The Processing Centre processes and places loans with an appropriate FHA Investor who underwrites the loan on behalf of BORROWERS with a FHA purchase or refinance.

All Lenders 620 Minimum Score

FULL LOAN PACKAGES MUST BE RECEIVED BY MAY 15TH TO CLOSE AND FUND ON MAY 30TH

4506T MANADATORY

MINIMUM LOAN $150,000

1.00% ORIGINATION FEE  FOR SCORES BELOW 620

MINIMUM 2.50% YSP REQUIRED  - DEDUCT 1.50% FROM YSP ON REFER/ELIGIBLE MAX DTI 43%

INSTRUCTIONS TO SEND THE PROCESSING CENTRE the LOAN APPLICATION:

Calyx Point:

Send us a PCF Point file by email and  the Password to use is the word processor in lower case

We run our own credit in DU/DO or LP through the Investors AUS or E Magic

PLEASE DO NOT PIECE MEAL – SEND EVERYTHING AT ONE TIME

The Processing Centre Staff will submit the loan package to the appropriate FHA investor within 60 minutes of receipt of the complete full documentation file sent back by the home owners.

The Processing Centre Staff will order the title from the preferred Agency, and the appraisal from the HUD Approved appraiser.

The Processing Centre (TPC)performs the following tasks:

• TPC STAFF Pulls and reviews tri-merge credit report and qualify for the specific FHA Investor
• TPC STAFF Orders 4506T
• TPC STAFF Orders the FHA Case Number UPON RECEIPT OF APPRAISERS LICENSE
• TPC STAFF Sends the Loan package directly to applicants – TPC STAFF originates the loan
• TPC STAFF Receives the signed 1003, GFE, TIL and all signed disclosures
• TPC STAFF QCs bank statements, pay stubs and W-2’s and 1040s
• TPC STAFF Sends the Written Orders to Appraiser and to Title Agent
• TPC STAFF Orders the necessary VOD, VOE, VOR, Pay-offs and subordinations
• TPC STAFF AUS with E Magic, DO/DU or LP to provide the loan approval and findings
• TPC STAFF Send the complete loan package with all findings and conditions to the FHA Investor
• TPC STAFF Clear any/all Investor conditions – IF APPLICABLE
• TPC STAFF Obtain new Hazard Insurance Declaration Page
• TPC STAFF and home owners review Final HUD-1 prior to closing
• TPC STAFF Coordinate closing schedule with all parties
• TPC STAFF Post Closing Quality controls and assembles a post closing package and delivers to our Bank

If you would like to contact us we are available 24/7 at 877.342.3733

PLEASE DO NOT PIECE MEAL – SEND EVERYTHING AT ONE TIME

ALL FHA LOANS REQUIRE FULL INCOME DOCUMENTATION

With an FHA loan, you will generally be asked for documentation to support your clients’ income, liabilities, and funds to close. This documentation will establish your clients’ ability to repay the FHA home loan. The following is a list of documents that most likely will be required by the lender to process your clients’ FHA mortgage.

* Purchase Money Transaction as required by HUD:

· Purchase Contract of Sale with Real Estate Agents Contact Information

· One full month's worth of pay-stubs showing Year to Date earnings

· Last 2 years W-2's (salaried income)

· Self Employed Borrowers; Last 2 years tax returns with all schedules (commission, dividend, rental income) and letter from accountant stating
he "has done their taxes for the last two years" and "knows him, her or them to be self employed for the past two years."

· Copies of social security, pension, and/or retirement award letters (if applicable)

· Last two months bank statement for all accounts with all pages

· Current statements for all investment accounts with all pages

· Written explanation for any prior late payments, paid collections or judgments

· Copy of Bankruptcy and discharge paperwork (if applicable)

· Divorce decree and any settlement paperwork (if applicable)

· Copy of your clients’ Drivers License and Social Security Cards

· Name, Address and phone number of your Landlord for the past 12 months

· Copy of your clients’ Sales Contract with Listing and Selling Agent phone Numbers

· Clear Termite Report is called for by Appraiser

· Well and Septic Certifications when city water and sewer is unavailable

* Refinances including Non FHA loans to FHA loans, Cash Out Loans:

· One full month's worth of pay stubs showing Year to Date earnings

· Last 2 years W-2's (salaried income)

· Self Employed Borrowers; Last 2 years tax returns with all schedules (commission, dividend, rental income)

· Copies of social security, pension, and/or retirement award letters (if applicable)

· Last two months bank statement for all accounts with all pages

· Current statements for all investment accounts with all pages

· Written explanation for any prior late payments, paid collections or judgments

· Copy of Bankruptcy and discharge paperwork (if applicable)

· Divorce decree and any settlement paperwork (if applicable)

· Copy of your clients’ Drivers License and Social Security Cards

· Copy of your clients’ current Mortgage coupons or statements

· Clear Termite Report is called for by Appraiser

· Copy of your clients’ Homeowners insurance

· Copy of your clients’ Survey (only applies in survey states)

For FHA Streamline Refinances the following documentation may be required:

· Copy of your clients’ current Note

· Copy of the First Two pages of your clients’ mortgage or Deed of Trust

· Copy of your clients’ Drivers License and Social Security Card

· Copy of your clients’ Homeowners insurance

· Copy of your clients’ Survey (only applies in survey states)

· Copy of your clients’ current Mortgage coupons or statements

Upon receiving your client’s documentation The Processing Centre, Inc. will handle acquiring other documentation such as title reports, credit reports and appraisals if required from your resource base. It is required that the borrower pays for the cost of the appraisal Cash At The Door.

PLEASE DO NOT PIECE MEAL – SEND EVERYTHING AT ONE TIME