fha training understanding & completing fha forms and disclosures july 20, 2011 presented by

FHA TRAININGUnderstanding &

Completing FHA Forms and Disclosures

July 20, 2011

Presented By

FHA vs. Conventional

• FHA Disclosures• HUD Form 92900-LT vs. FNMA 1008 (Loan

Transmittal Summary)• Addendum to the URLA (HUD Form 29200-A)• FHA Case# - See FHA case# request

procedures via JMAC Website• Refinance (aka:Netting) Authorization

(Streamline refinance)• CAIVRS (Credit Alert Interactive Voice System)• LDP (Limited Denial Participation)• GSA (General Services Administration)

FHA Disclosures

• Important Notice to Homebuyer (HUD 92900-B)• For Your Protection Get A Home Inspection

(HUD 92564-CN) • Informed Consumer Choice Disclosure• FHA Amendatory Clause / Real Estate

Certification• Notice to Homeowner: Assumption of HUD/FHA

Insured Mortgages• Energy Efficient Mortgage Disclosure (EEM)• FHA ARM Disclosure (When Applicable)• Borrower’s Contract With Respect To Hotel and

Transient Use Of Property (HUD 92561)

92900-B

• Important Notice to Homebuyer (HUD 92900-B)

• Page 1 of 2• Signed & dated

by all borrowers• At Application

92900-B

• Important Notice to Homebuyer (HUD 92900-B)

• Page 2 of 2• Signed & dated

by all borrowers• At Application

92564-CN

• For Your Protection Get A Home Inspection (92564-CN)

• Must be provided to borrower

Informed Consumer Choice Disclosure

Notice

• Must be provided to borrower no later than 3 business days after the lender’s receipt of the initial loan application.

Amendatory Clause Real

Estate Certification

• Must be signed & dated by borrower(s), seller(s) and real estate agents

• Must be dated no later than the date on purchase contract

Notice to Homeowner:

Assumption of HUD/FHA Insured

Mortgages

• Must be signed and dated by all borrowers

• At Application

Energy Efficient Mortgage Disclosure


• At Application

FHA ARM DISCLOSURE

(PAGE 1)

• Must be signed and dated by all borrowers (If Applicable)

• At Application

FHA ARM DISCLOSURE

(PAGE 2)

• Must be signed and dated by all borrowers (If Applicable)

• At Application

Borrower’s Contract With Respect to

Hotel and Transient Use of Property

(HUD 92561)

• Must use on 2-4 unit property


• At Application

INITIAL Addendum to URLA

92900-A (PAGE 1)

• Must be fully completed except for Box 14 & 16

• At Application• Not required to be

signed by broker (TPO) – Signed by JMAC

• Box #13: Use JMAC Lender ID, always use 2599900002

• Box #15: JMAC Lending16782 Von Karman #12Irvine, CA 92606

• Box #17: JMAC Phone#(949) 390-2688

Leave this box blank


INITIAL Addendum to URLA

92900-A (PAGE 2)

• Must be fully completed

• Check appropriate boxes

• At Application• Must be signed

and dated by borrower(s) both places

Sign & date by borrower




FINAL Addendum to URLA

92900-A (PAGE 1)

• Must be fully completed except for Box 14 & 16

• To be signed & dated by JMAC prior to closing

• Box #13: JMAC Lender ID, always use 2599900002

• Box #15: JMAC Lending16782 Von Karman #12Irvine, CA 92606

• Box #17: JMAC Phone#(949) 390-2688




92900-A (PAGE 2)

• Must be fully completed

• Check appropriate boxes

• Must be signed and dated by borrower(s) both places at closing with Docs






92900-A (PAGE 3)

• Will be completed, signed and dated by JMAC DE Underwriter

• Reminder: 09/2010 Version must be used for all loans.


92900-A (PAGE 4)

• Must be signed and dated by borrower(s) at closing with docs

• Lender’s Certificate portion will be signed and dated by JMAC post closing

Sign & date by JMAC post closing

Sign & date by borrower at closing with DOCS

FHA Loan Underwriting and

Transmittal Summary (92900-LT)• Must be fully

completed by broker (TPO)

• Form will be corrected as needed, signed & dated by JMAC DE underwriter

FHA Loan Underwriting and Transmittal Summary (92900-LT)

FHA Loan Underwriting and Transmittal Summary (92900-LT)

Yes = Borrower on the listNo = Borrower NOT on the list

CAIVRS should start with “A” always

CAIVRS (Credit Alert Interactive Voice System)AKA “Credit Alert Verification Reporting System”

• JMAC will process CAIVRS for you at the same time FHA case # is ordered

• CAIVRS must be run & cleared on ALL borrowers• Anything other than “A” must be cleared or not

eligible for FHA Loan

•Delinquent Federal Debts•Student Loan•FHA Loan, VA Loan•SBA Loan, Rural Housing & DOJ

•CAIVRS Results (A, C, D, F)•A = Active (good standing)•C = Claim•D = Default•F = Foreclosure

LDP & GSA Database (Government lists of bad

boys/girls)• All parties to the transaction must be cleared in

both databases• All parties: Borrowers, Sellers, Loan Officer,

Real Estate Agents• LDP (Limited Denial Participation)

https://www5.hud.gov/ecpcis/main/ECPCIS_List.jsp

• GSA (General Services Administration)https://www.epls.gov



https://www.epls.gov/

LDP (Limited Denial Participation)


Example of a “hit”

Contact agency to confirm if it’s your borrower



LDP (Limited Denial Participation)


Example of a cleared LDP



GSA (General Services Administration)

https://www.epls.gov

Example of a cleared LDP

CLICK HERE

https://www.epls.gov/

GSA (General Services Administration) https://www.epls.gov

GSA (General Services Administration) https://www.epls.gov

GSA Hit on NormaGSA Cleared on Paris

Condo Project Approval Search

• Condo must be approved (Condo ID must be provided)• Quick Link: https://entp.hud.gov/idapp/html/condlook.cfm • Or log on www.fha.gov & click on search for FHA approved condominiums on left side of the webpage

FHA Submission Checklist• In addition to standard items, the following forms/disclosures

must be included:– JMAC Loan Submission Form (Fully completed)– 92900-LT (Fully completed with FHA case# assigned to JMAC

Lending, Inc)– FHA Case Number Assignment Print-out showing JMAC Lending as

Lender.– Initial and Typed URLA (Fully completed)– HUD Form 92900-A (Page 1 & 2 – Fully Completed, page 2 must be

signed by all borrowers)– Clear CAIVRS Print-out– Clear LDP/GSA for all parties (Borrowers, Sellers, Loan Officer, RE

Agents) – Print-out– FHA Disclosures:

• Informed Consumers Choice, Important Notice to Homebuyer• Notice to Homebuyer (assumption), Amendatory Clause & Real Estate

Certification• For Your Protection: Get a Home Inspection, Energy Efficient Mortgage

Disclosure• ARM Disclosure, if applicable• Hotel and Transient (HUD 92561), if applicable

FHA Streamline Refinance Checklist

• In addition to standard items, the following form/disclosures must be included:– Initial & Typed 1003 (Only employment info, No income)– Clear LDP/GSA for all parties (Borrowers, Loan Officer) – Print-out– Refinance (Netting) Authorization Print-out– FHA Case Number Assignment Print-out showing JMAC Lending

as Lender– Proof of Social Security Number (SS Card, Driver’s license, etc)– Full Credit Report showing credit scores and satisfactory

mortgage rating for the past 12 months– Copy of Note and Deed of Trust (To verify Net Tangible Benefits)– Net Tangible Benefit worksheet– Current Pay Off Demand– 2 months bank statements if cash is required for closing

FHA Case# Request

• Complete JMAC Case Request form(Will be available online soon)

• Email fully completed Case Request form with fully completed 1003 to [email protected]

• Fully executed sales contract must be included (purchases)

• CAIVRS will be processed with Case Number Assignment via FHAC.

• Refinance Authorization will be processed with Case Number Assignment via FHAC

• Case # assignment, CAIVRS and Refinance (Netting) Authorization will be emailed to you upon receipt

Some Cool Links• Main FHA Site: www.fha.gov • Online 4155.1 Handbook

http://www.fhaoutreach.gov/FHAHandbook/prod/contents.asp?address=4155-1 • HUD FAQs http://www.fhaoutreach.gov/FHAFAQ/ • HUD Lenders Page http://www.hud.gov/groups/lenders.cfm • HUD Condo Lookup https://entp.hud.gov/idapp/html/condlook.cfm • HUD Condo Mortgage Insurance (Project Approval Guidance)

http://www.hud.gov/offices/hsg/sfh/condo/ • HUD Loan Limits https://entp.hud.gov/idapp/html/hicostlook.cfm • HUD Mortgagee Letters

http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/ • Santa Ana HOC Center http://www.hud.gov/offices/hsg/sfh/talk/addr_sna.cfm • FHA DAP Approved List http://www.hud.gov/offices/hsg/sfh/np/sfhdap01.cfm• Subscribe to HUD Single Family Email Update List

http://www.hud.gov/offices/hsg/sfh/ref/hsgregst.cfm

• The MOST USEFUL & BEST WEBSITE in the world: http://www.jmaclending.com

fha training understanding & completing fha forms and disclosures july 20, 2011 presented by

Documents