500 Series Super Jumbo Advantage Guidelines

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See our updated Agency Conforming Matrix!

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Employment & Earnings Type:

• Income must be from primary employment.
• Income must be Base Pay, non-fluctuating salaried earnings.

General Eligibility:

• Purchase Money Mortgage.
• 1 unit owner occupied residence

Ineligible Borrower:

• Employed by a family member or by an interested party
  to the transaction.

Offer Letter or Employment Contract:

• Copy of the Employment Offer Letter or Employment Contract must
  be fully executed and accepted by the borrower.
• Offer Letter or Contract must be non-contingent, or provide
  documentation, such as letter (on letterhead), or e-mails from the
  employer verifying all contingencies have been cleared.
• Must include the terms of employment, including, but not limited
  to, employment start date, and annual base non-fluctuating
  earnings.
• Documentation confirming employment contracts are reasonably
  common to the particular employment field, industry, or region.

10 Day PCV:

• 10 day pre-closing verification of employment; verifying the terms
  of the offer letter or employment contract have not changed.

Prior to the Note Date, the seller (MFG) must determine and document in its written
analysis, which of the following options is chosen:

Option 1:

• The seller is NOT required to obtain a paystub from the new
  employer.
• The Note Date cannot occur more than 60 days prior to the
  commencement of employment as documented on the offer letter
  or employment contract (& verified verbally).
• The seller must document adequate income and/or liquid assets to
  pay the monthly housing expense, and other monthly liabilities
  between the Note date and the employment start date.
• Document an additional 6 months housing expense reserves.

Option 2 – This option is only allowed with Senior Management approval.

• The seller is required to obtain the paystub from the new employer
  prior to the delivery date; the paystub must validate the income
  used.
• The seller must document adequate income and/or liquid assets to
  pay the monthly housing expense, and other monthly liabilities
  between the Note date and the employment start date.

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The mortgage loan file must obtain the most recent 12 months’ cancelled checks (or bank statements) from the other party documenting a 12 month satisfactory payment history. There must be no delinquent payments for that debt in order to exclude it from the borrower’s debt-to-income ratio.
The previous guideline stated the person paying the debt must be obligated on that debt.

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MFG Banking has added several Portfolio and NON-QM programs for Purchase, Rate and Term and Cash Out Refinance transactions. Our Portfolio Product line is offered to provide borrowers with loan programs that extend beyond the Agency guidelines. If you have borrowers that need this flexibility to qualify, then we have the loan program that's right for you.

Contact your Manhattan Financial Group, Inc. Account Executive or Loan Coordinator to answer any questions you have about our 200 Series Portfolio Products. If you are not already an MFG approved broker, one of our Account Executives will walk you through the approval process, our loan products and online loan pricing and submission software (BRIDGE).

The post 200 Series Portfolio Products appeared first on MFG Banking.

Let us Disclose For you with "No Hassle Origination"

Enjoy the benefits of MFG Banking's "No Hassle Origination":

- Allow for faster appraisal ordering
- Quicker turn-times
- No disclosure delays

No Need to wait for a full package!

No Hassle Origination Package Includes:

* Submission Package must be received within 24 hours of initial loan application

- Fully Completed 1003 (Signed by MLO)
- Credit Report
- Borrower Signature Affidavit (BSA)
- Fees Worksheet & Estimated Title Fees (from closing agent)
- E-Delivery Disclosure

** Broker must provide accurate email addresses for borrowers & co-borrowers at submission

Visit our TRID Disclosure Procedures page or Contact Us for Assistance.

Click here to view today's Rate Sheet

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MFG Banking has created the “No Hassle Origination” process to comply with the TILA RESPA Integrated Disclosures (TRID – Effective 10/3/2015) and to assist our brokers in getting their loans closed as fast as possible.

Its as easy as this:

1. Broker takes “Application”
-Application Definition: Borrowers Name, Subject Property Address, Social Security Number, Loan Amount, Estimated Value & Income.

2. Broker gets the e-delivery disclosure & borrower signature affidavit signed by the borrower.

3. Broker determines the fees.

4. Broker sends MFG the above information within 24 hours of receipt of the “Application.”

After the borrower has acknowledged their intent to proceed with the transaction via e-signatures on the initial disclosure package, the broker can collect all remaining submission documentation. The documentation can be uploaded to BRIDGE, or sent to your Account Executive as soon as it is received. If you are using BRIDGE, you need to SUBMIT the loan through the system either by changing the status to SUBMIT or locking the loan.

* Please Note: Failure to submit the items needed for MFG to properly disclose within 24 hours will result in the incomplete application being canceled in BRIDGE by 12:00pm on the third business day. If the loan is locked the lock is canceled as well. If/when the broker has a completed application it will have to be restarted in BRIDGE.

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