Correspondent Lending | NewRez



DPA Submission ChecklistEmail complete package to DPA_Program_Approval_Requests@Requestor/Borrower: ID or Loan #:Requestor Contact NamePhone # Channel Requestor: Wholesale/broker ? Non-delegated Client ? Delegated Client ?Email :Fax #:Check one?Down payment/Closing cost assistance (DPA/Secondary Financing)?Grant/Gift? Yes ? No -Does Client have to be approved by the Agency? (i.e. Member Bank)? Yes ? No -Does the DPA have to be used with the Agency first mortgage?(i.e. State Bonds)? Yes ? No -Does the Agency retain Servicing of first mortgage?? Yes ? No -Does the Agency require financial information from Client?? Yes ? No -Is the Broker, Delegated or Non-Delegated Lender required to be a member of the Agency?? Yes ? No- Is the lender required to complete the closing documents?? Yes ? No- Is the lender required to advance the DPA assistance funds to the borrower?****If any of the above answers are “Yes” the program is ineligible for “Wholesale/broker operations at this time” ****Wholesale Client will deal directly with the Agency (including submitting closed loan package, requesting DPA / Second Mortgage funds, etc.)All of the following must be included in the submission package: (complete information below as applicable)?Program /Agency Name:National or State Program: States Eligible:?Program Agency Contact: Phone #:?Program Description Package/Requirements (borrower/property/Income limits/DTI/ asset/Occupancy/Types of financing - (all eligibility requirements)?Web site address:?Income limits: Please provide ? Yes ? No ?All documents that would require a lien on the property and/or the borrower’s signatureI.E. Promissory Notes/Deeds of Trust/Mortgage, Retention Agreement, Loan agreementsThese documents can be sample documents-?Any other legal documents to be completed by the borrower-i.e. Retention Agreement, Loan agreements, ?Financing options: FHA____ VA _____HOME POSSIBLE _____ HOMEREADY____ AUS _____ ?Available Funds- Unlimited or Capped AmountManagement Approval: ________________________________Date of Approval__________________ ................
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