of your return, which includes all attachments.
9
Year or period requested. Enter the ending date of the year or period, using the mm/dd/yyyy format. If you are requesting more than four
years or periods, you must attach another Form 4506-T. For requests relating to quarterly tax returns, such as Form 941, you must enter
each quarter or tax period separately.
Caution. Do not sign this form unless all applicable lines have been completed.
Signature of taxpayer(s). I declare that I am either the taxpayer whose name is shown on line 1a or 2a, or a person authorized to obtain the tax
information requested. If the request applies to a joint return, at least one spouse must sign. If signed by a corporate officer, partner, guardian, tax
matters partner, executor, receiver, administrator, trustee, or party other than the taxpayer, I certify that I have the authority to execute Form 4506-T on
behalf of the taxpayer. Note. For transcripts being sent to a third party, this form must be received within 120 days of the signature date.
Phone number of taxpayer on line
1a or 2a
▲ ▲ ▲
Sign
Here
Signature (see instructions)
Date
Title (if line 1a above is a corporation, partnership, estate, or trust)
Spouse’s signature
For Privacy Act and Paperwork Reduction Act Notice, see page 2.
Date
Cat. No. 37667N
Form 4506-T (Rev. 8-2014)
Form 4506-T (Rev. 8-2014)
Page
Section references are to the Internal Revenue
Code unless otherwise noted.
Future Developments
For the latest information about Form 4506-T
and its instructions, go to
www.irs.gov/form4506t. Information about any
recent developments affecting Form 4506-T
(such as legislation enacted after we released it)
will be posted on that page.
General Instructions
Caution. Do not sign this form unless all
applicable lines have been completed.
Purpose of form. Use Form 4506-T to request
tax return information. You can also designate
(on line 5) a third party to receive the information.
Taxpayers using a tax year beginning in one
calendar year and ending in the following year
(fiscal tax year) must file Form 4506-T to request
a return transcript.
Note. If you are unsure of which type of transcript
you need, request the Record of Account, as it
provides the most detailed information.
Tip. Use Form 4506, Request for Copy of
Tax Return, to request copies of tax returns.
Automated transcript request. You can quickly
request transcripts by using our automated
self-help service tools. Please visit us at IRS.gov
and click on “Get Transcript of Your Tax
Records” under “Tools” or call 1-800-908-9946.
Where to file. Mail or fax Form 4506-T to
the address below for the state you lived in,
or the state your business was in, when that
return was filed. There are two address charts:
one for individual transcripts (Form 1040 series
and Form W-2) and one for all other transcripts.
If you are requesting more than one transcript
or other product and the chart below shows two
different addresses, send your request to the
address based on the address of your most
recent return.
Chart for individual transcripts
(Form 1040 series and Form W-2
and Form 1099)
If you filed an
individual return
and lived in:
Alabama, Kentucky,
Louisiana, Mississippi,
Tennessee, Texas, a
foreign country, American
Samoa, Puerto Rico,
Guam, the
Commonwealth of the
Northern Mariana Islands,
the U.S. Virgin Islands, or
A.P.O. or F.P.O. address
Alaska, Arizona, Arkansas,
California, Colorado,
Hawaii, Idaho, Illinois,
Indiana, Iowa, Kansas,
Michigan, Minnesota,
Montana, Nebraska,
Nevada, New Mexico,
North Dakota, Oklahoma,
Oregon, South Dakota,
Utah, Washington,
Wisconsin, Wyoming
Connecticut, Delaware,
District of Columbia,
Florida, Georgia, Maine,
Maryland, Massachusetts,
Missouri, New Hampshire,
New Jersey, New York,
North Carolina, Ohio,
Pennsylvania, Rhode
Island, South Carolina,
Vermont, Virginia, West
Virginia
Mail or fax to:
RAIVS Team
Stop 6716 AUSC
Austin, TX 73301
512-460-2272
RAIVS Team
Stop 37106
Fresno, CA 93888
559-456-7227
RAIVS Team
Stop 6705 P-6
Kansas City, MO 64999
816-292-6102
Chart for all other transcripts
If you lived in
or your business
was in:
Alabama, Alaska,
Arizona, Arkansas,
California, Colorado,
Florida, Hawaii, Idaho,
Iowa, Kansas,
Louisiana, Minnesota,
Mississippi,
Missouri, Montana,
Nebraska, Nevada,
New Mexico,
North Dakota,
Oklahoma, Oregon,
South Dakota, Texas,
Utah, Washington,
Wyoming, a foreign
country, or A.P.O. or
F.P.O. address
Connecticut,
Delaware, District of
Columbia, Georgia,
Illinois, Indiana,
Kentucky, Maine,
Maryland,
Massachusetts,
Michigan, New
Hampshire, New
Jersey, New York,
North Carolina,
Ohio, Pennsylvania,
Rhode Island, South
Carolina, Tennessee,
Vermont, Virginia,
West Virginia,
Wisconsin
Mail or fax to:
RAIVS Team
P.O. Box 9941
Mail Stop 6734
Ogden, UT 84409
801-620-6922
RAIVS Team
P.O. Box 145500
Stop 2800 F
Cincinnati, OH 45250
859-669-3592
Line 1b. Enter your employer identification
number (EIN) if your request relates to a
business return. Otherwise, enter the first
social security number (SSN) or your individual
taxpayer identification number (ITIN) shown on
the return. For example, if you are requesting
Form 1040 that includes Schedule C (Form
1040), enter your SSN.
Line 3. Enter your current address. If you use a
P. O. box, include it on this line.
Line 4. Enter the address shown on the last
return filed if different from the address entered
on line 3.
Note. If the address on lines 3 and 4 are different
and you have not changed your address with the
IRS, file Form 8822, Change of Address. For a
business address, file Form 8822-B, Change of
Address or Responsible Party—Business.
Line 6. Enter only one tax form number per
request.
Signature and date. Form 4506-T must be
signed and dated by the taxpayer listed on line
1a or 2a. If you completed line 5 requesting the
information be sent to a third party, the IRS must
receive Form 4506-T within 120 days of the date
signed by the taxpayer or it will be rejected.
Ensure that all applicable lines are completed
before signing.
Individuals. Transcripts of jointly filed tax
returns may be furnished to either spouse. Only
one signature is required. Sign Form 4506-T
exactly as your name appeared on the original
return. If you changed your name, also sign your
current name.
Corporations. Generally, Form 4506-T can be
signed by: (1) an officer having legal authority to
bind the corporation, (2) any person designated
by the board of directors or other governing
body, or (3) any officer or employee on written
request by any principal officer and attested to
by the secretary or other officer.
2
Partnerships. Generally, Form 4506-T can be
signed by any person who was a member of the
partnership during any part of the tax period
requested on line 9.
All others. See section 6103(e) if the taxpayer
has died, is insolvent, is a dissolved corporation,
or if a trustee, guardian, executor, receiver, or
administrator is acting for the taxpayer.
Documentation. For entities other than
individuals, you must attach the authorization
document. For example, this could be the letter
from the principal officer authorizing an
employee of the corporation or the letters
testamentary authorizing an individual to act for
an estate.
Signature by a representative. A representative
can sign Form 4506-T for a taxpayer only if the
taxpayer has specifically delegated this authority
to the representative on Form 2848, line 5. The
representative must attach Form 2848 showing
the delegation to Form 4506-T.
Privacy Act and Paperwork Reduction Act
Notice. We ask for the information on this form
to establish your right to gain access to the
requested tax information under the Internal
Revenue Code. We need this information to
properly identify the tax information and respond
to your request. You are not required to request
any transcript; if you do request a transcript,
sections 6103 and 6109 and their regulations
require you to provide this information, including
your SSN or EIN. If you do not provide this
information, we may not be able to process your
request. Providing false or fraudulent information
may subject you to penalties.
Routine uses of this information include giving
it to the Department of Justice for civil and
criminal litigation, and cities, states, the District
of Columbia, and U.S. commonwealths and
possessions for use in administering their tax
laws. We may also disclose this information to
other countries under a tax treaty, to federal and
state agencies to enforce federal nontax criminal
laws, or to federal law enforcement and
intelligence agencies to combat terrorism.
You are not required to provide the
information requested on a form that is subject to
the Paperwork Reduction Act unless the form
displays a valid OMB control number. Books or
records relating to a form or its instructions must
be retained as long as their contents may
become material in the administration of any
Internal Revenue law. Generally, tax returns and
return information are confidential, as required by
section 6103.
The time needed to complete and file Form
4506-T will vary depending on individual
circumstances. The estimated average time is:
Learning about the law or the form, 10 min.;
Preparing the form, 12 min.; and Copying,
assembling, and sending the form to the IRS,
20 min.
If you have comments concerning the
accuracy of these time estimates or suggestions
for making Form 4506-T simpler, we would be
happy to hear from you. You can write to:
Tax Forms and Publications Division
1111 Constitution Ave. NW, IR-6526
Washington, DC 20224
Do not send the form to this address. Instead,
see Where to file on this page.
BORROWER AUTHORIZATION FOR COUNSELING
Borrow er Name(s):
Lender:
Property Address:
Date:
If I fail to make any monthly mortgage payment as agreed, I understand that the servicer of my mortgage
loan may refer me to a third-party counseling organization or a mortgage insurer, w hich w ill advise me about
finding w ays to meet my mortgage obligation. I hereby authorize the servicer to release information to such
third-party counseling organization or mortgage insurer, and request that the counseling party contact me.
I further hereby authorize the third-party counseling organization or mortgage insurer to make a
recommendation about appropriate action to take w ith regard to my mortgage loan, w hich may assist the
servicer in determining w hether to restructure my loan or to offer other extraordinary services that could
preserve my long-term homeow nership.
Borrow er
Date
Borrow er
Date
Borrow er
Date
Borrow er
Date
Borrow er
Date
Borrow er
Date
Borrow er
Date
Borrow er
Date
-2 2 7
(0 5 0 5 )
V M P M ort gage Solut ions, Inc. (8 0 0 )5 2 1 -7 2 9 1
5 /0 5
BB&T MORTGAGE
FLOOD INSURANCE COVERAGE LIMIT ADVISORY
Under the 1994 National Flood Insurance Reform Act revisions to the National Flood Insurance
Plan (NFIP), the maximum flood insurance coverage limit for a residential structure located in a
community which participates in the NFIP is $250,000. If your residential structure is located in a
community which participates in the NFIP, and its estimated replacement cost new exceeds the
maximum flood insurance coverage, BB&T Mortgage advises that you may wish to seek
additional flood insurance coverage through an insurance carrier of your choice that is
acceptable to BB&T. However, if you elect not to obtain additional coverage, you agree that
BB&T will be held harmless in the event you suffer a loss that is flood related that is in excess of
the maximum amount of your coverage.
Please be advised that BB&T Mortgage reserves its rights with regards to requiring flood
insurance coverage limits in excess of those prescribed under the 1994 National Flood Insurance
Reform Act. If BB&T Mortgage should decide to require flood insurance coverage in an amount
that exceeds the maximum limit provided under The Act, you may be required to obtain
additional coverage.
_______________________________________
Applicant
1/6/2011
_______________________
Date
NOTICE OF SPECIAL FLOOD HAZARDS
AND AVAILABILITY OF FEDERAL DISASTER RELIEF ASSISTANCE
Date
Borrower's Name(s)
Mailing Address
Property Address
Lender
We are giving you this notice to inform you that:
The building or mobile home securing the loan for which you have applied is or will be located in an area with
special flood hazards.
The area has been identified by the Director of the Federal Emergency Management Agency (FEMA) as a
special flood hazard area using FEMA's Flood Insurance Rate Map or the Flood Hazard Boundary Map for the following
community:
. This area has at least a one percent (1%) chance of a flood equal
to or exceeding the base flood elevation (a 100-year flood) in any given year. During the life of a 30-year mortgage
loan, the risk of a 100-year flood in a special flood hazard area is 26 percent (26%).
Federal law allows a lender and borrower jointly to request the Director of FEMA to review the determination of
whether the property securing the loan is located in a special flood hazard area. If you would like to make such a
request, please contact us for further information.
The community in which the property securing the loan is located participates in the National Flood
Insurance Program (NFIP). Federal law will not allow us to make you the loan that you have applied for if you do not
purchase flood insurance. The flood insurance must be maintained for the life of the loan. If you fail to purchase or
renew flood insurance on the property, Federal law authorizes and requires us to purchase the flood insurance for
you at your expense.
Flood insurance coverage under the NFIP may be purchased through an insurance agent who will obtain
the policy either directly through the NFIP or through an insurance company that participates in the
NFIP. Flood insurance also may be available from private insurers that do not participate in the NFIP.
At a minimum, flood insurance purchased must cover the lesser of:
(1) the outstanding principal balance of the loan; or
(2) the maximum amount of coverage allowed for the type of property under the NFIP.
Flood insurance coverage under the NFIP is limited to the overall value of the property securing the loan
minus the value of the land on which the property is located.
Federal disaster relief assistance (usually in the form of a low-interest loan) may be available for
damages incurred in excess of your flood insurance if your community's participation in the NFIP is in
accordance with NFIP requirements.
Flood insurance coverage under the NFIP is not available for the property securing the loan because the
community in which the property is located does not participate in the NFIP. In addition, if the non-participating
community has been identified for at least one year as containing a special flood hazard area, properties located in
the community will not be eligible for Federal disaster relief assistance in the event of a Federally-declared flood
disaster.
Acknowledgment by Borrower
Borrower(s) agrees to furnish, at Borrower's expense, an acceptable copy of (1) application for flood insurance and
(2) receipt of premium paid satisfying Lender's requirements on or before closing of the above referenced loan and
maintain such coverage until the loan is paid in full. Delivery of these notices is hereby acknowledged.
Borrower's Signature
Date
Date
Date
Date
Lender's Signature
-1525 (9706)
8/96
Amended 6/97
VMP MORTGAGE FORMS - (800)521-7291
Borrower Affidavit
I/We attest that the conditions under which my/our loan was approved are unchanged
as of this date:
The status of my/our employment has not changed; all employment information stated
on the final application is true and accurate; I/we have not received any notification from
my/our employer(s) indicating a change to my/our employment or income status.
I/We have not incurred any additional debt and all debt information stated on the final
loan application is the only debt I/we have and the credit report balances and payments
have not increased to my/our knowledge.
Loan Number _______________________________
___________________________________________
Borrower
_______________
Date
___________________________________________
Co-Borrower
_______________
Date
8-7-2013
HOLD HARMLESS LETTER FOR STUCCO
State of
County of
We, the undersigned, are purchasing or refinancing the property located at
_______________________________________________________________________
through ____________________________________________. We hereby agree to hold
and its successors harmless from
any and all liability we may incur as a result of stucco finish on above reference property.
(SEAL)
(SEAL)
Sworn to and subscribed before me this
day of
Notary Public
My Commission Expires:
1/6/2011
, 20
NOTICE TO BORROWER
SURVEY/TERMITEREPORT/WATER/SEPTIC INSPECTION
WAIVER AND HOLD HARMLESS AGREEMENT
BORROWER (S): __________________________________________________________________________________
LOAN NUMBER: _________________________________________________________________________________
SECURITY PROPERTY: ___________________________________________________________________________
__________________________________________________________________
This is to certify that I/We have read and understand the following:
(1) SURVEYS - _____________________________________________________________________________does not
require a new survey on loans to refinance or purchase, provided a Title Policy can be obtained without exceptions as to
matters of a survey. The survey coverage will not extend to the home owners policy.
(2) TERMITE REPORT – On refinance loans,____________________________________________________________
_____________does not require any documentation relating to a previous Termite Report or Soil Treatment Report unless
the appraiser, or any other source, notes a problem and recommends an inspection. On purchase loans involving new or
existing properties, a new Termite Report or Soil Treatment Report would not be required unless the appraiser, or any
other source, noted a problem and/or recommended an inspection. In the event a problem is disclosed on either a
refinance or purchase loan, _________________________________________________would then require a new
Termite Report and, if applicable, a structural report and repairs.
(3) PRIVATE WATER AND SEPTIC SYSTEMS - _______________________________________________________
______________________________will not require inspection of these systems unless the appraiser, or any other source
indicates a potential problem.
(4) TITLE POLICY - ________________________________________________________________________requires a
mortgagee title policy up to the amount of the loan, to protect our interest in the security property. You may wish to
purchase an owner’s title policy to protect your ownership interest in the property.
Notice is hereby given:
Inspections and certification of such systems as outlined in the information above, may not be required by ____________
___________________________________________________________, however, it is recommended that you discuss or
obtain this documentation from the seller or builder. You have the option to have such services performed and/or systems
inspected at your cost and expense. It may be in your best interest to obtain an inspection of such systems to protect
your interest in the security property.
In the event that _____________________________________________________________________ does not require
an inspection of private water, septic systems, requires a survey, or termite inspection, ____________________________
____________________________________________ makes no warranties or representations as to the satisfactory
condition of these matters. In consideration of ____________________________________________________________
making a mortgage loan to the undersigned, Borrower(s) hereby agree(s) to hold harmless and indemnify _____________
___________________________________________ and/or its successors and assigns from any liability, expense, or
cause of action in any way arising as a result of Borrower’s decision not to have the services performed or systems/items
inspected.
Correspondent: _______________________________
Originator:__________________________________
Date:______________________________________
Borrower(s):___________________________________
_____________________________________________
Date:_________________________________________
Applicable to Conventional Loans Only
Correspondent Lending
ML450 (0109)
07/08/05
LIVING TRUST CERTIFICATION
Borrower Name:
BB&T Loan Number:
Trust Name:
The Correspondent is responsible for reviewing the Living Trust documentation and the completion of this
certification.
Circle “YES” or “NO” for each of the following:
The Trust is REVOCABLE. Individual(s), who creates the Trust (“Settlor”), has retained
powers to revoke, alter or cancel the Trust.
YES
NO
At least one “Settlor” who has been underwritten and qualified as a Borrower occupies the
subject property if a primary residence; or some portion of the year if a second home.
YES
NO
The “Settlor” is the Trustee or one of the Co-Trustees.
YES
NO
The “Settlor” is the primary beneficiary of the trust.
YES
NO
The mortgage applicant is the “Settlor” in the settlor’s individual capacity and the Trustee on
behalf of the Trust.
YES
NO
The Note is executed by both the “Settlor” individually and the trustee on behalf of the trust,
indicating the complete legal name of the trust.
YES
NO
The mortgage is executed by the Trustee on behalf of the Trust and acknowledged by the
settlor using Signature and Acknowledgement Notary Forms or similar forms.
YES
NO
The Trustee is authorized by the Trust to borrow money.
YES
NO
The Trustee is authorized to purchase, construct, or encumber real estate and the requisite
number of Trustees have signed the loan documents.
YES
NO
There is no unusual risk or impairment of lenders rights (such as distributions to be made in
specified amounts from other then net income.)
YES
NO
The “Beneficiary” (one who benefits from the Trust) does not need written consent to
borrow money. If such consent is required, the written consent is included in the loan file.
YES
NO
The title and deed to the property is vested in the Trustee on behalf of the trust (or such other YES
manner as is customary in the jurisdiction for living trust)
NO
Title Insurance does not list any exceptions arising from the property ownership vested in the YES
Trust.
NO
A copy of the Trust Documents is attached to and made a part of the loan file or, in
jurisdictions that require a lender review of an abstract or summary of trust documents
instead of the full agreement, a copy of the abstract or agreement is included.
NO
YES
I hereby acknowledge that I have reviewed the Trust documentation and the loan requested meets the requirements of
the Living Trust Certification and BB&T Correspondent Lending Guide.
Name:
Company:
Title:
Date:
8-12-2013
Desktop Originator Registration
To register for Fannie Mae’s Desktop Originator, please follow the instructions
appropriate for your particular situation.
1. My company is not registered with Desktop Originator.
Begin with Section A (How to Register).
2. My company is already registered with Desktop Originator; however, I have not
requested BB&T Correspondent Lending to be my sponsoring lender.
Begin with Section B (Log In)
3. I’m not sure if my company is registered with DO.
Contact the Fannie Mae Customer Contact Center at 1-877-722-6757 for assistance.
Section A: How to Register
1. Access DO Registration at
http://www.efanniemae.com/is/brokcorresp/do/register.jsp.
 Complete the User Agreement online.
 Click on “I Agree” to continue the process which includes requesting BB&T
Correspondent Lending as your sponsoring lender. You will need credit card
information for verification purposes and billing.
 Follow the prompts carefully to avoid keying errors.
2. Once BB&T Correspondent Lending accepts your request, Fannie Mae will send you
DO welcome information, your user ID(s) and instructions how to obtain your
password(s) via e-mail. If you do not receive your user ID(s) in 5-7 business days,
please call Fannie Mae’s Customer Contact Center at 1-877-722-6757.
Section B: Log In
1. Access DO at https://desktoporiginator.fanniemae.com.
2. Enter your Fannie Mae-assigned User ID and Password.
 Follow the screens to request BB&T Correspondent Lending as your sponsoring
lender.
 BB&T appears as The Branch Banking and Trust Company in the drop-down
box of choices of sponsoring lenders.
4/11/2013
Loan Prospector® TPO Sign-Up Information
To sign up for Freddie Mac's Loan Prospector, please follow the instructions appropriate for your particular
situation:
1. My company does not have a Loan Prospector Third-Party Originator (TPO) ID and password
Begin with Section A (Initial TPO Sign-Up) to complete a Loan Prospector TPO signup request.
2. My company has a Loan Prospector TPO ID and password
Begin with Section B (TPO Lender Association) to request lender association for your existing Loan
Prospector TPO ID and password.
3. I'm not sure if my company has a Loan Prospector TPO ID and password
Contact Loan Prospector Customer Service at (888) LP ON WEB (888-576-6932). You will need your
company name, address and tax identification number. Then, if your organization has an existing TPO ID
and password, begin with Section B (TPO Lender Association). If not, begin with Section A (Initial TPO
Sign-Up) to complete a Loan Prospector TPO sign-up request.
Section A: Initial TPO Sign Up
1.
You will need the following information to complete the TPO sign up process:
 Your lender's Loan Prospector Seller/Servicer number: (BB&T’s S/S# is 802804)
 Your company's Tax ID number or Federal Tax Identifier (FIN)
 Primary business contact information (for receipt of TPO ID and password via e-mail)
 Signatory information (the officer or person of authority who will sign required documents)
 Business license information and credit repository relationship forms provided upon completion of
the online process.
2.
Access the online TPO sign-up form using this address:
http://ww3.freddiemac.com/ds1/lp/s2sregister.nsf/frmOpen?OpenForm
3.
Print the Transmittal Cover Sheet and credit agreements provided at the end of the sign-up process.
Freddie Mac requires original signatures on the credit agreements.
4.
Mail the Transmittal Cover Sheet, 2 copies of a current and valid business/state license, and all three
signed credit agreements and 2 credit membership applications to the following address:
Freddie Mac
Attn: Loan Prospector Setup
MS A2B
8250 Jones Branch Drive
McLean, VA 22102
Freddie Mac must receive all paperwork within 30 days.
5.
Freddie Mac will send your TPO information via e-mail within 4-5 business days following receipt of your
paperwork
1
2/21/2012/BC
Section B: TPO Lender Association
Use your existing TPO ID and password to access Loan Prospector direct or through an MI company. You'll
simply need to complete a quick TPO lender association form to begin accessing Loan Prospector.
1.
You will need the following information to complete the TPO lender association process:
 BB&T’s Loan Prospector Seller/Servicer number: 802804
 Your company's TPO ID
 Your company’s Tax ID number or Federal Tax Identifier (FIN)
2.
Access the TPO lender association form using this address:
http://ww3.freddiemac.com/ds1/lp/s2sregister.nsf/frmOpen?OpenForm
Note: You may be required to submit credit agreements to complete the lender association process. If
you are prompted, print and sign the Transmittal Cover Sheet and credit agreements. The Transmittal
Cover Sheet, three credit agreements, two credit membership applications and two copies of a valid
business/state license must be mailed within 30 days to the following address:
Freddie Mac
Attn: Loan Prospector Setup
MS B1F
8100 Jones Branch Drive
McLean, VA 22102-3110
3.
Freddie Mac will send a confirmation e-mail within 4-5 business days following receipt of your paperwork.
Contact Freddie Mac directly with questions about your TPO lender association at (888) LP ON WEB
(888-576-6932). When your TPO ID and password is received, contact BB&T Correspondent Lending at
800-748-7003.
2
2/21/2012/BC
CORRESPONDENT CERTIFICATION OF PROPERTY CONDITION
Borrower(s):
Property:
City/County Location:
Loan Number:
CERTIFICATION
I/We certify that the subject property is in the same condition as at the time of appraisal and has
not been damaged or adversely affected by the hurricanes, recent storms, flooding, high winds,
tornadoes, fire, landslides, earthquakes, or any other natural disaster.
Correspondent Name
Date
Correspondent Signature and Title
Date
BB&T Correspondent Lending
5/10
APPRAISER CERTIFICATION OF PROPERTY CONDITION
Borrower(s):
Property Address:
City/County/State:
BB&T Loan Number:
CERTIFICATION
I/We certify that the subject property is in the same condition as at the time of appraisal and has
not been damaged or adversely affected by hurricanes, recent storms, flooding, high winds,
tornadoes, fire, landslides, earthquakes, or any other natural or man-made disaster.
Certified or Licensed Real Estate Appraiser Name
Certified or Licensed Real Estate Appraiser Signature
BB&T Correspondent Lending
Date
11-1-12
MORTGAGE LOAN DRAFT AUTHORIZATION FORM
Mortgage Loan Automatic Payment Authorization
Mortgage Loan Number
6_________
I/We authorize BB&T to draft the payment for the account number mentioned above each month. The funds for this payment shall be
debited from the account listed below. This authorization will remain in effect until canceled in writing and received by BB&T
Mortgage Servicing. I agree that BB&T will be fully protected in honoring any such draft. I agree that BB&T’s treatment of each
draft, and the rights in respect to it, shall be the same as if it were signed personally by me/us. I agree to continue making my
mortgage loan payment by the current method until notified in writing as to the date the draft will begin.
Please provide information on the account to be drafted:
Primary Account Name: ___________________________________
(Please print)
Account Number: __________________________________
Account Type: Checking
___________________________________
(Signature)
Secondary Account Name: _________________________________
(Please print)
___________________________________
(Signature)
Savings
Name of Bank: _____________________________________
Amount to Draft:
Regular Payment
Regular Payment plus $_____ additional principal
Month to Start Draft: _______________________________
Day of the Month to Draft Payment (circle one):
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Date: __________________
Mail this authorization including a voided check (for checking accounts) or deposit slip showing the 9-digit Routing Transit # (for
savings accounts) to: BB&T Mortgage, P.O. Box 1868- Attn: Draft Department 900-01-08-30, Greenville, SC 29602-1868; or Fax to
252-293-9056
9-13-2013
Fair Market Rent Verification Form
By signing below, I certify that I have provided BB&T Correspondent Lending with one of the
following options, as provided by the Borrower(s), to verify the fair market rent for the
property(ies) listed.
__________________________________________
Name of Borrower
__________________________________________
Name of Co-Borrower
Check the option used below:
1. Lease agreement(s) stating the amount of rental income the borrower(s) are currently
receiving for all non-owner occupied units _____
2. Bank Statements showing rental income for all non-owner occupied units _____
3. Completion of the statement(s) below, verifying the fair market rent that is currently or
could be received for all non-owner occupied units _____
Fair market rent, for property located at
_________________________________________________________, is ________ per month
_________________________________________________________, is ________ per month
_________________________________________________________, is ________ per month
_________________________________________________________, is ________ per month
__________________________________________
Correspondent Company Name
__________________________________________
Correspondent Company Representative’s signature
__________________________________________
Date
9-9-2013
Freddie Mac Relief Refinance
Loan Amount Calculator
Freddie Mac Only
Payoffs Must be Good through
the Disbursement Date, and
Any Additional Payments
have been Considered.
Payoff Good Through
Borrower Name
New Loan Number
Next Payment Due
Complete the "highlighted" area for correct loan calculation.
Use when obtaining "exact" figures from Payoff Statement:
Current Total Unpaid Principal Balance
Accrued Interest
}
Payoff Statement should not
be ordered netting escrows
(+)
Subtotal:
}
Total Amount to Pay Loan in Full
Allowable Closing Cost Calculation
}
Maximum allowable
Closing Costs, Financing Costs
and Prepaids/Escrows is $5,000
Maximum HARP Loan Amount
Payoff Statements MUST BE CURRENT
Verify if any additional payment(s) have been made, prior to loan approval.
NOTE: The Borrower may only receive $250 cash back at closing. Any overage must be applied
as a Principal reduction at loan settlement.
Freddie Mac Relief Refinance Loan Amount Calculator, Payoff Statement and HUD-1
must be emailed to [email protected] 48 hours prior to closing for
review. Correspondent will be emailed with loan amount approval.
Payoff Statement and HUD-1 must match.
If the payoff date changes, the documents noted above must be resubmitted via email to
[email protected] for subsequent review and loan amount approval.
* Maximum LTV/TLTV/HTLTV is unlimited.*
7-28-2014
Quality Control Release
I/We, the undersigned applicants, understand that our mortgage application may be
selected by the lender and/or its successors and assigns for a Quality Control Review.
Such a review will include a re-verification of the credit information and property
valuation. I/We agree to cooperate with the lender to the extent necessary to
accomplish this review.
I/We, therefore, have signed below authorizing the release of information to assist in the
quality control review process.
Loan Number _______________________________
___________________________________________
Borrower
_______________
Date
___________________________________________
Co-Borrower
_______________
Date
9-13-2013

BB&T Condominium Guidelines - BB&T Correspondent Lending

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