7/29/13 MKT-5389 Page 1 of 11 Franklin American Mortgage Company (FAMC) DE Underwriter prints the final addendums from LOS. Final addendums are not required from the broker. The initial addendums (page 1 and 2 only) are required at submission. The initial 92900-A must correspond to the initial application date. Example: if the application is dated 12/23/2012, then the initial 92900-A should also be dated 12/23/2012. The details below address how to complete the addendums for Sponsor Originators (SO) and Principle Agents (PA): Page1; Part I 1. Check FHA 2. Enter FHA case number 3. Enter FAMC’s loan number 4. 203B for SFR and condos 5-12. Should be self-explanatory 13. If PA – broker’s FHA lender ID; IF SO – FAMC FHA Lender ID 14. If PA – FAMC FHA lender ID; IF SO – leave blank 15. If PA – broker’s name and address; IF SO – FAMC name and address NOTE: Properties in New Hampshire must show “Franklin American Mortgage Company dba FAMC” 16. If PA – FAMC name and address; IF SO – leave blank NOTE: Properties in New Hampshire must show “Franklin American Mortgage Company dba FAMC” 17. If PA – broker’s phone number; IF SO – FAMC’s phone number 18. Complete whether borrower is or is not a first-time homebuyer 19. VA only 20. Choose one box from items 1-8, FAMC does not provide financing for 2, 7, 8, 9, 10, 11, or 12 Page 1; Part II Leave boxes H-J blank, for VA only Signature of officer of lender and title of officer of lender – FAMC DE Underwriter (initial and final); Page 2; Part IV Borrower consent for Social Security Administration to verify Social Security Number – borrower/co-borrower to sign and date (initial at application and final at closing)
Transcript
7/29/13 MKT-5389 Page 1 of 11
Franklin American Mortgage Company (FAMC) DE Underwriter prints the final addendums from LOS. Final addendums are not required from the broker. The initial addendums (page 1 and 2 only) are required at submission. The initial 92900-A must correspond to the initial application date. Example: if the application is dated 12/23/2012, then the initial 92900-A should also be dated 12/23/2012. The details below address how to complete the addendums for Sponsor Originators (SO) and Principle Agents (PA):
Page1; Part I
1. Check FHA 2. Enter FHA case number 3. Enter FAMC’s loan number
4. 203B for SFR and condos 5-12. Should be self-explanatory 13. If PA – broker’s FHA lender ID; IF SO – FAMC FHA Lender ID 14. If PA – FAMC FHA lender ID; IF SO – leave blank 15. If PA – broker’s name and address; IF SO – FAMC name and address NOTE: Properties in New Hampshire must show “Franklin American Mortgage Company dba FAMC” 16. If PA – FAMC name and address; IF SO – leave blank
NOTE: Properties in New Hampshire must show “Franklin American Mortgage Company dba FAMC”
17. If PA – broker’s phone number; IF SO – FAMC’s phone number18. Complete whether borrower is or is not a first-time homebuyer 19. VA only 20. Choose one box from items 1-8, FAMC does not provide financing for 2, 7, 8, 9, 10, 11, or 12 Page 1; Part II
Leave boxes H-J blank, for VA only Signature of officer of lender and title of officer of lender – FAMC DE Underwriter (initial and final);
Page 2; Part IV
Borrower consent for Social Security Administration to verify Social Security Number – borrower/co-borrower to sign and date (initial at application and final at closing)
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Page 2; Part V
Section 22 A-D – Borrowers to complete these questions concerning owning additional real estate Section 22 E – Borrower to answer this question
Franklin American Mortgage doesn’t allow “non-owner occupied streamlines.” If the answer is “yes,” the loan is ineligible
Section 23 – VA only Section 22 F – Borrower to complete question Section 25 (2) – VA only Section 25 (3) – Purchase transaction only; complete Appraised Value within the ( ). The first box is
used for VA loans, do not mark this box. The second box that states “the statement of appraised value as determined by HUD/FHA” must be marked
Section 25 (3 A or B) – Only one box can be marked, in most cases it will be B which states, “I was not aware of this valuation when I signed my contract...” Box A states “I was aware of this valuation when I signed my contract...”
Section 25(6) (For properties constructed prior to 1978) – Borrower to answer if they have received information on lead paint poisoning. This must be completed on all FHA loans.
If the home was built after 1978, then not applicable If the home was built prior to 1978, then yes
Borrower/co-borrower to sign and date bottom of Part V (initial at application and final at closing).
Page 3; Part I
Boxes 1-17 – Complete like Page 1, Part I Sponsored Originations – Complete this section for sponsored originators only
Information must match FHA case number assignment Approved box – DE underwriter will complete the date mortgage approved and date approval expires. Modified and approved as follows: this section is to indicate if the loan amount, interest rate, proposed maturity, monthly payment, amount of upfront premium, amount of annual premium, or term of monthly payment changes. In most cases, the DE underwriter will print new addendums from LOS. Additional Conditions Section: If this is proposed construction, the builder has to have certified compliance with HUD requirements
on form HUD-92541. Mark this box for proposed construction properties only (refer to New Construction Matrix).
If this is new construction, the lender (FAMC) certifies that the property is 100% complete (both on-site and off-site improvements) and the property meets HUD’s minimum property standards and local building codes. If the property is existing less than 1 year, this box MUST be marked (refer to New Construction Matrix).
Form HUD-92544, Builders Warranty is required. Must always be marked if the property is existing less than 1 year AND the LTV is greater than 90%.
7/29/13 MKT-5389 Page 3 of 11
The property has a 10-year warranty. Must be marked for existing less than 1-year properties that require a 10-year warranty (refer to New Construction Matrix).
Owner occupancy not required item B of the Borrower’s Certificate does not apply. • This box must never be marked since FAMC doesn’t allow non-owner occupied
streamline refinance.
AUS with “accept” or “approved” rating Mortgagee representative must show as the underwriter Underwriter MUST sign their name
AUS with “refer” rating or Streamline Refinance DE underwriter MUST sign DE CHUMS ID Number
Mark “do” for the following circumstances: Builder and mortgage broker relationship Loan officer and seller relationship Mark “do not” for transactions with no financial interest or relationship. NOTE: The mortgagee is the broker except for Sponsored Originator Loans, otherwise FAMC is the mortgagee. So, for all sponsored originator loans, this will always be “do not” as FAMC does not have any relationships or financial interest with the builder, seller, etc Page 5; Borrower’s Certificate – borrower(s) sign and date at closing Lender’s Certificate Name Box – FAMC’s name must ALWAYS to be completed in this section NOTE: New Hampshire has specific requirements as previously referenced Title of Lender’s Officer and Signature of Lender’s Officer Boxes and Date – these three boxes will be completed by the FAMC insuring department Code Number and Type Boxes – these two boxes must be left blank PA – Principal Agent
SO – Sponsored Originator
7/29/13 MKT-5389 Page 4 of 11
This is an example of how to complete the addendums (HUD 92900-A) for Sponsored Originator Transactions
