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Pre-Closing Compliance Package: The Pre-Closing Compliance Package should be submitted to the program administrator (through the Lender Portal) three to five calendar days prior to loan closing.
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Post-Closing Compliance Package: The Post-Closing Compliance Package should be submitted to the program administrator (through the Lender Portal) within 10 calendar days following the closing date of the mortgage loan, but in no event after the Commitment Expiration Date.
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Closed Mortgage Loan Package: The closed mortgage loan must be delivered to and purchased by the servicer prior to the Commitment Expiration Date unless an extension is purchased to cover the amount of time required for the servicer to complete the purchase of the mortgage loan.
9.2 Pre-Closing Compliance
Pre-Closing Compliance Packages submitted to the program administrator (through the Lender Portal) must contain the following documentation:
- First Lien Underwriter Transmittal Summary - 1008 (Conv), 92900LT (FHA), loan Analysis (VA)
- Applicable agency AUS findings
- Initial and final (unsigned) first lien 1003 / URLA
- Borrower fraud report
- Borrower credit report
- Executed purchase contract w/addendums
- Tax returns:
- Three years of signed federal tax returns for all loan files or,
- One year of signed federal tax returns for qualifying veterans or properties in a targeted area
- Homebuyer education course certification for all first-time homebuyers
- Other program-specific documents such as the second lien LE or Focused Worksheet, depending on the program chosen
- Pre-Closing Borrower’s Acknowledgment Form* - signed
Please note: Borrower will sign at closing a final copy reaffirming their understanding of the terms. - Income and Household Member Disclosure
- All required SFMP documents
The down payment assistance documents will be made available after the pre-closing compliance approval.
Please note: Approved lenders must use all required forms that are preloaded in the Lender Portal. Forms from the approved lender’s individual loan operating system will not be accepted.
9.3 Post-Closing Compliance
The Post-Closing Compliance Package submitted to the program administrator (through the Lender Portal) within 10 days will contain the following documentation:
- Post-closing Compliance Checklist
- Executed final Closing Disclosures for first lien and/or second lien (depending on the program)
- Executed final URLAs (approved lender, borrower, and any addendums)
- Executed Second Mortgage Subordinate Deed of Trust (if applicable)
- Executed Second Mortgage Note (if applicable)
- Executed Legally Enforceable Obligation Letter
- Executed Reaffirmation - Borrower’s Acknowledgment Form
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Please note: Borrower is reaffirming their understanding of the electronic submission of the HTS compliance file to
Oregon Lending Programs.
- Executed SFMP7 Affidavit to Residential Loan Application
- Executed SFMP12 Acquisition Cost Certification
Special notes
- No original documents should be sent to the Hilltop Securities team.
- Electronic submission of the HTS compliance file to
Oregon Lending Programs.
Please note:
Both HTS and IHFA files must be cleared and approved for loan purchase.
9.4 Delivery of the Closed Mortgage Loan Package
The closed mortgage loan package must be delivered and purchased prior to the Commitment Expiration Date unless an extension is purchased to cover the amount of time required to complete the servicer’s purchase of the mortgage loan.
- All loan credit files will be electronically submitted to Idaho Housing and Finance Association (IHFA) via the Lender Portal.
- IHFA will purchase the first and second mortgage (if applicable) loans at a rate and price reflected on the Mortgage Commitment confirmation, less any fees, plus the applicable SRP.
- Original first mortgage note endorsed to Idaho Housing and Finance Association and signature affidavit delivered to: Idaho Housing and Finance Association, 565 W. Myrtle St., Boise, ID 83702
- Original second mortgage note endorsed to Oregon Housing and Community Services and signature affidavit delivered to: Idaho Housing and Finance Association, 565 W. Myrtle St., Boise, ID 83702
- Original notes and final loan package delivered within 10 days of closing.
- Documents delivered electronically in "Lender Connection" web portal.
- "Lender Connection" loan information completed online.
- Original recorded mortgages, including all original riders and assignments, if applicable, delivered within 90 days to:
Idaho Housing and Finance Association
565 W. Myrtle St.
Boise, ID 83702 - Final Title Policy uploaded to Lender Connection within 90 days of purchase.
- Insurance Certificate, if applicable (FHA, MIC/VA LGC/USDA-RD LNG), uploaded within 15 days of purchase.
9.5 OHCS Compliance Review (Post-Closing)
Loans are required to have a compliance review by OHCS to validate that the loan meets IRS requirements. Approved lender is responsible for providing the following documentation to OHCS within 10 days after closing to ensure program requirements have been met. Loan will be eligible for purchase after the compliance review has been completed, and all requirements are met.
Upload the following documents to the Lender Portal to eDocs and put documents under OHCS Household Income Compliance File (FirstHome product only). Refer to OHCS Household Income Compliance File Review worksheet for a detailed list of items:
As Applicable – Borrowers
- Written Verification of Employment (WVOE) with income verification
*Required
- 30 days of consecutive paystubs dated within 120 days of closing
*Required
- SSI / disability award letters
- Pension / retirement / annuity statements
- Child support or alimony received (divorce decree or court order)
- Most-current year signed federal tax returns, all pages (schedules and statements)
*Required
- Year-to-date P&L statements for self-employed borrowers
As Applicable – Household Members
- 30 days of consecutive paystubs dated within 120 days of closing or WVOE.
*Required
- Most-current signed federal tax returns, all pages (if self-employed)
- If any household member aged 18 and over does not earn income, a letter of explanation is required.
Please note: OHCS reserves the right to ask for any additional income documentation they deem necessary.
9.6 Purchase of Down Payment Assistance Mortgage Loans
- The approved lender will advance the funds for DPA at closing. In conjunction with the purchase of the first mortgage loan, the servicer will reimburse the approved lender the amount of the DPA mortgage loan advanced at closing.
- If the department’s servicer cannot purchase the first mortgage loan, the approved lender may request the department reimburse the approved lender for the DPA mortgage loan if the first mortgage loan meets the department’s requirements. Reimbursements are at the discretion of the department, and an administrative fee may be charged to the approved lender in an amount not to exceed the amount of the DPA mortgage loan.
9.7 Delinquent Closing Documentation
Loan documents are due to the department prior to the Commitment Expiration Date, unless the approved lender purchases an extension to cover the amount of time required to complete the purchase of the mortgage loan by the servicer.
If the Post-Closing Compliance Package is not submitted through the Lender Portal within 10 calendar days of loan closing, the program administrator may contact the approved lender to request the status of the mortgage loan. If the approved lender fails to provide the program administrator the required closing documentation timely, the corresponding lock will be subject to cancellation. Such action may also result in the approved lender being suspended or terminated from the program until the problem is remedied.
9.8 Assumptions
First mortgage loans may be assumed subject to the consent of the department and compliance with the requirements of Section 143 of the Internal Revenue Code of 1986. Contact your mortgage servicer for details.
9.9 Early Payoff / Delinquency / Early Payment Default
Early Payoff
For any mortgage loan that is prepaid in full on or before 180 days following the applicable Delivery Date, the lender agrees to refund to the department — within 30 days after the department notifies the lender of the prepayment — an amount equal to the servicing release premium paid for such program loan, plus any premium pricing paid to lender for such program loan.
Early Delinquency
If, after the date of purchase, any of the first six mortgage payments are missed and the delinquency caused by the missing payment(s) continues for three consecutive months or more following the payment due date, lender shall, at the department’s sole discretion, provide:
- an indemnification for any losses the department may suffer associated with the servicing of the specified mortgage,
- pay a fee to the department in satisfaction of such obligation, and
- reimburse the department the Servicing Release Premium paid to lender at the time the department purchased the loan.
Early Payment Default
In the event that any of the first three scheduled monthly payments due and payable to the department after the delivery date are not paid within 30 days of the due date — and such default is not cured within 90 days following such default — then within 30 days after the department notifies the lender of such uncured default, the lender shall, in the department's sole discretion, repurchase the loan
Remedy Fee
Lender agrees to pay a mandatory non-delivery fee of $2,500 to the department for any first mortgage loan not purchased by the servicer where a purchase advice has been issued and a subordinate loan was funded by the department.
Costs
Any fees or expenses borne by OHCS in relation to an early delinquency or an early payment default.