It has been our process to require a copy of the signed 1003 for the 2nd mortgage on Rate Advantage loans prior to approving the down payment assistance. Effective immediately, we will not require a signed copy of the 1003 prior to DPA approval of Rate Advantage loans. This will allow the 1003 and LE for the 2nd mortgage to be presented to the borrower to be signed at the same time. We will still require a copy of the 1003 before approval can be issued, however it will not need to be the signed copy.
We will continue to require a 1003 on all files, including our Edge files, that will need to be uploaded with the closed loan file, after the loan closes.
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