When individuals decide to refinance their home loans, navigating through the paperwork can be a challenging process. The PHFA Form 51R, known as the Refinance Compliance Package Checklist and Cover Sheet, plays a crucial role in streamlining this process for homeowners who are looking to refinance their mortgages through the Pennsylvania Housing Finance Agency (PHFA). Issued in May 2013, this form guides borrowers and lenders alike through the meticulous collection and organization of necessary documents to ensure compliance with PHFA's refinancing requirements. It emphasizes the importance of submitting either original documents or legible copies in a specified order and secured with a binder clip, avoiding the use of file folders. This checklist covers a wide range of documentation, from preliminary package submissions and automated underwriting findings reports to more specific requirements like verification of employment, divorce decrees, and lien searches. Additionally, it specifies the type of financing involved—be it conventional, FHA, or VA loans—and requires the lender's contact information to facilitate smooth communication. By meticulously assembling required documents as per the PHFA Form 51R instructions, borrowers can expedite their refinancing process, aiding both the homeownership division of PHFA and the lenders in processing the refinance applications efficiently.
| Question | Answer |
|---|---|
| Form Name | Phfa Form 51R |
| Form Length | 1 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 15 sec |
| Other names | Transmittal, REFINANCE, LDP, FNMA |
May 2013 |
PHFA Form 51R |
REFINANCE COMPLIANCE PACKAGE CHECKLIST AND COVER SHEET
Directions: This Checklist is to be submitted on top of the Compliance Package containing ORIGINAL documents or LEGIBLE copies of the following items in the order listed below. It is important that the documents are assembled in the correct order and fastened by a BINDER CLIP. (Do NOT place in file folder.)
*Overnight Packages to: PHFA, Homeownership Division, 211 N. Front Street, Harrisburg, PA 17101 OR
Regular Mail to: PHFA, Homeownership Division, P.O. Box 8029, Harrisburg, PA
HOMEOWNERSHIP PROGRAMS DIVISION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRIMARY BORROWER'S NAME |
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REFINANCE LOAN |
||||||||
|
|
|
|
|
|
CONVENTIONAL FHA |
VA (Circle Financing) |
|||||||
|
LENDER NAME: ____________________________________________ |
CONTACT NAME: ____________________________________________ |
||||||||||||
|
Telephone: ________________________________________________ |
Email Address: ______________________________________________ |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
A. CREDIT/COMPLIANCE DOCUMENTS (place a check in the column as it applies) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. |
Preliminary Package (Form 1) submitted |
|
|
|
|
16. |
Verification of Deposit or |
||||
|
|
|
|
|
|
YES - Provide copy of PHFA approval |
|
|
|
|
|
|
|
a. 2 months of current bank statements (Conventional) |
|
|
|
|
|
|
NO |
|
|
|
|
|
|
|
b. Current month when funds needed to close (FHA, VA) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2. |
Automated Underwriting Findings Report (Conventional) |
|
|
|
|
17. |
Gift Affidavit (if applicable) |
||||
|
|
|
3. |
Proof of loan insurance/guarantee |
|
|
|
|
18. |
Copy of Fannie Mae Community Seconds Checklist |
||||
|
|
|
|
|
|
a. Signed FHA Loan Underwriting and Transmittal |
|
|
|
|
|
|
|
(FM 0109) if applicable (Conventional) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary (HUD |
|
|
|
|
19. |
Verification of Employment |
||
|
|
|
|
|
|
b. Provide Mortgage Insurance Certificate |
|
|
|
|
|
|
|
a. Verification of Employment (FULL VOE or verbal w/ |
|
|
|
|
|
|
c. Signed Loan Summary (VA Form |
|
|
|
|
|
|
|
current pay stubs showing YTD earnings and 2 yrs of |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4. |
FNMA Transmittal Summary (FNMA Form 1008 11/92): |
|
|
|
|
|
|
|
W2’s) (Conventional) |
||
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
Conventional |
|
|
|
|
|
|
|
b. Telephone verification of employment (verbal) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5. |
Signed & Dated initial Uniform Residential Loan |
|
|
|
|
|
|
|
Borrower currently employed (FHA, VA) |
||
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Application (FNMA Form 1003 10/92) and HUD/VA |
|
|
|
|
20. |
Completed and signed IRS Form 4506T from application |
||
|
|
|
|
|
|
Addendum(s) if applicable |
|
|
|
|
|
|
|
(provide copies of 2 years of transcripts if available) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6. |
Verification the LDP and GSA lists have been searched |
|
|
|
|
|
|
|
(Conventional) |
||
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
for all required parties: FHA |
|
|
|
|
21. |
Divorce Decree/Agreement of Child Support/Spousal |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7. |
Residential Mortgage Credit Report |
|
|
|
|
|
|
|
Support (if applicable) |
||
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a. Residential Mortgage Credit Report w/ Credit Score |
|
|
|
|
|
22. Deed |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
or 3 merged reports with Credit Score (Conventional) |
|
|
|
|
23. |
Lien Search (FHA, VA) |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
b. Residential Mortgage Credit Report w/ Scores for |
|
|
|
|
24. |
Applicable Appraisal Report (FNMA Form 1004 or 1073): |
||
|
|
|
|
|
|
Credit Qualifying FHA Refinances (only) |
|
|
|
|
|
|
|
a. UCDP Submission Summary Report (Conventional) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8. |
Provide copy of the Credit Score Information Disclosure |
|
|
|
|
25. |
Life of Loan Flood Determination |
||||
|
|
|
|
|
|
(Conventional) |
|
|
|
|
26. |
Refinance Authorization Results Screen print from FHA |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9. |
Certificate of Eligibility (VA Form |
|
|
|
|
|
|
|
Connection Showing the original Appraised Value and |
||
|
|
|
|
|
|
(VA) |
|
|
|
|
|
|
|
Endorsement date (FHA) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10. Signed statement by veteran acknowledging effect of |
|
|
|
|
27. |
Copy of VA IRRRL Case Assignment with new VA Loan # |
||||
|
|
|
|
|
|
refinancing (VA) |
|
|
|
|
|
|
|
and original appraised value (VA) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11. IRRRL Worksheet (VA Form |
|
|
|
|
28. |
Good Faith Estimate of Settlement Costs |
||||
|
|
|
|
12. Verification of VA Benefits (VA Form |
|
|
|
|
29. |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
applicable (VA) |
|
|
|
|
|
|
|
B. PHFA DOCUMENTS (As required by Program) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
13. Federal Collection Policy Notice (VA Form |
|
|
|
|
|
1. Borrowers Authorization for Post Purchase Counseling, |
||||
|
|
|
|
14. Provide copy of the Mortgage Servicing Disclosure |
|
|
|
|
|
|
|
PHFA Form 68 (FNMA) |
||
|
|
|
|
|
|
statement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15. Payoff Statement/Pay History |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
a. Borrowers "Detailed Payoff Statement" for Current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
b. Credit Supplement verifying Current Mortgage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
payment for at least the past 12 months (FHA, VA) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Unless otherwise marked Conventional, FHA or VA the item will apply to all loans.
**If