Correspondent Partner Guide - Wintrustmortgage.net

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PARTNER GUIDE If the appraiser is unable to meet any of the above requirements, the appraiser must provide a detailed explanation as to why the requirements were not met. Proceed to the product write‐up for additional information on how to proceed. Refer to the Declining Market Policy on our website under the product guidelines link for additional requirements. Government loans are not subject to WINTRUST MORTGAGE’s declining market policy. Geographic Restrictions The following additional restrictions apply to all loans: California loans – ineligible for purchase Florida –ineligible for purchase Arizona – ineligible for purchase Michigan – ineligible for purchase Hawaii – ineligible for purchase Alaska – ineligible for purchase Maryland – DU/LP verification of income or asset relief is not permitted Minnesota – DU/LP verification of income or asset relief is not permitted Nevada – ineligible for purchase Texas – No cash‐out refinance transactions permitted Property Impacted by Disaster Correspondents must ensure that all loans sold to WINTRUST MORTGAGE are secured by properties that have not been negatively impacted by a disaster and/or declared disaster areas by county, state or federal agencies. Correspondents represent and warrant that the properties securing all loans submitted to WINTRUST MORTGAGE for purchase are in good condition, and have not been negatively impacted by any disaster as of Page 22 of 57 S:\Correspondent Lending\Partner Guide\12‐31‐12
PARTNER GUIDE the date WINTRUST MORTGAGE funds the loan. Correspondents also represent and warrant that the borrower’s place of employment has not been negatively impacted by these events. If WINTRUST MORTGAGE discovers a property was affected by a disaster that occurred prior to WINTRUST MORTGAGE’s purchase date, the Correspondent is obligated to repurchase the loan. Correspondents agree to notify WINTRUST MORTGAGE immediately upon discovering that a property has been negatively affected by a disaster. WINTRUST MORTGAGE requires an appraiser’s certification of the damage to determine if the loan is eligible for purchase. If the appraisal was completed before the disaster, a 442 with photos will work fine. If the appraisal was completed after the disaster, nothing further would be needed from the appraiser. The appraiser should indicate that the property was unaffected by the recent event. Appraiser Requirements All files must include a copy of the appraiser’s current license. All files must include a copy of the current E&O insurance for the appraiser with the exception of those states that do not require E&O (i.e., CO, OK, etc.). Effective with all applications dated 12/1/2011 and after, the appraiser (or Correspondent) is required to submit the appraisal on conventional loans to both GSE’s and obtain a document file status of “Successful” from both GSE’s. Wintrust Mortgage will require both SSR’s be included in the delivery of the loan file prior to purchase. Failure to submit the appraisals to the GSE’s and obtain SSR’s will result in the loan being ineligible for purchase by Wintrust Mortgage. Government appraisals are not to be submitted to the UCDP. LOAN AMOUNTS AND RATIOS WINTRUST MORTGAGE will purchase conventional and government fixedrate and adjustable‐rate first mortgages that meet the quality standards that the agencies apply to these types of mortgages. These requirements Page 23 of 57 S:\Correspondent Lending\Partner Guide\12‐31‐12
Page 1 and 2: PARTNER GUIDE INTRODUCTION The Corr
Page 3 and 4: PARTNER GUIDE REGISTRATION / PRICIN
Page 5 and 6: PARTNER GUIDE WINTRUST MORTGAGE is
Page 7 and 8: PARTNER GUIDE A relock will be pric
Page 9 and 10: PARTNER GUIDE Correspondents are ad
Page 11 and 12: PARTNER GUIDE An individual classif
Page 13 and 14: PARTNER GUIDE OCCUPANCY TYPES A. Pr
Page 15 and 16: PARTNER GUIDE Purchase Mortgages fo
Page 17 and 18: PARTNER GUIDE FINANCING For any loa
Page 19 and 20: PARTNER GUIDE Total real estate com
Page 21: PARTNER GUIDE Non‐Warrantable Co
Page 25 and 26: PARTNER GUIDE borrowers, the reason
Page 27 and 28: PARTNER GUIDE CLOSING AND DELIVERY
Page 29 and 30: PARTNER GUIDE Documents that are mi
Page 31 and 32: PARTNER GUIDE The Note must reflect
Page 33 and 34: PARTNER GUIDE Multistate Adjustabl
Page 35 and 36: PARTNER GUIDE balances minus the ag
Page 37 and 38: PARTNER GUIDE document and that the
Page 39 and 40: PARTNER GUIDE dower/curtsey states
Page 41 and 42: PARTNER GUIDE The insurer must also
Page 43 and 44: PARTNER GUIDE A multi‐peril type
Page 45 and 46: PARTNER GUIDE or trust as the insur
Page 47 and 48: PARTNER GUIDE full force and effect
Page 49 and 50: PARTNER GUIDE Plat of Survey or Imp
Page 51 and 52: PARTNER GUIDE LOAN PURCHASE FEES Ov
Page 53 and 54: PARTNER GUIDE If Wintrust purchases
Page 55 and 56: PARTNER GUIDE insuring to see if HU
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Correspondent Partner Guide - Wintrustmortgage.net

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