Green Tree DU Refi Plus

47
DU Refi Plus DU Refi Plus "Notice: Please note that this is not a client offer or solicitation for all loan products listed. All loans submitted for purchase by Green Tree Servicing LLC (“Green Tree”) must be eligible for purchase by Green Tree and be in full compliance with the Green Tree Loan Product Matrix and Green Tree Client Contract for each approved client."

description

Full details for Green Tree clients on how to most effectively use the product in todays market

Transcript of Green Tree DU Refi Plus

Page 1: Green Tree DU Refi Plus

DU

Ref

i Plu

sD

U R

efi P

lus

"Not

ice:

Ple

ase

note

that

this

is n

ot a

clie

ntof

fer o

r sol

icita

tion

for a

ll lo

an p

rodu

cts

liste

d.A

ll lo

ans

subm

itted

for p

urch

ase

by G

reen

Tre

e S

ervi

cing

LLC

(“G

reen

Tre

e”)

mus

t be

elig

ible

for p

urch

ase

by G

reen

Tre

e an

d be

in fu

ll co

mpl

ianc

e w

ith th

e G

reen

Tr

ee L

oan

Prod

uct M

atrix

and

Gre

en T

ree

Clie

nt C

ontra

ct fo

r eac

hap

prov

ed c

lient

."

Page 2: Green Tree DU Refi Plus

5/31

/201

32

WEL

CO

ME

YO

U’V

E G

OT

QU

ES

TIO

NS…

WE

’VE

GO

T A

NS

WE

RS.

(IF Y

OU

CA

N’T

HE

AR

US

…W

E’R

E U

SIN

G P

HO

NE

LI

NE

S, N

OT

MIC

OR

SP

EA

KE

RS

)

TO A

SK

A Q

UE

STI

ON

DU

RIN

G T

HE

S

ES

SIO

N, S

ELE

CT

THE

CH

AT

OR

IC

ON

, TY

PE

YO

UR

QU

ES

TIO

N A

ND

S

EN

D IT

TO

TH

E H

OS

T. Y

OU

MA

Y

ALS

O P

RE

SS

#6

ON

YO

UR

PH

ON

E K

EY

P

AD

TO

UN

MU

TE Y

OU

R L

INE

, AN

D

AS

K Y

OU

R Q

UE

STI

ON

DIR

EC

TLY

TO

TH

E H

OS

T.

?

Page 3: Green Tree DU Refi Plus

5/31

/201

33

Age

nda

•Wha

t is

HA

RP

/DU

Ref

i Plu

s?•A

US

and

Qua

lific

atio

ns›

DU

9.0

Upd

ates

•FA

Q’s

•Que

stio

ns

Page 4: Green Tree DU Refi Plus

5/31

/201

34

Wha

t is

HAR

P?

•H

AR

P is

pro

gram

to h

elp

borro

wer

s, w

ho a

re c

urre

nt

on th

eir m

ortg

age

but m

ay n

ot b

e el

igib

le fo

r a

tradi

tiona

l ref

inan

ce d

ue to

losi

ng e

quity

in th

eir

prop

erty

bec

ause

of a

dec

linin

g m

arke

t. •

Like

any

oth

er re

finan

ce, b

orro

wer

s re

plac

e th

eir

curr

ent m

ortg

age

with

a c

ompl

etel

y ne

w m

ortg

age

whi

ch p

rovi

des

them

with

new

term

s, in

tere

st ra

tes

and

mon

thly

pay

men

ts. A

s a

resu

lt, it

may

low

er th

eir

paym

ent,

whi

ch c

ould

hel

p im

prov

e th

eir m

onth

ly

finan

cial

situ

atio

n.•

Man

y Le

nder

s re

fer t

o th

e H

AR

P P

rogr

am a

s D

U

Ref

i Plu

s.

Page 5: Green Tree DU Refi Plus

5/31

/201

35

Why

is it

refe

rred

to a

s D

U R

efi P

lus?

•The

loan

mus

t be

run

thro

ugh

DU

.›

App

rove

/Elig

ible

or E

A/E

ligib

le o

nly

›R

efer

and

man

ual u

nder

writ

es a

re N

OT

perm

itted

•It i

s no

t a ty

pica

l tra

ditio

nal r

ate/

term

refin

ance

. •F

anni

e M

ae (F

NM

A) h

as le

ss-s

tring

ent c

riter

ia:

›lo

wer

acc

epta

ble

cred

it sc

ores

redu

ced

docu

men

tatio

n ›

wai

ving

the

requ

irem

ent f

or a

ppra

isal

s in

mos

t cas

es

Page 6: Green Tree DU Refi Plus

5/31

/201

36

“Opt

ing”

out o

f DU

RE

FI P

LUS

•To

Opt

Out

of D

U R

efi P

lus,

ent

er “S

tand

ard

LCO

R”i

n th

e P

rodu

ct D

escr

iptio

n fie

ld o

f the

A

dditi

onal

Dat

a S

cree

n in

Des

ktop

Und

erw

riter

or

Orig

inat

or.

•In

our

100

3 Im

port

syst

em o

n th

e Te

rms

of L

oan

Pag

e si

mpl

y cl

ick

the

Che

ck b

ox

•D

U/D

O w

ill is

sue

a ne

w fi

ndin

g th

at s

tate

s th

e lo

an

is e

ligib

le b

ut n

ot u

nder

writ

ten

as D

U R

efi P

lus

beca

use

the

syst

em w

as in

stru

cted

to u

nder

writ

e as

a s

tand

ard

limite

d ca

sh-o

ut re

finan

ce.

Page 7: Green Tree DU Refi Plus

5/31

/201

37

Who

Ben

efits

from

DU

Ref

i Plu

s?

•DU

Ref

i Plu

s m

ay b

e an

opt

ion

if:›

The

borro

wer

is c

urre

nt o

n th

eir m

ortg

age

paym

ents

›Th

e ho

me

valu

e ha

s de

crea

sed

The

first

mor

tgag

e ex

ceed

s th

e cu

rrent

mar

ket v

alue

of t

he h

ome

(i.e.

,loa

n-to

-val

ue)

›Th

e lo

an is

cur

rent

ly o

wne

d by

FN

MA

http

://lo

anlo

okup

.fann

iem

ae.c

om/lo

anlo

okup

The

exis

ting

first

mor

tgag

e m

ust h

ave

clos

ed p

rior t

oJu

ne 1

,200

9 to

be

elig

ible

Page 8: Green Tree DU Refi Plus

5/31

/201

3

Bor

row

er B

enef

it•

The

borr

ower

mus

t rec

eive

a b

enef

it fro

m th

e re

finan

ce tr

ansa

ctio

n w

ith e

ither

a re

duce

d m

onth

ly

P&I p

aym

ent o

r mov

emen

t to

a m

ore

stab

le p

rodu

ct.

•Ac

cept

able

bor

row

er b

enef

its a

re m

et if

: ›

Mon

thly

P&

I dec

reas

es, o

r

›Lo

an te

rm is

sho

rtene

d, o

r

›In

tere

st ra

te is

redu

ced

•G

ener

ally

, a m

ore

stab

le p

rodu

ct w

ould

incl

ude

mov

emen

t fro

m:

›A

n in

tere

st-o

nly

to a

fully

am

ortiz

ing

loan

(pro

vide

am

ortiz

atio

n of

prin

cipa

l and

acc

umul

atio

n of

equ

ity

in th

e pr

oper

ty)

›A

n A

RM

to a

Fix

ed-R

ate

loan

›A

n A

RM

to a

new

AR

M w

ith a

n in

itial

fixe

d pe

riod

equa

l to

or g

reat

er th

an th

at o

f the

exi

stin

g m

ortg

age

›A

30-

year

Fix

ed R

ate

to a

15,

20,

or 2

5-ye

ar F

ixed

Rat

e

•An

incr

ease

to a

long

er te

rm (i

.e. 1

5-ye

ar F

ixed

Rat

e to

30-

year

Fix

ed R

ate)

is p

erm

itted

if th

ere

is

a re

duct

ion

in th

e bo

rrow

ers

P&

I pay

men

t •

DU

doe

s no

t mak

e th

e de

term

inat

ion

that

the

DU

Ref

i Plu

s tra

nsac

tion

will

bene

fit th

e bo

rrow

er

•M

odifi

ed M

ortg

age

›U

se th

e te

rms

of th

e pe

rman

ent m

odifi

ed lo

an fo

r com

paris

on

›If

borr

ower

was

in a

tria

l mod

ifica

tion

and

deni

ed a

per

man

ent m

odifi

catio

n, u

se th

e or

igin

al te

rms

of

the

loan

for c

ompa

rison

Con

fiden

tial a

nd p

ropr

ieta

ry, d

o no

t sha

re w

ith o

ther

s ou

tsid

e of

you

r or

gani

zatio

n.8

Page 9: Green Tree DU Refi Plus

5/31

/201

39

Fixe

d Lo

an T

erm

s fo

r Con

form

ing

Lim

its

•LTV

>12

5%›

8-30

yea

r Fix

ed te

rm in

ann

ual i

ncre

men

ts

•LTV

>10

5% <

= 12

5%›

8-30

yea

r Fix

ed te

rm in

ann

ual i

ncre

men

ts

•LTV

<=

105%

›8-

30 y

ear F

ixed

term

in a

nnua

l inc

rem

ents

Page 10: Green Tree DU Refi Plus

5/31

/201

310

AR

M L

oan

Term

s fo

r Con

form

ing

Lim

its

•LTV

<=

105%

›5/

1 LI

BOR

Arm

s›

7/1

LIBO

R A

rms

Page 11: Green Tree DU Refi Plus

5/31

/201

311

Loan

Ter

ms

for H

igh

Bal

ance

Lim

its

•LTV

>12

5%›

15, 2

0, &

30

year

Fix

ed

•LTV

>10

5% <

= 12

5%›

15, 2

0, &

30

year

Fix

ed

•LTV

<=

105%

›10

, 15,

20,

& 3

0 ye

ar F

ixed

Page 12: Green Tree DU Refi Plus

5/31

/201

312

AR

M L

oan

Term

s fo

r Hig

h B

alan

ce L

imits

•LTV

<=

105%

›5/

1 LI

BOR

Arm

s

›7/

1 LI

BOR

Arm

s

Page 13: Green Tree DU Refi Plus

5/31

/201

313

LTV

/CLT

V Li

mita

tions

FIX

ED

Rat

e

Page 14: Green Tree DU Refi Plus

5/31

/201

314

LTV

/CLT

V Li

mita

tions

FIX

ED

Rat

e

Page 15: Green Tree DU Refi Plus

5/31

/201

315

LTV

/CLT

V L

imita

tions

AR

Ms

Page 16: Green Tree DU Refi Plus

5/31

/201

316

Esc

row

Wai

vers

for P

rimar

y R

esid

ence

s

•The

follo

win

g cr

iteria

mus

t be

met

:›

Sam

e Se

rvic

er lo

ans

whe

re e

xist

ing

taxe

s an

d In

sura

nce

are

wai

ved,

OR

›LT

V <

= 80

%LT

V <

= 9

0% in

CA

LTV

< 8

0% in

NM

›M

inim

um 6

20 F

ICO

Sco

re›

Max

imum

45%

DTI

Page 17: Green Tree DU Refi Plus

5/31

/201

317

Esc

row

Wai

vers

for S

econ

d H

omes

•The

follo

win

g cr

iteria

mus

t be

met

:›

Sam

e Se

rvic

er lo

ans

whe

re e

xist

ing

taxe

s an

d In

sura

nce

are

wai

ved,

OR

›LT

V <

= 80

%LT

V <

= 9

0% in

CA

›M

inim

um 6

20 F

ICO

Sco

re›

Max

imum

45%

DTI

Page 18: Green Tree DU Refi Plus

5/31

/201

318

Esc

row

Wai

vers

for I

nves

tmen

t Pro

perti

es

•The

follo

win

g cr

iteria

mus

t be

met

:›

Sam

e Se

rvic

er lo

ans

whe

re e

xist

ing

taxe

s an

d In

sura

nce

are

wai

ved,

OR

›C

A LT

V <=

90%

Page 19: Green Tree DU Refi Plus

AUS

and

Qua

lific

atio

nsAU

S an

d Q

ualif

icat

ions

Page 20: Green Tree DU Refi Plus

5/31

/201

320

•Rat

e an

d Te

rm R

efin

ance

›Pa

y of

f of t

he e

xist

ing

first

mor

tgag

e on

ly.

Subo

rdin

ate

finan

cing

mus

t re-

subo

rdin

ate.

•D

U V

ersi

on 9

.0 w

ill be

upd

ated

to a

llow

for t

he s

imul

tane

ous

refin

anci

ng o

f a

subo

rdin

ate

lien

on D

U R

efi P

lus

case

file

s, p

rovi

ded

that

the

new

loan

am

ount

doe

s no

t exc

eed

the

exis

ting

unpa

id p

rinci

pal b

alan

ce o

f the

sub

ordi

nate

lien

.

Clo

sing

cos

ts, p

repa

id c

osts

and

dis

coun

t poi

nts.

(Del

inqu

ent t

axes

, esc

row

sh

orta

ge a

nd la

te fe

es c

an n

ow b

e in

clud

ed in

the

loan

am

ount

.)Th

e bo

rrow

er m

ay re

ceiv

e ca

sh b

ack

at c

losi

ng o

f no

mor

e th

an $

250.

•N

ot p

erm

itted

on

prop

ertie

s in

TX

›Pr

oper

ties

that

hav

e be

en li

sted

for s

ale

are

elig

ible

with

the

follo

win

g re

stric

tions

:Pr

oper

ty h

as b

een

take

n of

f the

mar

ket a

t lea

st o

ne d

ay p

rior t

oth

e ap

plic

atio

n da

te.

Borro

wer

con

firm

s th

e in

tent

to m

aint

ain

owne

rshi

p.

Tran

sact

ion

Type

Page 21: Green Tree DU Refi Plus

5/31

/201

321

Elig

ible

Bor

row

ers

•US

Citi

zens

•Per

man

ent &

Non

-Per

man

ent R

esid

ent

Alie

ns›

If on

the

orig

inal

loan

, pro

of o

f res

iden

cy s

tatu

s is

not

requ

ired.

If no

t on

the

orig

inal

loan

, pro

vide

pro

of o

f res

iden

cy s

tatu

s.

•For

eign

Nat

iona

l is

not p

erm

itted

Page 22: Green Tree DU Refi Plus

5/31

/201

322

Add

ing

or R

emov

ing

a Bo

rrow

er

•A b

orro

wer

may

be

adde

d or

rem

oved

pr

ovid

ed a

n or

igin

al b

orro

wer

rem

ains

on

the

new

loan

. ›

The

borro

wer

bei

ng re

mov

ed is

als

o re

mov

ed fr

om th

e de

ed

and

reta

ins

no o

wne

rshi

p in

the

prop

erty

Page 23: Green Tree DU Refi Plus

5/31

/201

323

Qua

lifyi

ng a

nd R

atio

s

Wes

t Virg

inia

Max

imum

DTI

50%

Fixe

d R

ate

& LI

BOR

AR

MS

Fully

Am

ortiz

ing

Fixe

d R

ate

7/1

5/1

Qua

lify

at N

ote

rate

.Q

ualif

y us

ing

the

grea

ter o

f the

fully

-in

dexe

d, fu

lly-a

mor

tizin

g ra

te o

r Not

e ra

te

+ 2.

0%.

RA

TIO

S:

Will

be e

valu

ated

by

DU

Page 24: Green Tree DU Refi Plus

5/31

/201

324

Cre

dit

•A

full

cred

it re

port

is re

quire

d fo

r eac

h ap

plic

ant o

n th

e lo

an•

No

min

imum

fico

sco

re is

requ

ired

›D

U w

ill e

valu

ate

elig

ibili

ty

•12

mon

th m

ortg

age

paym

ent h

isto

ry is

requ

ired

•N

o m

ore

than

90

days

may

hav

e el

apse

d fro

m th

e la

st

paid

dat

e of

the

mor

tgag

e to

the

date

of t

he c

redi

t re

port.

Cur

rent

mor

tgag

e pa

ymen

t his

tory

mus

t be

obta

ined

if m

ore

than

90

days

old

•Bo

rrow

ers

in a

n ac

tive

bank

rupt

cy a

re n

ot e

ligib

le

Page 25: Green Tree DU Refi Plus

5/31

/201

325

Inco

me

Doc

umen

tatio

n R

equi

rem

ents

•Sam

e S

ervi

cer

›D

ocum

enta

tion

is re

quire

d to

con

firm

sou

rce

and

rece

ipt o

f inc

ome

›D

ocum

enta

tion

is n

ot re

quire

d to

con

firm

his

tory

of r

ecei

pt o

r co

ntin

uity

of i

ncom

e ›

Stan

dard

age

of d

ocum

enta

tion

requ

irem

ents

app

ly

Page 26: Green Tree DU Refi Plus

5/31

/201

326

Inco

me

Doc

umen

tatio

n R

equi

rem

ents

•Non

-Sam

e S

ervi

cer

›D

ocum

enta

tion

is re

quire

d to

con

firm

sou

rce

and

rece

ipt o

f inc

ome

›D

ocum

enta

tion

is n

ot re

quire

d to

con

firm

his

tory

of r

ecei

pt a

nd c

ontin

uity

of

inco

me

›R

etai

n E

xecu

tion

of 4

506-

T an

d ob

tain

tax

trans

crip

t

›S

tand

ard

age

of d

ocum

enta

tion

requ

irem

ents

app

ly .

Page 27: Green Tree DU Refi Plus

5/31

/201

327

Doc

umen

ting

Inco

me

per D

U 9

.0

•Em

ploy

men

t and

inco

me

mus

t be

stat

ed o

n th

e ap

plic

atio

n an

d ve

rifie

d!

Inco

me

Type

D

U R

efi P

lus

Doc

umen

tatio

n

Base

Pay

(sal

ary

or h

ourly

) Pa

ystu

b on

ly

Bonu

s an

d O

verti

me

Pays

tub

only

Com

mis

sion

Pay

stub

OR

Per

sona

l tax

retu

rn c

over

ing

mos

t rec

ent y

ear

Self-

Em

ploy

men

t Pe

rson

al ta

x re

turn

cov

erin

g m

ost r

ecen

t yea

r

Sec

ond

Job

Doc

umen

t per

Inco

me

type

Alim

ony

and

Chi

ld S

uppo

rtD

ivor

ce D

ecre

e, S

epar

atio

n ag

reem

ent,

Cou

rt O

rder

Page 28: Green Tree DU Refi Plus

5/31

/201

328

Doc

umen

ting

Ass

ets

•A

sset

s fo

r clo

sing

mus

t be

stat

ed o

n th

e ap

plic

atio

n•

Ver

ifica

tion

of a

sset

s is

requ

ired

›M

ost r

ecen

t mon

thly

, qua

rterly

or a

nnua

l acc

ount

sta

tem

ent

•N

et a

sset

s m

ust b

e de

term

ined

for t

he fo

llow

ing:

›St

ocks

, bon

ds, m

utua

l fun

ds: D

educ

t 30%

of t

he v

alue

less

any

out

stan

ding

loan

s

›R

etire

men

t acc

ount

: Ded

uct 4

0% o

f the

ves

ted

amou

nt le

ss a

ny o

utst

andi

ng lo

ans

•R

equi

rem

ent f

or L

iqui

datio

n of

Ass

ets

›Pr

oof o

f liq

uida

tion

of a

sset

s (e

.g.,

sale

of s

tock

) is

not r

equi

red

even

if th

ose

asse

ts a

re

bein

g us

ed b

y th

e bo

rrow

er to

pay

clo

sing

cos

ts.

•R

equi

rem

ent f

or L

arge

Dep

osits

›An

exp

lana

tion

lette

r and

doc

umen

tatio

n fo

r lar

ge d

epos

its is

no

long

er re

quire

d. H

owev

er, i

f a

larg

e de

posi

t was

the

resu

lt of

a n

ew lo

an a

s id

entif

ied

by th

e LQ

I Rep

ort,

verif

icat

ion

of

term

s an

d in

clus

ion

in D

TI is

requ

ired.

Page 29: Green Tree DU Refi Plus

5/31

/201

329

Occ

upan

cy T

ype

•Pr

imar

y R

esid

ence

•Se

cond

Hom

es

•In

vest

men

t Pro

perti

es

Occ

upan

cy o

f exi

stin

g lo

an d

oes

not

need

to b

e th

e sa

me

as n

ew lo

an.

Page 30: Green Tree DU Refi Plus

5/31

/201

330

Elig

ible

Pro

perty

Typ

es

1-4

Uni

t

1 un

it P

UD

's

Con

do U

nit

Mod

ular

/ Pre

-Cut

Leas

ehol

d E

stat

es

Prop

ertie

s lo

cate

d in

New

Yor

k or

Haw

aii a

re n

ot p

erm

itted

.

Page 31: Green Tree DU Refi Plus

5/31

/201

331

Con

dom

iniu

m P

roje

cts

•N

o pr

ojec

t rev

iew

requ

ired

›S

atis

fact

ory

verif

icat

ion

mus

t be

prov

ided

ver

ifyin

g su

bjec

t pro

ject

is n

ot

a C

ondo

Hot

el a

nd c

onfir

mat

ion

of h

azar

d, fl

ood

and

liabi

lity

insu

ranc

e co

vera

ge is

requ

ired.

•El

igib

le P

rope

rty T

ypes

for F

lorid

a C

ondo

s ›

Sam

e S

ervi

cer –

Prim

ary,

Sec

ond

Hom

es, a

nd In

vest

men

t Pro

perti

es

›N

on-S

ame

serv

icer

–P

rimar

y R

esid

ence

onl

y

Page 32: Green Tree DU Refi Plus

5/31

/201

332

App

rais

als

–S

ame

Ser

vice

r

•An

Inte

rior a

nd E

xter

ior A

ppra

isal

Rep

ort

(For

m 1

004,

107

3, o

r 102

5) is

requ

ired

if a

PIW

Fin

ding

is n

ot a

vaila

ble.

›Th

e va

lue

mar

keta

bilit

y an

d co

nditi

on o

f the

sub

ject

pro

perty

m

ust m

eet g

uide

lines

. C

ondi

tion

ratin

gs C

1 th

roug

h C

6 an

d Q

ualit

y ra

tings

C1

thro

ugh

C6

are

elig

ible

.

App

rais

al re

ports

with

a C

5, C

6, o

r Q6

mus

t be

com

plet

ed w

ith a

n“a

s is

Page 33: Green Tree DU Refi Plus

5/31

/201

333

App

rais

als

–N

ON

-S

ame

Ser

vice

r

•An

Inte

rior a

nd E

xter

ior A

ppra

isal

Rep

ort

(For

m 1

004,

107

3, o

r 102

5) is

requ

ired

if a

PIW

Fin

ding

is n

ot a

vaila

ble.

›Th

e va

lue

mar

keta

bilit

y an

d co

nditi

on o

f the

sub

ject

pro

perty

m

ust m

eet g

uide

lines

. C

ondi

tion

ratin

gs C

1 th

roug

h C

4 an

d Q

ualit

y ra

tings

C1

thro

ugh

C5

are

elig

ible

.

Page 34: Green Tree DU Refi Plus

5/31

/201

334

App

rais

als

•Pro

perty

Fie

ldw

ork

Wai

vers

will

not

be

perm

itted

in th

e fo

llow

ing

scen

ario

s an

d w

ill

requ

ire F

ULL

Inte

rior/E

xter

ior A

ppra

isal

s:›

Ow

ner-o

ccup

ied

prop

ertie

s in

Kan

sas

with

an

LTV

exce

edin

g 10

0%›

Ow

ner-

occu

pied

or s

econ

d ho

me

prop

ertie

s in

Wes

t Virg

inia

Inve

stm

ent p

rope

rties

in T

exas

Page 35: Green Tree DU Refi Plus

5/31

/201

335

Pro

perty

Fie

ldw

ork

Wai

ver

•Len

ders

may

NO

T ex

erci

se th

e pr

oper

ty

field

wor

k w

aive

r if:

›th

e le

nder

has

reas

on to

bel

ieve

that

an

appr

aisa

l is

war

rant

ed

base

d on

add

ition

al in

form

atio

n ob

tain

ed a

bout

the

prop

erty

(or)

›su

bseq

uent

eve

nts

such

as

a hu

rrica

ne o

r oth

er n

atur

al d

isas

ter

(or)

›N

ot e

ligib

le fo

r the

wai

ver p

er D

U

Page 36: Green Tree DU Refi Plus

5/31

/201

336

Pro

perty

Fie

ldw

ork

Wai

ver

•If P

rope

rty F

ield

wor

k W

aive

r is

exer

cise

d, th

e lo

an m

ust b

e re

subm

itted

to D

U u

sing

the

estim

ated

val

ue p

rovi

ded

by D

U.

›Th

e bo

rrow

ers

estim

ate

of v

alue

or a

ny o

ther

val

ue o

btai

ned

for t

he

prop

erty

may

not

be

used

.

•Add

ition

al re

quire

men

ts o

f a P

rope

rty F

ield

wor

k W

aive

r:›

Acc

urat

e pr

oper

ty a

ddre

ss.

›Fi

nal D

U re

com

men

datio

n re

sulte

d in

a P

rope

rty F

ield

wor

k W

aive

r of

fer.

›M

ust b

e da

ted

with

in 9

0 da

ys o

f the

Not

e da

te.

›P

IW D

iscl

osur

e is

requ

ired.

Page 37: Green Tree DU Refi Plus

5/31

/201

337

FEM

A M

ajor

Dis

aste

r Dec

lara

tion

Pol

icy

•S

ame

Ser

vice

r›

A re

-insp

ectio

n is

not

requ

ired

•N

on-S

ame

Ser

vice

r›

A re

-insp

ectio

n is

requ

ired

afte

r a M

ajor

Dis

aste

r Dec

lara

tion

›If

dam

age

is n

oted

an

inte

rior a

nd e

xter

ior i

nspe

ctio

n is

requ

ired

and

repa

irs

indi

cate

d by

the

appr

aise

r mus

t be

com

plet

ed p

rior t

o cl

osin

g

•S

ee th

e C

onve

ntio

nal A

ppra

isal

cha

pter

of t

he C

lient

G

uide

for c

ompl

ete

disa

ster

requ

irem

ents

.

Page 38: Green Tree DU Refi Plus

5/31

/201

338

Mor

tgag

e In

sura

nce

•M

ortg

age

Insu

ranc

e is

not

requ

ired

if, e

ven

if th

e LT

V is

>

80%

if:

›th

e LT

V w

as <

80%

on

the

orig

inal

tran

sact

ion

›If

the

LTV

was

> 8

0% o

rigin

al tr

ansa

ctio

n an

d m

ortg

age

insu

ranc

ew

as

prev

ious

ly c

ance

lled

or te

rmin

ated

in a

ccor

danc

e w

ith F

NM

A.

•D

U w

ill is

sue

the

follo

win

g m

essa

ge o

r mes

sage

s:›

Fann

ie M

ae's

reco

rds

indi

cate

that

the

exis

ting

Fann

ie M

ae lo

an d

oes

not

curr

ently

hav

e m

ortg

age

insu

ranc

e co

vera

ge in

effe

ct. M

ortg

age

insu

ranc

e is

not

requ

ired

for t

his

DU

Ref

i Plu

s lo

an c

asef

ile.

(OR

)

›M

ortg

age

Insu

ranc

e is

not

requ

ired

for t

his

DU

Ref

i Plu

s lo

an c

asef

ile.

Page 39: Green Tree DU Refi Plus

5/31

/201

339

DU

Mor

tgag

e In

sura

nce

Mes

sage

•M

ortg

age

Insu

ranc

e is

requ

ired

if:›

the

LTV

on

the

orig

inal

loan

and

the

new

LTV

is >

80%

and

the

MIo

n th

e ex

istin

g lo

an

was

nev

er c

ance

lled

or te

rmin

ated

.

•Le

nder

Pai

d M

I is

not e

ligib

le

•D

eleg

ated

Cor

resp

onde

nt C

lient

s un

derw

ritin

g an

d ob

tain

ing

mor

tgag

e in

sura

nce

›U

nite

d G

uara

nty

›G

enw

orth

›M

GIC

›R

adia

n

›Es

sent

Gua

rant

y

›C

MG

–Ac

cept

able

for C

redi

t Uni

ons

only

•G

reen

Tre

e w

ill ob

tain

mor

tgag

e in

sura

nce

for t

hose

Clie

nts

who

sub

mit

loan

s to

us

for u

nder

writ

ing

›M

GIC

-E

ssen

t Gua

rant

y

›R

adia

n

Page 40: Green Tree DU Refi Plus

5/31

/201

340

New

Mor

tgag

e In

sura

nce

Req

uire

men

ts

•DO

/DU

will

indi

cate

the

leve

l of M

I cov

erag

e re

quire

d.

*SU

BJE

CT

TO M

I CO

MPA

NY

GU

IDEL

INE

S A

ND

APP

RO

VAL*

(Che

ck w

ith y

our M

I Par

tner

for r

equi

rem

ents

)

Page 41: Green Tree DU Refi Plus

5/31

/201

341

Tran

sfer

of M

ortg

age

Insu

ranc

e

•Gre

en T

ree

allo

ws

MI "

trans

fers

" :

›M

onth

ly a

nd Z

ero

Mon

thly

Leve

l Ann

ual

›St

anda

rd A

nnua

l ›

Split

Pre

miu

m (w

ith o

r with

out o

ptio

ns)

›Si

ngle

Pre

miu

m

›Bo

rrow

er P

aid

MI (

BPM

I)

Page 42: Green Tree DU Refi Plus

5/31

2013

42

Tran

sfer

of M

ortg

age

Insu

ranc

e•

For f

iles

sent

to G

reen

Tre

e fo

r Und

erw

ritin

g:›

Rad

ian

›M

GIC

*If tr

ansf

errin

g M

I tel

l us

on y

our U

/W s

ubm

issi

on c

over

pag

e*

Page 43: Green Tree DU Refi Plus

5/31

/201

343

Tran

sfer

of M

ortg

age

Insu

ranc

e•F

or C

orre

spon

dent

Clie

nts

Und

erw

ritin

g th

eir

own

files

:›

MG

IC

›R

adia

n ›

Gen

wor

th

›U

GI

›R

MIC

PMI

Page 44: Green Tree DU Refi Plus

5/31

/201

344

Und

erw

ritin

g A

utho

rity

•D

eleg

ated

›El

igib

le to

und

erw

rite

or s

end

to G

reen

Tre

e on

loan

s <=

$1,

000,

000

•C

ondi

tiona

l Del

egat

ed›

Req

uire

s A

ppro

ve/E

ligib

le re

com

men

datio

n

›Lo

an A

mou

nts

up to

$65

0,00

0

Hig

h B

alan

ce a

re n

ot e

ligib

le

›O

ther

wis

e su

bmit

to G

reen

Tre

e (in

clud

es E

A re

com

men

datio

ns)

•N

on-D

eleg

ated

Cor

resp

onde

nt a

nd W

hole

sale

›Su

bmit

to G

reen

Tre

e fo

r und

erw

ritin

g

Page 45: Green Tree DU Refi Plus

5/31

/201

345

FAQ

’s•

Are

incr

ease

s to

the

borr

ower

s pa

ymen

t per

mitt

ed?

›O

nly

if a

mor

e st

able

pro

duct

(i.e

. AR

M to

Fix

ed, I

O to

fully

am

ortiz

ing,

sh

orte

r ter

m, e

tc) i

s ut

ilize

d. T

here

mus

t be

a ne

t tan

gibl

e be

nefit

.

•Is

the

borro

wer

per

mitt

ed to

get

reim

burs

ed fo

r ite

ms

paid

out

side

of

clos

ing,

in a

dditi

on to

the

$250

cas

h ba

ck?

›N

O! A

ny a

mou

nt e

xcee

ding

$25

0 w

ould

nee

d to

be

appl

ied

as a

pr

inci

pal c

urta

ilmen

t and

be

refle

cted

on

the

HU

D-1

Set

tlem

ent

Sta

tem

ent.

•If

I ini

tially

ran

my

loan

thro

ugh

DU

and

rece

ived

DU

Ref

i Plu

s Fi

ndin

gs,

can

I run

my

loan

thro

ugh

LP in

stea

d if

I nee

d a

Lim

ited

Cas

h O

ut R

efi?

›N

O! W

e do

not

allo

w it

to b

e fli

pped

to a

noth

er A

U.

›Yo

u m

ay c

hoos

e to

“opt

out

”of t

he D

U R

efi P

lus.

Page 46: Green Tree DU Refi Plus

5/31

2013

46

Gre

en T

ree’

s D

U R

EFI

PLU

S Que

stio

ns?

Page 47: Green Tree DU Refi Plus

5/31

/201

347

Furth

er In

form

atio

n

•R

efer

to:

›G

reen

Tre

e W

ebsi

tew

ww

.gtc

orre

spon

dent

.com

›Th

e C

lient

Gui

de

›P

rodu

ct M

atrix

•C

onta

ct:

›C

lient

Ser

vice

s

877-

700-

4622

, Opt

ion

9

Cor

resp

onde

nt_L

endi

ng@

gtor

igin

atio

ns.c

om

›Yo

ur S

ales

Dire

ctor

or A

ccou

nt E

xecu

tive