Fillable Wholesale Arc Access NQM Initial Submission Form

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Wholesale Arc Access NQM Initial Submission Form

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The Wholesale Arc Access NQM Initial Submission Form form is 3 pages long and contains:

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  • 48 check-boxes
  • 54 other fields

Country of origin: OTHERS
File type: PDF

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Wholesale Arc Access NQM Initial Submission Form 10/11/2021
Wholesale Arc Access
NQM Initial Submission Form
Contact Information
Borrower Name:
Subject Property Address:
SPARC Loan Number:
Broker Contact Name:
Broker Contact Phone Number:
Estimated Closing Date:
Loan Details
Yes No
Prior approved exception? If yes, please upload the Arc Home Exception Form.
Yes No
If Arc Home to complete the Loan Estimate (LE), please upload the fee sheet.
Yes No
Other loans submitted simultaneously for the same borrower(s)? If yes, provide loan numbers:
Yes No
Is the subject a condominium? (If yes, complete details below, as applicable.)
Does the project require a Full or Limited Review?
Full Review (provide all of the following)
Project name and address:
HOA name and address:
Existing project or New Construction project?
Limited Review (provide all of the following)
Condo questionnaire
Master insurance policy
Yes No
Is the borrower a First Time Home Buyer?
Yes No
Is this a NY CEMA transaction?
Yes No
Will this loan be closed in a Trust or LLC? If yes, provide name of Trust or LLC, as well as executor signors:
Yes No
Will the borrower, title-only owner, or non-borrowing spouse require the use of a Power of Attorney?
If yes, provide a copy of the POA and the Attorney-in-Fact signor name and information:
Yes No
Does the loan transaction have an unaffiliated 3
rd
party processing fee? If yes, amount:
Yes No
Is the Third Party Processing already approved by Arc Home? If yes, name:
Yes No
If the TPP is not already approved by Arc Home, the Third Party Processing Approval form, and
processor licensing and agreements have been submitted to Arc Home Counterparty Submissions?
Note: Third Party Processor must be approved prior to CTC to be eligible for compensation.
REQUIRED: Tell us the story of this loan and explain details the underwriter should know for the initial loan review.
What are your concerns? What do you know is missing? What did you include to support the story?
General Eligibility Requirements
Required Documentation for Initial Underwriting Submission
ALL Submissions
Broker’s Initial 1003 (Redesigned URLA, 1/2021 version)
Mortgage Broker Disclosure Form
Broker Fee Sheet
Affiliated Business Disclosure Form (if applicable)
Nevada Advance Fee Agreement (Broker issued)
Executed Anti-Steering Disclosure (LPC only)
Wholesale Arc Access NQM Initial Submission Form 10/11/2021
Agency Plus – Arc Access NQM
Clean Slate – Arc Access NQM
Income documentation for all qualifying Alt Doc sources, as applicable:
• 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)
Alt Income – Arc Access NQM
Income documentation for all qualifying Alt Doc sources, as applicable:
• 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)
• Business Narrative from borrower; AND
• YTD compensation statement(s) – must verify minimum 30 successive calendar days of YTD earnings; AND
•
• 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
DSCR – Arc Access NQM
1003 REO schedule
Appraisal Form 1007, if available
Refinance transaction:
• Copy of fully executed lease agreement, OR
• Short-term rental (Airbnb or Vrbo) remittance
statements and evidence of property expenses
Purchase transaction:
• 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
•
• International credit report; OR
•
Income documentation:
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
Arc Home LLC
4000 Midlantic Drive, Suite 102
Mt. Laurel, NJ 08054
Arc Access NQM: $1,495
Arc Access ARM Qualifying
Index: 30-Day Average SOFR Index
Margin: 3.75%
Arc Access & Arc Elite Bank Statement Review Checklist 09/13/2021
Arc Access & Arc Elite Alternative Income
Bank Statement Review Checklist
Contact Information
Borrower Name:
Subject Property Address:
SPARC Loan Number:
Client Contact Name:
Client Contact Phone Number:
Estimated Closing Date:
Loan Details
REQUIRED: Tell us the story of this loan and explain details the underwriter should know for the preliminary bank
statement review.
General Documentation for Preliminary Bank Statement Review
12- or 24-months Bank Statements based on program requirements
Comprehensive Business Narrative that contains the following information included with this checklist:
1. Description of the business
2. Outlook for the future of the business
3. Information about the products or services offered by the business
4. An outline of how the business and management team is organized
5. The number of full-time employees and/or contractors
To be completed by the Underwriter completing the preliminary bank statement review
Monthly Income from Bank
Statements
Number of Non-Sufficient
Funds (NSFs)
Preliminary Approval Issued?
Yes No
Date of Review
If no, list reason(s):
Underwriter Name:
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Wholesale Arc Access NQM Initial Submission Form

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Completed 14 January 2022

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