Welcome to Worldwide Lending

UNDERWRITING GUIDELINES
Current Loan Rates:
Loan Types:	Purchase Fractional Purchase Refinance (no monthly installment payment on the loan to be purchased is currently, or has ever been contractually past due) Cash-out (three years after original purchase date or less than three years as long as the loan amount does not exceed 50% or the lower of 50% of a) the original purchase price; or b) the current appraised value of the residence).
Product Type:	Residential mortgage loans for primary or second/vacation whole unit condominium or single family homes.
Denomination:	U.S. or Canadian currency.
Maximum Loan’s to One (1) Borrower:	One (1), with exceptions considered on an individual basis.
Maximum Loan Amount:	$750,000 to one borrower. Exceptions over $750,000 will be considered on an individual basis and will require reserves of 6 months PITI.
Minimum Loan Amount:	$100,000 to one borrower.
Loan-to-Value:	The loan amount does not exceed eighty percent (80%) of the lower of: a) the original purchase price; or b) the current appraised value of the residence.
Down Payment:	Minimum of twenty percent (20%) of the purchase price is required.
Loan Term:	Up to 360 months or 30 years, payable in monthly installments of principal and interest. Up to 240 months on the fractional loans.
Pricing:	Consumer rates are locked 90 days from the date of the WWL’s consumer approval. If the loan has not been closed within 90 days then the loan will need to be reapproved with updated credit information and will be repriced. 30 Year Fixed Rate - The Ten Year Interest Rate Swap as stated in the Federal Reserve Statistical Release H.15 plus a spread of approximately 4.0% (This spread is subject to change prior to lock). 7/1 ARM – The Seven Year Interest Rate Swap as stated in the Federal Reserve Statistical Release H.15 plus a spread of approximately 3.85% (This spread is subject to change prior to lock). Following the initial seven year period is an ARM of one year with the interest rate being calculated at 550 basis points over the corresponding Interest Rate Swap as stated in the Federal Reserve Statistical Release H.15. There are no caps. 5/5 ARM (fractional transactions) - The 5 year U.S. Treasury Base Rate published on the H-15 plus a spread of approximately 4.5% (This spread is subject to change prior to lock) The Base Rate will reset on the 5 year anniversary date and will reset every 5 years thereafter.
Origination Fees:	Will not exceed 2.5%.
Underwriting & Closing Fee:	Will not exceed $2,500.
Late Fees:	A minimum of a 5% late fee, to the extent permitted by the applicable law.
Monthly Servicing Fee:	$25 payable by the Obligor in conjunction with monthly P&I payment.
Prepayment:	7/1 ARM & 5/5 ARM – 2% of the original loan amount within the 1st 3 years of the loan. 30 Year Fixed Rate – 2% of the original loan amount within the 1st 5 years of the loan
Prepayment Buyout Option:	1.25% of the original loan amount. 1.25% paid at closing.
*Underwriting Guidelines Subject to Change

CONSUMER CREDIT CRITERIA
Obligor:	U.S. or Canadian Resident who is a natural individual and not a legal entity.
FICO:	A minimum FICO score of 680 as represented on TRIMERGED U.S. credit report and the middle score will be utilized. In the case of multiple applicants the lowest middle score FICO will apply. FICO score is based on time of purchase of residence or time of refinance.
Debt-to-Income:	Monthly debt ratios should not exceed forty-five percent (45%) of gross monthly income, including debt service, property taxes, insurance premiums, and association fees in conjunction with the new loan. Rental income from subject residence will not be considered in the calculation. Any exceptions would be considered on an individual basis.
Verifications:	Telephone verifications with consumers will be completed on 100% of the transactions.
Liquidity:	In the case where the loan exceeds $750,000, lender will require proof that consumer has enough liquidity to pay six (6) months of principal, interest, taxes, and insurance at loan origination.
Other Credit:	1. Consumer must not have declared bankruptcy in the past three (3) years. 2. All derogatory items in credit report require written explanation. 3. No judgments or liens outstanding. 4. 2 years at current residence or proof of ownership at current residence. 5. 2 years continuous employment (including present or previous employment, with acceptable verification). 6. All present and former employees of the Developer are ineligible.
*Consumer Credit Criteria Subject to Change

DOCUMENTS & INFORMATION NECESSARY FOR CREDIT APPROVAL

Fannie Mae Completed Application
Copy of Purchase Contract
Trimerged Credit Report
2 Years Tax Returns for the past two years – with all schedules
2 Years W2’s for the past two years
Written explanation for all derogatory items in Obligor credit history
Evidence of Down payment (Copy of canceled check or verification of amounts deposited in escrow)
Pay Stub – For most recent 30 day period (Salary Employees only)
CPA Letter, Business License and/or Reference Letters (Self Employed Only)
Bank Statement – only on transactions over $750k
Fixed Income – One of the following: 2 most recent years W-2P forms, award letter or court order and evidence receipt, 2 years 1099 forms, 2 years personal tax returns with all schedules, copy of divorce stipulation and decree or court order.
Rental Income – Current annual rental agreement
WWL will perform a phone verification on 100% of all consumers
Property tax amount on subject property (should be in purchase contract, but need info if not)
Insurance premium amount on subject property
Association fee amount, when due ($100 per month, due on the 1st of each month) (should be in purchase contract, but need info if not)
DU Results showing that if submitted to Fannie Mae transaction would be approved

Documents must be no more than 90 days old.

*Documents & Information Necessary for Credit Approval Subject to Change