Lending Announcement: December 16, 2021

Topics in the Announcement

December 16, 2021

• Single-Wide Manufactured Lending

In an effort to support affordable homeownership we are expanding our financing options to include Singlewide Manufactured Housing as part of our product offerings for Conventional and FHA loans. Updated matrices are attached. As a reminder, all product matrices are available by asking Howee or by clicking here.

Highlights of the expanded offering:

• All Manufactured Homes must be classified as REAL Property and meet all typical agency requirements. Effective 12/17/21, VDM will require either evidence the title has been retired OR a legible copy of the title to be retired after closing. This will apply to all Manufactured Homes, not just single-width properties.
• Conventional:
  • Property size: Min 400sf and 12 ft wide
  • Property age: no more than 10 years as of effective date of appraisal
  • Purchase/Rate and Term, Fixed Rate only
  • 95% Max LTV
  • Fannie Mae – must be below 80% AMI
  • No PUD/Condo
  • MH Advantage/CHOICE Home not eligible
• FHA:
  • have a floor area of not less than 400 square feet;
  • was constructed on or after June 15, 1976
  • was designed to be used as a dwelling with a permanent foundation built to comply with the PFGMH;
  • The Structure is designed for occupancy as a Principal Residence by a single family

• Vamba Update

Now that Howee is active, we will be phasing out Vamba (AskVanDyk). All matrices, cheat sheets and other resources will be maintained in Howee. Underwriting escalations will also be handled via Howee (see page 5 of attached user guide). On December 31, Vamba will be turned off. The Howee user guide is attached – please reach out to Production Support if you have any questions about using Howee.

• JUMBO Program Update

This past summer we opened up full correspondent Jumbo lending with Chase and Pentagon Federal CU. Since then, we have closed 30 loans for just shy of 29MM. We would like to thank all of the branches who have been able to sell the loans, and Kelly Sherwood for doing a great job with underwriting and making sure these are all purchased off by the Investors. With this volume on our resume now, we are gaining approvals with new Investors which we are excited to release in Q1 next year. The new Investors will offer us expanded eligibility for the borrowers to continue to grow this segment of our business.

• Broker Partner Update: Greenbox

Effective immediately, we have terminated our relationship with Greenbox. If you need assistance locating a broker partner for a particular scenario, reach out to Production Support.

Employment Related Asset Accounts

Employment Related Assets Fannie FAQ. This discusses when a distribution from a borrower’s retirement assets or employment-related assets may be used as a source of income when qualifying a borrower.