by usezloan | Apr 28, 2022 | Financial study
융자지식 277-융자 진행 절차- 신청단계
융자 진행 절차
융자 진행과정은 신청단계, 심사단계 (초기승인), 검증단계 (최종승인), 클로징 단계와 같이 4단계로 나누어 볼 수 있습니다.
– 융자 신청단계
바이어는 1003이라는 융자신청와 필요한 서류들을 융자당당자에게 체출합니다.
융자시 필요한 서류
소셜 시큐리티 카드
생년월일 증빙서류- 출생증명서, 운전면허증.
최근 2년간의 급여 명세가 기록된 W-2와 개인 세금보고서.
최근 공과금 납부서 사본 (Paystub).
직장인의 경우 고융주, 회사명, 주소와 전화번호.
자영업자의 경우 사업체 세금 보고서와 지난 2년간 손익계산서, 제무제표와 은행 계좌번호, 현재 잔고 내역서.
기타 재산이 있을 시 입증 서류-IRA, 401K, CD, STOCK, BOND 등.
개인 재산 가치- 자동차, 귀금속 등.
주택 소유주의 주소, 주택의 거래 시장가, 융자기관, 계좌 번호.
구매자금이 선물로 받은 GIFT MONEY일 때 갚지 않아도 된다는 내용의 증서.
이혼자에게는 자녀양육비, 위자료 지불이 기술된 서류
직장경력이 2년 미만일 경우, 최종학력 증명서 또는 재학 증명서.
임대 주택이 있을 경우 임대 주택 주소, 수익내역, 임대 계약서 사본.
최근에 이혼했으면 – 이혼 증명서류( Divorce Decree)
영주권자- 영주권 앞뒤 사본 등입니다.
바이어로 부터 융자신청을 받은 융자담당자는 제일 먼저 융자 신청자의 자격요건을 검토합니다.
이를 위해 융자담당자(론오피서)나 론을 처리하는 사람(프로세서)은 데이터를 시스템에 입력하여 신청자 명의 파일을 만드는데 이를 오리지네이션(Origination) 이라고 합니다.
이 단계에서 론 프로세서는 크레딧 리포트와 구매 부동산 감정도 의뢰하고 부동산 명의 등기회사(타이틀회사) 등을 접촉해 필요한 서류도 접수하며 고객의 요구에 따라 이자율도 ‘확정(락인)’해 둡니다. 이자율은 마켓 상황에 따라 lock in을 일찍할 수도 있고 늦게 할 수도 있습니다.
오리지네이션 단계는 보통 2~5일이 걸리고 론 프로세서는 융자 신청서 (1003)와 추가로 수집된 각종 서류들을 정리하여 융자 심사부로 제출하는데 이를 ‘제출(submission)’이라고 합니다.
by usezloan | Apr 28, 2022 | Financial study
융자지식 276-융자 진행 절차- 심사단계
융자 진행 절차
융자 진행과정은 신청단계, 심사를 통한 조건부 승인, 부족한 서류 검증 후 최종승인, 클로징 단계와 같이 4단계로 나누어 볼 수 있습니다.
-심사단계
심사부로 넘어가면 심사단계가 되어 제출된 서류들은 접수된 순서에 따라 심사 담당자가 심사를 하는데 이를 언더라이더(Underwriter)라고 하며, 융자 승인여부를 결정하는데는 보통 1~3일 걸립니다. 심사 결과는 통상 approval(조건부 승인), suspense(미결), counter offer(융자회사의 제안), decline(거절) 등으로 나누어집니다. Suspense는 융자승인 여부에 필요한 자료가 부족할 경우에 그 자료가 충족될 때까지 심사결정을 보류하는 것을 말합니다.
카운터 오퍼(Counteroffer)는 제출된 서류대로 융자승인을 해줄 수가 없다고 판단하여 심사담당자가 다운 페이먼트를 더 요구하거나, 융자상품을 바꾸거나, 거주용도를 바꾸거나 할 경우에 승인을 주겠다고 알려주는 통지입니다. 바이어는 90일 안으로 카운터 오퍼를 받을 권한을 가집니다.
조건부 승인(Approval)이 났을 경우에는 론 신청자에게 약조하는 편지(commitment letter)가 발송되는데 이것은 몇 가지 추가적인 서류와 정보제공을 전제로 융자는 문제없이 끝날 수 있다는 편지입니다.
약정서(commitment letter)에는 대출 조건 (금액, 이자율, 수락 기간 및 만료일)이 명시되어 있으며 대출 기관이 저당권 자에게 보내는 법적 구속력이있는 서면 약속입니다.
바이어나 부동산 에이전트들이 융자승인 되었다고 하면 보통 이 조건부 승인을 말합니다.
조건부 대출 약정은 대출 약정이 발행되기 전에 충족되어야하는 미결 사항이므로 대출 기관은 조건부 승인을 발행합니다.
조건부 승인은 아직 융자과정이 완전히 끝난 것은 아니지만 이 파일에 대해 심사담당자의 생각을 알 수 있다는 점에서 아주 중요합니다. 심사담당자가 초기 조건부 승인을 해주면서 여러 가지 추가서류를 요구하기도 하고 동시에 각종 정보와 서류에 대하여 검증과정을 거칠 것을 요구하기 때문입니다.
by usezloan | Apr 28, 2022 | Financial study
융자지식 275-융자 진행 절차- 검증단계
융자 진행 절차
융자 진행과정은 신청단계, 심사를 통한 조건부 승인, 부족한 서류 검증 후 최종승인, 클로징 단계와 같이 4단계로 나누어 볼 수 있습니다.
검증 단계
조건부 승인을 받으면 심사담당자로 부터 여러 가지 보충서류를 제출하도록 요구 되어집니다. 이것을 보통 서류 검증단계라 부릅니다.
사인된 세금보고서, 부동산 타이틀 리포트, 보험회사, 콘도의 관리회사(HOA), 부동산 리스계약서, 감정사, 연방세무당국(IRS), 은행, 직장, 회계사(CPA)등으로 부터 도움 받는 서류들이 필요합니다. 여러 회사를 통해서 서류를 얻을 수 있기 때문에 이들의 신속성 협조 여부에 따라 융자진행 속도가 좌우됩니다.
그리고 각종 검증 (Verification) 절차도 동시에 진행됩니다. 고용확인서(VOE : Verification of Employment)와 같은 직장과 직업 관련 검증, 어떤 때는 론 프로세서가 직접 회사에 전화해서 확인하는 경우도 있습니다. 임대확인서(VOR : Verification of Rent)와 같은 렌트 페이먼트를 잘 했는지에 대한 검증, 은행잔고 검증, 제출한 세금보고서와 연방세무당국의 기록이 (IRS transcript) 일치하는지 등에 대한 각종 검증작업이 이루어집니다. 또한 대상 주택에 대한 감정이 별도로 진행이 됩니다.
검증이 완료되면 론 프로세서는 이 서류들을 심사담당자(Underwriter)에게 넘기면서 최종 승인을 요구합니다. 심사담당자는 모든 서류를 리뷰하고 최종승인을 하고, 파일을 클로징 단계로 넘깁니다. 여기서 부족한 서류나 요구하는 조건에 맞지 않으면 다시 서류 제출해야 합니다. 이때 예상보다 융자가 늦어질 수 있습니다.
by usezloan | Apr 28, 2022 | Financial study
융자지식 274-융자 진행 절차-클로징 단계
융자 진행 절차
융자 진행과정은 신청단계, 심사를 통한 조건부 승인, 부족한 서류 검증 후 최종승인, 클로징 단계와 같이 4단계로 나누어 볼 수 있습니다.
클로징 단계
이 단계를 Clear To Close(CTC)라고 합니다.
대출 담당자가 바이어의 모든 대출 서류를 리뷰했고 이 서류들을 인정 할 수 있다고 타이틀회사에 알려 줍니다. 타이틀 회사가 클로징을 계획하고 담당자(클로저)는 CD, 즉 (Closing Disclosure)이라는 서류를 만들게 됩니다.
CD는 융자금액, 상품, 이자율 등 융자관련 제반 조건과 비용, 융자에 관한 모든 내용을 포함하고 있어 고객들이 타이틀 회사에서 최종 융자서류(보통 ‘론닥’)에 사인하기 이전에 융자의 세부적인 내용을 미리 보고 사인합니다. 바이어는 융자담당자와 함께 이 서류를 잘 검토해야합니다. 또한 융자담당자는 CD의 내용을 잘 설명할 수 있어야 합니다.
CD 사인 후 론닥(융자서류) 서류가 나옵니다. 론닥 사인 후 자금을 펀딩하고 송금을 합니다. 마지막으로 등기하는 과정을 마치면 클로징은 마무리됩니다.
이 단계를 Clear To Close(CTC)라고 합니다.
대출 담당자가 바이어의 모든 대출 서류를 리뷰했고 이 서류들을 인정 할 수 있다고 타이틀회사에 알려 줍니다. 타이틀 회사가 클로징을 계획하고 담당자(클로저)는 CD, 즉 (Closing Disclosure)이라는 서류를 만들게 됩니다.
CD는 융자금액, 상품, 이자율 등 융자관련 제반 조건과 비용, 융자에 관한 모든 내용을 포함하고 있어 고객들이 타이틀 회사에서 최종 융자서류(보통 ‘론닥’)에 사인하기 이전에 융자의 세부적인 내용을 미리 보고 사인합니다. 바이어는 융자담당자와 함께 이 서류를 잘 검토해야합니다. 또한 융자담당자는 CD의 내용을 잘 설명할 수 있어야 합니다.
CD 사인 후 론닥(융자서류) 서류가 나옵니다. 론닥 사인 후 자금을 펀딩하고 송금을 합니다. 마지막으로 등기하는 과정을 마치면 클로징은 마무리됩니다.
by usezloan | Mar 31, 2022 | Financial study
융자지식 274-5.6,7,8,9 5.6 Income Guidelines
5.6 Income Guidelines
The two biggest things that lenders look for in income (and employment) are stability and consistency.
In order for most kinds of income to count (especially for variable income such as overtime or bonus
income), lenders will also want to receive confirmation that income is likely to continue. For example,
all income with an expiration date (child support, alimony, long-term disability programsfor example)
must be likely to continue for at least three years after the loan closing.
A quality source of income is one that is reasonably reliable, such as income from an established
employer, government agency, interest-yielding investment account, etc.
A durable source of income can be expected to continue for a sustained period. Permanent disability,
retirement earnings, and interest on established investments clearly are durable types of income.
Temporary unemployment benefits are unlikely to be counted.
To be considered durable, bonus, commission, and part-time earning types of income must be shown
to have been a consistent part of the borrower’s earnings for two years.
• Standard income documentation: For salaried and hourly individuals, this typically includes
paystubs for the most recent 30-day period and W-2s for the most recent two-year period.
• Commission Income: Lenders will require copies of income tax returns for the past two years
and information on current income if commissions represent 25% or more of an applicant’s
annual income. In order to account for the variability of an applicant’s commissions, lenders will
average the past two (2) years of income.
• Overtime and Bonus Pay: In order to account for the variable income such as overtime or
bonus income, lenders will average the past two years.
• Non-Taxable Income: Grossing Up – Some income sources, such as permanent disability
payments, Social Security benefits and child support, may be exempt from federal income
taxes. Most investors/governmental agencies allow the lender to calculate how much tax the
borrower would pay if this income were taxable and add that figure to the gross amount
received. This procedure is known as grossing up. The allowable “gross up” factor is usually
25%; in other words, the non-taxable income can be multiplied by 125% to adjust it accordingly.
• Rental Income (Other Real Estate Owned): If the borrower wishes to use rental income as a
way of qualifying for a loan, the loan originator should obtain 1040 tax returns, complete with
all schedules, including Schedule E. If 1040 tax returns cannot be used, the lender will calculate
the rental income by 75% of the amount shown on the lease agreement. Generally, a 25%
vacancy/maintenance factor should be subtracted from the monthly gross rent (thus the 75%
mentioned earlier).
• Unemployment Compensation: For applicants whose work is seasonal, unemployment income
can be used as part of qualifying income. Some trades, such as fishing, construction and farm
work, are seasonal with regular down time. During this time, most workers receive
unemployment. If unemployment is part of the natural annual work cycle, then it may be
included in qualifying income. The loan originator should obtain two years’ copies of tax returns
and average both the employment income and the unemploymentincome. In general,
unemployment compensation received due to layoffs or termination cannot be used as
qualifying income.
• Self-Employed Borrower: If an applicant is self-employed, the loan originator should obtain tax
returns for the past two years. Twenty-five percent of income derived from 1099 income is
considered self-employment and 25% or more ownership in a business is also considered selfemployment.
• Disability payments count as income if they are a permanent source of income, but the
lender will use caution if they are only for a limited time. If the benefits have a defined
expiration date, the remaining term should be at least three years from the date of
the mortgage application. Creditors should review the borrower’s disability award
letter to determine if the disability income is taxed or non-taxable. Not all disability
payments are income tax-free.
• Social Security income counts as permanent income for a borrower who has reached
retirement age. If these payments are the result of a disability or some other condition
, the lender treats them like other disability payments and requires no greater amount
of documentation than what is imposed on a regular-paid employee.
• Pensions and Retirement Benefits -Lenders generally consider pension and retirement
benefits as stable income, although they may investigate the source to determine
solvency.
• An auto allowance is an amount an employer gives an employee for the business use
of her car. This amount of reimbursement may be offset by deducting actual expenses
from the allowance. The remainder is considered taxable income by the IRS and when
averaged for the previous two years is considered income for loan qualification.
• Alimony, child support, and/or maintenance can be considered part of the borrower’s
monthly qualifying income if it’s determined they are likely to be made on a consistent
basis. Such a determination is dependent on whether the payments are required by
written agreement or court decree, the length of time the payments have been
received, the age of the child (child support payments generally stop at age 18), the
overall financial and credit status of the payer, and the ability of the borrower to
compel payment if necessary (e.g., through a court order). They should be expected to
continue for a minimum of three years to be used in income calculations. They do not
need to be listed as sources of income if a borrower does not want them considered
for the loan, per ECOA. To verify receipt of income, the borrower must verify child
support payments either by six months of cancelled checks or six months of
consecutive bank statements showing child support/alimony deposits.
• Foster Care Income – Qualifying payments for foster care are generally not taxable,
according to IRS Publication 525. To fully document the income for use in loan
qualification, an MLO must:
o Obtain a letter from the state agency case worker to substantiate the foster
worker’s placement and that the placement of children will be ongoing.
o Document receipt of reimbursement for the previous 24 months. Because the
income will likely be sporadic and change monthly, use a 24-month average.
o Place a letter in the loan file from the borrower stating he intends to continue
with foster care.
5.7 IRS Form 4506-T
Due to the prevalence of overstated income and the potential for tampering with income documents,
many lenders require authorization from a loan applicant to conduct an independent verification of
tax records. This independent verification is often performed for self-employed borrowers but is
becoming more common with other types of borrowers. The IRS Form 4506-T is used to obtain a
transcript of tax returns. IRS Form 8821 is used to authorize the release of other tax information.
5.8 Credit Report
Credit scoring is an objective means of determining creditworthiness of potential borrowers
based on a number system.
A credit score is a numeric representation of the borrower’s credit profile compiled by
assigning specified numerical values to different aspects of the borrower. These numbers are
adjusted up and down based on the strengths and weaknesses of particular qualifications.
The numbers are added from all the categories and a credit score based on these various
criteria isassigned.
Credit scores also play an important role in automated underwriting since Fannie Mae and
Freddie Mac have identified a strong correlation between mortgage performance and credit
scores. The higher the score, the better the credit risk. The lower the score, the higher the
risk of default.
The loan originator will order a credit report from one or all the credit bureaus in order to review
the applicant’s credit history. This is a record of debt repayment, detailing how a person paid credit
accounts in the past as a guide to whether he is likely to pay accounts on time and as agreed in
the future.
The Fair Credit Reporting Act indicates that consumer reporting agencies may maintain
bankruptcy information on a consumer’s credit report for no more than 10 yearsfrom the date
of entry of the order for relief or the date of adjudication, whichever the case may be.
Generally speaking, however:
• Chapter 7 bankruptcy (Liquidation ) and Chapter 13 (wage earner plan) remain on a credit
report for ten (10) years.
• Derogatory accounts may only remain on a borrower’s credit history for seven (7) years.
Credit scoring is considered an objective means of determining creditworthiness of potential
borrowers based on a numbersystem. Calculated differently by all credit bureaus, although
credit scores range from about 300 to 850. The three most familiar credit bureaus are: Experian,
Equifax and TransUnion.
5.9 Tangible Net Benefit
Refinancing can be a good choice for many applicants, and there are many reasons to refinance a
mortgage. For example, someone may be looking for a lowerrate and mortgage payment ormight be
looking to pay off higher interest debt, such as credit cards(in which case, the possibility exists that the
rate on the new mortgage loan may actually be higher than that onthe existing loan).
Often, people may want to shorten the term of their loan (i.e., go from a 30-year term to a 15-year
term) or take cash out to help their children pay for college.
• Whatever the reason for refinancing, borrowers must be receiving some sort of positive
outcome by doing so, otherwise known as a “tangible net benefit”; that is, there must be facts
about the new loan that make it in the interest of the applicant to proceed.
• Refinancing a loan with no tangible benefit to the borrower is called loan flipping, which is an
abusive practice and considered loan fraud. Loan flipping is a form of equity stripping – a
practice where the applicant’s equity is taken away by a mortgage lender. Equity stripping can
come in many forms, but in all cases, is viewed as predatory lending and must be avoided.
by usezloan | Mar 29, 2022 | Financial study
융자지식 273-5.5 Assets and Liabilities
5.5 Assets and Liabilities
Qualifying a buyer simply means evaluating a borrower’s credit-worthiness. In reviewing the
borrower’s loan application to determine whether to make the loan, the lender considers the
applicant’s credit, capacity, collateral, and cash by looking specifically at the following: Assets,
Liabilities, Income, Credit report, and Qualifying ratios.
The primary concern throughout the loan underwriting process is determining the degree of risk
a loan represents. The underwriter attempts to answer two fundamental questions:
Is there sufficient value in the property pledged as collateral to assure recovery of the loan
amount in the event of default?
Does the borrower’s overall financial situation – which is comprised of income, credit history, and
net worth indicate he can reasonably be expected to make the proposed monthly loan payments
in a timely manner?
Assets are items of value owned by the borrower, such as cash on hand, checking or savings accounts,
stocks, bonds, insurance policies, real estate, retirement funds, automobiles, and personal property.
In practically all cases, a borrower must have some assets in order to satisfy a down payment and
complete a mortgage transaction. It is important that the application clearly indicate the source of
funds that the applicant will use to close the mortgage loan because these funds must be verified in
the file. Some sources of fundsinclude:
• Cash in the Bank – If the applicant indicates on the application that he or she will use cash
currently on deposit in the bank to close the loan, then the loan originator can easily verify this
by asking for the last two or three months’ worth of bank statements.
o Two months’ statements must be obtained because investors want to see seasoned
funds (funds that have been in the account for a minimum length of time).
o If the bank statements reveal any large deposits, the applicants must provide a written
explanation of the source of those funds, along with supporting documentation like a
cancelled check.
o A large deposit, as defined by Fannie Mae, is any deposit that exceeds 50% of the
monthly qualifying income for the loan.
• Sale of Current Residence – In this case, the applicant must supply a copy of the Closing
Disclosure or HUD-1 Settlement Statement from the sale transaction, verifying that the
property has been sold and that the applicant received sufficient proceeds to close the new
loan.
• Gift Funds – The donor(s) must complete a gift letter indicating the amount of the gift and the
donor’s relationship to the applicant. The relationship must be acceptable to the investor.
Typically, the individual must be a family member.
o The gift letter must state that no repayment of the funds is required, and the creditor
must verify that the funds have been given; this is generally done with a copy of a
cancelled check. The donor must also typically provide a copy of a bank statement from
which the funds were transferred to evidence the ability to give.
• Sale of Other Assets – Some of the items often sold for cash to close a real estate transaction
include cars, boats, RVs, guns, artwork, antiques, jewelry and coin collections. In the case of an
asset sale, the applicant must prove ownership of the asset that was sold, provide a market
value for that asset (i.e., a Blue Book value for cars or an appraisal for jewelry), and show the
bill of sale and proof of payment.
• Secured Borrowed Funds – Unsecured borrowed funds, such as from a credit card advance, are
NOT an acceptable source of down payment. All borrowed funds must be secured by an asset,
such as a 401(k).
• Cash on Hand – Some applicants do not use or trust commercial banks and keep their cash at
home. This is referred to as “unverified cash” or “cash onhand.” Investors generally do not
allow cash on hand to be used as a source of down payment or closing costs.
• Reserves: Cash on deposit or other highly liquid assets a borrower will have available after the
loan funds
– Prefer at least 2 months PITI
– Non-owner occupied require 6 months
Liabilities are financial obligations or debts owed by a borrower. Debts are any recurring monetary
obligation that cannot be cancelled. Liabilities, including various credit-related obligations, must be
considered in order to determine the likelihood of repayment. Most lendersrequire that the
borrower’s monthly mortgage payment plus other liabilities not exceed a certain percentage of the
person’sincome.
• Revolving Accounts (e.g., Credit Cards) – For credit cards and otherrevolving accounts,the
paymentthat will be used in the calculation of the borrower’s debt-to-income ratio is the
minimum monthly payment shown on the credit report. If a credit report does not show a
minimum monthly payment, the underwriter will use 5% of the unpaid balance as a payment when calculating theratios.
• Installment Loans – Monthly paymentsfor installment loans (such as auto loans) with fewer
than ten (10) payments remaining may be excluded when calculating qualifying ratios.
Installment loans can also be paid off or paid down to fewer than ten (10) payments in order to
help an applicant qualify for a loan.
• Auto Leases – Monthly auto lease payments are always included in the qualifying ratios
regardless of the balance remaining on the lease (as compared to auto loans, which may be
excluded if ten (10) or fewer payments remain).
• Student Loans – If payment on a student loan is deferred, Fannie Mae and Freddie Mac both
require thatthe underwriter include a payment in calculating the borrower’s debt ratio for
qualification purposes. Generally, this is done by obtaining a payment letter from the
institution holding/servicing the student loan (e.g. Sallie Mae). If no payment letter can be
obtained, the lender must use 1% of the unpaid balance.
• Contingent Liabilities – A borrower has a contingent liability when he or she has co-signed for
another person’s installment debt, but the actual payments are being made by the primary
obligor. Such liabilities do NOT have to be taken into consideration when calculating the
borrower’s debt ratio as long as both of the following are true:
o The payments have been made on-time forthe previous 12- month period.
o The lender documents that the payments were made from the primary obligor’s
account(s).
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