capital advantage program€¦ · 08-30-16 added fha 203k streamline to available loan products 8...

CAPITAL ADVANTAGE PROGRAM

Administrator Guidelines August 26, 2014

Updated 09/16/19 Updates are shown on Page 4

!

CAFA Capital Advantage Program - Administrator Guidelines Page �2

eHousing Plus offices are all located in the Eastern Time Zone.

Time Zone Map http://www.timetemperature.com/tzus/time_zone.shtml

http://www.timetemperature.com/tzus/time_zone.shtml


TABLE OF CONTENTS

CAPITAL AREA FINANCE AUTHORITY PROGRAM ORIGINATION TEAM 7

THE PROGRAM PRODUCTS 8

Program Rates and Reservation System Availability 9

RATES/OFFERINGS CHART 10

PROGRAM REQUIREMENTS 11

Eligible Borrowers 11

Homebuyer Education 11

Eligible Loan Area 11

Minimum FICO Score 11

Property Requirements 11

HOUSEHOLD INCOME LIMITS 13

CAFA AIS (AFFORDABLE INCOME SUBSIDY) GRANT 13

SUMMARY OF THE COMPLIANCE ORIGINATION PROCESS 17

eHP Digital Docs 18

PROGRAM TIMETABLE — 15, 45 and 70-DAY DEADLINES 23

Loan Processing, Delivery and Purchase Timetable 23

Extension Request 23

PROGRAM FEES 24

First Mortgage Fees 24

PROGRAM FORMS 26

DOCUMENTS REQUIRED FOR COMPLIANCE FILE 26


UPDATE TABLEDate Topic (effective immediately unless otherwise noted) Page

8-28-14 Homebuyer education requirement clarified — applies only to first-time buyers 7

10-13-14 References to Fannie Mae My Community Mortgage (MCM) loan added. Fannie Mae MCM Reference Material Links

6, 7, 8, 11 8

10-23-14 Clarify who may pay Fannie Mae MCM Loan Level Price Adjustment and Adverse Market Fee and location of specific fee information.

7

3-13-15 Expanded Eligible Area to cover several additional parishes, Income use clarified; Added additional Fannie Mae MCM information

7 8

5-14-15 CAPITAL AREA FINANCE AUTHORITY NAME CHANGED FROM EBRMFA THROUGHOUT

Throughout

6-4-15 Added National Mortgage Insurance as another approved education provider 7

9-1-15 Removed References to FannieMae MCM Added FreddieMac HFA Advantage

Throughout 6, 7, 15-22

9-26-15 Added Contact Directory 7

9-26-15 Reformatted About The Financing 10 & 11

9-26-15 Reformatted Compliance Origination Process 12, 13, 21, 22

9-26-15 Changed eHP and US Bank Fee Language 15 & 24

9-26-15 Reformated 16 & 25

10-14-15 Added eHP fee information & revised US Bank fees 15 & 24

10-16-15 Added disclaimer regarding not reproducing program forms 16 & 25

12-1-15 Added program products chart 8

12-1-15 Revised FICO scores, manufactured housing regulations 10,21

12-1-15 Revised manual underwriting 11.21

12-22-15 Revised eHP Fee 16, 26

5-18-16 2016 Income limits Government Loans 2016 Income limits Freddie Mac Loans

10 20

5-20-16 Revised Assistance Amounts Effective June 15, 2016 Revised eHP Compliance Fee to $275 Effective June 15, 2016

8 16, 25

07-12-16 Added Tangipahoa Parish to eligible areas effective 07/12/16 10 & 20

07-28-16 Revised Program Rate/Offering Chart Added Tangipahoa income limits AND clarified HFA Advantage eligible borrower Revised manual underwriting language Revised Refinance language eHousingPlus Fee changed

8 9 & 19 11, 20, 21 11 & 21 15 & 24


08-22-16 Clarified eHousingPlus Fee, Revised Conventional loan minimum FICO Added FHA 203H to available loan products

15 & 24, 20 8

08-30-16 Added FHA 203K Streamline to available loan products 8

11-14-16 Added new parishes: Evangeline, Lafayette, St. Bernard, Terrebonne 9, 19 & 20

12-08-16 Added new parish: St. Martin 9, 10

12-08-16 Removed Freddie Mac section of the guide and incorporated any variance into guideline 8, 9, 10, 11

12-15-16 Added new parishes: Allen, Beauregard, Calcasieu, Cameron, Jefferson Davis 9, 10

2-7-17 Corrected language on manufactured housing 10

04-03-17 Revised WHO TO CONTACT grid Added a RATES/OFFERINGS grid Removed Freddie Mac overlay from Eligible Borrower Criteria Added Acadia Parish to Eligible Area Revised DTI Requirement for conventional loan Added US Bank Tax Transcript requirement Removed Origination Fee Revised eHousingPlus Compliance/Admin Fee Revised US Bank Tax Service Fee Revised Lender Compensation grid

7 9 10 10 & 11 11 13 17 17 17 18

04-07-17 Removed St Bernard Parish from eligible areas 10 & 11

04-19-17 Revised Income Limits effective with new loan reservations 04/20/17 and after 10

05-16-17 Added Lafourche Parish Updated US Bank Web Site link

10 & 11 20

06-05-17 Added Assumption Parish 10 & 11

06-20-17 Added Ouachita and Franklin Parishes Revised DTI to 45% for all loan products

10 11

08-23-17 Added Iberia and St. Landry Parishes Updated Condo language Added Federally Declared Disaster Areas language and Income Limits Added Freddie Mac Income & Property Eligibility Tool Revised Qualify process

10 10 11 12 15

10-27-17 Removed US Bank Tax Transcript requirement 14

02-01-18 Revised Rates/Offerings chart 9

04-25-18 Corrected Freddie Mac HFA Advantage Loan max DTI to 50% Revised US Bank Tax Service Fee, effective 04/30/18

10 18

5-17-18 Revised income limits effective with new loan reservations 5/17/18 and after 10

06-13-18 Revised Freddie Mac income limits and Tangipahoa Gov’t loan income limit Removed Freddie Mac Income & Property Eligibility Tool for Assumption, Cameron, Lafourche and Terrebonne Parishes

11 12

09-05-18 Effective 09/05/18, added St. James Parish 10, 11

10-01-18 Effective 10/01/18, added: Avoyelles, Jackson, St. Mary, Vermillion and Washington 10, 11

Date Topic (effective immediately unless otherwise noted) Page


11-30-18 Income Limits reinstated on the conventional loan 12 & 13

Revisions continued on the next page

12-12-18 Changed eHousingPlus Lender Portal to: eHPortal Added language for a lender to contact Agency (FHA, VA, RD, Freddie Mac) regarding ownership of other property Added Mortgage Insurance language under DTI requirement Added eHP Digital Docs

Throughout 11

11 16 - 21, 23, 25

02-04-19 Added Caddo Parrish as an eligible area 11 & 12

07-26-19 Added Union Parish as an eligible area Revised FHA Income Limits

11 & 13 12

09-16-19 Added CAFA AIS Grant information Added CAFA AIS Grant Income Limits

9, 10, 17, 18 13, 14

Date Topic (effective immediately unless otherwise noted) Page


CAPITAL AREA FINANCE AUTHORITY PROGRAM ORIGINATION TEAM

!

CAPITAL AREA FINANCE AUTHORITY(“CAFA“ or the “Authority”)

Creates and sponsors a first mortgage program and a down payment/closing cost assistance program, sets the mortgage

loan rate, term and points, and markets the program.

Participating Lenders Take applications, reserve in their own systems,

reserve online, process, underwrite, approve, fund, close and sell qualified home mortgage

loans to the program. Lenders are responsible for servicing program loans in accordance with Agency requirements

until they’re purchased by the Master Servicer.

US BankMaster Servicer or Servicer

Provides information on acceptable loan products and delivery and funding, receives all first mortgage files, reviews first mortgage files,

notifies lenders of first mortgage file exceptions, approves first mortgage files, purchases loans, delivers resulting mortgage-backed securities.

eHousingPlus Program Administration

Maintains the program reservation system, website, and posts Administrator Guidelines, forms, training materials, provides

program and system training, answers program and system questions, receives compliance files, reviews, posts and notifies

of exceptions and approves mortgage loan compliance file.


WHO TO CONTACT (Rev 12/12/18)

THE PROGRAM PRODUCTS

Question Direct Questions to:

Contact Information

General Program Compliance Questions

eHousingPlus (eHP)

813-415-3549 [email protected]

Assistance with eHPortal

eHousingPlus (eHP)

(954) 217-0817 [email protected]

Assistance with User Credentials for eHPortal

Ashlynn Mosher (954) 217-0817 ext 261 [email protected]

Update an Underwriter Certified Loan

eHousingPlus (eHP) Anyone at eHP Compliance Office [email protected] 954-217-0817

Program Training eHousingPlus (eHP) Click on this link to attend Program training.

Program Training Issues eHousingPlus (eHP) 813-415-3549 [email protected]

System Software Training for eHP Lender Portal

eHousingPlus (eHP) Click on this link for the once weekly Live Webinar: http://www.ehousingplus.com/ehp-system-trainings/

System Software Issues eHousingPlus (eHP) 813-415-3549 [email protected]

Program Rates eHousingPlus (eHP) Click on this link: to view the RATES/OFFERINGS tab.

Credit Underwriting questions Participating Lenders need to refer to internal Underwriting Department or Manager

US Bank does not re-underwriter loans. For general questions, contact US Bank at [email protected] or 800-562-5165 Option 2 (for general questions) Please note: US Bank answers underwriting questions from the underwriter of a lender for whom US Bank provides underwriting services ONLY.

Questions regarding the shipping of closing loan files

eHousingPlus (eHP) for questions regarding the program compliance file

US Bank for questions regarding the first mortgage closed loan file

[email protected] 954-217-0817


Questions regarding exceptions

eHousingPlus (eHP) for questions regarding exceptions on the program compliance file

US Bank for questions regarding exceptions on the first mortgage closed loan file

Debbie Kerr [email protected] 954-217-0817 X216


mailto:[email protected]




http://www.ehpuniversity.com/index.html?page_id=14


http://www.ehousingplus.com/ehp-system-trainings/


https://www.ehousingplus.com/available-programs/louisiana/ebrmfa/







THE FIRST MORTGAGEPLEASE NOTE THAT RATES AND ASSISTANCE GRANT AMOUNTS ARE SUBJECT TO CHANGE AT ANY TIME. With respect to reserved loans, the mortgage rate and down payment assistance grant amount percentage will not change as long as loans are delivered according to the timetable included in this guide. Reserved loans cannot be cancelled and re-reserved at lower rates.

The following mortgage products are offered in this program: FHA, FHA 203K Streamline, VA, USDA:RD (government loans) and Freddie Mac HFA Advantage. The requirements for Government and Freddie Mac loans may be different. Rev 12-08-16

Funds are available in first-come, first-served revolving pools that provide continuous funding. Borrowers receive a 30-year, fixed rate, fully amortizing first mortgage loan with 360 level monthly payments. Income limits apply.

Program Rates and Reservation System AvailabilityRates and assistance will be posted on the eHousingPlus web page by 9:00 am CT Monday-Friday excluding Holidays. New loan reservations are accepted Monday-Friday 9:00 am – 7:00 pm CT excluding Holidays. All other functions: underwriter certification, print forms, view pipeline are available 24/7.

ASSISTANCE An assistance grant equal to a percentage of the original principal note amount is provided and may be applied toward down payment or closing costs. The assistance amount is tied to the first mortgage rate. Less assistance equals a lower first mortgage rate. Current rates are available online within the system on the CAFA eHousingPlus page under the “Rates” tab and before the lender portal.

The assistance is calculated on the full Note amount. The assistance may be used for down payment or closing costs and prepaids. While there is no cash back in this program, the borrower may be reimbursed for any overpayment of escrow. See FINANCING FACTS in this guideline regarding “cash back.” Because the assistance is a fixed percentage of the original principal amount of the mortgage loan, any remaining assistance must be applied as additional down payment or lastly as a principal reduction. Assistance is in the form of a non-repayable grant. It is not repayable other than for reasons of fraud or similar circumstances. When the first mortgage is reserved in the system, the assistance is automatically reserved. There is no additional reservation necessary. When loans close, there are not second mortgages, second notes, deed restrictions or liens. There is no repayment. The assistance will be funded by the lender. U.S. Bank reimburses Lender at loan purchase per Down Payment Closing Cost Commitment Approval Letter.

CAFA Affordable Income Subsidy (AIS) Grant - Freddie Mac HFA Advantage Loan ONLY Effective Sept. 23, 2019, Borrowers using the Freddie Mac HFA Advantage Loan that meet specific income limits may be eligible for additional funds to help with down payment and closing costs. Borrowers at or below 80% of the Area Median Income Limits as published by Freddie Mac are eligible for an additional grant in the amount of $1,500 and Borrowers at or below 50% AMI will receive an additional grant of $2,500. The CAFA AIS Grant is reserved in the eHousingPlus Lender Portal using the ADDITIONAL LOAN tab after the first mortgage is reserved. The CAFA AIS will be provided at closing by the Lender. The CAFA AIS funds must be used for down payment and closing cost assistance only. Upon purchase of the loan, US Bank will reimburse the Lender for all qualified subsidies. The CAFA AIS must be reflected on Page 3, Section L of the CD as CAFA Affordable Income Subsidy. This CAFA AIS Grant must be reflected in LPA findings, along with the Grant


provided by the Capital Advantage Program. Any questions about the preparation of the CD should be directed to US Bank HFA Division. A lender may layer the CAFA Grant and CAFA AIS Grant for qualified Freddie Mac HFA Advantage buyers. (Added 09/16/19)

RATES/OFFERINGS CHART

Effective February 1, 2018 the following products will be available in this program.

Loan Product FICO Requirement Assistance Amount

FHA 660 + 4.00%

FHA 660 + 3.00%

VA; RD 640 + 4.00%

VA; RD 640+ 3.00%

Freddie Mac HFA Advantage 640+ No Assistance0%

Freddie Mac HFA Advantage 640+ 3%




PROGRAM REQUIREMENTS

Eligible Borrowers• There is no first-time homebuyer requirement in this program.• With regard to citizenship requirements, follow applicable Agency (Freddie, FHA, etc) guidelines • Buyers must occupy the property within 60 days of closing.• Applicants must be considered irrespective of age, race, color, religion, national origin (Rev 04/03/17) • Lender should contact the Agency (FHA, VA, RD, Fannie Mae, Freddie Mac) regarding ownership

of other property. (Rev 12/12/18)

Homebuyer EducationThe Authority requires homebuyer education for first-time buyers. Homebuyer education must be conducted by HUD-approved counseling agencies including online HUD-approved non-profits using eHomeAmerica (Neighborworks based curriculum) http://ehomeamerica.org. CAFA has provided the following links to these local approved education providers. (Rev. 06/04/15) www.midcityredevelopment.org http://www.moneymanagement.org http://www.nw.org/network/training/homeownership/default.asp https://nationalmi.myhometrek.org/and the MGIC online training http://homebuyers.mgic.com/

Eligible Loan Area The following parishes: Acadia, Allen, Ascension, Assumption, Avoyelles, Beauregard, Caddo, Calcasieu, Cameron, East Baton Rouge, East Feliciana, Evangeline, Franklin, Iberia, Iberville, Jackson, Jefferson Davis, Lafayette, Lafourche, Livingston, Ouachita, Pointe Coupee, St. Helena, St. James, St. Landry, St. Martin, St. Mary, Tangipahoa, Terrebonne, Union, Vermillion, Washington, West Baton Rouge, West Feliciana. Removed St Bernard on 04/07/17. (Rev 07/26/19)

Minimum FICO Score The Program requires a minimum FICO credit score of 660 or higher for FHA loans and 640 or higher for Freddie Mac HFA Advantage, RD and VA loans, the mid score must be the minimum or above. If an Agency (FHA, etc) has a higher minimum, follow Agency guidelines. If a participating lender has a higher minimum for other loans and wishes to require a higher minimum for loans, then lenders must use the higher minimum. (Rev 12/08/16)

DTI Requirement • The program maximum DTI ratio is 45% for Government loan products. • The program maximum DTI ratio is 50% for the Freddie Mac HFA Advantage loan product. • Contact US Bank HFA Division with any questions regarding acceptable AUS, 800-562-5165. • Lenders must comply with Mortgage Insurance DTI requirements which may limit the maximum DTI

for borrowers with a FICO under 700. (Rev 12/12/18)

Property Requirements • No purchase price limits in this program• New or existing residential units, one - four unit*, detached or attached, condos, town homes, • *Freddie Mac Loans - One Unit property ONLY • For condos with LTVs from 95.01% to 97% the project must be approved by US Bank, in addition

to meeting Fannie Mae or Freddie Mac guidelines, as applicable. Review US Bank bulletin 2017-05 Condominium Guideline Expansion for complete details. (Rev 08/23/17)

http://ehomeamerica.org

http://www.midcityredevelopment.org/

http://www.moneymanagement.org

http://www.nw.org/network/training/homeownership/default.asp

https://nationalmi.myhometrek.org/

http://homebuyers.mgic.com/


• Land is limited to that required for basic livability. Properties that may be subdivided are not allowed.

• Mobile, recreational, seasonal or other types of vacation or non-permanent homes are not permitted.

• Manufactured Homes - As of December 1, 2015, U. S. Bank will not purchase loans for manufactured housing. U.S. Bank considers manufactured housing a mobile home built entirely offsite on a permanent chassis that is pulled on the highway to a permanent location. (Rev 12/1/15)

Income Limits FHA, VA, USDA:RD and Freddie MacUse Form 1003 credit qualifying income as the qualifying income in the program. While all income may not be included on the 1003, all income from any one source must be included — it’s all or nothing. On the 1003, lenders may not use a portion of a job’s income. Contact eHousingPlus Compliance office with questions. (Rev 07/26/19)

Eligible Parish FHA, VA, USDA;RD Income Limits

Freddie Mac Income Limits

Acadia Parish $70,265 $86,940

Ascension, East Baton Rouge, East Feliciana, Livingston, Pointe Coupee, St. Helena, West Baton Rouge, West Feliciana

$84,525 $104,720

Allen $70,265 $86,940

Assumption $72,565 $88,060

Avoyelles $70,265 $86,940

Beauregard $72,105 $87,500

Caddo $70,265 $87,780

Calcasieu $70,265 $86,940

Cameron $70,265 $86,940

Evangeline $70,265 $86,940

Franklin $70,265 $86,940

Iberia $70,265 $86,940

Iberville $70,265 $104,720

Jackson $70,265 $86,940

Jefferson Davis $70,265 $86,940

Lafourche $70,265 $86,940

Lafayette $75,900 $98,760

Ouachita $70,265 $86,940

Eligible Parish


HOUSEHOLD INCOME LIMITS CAFA AIS (AFFORDABLE INCOME SUBSIDY) GRANT

FREDDIE MAC LOANS ONLY (Added 09/16/19)

St. James $76,590 $90,300

St. Landry $70,265 $86,940

St. Martin $75,900 $98,560

St. Mary $70,265 $86,940

Tangipahoa $76,245 $88,620

Terrebonne $70,265 $86,940

Union $70,265 $86,940

Vermillion $71,300 $86,940

Washington $70,265 $86,940

FHA, VA, USDA;RD Income Limits

Freddie Mac Income LimitsEligible Parish

Eligible Parish 50% AMI 80% AMI

Acadia $29,800 $47,680

Allen $28,150 $45,040

Ascension $36,050 $57,680

Assumption $31,550 $50,480

Avoyelles $25,450 $40,720

Beauregard $31,350 $50,160

Caddo $27,100 $43,360

Calcasieu $28,600 $45,760

Cameron $28,600 $45,760

East Baton Rouge $36,050 $57,680

East Feliciana $36.050 $57,680

Evangeline $25,450 $40,720


Eligible Parish 50% AMI 80% AMI

Franklin $25,450 $40,720

Iberia $29,800 $47,680

Iberville $36,050 $57,680

Jackson $25,450 $40,720

Jefferson Davis $28,900 $46,240

Lafayette $29,800 $47,680

Lafourche $30,400 $48,640

Livingston $36,050 $57,680

Ouachita $25,600 $40,960

Pointe Coupee $36,050 $57,680

St. Helena $36,050 $57,680

St. James $33,600 $53,760

St. Landry $25,450 $40,720

St. Martin $29,800 $47,680

St. Mary $26,650 $42,640

Tangipahoa $33,150 $53,040

Terrebonne $30,400 $48,640

Union $25,600 $40,960

Vermillion $29,800 $47,680

Washington $25,450 $40,720

West Baton Rouge $36,050 $57,680

West Feliciana $36,050 $57,680


ABOUT THE FINANCING

It’s expected that lenders have reviewed some preliminary documentation and believe that applicants will also qualify for credit. Excessive cancellations will be reviewed to assure that allocation is not being utilized inappropriately.

FHA, VA, RD and Freddie Mac HFA Advantage conventional loans are permitted. Find the specific government and conventional loan products permitted on the US Bank website. (Rev 12-07-16)

Check with your underwriter for updates to information for Freddie Mac HFA Advantage. Such information is provided by a third party (i.e.Freddie Mac, U.S. Bank, etc) who do not provide updated information to eHousingPlus. (Added 12-07-16)

Freddie Mac HFA Advantage Fact Sheet: http://www.freddiemac.com/singlefamily/pdf/hfa_factsheet.pdf (Added 12-07-16)

Appraisal The appraisal must indicate that the home has at least a 30-year remaining useful life.

Assumptions Follow Agency Guidelines.

Buydowns Follow Agency Guidelines.

Cash Back Cash Back to the borrower is not permitted. However, borrowers are permitted a reimbursement of pre-paids and overage of earnest money deposit as permitted by Agency guidelines and to the extent any minimum contribution, if any, has been satisfied.

Construction to Perm Not permitted.

Co-signers (FHA, VA, USDA-RD)- Are permitted to the extent allowed by applicable Agency (FHA,etc). Treat co-signer income as directed by agency. A co-signer cannot have any ownership interest in the property (they cannot be on the mortgage/deed/warranty deed). And a co-signer may not live in the property. (Rev 12/08/16)

Co-signers (Freddie Mac) - Not allowable. (Added 12/08/16)

Final Typed Loan Application (1003) The typed application signed and dated by all parties is required. Loan interviewer must complete and sign page 3 of 4 of the 1003. If this is not possible, then an Officer must sign in place of the interviewer. All persons taking title to the property must execute all program documents. The income disclosed on the Affidavit must be the same or more than that shown on the 1003. The purchase price, loan amount, and other financial details must be the same as shown on all other documents.

Freddie Mac Loan Level Price Adjustment and Adverse Market Fees. These fees have been waived. (Added 12/08/16)

http://www.freddiemac.com/singlefamily/pdf/hfa_factsheet.pdf

http://www.freddiemac.com/singlefamily/pdf/hfa_factsheet.pdf


Manual Underwriting for FHA loans - U.S. Bank bulletin 2016-08. Effective with loan reservations on or after September 1st 2016, U.S. Bank HFA Division will not accept FHA Manually Underwritten loans. (Rev 07-26-16)

Minimum Loan Amount There is no minimum loan amount in this program.

Prepayments The first mortgage may be prepaid at any time without penalty.

Real Estate Purchase Contract The full address of the property, full names of all sellers and buyers, total purchase price of the property must be included. If there is not an address for new construction, a lot number and subdivision name are required. All named persons must sign. Include the name and title whenever a representative is signing for a corporation.

Recapture Tax There is NO RECAPTURE TAX IN THIS PROGRAM.

Refinance This program is intended for the origination of new mortgage loans.

Remaining reserves are not established by the program. Follow Agency Guidelines.

Tax Returns or Tax Transcripts are not required for this program. (Rev 10/27/17)


SUMMARY OF THE COMPLIANCE ORIGINATION PROCESS (Revised 12/12/18)

MANDATORY PROGRAM TRAINING Lender training is mandatory for anyone working with this program. eHousingPlus and US Bank provide program training online 24/7. To attend click on this link.

eHousingPlus eHPortal and eHP Digital Docs Training We highly encourage anyone who will reserve funds, complete an underwriter certification, print forms or clear exceptions to attend this additional training. (Rev 12/12/18) Click here for eHPortal Training Click here for eHP Digital Docs Training

eHPortal USER CREDENTIALS Following completion of Program training at eHP University training, an email will be sent to lenders giving directions on how to apply for User Credentials for the eHPortal. These instructions are for both new users of system and existing users looking to add programs to their profile.

QUALIFY Lenders use program requirements to qualify applicants for the program. Buyers must present an executed sales agreement before being entered into the program reservation system.

RESERVE FIRST MORTGAGE FUNDS To reserve funds, use the eHousingPlus eHPortal. Log in and reserve the first mortgage that automatically provides Assistance. To reserve funds in the program the borrower is required to have a signed real estate purchase contract for a specific address. You will need a 1003 and the Real Estate Purchase contract in order to make a reservation. If the reservation is successful, you will receive a loan number and a message that you’ve completed the reservation successfully.

IMPORTANT - A reservation is for a borrower with a real estate purchase contract for a specific property. If the property needs to change, the loan must be cancelled and re-reserved. The lender is responsible for cancelling the loan within the eHousingPlus Lender Portal. And then, the lender must email ([email protected]) or call the eHousingPlus Compliance office at 954-217-0817 to have the borrower permanently removed from the eHousingPlus Lender Portal. Until this process is complete, the lender will not be able to re-reserve funds for the borrower. (Added 12/12/18)

RESERVE AFFORDABLE INCOME SUBSIDY (AIS) GRANT INCOME QUALIFIED FREDDIE MAC HFA ADVANTAGE LOAN ONLY

To reserve the Affordable Income Subsidy Grant funds, immediately following the first mortgage loan reservation, click on the “Add Additional” tab. The lender will be responsible for calculating the amount of the additional subsidy based upon borrower AMI and enter that amount in the ADDITIONAL LOAN tab. The subsidy must be for the exact amount ($1,500 OR $2,500) based upon borrower AMI - no more and no less. (Added 09/16/19)

PROCESS Lenders process the loan as they would normally keeping in mind the program timelines.


https://register.gotowebinar.com/rt/587468355806678530


https://www.ehousingplus.com/available-programs/louisiana/ebrmfa/



UNDERWRITE AND CERTIFY Lenders underwrite & are responsible for credit decisions of the loans in the program. Servicer does not re-underwrite loans. Following credit approval AND WITHIN 15 DAYS OF LOAN RESERVATION, the Underwriter completes the online Underwriter Certification within the eHPortal. Once a loan is Underwriter Certified no further changes can be made. If a change needs to occur after the certification is complete, please email ([email protected]) or call the eHousingPlus Compliance office at 954-217-0817 to request to have the certification removed.

CLOSE It’s important to provide accurate closing instructions to closing agents. All program documents must be returned to the lender. The following form is located within the eHPortal and must be signed by the borrower at closing:

• Notice of Down Payment/Closing Cost Assistance Grant Letter (the Original remains with Lender, provide a copy to borrower, copy to US Bank and a copy in the FHA Case Binder.

CLOSE - BORROWER RECEIVING CAFA AFFORDABLE INCOME SUBSIDY GRANT The lender will fund the additional CAFA Affordable Income Subsidy (AIS) grant at closing. It is critically important that the lender does NOT combine the Grant assistance received from the Capital Advantage Program with the CAFA AIS grant on the CD. The CAFA AIS Grant must be reflected on Page 3, Section L of the CD as CAFA Affordable Income Subsidy. This CAFA AIS Grant must be reflected in LPA findings, along with the Grant provided by the Capital Advantage Program. Any questions about the preparation of the CD should be directed to US Bank HFA Division 800-562-5165. The CAFA AIS grant must be used for down payment and closing cost assistance only. (Added 09/16/19)

COMPLIANCE FILE DELIVERY INSTRUCTIONS •All compliance files are uploaded directly to eHousingPlus via eHP Digital Docs. •All exceptions / file deficiencies will be communicated to the Lender via email and will be posted in the eHPortal. Exceptions may be viewed online at the loan level and in an exceptions report. •Documentation requested to clear file deficiencies are uploaded directly in eHP Digital Docs. (Added 12/12/18)

eHP Digital Docs See pages 19 - 22 of this guide for detailed information about eHP Digital Docs. (Added 12/12/18)


New Digital Delivery Instructions eHP Digital Docs® eHousingPlus ™

19

INSTRUCTIONS FOR THE DELIVERY OF COMPLIANCE FILES, FEES

AND CORRECTED DEFI’S.

Compliance Files and Corrections to previously submitted files with erroneous or

missing required documents will be managed through the eHousingPlus Digital Docs

Portal. This Digital Docs Portal provides lenders with all the tools necessary to deliver

the required documents for the approval of the originated loan(s) in their respective

affordable homebuyer programs. This Portal is a secure, easy to use and efficient way

for lenders to deliver the Compliance File, Correct DEFI’s and pay the required

Compliance Review Fees via our new eHPay on line fee approval, and related tools.

Who needs Access to eHP Digital Docs? Closers, Post-closers, Shippers, Defi/Exceptions and Accounting personnel.

FIRST STEPS

• You will need a Username and

Password to access eHP Digital Docs

a. If you are already an existing Active User of the eHPortal Lender Portal,

you will automatically be set up to use eHP Digital Docs. Your Username

and Password will be the same, but you may be prompted to change the

password if it does not meet security guidelines.

b. If you are NEW to any of the eHousingPlus Portals, you will need to

request User Credentials at www.ehousingplus.com/user-credentials

NEXT, ACCESS THE NEW EHP DIGITAL DOCS PORTAL

• As a participating lender to various programs, you already know that our web

page for the CAFA Capital Advantage Program is where you access both

Program Info and the Systems.

• There are two icons you will immediately see:

HELPFUL TIPS FOR UPLOADING THE

COMPLIANCE FILE

• The site works best with the Google

Chrome browser. All other browsers

may encounter problems.

• If you cannot remember your

password, you can reset from the

eHP Digital Docs log in screen.


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o This is the existing Lender Origination Portal

o This is the NEW eHP Digital Docs Portal.

NOW YOU ARE READY TO DELIVER YOUR COMPLIANCE FILE…

The Compliance File should be a PDF file composed of all required documents on the

Checklist.

➢ By clicking “NEW UPLOAD” on the Digital Docs Menu, you will be able to upload

the file easily.

➢ Currently, there are three file types you will upload into the new DD Portal:

Compliance Files, DEFI’s, and/or pre-closing documents as required. Additional

uploads after the Compliance File are identified as Defis.

➢ There is a NOTES Feature in case there is any pertinent information you want to

add to the compliance documents.

➢ Once Submitted, the System will confirm that the document was uploaded

successfully, or it will present an error.

➢ All Files Uploaded, can be seen immediately in UPLOADED DOCS.

➢ All documents must be a PDF format and must not be locked or encrypted.

➢ Documents must be uploaded upright and in a clear legible format.

➢ Use the Checklist to make sure you are delivering al required documents.

…AND SUBMIT THE REQUIRED COMPLIANCE REVIEW FEE

➢ Compliance Review Fees may now be submitted separately from the

Compliance File.

➢ The NEW eHPay is a secure, efficient method for lenders to pay the fees ON-

LINE by enrolling in this FREE Program. Loans managed through eHPay are

processed faster, without fee errors or other unnecessary delays. Accounting

Staff can access eHP Digital Docs and process the compliance fees payment

easily via eHPay.

Not sure of the required fee for your loan? Use the FIND MY FEE feature

under PAYMENT CENTRAL and get the instant answer.


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➢ Compliance Files Uploaded are NOT ready for review until the Compliance

Review Fee Payment has been received by eHP.

➢ FILES PENDING PAYMENT lists Compliance Files that have been uploaded

successfully, but whose fee payment is still pending. Lenders can monitor this

area to ensure their fees have been delivered in a timely manner.

➢ UNIDENTIFIED PAYMENTS are payments received from your company without

the proper identification to apply it to the intended loan. Lenders can monitor this

area to ensure that payments made are being properly identified with OUR LOAN

NUMBER.

➢ SHORT PAYMENTS If an incomplete payment is submitted, it will be displayed

indicating the amount paid and the correct fee amount.

TIPS

➢ Sign up for eHPay. This is a secure solution for the payment of fees. Talk to

one of our eHousingPlus Business Representatives about how you can sign up,

and to answer any questions related to this new service

➢ Make sure that every payment made is properly identified with OUR LOAN

NUMBER. This is particularly a problem with Wires and ACH payments, as well

as bundled payments. ACH/Wires do not properly identify loans in most cases

and hold up the processing of your loans!

➢ If submitting a paper check, print the INVOICE/RECEIPT. You can submit the

fee for one or several loans at one time by attaching this receipt to your check.

NOT QUITE READY TO UPLOAD YOUR COMPLIANCE FILES?

During this initial transition of delivering Compliance Files Digitally on our NEW eHP

Digital Docs portal, eHousingPlus will continue to accept paper Compliance Files from

those lenders that need a little extra time. If you are sending the paper files, please

continue to ship them as you currently do to:

eHousingPlus

3050 Universal Boulevard, Suite 190

Weston, FL 33331

WE trust that you will soon be utilizing all the new features that have been developed to

make the delivery of Compliance Files easier and less costly via our NEW eHP Digital

Docs portal available for you, the participating lenders.


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CORRECTING DEFICIENT FILES

✓ AS OF 12/10/2018 CORRECTED LOAN DEFICIENCIES WILL NO LONGER

BE ACCEPTED VIA EMAIL.

The eHPortal (Lender Origination Portal) has various tools that alert lenders when a

Compliance File is delivered DEFICIENT. These multiple tools assist you, the lender, in

easily correcting these deficiencies and allow your file to be Compliance Approved in a

timely manner.

➢ System generated DEFI emails sent at time of review with corrective actions.

➢ Loan’s TIMELINE Tab depicts pending deficiencies ANYTIME you log in and

view your loan.

➢ EXCEPTIONS/DEFICIENCY Reports are available on the REPORTS Menu.

WHEN YOU ARE READY TO SUBMIT YOUR CORRECTED DEFI’S OR MISSING DOCUMENTS

NEW: The Corrected DEFI’s will now be submitted and UPLOADED via eHP Digital

Docs, using the same easy method the Compliance File is delivered.

▪ Log in to eHP DIGITAL DOCS

▪ Search for your loan

▪ NEW UPLOAD: select your file(s), and if prompted select

Corrected DEFI as ‘Type’.

▪ The NOTES Feature is available to add any relevant information if

needed.

▪ YOU’RE DONE!

▪ Defi’s may be uploaded as a lender receives a document.

▪ Corrected Defi’s may be view in eHP Digital Docs under, Uploaded

Docs.

QUICK TIPS

➢ Save time by trying to consolidate corrections to your loan files.

➢ Working on DEFI’s might be easier if grouped by loan & Program; typically, the

same types of errors occur based on varying Program Criteria.

➢ Use the reports available on the eHPortal (EXCEPTIONS/DEFICIENCIES) as a

guide and deliver them easy using eHP Digital Docs.


PROGRAM TIMETABLE — 15, 45 and 70-DAY DEADLINES

Buyers MUST HAVE A FULLY- EXECUTED SALES CONTRACT FOR A SPECIFIC PROPERTY in order to have funds reserved or be on a waiting list. The contract may be dated prior to the date of the loan application. Buyers may be pre-qualified. However, if the buyer does not have a contract on a property, program funds cannot be reserved for the buyer until such time as the buyer presents a valid contract. To assure that loans are purchased, please follow the Processing, Delivery and Purchase Timetable below. Please DO NOT reserve loans that cannot meet the timetable.

If the loan is not underwriter certified within 15 days of loan reservation, the loan is subject to cancellation. eHousingPlus via email notifies lenders that the loan may be canceled if the underwriter certification is not completed. Should the loan reservation be canceled at any point during the reservation, the issuer may allow the loan to be reinstated at the higher of the mortgage rate originally reserved or the then current program mortgage rate.

Please wait until 45 days before closing to reserve funds for new construction, short sales and foreclosures. Loans not purchased within the timeframe below cannot be purchased. However, please keep in mind that the revolving pool of funds assures continuous funding — fund availability makes it unnecessary to rush to reserve funds.

Loan Processing, Delivery and Purchase Timetable Once a loan is reserved in the eHousingPlus system and is provided the Servicer’s Loan number, the loan must be (1) underwriter certified within 15 days of loan reservation (2) closed and delivered to the Servicer within 45 days of loan reservation and (3) purchased within 70 days of loan reservation.

Extension RequestAny loan not purchased within 70 days is ineligible for purchase unless the lender chooses a one-time only 30-day extension. The cost of the extension is $375. The $375 extension fee is due whether or not loans are ultimately delivered and/or purchased. The $375 will be netted by the Servicer when loans are purchased. If an extension is permitted, but the loan is not purchased, the originating lender will be billed for the extension fee of $375. Any outstanding fees owed by the lender may result in that Lender becoming ineligible to participate in the program.

At 101 days, a loan that hasn’t been purchased is cancelled and cannot be reinstated.

Again, the 30-day extension is offered once per loan and no further extensions will be allowed. Furthermore, regardless of choosing an extension, any loan not purchased within the approved timeframe will become the liability of the originating lender.

An extension request is available on the CAFA eHousingPlus web page. Click on the SUMMARY tab, scroll to the area titled, Extensions. Remember that the form must be submitted BEFORE the 70th day after loan reservation.


PROGRAM FEES

First Mortgage Fees There are zero origination points and zero discount fees charged in this program. (Rev 04/03/17)

eHousingPlus Fees The program includes a first mortgage Compliance/Admin Fee of $275 and a penalty fee of $100 for files that are chronically deficient. The Compliance/Admin Fee is submitted with the Compliance File. Read pages 18-21 of this guide for information about Payment Central located in eHP Digital Docs. (Rev 12/12/18)

The Compliance/Admin Fee is the fee charged by the Program Administrator/Compliance Agent to process the applicant/borrower from Origination to Compliance Approval, and to assess that the lenders originating such loans are following Program guidelines for the benefit of the eligible borrower(s). The Program Administrator/Compliance Agent tracks the loan via its web-based system, and assists the lender in processing the loan ensuring eligibility to the program available offerings, which can include various rate options, and down payment assistance. (Added 10/14/15)

The Compliance/Admin fee includes the review of information and documents delivered in the form of a Compliance File by the originating lender, on behalf of the borrower. Additionally the Compliance review verifies that the lender has charged only the fees allowed by the Program. Contrary to this, approval may be denied and/or fees may have to be reimbursed to the borrower. The compliance file processing consists of required affidavits, application, closing documents, certain non-mortgage documents, tax returns where applicable and other pre-defined Program documents that are disclosed to the potential borrower(s). This is required to ultimately receive Compliance Approval. These documents can support both the first mortgage and any down payment assistance available, and are required to ensure eligibility to the Program, Federal, State and Local requirements, where applicable. The Compliance review verifies that the data and documents submitted meet all requirements, and may include those for first-time homebuyer, income limits, sales price limits, targeted areas, homebuyer education, rate, term, points, fee limits, LTV, FICO score, special state, city, county program requirements for qualified military, first responders, teachers, etc.). (Rev 08/22/16)

US Bank Fees $80 Tax Service Fee and $400 Funding Fee. These fees will be netted out at time of purchase by US Bank. (Rev 04/25/18)

Lenders are permitted to charge reasonable and customary charges for out of pocket expenses and costs. Other financing costs such as legal fees and underwriting fees may be charged and courier fees may be charged if such fees are normally charged. Lenders may charge the usual and reasonable settlement costs. Settlement costs include titling and transfer costs, title insurance, survey fees or other similar costs. Other allowable fees include doc prep fees, notary fees, hazard, mortgage and life insurance premiums, recording or registration charges, prepaid escrow deposits and other similar charges allowable by the insurer/guarantor. "Junk" fees are not a defined term and may not be charged. Excessive fees are not permitted in the program.


Lender Compensation

(Rev 04/03/17)

Loan Type Origination Fee SRP Total

FHA zero 2.00% 2.0%

USDA:RD zero 2.00% 2.0%

VA zero 1.50% 1.50%

Freddie Mac HFA Advantage zero 2.00% 2.0%


PROGRAM FORMS The program forms MUST generated directly from the eHousingPlus Lender Portal at the loan level. The program forms MUST be printed from the eHousingPlus eHPortal ONLY. Any program forms printed anywhere other than the eHPortal will be deemed void and may cause a loan file to not be purchased.

This topic addresses the specific forms required for the program for originating, processing, closing and loan delivery.

DOCUMENTS REQUIRED FOR COMPLIANCE FILE Read pages 19 - 22 of this guide for information the compliance file submission to eHP Digital Docs. (Rev 12/12/18)

These are the required documents for this program. For accuracy with the payment of the Compliance Review Fee, please visit ‘PAYMENT CENTRAL’ and ‘FIND MY FEE’ in eHP Digital Docs.

• Homebuyer Education Certificate

• Real Estate Purchase Contract

• FINAL SIGNED 1003

• FINAL SIGNED CLOSING DISCLOSURE (TRID form)

• Warranty Deed