2014-054
Qualified Mortgage Documentation

Important

Ditech Mortgage Corp "ditech" approved clients, please be advised that the following information must be provided in all loans submitted for purchase:

• A detailed itemization of all points and fees included in the QM points and fees calculation; and;
• The interest rate lock date

In addition, for any loan in which bona fide discount points are excluded from the points and fees calculation, the following additional information must be provided:

• A disclosure signed by the borrower(s) that documents that they were offered the base (undiscounted) rate. See attached sample disclosure. The use of this specific disclosure is not required.
• Copies of applicable rate sheet(s)
• Rate Lock Agreement

To the extent that loan level price adjustments have been factored into the determination of the undiscounted rate, those loan level price adjustments must be reflected in the “Interest Rate” block under the “Rate with No Discount” section of the sample disclosure. The rate that appears in this block must actually be available to the consumer. It cannot be a rate that is not available to the particular consumer. If there are any points that the borrower must pay in order to obtain the undiscounted rate, those points must appear in the disclosure and also must be included in the points and fees calculation.

As a reminder, the attached Fees Worksheet may be used to document the points and fees included in the QM test and the interest rate lock date for all loans submitted to Ditech for purchase. The use of this specific worksheet is not required. However, the information outlined above must be provided in a substantially similar format.

Effective Date

Immediately

Questions

If you have any questions regarding any information in this announcement, please feel free to contact your sales director or client services.

Client Services – 877-700-4622
Registration Desk – 866-396-4622
NT Desk – 866-495-4622

Our web site address is:
correspondent.ditech.com

Visit our training site at:
correspondent-ditech.webex.com

Release Date 05/12/14

© 2014 Ditech Mortgage Corp All rights reserved. ditech is a registered service mark. Information subject to change without notice. These guidelines may be amended or terminated at any time. Terms and conditions apply.