TAILIEUCHUNG - HUD 4155.1, Mortgage Credit Analysis for Mortgage Insurance

On-time payments have a positive influence while late payments have a negative influence. However, the amount of positive influence a consumer receives from a timely payment may vary based on the type of creditor. For example, timely payments to a prime credit card lender may have a greater positive influence on a score than timely payments to a lender considered less favorable, such as a furniture or consumer electronics store. If the creditor denies credit, or offers less than favorable terms, based on the credit report or score, federal laws require them to make certain disclosures to. | HUD Table of Contents HUD Mortgage Credit Analysis for Mortgage Insurance Chapter 1. Underwriting Overview Section A. General Information on the Underwriting Process Overview. 1-A-1 1. General Information on Underwriting and Credit Policy. 1-A-2 2. Maximum Loan Limits Mortgage Amounts and Mortgage Terms. 1-A-3 3. Policies on Interest Rates and Related Fees. 1-A-9 4. General Information on Mortgage Credit Analysis. 1-A-11 5. Borrower Approval or Rej ection. 1 -A-13 Section B. Documentation Requirements Overview. 1-B-1 1. General Documentation Standards. 1-B-2 2. Required Documents for Mortgage Credit Analysis. 1-B-9 3. Mortgage Loan Application Document Processing. 1 -B-20 Section C. Credit Reporting Requirements Overview. 1-C-1 1. Confidential Nature of Credit Information. 1-C-2 2. General Information on Traditional and Non-Traditional Credit Reports. 1-C-3 3. Three Repository Merged Credit Report TRMCR . 1 -C-6 4. Residential Mortgage Credit Report RMCR . 1-C-8 5. Non-Traditional Credit Report NTMCR Requirements. 1-C-9 Chapter 2. Maximum Mortgage Amounts Cash Investment Requirements on Purchase Transactions Section A. Calculating Maximum Mortgage Amounts on Purchase Transactions Overview. 2-A-1 1. Maximum Mortgage Amounts on Purchases. 2-A-2 2. Calculating Maximum Mortgage Amounts on Purchases. 2-A-4 3. Interested Third Party Contributions. 2-A-6 4. Inducements to Purchase. 2-A-8 5. Additions to the Mortgage Amount for Repair and Improvement. 2-A-11 Continued on Next Page i Table of Contents HUD HUD Mortgage Credit Analysis for Mortgage Insurance Continued Section B. Transactions Affecting Maximum Mortgage Calculations Overview. 2-B-1 1. General Information on Transactions Affecting Maximum Mortgage Calculations. 2-B-2 2. Identity of Interest Transactions. 2-B-3 3. Non-Occupying Borrowers. 2-B-6 4. Transactions Involving Three and Four Unit Properties. 2-B-8 5. Loan Transactions for Building on Own Land. 2-B-10 6. Loan Transactions for

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