1. DC OPEN DOORS LENDER TRAINING

2. Welcome to DC Open Doors
Presentation Summary
Program Overview
Program Highlights
Loan Products
Down Payment Assistance
Program Facts
Program FAQs
Program Process
Reservation Process
Data Transmission
Pre-closing Review
Reservation Extensions
Direct Funding, Closing
Post-Closing
Process FAQs
Contact Information

3. Program Highlights
DC Open Doors allows participating lenders to offer affordable mortgages and down payment assistance to eligible homebuyers.
DC Open Doors has Continuous Funding for its mortgages AND down payment assistance!
Interest rates are posted daily at Facebook (DC Open Doors) and Twitter
U.S. Bank, National Association is the Master Servicer.
All participating lenders must:
Be approved by both U.S. Bank and DCHFA
Participate in all mandatory trainings
Lenders are encouraged to originate a minimum of $1 Million annually.

4. More Inclusive Affordable Homeownership!
Program Highlights
FHA and Conventional Loan Types
Open Doors can provide 1st trust alone or 1st trust and DPAL
Open to First Time and Repeat Homebuyers
Open to all D.C. Neighborhoods and Wards
Maximum Borrower Income of $131,040
No Household income test
$424,100 Maximum 1st Trust Loan Amount
No Sales Price Limitations
No Asset Test
U.S. Bank Overlays & Investor Guidelines Apply
More Inclusive Affordable Homeownership!

5. DC Open Doors Loan Products
Government
Conventional
FHA
1st Mortgage up to 96.5% LTV
Standard FHA Loan
Standard MIP, upfront and monthly
FHA Plus
Subordinate loan of 3.5% of sales price
Standard FHA Loan, MIP, etc.
HFA Preferred
HFA Advantage
1st Mortgage up to 97% LTV
Charter minimum, MI Coverage
Refinances eligible
Homebuyer education required
Conventional w/DPAL
Subordinate loan of 3.0% of sales price

6. Down Payment Assistance
DC Open Doors
Down Payment Assistance
Available for FHA and Conventional Loans
Must be coupled with DC Open Doors 1st Trust
Amount is 3.0% or 3.5% of sales price
Structured as Subordinate Lien
Can be used in conjunction with other assistance programs (HPAP, EAHP, etc.)
Forgiven over 5 years, 20% per year
DPAL is 0% &
non-amortizing
(No Payments)
Interest rate on 1st Trust will be slightly higher when using DPAL
DPAL is repayable within first 5 years only upon sale, refinance or transfer of title

7. DC Open Doors – Program Facts
Interest Rates Not Credit Score Based
Rate Offered at Par (No Lender Credit, Points, etc.)
45% Maximum Debt to Income Ratio (U.S. Bank)
640 Minimum Credit Score
The maximum loan amount of $424,100 can only be exceeded by the UFMIP on an FHA loan

8. DC Open Doors – Program FACTS
Charter minimum MI coverage for conventional loans
– 18% at 97% LTV
Seller Contributions Allowable – Follow FHA/Fannie/Freddie Guidelines
Buyers can use their own funds plus DPAL for additional down payment or closing costs
DC Open Doors continues to offer 97% LTV on condominiums
Homebuyer education requirement can be completed online or face-to-face. Provider must meet standards defined by the National Industry Standards for Homeownership Education and Counseling = (follow FNMA/FHLMC guidelines)
No DCHFA Review/Requirement of the Home Inspection

9. DC Open Doors – Program FAQs
Why use HFA without DPAL?
The MI rates are lower on DC Open Doors than on standard conventional loans (HomeReady/Home Advantage)
Rates are not credit score driven
Choice of Homebuyer Education Provider - Not required to use a specific Homebuyer Education Provider
Is there a maximum sales price for the program?
No, there is not a maximum sales price amount. However, the loan amount may not exceed $424,100 plus FHA MIP.
What income must be used to determine qualifications under the maximum income requirement?
All borrower income must be documented/verified, regardless of whether or not being used for qualifying purposes –however, NOT based upon household Maximum Income for all borrowers is $131,040
Do you allow a non-occupant co-borrower?
Yes, following Investor/Insurer/Servicer guidelines. Income is counted for eligibility
Is there a maximum origination charge the lender is permitted to collect?
No, however it must be reasonable and customary

10. DC Open Doors – Program FAQs
Can the borrower buy down the interest rate?
No, all of our loans are quoted with 0 points only (no lender credits, either)
If I have more than one purchaser, but only one is going to be on the loan, can the other person be on the deed?
Yes, non-borrowers are permitted to be on the title.
Can the DC Open Doors programs be used for a refinance?
Yes, the HFA Preferred is also a refinance program up to 97% LTV/CLTV
Can my borrower own any other property at the time of closing on a DC Open Doors loan?
No, the borrower may not have ownership interest in any other property at the time of closing.
What types of non-resident aliens are allowed under the program?
We follow FHA/FNMA/FHLMC/U.S. Bank guidelines

11. DC OPEN DOORS PROGRAM PROCESS

12. DC Open Doors Program Process
No separate application for DC Open Doors – the borrowers meet with Lender and start loan application
DCHFA will pay the cost to record the DPAL Deed of Trust, negating the need for a Lender Estimate/GFE or Closing Disclosure/HUD1
The only allowable fee on DPAL is the cost to record the DOT – NO TITLE INSURANCE ON DPAL
Lender reserves loan with DC Open Doors (via eHousingPlus website) at time of rate lock (must have ratified contract)
Reservation (Rate Lock) starts 70 Day reservation period (delivery & purchase) – recommended quote to borrower is 30 days

13. DC Open Doors Program Process
DC Open Doors does pre-closing review for all loans
DC Open Doors coordinates closing with Lender
Post-closing – eHousingPlus review & U.S. Bank review
DC Open Doors – always here to answer questions!

14. DC Open Doors – Reservation Process
Reservation = Official Program Rate Lock Date
Reservation date starts 70 Day period from lock to U.S. Bank purchase post-closing
Recommended quote of 30 days to borrower to allow sufficient time for post-closing
Reserve Loan Using Online Reservation System (eHousingPlus):
Input as much borrower/loan information into the reservation system as possible to reduce Pre-Closing Review processing time
Information must match what is submitted to DCHFA
Purchase Contracts MUST be Fully Ratified Prior to Reserving a Loan with DCHFA

15. DC Open Doors Data Transmission
DCHFA uses a secure FTP portal for receiving and sending all data, documents, etc.
FTP portal supports PDF, Word, Excel, etc.;
Lenders are responsible for transmitting all document submissions via FTP portal;
Documents are uploaded to DCHFA via secure FTP portal, with specific file naming:
Last Name, First Name – Submission or Document Title
DCHFA will transmit DPAL closing documents (commitment letters, loan documents, settlement instructions, etc.) via FTP portal;
DPAL docs are NOT sent to lender via eHousingPlus – the FTP is a separate website;
Each Lender will be provided with login credentials
FTP link:

16. DC Open Doors Data Transmission
Lenders must designate a system administrator to manage access to FTP portal
DCHFA will provide each individual lender with one set of log-in credentials for access. Credentials can be used by multiple parties (processors, underwriters, etc.)

17. DC Open Doors Pre-closing Review
DCHFA reviews all loans for compliance and provides a “Clear to Close” Notice.
DCHFA is reviewing for the following:
Loan Application Form 1003 for accuracy
Maximum Borrower Income of $131,040
Proof of Income (*see checklist)
Ratified Purchase Contract
Homebuyer Education (If Applicable)
DPAL (If Applicable)
DPA Loan Funding Request form & Wiring Instructions
Need 3 business days to process DPAL funding
*Always reference the Review Checklist to ensure your package is complete.

18. DC Open Doors Pre-Closing Review
Files reviewed on “first come, first served” basis;
We will receive an alert when a loan file has been uploaded by a lender. Files will be logged upon receipt;
Files missing documentation will be taken out of the review queue and placed in pending queue until the files are complete;
DCHFA commits to a timely pre-closing review time from receipt of a completed package;
File Approved – DC Open Doors Sends ‘Clear to Close’ Notice

19. DC Open Doors – Reservation Extensions
Lenders must request all reservation extensions in writing
All extensions will trigger Extension Fees
70 Day Base Rate Lock
30 Day Extension – 0.25% of Loan Amount Fee
100 Days Total
20 Day Extension – 0.50% of Loan Amount Fee
120 Days Total
Extension Fees are netted from ALL loans delivered after 70 Days
Avoid Extension Fees – Quote 30 Day Locks to Borrowers!

20. Direct Funding and Closing – DPAL only
DC Open Doors
Direct Funding and Closing – DPAL only
DCHFA prepares DPAL closing documents and uploads to FTP for lender to access
Lender downloads DPAL closing documents and sends to settlement company with 1st trust docs
DCHFA funds the DPAL directly to settlement company
DCHFA NEEDS 3 BUSINESS DAYS TO PROCESS FUNDING. PLEASE ENSURE DCHFA HAS SUFFICIENT TIME TO FUND THE DPAL
If a first trust loan contains deficiencies, or for any other reason cannot be purchased by U.S. Bank, the lender is responsible for reimbursing DCHFA for the DPAL
DCHFA will send a letter to the lender requesting reimbursement including wiring instructions and timing
Failure to reimburse DCHFA for a DPAL closed with a first trust loan that is not purchased by U.S. Bank could result in lender suspension.

21. DC Open Doors Post-Closing
Three Parallel Processes Start Immediately After Closing:
DC Open Doors & DPAL
Copies of Executed Note, Closing Disclosure & DOT for 1st Trust Loan
Original Borrower Recertification, Note & Recorded DOT mailed to DCHFA
eHousingPlus Compliance Review
Package is sent to eHP in Weston, FL
eHP will follow DCHFA’s Post-Closing Review File Checklist for review:
Copy of checklist – available on eHousingPlus
Copy of the Borrower Recertification
Final executed 1003
Copy of executed Closing Disclosure
Certified true copy of Executed DOT and Note for all financing
eHousingPlus compliance approval is required before U.S. Bank will purchase loan
U.S. Bank Purchase Review
Package is sent to U.S. Bank via docVelocity Imaging
Standard purchase file – please refer to US Bank for complete document list
Please ensure package is complete
Allow time for review and purchase – reservation timeline management is critical
eHousingPlus Approval & U.S. Bank Approval Required
Loan purchased!

22. DC Open Doors – Process Summary
Pre-Closing thru Closing
Borrower starts process
Meets with Lender
No separate application for DC Open Doors
DCHFA pays the cost to record the DPAL DOT, if applicable
No other fees allowed on DPAL
Lender Reserves Loan
Reservation = Rate Lock
Starts 70 Day Reservation Period
Need fully executed purchase contract
Can be before or after underwriting approval
Pre-Closing Review
Required for all loans, with or without DPAL
Submitted to DCHFA via FTP
Complete files reviewed
Funding, Closing
DCHFA funds DPALs directly at closing
DCHFA sends DPAL loan docs to Lender via FTP
3 business days needed to fund DPAL
Loan closes!

23. Post Closing Post Closing
Compliance Review file mailed to eHousingPlus
Purchase file uploaded to U.S. Bank
DPAL original docs sent to DCHFA
eHousingPlus communicates any deficiencies to Lender.
Approves loan
Notifies U.S. Bank
U.S. Bank communicates any deficiencies to Lender.
Purchases loan
70 Day Reservation Period
Extensions
Must be requested PRIOR to expiration
Must be requested in writing
Trigger Extension Fees

24. DC Open Doors – Process FAQs and Tips
Subordinate financing listed as Source of Down Payment/Closing Costs on 1003
All lender and DCHFA numbers required to reflect the same amounts
All files MUST have the MCC-001 Document whether or not there is an MCC with the loan or not!!!!!!!!!!!!
After an approval is issued, no changes to DU, 1003, U.S. Bank approvals, etc. can be made. If so, it must be reviewed again with revisions.
LENDERS DO NOT CANCEL DC OPEN DOORS LOANS IN SYSTEM
Please us at to cancel a loan

25. DC Open Doors – Process FAQs and Tips
Lender should submit loan files as close to the loan settlement date as possible, but not less than 5 business days before;
Please coordinate with your Secondary/Loan Ops Department about locks (timing and how-to)
No specific MI company is required on DC Open Doors’ loans
Refer to U.S. Bank for a list of acceptable MI Providers
HFA Preferred (FNMA) loans must be run through DU and coded as “HFA Preferred”
Must receive DU “Approve/Eligible” Findings
HFA Advantage (FHLMC) loans must be run through LP and coded as “HFA”.
Must receive Accept findings.

26. DC Open Doors Contact Information
Program Administration
Lisa Hensley, Single Family Director
Bill Milko, Single Family Deputy Director
Deborah Jones, Single Family Program Manager
Website and Social Media
Website: (All forms, presentations, etc. are in For Participating Lenders Only section)
(Follow us!)
Facebook: (Like our page!)

27. Additional Contacts U.S. Bank eHousingPlus U.S. Bank Guidelines:
Post-Closing Package:
Upload via docVelocity Imaging
Required Original Documents:
Mail to: U.S. Bank Home Mortgage, HFA Division Note Vault American Blvd. E, Suite 440, Bloomington, MN 55425
Help Desk: (800) or
eHousingPlus
Website:
Mailing Address: Universal Blvd., Suite 190, Weston, FL 33331
Phone: (954)
Address:

28. Common Conditions Findings Reflecting Cash Back to the Borrower –
Common reason for this finding is that EMD is reflected as paid under Details of Transaction. Cure is to reflect EMD under the Asset Section of the 1003.
Property address mismatch on Flood Cert, Note and other Loan Documents Example: Unit #XXX, #XXX, Unit XXX – ALL MUST MATCH!!!
Demand Feature not checked on the Closing Disclosure.
List of Service Providers not provided.
Source of Funds on 1003 must reflect Subordinate Financing/DC Open Doors (or Secured Borrowed Funds) for loans with DPA.
AU Findings must reflect program type (HFA Preferred or HFA Advantage) so that MI requirements are correct and findings are correct.
NO title insurance/fees other than cost to record! Let your title company know up front.
1st Trust Closing Disclosure must reflect TOTAL DPAL amount and the cost to record needs to be reflected as paid by DCHFA

32. DC Open Doors Program Instructions for after the Live Webinar Program Training
Step #1 Attend the eHousingPlus Lender Portal System Software Training
This training is only required for anyone who will reserve funds, print forms, view the program pipeline and clear exceptions. System software training is conducted on a weekly basis via Live Webinar. Please click on this link to register :
Step #2 After System Software Training - Apply for user credentials.
Loan Officers who will NOT reserve funds in the eHousingPlus Lender Portal but DO need their name to appear in drop down to receive credit for originating a DCHFA DC Open Doors loan, click on this link:
Loan officers, processors, closers, shippers and post closers who need access to the lender portal and do NOT currently have an eHousingPlus Lender Portal username and password, please click this link:
Look for the Sign-In button, directly below click on the link “Register for User ID”.
Complete the required information and submit the form.
Loan officers, processors, closers, shippers and post closers who need access to the lender portal and DO currently have an eHousingPlus Lender Portal username and password, please click this link:
Use the FlexCode: AEROMANCY (code will expire in 5 business days)

33. QUESTIONS?