Payment Shock requirements updated.
Borrower(s) with a FICO score of 660+ with a max 50%, DTI- payment shock is not to exceed 175% Borrower(s) with a FICO score of 659 and below with a max 45% DTI – payment shock is not to exceed 150%
Final MISMO 3.4 is required on all loan deliveries.
Please call your Account Executive for assistance or reach out to Submissions Team
We have updated our President’s Letter which is a part of our final disclosure
package for closing.
If you pull your own 2nd mortgage closing package from your document provider or your own LOS you will need to be sure it is added to your closing package. We have updated the doc prep companies.
We require the following disclosures to be executed at closing for our 2nd
Disclosure of Secondary Financing
Quality Control Release Form
Addendum Regarding Seller or Lender Contributions
If you pull your 2nd mortgage package from our website these documents will be included. Then marry our closing package for the second with your URLA (1003), Loan Transmittal, Final CD, and closing instructions to send to the title company or attorney’s office.
Quality Control Release
President’s Letter Rev. 3.24.23
Sample Second Mortgage Closing Packages
The post Announcements: Payment Shock, Final MISMO 3.4, President’s Letter, and Sample Documents appeared first on Chenoa Fund - Down Payment Assistance.