Wholesale Arc Access NQM Initial Submission Form 10/11/2021
Agency Plus – Arc Access NQM
Income documentation (2 years) for all qualifying sources (paystubs, W2s, tax returns, etc.)
Clean Slate – Arc Access NQM
Credit history explanation/documentation (bankruptcy, foreclosure, etc.), if applicable
Income documentation (2 years) for all qualifying Full Doc sources (paystubs, W2s, etc.), if applicable
Income documentation for all qualifying Alt Doc sources, as applicable:
Asset Utilization – 4 months most recent statements for all qualifying accounts
Bank Statements (Self-Employed):
• 12 or 24 months recent/consecutive statements for all qualifying checking/draft accounts; AND
• Business Narrative from borrower AND Arc Home Business Narrative checklist (attached)
One-Year Full Doc (Wage Earner) – YTD 30-day paystub and recent 1-year W2
One-Year Full Doc (Self-Employed) – P&L Statement and recent 1-year personal and business tax returns
Alt Income – Arc Access NQM
Income documentation (2 years) for all qualifying Full Doc sources (paystubs, W2s, etc.), if applicable
Income documentation for all qualifying Alt Doc sources, as applicable:
Bank Statements (Self-Employed):
• 12 or 24 months recent/consecutive statements for all qualifying checking/draft accounts; AND
• Business Narrative from borrower AND Arc Home Business Narrative checklist (attached)
One-Year Full Doc (Wage Earner) – YTD 30-day paystub and recent 1-year W2
One-Year Full Doc (Self-Employed) – P&L Statement and recent 1-year personal and business tax returns
1099 Income (Self-Employed):
• Business Narrative from borrower; AND
• YTD compensation statement(s) – must verify minimum 30 successive calendar days of YTD earnings; AND
•
1 or 2 years most recent 1099 tax forms
Asset Utilization – 4 months most recent statements for all qualifying accounts
No Ratio – 6 months most recent statements for all qualifying accounts; employment docs not required
ITIN: Alt Doc (minimum two-year employment history required)
• Wage Earner: WVOE/6 months bank statements OR WVOE/YTD paystub/2 years W2s
• Self-Employed: 24 months bank statements OR two years tax returns; AND evidence self-employed 2 years
Appraisal Form 1007, if available
• Copy of fully executed lease agreement, OR
• Short-term rental (Airbnb or Vrbo) remittance
statements and evidence of property expenses
• If rented: Copy of executed lease agreement OR
evidence of rent loss coverage
•
If not rented: Evidence of rent loss coverage
Foreign National – Arc Access NQM
Copy of borrower’s valid and unexpired Passport with photo, and active and unexpired Visa
If foreign asset account used to establish seasoning, figures must be converted to current USD exchange value
•
Credit reference letters for at least two tradelines from verifiable international financial institution; OR
• International credit report; OR
•
Tri-merged credit report reissued within SPARC (required if borrower has SSN or ITIN)
Verification of borrower’s primary residence in country of origin (address, length of residency, documentation)
DSCR (Investment) – 1003 REO schedule, executed lease agreement, rent loss coverage, etc.
Asset Utilization (Second Home) – 4 months most recent statements for all qualifying accounts
Full Documentation (Second Home)
Important Note: All foreign documents must be translated into English and signed/dated by a certified translator.
Arc Home – Important Information
Arc Access Non-QM Mortgagee Clause
Arc Home Corporate Address
Arc Home Underwriting Fee Schedule
Shellpoint Mortgage Servicing
ISAOA ATIMA
P.O. Box 7050
Troy, MI 48007-7050
4000 Midlantic Drive, Suite 102
Mt. Laurel, NJ 08054
Arc Access ARM Qualifying
Index: 30-Day Average SOFR Index