Regions Correspondent Lending PROGRAM DESCRIPTIONS Regions SMART Solutions ℠ 3/3 ARM - 3 year ARM, 30 year maximum amortization with option to adjust every 3 years. Regions SMART Solutions ℠ 5/5 ARM - 5 year ARM, 30 year maximum amortization with option to adjust every 5 years. Regions SMART Solutions ℠ 10/5 ARM - 10 year ARM, 30 year maximum amortization with option to adjust every 5 years. Regions SMART Solutions ℠ Fixed Rate - Fixed rate program, max term 30 years. ORIGINATION SPECIALIST 601-554-2109 PAM BLUE [email protected] GENIKA GRIFFIN [email protected] For more information about our company and products, contact one of our Account Executives THIS INFORMATION IS TO BE PROVIDED EXCLUSIVELY TO MORTGAGE PROFESSIONALS AND IS NOT INTENDED FOR PUBLIC USE CREDIT SCORE: (No Deviation) MAXIMUM LTV: BASE INTEREST RATE (BASED ON A 5/5 ARM): 790+ 89% LTV 3.500% 789-760 89% LTV 3.625% 759-710 80% LTV 3.750% 709-690 80% LTV 4.000% 689-680 80% LTV 4.250% If loan is under $50,000 add .5% LTV > 60% & <= 70% - subtract .125% LTV <= 60% - subtract .25% N/A if max LTV is 70% or below per product guidelines Investment Property - add 1.5% 710 score required 15 yr max term (20 yr with $50,000 equity/down payment) If additional collateral (primary/2nd home) up to 30 yr term - add .5% only Using non-occupying co-borrower credit score: 20 yr max term, Max LTV 80%, add 2% Land Loans - add 2% 710 score required Raw Land (10+ acres) - Max LTV 50% Investment property not available Investment property not available Land not available Land not available Land not available 601-554-2235 [email protected] KIM COOPER Alabama, Georgia, North Carolina, South Carolina & Virginia [email protected] 601-549-5927 OTHER AREAS CONTACT: TOM BROCK 601-554-2030 [email protected] ANITA BROWN Plan 3, subtract .25% 601-554-2092 [email protected] Plan 5, add 1.00% to waive first adjustment (10/5 ARM) Primary Residence ONLY - Reduce max term to 25 years N/A for Loan Amounts above $375,000 Rate Adjustments for Equity or Down payment $15,000 +: Credit Score Subtract Credit Score Subtract 680 - 689 - .375% 690 - 709 - .125% Regions Correspondent Lending Fees Rate Rate adjustment not adjustment not available available Rate adjustment not available Rate adjustment not available Escrow Waiver - add .25% TOTAL ADJUSTED PAR INTEREST RATE: Service Release Premium: .125% to rate per .25% SRP Maximum SRP 1.5% N/A for Land, Investment Property or No score/No derogatory credit TOTAL ADJUSTED INTEREST RATE: (MAXIMUM RATE 10.00%) 11/13/2014 601-554-2338 ACCOUNT EXECUTIVE BROOKE JOYNER Florida (Central/South), Iowa, Illinois, Indiana, Kentucky, Missouri & Tennessee [email protected] 866-674-0415 866-674-0415 Investment JIM LUCK property not Arkansas, Colorado, Florida (Panhandle), available Louisiana, Mississippi, Texas & Utah [email protected] 866-331-0701 Condo Loans Add: Warrantable- 0%, Non-Warrantable- .125%, Condotels - .250% Fixed Rate 10 Yr. - add .625% 15 Yr. - add .75% 20 Yr.-add 3.00 30 Yr.-add 3.25 Loan Amt > $650,000 & < $1,250,000 - Add .375% Loan Amt >= $1,250,000 & <= $2,000,000 - Add .625% Rate Lock 30 days 45 days 60 days ZELDA PITTMAN [email protected] No Score & No Derogatory Credit 20 Yr. Max. Term BARBARA DAWSON 75% LTV 6.375% 601-554-2396 Fee Free 0.125 0.250 SRP not available Rate Extension 1 day 15 days 30 days at once Fee no charge (only 1 allowed) 0.250 0.500 2nd extension 0.375 Rates can only be extended if rate has not expired. Max of 2 extensions allowed not to exceed total of 30 days. Once rate expires, loan can be relocked 30 days at worst case of original pricing or current pricing. Regions Processing Fee (Correspondent) $700.00 Tax Service Fee $74.00 Flood Certification Fee $7.50 Texas Attorney Doc Review Fee Purchase: $180 Refi: $100 (HUD line 808) Fees are limited to the max allowed per QM points & fees excluding SRP & $700 fee to Regions LOAN SUBMISSION REQUIREMENTS Loan Submission Cover Letter and Checklist Application (Initial and Final - MUST be complete in detail) Tri-merge Credit Report Truth-in-Lending and Good Faith Estimate GFE & Cost Estimate Worsheet (breakdown of fees) Patriot Act Disclosure with a legible UN-EXPIRED photo id Required Regions Disclosures (see submission package) Verification of Income and Assets Color Appraisal with six interior photos Sales Contract (if applicable) Signed and Completed 4506-T Most Recent 2 years' Tax Transcripts (Correspondents) Condos: Master Policy evidencing 100% Replacement Coverage Page 1 Regions Correspondent Lending ALL LOANS LTV / CREDIT SCORE REQUIREMENTS CASH-OUT LOANS No prepayment penalty Verification of income and assets (full doc) required on all products Rate/Term/LTV based on highest middle credit score of all applicants with reasonable income Up to 100% LTV with pledge account on deposit with Regions All ARM loans-Applicant must qualify on Note rate plus 2% TERMS Primary Residences and Second Homes: up to 30 years Investment: < $50,000 down payment/equity = 15 years >= $50,000 down payment/equity = 20 years Primary or Second Homes as additional collateral for life of loan = up to 30 years No Score / No Derogatory Credit: up to 20 years DOWN PAYMENT REQUIREMENTS Investment Property: <= 15 years: 30% down payment requirement 20 years: $50,000 equity or down payment 30 years: Primary or Second Home as additional collateral for life of loan The applicable LTV reduction will apply to all properties Detailed letter explaining the reason for the cash-out Cash-out not allowed on investment property with or without add'l collateral located in a declining market CONDOS Every effort should be made for comps to be in the subject project 2 of 6 interior photos should be full kitchen view and balcony view Purchases are limited to 80% LTV; cash-out refis are limited to 70% LTV limited to 60% if any of the following apply: The unit is 500 to 749 square feet (excluding balcony) The unit doesn't have full kitchen (full size refrigerator, stove/oven and sink) Condos are considered ineligible if ANY of the following apply: The property is managed by a national hotel chain The unit is required to participate in a rental pool The complex contains timeshare or fractional units or is in active litigation The project has less than 80% SOLD and 40% CLOSED* The unit is less than 500 square feet (excluding balcony)* The developer has control of the Homeowner's Association* *Conditions reviewed on a case-by-case basis if low LTV or add'l collateral 89% NO MI PROGRAM SECOND HOMES Minimum credit score of 760 required Primary Residence and second home only (excluding condos) Purchase or Rate/term only Max loan amount > 80% is $650,000 If borrower owns other property in area and no additional collateral used, investment rules will apply (considered case-by-case) Max properties financed including subject limited to 4 (includes primary residence) INVESTMENT PROPERTY DOCUMENTED INCOME / DOCUMENTED ASSETS 4506-T required at closing Tax Transcripts for 2 years Verified assets: VOD or 2 consecutive months bank statements required Self-employed: Most recent two years Federal tax returns with all W-2s Salaried or hourly: VOE or paystubs with min. 30 days YTD earnings & 2 yrs W-2s CREDIT STANDARDS Maximum DTI: 41% DTI Exceptions: Primary: 47% with 25% of loan amount in liquid reserves Primary: 50% with 50% of loan amount in liquid reserves Second Home: 45% with 25% of loan amount in liquid reserves Investment: No exceptions Mortgage/rental history 0x30 in previous 12 months & 0x60 in the prev 24 months Bankruptcies must be discharged 2 years with no late pays or derogatory credit during the 2 years. Minimum 3 active tradelines re-established with 2 year history. Borrowers with a foreclosure in the past 3 years are not eligible SECOND LIENS Institutional second liens: No restrictions in most cases Seller held second lien: Maximum term 20 years; LTV limited to 70% Gifts of equity and gift funds are considered on a case-by-case basis Minimum credit score of 710 required Purchase or Rate/Term only Maximum DTI is 41% Cash-out not allowed on investment property with or without additional collateral Max properties financed including subject limited to 4 (includes primary residence) LAND LOANS Minimum credit score of 710 required Term is limited to 15 years Land loans require 10+ acres (only rural/agricultural land) LTV limited to 50% (higher LTV possible with additional collateral with sufficient lendable equity) Max properties financed including subject limited to 4 (includes primary residence) HOUSE WITH ACREAGE The LTV of a house and 25 acres will be based on credit score Remainder of acreage in excess of the house & 25 acres will be at 50% LTV (65% LTV allowed with 710+ credit score if contiguous) 5% LTV reduction will be applied to all properties located in these areas (see Declining Market list for counties in declining market) SELLER CONTRIBUTIONS Primary or Second Home Primary or Second Home Investment Property 75% LTV or below 75.01 to 89% LTV All LTVs 9% max 6% max 2% max MARGINS, INDEXES AND RATE CAPS Life Cap Floor Min. 2%* 2.00% 2.00% 6.00% 2.00% 60 Day FNMA REQ. NET YIELD Regions SMART Solutions ℠ 10/5 ARM Min. 2%* *How to calculate margin: Initial rate minus index (rounded to the nearest 0.125, minimum margin of 2%) 6.00% 6.00% 6.00% 2.00% Regions SMART Solutions ℠ 3/3 & 5/5 ARM 11/13/2014 100% 90% 90% $650,000 $1,250,000 $2,000,000 760 680 680 Owner Occupied (Cash Out Refinance) Fully Amortized LTV CLTV Loan Amt Score Max C/O 80% 80% 70% 100% 90% 90% $650,000 $1,250,000 $2,000,000 760 680 680 $350,000 $500,000 $500,000 Second Home (Purchase & Rate/Term) Fully Amortized LTV CLTV Loan Amt Score 89% 80% 75% 70% 95% N/A 85% 85% $650,000 $650,000 $1,250,000 $2,000,000 760 710 710 680 Second Home (Cash Out Refinance) Fully AmortIzed LTV CLTV Loan Amt Score Max C/O 75% 85% $1,250,000 710 $500,000 70% 85% $2,000,000 680 $500,000 Investment (Purchase & Rate Term Only) Fully Amortized LTV CLTV Loan Amt Score 70% 65% N/A 80% $650,000 $1,000,000 710 710 Regions will lend in the following states: In addition to the three comps provided, the two most recent sales in the condo project should be part of the appraisal. Product 89% 80% 70% DECLINING MARKETS APPRAISALS Appraisal with color photos required (minimum of 6 interior photos required) Appraisal must be compliant with Interagency Appraisal Guidelines (IAG) & Reg B is required; E-mail in PDF format to your Origination Specialist Condos: If comps are not in subject complex, an explanation is required. Owner Occupied (Purchase & Rate/Term) Fully Amortized LTV CLTV Loan Amt Score Index 60 Day FNMA REQ. NET YIELD Margin 1st Change Periodic Cap Alabama Arkansas Colorado Florida* Georgia Illinois** Louisiana Mississippi Missouri North Carolina Oklahoma South Carolina Indiana Iowa Kansas Kentucky Tennessee Texas Utah Virginia *Broward and Dade counties excluded **Cook, Kane, Will, and Peoria counties excluded Page 2
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