Seller’s Guide

Seller's Guide

Chapter 1 ? Overview ................................................................................................................................... 7 1.1 About this Guide ................................................................................................................................. 7 1.2 Announcements.................................................................................................................................. 7 1.3 Customer Support............................................................................................................................... 7

Chapter 2 ? Participation Requirements ...................................................................................................... 8 2.1 Application Process............................................................................................................................. 8 2.2 Required Qualifications....................................................................................................................... 8 2.3 Required Documentation.................................................................................................................... 9 2.4 Sellers Using Non-Delegated Underwriting ...................................................................................... 10 2.5 Bonds, Errors & Omissions Insurance, and Directors and Officers Liability ..................................... 10 2.5A Provisions/Rider.......................................................................................................................... 11 2.5B Deductible................................................................................................................................... 11 2.5C Cancellation ................................................................................................................................ 11 2.6 Approved Property Origination States.............................................................................................. 11 2.7 Internet Access.................................................................................................................................. 12 2.8 Underwriting Programs..................................................................................................................... 12 2.9 Notification of Significant Change..................................................................................................... 12 2.10 Legal Standing ................................................................................................................................. 13 2.11 Fair Lending Commitment .............................................................................................................. 13 2.12 Eligibility Maintenance.................................................................................................................... 13 2.13 Compliance Reporting Requirements............................................................................................. 13 Exhibit A Contact Information ................................................................................................................ 14

Chapter 3 ? Warehouse Lending ................................................................................................................ 15 3.1 Program Guide Matrix ...................................................................................................................... 15 3.2 Competitive Advantages ................................................................................................................... 15

Chapter 4 ? Lock Requirements.................................................................................................................. 16 4.1 Lock Policy......................................................................................................................................... 16 4.1A Policy Directives.......................................................................................................................... 16 4.2 Rate Sheet Availability ...................................................................................................................... 16 4.3 Best Effort Commitments ................................................................................................................. 17

12/11/18

Seller's Guide

2017 by Impac Mortgage Corp. All rights reserved. This manual is provided on a confidential basis for the use of the recipient only. Any reproduction, distribution or disclosure of the contents of this manual without the advance written consent of Impac Mortgage Corp. is strictly prohibited.

Page 1 of 89

Seller's Guide

4.4 Mandatory Commitments ? Bulk Bids .............................................................................................. 17 4.5 Pair-Off Fee Mandatory Commitments ............................................................................................ 18 4.6 Seller's Commitment Management.................................................................................................. 18 4.7 Rate Lock Extensions......................................................................................................................... 18 4.8 Loans Delivered for Purchase ? Purchase Review Period................................................................. 19 4.9 Re-Locks ............................................................................................................................................ 19 Chapter 5 ? Register and Upload Process................................................................................................... 20 5.1 IMportal ............................................................................................................................................ 20

5.1A Registering a Loan, 3.2 File and Upload...................................................................................... 20 5.1B View Loan Disposition................................................................................................................. 21 5.1C Delivery Cutoff Times.................................................................................................................. 21 5.1D Turn Times .................................................................................................................................. 21 Chapter 6 ? Underwriting ........................................................................................................................... 22 6.1 Policy Directives ................................................................................................................................ 22 6.2 Approved Property Origination States.............................................................................................. 22 6.3 Mortgage Insurance Companies ....................................................................................................... 22 6.4 Appraisers on Probation/Restriction ................................................................................................ 23 6.5 Delegated Underwriting.................................................................................................................... 23 6.5A Condo Reviews Delegated Sellers............................................................................................... 23 6.6 Non-Delegated Underwriting............................................................................................................ 23 6.6A Rush Request on Non-Delegated Underwriting ......................................................................... 24 6.6B Condo Reviews Non-Delegated Sellers....................................................................................... 24 6.7 Manual Underwriting........................................................................................................................ 25 6.7A Suspending Loans ....................................................................................................................... 25 6.8 AUS Findings...................................................................................................................................... 25 6.9 Fannie Mae's Collateral Underwriter................................................................................................ 25 6.10 Freddie Mac's Loan Collateral Advisor............................................................................................ 26 6.11 Uniform Collateral Data Portal ....................................................................................................... 26 6.12 Weather Related Escrow Holdbacks ............................................................................................... 26 6.13 Schedule of Fees ............................................................................................................................. 26

12/11/18

Seller's Guide

2017 by Impac Mortgage Corp. All rights reserved. This manual is provided on a confidential basis for the use of the recipient only. Any reproduction, distribution or disclosure of the contents of this manual without the advance written consent of Impac Mortgage Corp. is strictly prohibited.

Page 2 of 89

Seller's Guide

6.14 Underwriting Scenario Questions ................................................................................................... 27 6.15 Construction-to-Permanent Financing (Single Closing) .................................................................. 27

6.15A Construction Loan Period ......................................................................................................... 27 6.15B Eligible Loan Purposes .............................................................................................................. 27 6.15C Credit/Appraisal Document Age ............................................................................................... 28 6.15D Loan Conversion Options.......................................................................................................... 28 6.16 Condominium Reviews ................................................................................................................... 28 6.16A Fannie Mae ............................................................................................................................... 28 6.16B Freddie Mac .............................................................................................................................. 29 6.16C FHA............................................................................................................................................ 31 6.16D iQM ........................................................................................................................................... 31 6.16 E VA ............................................................................................................................................. 31 6.16F Condo Review Package Submission .......................................................................................... 32 Section 6.17 Special Approvals ............................................................................................................... 32 6.17A Quality and Maintenance Expectations.................................................................................. 32 Section 6.18 Texas Refinances ................................................................................................................ 33 Chapter 7 ? Roles/Responsibilities for FHA/VA Loans Non-Delegated....................................................... 34 7.1 Approval and Setup........................................................................................................................... 34 7.2 FHA Principal-Authorized Agent Relationship .................................................................................. 34 7.2A Principal-Authorized Agent......................................................................................................... 34 7.2B Sponsored TPO (Third Party Originator) ..................................................................................... 34 7.3 VA Loans............................................................................................................................................ 35 Chapter 8 ? Escrow Holdback Policy........................................................................................................... 37 8.1 Purpose ............................................................................................................................................. 37 8.1A Requirements ............................................................................................................................. 37 8.2 Eligible Property Types...................................................................................................................... 37 8.3 Ineligible Property Types .................................................................................................................. 38 8.4 Loan Program Eligibility .................................................................................................................... 38 8.5 Calculating Escrow Holdback Funds.................................................................................................. 38 8.6 Obtaining Approval for the Escrow Holdback................................................................................... 39

12/11/18

Seller's Guide

2017 by Impac Mortgage Corp. All rights reserved. This manual is provided on a confidential basis for the use of the recipient only. Any reproduction, distribution or disclosure of the contents of this manual without the advance written consent of Impac Mortgage Corp. is strictly prohibited.

Page 3 of 89

Seller's Guide

8.7 Escrow Holdbacks Newly Constructed Properties ............................................................................ 39 8.8 Escrow Holdbacks Existing Properties .............................................................................................. 39 8.9 Non-Weather Related Improvements/Repairs................................................................................. 40 8.10 Weather Related Improvements/Repairs....................................................................................... 40 8.11 Non-Allowable Improvements/Repairs .......................................................................................... 40 8.12 Escrow Holdback Agreement.......................................................................................................... 40 8.13 Loan Delivery................................................................................................................................... 41 Chapter 9 ? Disaster Declarations............................................................................................................... 42 9.1 FEMA Disaster Declaration ............................................................................................................... 42

9.1A Emergency Declarations ............................................................................................................. 42 9.1B FEMA Identified Individual Assistance Counties......................................................................... 43 9.1C FEMA Identified Public Assistance Counties............................................................................... 43 9.2 Re-Inspection Requirements............................................................................................................. 43 9.3 Loan Programs without Appraisals ................................................................................................... 44 Chapter 10 ? Closing, Delivery and Purchase Review................................................................................. 45 10.1 Closing Requirements ..................................................................................................................... 45 10.1A Closing Documents ................................................................................................................... 45 10.1B First Payment Date ................................................................................................................... 45 10.1C Signing Date on Closing Documents ......................................................................................... 45 10.1D Pre-paid Interest....................................................................................................................... 45 10.1E Post ? Payment Interest Charges on FHA Loans ....................................................................... 46 10.1FHigh Cost/High Fee Testing ........................................................................................................ 46 10.1G Countersigned Documents ....................................................................................................... 46 10.1H Power of Attorney .................................................................................................................... 46 10.1I Manufactured Home Documents .............................................................................................. 48 10.1J Texas Refinances........................................................................................................................ 48 10.2 Inter Vivos Revocable Trusts........................................................................................................... 48 10.2A Important Elements of an Inter Vivos Revocable Trust............................................................ 49 10.2B Trust Documentation Required ................................................................................................ 49 10.2C Title and Title Insurance Requirements.................................................................................... 49

12/11/18

Seller's Guide

2017 by Impac Mortgage Corp. All rights reserved. This manual is provided on a confidential basis for the use of the recipient only. Any reproduction, distribution or disclosure of the contents of this manual without the advance written consent of Impac Mortgage Corp. is strictly prohibited.

Page 4 of 89

Seller's Guide

10.2D Signature Requirements on Closing Documents.......................................................................... 50 10.3 Exception Title Insurance/Attorney's Opinion of Title ................................................................... 50 10.4 Electronic Signatures....................................................................................................................... 53 10.5 Impound/Escrow Accounts ............................................................................................................. 54 10.6 Impac's Ineligible List ...................................................................................................................... 54 10.7 File Delivery..................................................................................................................................... 55

10.7A Delivery ..................................................................................................................................... 55 10.7B iQM Closing Requirements ....................................................................................................... 56 10.7C iQM Compliance Review........................................................................................................... 56 10.7D Mortgage Electronic Registration System (MERS) ................................................................... 56 10.7E HMDA........................................................................................................................................ 57 10.7F Property Hazard Insurance Coverage ....................................................................................... 57 10.7G Flood Insurance ........................................................................................................................ 61 10.7H Special Flood Hazard Area ........................................................................................................ 65 10.7I Seller Disbursed Closing Fees..................................................................................................... 65 10.7J Mortgage Loan Seasoning ......................................................................................................... 65 10.7K Wire Instructions....................................................................................................................... 65 10.7L Uniform Closing Dataset............................................................................................................ 66 10.8 Purchase.......................................................................................................................................... 66 10.8A Purchasable Loans .................................................................................................................... 66 10.8B Government Loans.................................................................................................................... 67 10.8C Principal Balance Purchased ..................................................................................................... 67 10.8D Post Purchase Obligations ........................................................................................................ 67 10.9 Payment Reversals .......................................................................................................................... 67 10.10 Loan History .................................................................................................................................. 68 Chapter 11 ? Post Closing ........................................................................................................................... 69 11.1 Goodbye Letter ............................................................................................................................... 69 11.2 Servicing Contacts........................................................................................................................... 69 11.3 Transfer Letters............................................................................................................................... 70 11.3A Mortgagee Clause..................................................................................................................... 70

12/11/18

Seller's Guide

2017 by Impac Mortgage Corp. All rights reserved. This manual is provided on a confidential basis for the use of the recipient only. Any reproduction, distribution or disclosure of the contents of this manual without the advance written consent of Impac Mortgage Corp. is strictly prohibited.

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