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Broker Package  11/01/02

This is information you definitely want to read. Effective today we have new updates to the Broker Approval Policies & Procedures. Please become familiar with the requirements, documents and workflow as this process will be implemented immediately in Broker Approval.
 
A few key highlights are as follows:
 
The new broker approval requirements are much more streamlined. Please note you need to immediately utilize the NEW Broker Approval Package Checklist and a NEW Broker Approval Agreements for all brokers you will be submitting to us for approval. By Monday, Marketing will be following this email with these new documents and the Aames Direct website will also be updated. Look for other emails to follow which will inform you further of the documents, dates and details.
 
A few "NEED TO KNOW" items about this new business workflow in Broker Approval.
 
NUMBER ONE NOTE: Effective today, ANY Modifications done to the broker approval agreement will require a Quality Control review to accept the agreement. Broker Approval will no longer be able to just accept revised broker agreements. That is why there is a new and improved broker agreement  that will help to avoid any broker changes to our documents. Further details of these requirements are outlined in the P & P.
 
SECOND MAJOR ITEM: We will no longer be able to approve brokers with ONLY a broker agreement being faxed to us. With the NEW broker approval requirements being greatly reduced we must have a full package in the door for the broker to be approved. 
 
RECOMMENDATION - PLAN AHEAD AND ADDRESS PENDING BROKERS EARLY IN THE GAME: This month end all of broker approvals workflow consisted of approving broker packages on loans that were ready to fund. If you know the broker is not approved at the time of submission this condition needs to be met earlier in the game. Please try and address unapproved brokers the moment they send us the deal. This will take a significant effort from operations and productions to complete this task earlier but the alternative is that you will run into delays and issues during month end. We must take a proactive stance on this issue.

FAX on Demand: 877-233-0574 

Mortgage Credit Only

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Submission Form

"A.A.M.E.S." – DELIVERING WORLD CLASS CUSTOMER SERVICE
INTRODUCTION - "A" ACKNOWLEDGE RECEIPT OF FILE - "A" ADVISE UNDERWRITING DECISION - "M" MANAGE RECEIPT OF CONDITIONS - "E" EFFICIENTLY ORCHESTRATE CLOSING - "S" SMILE, AND MAKE THE LOAN FUNDED CALL - Exhibit 1:Manage the Receipt of Conditions Fax form - ACCOUNT MANAGERS’ AND ACCOUNT EXECUTIVES’ TEAMWORK - TELEPHONE ETIQUETTE - Incomplete Documentation and/or Missing Items - DOCUMENT SUMMARY - CORPORATE AND SERVICE CENTER PERSONNEL - SERVICE CENTER AND CORPORATE TELEPHONE ETIQUETTE - BLIND TELEPHONE TRANSFERS - PROPER TELEPHONE TRANSFERS

Chapter 08.01 – Introduction to Aames Underwriting Guidelines 09/13/02

INTRODUCTION - AAMES UNDERWRITING PHILOSOPHY - AAMES’ GUIDELINE EXCEPTIONS - Exception Justification Form - PROCEDURES - (Illustration) Exception Justification Form - Underwriter Responsibility - FAIR LENDING AND CONSUMER "BEST PRACTICES" GUIDELINES - COMPLIANCE - ADVERTISING, LOAN SOLICITATION AND LOAN ORIGINATION - UNDERWRITING POLICIES - LOAN SERVICING AND COLLECTIONS - LOAN DELINQUENCY AND DEFAULT - INTERNAL REVIEW - UNDERWRITER PROCEDURES - File Documentation - Review and Approval

Chapter 08.02 - Loan documentation and Submission Requirements 09/13/02

DOCUMENTATION REQUIREMENTS - (1) Loan Application FNMA form 1003 - (2) Credit  Report -  (3) Preliminary Title Report/Title Commitment - (4) Property Appraisal - (5) Pre Disclosure Copies - (6) Aames Loan Submission Sheet - (7) Purchase Contract (as applicable) with copy of Deposit Receipt - (8) Escrow/Closing Amendments - (9) Request For Copy or Transcript of Tax Form - (10) Income Documentation - (11) Additional Documentation - TELEPHONE VERIFICATIONS - CELL PHONE/PRIMARY RESIDENCE PHONE NUMBER - CREDIT REPORT REQUIREMENTS - CREDIT SCORE REQUIREMENTS - Credit Grade - Loan-to-Value - PRELIMINARY TITLE REPORT / TITLE COMMITMENT - FEE LIMITS - High Cost Loans -- See Table of Contents - AGE OF DOCUMENTATION - BROKER REQUIREMENTS - RESUBMISSION - APPLICANT ELIGIBILITY - Eligible Applicants - Ineligible Applicants - Legal Residents - Primary Borrower - Co-Applicants - Power of Attorney - Waiving Rescissions

Chapter 08.03 – General Underwriting Guidelines 09/13/02

LENDING STATES - MINIMUM PROPERTY VALUE - MINIMUM / MAXIMUM LOAN AMOUNT - LOAN TRANSACTIONS - CASH OUT - SUBORDINATE FINANCING - NEW OR EXISTING SECONDARY FINANCING - (SELLER / PRIVATE PARTY OR INSTITUTION) - EXISTING LIENS - COMBINED LOAN TO VALUE (CLTV) - OCCUPANCY - TYPE OF OWNERSHIP - LEASEHOLD ESTATES (SUBLEASE ESTATES) - SECOND HOMES - APPRAISED VALUE / SEASONING - Refinance transactions - Purchase Transactions - PURCHASE MONEY - CONSTRUCTION TAKE-OUT - LEASE OPTION - RECORDED LAND CONTRACT - Recorded 12 Months (or more) prior to submission  - Recorded less than 12 months prior to submission - Not Recorded with 12 Months Seasoning - Less Than 12 Months Seasoning - HOLDBACKS -- NOT ALLOWED - MULTIPLE MORTGAGES - HAZARD INSURANCE - FLOOD INSURANCE - CLOSING AGENT - TITLE INSURANCE - Plat Maps or Survey - WELL AND SEPTIC REPORTS - PEST (TERMITE) REPORTS - ESCROW ACCOUNTS 

Chapter 08.04 – Credit Evaluation 09/13/02

CREDIT REPORT - Credit Report Requirements - CREDIT SCORE PROGRAM - Credit Score Program Requirements - LTV EXTENDER PROGRAM - Eligible Properties for the extender program - SFR /// Condo /// PUD /// Duplex - ANALYSIS OF CREDIT REPORT - CREDIT SCORE PROGRAM - Credit Upgrades - Collections or Charge-offs - Payment Requirements on Charge-off and Collection Accounts: - JUDGMENT ACCOUNTS - POTENTIAL LIENS ON SUBJECT PROPERTY (IRS AND CHILD SUPPORT) - CONSUMER CREDIT COUNSELING SERVICES - BANKRUPTCY - RE-ESTABLISHED CREDIT - MORTGAGE OR RENTAL HISTORY - CREDIT GRADING PROGRAM - Analysis of Credit Report - CREDIT - Counting Derogatory Consumer Credit - Collections or Charge-Offs - Payment Requirements on Collection Accounts and Charge-Offs - JUDGMENT ACCOUNTS - POTENTIAL LIENS ON SUBJECT PROPERTY (IRS AND CHILD SUPPORT) - CONSUMER CREDIT COUNSELING SERVICES - BANKRUPTCY - RE-ESTABLISHED CREDIT - Evaluating Mortgage Delinquency - RENTAL HISTORY - REQUIREMENTS FOR MORTGAGE OR RENTAL RATING - PROPERTIES OWNED WITH NO EXISTING MORTGAGE - MORTGAGE FORECLOSURES - MULTIPLE PROPERTY MORTGAGE RATING - FORBEARANCE AGREEMENT - DETERMINING MORTGAGE DEROGATORY - Mortgage Reported Rolling Delinquencies - MULTIPLE MORTGAGE LIENS - 1st Trust Deed + - 2nd Trust Deed + - 3rd Trust Deed - Total for Qualification - MORTGAGE OR RENTAL AND CONSUMER CREDIT BLENDING TABLE - 12 Month Mortgage / Rental Credit Grade - Consumer Credit Grade - Final Grade - Mortgage Verification - MORTGAGE ONLY PROGRAM - MORTGAGE OR RENTAL AND CONSUMER CREDIT BLENDING TABLE - 12 Month Mortgage / Rental Credit Grade - Consumer Credit Grade - Final Grade - Mortgage Verification - MORTGAGE ONLY PROGRAM - JUMBO LOANS

Chapter 08.04.01–UW Guideline Summary 09/13/02

An Excellent Overview of the guidelines!

Chapter 08.05 – Income 09/13/02

GENERAL INCOME INFORMATION - Strikeouts or Alterations on Original Documents - Income Disclosure (Alimony, Child Support or Separate Maintenance) - Pay Stubs - Declining Income - Disposable Income Requirements - Stated Income Verification - GENERAL EMPLOYMENT INFORMATION - Stability of Employment / Probability of Continuance - New in Workforce / Returning to Workforce - Employment History Gaps (Full Documentation Loans) - VERIFICATION OF EMPLOYMENT (FULL DOCUMENTATION LOANS) - TELEPHONE VERIFICATIONS - EMPLOYED BY RELATIVES - BANK STATEMENTS - Full Documentation Loans - Light Documentation Loans - SELF-EMPLOYMENT (FULL DOCUMENT LOANS) - SPECIFIC INCOME INFORMATION - 401 K - Full Documentation  - Light Documentation - Stated Documentation - ALIMONY - AUTOMOBILE ALLOWANCE - BONUS INCOME - BORDER / ROOM RENTAL INCOME Not Allowed - CAPITAL GAINS - CHILD SUPPORT - COMMISSION INCOME - W-2 Employees  - 1099 Employees - CONSULTANT (CONTRACT INCOME) - CORPORATION - DISABILITY INCOME (INDIVIDUAL/CHILD) - DIVIDEND INCOME - DRAW Not Allowed - FARMING INCOME - FOREIGN INCOME - GENERAL PARTNERSHIP - HOUSING ALLOWANCE (CLERGY AND MILITARY) - INTEREST INCOME - INVESTMENT RETIREMENT ACCOUNT (IRA)  - LIMITED PARTNERSHIP - MILITARY ALLOWANCES - NOTE RECEIVABLE  - OVERTIME INCOME - PART-TIME INCOME  - PENSION INCOME - PUBLIC ASSISTANCE - RAISES (ANTICIPATED) - RELOCATING SPOUSE (TRAILING SPOUSE) INCOME -  RENTAL INCOME - RETIREMENT INCOME - ROYALTY INCOME - S-CORPORATION - SALARIED EMPLOYEE - SEASONAL INCOME (RECURRING ONLY) - SECOND JOB INCOME - SELF-EMPLOYED INCOME - SOCIAL SECURITY INCOME - SOLE PROPRIETORSHIP - TAX REFUNDS (FEDERAL, STATE OR LOCAL) - TIPS AND GRATUITIES - TRUST INCOME  - UNEMPLOYMENT COMPENSATION - VA BENEFITS - VA SCHOOL BENEFITS - WAGE EARNER - UNACCEPTABLE SOURCES OF INCOME  

Chapter 08.06 – Debt to Income Analysis 09/13/02

DEBT RATIO - PRINCIPAL AND INTEREST PAYMENTS - HAZARD INSURANCE - REAL ESTATE TAXES - REFINANCE LOANS - PURCHASE MONEY LOANS

Chapter 08.07 – Closing Funds 09/13/02

BORROWED FUNDS - CONTRIBUTIONS FROM INTERESTED PARTIES - DEPOSIT ACCOUNTS - DOWN PAYMENT - PURCHASE MONEY LOANS - SOURCE AND SEASONING - GIFT OF EQUITY - GIFT FUNDS - OTHER FUNDS FOR CLOSING - IRA or Keogh Accounts - Relocation Package - Sale of Personal Property - Sale of Real Property - Stocks, Bonds, Mutual Funds - UNACCEPTABLE SOURCES OF FUNDS - Home Buyers Assistance Programs

Chapter 08.08 – General Appraisal Requirements 09/13/02

APPRAISAL/COLLATERAL OVERVIEW - APPRAISER ROLE - REQUIRED FORMS - Property Type - FNMA Form - FHLMC Form - SATISFACTORY COMPLETION CERTIFICATE - FHA AND VA APPRAISALS - AGE OF APPRAISAL - REQUIRED SUPPORTING DOCUMENTATION - PLAT MAP - LOCATION MAP - LEGAL DESCRIPTION - SALE/LISTING HISTORY - PROPERTIES LISTED FOR SALE IN LAST 90 DAYS - FLOOR PLANS - PHOTOGRAPHS - NEIGHBORHOOD - VALUE OF PROPERTY - MARKETING TIME - SUPPLY AND DEMAND -  SITE - Site Analysis - Site Value - ACREAGE - Excess Land Value Calculation - SOIL REPORT - WELL AND SEPTIC CERTIFICATION - ROOF CERTIFICATION - PRIVATE ROADS - ZONING - BUSINESS USE PROPERTIES - SALES COMPARISON - Comparable Sales Adjustments - RECONCILIATION OF VALUE - ACCEPTABLE PROPERTY TYPES - MINIMUM REQUIREMENTS - Square footage - CONFORMING PROPERTIES - ABOVE GRADE ROOM COUNT - NON-CONFORMING PROPERTIES - MIXED USE PROPERTIES - ADDITIONAL STRUCTURES - Outbuildings - Room Additions - Guest Houses/In-Law Quarters - Garage Conversions - SECURITY BARS - ROW-HOMES - CONDOMINIUMS - PLANNED UNIT DEVELOPMENTS - LEASEHOLD PROPERTIES - MULTIPLE PARCELS - RURAL PROPERTIES - MANUFACTURED HOMES/MODULAR HOUSING - Factory Built Home Seasoning/ Value Assessment - APPRAISAL/COLLATERAL - ROW HOMES - REBUILD LETTERS - PROPERTY ZONED COMMERCIAL - PROPERTY TYPES - ACCEPTABLE PROPERTY TYPES - CASE-BY-CASE COLLATERAL - UNACCEPTABLE COLLATERAL - ADDITIONAL CONDITIONS CREATING UNNACCEPTABLE COLLATERAL 

Chapter 08.09 – Loan Program Guidelines and Matrices 09/13/02

CLTV TABLE - LTV / CLTV: FULL INCOME DOCUMENTED LOANS - Credit Grade - 0/0 SFR, Duplex, Condos, & 2^nd Homes - NON 0/0 SFR, Duplex, Condos - 0/0 Manf Homes - NON 0/0 Manf Homes - 0/0 3-4 Units - NON 0/0 3-4 Units - REFINANCE TRANSACTIONS - PURCHASE TRANSACTIONS

UNDERWRITING - LOAN TYPE OVERVIEW - EMPLOYMENT - MINIMUM LOAN AMOUNT - MINIMUM FICO - LOAN-T0-VALUE (LTV) - COMBINED LOAN-TO-VALUE (CLTV) - DEBT TO INCOME (DTI) - LOAN PRIVATE MORTGAGE INSURANCE (LPMI) - FIRST TIME HOMEBUYERS - DOCUMENTATION/DOCUMENTATION TYPES - Full Documentation Loan - Alternate Documentation - Stated Income - CREDIT - Credit Report - Mortgages - Co-Signed Loans - ELIGIBLE PROPERTIES - INELIGIBLE PROPERTIES - ELIGIBLE BORROWERS - PERMANENT RESIDENT ALIENS - CONVENTIONAL CREDIT PROFILE - CASH RESERVE REQUIREMENTS - GIFT FUNDS - SELLER CONTRIBUTIONS - SUBORDINATE FINANCING - CONDOMINIUM PROJECT APPROVALS - FNMA Type A, FHLMC Class III, or Limited Project Review - Mid-Rise and High-Rise Condominiums - ATTACHED PLANNED UNIT DEVELOPMENT (PUD) PROJECT APPROVALS - TABLES FOR CASH OUT AND LOAN SIZE LIMITS - Loan Size and Cash/Out – Full/ALT Doc – Owner-Occupied - 1 Unit in 1,000’s - Loan Size and Cash/Out – Full/ALT Doc – 2^ND Home - 1 Unit in 1,000’s - Loan Size and Cash/Out – Full/ALT Doc – Investor Properties - 1 Unit & O/O 2-4 Units in 1,000’s - Loan Size and Cash/Out – Full/ALT Doc – Investor Properties 2-4 Units in 1,000’s - Loan Size & Cash/Out – Stated – Owner-Occupied - 1 Unit in 1,000’s - Loan Size & Cash/Out – Stated – 2^ND Home - 1 Unit in 1,000’s - Loan Size & Cash/Out – Stated – Investor Properties 1 Unit & 0/0 2-4 Units in 1,000’s