Mountain West Financial Inc - Making Homeownership a Reality

Program Matrix

Last Updated	5/4/2022 12:00:00 AM
Program Name	Former profile Golden State Finance Authority (GSFA) Platinum Down Payment Assistance Program - FHA
Loan Type	FHA
Max Assistance	FHA: 3% or 4% or 5% of Note amount.
Max LTV/CLTV	AUS: 96.5% LTV/105% CLTV.
Min FICO Score	640. Do not use DU median average score.
Max DTI Ratio	<680; 45% with LPA or DU Accept >680 50% LPA or DU Accept Manufactured 45.00%
Property Type	1 unit SFRs, 2 units, Manufactured, Condos, Townhomes, PUDs.
First-Time Homebuyer	Not restricted to first time homebuyers.
Max Sales Price/Max Loan Amount	Platinum: US Bank and GSFA do not have sales price limits, only loan limits of $647,200.
Product Codes	FF30USPL3% - FHA FIXED 30YR PLATINUM 3% FF30USPL4% - FHA FIXED 30YR PLATINUM 4% FF30USPL5% - FHA FIXED 30YR PLATINUM 5%
Special Alerts/Comments	Wholesale: US Bank requires the Mortgage Loan Originator Agreement form to be completed, signed and in the loan file prior to docs. The COVID-19 Attestation must be signed by the borrower and included in the closing package.

These program parameters pertain to the housing agency’s guidelines as of the last known agency change. Program guidelines should be confirmed with the respective agency prior to loan submission to ensure the use of the most current parameters. When combined with any program, the stricter guidelines will always prevail.

Program Terms

Program Name	Former profile Golden State Finance Authority (GSFA) Platinum Down Payment Assistance Program - FHA
Maximum Assistance Amount	FHA: 3% or 4% or 5% of Note amount.
Program Type	Combined Assistance
State	CA
County	Statewide
Repayment	1st: Fully Amortized 30 Year Fixed Payments. 2nd: Remaining balance is due if sold, transferred or property is no longer owner-occupied prior to three years. Forgiven 1/3 annually and is forgiven entirely after three years from Note date.
Special Alerts/Comments	Wholesale: US Bank requires the Mortgage Loan Originator Agreement form to be completed, signed and in the loan file prior to docs. The COVID-19 Attestation must be signed by the borrower and included in the closing package.
Use of Funds	1st: FHA - Purchase Only. 2nd: Down payment and closing costs.
Interest Rate	1st: Interest rate and the MWF daily rate sheet based on product type and DPA amount. Pricing is available through Price My Loan. 2nd: 0%
Status	Inactive
Eligible 1st Mortgage Type	FHA
Eligible 1st Mortgage Types Notes	Fully Amortizing 30-year Fixed Rate.
MCC Permitted	Yes
Mortgage Insurance	FHA MI
Equity Sharing	Does not have equity sharing.
Last Updated	5/4/2022 12:00:00 AM
Comments	None

Borrower Eligibility

First Time Homebuyer	Not restricted to first time homebuyers.
Homebuyer Education Requirement	Not required
Income Limits	FHA has no income limit.
Income Calculation Method	Follow FHA guidelines.
Minimum FICO	640. Do not use DU median average score.
Debt To Income Ratio	<680; 45% with LPA or DU Accept >680 50% LPA or DU Accept Manufactured 45.00%
Borrower Contribution	Follow FHA guidelines.
Maximum Assets	GSFA Platinum does not have any program assets requirements.
Minimum Reserves	Per AUS
Other Borrower Eligibility Requirements	Neither GSFA or the master servicer, US Bank, have any overlays regarding title only borrowers. Follow FHA/Conventional guidelines. Citizenship: See Underwriting section 713.5. NPRA Documentation Requirements for USCIA or Visa documentation. Non U.S. citizens for loan purposes are categorized as follows: Permanent Resident Alien Non Permanent Resident Alien Non Resident Alien See: US Bank HFA Lending guide Select 'Learn More" in the 'Enjoy Housing Finance Agency Services' area. Section 711.3 Eligible borrowers/non-US Citizens.
Co-Signers	Co-signers - Allowable to the extent permitted by the Agency (FHA & Fannie Mae), with limitation. A co-signer is a non-occupant who is co-signing the promissory note to offer additional security on the mortgage loan. Evidence must be provided to show the borrower has sufficient income to make the monthly mortgage payment.
Non-Occupant Co-Borrowers and Co-Signers	Non occupant co-borrower’s allowances are per FHA & FNMA specific guides.

Property Eligibility

Eligible Property Types	1 unit SFRs, 2 units, Manufactured, Condos, Townhomes, PUDs.
Maximum Units	1
Ineligible Properties	3-4 Units Manufactured Housing Condominiums Single-wide manufactured homes Co-op Second Home Investment Property Any property with a PACE or HERO loan not being paid off. Condos that require the HOA to pay dues to a third party.
Occupancy	Home must be primary residence.
LTV/CLTV	AUS: 96.5% LTV/105% CLTV.
Max Sales Price/Max Loan Amount	Platinum: US Bank and GSFA do not have sales price limits, only loan limits of $647,200.
High Balance Loan Amount	N/A
Home Warranty / Termite Inspection	FHA guidelines
Additional Subject Property Requirements	Condos: Direct Endorsed (DE) Lenders (MWF) may use the new Single Unit Approval Review with a max LTV of 90% including MIP.
Other Property Owned	Occupant borrower is limited to two financed properties, including the subject property. When the LTV/CLTV >95%, the borrower cannot retain ownership interest in other properties financed by U.S. Bank.
Hazard Insurance	1st Mortgage Clause: Mountain West Financial, Inc., its successors and assigns 1209 Nevada St. Ste. 200 Redlands, CA 92320. 2nd Mortgage Clause: N/A
Hazard/Flood Insurance Max Deductible	The greater of $2,500 or 2.5 percent of the face amount of the policy. Flood: The maximum allowable deductible is $10,000. For properties located in a flood zone requiring flood insurance, if the HFA second lien is serviced by U.S. Bank, it must now be included as an outstanding lien in the flood insurance coverage calculations.
Impound Requirements	Follow standard MWF and 1st mortgage guidelines.
Appraisal Requirements	As per GSE guidelines.
Comments	None

Lender Eligibility

Lender Participation Info	Required. MWF is approved.
Training Requirements	Recommended but not required. See GSFA Lender Training
Comments

Fee Information

1st Mortgage Origination Fee	Borrower paid Origination: 2.00% Origination to Broker: 1.50% Origination to MWF: 0.50%
1st Mtg Underwriting Fee	$995 to MWF
1st Mortgage Processing Fee	Currently, up to $900 3rd party processing fees are allowed. The broker may charge a processing fee as long as total compensation including the origination fee is within the broker’s allowable comp plan.
1st Mtg Tax Service Fee	N/A
Compliance Review Fee	N/A
Master Servicer Funding Fee	Disclosed as $400 Servicing Funding payable to MWF. See Disclosures tab.
Other 1st Mortgage Fees	Fees are to be collected from borrower at closing and sent to GSFA with the closing package.
2nd Mortgage Processing Fee	N/A
Other 2nd Mortgage Fees	$295 Doc prep fee to MWF. Fees charged on the Second Loan cannot exceed 1% of the Second Loan amount (recording fees and transfer taxes are not included in the 1% maximum). Any fee is to be disclosed on the 1^st mortgage.
Other Fees	None

Lock Information

Lock Time Frame	MWF will accept lock requests for Platinum programs from 8:30 AM to 3:00 PM PT. Loans may be locked after MWF Underwriter initial approval.
# Days for Rate Lock	Locks are available for 30 days. There is no cost reduction for shorter lock periods.
Extension Policy	Loans under the GSFA program are not eligible for MWF’s re-lock and extension policies. Extensions beyond 30 days require approval by GSFA. At a minimum, the extension fee will be 0.375% of the loan amount. The fee is determined by GSFA and may be higher depending on market conditions.
Cancelation Policy	If a loan is canceled for whatever reason, whether withdrawn or denied, GSFA charges a $400.00 cancellation fee. This fee will be charged to the originating office. If a loan has been canceled, it may only be re-locked after 30 calendar days from the cancellation date.
Additional Lock Requirements	See Retail Capital Markets Policy for complete Locks requirements. MWF does not allow discount points for lock extensions.

Submission

Loan Submission	Originator is to submit loan in the system. Originator is to issues initial disclosure. The Reservation Confirmation from GSFA must be submitted to U.S Bank with the mortgage loan file. The Anti-Steering Disclosure is required for every Wholesale loan file.
BOLT Input	Standard BOLT procedures for HFA programs. Originator needs to issue an Anti Steering Disclosure PTD (Wholesale only) Wholesale: US Bank requires the Mortgage Loan Originator Agreement form to be completed, signed and in the loan file prior to docs. Originator Agreement is provided by Locks once the loan is locked.
Product Code	FF30USPL3% - FHA FIXED 30YR PLATINUM 3% FF30USPL4% - FHA FIXED 30YR PLATINUM 4% FF30USPL5% - FHA FIXED 30YR PLATINUM 5%
Linked Loan Product Code
Comments	IRS Tax Form 4506-C or Tax Transcripts must be used for all closed loan packages.

Disclosures

1st Mortgage Registration and Disclosures	US Bank requires an Anti-Steering disclosure for all wholesale loans. The Master Servicer Funding fee is charged to MWF and is deducted at loan purchase. MLM/LQB will fire at initial a 400.00 Servicing Funding fee in block A payable to Mountain West Financial. This will replace the master servicing fee that is currently firing in section B payable to the master servicer. There will only be the one fee in block A. This is disclosed as $400 Servicing Funding payable to MWF in Section A. US Bank: This fee is a secondary market cost to the MWF and is not part of the primary transaction, therefore it is not appropriate to charge this fee in section B or C of the LE/CD. Any addition to the lender’s fees to the borrower to offset this charge must never reflect as a charge payable to US Bank and must always be listed in Section A, paid to MWF (for example, included in the Origination Charges or as a separate line-item charge). Any fees added to Section A must be included in the TRID points & fees test.
2nd Mortgage Registration and Disclosures	There are no initial loan disclosures for the 2nd on the Platinum.
Closing Disclosure	Standard CD procedures apply.
QM	Exempt from QM, thus QM Points and Fees test does not apply.
HPML	GSFA loans are not exempt from the HOEPA and/or HPML requirements. Cannot exceed HOEPA’s 5% Points and Fees threshold and must meet HPML. USBMH will NOT purchase a High Cost Mortgage.
Comments	None

Underwriting

AUS	DU Approved/Eligible; LPA – Accept/Approved. US Bank and GSFA do not have a preference on AUS type
Manual Underwriting	Manual Underwriting is not allowed for FHA loans.
Gift Funds	Allowed
Seller Contribution	Follow 1st mortgage guidelines.
Prior-to-Doc Conditions	Wholesale: US Bank requires the Mortgage Loan Originator Agreement form to be completed, signed and in the loan file prior to docs.
Prior-to-Funding Conditions	Underwriter will condition for: Standard prior-to-doc conditions. Cash back to buyer can only come from excess EMD money. See “File Submission to Underwriting Stacking Order” section of U.S. Bank
Compliance File	N/A
MWF Overlays	3-4 unit properties are ineligible types U.S. Bank prohibits any property with HERO, Empower, PACE Funding, EVest, etc. funding. The Property Assessed Clean Energy loan must be paid in full prior to closing. U.S. Bank prohibits subordination of these loans. No Escrow Holdbacks.
Comments	See US Bank HFA Overlays

Loan Documents

Lien Position	1st and 2nd
MERS	The first mortgage is registered in MERS. The second mortgage can be registered in MERS (optional).
Max Cash Back	Cash back to buyer can only come from excess EMD money.
Excess Funds	Any remaining assistance must be applied as a principal reduction.
Escrow Holdbacks	N/A
Doc Provider	MWF
Note Holder	MWF
Requesting Docs	A request for loan documents for the 2nd TD must be sent to your Closer.
Wiring of Funds	MWF will send 1 wire for all loans and grant/gift (if applicable). The 2nd DPA/Grant/Gift will be included in the wire on the 1st. Only 1 wire will be sent to title.
Notice Prior to Funding	N/A
Title Insurance	Standard ALTA policy. Manufactured: U.S. Bank will only accept the Manufactured Home endorsement that is issued with the 2006 policy and will no longer accept the previously issued ALTA 7 endorsement. If a title company refuses to issue an ALTA 7.1-06, the loan should not close. Begin tracking down the vehicle title or evidence that the title has been surrendered immediately. This should not be left until closing.
Required Documents	IRS Tax Form 4506-C or Tax Transcripts must be used for all closed loan packages. See US Bank HFA Division checklists: www.usbank.com/correspondent Enjoy Housing Finance Agency Services/Learn More. Manufactured Homes: The borrower must sign a written statement to acknowledge their intent that the manufactured home is a part of the real property that secures the mortgage. The Affidavit of Affixation must be recorded with the Security Instrument. The Affidavit of Affixation can be obtained from the US Bank Lender site. Required lien perfection documentation: Complete and record copy of HCD 4334 form. US Bank will only accept HCD 433C if a HCD search is included.
Late Payment Information	Grace Period: 15 days. Late Payment Percentage: May not exceed 4% for FHA Platinum or the maximum allowable percentage per state guidelines.
Collateral Process	The original Note is retained by the Post Closing Department until the file is ready to be shipped. The Note is to be endorsed by Mountain West Financial, Inc.
Funding Source	HFA
DPA Source Documentation	N/A
Comments	MWF is authorized by US Bank for eSignatures: The following documents are not permitted: • Notes or Modifications • Power of Attorney • Revocable Trusts • Electronic Notarizations (i.e. Security Instrument, Riders, Name Affidavit, Remote Online Notarization (RON) etc.) Refer to 900: C. of the US Bank Guide for specifics For those documents where e-signature is allowed, borrower(s) may sign those documents no more than 3 business days prior to closing (the date the wet signed documents are signed).

Post Closing

Credit Package Delivery Checklist	Credit Package is sent to US Bank. The US Bank Delivery and Funding Checklist are found within the US Bank web site. See www.usbank.com/correspondent
Compliance File Delivery/Checklist	All HFA Final Docs should be delivered to: Attn: CIC HFA Final Docs EP-MN-X3CI Hopkins Excelsior Blvd 9380 Excelsior Blvd, 3rd Floor Hopkins, MN 55343
# of Days to Purchase File	7 calendar days
Post Closing Requests	Refer to www.usbank.com/correspondent
Post Closing Additional Requirements	Endorsement Sample: Pay to the Order of: U.S. Bank National Association. Without Recourse By:______________________(signature) XYZ Mortgage Corporation (full legal name) John Doe, Vice President (typed name & title) Addresses for Transfer of Service letter to borrower: Servicing transferred to U.S. Bank National Association Attn: Customer Service PO Box 21948 Eagan, MN 55121-4201 Phone: 800-365-7772 Borrower is to send payments to U.S. Bank National Association P.O. Box 790415 St. Louis, MO 63179-0415 Note: Address for payments received by the lender after U.S. Bank purchase should be sent using overnight delivery to: U.S. Bank Home Mortgage Attn: Payment Processing 4801 Frederica St. Owensboro, KY 42301

Offering Agency

Offering Agency	Golden State Finance Authority (GSFA)
Agency Contact Information	Main: (916) 384-1619 Danh T. Nguyen, Program Administrator (866) 643-4968 [email protected] Meagan Harris, Program Coordinator (855) 740-8422 [email protected]
Website Links	Golden State Finance Authority
Program Flyer/Guidelines	GSFA Platinum
Program Provider Type	Government
Address	Golden State Finance Authority 1215 K Street, Suite 1650 Sacramento, CA 95814
Master Servicer	U.S. Bank Home Mortgage – HFA Division (USBHM) Attn: Customer Service PO Box 21948 Eagan, MN 55121-4201 Phone: 800-365-7772
EIN/Tax ID	GSFA: 68-0322272
Investor	U.S. Bank Home Mortgage – HFA Division (USBHM)
Program Administrator	Golden State Finance Authority
Comments	None

Former profile Golden State Finance Authority (GSFA) Platinum Down Payment Assistance Program - FHA