New Underwriting Guidelines
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·
All
borrowers' birth certificates will be required with pictures taken in the
hospital with medical staff. Birth certificate with a live home delivery will not be eligible for first time home buyers.
·
Marriage
certificate with bridal dress will be required if both husband and wife are
required to qualify for the loan.
·
GFE
will not require signature, but will require blood sampling from a recognized
institution within three days of application.
·
DNA
test will be performed at closing to avoid any non-arms length transactions.
Loan funding will be contingent upon satisfactory receipt
of DNA results.
·
Verification
of deposit will be acceptable only if Bank representative is present at the
closing.
·
Copy
of Pay stubs and W2 will only be acceptable through IRS and only with a
wax-sealed envelope mailed directly to the lender.
·
Seven
witnesses from the neighborhood will be required as proof of primary residence in case borrower owns more than 1 property.
·
All
appraisers will be required to use masks and ear plugs at the time of
inspection to avoid any personal influence by the borrower or broker for the
appraised value.
·
In
order to correctly calculate DTI and true housing ratio a list of grocery
items, monthly usage and brand names will be required with receipts and
projected 12 month consumption chart.
·
Closing
will not occur without loan officer presence at settlement and loan officer
picture will be taken at the closing in a mug shot format with loan number.
Picture should meet standard guideline of 2 X 2 inch in color format with one
facing and one side view.
·
Loan
officer picture will be attached to the Deed and note and will be made
available for general public and security agencies in case borrower defaults on
the loan.
in preparation for April Fool's Day!