Transcription of WH A Advantage Policies and Procedures Manual
1 WHEDA Advantage Policies and Procedures Manual WHEDA| Overview: Doing Business with WHEDA 1 Page left blank intentionally. WHEDA| Overview: Doing Business with WHEDA 2 Last Revised Date: November 9, 2018 Table of Contents Overview: Doing Business with WHEDA .. 8 Who is WHEDA? (04/01/14) .. 9 WHEDA s Role in Single Family Residential Lending (04/01/14) .. 9 Key Contacts/Resources (10/02/2018) .. 9 Business Hours/Business Days (04/01/14) .. 11 Program Announcements (04/01/14) .. 11 Program Training (04/01/14).
2 11 Gramm-Leach Bliley Act/Privacy Rule Statement (04/01/14) .. 12 Fair Lending Statement/Declaration of Non-Discrimination (04/01/14) .. 12 Vendor Management Requests (04/01/14) .. 12 HMDA LAR Reporting (04/01/14) .. 12 Becoming a WHEDA Lender .. 13 Types of WHEDA Participating Lenders (12/01/15) .. 13 The Application Process (08/16/16) .. 13 Lender Identification Number (03/16/16) .. 14 Eligibility Criteria (08/16/16) .. 14 Lender Responsibilities (09/19/14) .. 15 Third-Party Originators (09/19/14) .. 16 Recertification (03/01/17).
3 16 Reporting Material Changes to WHEDA (04/01/14) .. 17 Fidelity Bond and Errors and Omissions Coverage (07/09/15) .. 17 Responsible Advertising (04/01/14) .. 19 The On-Boarding Process (03/16/16) .. 19 Minimum Loan Volume Requirement (05/21/14) .. 20 Rate Locks/Commitments .. 21 Rate Locks/Commitments (03/16/16) .. 21 Lock Window Availability (03/16/16) .. 21 A Best Efforts Commitment (03/16/16) .. 21 WHEDA| Overview: Doing Business with WHEDA 3 Lock Process (03/16/16) .. 22 Lock Confirmation (04/01/14) .. 22 Lock Expiration Policy (04/01/14).
4 22 Cancelled Locks (04/01/14) .. 22 Lock Policy with WHEDA-Underwriter Denied Loans (04/01/14) .. 22 Lock Extension Policy (06/05/18) .. 23 Changing the Information of a Locked Loan (07/09/15) .. 23 Changing the Delivery Channel after Commitment (04/01/14) .. 23 Relock Policy (04/01/14) .. 24 Locking an Easy Close Down Payment Assistance Loan (03/16/16) .. 24 Locking a Capital Access Advantage Down Payment Assistance Loan (03/01/17) .. 25 Rates and Compensation .. 26 Daily Rates and Pricing (04/01/14) .. 26 In-Day Rate Changes (04/01/14).
5 27 Spot Pricing (04/01/14) .. 27 Worse Case Pricing Policy (04/01/14) .. 27 Higher Priced Mortgage Loans (04/01/14) .. 27 Broker 28 Overview (04/01/14) .. 28 WHEDA-Paid Compensation Plan (04/01/14) .. 28 Loan Registration/Float (09/19/14) .. 28 Conventional Loan Programs (04/01/14) .. 29 FHA Sponsored Originators (04/01/14) .. 29 Submitting Loan Applications (03/01/17) .. 30 Desktop Originator/WHEDA Sponsorship Requirement (04/01/14) .. 30 Funding First Mortgages (11/08/18) .. 31 Easy Close DPA in the Broker Channel (10/13/17).
6 32 Capital Access Advantage DPA in the Broker Channel (10/13/17) .. 32 Changes to the Funding Confirmation (04/01/14) .. 32 Delayed or Cancelled Funding (04/01/14) .. 33 Final Package Submission (10/13/17) .. 33 WHEDA| Overview: Doing Business with WHEDA 4 Addressing Deficiencies in Post-Closing Documents (04/01/14) .. 33 Correspondent Channel .. 35 Overview (04/01/14) .. 35 Rates and Compensation (04/01/14) .. 35 Standard Delegated Underwriting Authority (08/16/16) .. 35 Select Delegated Underwriting Authority (Removed 08/16/16).
7 36 Non-Delegated Status (08/16/16) .. 36 Changes in Delegated Authority Status (04/01/14) .. 36 Delegated Authority Loan Performance Benchmarks (08/16/16) .. 37 AUS Requirement in the Correspondent Channel (04/01/14) .. 37 Compliance Income-Only Review (03/01/17) .. 37 Compliance Income/Property Eligibility Review (03/01/17) .. 37 Conventional Loan Programs (04/01/14) .. 38 FHA Direct Endorsement Lender Responsibilities (04/01/14) .. 38 Closing Correspondent Loans (11/08/18).. 38 Submitting Loans for Purchase (10/13/17).
8 39 Easy Close DPA in the Correspondent Channel (10/13/17).. 40 Capital Access Advantage DPA in the Correspondent Channel (10/13/17) .. 41 Post-Close Purchase Review (03/01/17) .. 41 Addressing Deficiencies in Post-Closing Documents (07/09/15) .. 43 Seasoned Loan Policy (04/01/14) .. 43 Funding Correspondent Channel Loans (04/01/14) .. 43 Mini-Correspondent Channel .. 45 Overview (04/01/14) .. 45 Rates and Compensation (04/01/14) .. 45 Loan Registration/Float (09/19/14) .. 45 Submitting a Loan Application (03/01/17).
9 46 Desktop Originator/WHEDA Sponsorship Requirement (04/01/14) .. 46 Conventional Loan Programs (04/01/14) .. 46 FHA Loan Programs (04/01/14) .. 47 Closing Mini-Corr Loans (11/8/18) .. 47 WHEDA| Overview: Doing Business with WHEDA 5 Submitting Loans for Purchase (10/13/17) .. 47 Easy Close DPA in the Mini-Corr Channel (10/13/17) .. 48 Capital Access Advantage DPA in the Mini-Corr Channel (10/13/17) .. 48 Post-Close Purchase Review (03/01/17) .. 49 Addressing Deficiencies in Post-Closing Documents (04/01/14) .. 49 Funding Mini-Corr Channel Loans (04/01/14).
10 50 Disclosures and Regulatory Compliance .. 51 Applicable Laws, Ordinances, Rules and Regulations (04/01/14) .. 51 Disclaimer Regarding Regulatory Compliance Guidance (04/01/14) .. 51 Electronic/Stamped Signatures (04/01/14) .. 52 WHEDA Exempt from HMDA (04/01/14) .. 52 Lender and Loan Originator NMLSR ID Required (07/09/15) .. 52 WHEDA Loans Exempt from ATR/QM (04/01/14) .. 53 Higher Priced Mortgage Loans (03/01/17) .. 53 Home Owners Equity Protection Act (03/01/17) .. 53 Loan Settlement .. 54 Preparing the First Mortgage Note (04/01/14).
