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Investor Name	Category	Sub-Category	Description

Chase	Credit	Foreclosure	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.
Bank Of America	Credit	Foreclosure	A previous foreclosure, preforeclosure, short sale, or conveyance of a deed-in-lieu of foreclosure, disclosed on the borrower’s credit report must always be considered significant derogatory information. The foreclosure, preforeclosure, short sale, or deed-in-lieu must be attributable to outside events beyond the borrower’s control. Additionally in all cases, including mortgages underwritten with credit scores, the borrowers must have experienced extenuating circumstances, and the Seller must meet the documentation requirements for determining that the Borrower now has an acceptable credit reputation.
ING Mortgage	Credit	Foreclosure	Foreclosure - Borrowers who have had a previous foreclosure are not eligible for a loan with ING Mortgage.
SunTrust	Credit	Foreclosure	• Generally, foreclosures must be completed at least five (5) years before loan application. • A shorter time of three (3) years from completion 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. • Additional requirements that apply after five (5) years up to seven (7) years following the completion date are as follows: • the borrower may obtain a new mortgage to PURCHASE a primary residence with a minimum 10% down payment and minimum credit score of 680. • the borrower may obtain a limited cash-out (rate/term) refinance in accordance with standard eligibility requirements. • The borrower may NOT obtain a cash-out refinance or obtain a mortgage secured by a second home or investment property. *** DU / LP - Non-AUS guidelines apply with the following exception: • extenuating circumstances for foreclosures are not eligible
Merrimack Mortgage	Credit	Foreclosure	Massachusetts Housing Finance Agency - 30 Year Fixed Rate: Foreclosure must be over 5 years old, reviewed individually.
PHH	Credit	Foreclosure	5 years from the completion date - Additional requirements that apply after 5 years up to 7 years following the completion date: * The purchase of a primary residence is permitted with a minimum 10% down payment and a minimum representative credit score of 680 * Purchase of a second home or investment property is not permitted * Limited cash-out refinances are permitted for all occupancy types pursuant to the eligibility requirements in effect at that time * Cash-out refinances are not permitted for any occupancy type
Affiliated Mortgage	Credit	Foreclosure	5-year time period from the date of foreclosure sale Additional requirements that apply after 5 years up to 7 years following the completion date: The purchase of a principal residence is permitted with a minimum 10% down payment and minimum credit score of 680 Purchase of a second home or investment property is not permitted Limited cash-out refinances are permitted for all occupancy types pursuant to the eligibility requirements in effect at that time Cash-out refinances are not permitted for any occupancy type
CitiMortgage	Credit	Foreclosure	Foreclosures After the requisite 5-year elapsed time period: • The borrower may obtain a new mortgage to purchase a principal residence with a minimum 10% down payment and a minimum credit score of 680. • The borrower may obtain a limited cash-out refinance mortgage pursuant to our eligibility requirements in effect at that time. • The borrower may not obtain a cash-out refinance or obtain a mortgage secured by a second home or investment property for seven years after the foreclosure action. CMI may consider 3 years an acceptable interval for having re-established a satisfactory credit record when: • The previous action was a foreclosure resulted from extenuating circumstances. (If the borrower cannot provide satisfactory documentation of the extenuating circumstances, 5 full years must have elapsed.) If the foreclosure was the result of documented extenuating circumstances and the requisite 3 year elapsed time period has passed: • The same requirements apply as outlined above, with the exception that the minimum credit score of 680 is not required.
M AND T Mortgage	Credit	Foreclosure	Foreclosure: A foreclosure must have an elapsed time of five (5) years, Deed-in-Lieu of Foreclosure four (4) years, between the date of application for the new mortgage and the foreclosure date in order for the borrower to receive favorable consideration. The new mortgage can be for the purchase of a principal residence with a minimum 10% downpayment and minimum 680 FICO, or a limited cash out refinance of any property type. 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. • A foreclosure must have an elapsed time of seven (7) years between the date of application for the new mortgage and the foreclosure date for the purchase of a second home or investment property, or for a cash out refinance of any property type. • A shorter period of three (3) years may be considered, two (2) years for a Deed-in-Lieu of Foreclosure, if the borrower can clearly document that “extenuating circumstances” led to the foreclosure: • 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. • Permitted transactions: * Purchase of primary residence with 10% downpayment * Limited cash out refinance of any property type A Pre-foreclosure sale or short sale must have an elapsed time of two (2) years between the date of application for the new mortgage and the foreclosure date in order for the borrower to receive favorable consideration. No exceptions are permitted to the two (2) year time period due to extenuating circumstances.
TIB	Credit	Foreclosure	Foreclosures must be 7 years from completion date.
Mortgage Services III	Credit	Foreclosure	If the borrower has filed a deed-in-lieu of foreclosure or sold a property that was a pre-foreclosure and the AUS has not considered in the findings, the following overlays apply: Valid documentation must be provided to determine whether such an action has been completed in the past 4 years A minimum 2-year seasoning for the re-established credit following the sale of the property must be documented. Additionally, the following requirements must be applied if the incident is between 4 and 7 years: Purchase Transactions: The borrower must contribute the greater of 10% or the minimum required for the product. Gifts are not permitted. *Refinance Transactions: The minimum time elapsed must be 7-years to be eligible.
Sydion Financial	Credit	Foreclosure	In general, minimum 5 years must have passed since the resolution of a foreclosure occurrence (i.e. rescission of notice of default, trustee sale date, recording of deed-in-lieu, etc.). Forbearance on a mortgage (including short payoffs or workouts by the servicing lender’s loss mitigation or collection department) should also be considered as a foreclosure for evaluation purposes. If the foreclosure resolution occurred more than 5 years, but less than 7 years ago, the following apply: • Purchase: The purchase of a primary residence is allowed with minimum 10% down, and a minimum 680 qualifying score. The purchase of a second home or investment property is not allowed. • Rate/Term Refinance: Permitted for all occupancy types per standard eligibility requirements. • Cash-Out Refinance: Not permitted for any occupancy types.
Wells Fargo	Credit	Foreclosure	Foreclosure Requirements - * Extenuating Circumstances: Evidence that each Borrower has a minimum Loan Score of 620 • Require 3-year re-establishment of credit from the completion date. Additional requirements that apply after 3 years and up to 7 years: • Primary residence only minimum 10% down payment required • Second home or Investment property not allowed • Rate/Term refinances allowed on all occupancy types-Standard policy applies • Cash-out Refinances not allowed * Financial Mismanagement: Evidence that each Borrower has a minimum Loan Score of 680 • Require a 5 year re-establishment of credit from the completion date. Additional requirements that apply after 5 years and up to 7 years: • Primary residence only minimum 10% down payment required and a minimum Loan Score of 680 • Second home or Investment property not allowed • Rate/Term refinances allowed on all occupancy types - Standard policy applies • Cash-out Refinances not allowed *** 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 or the completion of the foreclosure-related action • 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 or the completion of the foreclosure-related action • 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.