Lender Guidelines: 6.3 Fees and Charges on Closing Disclosure

All fees and charges must be properly listed on the Closing Disclosure. Contact your internal compliance department for further guidance. For access to the full TSAHC DPA & MCC Guidelines, please click [...]

Lender Guidelines: 6.2 Lender Compensation

For Loans with Non-Bond DPA or Bond DPA: Mortgage loans originated with Non-Bond DPA (including loans with MCCs) or Bond DPA will be delivered to Lakeview. Lenders will be compensated by Lakeview upon loan purchase. Effective for new reservations on or after December 5, 2022, Lender compensation will be in the form of a Servicing Released Premium equal to 1.50%. Lenders may now charge a 1% [...]

Lender Guidelines: 6.1 Program Fees

For Non-Bond DPA (no MCC) and Bond DPA: The following fees will be deducted from the mortgage loan purchase price by Lakeview: • $250 Funding Fee • $85 Tax Service Fee • $200 Compliance Review Fee • For loans with representative FICO scores of 620-639, an origination charge of: o 0.25% of the loan amount for FHA, VA or USDA-RHS loans For Non-Bond DPA (with MCC): The following fees will be [...]

Lender Guidelines: 5.2 Cosigners and Non-Occupant Co-Borrowers

Only cosigners or non-occupying co-borrowers who DO NOT sign the deed of trust and will not take any ownership interest in the property are eligible for use. Cosigners or non-occupying co-borrowers that WILL have ownership interest are not eligible for use under any circumstance. Cosigners or non-occupying co-borrowers (who DO NOT sign the deed of trust) are permitted on government loan types [...]

Lender Guidelines: 5.1 General Mortgage Underwriting

For Mortgage Loans with Non-Bond DPA or Bond DPA: a. Mortgage loans must be underwritten to the standards of the applicable loan type. In the case of conflicting guidelines, the Lender must follow the more restrictive to meet the credit, income limits, total debt-to-income ratio and loan and property requirements of TSAHC, Fannie Mae, Freddie Mac, FHA, VA, RHS or private mortgage insurer, the [...]