Guideline Matrix - Sun West Mortgage Company, Inc.

Guideline Matrix
Apr 1, 2013 - Version 4.6
Full Service Mortgage Bankers, offering a diverse range of home loan programs
backed by FHA, VA, USDA, Fannie Mae and Freddie Mac.
This information is provided to licensed Mortgage Loan Originating Entities only and may not be copied or
distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may
apply. Program rates, prices, guidelines,fees, costs,terms and conditions are subject to change without notice.
FHA, VA and USDA - Follow Standard Agency Guidelines PLUS the
Following Fast & Easy Guidelines For all Government Loan Programs
FAST & EASY GUIDELINES FOR PRIME AND EXPRESS
TOP TIER PRICING YOU-LOVE-THE-MOST
FAST & EASY GUIDELINE APPLY TO THE FOLLOWING PRIME PRODUCTS:
•
FHA LOANS WITH FICO GREATER THAN
OR EQUAL TO 680
sunsoft Product Codes: SO11S01F00 (Fixed), SM11S00F00 (ARM),
AA12S01F00, AA11S00O00, SM32S00F00, SO11O00F00
•
VA LOANS WITH FICO GREATER THAN OR
EQUAL TO 680
sunsoft Product Codes: SO15S00O00, SO15O00O00, AA15S01F00
•
USDA LOANS WITH FICO GREATER THAN
OR EQUAL TO 680
sunsoft Product Codes: SD61S00F00
ALL EXPRESS PRODUCTS USE FAST & EASY GUIDELINES
FHA EXPRESS WITH FICO ≥ 630*
sunsoft Product Codes: XP11S01F00 (Fixed), XP11S00F00 (ARM)
(*580 FOR STREAMLINE REFINANCE)
USDA EXPRESS LOANS WITH FICO ≥ 640
PITI Reserves
sunsoft Product Codes: XP61S00F00
•
6 months’ reserves, excluding Gift Funds, required for 3-4 unit properties;
•
3 months’ reserves on 2-unit properties if DTI Back Ratio without rental income exceeds 60
•
3 months’ reserves if rehabilitation amount > 40% of loan amount calculated at after-improved
value [applicable for 203(K) rehabilitation]
•
Does not apply to VA IRRRL with appraisal if borrower is not credit qualified
Maximum DTI Ratios
Product Type
Property Type
FHA / VA
•
Attached / Detached SFRs
•
PUDs
•
HUD-approved Condos
•
1-2 Units
•
Manufactured Homes
•
•
USDA
Max. Front Ratio
Max. Back Ratio
45
55
3-4 Units
31
43
All Eligible Property Types
36
50
Note: When a non-occupying co-applicant is used to qualify the borrower:
Down Payment
Assistance (DPA)
Maximum Number of
Properties Financed
by All Borrowers
(including non-occupying coborrowers)
•
DTI Back Ratio calculated without using non-occupying applicant's income must not exceed 60.
•
Proposed rents cannot be used as income to qualify.
•
Borrowers using Down Payment Assistance (DPA) program must have 3 months’ reserves
•
2 (inclusive of subject) for FHA / VA loans
•
1 for USDA loans
•
1 (inclusive of subject) if property type is Manufactured Housing
AUS Approval
Must be either DU Approved/Eligible, LP Accept, or GUS Approve as applicable (Except for Streamline
Refinance)
LTV / CLTV
•
Maximum LTV for 2-4 unit properties, with non-occupying co-borrower, is 75%.
•
For FHA loans:
Rehabilitation
Amount
Minimum FICO
•
•
CLTV allowed is 105% for purchases, if using a Govt. Down Payment Assistance Program.
•
CLTV allowed for R/T refinances is 115% for loans qualifying under HUD ML 10-23 with FICO
more than 720.
On FHA 203(K) loan
•
If rehabilitation amount is greater than 40% of loan amount calculated at after improved
value then the Minimum FICO is 680
•
Additions and utility replacement and/or reconditioning require a minimum 680 FICO.
•
EXPRESS FHA - 630
•
EXPRESS USDA – 640 (GUS will not approve USDA loans below 640)
•
EXPRESS is not available for VA. VA PRIME minimum FICO is 620. See Prime Product Overlays.
Note: For Express Products, if bankruptcy, foreclosure, short sale or deed in lieu appears on credit
report or public records, then the minimum FICO required is 660.
Other Requirements
•
FHA Loans must meet all FHA guidelines (e.g. 4155.1 and applicable Mortgagee Letters). Refer
FHA/HUD Guideline Quick Reference Sheets for:
Standard FHA/HUD Guidelines
Guidelines on Manufactured Housing
Guidelines on 203(K) Loans
•
VA Loans must meet all VA guidelines (e.g. VA Handbook, VA Circulars). Refer VA Guideline
Quick Reference Sheets for:
•
USDA Loans must meet all USDA guidelines. Refer USDA Guideline Quick Reference Sheet.
Standard VA Guidelines
Guidelines on Manufactured Housing
It really is that easy to receive Prime Pricing!
Prime Product GUIDELINE FOR LESS THAN 680.
Low Credit Score Loans are Eligible for Prime Pricing!
GET PRIME PRODUCT PRICING FOR THE FOLLOWING PRODUCTS WITH LESS THAN 680 FICO!
PRIME FHA LOANS WITH FICO
LESS THAN 680
sunsoft Product Codes: SO11S01F00 (Fixed), SM11S00F00
AA12S01F00, AA11S00O00, SM32S00F00, SO11O00F00
PRIME VA LOANS WITH FICO LESS
THAN 680
sunsoft Product Codes: SO15S00O00, SO15O00O00
PRIME USDA LOANS WITH FICO
THAN 680
sunsoft Product Codes: SD61S00F00
Credit Scores
Product Type
FHA / VA
Property Type
• Attached /
Detached SFRs
Loan Purpose
Purchase
(ARM),
Minimum
FICO
Loan Scenario
DTI Back Ratio <= 43
and Housing Payment
Shock <= 20%
620
DTI Back Ratio > 43 and
Housing Payment Shock
<= 20%
640
DTI Back Ratio <= 43
and Housing Payment
Shock > 20%
640
DTI Back Ratio <= 43
620
DTI Back Ratio > 43
640
LTV<= 75%
660
VA IRRRL with
Appraisal
-
640
-
-
640
• PUDs
• HUD-approved
Condos
• 2-4 Units
• Manufactured
Homes
Rate & Term
Refinance
Cash-Out Refinance
(Not allowed for
Manurfactured
Homes)
USDA
-
Note:
•
•
Non-Eligible
Loans
•
Non-traditional credit is not allowed.
If bankruptcy, foreclosure, short sale or deed in lieu appears on credit report or public records, then
the minimum FICO required is 660 or as per the above matrix, whichever is higher.
Purchase:
o
DTI Back Ratio > 43 and Housing Payment Shock > 20%
o
HUD REO with Down Payment < 3.5%
o
Manufactured Housing with Housing Payment Shock > 20%
•
Cash-Out Refinance with LTV>75%
Mortgage
Housing
Lates
•
None in last 24 months on any mortgage
Collection
Accounts
•
Housing-expense related collection accounts within 24 months are not allowed
Housing
Payment
Shock
This guideline is applicable to Purchase transactions only. Housing Payment Shock is calculated as the
difference between the new housing payment and existing housing payment divided by existing housing
payment times 100. Existing housing payment must be documented.
Property Type
Loan Scenario
Maximum Housing
Payment Shock
• Attached / Detached SFRs
620 <= FICO < 640 and DTI Back Ratio <= 43
20%
640 <= FICO < 680 and DTI Back Ratio > 43
20%
• PUDs
• HUD-approved Condos
• 2-4 Units
• Manufactured Homes
PITI
Reserves
Gift Funds
•
6 months’ reserves, excluding Gift Funds, required for 3-4 unit properties
•
3 months’ reserves on 2-unit properties if DTI Back Ratio without rental income exceeds 60
•
3 months’ reserves, excluding Gift Funds, required for First Time Home Buyer if Housing Payment Shock >
20% and FICO < 680 and DTI Back Ratio is > 43
•
Does not apply to VA IRRRL with appraisal if borrower is not credit qualified.
•
Allowed only when borrower has 3 months reserves, excluding gift funds.
2
Maximum DTI
Ratios
Product
Type
Loan Scenario
FHA / VA
USDA
Max.
Front
Ratio
Max.
Back
Ratio
620 <= FICO < 640 and Housing Payment Shock <= 20%
43
43
FICO => 640 and Housing Payment Shock <=20%
45
55
640 < FICO <= 680, Housing Payment Shock > 20% and
borrower has at least 3 months’ PITI reserves
45
55
640 < FICO <= 680, Housing Payment Shock > 20% and
borrower does not have 3 months’ PITI reserves
43
43
3-4 unit properties
31
43
Manufactured Housing
SAME AS SFR!
FICO => 640 and Housing Payment Shock <= 20%
36
50
640 < FICO <= 680 and Housing Payment Shock > 20%
36
43
FICO => 680 and Housing Payment Shock > 20%
36
50
Note: When a non-occupying co-applicant is used to qualify the borrower:
•
DTI Back Ratio calculated without using non-occupying applicant's income must not exceed 60.
•
Proposed rents cannot be used as income to qualify.
Rehabilitation
Amount
Additions and utility replacement and/or reconditioning are not allowed
LTV / CLTV
•
Down Payment
Assistance
(DPA)
Not Allowed
Maximum
Number of
Properties
Financed by
Borrower
•
2 (inclusive of subject) for FHA / VA loans
•
1 for USDA loans
•
1 (inclusive of subject) if property type is Manufactured Housing*
Other
Requirements
•
FHA Loans must meet all FHA guidelines (e.g. 4155.1 and applicable Mortgagee Letters). Refer
FHA/HUD Guideline Quick Reference Sheets for:
•
•
Maximum LTV for 2-4 unit properties, with non-occupying co-borrower, is 75%.
o
Standard FHA/HUD Guidelines
o
Guidelines on Manufactured Housing
o
Guidelines on 203(K) Loans
VA Loans must meet all VA guidelines (e.g. VA Handbook, VA Circulars). Refer VA Guideline Quick
Reference Sheets for:
o
Standard VA Guidelines
o
Guidelines on Manufactured Housing
USDA Loans must meet all USDA guidelines. Refer USDA Guideline Quick Reference Sheet.
3
Prime FHA Streamline Refinance
PRIME FHA LOANS
sunsoft Product
SO41S00F00
Loan Program
Codes:
SO11S01F00
•
Standard Fixed Rate - SO11S01F00
•
Standard ARM - SM11S00F00
•
Manufactured Housing - AA12S01F00
•
FHA Jumbo - SO41S00F00
Loan Purpose
•
Streamline Refinance
Amortization Term
•
Fixed Rate: 15 Years, 20 Years and 25 Years*
•
Fixed Rate: 30 Years
•
Adjustable Rate: 3/1**
•
Adjustable Rate: 5/1
(Fixed),
SM11S00F00
(ARM),
AA12S01F00,
*Applicable only for Standard Fixed Rate Loan Program
**Not offered on FHA Jumbo Loan Program
Adjustable Rate are not offered on Manufactured Housing
(Please refer to the General Guidelines for eligible Interest Adjustment dates on ARMs)
Occupancy
•
Eligible Properties
•
Attached / Detached SFRs
•
PUDs
•
HUD-approved Condos
•
2-4 Units
•
Manufactured Housing
Debt to Income
(DTI) Ratio &
FICO Matrix
Owner-occupied properties only
Product Type
Standard FHA
FHA Jumbo
Manufactured
Housing
Unit Properties
Max Back
Ratio1
55%
Minimum FICO
1-2 Units
Max Front
Ratio1
45%
3-4 Units
31%
43%
640
1-2 Units
40%
45%
640
3-4 Units
Fee Simple &
Leasehold
Properties
31%
43%
640
45%
55%
640
640
1
Ratio assessment is for FHA required credit-qualifying streamlines and SWMC’s income qualification
requirement.
Note: If bankruptcy, foreclosure, short sale or deed in lieu appears on credit report or public records,
then the minimum FICO required is 660 or as per the above matrix, whichever is higher.
Approval Type
•
Manual underwriting is acceptable.
•
FHA required credit-qualifying streamlines must meet standard credit and income requirements.
Mortgage Housing
Lates
•
None in last 24 months on any mortgage if FICO is less than or equal to 680
•
None allowed ever for manufactured leasehold properties
Subordinate
Financing
•
Allowed for all types except for Manufactured Housing
LTV / CLTV
•
125 / 125
•
Maximum LTV for 2-4 unit properties, with non-occupying co-borrower, is 75%.
Minimum &
Maximum Loan
Amount
See applicable product guidelines.
Collateral
Assessment
•
Exterior only appraisal may be required when a property is located within a disaster area.
Appraiser's
Condition and
Quality of
Construction
•
Properties with a condition rating of C5: “As is” condition is not acceptable unless deficiencies that
caused the rating and/or hypothetical condition are completed prior to closing.
•
Properties with a condition rating of either C6 or Q6 are ineligible.
Maximum
Number of
Properties
Financed by
borrower
•
Limitation does not apply if loan purpose is streamline refinance
PITI Reserves
•
6 months’ reserves required for 3-4 unit properties
Payment History
Documentation
•
Streamline refinance must evidence at least a 6-month mortgage history.
4
Streamline
Refinance
Qualifying
Requirements
Income
Qualification
Options
2
FICO
Requirement
680 and above
No additional requirements
Below 680
Income Qualification Required2
See “Income Qualification” section for details
•
Income qualification applies to non-credit qualifying streamlines only (i.e. SWMC required income
qualification).
FHA required credit-qualifying streamlines must meet standard credit and income
requirements.
•
Income qualification can be completed by using either Option 1 or Option 2 discussed below:
Option 1
Acceptable Forms
Unacceptable Forms
3 Month PITI Reserves
1 month of bank statements
sourcing all large deposits in
accordance to FHA guidelines
401K, IRA, Pensions, Gift
Funds
*3-month PITI reserves is net of the funds required at closing.
Option 2
Income Type
For W-2 Wages Only
Limited Doc Review
For income other than W-2
wages
•
Documentation Needed to
Qualify
•
4506-T
•
2011 W-2(s)
•
1 month of pay stubs
•
VOE
•
4506-T
•
2011 Income
Documentation
•
Full tax returns for 2009,
2010 and supporting
documentation
For option 2, ratios must be within DTI matrix guidelines above.
Modified
Mortgages
Mortgages that have been modified or have participation in any Loss Mitigation programs are ineligible for
Streamline Refinance
Streamline
Refinance VOE
Requirements
See General Policy Requirements section
5
Prime VA IRRRL WITHOUT APPRAISAL
PRIME
VA
IRRRL
WITHOUT APPRAISAL
sunsoft Product Codes: AA15S00F00
Loan Purpose
•
Interest Rate Reduction Refinancing Loan (IRRRL) without appraisal
Amortization Term
•
Fixed Rate: 30 Years, 15 Years, 3/1 ARM, 5/1 ARM
(Please refer to the General Guidelines for eligible Interest Adjustment dates on ARMs)
Occupancy
•
Primary Residence Only
Note: Properties converted to a rental property, even temporarily while borrower is on active duty,
are not considered owner-occupied.
Eligible Properties
•
Attached / Detached SFRs
•
PUDs
•
Condos
•
Manufactured Housing (click here for additional guidelines on manufactured housing)
Note: Property cannot be vested in the name of trust
Minimum Credit
Score
•
640
Bankruptcy,
Foreclosures, Short
Sale, & Mortgage
Housing Lates
•
Credit derogatories such as bankruptcy, foreclosure, short sale, or 90-day mortgage late not
allowed within last 36 months.
•
If bankruptcy, foreclosure, short sale or deed in lieu appears on credit report or public records,
then the minimum FICO required is 680.
Mortgage Housing
Lates
•
None in last 12 months on any mortgage
Subordinate
Financing
•
Allowed
•
Re-subordination certificate from current lender required
LTV / CLTV
•
125 / 125
•
For LTV > 105, credit qualification applies. Please refer to Credit Qualification section.
•
For LTV > 105, pricing hit applies. Please refer to the rate sheet.
•
Lesser of $417,000 or maximum county limit
Maximum Total Loan
Amount
•
Click Here for County limits
•
Loan amounts over $417,000 not allowed
Note: Total Loan Amount includes financed guarantee fees
Credit Qualification
•
Credit qualification not required for LTV <= 105.
•
For LTV > 105, a full VA income underwriting required using pay stubs, tax returns, and 4506T, as
applicable.
•
Credit qualification is not required for properties acquired on or after 05/01/2010, regardless of
LTV.
Maximum DTI
Ratios
•
Payment History
Documentation
•
Non-credit qualifying VA IRRRLs must evidence at least 3-month mortgage history.
Maximum Cash
Back to Borrower
•
$500, except in TX where no cash back is allowed
Verbal Verification
of Employment
•
Mandatory
•
Must be dated within 10 days of funding.
Subject Property
Valuation
•
SWMC must receive a RELS AVM or report for each mortgage submission, except where subject
property was purchased after January 1, 2010, wherein such properties will not require third party
valuations. CoreLogic AVM’s are acceptable within tolerances described below.
•
The RELS AVM predicted value range:
40 / 50
Note: When a non-occupying co-applicant is used to qualify the borrower, DTI Back Ratio
calculated without using non-occupying applicant's income must not exceed 60.
o
up to 20% variance (FSD): up to 95% LTV;
o
up to 13% variance (FSD): from 95.01% LTV to 125% LTV.
•
“No Hit” results on AVMs may require an alternative valuation, including a full or exterior-only
conventional appraisal in lieu of an AVM. Transaction will continue to be considered without
appraisal.
Value Check
Requests through
SWMC Vendor
Order System
•
You may order a Value Check for $15 through the SWMC Vendor Order System in sunsoft.
•
Estimated three-Hour turn-times for Value Checks.
Streamline
Refinance VOE
Requirements
•
See General Policy Requirements section
6
4155.1 FHA/HUD Guideline Quick Reference Sheet
Below Is A Fact Sheet of Standard FHA/HUD Guidelines
Loan Purpose
Amortization
Term
•
Purchase
•
Rate & Term Refinance
•
Cash-Out Refinance (Not available in Texas and not available for Express products)
•
Streamline Refinance (Sun West offers Streamline Refinance as a separate product. Please Click Here
to view FHA Streamline Refinance guidelines.)
•
Fixed Rate: 15 Years, 20 Years, 25 Years and 30 Years
•
Adjustable Rate: 3/1 and 5/1
(Please refer to the General Guidelines for eligible Interest Adjustment dates on ARMs)
Note: For FHA Flip Waiver only Fixed Rate Term of 30 Years is available
Occupancy
•
Owner-occupied properties only
Eligible
Properties
•
Attached / Detached SFRs
•
PUDs
•
HUD-approved Condos
•
2-4 Units
•
Manufactured Housing (Click Here to view guidelines for Manufactured Housing)
Maximum Loan
Amount
Properties Located in
48 Continuous States
Alaska and Hawaii
Units
Maximum Base
Loan Amount*
1
$417,000
2
$533,850
3
$645,300
4
$801,950
1
$625,500
2
$800,775
3
$967,950
4
$1,202,925
*Maximum Base Loan Amount is the lesser of amount as per table above or Maximum County Limit (Click
Here for County limits)
LTV / CLTV
Loan Purpose
LTV
CLTV
96.5%
100%
Rate & Term Refinance
97.75%
97.75%
Streamline Refinance
97.75%
125%
85%
85%
Purchase
Cash-Out Refinance
•
1
Maximum loan amount for FHA Streamline Refinance without Appraisals cannot exceed the
outstanding principal balance and interest due, minus applicable refund of the UFMIP, plus the new
UFMIP that will be charged on the refinance.
•
2
LTV/CLTV for FHA Streamline Refinance without Appraisals use the original appraised value. The
maximum accessible credit limits must be used when considering HELOCs (FHA Policy 4155.1 3.C.2).
Approval Type
DU Approve/Eligible or LP Accept/Eligible only. Manual underwriting is not acceptable except on Streamline
Refinances.
Self Employed
Allowed
Subordinate
Financing
Allowed
Down Payment
Assistance
(DPA)
Allowed in conjunction with first mortgage loans with following overlays:
•
The DPA meets all published requirements of FHA; and
•
The first Mortgage sold to SWMC is not subject to any terms or conditions of a bond program; and
•
The DPA does not restrict the transfer of servicing rights of the first Mortgage sold to SWMC. In
addition, it may not require prior notification or approval from the sponsoring authority in the event of
the transfer of the first mortgage’s servicing rights.
Cash Out on
Short Pay-Off
Not allowed
Appraiser's
Condition and
Quality of
Construction
•
Properties with a condition rating of C5: “As is” condition is not acceptable unless deficiencies that
caused the rating and/or hypothetical condition are completed prior to closing.
•
Properties with a condition rating of either C6 or Q6 are ineligible.
Escrow Holdback
for Minor
Repairs
Allowed only if repair is completed within 5 Days.
7
FHA Refinance
consolidating 1st
and 2nd liens
Modified
Mortgages
An FHA Refinance involving the refinance of both 1st and 2nd liens into a single FHA loan, in which the 2nd
lien was a HELOC more than 12 months old, is permissible as a Rate and Term refinance. The HELOC loan
balance eligible to be added to the new loan amount would be:
•
The current loan balance, if there were no draws in the last 12 months or if the draws were for the
purposes of repairs and rehabilitation.
•
If there were draws in the last 12 months which were for the purposes other than repair and
rehabilitation, only the draws of up to $1,000 may be added to the refinance loan amount.
•
If the balance or any portion of an equity line of credit in excess of $1,000 was advanced within the
past 12 months and was for purposes other than repairs and rehabilitation of the property, that
portion above and beyond $1,000 of the line of credit is NOT eligible for inclusion in the new
mortgage. These amounts must be paid from the Borrower's funds at closing or the transaction must
be treated as a Cash-Out Refinance and must meet the Cash-Out refinance guidelines (85% LTV, etc).
Mortgages that have been modified or have participation in any Loss Mitigation programs are ineligible for
Streamline Refinance
Addtitional Guideline for FHA Flip Waiver
Listing and
Selling Agent
•
Cannot be the same or related.
•
There must NOT be an identity of interest or a potential borrower situation.
Seller
Seller must be an individual; cannot be an LLC or corporation. All transactions must be arms-length, with
no identity of interest between the buyer and seller or other parties participating in the sale transactions.
Exception for LLC Seller* may be granted provided following documents are provided in the loan package:
1.
Articles of incorporation
2.
List of officers, directors, and shareholders
3.
Certificate of Good standing
*
The underwriter carefully reviews all of the docs to determine that there is NO relation between the LLC
and either the mortgage broker, selling agent, or the borrower.
If Sales Price
exceeds 20% of
Seller
Acquisition Cost
•
A second appraisal is required with appraiser documenting the reasons for the increase in value.
•
The second appraisal will be ordered by Sun West Mortgage Company, Inc.
•
Property inspection ordered by Mortgagee is required and may be charged to the borrower.
Transfer of
Property
•
No intermediate transfer is allowed.
Transfer of Title
•
No recent transfers to the Seller are allowed.
Program
Expiration Date
•
The program is set to expire December 31, 2014 and the expiration date applies to the date of
Purchase Contract.
8
FHA/HUD Manufactured Housing Guideline Quick Reference Sheet
Below Is A Fact Sheet of Standard FHA/HUD Guidelines on Manufactured Housing
Loan Purpose
•
Purchase
•
Rate & Term Refinance
•
Streamline Refinance (Sun West offers Streamline Refinance as a separate product. Please Click
Here to view FHA Streamline Refinance guidelines.)
Note: Mortgage must cover both the unit and its site
Amortization Term
Fixed Rate: 30 Years
Occupancy
Owner-occupied properties only
Eligible Properties
•
1-Unit Manufactured Home
•
HUD-approved Manufactured Condos
•
Leasehold Manufactured Home Properties
Notes:
•
Single-wide Manufactured Homes are not allowed
•
Properties must be constructed after June 15, 1976
•
Rural properties must be constructed no earlier than 1990 and require a home inspection
LTV / CLTV
Loan Purpose
LTV
CLTV
Purchase
96.5%
NA
Rate & Term Refinance
97.75%
NA
Note: HUD REO is not allowed with LTV > 96.5%. Minimum investment is no less than 3.5%.
Maximum Loan
Amount
Properties Located in
Units
Maximum Base Loan Amount*
48 Continuous States
1
$417,000
Alaska and Hawaii
1
$625,500
*Maximum Base Loan Amount is the lesser of amount as per table above or Maximum County Limit
(Click Here for County limits)
Approval Type
DU Approve/Eligible or LP Accept/Eligible only
Self Employed
Allowed
Non-occupying Coborrower
Not allowed for credit qualification
Subordinate
Financing
Not allowed
Appraiser's Condition
and Quality of
Construction
•
Properties with a condition rating of C5: “As is” condition is not acceptable unless deficiencies
that caused the rating and/or hypothetical condition are completed prior to closing.
•
Properties with a condition rating of either C6 or Q6 are ineligible.
Escrow Holdback for
Minor Repairs
Not allowed
Down Payment
Assistance (DPA)
Allowed in conjunction with first mortgage loans with following overlays:
•
The DPA meets all published requirements of FHA; and
•
The first Mortgage sold to SWMC is not subject to any terms or conditions of a bond program;
and
•
The DPA does not restrict the transfer of servicing rights of the first Mortgage sold to SWMC. In
addition, it may not require prior notification or approval from the sponsoring authority in the
event of the transfer of the first mortgage’s servicing rights.
Home Inspection
Full home inspection is required for homes built before 1990. Any deficiencies that impact the safety,
soundness, or structural integrity of the property must be cured prior to closing.
Other General
Eligibility Criteria
•
Floor area of not less than 400 square feet
•
HUD Certification Labels (metal plates attached) or verification from IBTS
•
HUD Data Plates (paper certification located on the interior) or verification from IBTS
•
Affidavit of affixture (or equal) to evidence property is classified and taxed as real estate
•
Structural Engineer's report to determine if home is designed to be used as a dwelling with a
permanent foundation built to FHA criteria
•
The home must be built and remain on a permanent chassis (towing hitch, wheels and axles
have been removed)
•
Finished grade elevation beneath the manufactured home or, if a basement is used, the grade
beneath the basement shall be at or above the 100-year return frequency flood elevation. HUD
waivers are not accepted.
•
The home must not have been installed or occupied previously at another site or location
•
Additions or modifications to manufactured home are not acceptable
•
All-weather roadway and adequate vehicular access from a public right of way
•
Foundation inspection by appraiser for permanent concrete footing with anchored tie-downs
9
FHA/HUD 203(K) Guideline Quick Reference Sheet
Below Is A Fact Sheet of Standard FHA/HUD Guidelines on 203(K) Loans
Loan Purpose
•
Purchase
•
Rate & Term Refinance
Amortization
Term
•
Fixed Rate: 30 Years
Occupancy
•
Owner-occupied properties only
Eligible
Properties
•
Attached / Detached SFRs
•
PUDs
•
HUD-approved Condos
•
Manufactured Housing (click here for additional guidelines on manufactured housing)
•
2-4 Units
Approval Type
DU Approve/Eligible only.
Self Employed
Allowed
Subordinate
Financing
Allowed
Minimum
Borrower
Contribution
3.5% is required from borrower(s) “own” funds for FHA 203(K) Jumbo
Loan Amount
Properties Located in
Units
1
48 Continuous States
Alaska and Hawaii
Conforming 203K
(Maximum Base
Loan Amt*)
$417,000
203K Jumbo
Minimum Base
Loan Amt
Maximum Base
Loan Amt*
$417,001
$729,750
2
$533,850
$533,851
$934,200
3
$645,300
$645,301
$1,129,250
4
$801,950
$801,951
$1,403,400
1
$625,500
$625,501
$1,094,625
2
$800,775
$800,776
$1,401,300
3
$967,950
$967,951
$1,693,875
4
$1,202,925
$1,202,926
$2,105,100
*Maximum Base Loan Amount is the lesser of amount as per table above or Maximum County Limit (Click
Here for County limits)
Purchase Transactions mortgage basis, lesser of:
•
“As-is” value plus rehabilitation cost” or “purchase price plus rehabilitation cost”, OR
•
110% of after-improved value (100% for condominiums including site-condos)
Refinance Transactions mortgage basis, lesser of :
•
Existing debt plus rehabilitation cost plus prepaid and closing cost, OR
•
97.75% of “as-is” value plus rehabilitation costs, OR
•
110% of after-improved value (100% for condominiums including site-condos)
Appraiser's
Condition and
Quality of
Construction
•
Properties with a condition rating of C5, C6 and Q6 are eligible provided that any deficiencies that
caused the rating and/or hypothetical condition or impact the safety, soundness and structural
integrity of the property are address with the 203(K) rehabilitation escrow repairs.
Down Payment
Assistance
(DPA)
Allowed in conjunction with first mortgage loans with following overlays:
•
The DPA meets all published requirements of FHA; and
•
The first Mortgage sold to SWMC is not subject to any terms or conditions of a bond program; and
•
The DPA does not restrict the transfer of servicing rights of the first Mortgage sold to SWMC. In
addition, it may not require prior notification or approval from the sponsoring authority in the event of
the transfer of the first mortgage’s servicing rights.
Cash Out on
Short Pay-Off
Not allowed
Loan Amounts
available on a
203(k) loan
Non-Streamline 203(k):
Repairs allowed up to 50% of the loan amount.
(For repair amount constituting more than 40% of loan amount, max. LTV will be 100% calculated at after
improved value.)
Streamline 203(k):
The maximum rehab amount is $35,000 and will include at least 2 Inspection Fee draws, 2 title updates,
and a 15% contingency reserve
10
Requirement of
Home Inspection
The Inspector must be approved by The American Society of Home Inspectors (www.ashi.org) or National
Association of Home Inspectors, Inc. (www.nahi.org).
A complete home inspection is required for all REO and vacant properties and for properties with repair
amounts exceeding $15,000. REO and vacant properties are eligible under streamline 203(k); however,
underwriter may advise about requirement of consultant depending on the scope of work.
Home inspections are not required
(http://www.renovationready.com/)
for
transactions
using
the
services
of
RenovationReady
Home inspectors may not be an interested party, including the 203(K) consultant.
203(K)
Consultant &
Contractors
SWMC must approve the use of all parties involved, including the consultant and contractor as applicable.
203(K) Self-Help
Not allowed.
Types of Repairs
that are eligible
for a 203(k) loan
Non-Streamline 203(k):
Roof replacement, health and safety hazard mitigation, landscaping required to mitigate drainage or
erosion issues, aesthetic landscaping when appraiser verifies that the value increases the dollar-for-dollar
cost, sidewalk/driveway repair necessary for home access, major repair of termite damage,
drywall/insulation replacement, most repairs which require permits, finishing basements. Egress window
wells for basements will be admissible. Structural and Foundation work will be permitted as long as the
Contractors insurance coverage is sufficient (normally general liability insurance coverage of
1,000,000/each occurrence will be acceptable).
Streamline 203(k):
Cosmetic Repairs such as financing purchase/installation of new appliances; patching holes; replacing
doors; painting; lead paint abatement; new counters, cabinets, windows, carpet (subfloor repair requires
Non-Streamline 203k); repair/installation of HVAC; weatherization; minor repair of termite damage. The
property should be inhabitable at the time of loan closing.
Repairs that are
ineligible on a
203(k) loan
Houses never completed or where the certificate of occupancy was issued less than one year ago. SWMC
reserves the right to determine if repairs are deemed unacceptable.
Exclusions on a
203(k) loan
Streamline 203(k):
Upfront draws are only available for documented material costs (with receipts or invoices). If the
contractor is bonded, documenting material cost is not required to obtain an upfront material draw. Draws
may not exceed 50% of the entire loan amount. If no draw is required, contractor must provide
certification that no initial draw is necessary and that he/she has available funds to complete the cost of
rehabilitation.
Geographic Restrictions: Sun West currently does not offer FHA 203(k) in the state of TX.
Supplemental
Origination Fee
1.5% of Rehabilitation Amount or $350, whichever is greater, must be charged.
Additional Forms
and Work
Exhibits
Requirements
Consultant, if applicable
•
Specification of Repairs and Work Write-up exhibits must itemize material and labor costs.
•
Consultant’s Identity of Interest
•
Master Draw Request (HUD-9746a)
Contractor
•
Work Write-up exhibits must itemize material and labor costs.
•
Completed IRS-W9
•
License, E&O and/or Liability Insurance valid until rehabilitation is completed
•
Contractor Profile Form
•
Information for Contractors form
•
Homeowner and Contractor Agreement
•
Evidence of Assets or Sufficient Lines of Credit (VOD, Bank Statements, Credit lines etc.) to
reasonably cover cost of material for rehabilitation. Draw request time line is taken into
consideration. Not required when initial draw is provided on 203(K) streamline, see ‘Exclusion on
203(k) loan’ section above.
Borrower
Additional
Guidelines
•
Borrower Identity of Interest Certification must be signed and dated by borrower(s), Consul
•
203(K) Borrower Acknowledgement must be signed, dated and completed by borrower(s).
•
Conference call with borrower to be completed by SWMC.
LandSafe Title is not acceptable as the title company
11
STANDARD VA Guideline Quick Reference Sheet
Below Is A Fact Sheet of Standard VA Guidelines
Loan Purpose
Amortization
Term
•
Purchase
•
Cash-Out Refinance (Not available in Texas)
•
VA IRRRL (Streamline) with Appraisal
•
Fixed Rate: 15 Years and 30 Years
•
Adjustable Rate: 3/1 and 5/1
(Please refer to the General Guidelines for eligible Interest Adjustment dates on ARMs)
*Not available for VA Manufactured Housing
Occupancy
•
Owner-occupied properties only
Note: Properties converted to a rental property, even temporarily while borrower is on active duty, are
not considered owner-occupied.
Eligible
Properties
•
Attached / Detached SFRs
•
PUDs
•
Condos
•
2-4 Units
•
Manufactured Housing
Note: Property cannot be vested in the name of trust
LTV / CLTV
Loan Purpose
Purchase / VA IRRRL with Appraisal
Cash-Out Refinance
Maximum Total
Loan Amount
•
Lesser of $417,000 or maximum county limit
•
Click Here for County limits
LTV
CLTV
100%
100%
90%
90%
Note: Total Loan Amount includes financed guarantee fees
Approval Type
•
DU Approve/Eligible or LP Accept/Eligible only. Manual underwriting is not acceptable except on noncredit qualifying Streamline Refinances
Self Employed
•
Allowed
Bankruptcy,
Foreclosures,
Short Sale
•
For VA IRRRLs without Appraisal , if the property type is Manufactured Housing then bankruptcy,
foreclosures and short sale are not allowed within last 36 months
Subordinate
Financing
•
Allowed
Minimum VA
Entitlement
•
VA guaranty plus cash/equity must be equal to at least 25% of the purchase price or Notice of Value
(NOV), whichever is less, on purchases and non-IRRRL refinances.
Flip Waiver
Permitted under following conditions:
•
A property inspection report ordered by SWMC is must. If the borrower chooses to obtain one, SWMC
can utilize such borrower-ordered inspection report.
•
Prior transfers will be carefully reviewed to ensure the values of the transfers represent a benefit to
the borrower. The transfers should be arm’s length and not flipped to set false value trends.
•
A second (conventional) appraisal may be required and ordered by SWMC, if the sale price of the
property is 20% or more than the seller’s acquisition cost.
Cash Out on
Short Pay-Off
•
Not allowed
Appraiser's
Condition and
Quality of
Construction
•
Properties with a condition rating of C5: “As is” condition is not acceptable unless deficiencies that
caused the rating and/or hypothetical condition are completed prior to closing.
•
Properties with a condition rating of either C6 or Q6 are ineligible.
Escrow Holdback
for Minor
Repairs
•
Not allowed
Streamline
Refinance VOE
Requirements
•
See General Policy Requirements section
12
VA Manufactured Housing Guideline Quick Reference Sheet
Below Is A Fact Sheet of Standard VA Guidelines on Manufactured Housing
Loan Purpose
•
Purchase
•
Cash-Out Refinance (Not available in Texas)
•
VA IRRRL (Streamline)
Amortization Term
•
Fixed Rate: 30 Years
Occupancy
•
Owner-occupied properties only
Note: Properties converted to a rental property, even temporarily while borrower is on active duty,
are not considered owner-occupied.
Eligible Properties
•
Manufactured Housing
Note: Property cannot be vested in the name of trust
Approval Type
DU Approve/Eligible or LP Accept/Eligible only. Manual underwriting is not acceptable except on noncredit qualifying Streamline Refinances
Self Employed
Allowed
Bankruptcy,
Foreclosures,
Short Sale
•
VA IRRRLs without Appraisal: None in the last 36 months
Subordinate
Financing
•
Allowed
•
For VA IRRRLs without Appraisal, re-subordination certificate from current lender required
LTV / CLTV
Loan Purpose
LTV
CLTV
Purchase / VA IRRRL with Appraisal
100%
100%
VA IRRRL without Appraisal1,2
125%
125%
90%
90%
Cash-Out Refinance
Maximum Total
Loan Amount
1
For LTV > 105, credit qualification applies. Please refer to Credit Qualification section
2
For LTV > 105, pricing hit applies. Please refer to the rate sheet
•
Lesser of $417,000 or maximum county limit
•
Click Here for County limits
Note: Total Loan Amount includes financed guarantee fees
Appraiser's
Condition and
Quality of
Construction
•
Properties with a condition rating of C5: “As is” condition is not acceptable unless deficiencies that
caused the rating and/or hypothetical condition are completed prior to closing.
•
Properties with a condition rating of either C6 or Q6 are ineligible.
Minimum VA
Entitlement
•
VA guaranty plus cash/equity must be equal to at least 25% of the purchase price or Notice of Value
(NOV), whichever is less, on purchases and non-IRRRL refinances.
Flip Waiver
Permitted under following conditions:
•
A property inspection report ordered by SWMC is must. If the borrower chooses to obtain one,
SWMC can utilize such borrower-ordered inspection report.
•
Prior transfers will be carefully reviewed to ensure the values of the transfers represent a benefit to
the borrower. The transfers should be arm’s length and not flipped to set false value trends.
•
A second (conventional) appraisal may be required and ordered by SWMC, if the sale price of the
property is 20% or more than the seller’s acquisition cost.
Cash Out on Short
Pay-Off
•
Not allowed
Escrow Holdback
for Minor Repairs
•
Not allowed
Additional
Guidelines for VA
IRRRLs without
appraisal
•
Payment History Documentation: Non-credit qualifying VA IRRRLs must evidence at least 3month mortgage history
•
Maximum Cash Back to Borrower: $500, except in TX where no cash back is allowed
•
•
Verbal Verification of Employment:
o
Mandatory
o
Must be dated within 10 days of funding
Subject Property Valuation
o
SWMC must receive a RELS AVM or report for each mortgage submission, except where subject
property was purchased after January 1, 2010, wherein such properties will not require third
party valuations. CoreLogic AVM’s are acceptable within tolerances described below.
o
The RELS AVM predicted value range:
o
•

up to 20% variance (FSD): up to 95% LTV;

up to 13% variance (FSD): from 95.01% LTV to 125% LTV.
“No Hit” results on AVMs may require an alternative valuation, including a full or exterior-only
conventional appraisal in lieu of an AVM. Transaction will continue to be considered without
appraisal.
Value Check Requests through SWMC Vendor Order System:
o
You may order a Value Check for $15 through the SWMC Vendor Order System in sunsoft.
o
Estimated three-Hour turn-times for Value Checks.
13
Streamline
Refinance VOE
Requirements
•
See General Policy Requirements section
14
USDA Guideline Quick Reference Sheet
Below Is A Fact Sheet of Standard USDA Guidelines
Loan Purpose
•
Purchase
•
Rate & Term Refinance
Amortization
Term
•
Fixed Rate: 30 Years
Occupancy
•
Owner-occupied properties only
Eligible
Properties
•
Attached / Detached SFRs
•
PUDs
•
Condos
Approval Type
GUS Approval Only
Self Employed
Allowed
Bankruptcy &
Foreclosures
•
None in the past 4 years
Non-occupying
Co-borrower
•
Not allowed
Subordinate
Financing
Not allowed
LTV / CLTV
Loan Purpose
LTV
CLTV
Purchase
100%
NA
Rate & Term Refinance
100%
NA
Maximum Loan
Amount
•
PITI Reserves
3 months’ reserves, excluding Gift Funds, required for First Time Home Buyer if Housing Payment Shock >
20% and FICO < 680 and DTI Back Ratio is > 43
Flip Waiver
Permitted under following conditions:
$417,000 or maximum county limit
•
A property inspection report ordered by SWMC is must. If the borrower chooses to obtain one, SWMC
can utilize such borrower-ordered inspection report.
•
Prior transfers will be carefully reviewed to ensure the values of the transfers represent a benefit to
the borrower. The transfers should be arm’s length and not flipped to set false value trends.
•
A second (conventional) appraisal may be required and ordered by SWMC, if the sale price of the
property is 20% or more than the seller’s acquisition cost.
15
Sun West Mortgage Company, Inc. (NMLS ID #3277, www.nmlsconsumeraccess.org) in Alabama holds a Consumer Credit License (#21015) and a Consumer
Credit Branch License (#21015.002) for the Nashville, TN Branch Office (NMLS ID 848632) approved by the Alabama State Banking Department, Phone: (334)
242-3452); in Alaska is licensed as a Mortgage Broker and Lender (License # AK3277 approved by the Alaska Department of Commerce, Community &
Economic Development, Division of Banking & Securities, Phone: (907) 269-4594); in Arizona is licensed as Sun West Mortgage USA, Inc. (FN) and holds a
Mortgage Banker License (# 0116436), Mortgage Banker Branch License – Other Trade Name #1 (#0116436) for the Scottsdale, AZ Branch Office (NMLS ID
359295 ) and a Mortgage Banker Branch License (#0118060) approved by the Arizona Department of Financial Institutions, Phone: (602) 771-2800; in Arkansas
holds a Combination of Mortgage Broker, Mortgage Banker and/or Mortgage Servicer (License #40431 approved by Arkansas Security Department, Phone:
(501) 324-9265); in California holds a Finance Lenders Law License (#6030119), a Finance Lenders Law Branch License (#603I424) for the Scottsdale, AZ Branch
Office (NMLS ID 359295), a Finance Lenders Law Branch License (#603I428) for the Corona, CA Branch Office (NMLS ID 363427), a Finance Lenders Law Branch
License (#603J810) for the Guaynabo, Puerto Rico Branch Office approved by the California Department of Corporations, Phone: (866) ASK-CORP, and a DRE
Real Estate Corporation License (#00793885), DRE Branch License Endorsements for the Corona, CA (NMLS ID 363427) and Cerritos, CA (NMLS ID 1031622)
Branch Offices approved by the California Department of Real Estate, Phone: (877) 373-4542; in Colorado holds a Supervised Lender License (#CF-989559) and
Mortgage Company Registration and sponsors a Individual Mortgage Loan Originator License (#100039058) for Amber Rochelle Lozano (NMLS ID 181255)
regulated by the Colorado Division of Real Estate, Phone: (303) 894-2166); in Connecticut is licensed as Cal State Funding and holds Mortgage Lender License
#19683, and Mortgage Lender Branch License #ML-BCH-1031622 for the Cerritos, CA Branch Office (NMLS ID 1031622) approved by the Connecticut
Department of Banking, Consumer Credit Division, Phone: (860) 240-8275; in the District of Columbia holds a Mortgage Dual Authority License (#MLB 3277
approved by the District of Columbia Department of Insurance, Securities and Banking, Banking Bureau, Phone: (202) 727-8000); in Florida holds a Mortgage
Lender/Servicer License (#MLD266) and a Consumer Collection Agency License (#MLD266) approved by the Office of Financial Regulation, Phone: (850)
410-9895; in Georgia holds a Mortgage Lender License (#22591 approved by the Department of Banking and Finance, Phone: (770) 986-1633); in Hawaii holds
a Mortgage Loan Originator Company License (#HI-3277), a Mortgage Servicers License (#043) and a Mortgage Loan Originator Company Branch License (#
HI-954048) for the Branch Office in Honolulu, HI (NMLS ID #954048) approved by the Hawaii Department of Commerce and Consumer Affairs, Division of
Financial Institutions, Phone: (808) 586-2820; in Idaho as a Mortgage Broker and Lender (License# MBL-6742 approved by the Idaho Department of Finance,
Consumer Finance Bureau, Phone: (208) 332-8002); is an Illinois Residential Mortgage Licensee (#MB.6760356 approved by the Illinois Division of Finance and
Professional Regulation, Phone: (800) 532-8785); in Indiana holds a First Lien Mortgage Lending License (#11272 approved by the Indiana Department of
Financial Institutions, Consumer Credit Division, Phone: (317) 232-3955); in Iowa holds Mortgage Banker License #2007-0093 and a Mortgage Banker Branch
Registration for the Cerritos, CA Branch Office (NMLS ID 1031622) issued by the Iowa Division of Banking and a Uniform Consumer Credit Code Debt Collector
Notification (#2010-0093 regulated by the Iowa Department of Justice Attorney General Consumer Protection Division, Phone: (515) 281-5351); is a Kansas
Licensed Mortgage Company holding a Mortgage Company License (#MC.0025065) and is a Notification Registrant (#NOT.0006664) approved by the Kansas
Office of the State Bank Commissioner, Division of Consumer and Mortgage Lending, Phone: (785) 296-2266); in Kentucky holds a Mortgage Company License
(#MC71444) and a Mortgage Company License (#MC91812) for the Nashville, TN Branch Office (NMLS ID 848632) approved by the Kentucky Office of Financial
Institutions, Phone: (800) 223-2579; in Louisiana holds a Residential Mortgage Lender License (#2713), Consumer Agency Debt Collector Registration,
Mortgage Branch Registrations for the New Orleans, LA (NMLS ID #889819) and Nashville, TN (NMLS ID 848632) and Las Vegas, NV (NMLS ID 981997) and
Cerritos, CA (NMLS ID 1031622) Branch Offices approved by the Louisiana Department of Financial Institutions, Phone: (225) 925-4660; in Maine holds
Supervised Lender License (#SLM9710 approved by the Maine Department of Professional and Financial Regulation, Bureau of Consumer Protection, Phone:
(207) 624-8527); in Maryland holds a Mortgage Lender License (#17740 approved by the Maryland Commissioner of Financial Regulation, Phone: (410)
230-6155); in Massachusetts holds a Third Party Loan Servicer Registration (# LS3277) and Foreclosure Petition Website Registration regulated by the
Massachusetts Division of Banks, Phone: (617) 956-1500; in Michigan holds a 1st Mortgage Broker/Lender/Servicer License (#FR0016085 approved by the
Michigan Department of Licensing and Regulatory Affairs, Phone: (877) 999-6442); in Minnesota holds a Residential Mortgage Originator in Minnesota License
(# MN-MO-40020564A) and a Branch Registration (#MN-BR-359295) approved by the Department of Commerce, Financial Institutions Division, Phone: (651)
296-6657; in Mississippi holds a Mortgage Lender License (#603/2008) and is licensed by the Mississippi Department of Banking and Consumer Finance,
Phone: (800) 844-2499); in Missouri holds a Residential Mortgage Loan Broker License (#10-1881-S approved by the Missouri Division of Finance, Phone: (573)
751-9192); in Montana holds a Mortgage Lender License (#3277) and Mortgage Servicer License (#3277) approved by the Montana Division of Banking and
Financial Institutions, Phone: (406) 841-2920; in Nebraska is licensed as Cal State Funding, Inc. and holds a Mortgage Banker License (#1908 approved by the
Nebraska Department of Banking and Finance, Phone: (402) 471-2171); in Nevada holds a Mortgage Broker License (#3874), Loan Servicer Registration (#3502)
and a Mortgage Broker Branch License (#3874) for Las Vegas, NV Branch Office (NMLS ID #981997) approved by the Nevada Division of Mortgage Lending,
Phone: (775) 684-7060; in New Hampshire is licensed by the New Hampshire Banking Department (Phone: (603) 271-8675) as a Mortgage Banker Licensee (#
13604-MB). ; in New Jersey holds a Residential Mortgage Lender License (# 9400980), Residential Mortgage Lender Branch Licenses for the Denville, NJ (NMLS
ID 454915), Tinton Falls, NJ (NMLS ID 970483) and Cerritos, CA (NMLS ID 1031622) Branch Offices approved by the New Jersey Department of Banking and
Insurance, Phone:(609) 292-7272; in New Mexico as Sun West Mortgage USA, Inc. and holds a Mortgage Loan Company License (#03201), Mortgage Loan
Company Branch Licenses for the Albuquerque, NM (NMLS ID 890306), Scottsdale, AZ (NMLS ID 359295) and Cerritos, CA (NMLS ID 1031622) Branch Offices
approved by the New Mexico Financial Institutions Division, Phone: (505) 476-4908; in New York holds a Mortgage Banker License (#B500897), Mortgage
Banker Branch License (#B500897) for the Denville, NJ Branch Office (NMLS ID 454915), and is registered as an Exempt Mortgage Loan Servicer (Registration
#B500897) approved by the New York Department of Financial Services, Phone: (212) 709-5542; in North Carolina holds a Mortgage Lender License (#L-152533
approved by the North Carolina Commissioner of Banks Office, Phone: (919) 733-3016); in North Dakota holds a Money Broker License (# MB101661 approved
by Department of Financial Institutions, Consumer Division, Phone: (701) 328-9933); in Ohio holds a Mortgage Broker Act Mortgage Banker Exemption
(#MBMB.850093.000 regulated by the Ohio Division of Financial Institutions, Phone: (614) 728-8400); in Oklahoma holds a Mortgage Broker License
(#MB001619) and a Mortgage Broker Branch License (#MBB02311) for the Tulsa, OK Branch Office (NMLS ID 994596) approved by the Oklahoma Department
of Consumer Credit Lending , Phone: (405) 521-3653); in Oregon holds a Mortgage Lender License (# ML-4599), Mortgage Lending Branch License
(#ML-4599-3) for the Eugene, OR Branch Office (NMLS ID 847115), a Mortgage Lending Branch License (#ML-4599-1) for the Scottsdale, AZ Branch Office (NMLS
ID 359295), and a Mortgage Lending Branch License (#ML-4599-6) for the Cerritos, CA (NMLS ID 1031622) Branch Office approved by Division of Finance
Corporate Securities, Phone: (503) 378-4140); in Pennsylvania holds a Mortgage Lender License (# 21829 approved by the Pennsylvania Department of
Banking and Securities, Phone: (717) 787-3717); in Puerto Rico holds a Mortgage Lender/Servicer License (Concesionarios /Administradores de Préstamos
Hipotecarios # IH-138) and Branch License for the Guaynabo, PR Branch Office (NMLS ID 516931) approved by Puerto Rico Commissioner of Financial
Institutions, Phone: (787) 723-8403; in South Carolina holds a Mortgage Lender License (# MLS-3277), and BFI Branch Mortgage Lender/Servicer Branch
License (#MLB-848927) for the Greenville, SC Branch Office (NMLS ID 848927, MLB-848927) approved by the South Carolina Board of Financial Institutions,
Phone: (803) 734-2020; in South Dakota holds a Mortgage Lender License (# ML.04740, approved by the South Dakota Division of Banking, Phone: (605)
773-3421); in Tennessee holds a Mortgage Company License (#109239), Mortgage Branch Authorization (#109239-104) for the Nashville, TN Branch Office
(NMLS ID 848632) and a Mortgage Branch Authorization (#109239-102) for the Scottsdale, AZ Branch Office (NMLS ID 359295) and a Mortgage Branch
Authorization (#109239-105) for the Cerritos, CA Branch Office (NMLS ID 1031622) approved by the Tennessee Department of Financial Institutions, Phone:
(615) 253-6714; in Texas holds Texas-SML Mortgage Banker and Residential Mortgage Loan Servicer Registrations, and SML Mortgage Banker Branch
Registrations for the Scottsdale, AZ (NMLS ID 359295) and Tempe, AZ (NMLS ID 981806) Branch Offices regulated by the Texas Department of Savings and
Mortgage Lending regulated by the Texas Department of Savings and Mortgage Lending, Phone: (512) 475-1350]; is licensed in Utah as Sun West Mortgage
USA Company, Inc. and holds Residential First Mortgage and DFI First Consumer Credit Notifications regulated by the Utah Department of Financial
Institutions, Phone: (801) 538 8830) and a DRE Mortgage Entity License (#7477238) and a DRE Mortgage Branch Office License (#8034968) for the South
Jordan, UT Branch Office (NMLS ID 776241) approved by the Utah Division of Real Estate, [Phone: (801) 530-6297]; in Vermont holds a Lender License (#6060)
and a Loan Servicer License (#3277-1) approved by the Vermont Department of Banking, Insurance, Securities and Health Care Administration, Banking
Division, Phone: (802) 828-3307]; in Virginia holds a Lender License (#MC-4999), Broker License (#MC-4999), Branch License (#MC-4999) for the Cerritos, CA
Branch Office and Branch License (#MC-4999) for the Scottsdale, AZ Branch Office (NMLS ID 359295) approved by the Virginia Bureau of Financial Institutions,
Corporate Structure, Phone: (804) 371-0484); in Washington State holds a Consumer Loan Company License (#CL-3277), a Consumer Loan Company Branch
Office License (#CL-847117) for the Seattle, WA Branch Office (NMLS ID 848117), Consumer Loan Company Branch Office License (#CL-359295) for the
Scottsdale, AZ Branch Office, a Consumer Loan Company Branch Office License (#CL-847-115) for the Eugene, OR Branch Office (NMLS ID 847115), and a
Consumer Loan Branch Office License (#CL-981806) for the Tempe, AZ Branch Office; in West Virginia holds a Mortgage Lender License (# ML-23946 approved
by the West Virginia Division of Financial Institutions, Phone: (304) 558-2294) and a Notification of Consumer Credit Sales or Loans (regulated by the West
Virginia State Tax Department, Phone (304) 558-3333); in Wisconsin holds a Mortgage Banker License (#212942BA approved by the Wisconsin Department of
Financial Institutions, Division of Banking, Phone: (608) 261-7578; in Wyoming holds a Mortgage Lender/Broker License (# MBL-1902 approved by the
Wyoming Division of Banking, Phone: (307) 777-6483).
Please refer to www.swmc.com and www.nmlsconsumeraccess.org to see where Sun West Mortgage Company, Inc. (NMLS ID 3277) is a licensed
lender and servicer. In all jurisdictions, the principal (Main) licensed location of Sun West Mortgage Company, Inc. is 18000 Studebaker Road, Suite 200,
Cerritos, CA 90703, Phone: (800) 453-7884.