Ensuring Digital Signature Legality for Mortgage Quote Request

How to eSign a document: digital signature legality for Mortgage Quote Request

Almost all programs offered through Making Home Affordable require the completion of the Request For Mortgage Assistance Form. Together with the 4506-T or 4506T-EZ and proof of income, they are the starting point for the application process. This step-by-step tutorial will make the process of completing the Request For Mortgage Assistance Form (or RMA Form) clearer. However, if you still have questions about the form or need further assistance completing the form, you can contact a HUD-approved housing counselor at 888-995-HOPE. Before beginning the RMA form, make sure that you have the following information readily available for both you and, if applicable, the co-borrower: Personal identification and contact information Primary residence information Financial records, including paystubs and other income records, and savings and investment account balances Mortgage payment information including taxes, insurance, and HOA fees Most recent federal tax return And, information about other properties you may own For your convenience, the RMA Form is divided into nine sections. Let’s take a closer look at each section. Section 1: Borrower Information The first section deals with your personal information, such as name, social security number, date of birth, phone numbers, and mailing and email addresses. There is an option to include the information of a co-borrower as well, should this be applicable. Next, you are asked to answer questions regarding previous bankruptcy claims, military service information, and the status of any past or current HAMP trials or permanent modifications on the principal residence. Section 2: Hardship Affidavit In Section 2 you are asked to communicate any existing hardships or financial difficulties that are hindering your ability to make your monthly mortgage payments. Use the reasons provided or indicate unlisted conditions with the “Other” option. Check all that apply, and provide an explanation in the space provided. Common hardships might include loss of income, death, divorce, or disability of one or more borrowers on the mortgage. Be as thorough as possible in your explanations. Section 3: Principal Residence Information It is important to note that Section 3 is required even if you are not seeking mortgage assistance on your principal residence. If you are requesting assistance for your principal residence, check “Yes” and complete the detailed form with the property’s information. You do not need to complete the bottom portion of the section. If you are requesting assistance for a property that is not your principal residence, check “No” and complete the entire section. Section 4: Combined Income and Expense of Borrower and Co-Borrower The purpose of Section 4 is to collect financial information on your monthly household income, monthly household expenses and debt, and your household assets. Let’s take a closer look at the first column: Monthly Household Income. Using your documented records, provide the most accurate information for all of the types of income that you receive. Pay attention. You may find that you have multiple types of income to report. It is important to include all that apply to you in order to calculate an accurate total gross income. Also, keep in mind that alimony, child support, or separate maintenance income does not need to be disclosed if you do not choose to have it considered for repaying your mortgage debt. The next column requests information regarding your monthly household expenses and debt. Again, be thorough, and if you need help with the details of your mortgage payments, refer to your most recent mortgage statement or contact your servicer to find out the amounts for things like insurance, taxes, and HOA fees. It is important to note that items detailed with an asterisk are designated for the principal residence expenses only. When finished, add up the amounts to determine your total debt and expenses. Finally, the last column refers to any assets that exist within the household, such as checking, savings and money market account balances, certificate of deposits, stocks and bonds, and other cash on hand. Combine these assets with the value of all other real estate you may own - except the principal residence - to calculate your total assets. Then, complete the checklist of required income documentation based on your circumstances as a borrower. This documentation includes: All borrowers must include a signed IRS Form 4506-T or 4506T-EZ. Borrowers earning a wage must provide the most recent pay stub that reflects at least 30 days of year-to-date income. Self-employed borrowers must include the most recent signed and dated quarterly or year-to-date profit and loss statement. Continue down the list of questions and provide the requested documentation. Keep in mind, your servicer may request additional documentation to complete your evaluation for a Making Home Affordable Program. Section 5: Other Properties Owned You must provide information about all properties that you or the co-borrower own, other than your principal residence and any property described in Section 6 of this form. Use additional sheets as necessary. Section 6: Other Property for Which Assistance is Requested Complete this section ONLY if you are requesting mortgage assistance for a property that is not your principal residence. First, indicate whether it’s a rental, second or seasonal property, and your intention to keep or sell. Then complete this section with all of the property’s information. Refer to your mortgage statement or call your servicer for specific information such as loan ID number, HOA fees, and insurance amounts if you are not sure. Note, if you indicated that you are requesting assistance with regard to a rental property, you are required to fill out the rental property certification section as well. Section 7: Dodd-Frank Certification In ance with the Dodd-Frank Wall Street Reform and Consumer Protection Act, no person shall be eligible to begin receiving assistance from the Making Home Affordable Program if the person, in connection with a mortgage or real estate transaction, has been convicted, within the last 10 years, of any one of the following: felony larceny, theft, fraud, or forgery; money laundering; or tax evasion You are required to furnish this information in order to receive Making Home Affordable mortgage assistance. Section 8: Information for Government Monitoring Purposes The following information is requested by the Federal Government in order to monitor compliance with Federal statutes that prohibit discrimination in housing. You are not required to provide this information, but are encouraged to do so. Section 9: Borrower and Co-Borrower Acknowledgement and Agreement Carefully read through the statements in this section and confirm that you and the co-borrower understand and acknowledge the agreement. It is absolutely necessary that the borrower and, if applicable, each co-borrower sign and date this section, and that you provide date of birth and Social Security Number for each. Many borrowers overlook signing the form and this can cause delays, as the servicer must send back the form for signature, so make sure that this section is filled out in its entirety. Congratulations, you have now completed the Request For Mortgage Assistance Form. On page 7 you will find additional information that we hope you find helpful: The Homeowner’s HOPE Hotline, a free counseling resource that can help you with questions about MHA programs A notice to borrowers, which you should read carefully
And important information about foreclosure rescue scams that you should be aware of. For more information, contact your mortgage company or visit MakingHomeAffordable.gov.