How To Sign Louisiana Banking Presentation

How to industry sign banking louisiana presentation online

thank you for joining Pyramid University during this training will be discussing the requirements for the Capital Area Finance Authority's CAFA programs this training was recorded on September 18th 2019 and the information is correct and up-to-date at the time of the recording before we begin we would like to advise that while every effort has been made to ensure the reliability of the webinar content PMT's product profiles and their updates are the official statements of PR mg and in the event of discrepancies between the information in this webinar and the product profiles the product profiles will always supersede the information provided here we're excited to announce the release of the Capital Area Finance Authority CAFA Capital advantage first mortgage program the release date is November 22nd 2019 this program is only available to the retail channel and it must be referred to param juice af-s department please note that a standard referral fee will be paid to the preferring loan officer the referring loan officer will need to complete the af-s referral form which is available on the Resource Center once this form is complete with all the borrower details then the loan officer will send an email to AFS at PRM Ginette these loans will be fulfilled by the Florida fulfillment ops team pricing is available through fast-track 360 and optimal blue capital area finance authorities CAFA offers the capital advantage for ass mortgage program this program is a fixed interest rate fully amortise alert e year loan the program is available in specific parishes in the state of Louisiana you can find the exact locations in the product profile or on the e housing website the income limits and purchase price limits vary so I'll refer you to the e housing website for more details the borrower may or may not be a first-time homebuyer the minimum credit score is 660 and the DTI ratio is 45% the downpayment assistance program available is a non repayable grant which means you will not create a second lien in fast-track 316 the down payment assistance amount is three to five percent of the total first mortgage loan amount the funds can be used towards down payment and closing costs you will need to reserve the DBA funds immediately following the reservation of the first mortgage loan in the e housing plus lender portal the borrower is required to meet the following must be a US citizen permanent resident alien and or non permanent resident alien the borrower is not to be a first-time homebuyer which means they can be a repeat home owner or a first-time homebuyer all borrowers are required to occupy the property as their primary residence within 60 days of closing and non occupying Co borrowers and non occupying co-signers are allowed CAFA requires homebuyer education for first-time homebuyers homebuyer education must be conducted by a HUD approved counseling agency or an online HUD approved nonprofit using a home America you can also find a list of local approved homebuyer education providers on CA FAS guidelines which are available on the e housing plus website remember to upload a copy of the homebuyer education certificate into the loan file the following property types are eligible one to four units one of the units must be occupied by the borrower as their primary residence single-family residences townhomes condos attached and attached do note that condos must be HUD approved this program is for purchase transactions only so refinances are not allowed the property types listed here are not allowed with this program the following fees are allowed to be charged with this program there's a 0% origination fee the lender can charge the standard PMG underwriting and processing fees any standard fee is normally charged to the borrower's such as the appraisal fee credit report fee flood certification freight and document preparation are allowed there is a four hundred dollar funding fee this fee can be paid by the buyer or seller and is collected by PRNG to be remitted to the master servicer there's a compliance fee of two hundred and seventy five dollars the compliance fee can be paid by the buyer or seller and is collected by PMG and payable to e housing plus as they review the loans prior to closing there are no fees allowed on the DPA pricing is available in fast-track 360 and optimal blue AE housing plus posts the capital Advantage program first mortgage interest rates on their website one full appraisal report is required and must be uploaded in the e housing plus lender portal the first lien requirements are as follows this program requires a desktop underwriter approve eligible no exceptions a copy of the aus must be included in the loan file please be advised that manual underwriting is not a lot with this product and Freddie Mac's loan product advisor is also allowed only AFS and post-closing will have access to e housing plus lender online first you'll need to complete the required lender training in order to obtain logins from a housing plus as you can see from this slide you'll log in to e housing plus lender online to register loc and upload loan documents you'll also be able to monitor your pipeline and extend and cancel your lock when necessary it's very important you manage your pipeline accordingly as this program requires the PMG underwriter to certify the loan within 15 days of the reservation date I'll go over the reservation timeline requirements on the next slide all loans must be reserved through a housing plus lender online reservations may be made after an application has been completed and a sales contract has been executed between the buyer and seller and the loan has been approved by a PMG underwriter it's important not to reserve the loan too early as you'll want to ensure the PMT underwriter will be able to certify within 15 days of the loan reservation date the AFS team will register and lock the loan in the e housing plus lender online loans will only be reserved and locked in by the AFS team once the underwriter has issued conditional approval once the loan is locked with the portal the AFS team member will for the locked registration confirmation to secondary to complete the lock process and fast-track 316 rate locks are accepted from 9:00 a.m. to 7:00 p.m. Central time excluding holidays please keep in mind of the time lines below the Paramjeet underwriter certification is within 15 days of the loan reservation the loan must be closed and delivered to u.s. bank within 45 days of the Valon reservation and finally the loan must be purchased within 70 days of the loan reservation ie housing plus will complete a compliance review on all loans and obtain an approved status on e housing plus lender online you'll need to make sure that you upload a complete loan file ie housing plus we'll review the reservation package and make a compliance determination locks expire on the day of the expiration date any loans not purchased within 70 days is ineligible for purchase unless you select a one time 30-day extension it's very important not to reserve too early to avoid any extension fees as a reminder the borrower is not allowed to pay for the extension fees if there is an extension be sure to notify the PRG secondary Department of the rate lock extension now let's go over the lock cancellation process the loan officer that reserved a loan on the e housing plus website must cancel the loan if it's determined that the borrower does not qualify for the program the reservation must be cancelled online and then an email should be sent to services at housing plus comm you'll then notify the secondary Department of the cancellation request to cancel the loan EFS will immediately cancel the loan in the e housing plus lender portal then you will email pm to secondary Department with the cancellation request and finally you'll upload your cancellation confirmation in to fast-track 360 it's important you manage your pipeline and cancel any loans that will not be closing here are some advantages of the program for the borrower the borrower will obtain downpayment assistance the grant assistance amount is three to five percent of the total first mortgage loan amount the borrower may or may not be a first-time homebuyer and the property being purchased must be located in the specific parishes in the state of Louisiana here are some advantages for the lender being able to offer the Capital Area Finance Authority CAFA is a major selling tool in the mortgage industry you're able to offer the homebuyer a down payment assistance option to meet their financial needs you have the flexibility of financing and by having this program available you're able to qualify more borrowers which equals more closed loans you also have an increase in referrals which will increase your business but most importantly the borrower realizes their dream of homeownership you can find the program guidelines from the e housing plus website and on the product profile which is available on the Resource Center you can order all of your marketing material by emailing pyramides marketing department as indicated here the housing authority programs have additional documentation and review requirements there are critical points you need to make note of as you set proper expectations with your borrowers and Realtors you'll need to plan for the time it's going to take to get these loans through PRM G&E housing plus lender portal due to the additional review requirements and reservation timelines we encourage you to review the product profile in detail so you become familiar with the requirements especially the reservation timelines you can find the Capital Area Finance Authority CAFA product profile in the Resource Center under the bond housing authority program section as shown here as a reminder the Capital Area Finance Authority CAFA program must be originated by PMT's af-s team the referring loan officer need to email AFS AFS at PRM Jeunet as this program cannot be originated at the branch level a standard referral fee will be paid to the referring loan officer please be sure to review the AFS referral process form which is available in the retail resource center this product will be fulfilled by the Florida fulfillment center if you have any questions please be sure to email DPA requests at PMG net thank you for taking the time to view this training if you have any questions regarding this presentation please email Pyramid University up here mg net