CMG 801-MBI All In One Loan Matrix and Guidelines

All In One LoanTM (AIO) 801-MBI Product Series Matrix and Guidelines

Contents

Eligibility Matrix........................................................................................................................................................................ 3 Regional and Geographic Restrictions ................................................................................................................................... 3

Massachusetts..................................................................................................................................................................... 3 New Mexico ......................................................................................................................................................................... 5 Program Highlights.................................................................................................................................................................. 5 Product Eligibility, Terms, and Codes ..................................................................................................................................... 5 Part A: Borrower Eligibility and Property Restrictions ............................................................................................................. 6 Excluded Parties Search (LDP/GSA) .................................................................................................................................. 6 Property Ownership Restrictions ......................................................................................................................................... 6 Part B: Appraisals and Property Requirements ...................................................................................................................... 7 Part C: Occupancy .................................................................................................................................................................. 7 Part D: Underwriting Documentation ...................................................................................................................................... 8 Part E: Application................................................................................................................................................................... 8 NMLS ................................................................................................................................................................................... 8 Part F: Credit Requirements ................................................................................................................................................... 9 Part G: Income Documentation ............................................................................................................................................... 9 Asset Depletion ................................................................................................................................................................. 10 General Information ........................................................................................................................................................... 11 Part H: Asset Documentation and Reserve Requirements................................................................................................... 11 Reserve Requirements ...................................................................................................................................................... 11 Down Payment, Gifts, and Contributions .......................................................................................................................... 12

Gift of Equity .................................................................................................................................................................. 12 Part I: Property Eligibility ....................................................................................................................................................... 13 Part J: Disaster Policy ........................................................................................................................................................... 14 Part K: Private Mortgage Insurance ...................................................................................................................................... 14

BPMI Single Premium & LPMI: BPMI Quotes, LPMI Pricing, Ordering MI ....................................................................... 15 Part L: Transaction Types ..................................................................................................................................................... 17

ALL IN ONE LOANTM (AIO) 801-MBI PRODUCT SERIES MATRIX AND GUIDELINES

REVISED: 4/1//22

Information in these guidelines is for credit policy guidance only and is not a complete representation of CMG Financial (NMLS #1820) Lending Policies. Information is

1

accurate as of the date of publishing and is subject to change without notice. To verify our state licenses, please log onto the following websites:

and

Cash-Out Refinance .......................................................................................................................................................... 17 Seasoning ...................................................................................................................................................................... 18 Delayed Financing Exception ........................................................................................................................................ 18

Part M: Secondary/Subordinate Financing ........................................................................................................................... 19 Part N: Interested Party Contributions .................................................................................................................................. 19 Part Y: CMG Policies and Resources ................................................................................................................................... 19 Part Z: Recent Updates/90 Day Lookback............................................................................................................................ 20

This space has been intentionally left blank.

ALL IN ONE LOANTM (AIO) 801-MBI PRODUCT SERIES MATRIX AND GUIDELINES

REVISED: 4/1//22

Information in these guidelines is for credit policy guidance only and is not a complete representation of CMG Financial (NMLS #1820) Lending Policies. Information is

2

accurate as of the date of publishing and is subject to change without notice. To verify our state licenses, please log onto the following websites:

and

Eligibility Matrix

All States Occupancy Type

Primary and Secondary

Purchase and Rate/Term

Cash-Out

Line Amount

Up to $850,000 Up to $1,000,000 Up to $1,000,000 $1,000,001 ? $1,500,000 $1,000,001 ? $1,500,000 $1,500,001 ? $2,000,000 Up to $1,000,000 $1,000,001 ? $1,500,000 $1,500,001 ? $2,000,000

Max LTV2

85.01% ? 90%2,3 80.01% ? 85%2,3 80% 75% 80%1 70% 80% 75% 70%

Min Score3 720 720 700 700 720 720 700 700 720

Max Cash-Out

Max Initial Draw

N/A 99% of line amount (all transactions)

No max

(1) Requires 15% of line in reserves and only available for purchase transactions. (2) Additional LTV limits may apply. Refer to the Regional and Geographic Restrictions section for more details. (3) Refer to Part K for mortgage insurance requirements.

Regional and Geographic Restrictions

This product is eligible in all states except New York and Texas. Refer to the following sections for the restrictions applicable to Massachusetts and New Mexico.

Massachusetts

? The loan must pass Massachusetts High Cost ComplianceEase audit. ? Subprime Mortgage Loan Rule (ARM Products): The Massachusetts Subprime Mortgage Loan Rule applies to

owner occupied transactions when any borrower is a first-time homebuyer: o Conforming loan amounts (based on the line of credit amount): The AIO fully-indexed rate (index + margin) may not exceed 3% over the 30-year treasury rate, as of the 15th (or next business day if the 15th falls on a weekend) of the preceding (prior) month the application was taken. o Non-Conforming loan amounts (based on the line of credit amount): The AIO fully-indexed rate (index + margin) may not exceed 4% over the 30-year treasury rate, as of the 15th (or next business day if the 15th falls on a weekend) of the preceding (prior) month the application was taken. o Click here to look up the U.S. Treasury Rate.

ALL IN ONE LOANTM (AIO) 801-MBI PRODUCT SERIES MATRIX AND GUIDELINES

REVISED: 4/1//22

Information in these guidelines is for credit policy guidance only and is not a complete representation of CMG Financial (NMLS #1820) Lending Policies. Information is

3

accurate as of the date of publishing and is subject to change without notice. To verify our state licenses, please log onto the following websites:

and

Example: ? AIO Application date: October 1 ? Loan amount (line amount): $410,000 ? AIO fully indexed rate (index + margin): 5.5% ? 30-year treasury rate value as of September 17th: 3.13% ? Formula for testing Subprime status: 3.3% + 4% = 7.13% ? Result: AIO loan application passes state Subprime Mortgage test and can close.

? Refinancing within 60 months (Net Tangible Benefit):

o If refinancing a primary or second home within 60 months, MA requires a "borrower's interest test" which verifies net tangible benefit (NTB). The NTB form included in the loan documents must be signed and dated by the borrower(s) on or before closing.

o The AIO Loan APR at time of closing may not exceed 1% over the Prime Rate Index as published in the Wall Street Journal (WSJ).

o Click here to look up the WSJ prime rate index (example below).

Example: ? Previous mortgage closing date: April 10, 2016 ? AIO application date: October 1, 2018 ? NTB test required: Yes ? AIO APR: 5.5% ? Current prime rate index value: 5.25% ? Formula for testing NTB: 5.25% + 1% = 6.25% ? Result: AIO loan application passes state NTB test and can close.

ALL IN ONE LOANTM (AIO) 801-MBI PRODUCT SERIES MATRIX AND GUIDELINES

REVISED: 4/1//22

Information in these guidelines is for credit policy guidance only and is not a complete representation of CMG Financial (NMLS #1820) Lending Policies. Information is

4

accurate as of the date of publishing and is subject to change without notice. To verify our state licenses, please log onto the following websites:

and

New Mexico

Due to state requirements relating to escrow accounts, the maximum LTV in New Mexico for AIO loans is capped at 79.99% for the following transactions:

? Loans with amounts within the conforming loan limit* that are secured by borrower's principal residence. o *Loan limits are to be based on the date the borrower signs the note.

Program Highlights

Refer to the table below for program highlights.

Borrower eligibility and suitability and Minimum line size

Maximum draw amount Credit standards

Debt-to-income (DTI) ratios

? Refer to Part A.

? No minimum

? 99% of line

? Minimum 700 FICO score ? Max debt ratio = 40% except as noted below:

o A DTI greater than 40% and up to 43% is allowed when the borrower can verify 15% of the line of credit amount in reserves.

? Payment calculated at the greater of the floor rate or the 1-Year CMT index + margin, by the LOC amount, amortized over 30 years. Refer to the AIO Loan rate sheet for the floor rate per product code.

Property types

AIO loan account access terms

? Refer to Part I.

? Non-borrowers can be added to the account as authorized users post-close by completing a form through the mortgage service provider and will be issued their own ATM-VISA card to use.

Product Eligibility, Terms, and Codes

Occupancy Program Code

Primary and 801-MBI-CMT Secondary

801-MBI-5FIX-CMT

Terms

Monthly adjustable for 360 months 5-year fixed term, fully adjustable for remainder of term

Index 1-Year CMT

1-Year CMT

Loan Description

First lien, 30 year draw / HELOC (360 month term)

First lien, 30 year draw HELOC (360 month term)

Margins, Floors, and Caps

Refer to Rate Sheet.

ALL IN ONE LOANTM (AIO) 801-MBI PRODUCT SERIES MATRIX AND GUIDELINES

REVISED: 4/1//22

Information in these guidelines is for credit policy guidance only and is not a complete representation of CMG Financial (NMLS #1820) Lending Policies. Information is

5

accurate as of the date of publishing and is subject to change without notice. To verify our state licenses, please log onto the following websites:

and

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download