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Investor Name	Category	Sub-Category	Description

Chase	Credit	Bankruptcy	If the loan with a bankruptcy or foreclosure has been approved by an Automated Underwriting System (ZiPPY, DU, or LP), the following conditions must be met: • Condition 1: The bankruptcy or foreclosure has been recognized by the Automated Underwriting System as evidenced by a findings statement or messages. And, • Condition 2: Any additional documentation required by the Automated Underwriting response findings or messages must be followed. If the conditions above cannot be met, follow the additional documentation requirements listed under: • Extenuating Circumstances, or • Financial Mismanagement, and • Requirements for Re-established Credit.
ING Mortgage	Credit	Bankruptcy	Product Guidelines – Portfolio ARM: Bankruptcy - Borrowers who have previously declared bankruptcy are not eligible for a loan with ING Mortgage. Foreclosure - Borrowers who have had a previous foreclosure are not eligible for a loan with ING Mortgage. Consumer Credit - Counseling Service Borrowers participating in consumer credit counseling will be considered if they meet the minimum credit score requirement and if the transaction puts them in an improved financial situation (i.e., lower monthly payments or reduced DTI ratio).
PHH	Credit	Bankruptcy	Bankruptcy (All Except Chapter 13) - 4 years from either the discharge or the dismissal date of the bankruptcy action. * Chapter 13 Bankruptcy 2 years from the discharge date, or 4 years from the dismissal date
SunTrust	Credit	Bankruptcy	Generally, bankruptcies (except Chapter 13) must be discharged or dismissed at least four (4) years before loan application. • Chapter 13 bankruptcies must be: • discharged at least two (2) years before loan application, or • dismissed at least four (4) years before loan application. • A shorter time of two (2) years from the bankruptcy discharge or dismissal date may be considered if extenuating circumstances existed, as defined below: • extenuating circumstances are created by non-recurring events out of the borrower’s control that cause a reduction in income or increase in liabilities and are not defined solely by an event (i.e., a job layoff or divorce is not acceptable by itself without an explanation and documentation of the lack of reasonable options), and • there must be an interrelationship between the event, the severity of the hardship and the borrower’s efforts to resolve the situation. Notes: • No exceptions are permitted to the two (2) year time period after a Chapter 13 discharge. Fannie Mae DU “Approve/Eligible” Loans - Non-AUS guidelines apply with the following exceptions: • If “Approve/Eligible” the following applies: • The minimum allowable time period between the file date of the bankruptcy and the date of the credit report is 48 months. • Loans which include a borrower with a bankruptcy filed within 48 months prior to the credit report date are therefore NOT eligible. • If DU is not able to determine when the bankruptcy was filed, it must be confirmed that the bankruptcy was not filed within 48 months prior to the credit report date and that the bankruptcy complies with the DU bankruptcy guidelines. Note: All bankruptcies must be satisfied prior to the date of the application in order for the mortgage to be eligible. • Extenuating circumstances for bankruptcy actions are not eligible for DU processed loans. * Freddie Mac LP “Accept/Eligible” Loans - Non-AUS guidelines apply with the following exception: • extenuating circumstances for bankruptcy actions are not eligible for LP processed loans.
Merrimack Mortgage	Credit	Bankruptcy	Bankruptcy / Foreclosure: Borrowers who have filed for bankruptcy or have been a party to a foreclosure within the past 7 years are not eligible. No exceptions.
Flagstar	Credit	Bankruptcy	Bankruptcy - FNMA (Manual Underwriting) - A bankruptcy must have been discharged fully and the borrower must have re-established good credit and demonstrated an ability to manage financial affairs. In all cases, the underwriter must have sufficient documentation to complete the risk analysis that the borrower is creditworthy. The file must contain the discharge of bankruptcy and list of petitioners on any bankruptcy in the last ten- (10) years. FNMA now requires an elapsed time of four (4) years for a borrower to re-establish a credit record after a bankruptcy. Elapsed time is measured by comparing the date of application for the new mortgage to the date the bankruptcy was discharged. Bankruptcy - FHLMC (Manual Underwriting) - If a borrower has a prior bankruptcy, a foreclosure or deed-in lieu that resulted from financial mismanagement, it must be documented in the file that the borrower's credit reputation has been re-established for at least four years since the discharge of bankruptcy, foreclosure sale or execution of the deed-in lieu of foreclosure. When a borrower had a prior Chapter 13 bankruptcy that resulted from financial mismanagement, it must be documented that the borrower's credit reputation has been re-established for at least two years.
Wells Fargo	Credit	Bankruptcy	Bankruptcy Requirements: * Extenuating Circumstances: Evidence that each Borrower has a minimum Loan Score of 620 • 24 months re-establishment of credit after the discharge or dismissal of a bankruptcy * Multiple Bankruptcy Filings: • 36 months re-establishment of credit after the discharge or dismissal of a bankruptcy when the Borrower has filed more than one bankruptcy petition in the past seven years * Financial Mismanagement: Evidence that each Borrower has a minimum Loan Score of 680 • 48 months re-establishment of credit since the discharge or dismissal date of a bankruptcy * Multiple Bankruptcy Filings • 60 months re-establishment of credit after the discharge or dismissal of a bankruptcy when the Borrower has filed more than one bankruptcy petition in the past seven years. *** The following ADDITIONAL CREDIT REQUIREMENTS apply to both Financial Mismanagement and Extenuating Circumstances: The borrower(s)s credit record under the re-established credit history must include: • No more than two installment or revolving debt payments 30 days past due in the last 24 months • No installment or revolving debt payments 60 or more days past due since the discharge or completion of the bankruptcy • No housing debt payments past due since the discharge or completion of the bankruptcy • No new public records for bankruptcies, foreclosures, deeds-in-lieu, unpaid judgments or collections, garnishments, liens, etc., since the discharge or completion of the bankruptcy • Evidence that the Borrower's credit history does not contain multiple revolving accounts with high balances-to-limits or high overall utilization of revolving credit.
CitiMortgage	Credit	Bankruptcy	BANKRUPTCY/FORECLOSURE/DEED-IN-LIEU: To be considered for a mortgage loan, the borrower must have re-established a satisfactory credit history and demonstrated the ability to manage financial affairs prudently. Generally a bankruptcy, foreclosure or deed-inlieu should be fully discharged as specified in the applicable Documentation Process fact sheet (or for at least four years for a bankruptcy and deed-in-lieu and five years for a foreclosure if not specified in the fact sheet). Unless there are extenuating circumstance, the mortgage application may not be approved before the following time periods have elapsed from the date of the application: * 4 years from the date the Chapter 7, 11,or 12 bankruptcy was discharged or dismissed; * 4 years from the date a Chapter 13 repayment plan was dismissed; * 5 years from the date of a foreclosure sale; or * 4 years from the date a deed-in-lieu was executed.
M AND T Mortgage	Credit	Bankruptcy	Bankruptcy / Foreclosure - A Chapter 7, 11 or 12 bankruptcy must generally have an elapsed time of four (4) years between the date of application for the new mortgage and the discharge or dismissal date in order for the borrower to receive favorable consideration. For Chapter 13 bankruptcy only, two (2) years must have elapsed from successful completion and discharge, or four (4) years from the dismissal date. The borrower must demonstrate an acceptable payment history of re-established good credit that evidences the borrower’s willingness and ability to manage financial affairs. Borrowers with multiple bankruptcy filings within the past seven (7) years must have an elapsed time of five (5) years between the date of application for the new mortgage and the most recent dismissal or discharge date. A shorter period of three (3) years may be considered, if the borrower can clearly document that “extenuating circumstances” led to the most recent bankruptcy: • Circumstances were non-recurring and beyond the borrower’s control. • A written explanation is required. • Documentation must identify the “event”, its severity, and the applicant’s efforts for resolution, documenting no other reasonable option.
Astoria Federal Savings	Credit	Bankruptcy	Under limited circumstances, AFS may extend credit to a borrower who has filed for protection under applicable bankruptcy laws and has received a discharge. The Underwriting Department will apply the following guidelines when considering an applicant who has been discharged from bankruptcy: If a bankruptcy action was discharged less the last five years from the date of application, AFS generally will not extend credit to that borrower unless the Underwriting Department determines that extraordinary circumstances dictate otherwise. If a bankruptcy action was discharged more than five years ago, the loan will be considered if the borrower has reestablished and maintained at least 4 acceptable trade lines since the date of discharge. Where a discharge of bankruptcy has occurred, some or all of the following documentation may be required: 1. Copy of the final bankruptcy papers, including the date of discharge; 2. Written explanation from the borrower thoroughly describing the cause of the bankruptcy; 3. A listing of the borrower's creditors to verify that all liens filed were directly related to the bankruptcy; and 4. Satisfactory analysis from the Underwriting Department of the determination that the borrower demonstrates sufficient creditworthiness based on verification of reestablished satisfactory credit history. Evidence of timely payments made to the bankruptcy trustee for reimbursement of creditors is a strong indicator of the borrower’s willingness to reestablish credit.
TIB	Credit	Bankruptcy	Bankruptcy Requirements- Chapter 7 or 11 must be 4 years from discharge date. Chapter 13 is 2 years from discharge or 4 years from dismissal. A person will multiple bankruptcies must be 5 years from most recent filed BK.
Mortgage Services III	Credit	Bankruptcy	Must have and AUS Approve/Accept Eligible and meet the following. All but Chapter 13, 4 Years since discharge of bankruptcy and re-established credit. Chapter 13 bankrupty will be 2 years from discharge or dismissal. Multiple Bankruptcy filings will eb minimum of 5 years with re-establised credit for borrowers with more than 1 Bankruptcy filing in the last 7 years. MSI will not purchase a loan where the borrower is currently involved in a foreclosure or deed-in-lieu situation.
Sydion Financial	Credit	Bankruptcy	Borrowers with a prior bankruptcy need to have re-established satisfactory credit history, and must meet the following standards: • Chapter 7, 11, or Bankruptcy must have been discharged or dismissed minimum 48 months prior o he borrower’s initial application. • Chapter 13 Bankruptcy must have been discharged minimum 24 months prior to the borrower’s initial application, or dismissed minimum 48 months prior to the borrower’s initial application. • If the borrower has had multiple bankruptcy filings within the past 7 years, then minimum 5 years must have passed since the resolution of the most recent occurrence regardless of bankruptcy chapter type.