Administrator s Guideline Southern California Home ...

Administrator's Guideline Southern California

Home Financing Authority (SCHFA) First Home Mortgage Program

UPDATED 07-08-19

TABLE OF CONTENTS

Revision Table

3

Southern California Home Financing Authority Team

4

Who To Contact

5

Program Products

7

Eligibility

8

Property Requirements

9

Compliance Underwriting

11

Income

12

FICO Credit Scores and Downpayment and Closing Cost Assistance

17

Automated and Manual Underwriting Systems

18

Summary of the Compliance Origination Process

19

Funding of Downpayment and Closing Cost Assistance

20

Loan Closing

22

Program Timeline

23

Program Fees and Lender Compensation

24

Program Forms

26

Final Closing Disclosure (TRID)

27

Post Closing ? Shipping and Submission

27

Compliance File Mailing Address eHousing Plus

27

Mortgage File

27

2

Administrator's Guidelines Updated 1/05/2018

Date 3-9-17 8-8-17 8-8-17 8-8-17 8-8-17 11-8-17 12-7-17 1-5-18 04-25-18 05-22-18 12-10-18

01-07-19

07-08-19

REVISION TABLE Revision Revised US Bank contact for DPA wire requests Ownership Interest in Another Property Homebuyer Education Requirement Maximum Purchase Price Limits Maximum Income Limits Removed Roger Sinila from contact list Debt Ratio Maximum Loan Amount Revised US Bank Tax Service Fee Revised income and purchase price limits Added eHP Digital Docs Information REMOVED DU AUS for Freddie Mac HFA Advantage Loan Revised FICO Credit Scores and Down Payment and Closing Cost Assistance Chart

Revised Purchase Price Limits Effective 07/08/19 Revised Income Limits Effective 07/08/19 Revised US Bank All Regs Link

Page 20 8 8 9 12 6 16 11 24

9, 12 Throughout

18 17

9 12 27

3

Administrator's Guidelines Updated 1/05/2018

THE SOUTHERN CALIFORNIA HOME FINANCING AUTHORITY TEAM

Southern California Home Financing Authority Creates and sponsors a first mortgage and down payment assistance program, funds down payment/closing cost assistance, solicits lender participation, sets the rate, term and points and markets the program.

Participating Lenders Take applications, process, underwrite, approve, fund, close and sell qualified loans to US Bank, the program Master Servicer. Lenders are responsible for servicing first mortgage program loans in accordance with Agency guidelines until the loan is purchased by the US Bank.

US Bank National Association Master Servicer

Conducts training, provides information on acceptable loan products and delivery and funding, receives all mortgage files, reviews mortgage files, notifies lenders of mortgage file exceptions, approves mortgage files, purchases first mortgage loans, services loans.

US Bank National Association Global Trust Services Escrow Agent

This is a different US Bank division that is providing the service of wiring the Authority's funds for down payment/closing cost assistance to each closing. Please do not contact US Bank, the Master Servicer regarding the wiring of these funds. The Grant Wire Requisition Forms are located on the eHousingPlus system SCHFA page behind a secured area.

eHousingPlus Program Administration Maintains the program reservation system, website, and posts Administrator's guide, forms, training materials, provides program and system training, answers program and system questions, receives compliance files, reviews, posts and notifies of exceptions and approves compliance file.

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Administrator's Guidelines Updated 1/05/2018

WHO TO CONTACT

Question

Direct Questions

to:

General Program Compliance eHousingPlus

Questions

(eHP)

Assistance with eHPortal

Assistance with User Credentials for eHPortal

Contact Information

Patt Denihan patt@ 954-430-6072 Joe Athey joe@ 813-579-6294 Jennifer Erwin jennifer@ 813-579-6295 Vicki Stewart Vicki@ 813-579-6283

Update an Underwriter Certified Loan

eHousingPlus (eHP) Anyone at eHP Compliance Office services@ 954-217-0817

Program Training Problems with Training

eHousingPlus (eHP)

Click on this link. Joe Athey joe@ 813-579-6294

System Software Training for eHP Lender Portal

eHousingPlus (eHP)

Click on this link for the once weekly Live Webinar: Or Contact: Jennifer Erwin jennifer@ 813-579-6295 Vicki Stewart vicki@ 813-579-6283

Program Rates

eHousingPlus (eHP) Click on this link Then click on the RATES page.

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 hfa.programs@ 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.

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Administrator's Guidelines Updated 1/05/2018

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