EFTA01280355.pdf

Uniform Underwriting and Transmittal Summary
1. Borrower and Property Information
Borrower Name SSN 244-41-8004
Co-Borrower Name SSN
Property Address 435 S Tryon St Unit 700, Charlotte, NC 28202
Property Type Project Classification Occupancy Status
Freddie Mac Fannie Mae
1 unit 0 Primary Residence "'Second Home
0 q 0
2- to 4-units El Streamlined Review q P Limited Review New E PUD Investment Property
o
al Condominium M Established Project q Limited Review Est. n F PUD Additional Property Information
0 0 0 0
0 PUD Co-op New Project R Expedited New T PUD Number of Units z
0 0
0 Manufactured Housing Detached Project M S Expedited at. 1 Co-op Sates Price
0 0 0
0 Single Wide 2- to 4-unit Project T Fannie Mae Review 2 Co-op Appraised Value 620,000.00
q 0 0 q
Multiwide Reciprocal Review U FHA-approved T Co-op
q
V Ref i Pus N CPM Project IDN (if any)
Project Name The Ratcliffe Property Rights Fee Simple =Leasehold
II. Mortgage Information
Loan Type Amortization Type Loan Purpose Lien Position
q
MI Conventional Axed-Rate—Monthly Payments Purchase Rrst Mortgage
0 q
FHA Axed-Pate—Biweekly Payments El Cash-Out Refinance Amount of Subordinate Financing
q q
0 VA Balloon Limited Cash-Out Refinance (Fannie) $ .00
0
USDA/RHS 0 ARM (type) M No Casimh-pOruotveRefeinnatnce (Freddie) (If HELCC. include balance and credit limit)
q
Other (specify) TI Home rn q Second Mortgage
0
Construction to Permanent
Note Information Mortgage Originator Buydown If Second Mortgage
Original Loan Amount $ 325,000.00 lil Seller 0 Yes Owner of First Mortgage
0
Initial PSI Payment $ 2,244.39 0 Broker ll No El Fannie Mae Freddie Mac
0
Initial Note Rale 3.000 % Correspondent Terms El Seller/Other
Loan Term (in months) leo Broker/Correspondent Name and Company Name: Original Loan Amount of First Mortgage
III. Underwriting Information
Underwriter's Name Appraiser's Name/License a Appraisal Company Name
Edward Cabrera Catherine A Alexander Alexander Appraisal Services
1.5736 Present Housing Payment: $ 8,500.00
Stable Monthly Income Borrower Co-Borrower Total Proposed Monthly Payments
Base Income -6,361.83 $ $ -6,361.83 Borrower's Primary Residence
Other Income 30,276.00 $ $ 30,276.00 First Mortgage P&I
$
Positive Cash Row $ Second Mortgage PM
(subject property) Hazard Insurance
Total Income 23,914.17 $ $ 23,914.17 Taxes
Mortgage Insurance
Qualifying Ratios Loan-to-Value Ratios HOA Fees
Primary Housing Expense/Income 35.544 % LTV 52.410 % Lease/Ground Rent
Total Obligations/Income 49.998 % CLTV/TLTV 52.410 % Other 8,500.00
Debt-to-Housing Gap Ratio (Freddie) 14.454 % HCLTV/HTLTV 0.000 % Total Primary Housing Expense $ 8,500.00
Other CibligatIons
Qualifying Rate Level of Property Review Negative Cash Row
a Rate 3.000 % Exterior/Interior (subject property)
El N1. % Above Note Rate NA % El Exterior Only All Other Monthly Payments $ 3,456.62
0
% Below Note Rate NA % El No Appraisal Total All Monthly Payments $ 11,956.62
0
Bought-Down Rate NA % Form Number:
q
Other NA% Borrower Rinds to Close
Required $ 3,799.15
Risk Assessment Escrow (T&I) Verified Assets 26,332.12
M Manual Underwriting 0 Yes M No
q
AUS Source of Funds
0
DU ❑LP El Other No. of Months Reserves
AUS Recommendation Interested Party Contributions
DU Case ID/LP AUS Key N
LP Doc Class (Freddie) Community Lending/Affordable Housing Initiative ❑Yes No
Representative Credit/Indicator Score a os Home Buyers/Homeownership Education Certificate in file q yes M No
Underwriter Comments
Private Banking Rate/Term of borrowers Condo in NC not currently held by Bank at 65% ltv. For income borrower has
several business interest in which is a 100% owner and small partner, borrower has had some significant income
swings last 3 years with 2011 showing $8,121,736 2012 at B-455,000 and again positive income of 1671,004 in 2013.
Borrower is a Nascar driver and due to some one time events and change of sponsorship had a large fluctuation of
income. For this transaction ON has taken 2 yrs average which shows loss of $6361 a *Continued on page 2
IV. Seller, Contract, and Contact Information
Seiler Name Fifth Third Mortgage company Contact Name
Seller Address 5001 Kingsley OR, Be: 1103CBQ, Cincinnati, Contact Title
OH 45227 Contact Phone Number ext.
Seller No. 208805 Investor Loan No.
Seller Loan No. 420361321 Contact Signature
420361321 420361321
Uniform Undaw rang and Transmits Summary Farm 1077 06/00
Fannie fdaoFraklie &lac !2664701042036171t
flip 00
Wolters Kluwer Flnancia SantiC00
CONFIDENTIAL sbNyann
EFTA_00144037
EFTA01280355

Borrowt0sIName:
Property Address:
435 S Tryon St Unit 700
Charlotte, NC 28202
Comments Continued
month and added back asset income in the amount of $30276 to get DTI to 50%.
Borrower has over $6,000,000 in verified assets and the amount of $2,316,561
required for income has been deducted from totals. Ed C
COLLATERAL: The appraisal was reviewed and the value is supported at
$620,000 with no required repairs. The Property conforms to market area with
reasonable net and gross adjustments all comparables located within a
reasonable distance from the subject property. Effective date of the
appraisal is 10/27/14
420361321 420361321
CONFIDENTIAL
SIDNY_GM_00033425
EFTA_00 I 44038
EFTA01280356