DU Refi Plus™ Loan Program Eligibility Checklist for

DU REFI PLUS™ LOAN PROGRAM ELIGIBILITY CHECKLIST FOR CURRENT SUNTRUST
CUSTOMER(S) (STM TO STM)
SunTrust Loan Number:
Borrower/Co-Borrower Name:
Instructions: This checklist is REQUIRED to be completed and placed in the loan file on ALL DU Refi Plus loan transactions. If
the DU Refi Plus Opt Out Option has been exercised, this checklist is NOT REQUIRED to be completed.
* * IF ANY OF THE RESPONSES TO THE QUESTIONS BELOW IS “NO”* *
THE LOAN IS NOT ELIGIBLE FOR ORIGINATION UNDER THE DU REFI PLUS LOAN PROGRAM.
Yes
1.
2.
3.
Underwriting
Authority
Loan owned by
Fannie Mae
Fidelity
Snapshot
Agency Conforming: Correspondent Lender has “Delegated Level II Underwriting Authority”
as defined in Section 1.05: Underwriting of the Correspondent Seller Guide. If “NO”, the loan
has been submitted to a SunTrust underwriter for prior approval.
Agency Plus: Correspondent Lender has “Expanded Delegated Underwriting Authority” as
defined in Section 1.05: Underwriting of the Correspondent Seller Guide. If “NO”, the loan has
been submitted to a SunTrust underwriter for prior approval.
The existing first mortgage being refinanced is currently owned by Fannie Mae.
The Fidelity Snapshot was utilized.
Note: The Request For Information For DU Refi Plus™ – MI Determination For SunTrust to SunTrust
Transactions form (COR 0062) must be completed and faxed to SunTrust to obtain the Fidelity Snapshot.
The Fidelity Snapshot must be printed and placed in the loan file.
4.
Eligible
Borrower(s)
The borrower(s) on the existing first mortgage being refinanced are the same borrower(s) on the
new loan, unless:

a borrower is being added, OR

a borrower is being omitted and the following requirements have been met:

The borrower(s) being removed from the loan must also be removed from the deed
(i.e., title), except in the case of death.

If a borrower is being removed due to death, a copy of the death certificate or other
legal document evidencing death must be provided.
Notes:

A borrower may be added to (including non-occupant co-borrowers) or removed from the new loan
provided at least one (1) borrower from the existing mortgage remains on the new mortgage.

Adding or removing a borrower is allowed when subordinating a SunTrust second mortgage (Combo
Second Mortgage, EZ Two, SunTrust Equity Line or Equity Loan).

The SunTrust second mortgage cannot be modified, regardless of borrower(s) being added to or
removed from the first mortgage, and

the borrower(s) currently obligated on the SunTrust second mortgage must remain.
5.
Underwriting
Method
The loan has been processed through Fannie Mae’s Desktop Underwriter (DU), received a DU
Refi Plus “eligibility” and received a DU Refi Plus “Approve/Eligible”.
Notes:

DU resubmissions AFTER closing are NOT allowed by SunTrust.

If the loan is not eligible for approval AND is at risk of default then the loan should be referred to
SunTrust’s Loss Mitigation Department for further review.
6.
Loan Program
7.
Maximum Loan
Amount Agency Plus DU
Refi Plus
The loan program is an:

Agency Conforming: Fully Amortizing Fixed Rate product (10-30 year term),

Agency Conforming: Fully Amortizing 5/1 or 7/1 LIBOR ARM (10-30 year term), OR

Agency Conforming: Fully Amortizing 10/1 LIBOR ARM (15-30 year term)

Agency Plus: Fully Amortizing Fixed Rate product (10, 15, 20 and 30 year term), OR

Agency Plus: Fully Amortizing 5/1, 7/1 or 10/1 LIBOR ARM (30 year term).
Note: 3/1 LIBOR ARMs, Temporary Buydowns, and Texas 50(a)(6) transactions are NOT eligible.
The loan amount meets the Agency Plus maximum loan limits.
Click here to access the maximum loan limits for Fannie Mae.
Click here to access Fannie Mae’s Loan Limit Geocoder.
Skip Question # 7 if
the loan program is
an Agency
Conforming.
COR 0161 (02/27/15)
Page 1 of 5
No
DU REFI PLUS™ LOAN PROGRAM ELIGIBILITY CHECKLIST FOR CURRENT SUNTRUST
CUSTOMER(S) (STM TO STM)
SunTrust Loan Number:
Borrower/Co-Borrower Name:
Yes
8.
Occupancy/
Property Types
The subject property is a one (1) – four (4) unit primary residence, one (1) unit second home or
one (1) – four (4) unit investment property (including units located in warrantable condominium
and PUD projects).
Notes:

It is acceptable if the occupancy type on the new loan is NOT the same as the occupancy type on the
original loan. If the original first mortgage lien was secured by a second home or investment property
and the borrower is disclosing that the property is now a primary residence, evidence of the property
being a primary residence must be documented in the loan file.

A PUD review/warranty is not required on DU Refi Plus STM to STM loan transactions.

Condominium properties will require an abbreviated review by the delegated lender or if underwritten
by SunTrust Mortgage, the SunTrust Mortgage Condominium Department, to ensure that the property
is not a condotel, not in a houseboat project, or in a timeshare or segmented ownership project and all
required insurance is in place. The scope of the condominium project review is limited to these items
only. No additional project review (including review of original project approval decision) will be
required.

The DU Refi Plus (STM to STM) Condominium Questionnaire (COR 0217) must be completed
and placed in the loan file.

The Certification of Project Compliance: Condominium Lender Warranties - Agency and NonAgency Loan Products (COR 0212a) must be completed and included in every DU Refi Plus loan
file for condominiums warranted under the DU Refi Plus abbreviated condominium review
process.
Reference: See the Underwriting topic located in Section 2.04: DU Refi Plus for specific requirements for
condominium procedures.
9.
Loan Purpose
The loan purpose is a limited cash-out (rate/term) refinance transaction and meets the following
requirements:

Borrower may finance prepaids, closing costs and points,

The borrower may receive up to $250 cash back at closing,

If there is excess cash greater than $250, the following guidelines apply:

the excess amount of no more than $500 must be applied to the new first mortgage as
a principal curtailment, or

the loan amount must be recalculated, the loan must be re-approved and new
documents must be drawn.

Borrower may NOT payoff existing secondary financing with the proceeds of the DU Refi
Plus mortgage loan, and
Note: The borrower is permitted to pay off or pay down an existing second mortgage from their own
funds.

Borrower must subordinate existing secondary financing.
References:

See Section 1.26a: Subordinations for DU Refi Plus of the Correspondent Seller Guide for
specific credit overlays and workflow procedures for the subordination of SunTrust second
mortgages.

See Section 2.04 DU Refi Plus located in the Correspondent Seller Guide for principal curtailment
information.
Notes:

Purchase and cash-out refinance transactions are not eligible.

Construction-permanent (one time and two time closing) transactions are not eligible for originations or
modifications.
COR 0161 (02/27/15)
Page 2 of 5
No
DU REFI PLUS™ LOAN PROGRAM ELIGIBILITY CHECKLIST FOR CURRENT SUNTRUST
CUSTOMER(S) (STM TO STM)
SunTrust Loan Number:
Borrower/Co-Borrower Name:
Yes
10. Maximum
LTV/TLTV/
HTLTV
Agency Conforming: LTV/TLTV/HTLTV meets the requirements outlined below

Primary (1-4 Units)
Loan Purpose
Limited Cash-Out
(Rate/Term) Refi
Cash-Out Refi

# of Units
1-4
1-4
Not Eligible
Max LTV/TLTV/HTLTV
no max/no max/no max
105%/no max/no max
# of Units
1
1
Not Eligible
Max LTV/TLTV/HTLTV
no max/no max/no max
105%/no max/no max
# of Units
1-4
1-4
Not Eligible
Max LTV/TLTV/HTLTV
no max/no max/no max
105%/no max/no max
Second Homes (1 Unit)
Loan Purpose
Limited Cash-Out
(Rate/Term) Refi
Cash-Out Refi

Product
Fixed Rate
5/1, 7/1 &10/1 ARMs
Product
Fixed Rate
5/1, 7/1 &10/1 ARMs
Investment (1-4 Units )
Loan Purpose
Limited Cash-Out
(Rate/Term) Refi
Cash-Out Refi
Product
Fixed Rate
5/1, 7/1 &10/1 ARMs
Agency Plus: LTV/TLTV/HTLTV meets the requirements outlined below

Primary (1-4 Units)
Loan Purpose
Limited Cash-Out
(Rate/Term) Refi
Cash-Out Refi

Max LTV/TLTV/HTLTV
no max/no max/no max
105%/no max/no max
Product
Fixed Rate
5/1, 7/1 &10/1 ARMs
# of Units
1
1
Not Eligible
Max LTV/TLTV/HTLTV
no max/no max/no max
105%/no max/no max
Investment (1-4 Units)
Loan Purpose
Limited Cash-Out
(Rate/Term) Refi
Cash-Out Refi
11. Minimum Credit
Score
Requirements
(For ALL
Borrowers)
12. Maximum
Number of
Financed
Properties
# of Units
1-4
1-4
Not Eligible
Second Homes (1 Unit)
Loan Purpose
Limited Cash-Out
(Rate/Term) Refi
Cash-Out Refi

Product
Fixed Rate
5/1, 7/1 &10/1 ARMs
Product
Fixed Rate
5/1, 7/1 &10/1 ARMs
# of Units
1-4
1-4
Not Eligible
Max LTV/TLTV/HTLTV
no max/no max/no max
105%/no max/no max
Minimum credit score will be determined by DU.

Regardless of the occupancy type (i.e., primary residence, second home or investment
property), there is no limit to the maximum number of financed properties a borrower may
own (individually or jointly), however the maximum dollar exposure is limited to $2.5 million
dollars.
Note: DU Refi Plus STM to STM transactions are EXEMPT from the guidelines outlined in Section
1.22: Maximum Number of Financed Properties and Borrower Exposure of the Correspondent Seller
Guide
13. Qualifying Rate



14. Qualifying Ratio
15. Payment/Credit
History

For fully amortizing fixed rate transactions, the borrower(s) qualifies at the note rate.
For fully amortizing 5/1 LIBOR ARMs, the borrower(s) qualifies at the greater of the note
rate plus 2% or the fully indexed (index + margin) rate.
For fully amortizing 7/1 and 10/1 LIBOR ARMs, the borrower(s) qualifies at the greater of
the note rate or the fully indexed (index + margin) rate.
The qualifying ratios will be determined by DU.
As of the date of the application, the borrower is current on the mortgage being refinanced.
The acceptable mortgage payment history for all mortgage tradelines is determined by DU.
If a mortgage tradeline was NOT 60 days or more past due when the account was last
reported (i.e., loan was current when last reported), BUT has been 60 days or more past
due in the last 12 months, the loan casefile will receive an “Ineligible” recommendation.

If the DU Findings Report does not address a mortgage tradeline that is 60 or more days
past due within the last 12 months, that appears on the credit report, the tradeline must be
manually evaluated outside of DU.

It is not required that the borrower(s) comply with the waiting period and re-establishment of
credit criteria following a bankruptcy, foreclosure, deed-in-lieu of foreclosure, or short sale.

However if the credit history includes a bankruptcy which includes the subject property
and is still open, in order for the DU Refi Plus loan to be eligible for origination, written
permission from the bankruptcy court must be obtained to proceed with the refinance.

Investigation of bankruptcies or foreclosures declared by the borrower in the Declarations
section of the loan application is not required. All other declarations must be investigated.

All other credit requirements must meet all other standard Agency DU guidelines.


Reference: See Section 2.01: Agency Loan Programs of the Correspondent Seller Guide for standard
Agency DU guidelines.
COR 0161 (02/27/15)
Page 3 of 5
No
DU REFI PLUS™ LOAN PROGRAM ELIGIBILITY CHECKLIST FOR CURRENT SUNTRUST
CUSTOMER(S) (STM TO STM)
SunTrust Loan Number:
Borrower/Co-Borrower Name:
Yes
16. Cash Reserves
17. SunTrust’s
Tangible Net
Benefit Form
Cash reserve requirement has been met.

Primary (1-4 units): Per DU

Second Home (1 unit): Per DU

Investment (1-4 units): Per DU
A “Tangible Net Benefit” form documenting the borrower is receiving a benefit is included as part
of the loan file.
Borrower benefit may be in the form of either:

A reduced monthly mortgage principal and interest payment,

A reduction in the interest rate,

A reduction in the loan amortization term, or

A more stable mortgage product including, but not limited to, the following:

refinancing from an ARM to a fixed rate mortgage,

refinancing from an interest only to a fully amortizing mortgage,

decreasing the borrower’s remaining amortization period, or

refinancing from an ARM to a new ARM with an initial fixed period of five years or more
and equal to or greater than the initial fixed period of the existing ARM.
Notes:

The mortgage loan type may change from a fixed rate mortgage to an ARM provided there is a
reduction in the P&I payment.

The new mortgage loan may exceed the original loan term of the existing mortgage provided there
is a reduction in the P&I payment or a reduction in interest rate.
18. Gifts
Transaction follows current Agency DU guidelines for primary and second homes.
Note: Investment properties are not eligible.
Reference: See Section 2.01: Agency Loan Programs for additional information.
19. Mortgage
Insurance (MI)*
20. Appraisal
Requirements
Transactions which require MI on the new loan are not eligible for purchase by SunTrust.
TM
This loan file contains the Request for Information DU Refi Plus
- MI Determination for
SunTrust to SunTrust Transactions - Correspondent Division form (COR 0062) evidencing the
loan being paid off does not currently have Mortgage Insurance.
The loan file has been documented per DU findings.




"Property Fieldwork Waiver" (PFW) option is available for certain transactions

The fee for each exercised “PFW” is $75
A PFW is eligible for consideration on 1 unit primary residence, second home and
investment properties.
A PFW is not eligible for the following transactions:

2-4 unit transactions,

mixed-use properties, and

properties with rural characteristics.
Regardless of the LTV/TLTV/HTLTV, follow the appraisal requirements outlined in the DU
Findings Report (including the ability to use a Property Fieldwork Waiver [PFW] instead of
obtaining an appraisal), unless otherwise noted below:

Properties with rural characteristics are not eligible for a PFW. A full appraisal is
required.
Reference: See Section 2.01: Agency Loan Programs for additional rural property information

An appraisal report must be obtained if the following applies, regardless of the DU
Findings Report indicating PFW eligibility:

the lender has reason to believe that the fieldwork is warranted based on
additional information obtained about the property or subsequent events such as a
hurricane or other natural disaster, or based on additional information provided by
DU regarding the subject property and/or loan casefile, or

state law requires a full appraisal.
Note: If an appraisal is obtained due to one of the reasons above and the loan is eligible for the
PFW, the PFW may NOT be exercised.
Reference: See Section 1.31: Disaster Area Procedures of the Correspondent Seller Guide for
additional information.
Notes:

Fannie Mae determines the reasonableness of the collateral value based on internal model validation.

If the transaction is eligible for a PFW but an appraisal is available, the PFW must be obtained but the
value from the appraisal must be used when submitting to DU.

When a Property Fieldwork Waiver (PFW) is used in lieu of an appraisal, the borrower(s) must sign the
Notice About Appraisal of Your Property disclosure form (COR 0059) indicating that he/she
understands his/her loan is being made without an appraisal.
COR 0161 (02/27/15)
Page 4 of 5
No
DU REFI PLUS™ LOAN PROGRAM ELIGIBILITY CHECKLIST FOR CURRENT SUNTRUST
CUSTOMER(S) (STM TO STM)
SunTrust Loan Number:
Borrower/Co-Borrower Name:
Yes
21. Documentation
Requirements
(Income, Asset,
Credit, etc.)
22. Tolerances
No
The loan file has been documented in accordance with documentation requirements for DU Refi
Plus loan program as outlined in Section 2.04 DU Refi Plus located in the Correspondent Seller
Guide.
The loan meets standard Agency guidelines for Fannie Mae DU loans as outlined in the Agency
product description.
Reference: See the AUS Recommendations, Resubmissions and Forms topic in Section 2.01: Agency
Loan Programs of the Correspondent Seller Guide for additional information.
23. Subordination
If subordinate financing exists, the existing second MUST be re-subordinated to maintain the
first lien priority of the new DU Refi Plus mortgage loan.
Note: Subordinate financing may NOT be paid off with the proceeds of the DU Refi Plus loan, regardless if
the subordinate financing is a purchase money second. The borrower is permitted to pay off or pay down an
existing second mortgage from their own funds.
If this loan has a SunTrust Combo or HELOC Subordination:
The Subordination Agreement is in the file at the time of underwriting,
The Subordination of the Combo or HELOC has been approved, and
The Subordination Agreement has been recorded and is part of the closed loan file.
Reference: See Section 1.26a: Subordinations for DU Refi Plus of the Correspondent Seller Guide for
specific credit overlays and workflow procedures for the subordination of SunTrust second mortgages.
24. MLCS Program
Code*
MLCS reflects ONE of the following program codes (please check the applicable code reflected
on MLCS):
*To be confirmed by
an Internal SunTrust
Correspondent
Teammate.
Agency Conforming:
C10RP: DU Refi Plus – Agency 10 Year Fixed, Fully Amortizing
C15RP: DU Refi Plus – Agency 15 Year Fixed, Fully Amortizing
C20RP: DU Refi Plus – Agency 20 Year Fixed, Fully Amortizing
C30RP: DU Refi Plus – Agency 30 Year Fixed, Fully Amortizing
A51RP: DU Refi Plus – Agency 5/1 ARM, Fully Amortizing, 2/2/5 caps
51RP: DU Refi Plus – Agency 5/1 ARM, Fully Amortizing, 5/2/5 caps
71RP: DU Refi Plus – Agency 7/1 ARM, Fully Amortizing
10RP: DU Refi Plus – Agency 10/1 ARM, Fully Amortizing
Agency Plus:
C10HRP: DU Refi Plus – Agency Plus 10 Year Fixed Rate, Fully Amortizing
C15HRP: DU Refi Plus – Agency Plus 15 Year Fixed Rate, Fully Amortizing
C20HRP: DU Refi Plus – Agency Plus 20 Year Fixed Rate, Fully Amortizing
C30HRP: DU Refi Plus – Agency Plus 30 Year Fixed Rate, Fully Amortizing
A51HRP: DU Refi Plus – Agency Plus 5/1 ARM, Fully Amortizing, 2/2/5 caps
51HRP: DU Refi Plus – Agency Plus 5/1 ARM, Fully Amortizing, 5/2/5 caps
71HRP: DU Refi Plus – Agency Plus 7/1 ARM, Fully Amortizing
10HRP: DU Refi Plus – Agency Plus 10/1 ARM, Fully Amortizing
25. Existing
SunTrust Loan
Number
For all DU Refi Plus transactions, on MLCS screen M03, (process flow 05/01):
a “Y” (for Yes) must be entered in the “SUNTRUST TO SUNTRUST REFI” field, and
the existing (i.e., original) loan number must be entered in the “STM REFI LOAN NUMBER
FIELD.”


*To be confirmed by
an Internal SunTrust
Correspondent
Teammate.
Reference: See the MLCS Setup and Processing topic outlined in Section 2.04 DU Refi Plus located in the
Correspondent Seller Guide.
26. Special Feature
Codes
MLCS reflects special feature code 807 is required for all DU Refi Plus loans originated with a
Property Fieldwork Waiver (PFW).
*To be confirmed by
an Internal SunTrust
Correspondent
Teammate.
Note: On MLCS, the applicable special feature codes MUST BE entered on screen M0B (process flow
05/01) in the field labeled “AGENCY SPECIAL FEATURE CODES.”
_________________________________________________________
Signature
COR 0161 (02/27/15)
Page 5 of 5
_____________________
Date