Underwriting

Loans may be submitted through any of the channels listed below, and each process is explained in detail in this section.

• Full underwriting at Sovereign
• Full underwriting at Mortgage Insurance Contract Underwriting Office
• Automated Underwriting through LoanProspector.com or through DO on the Web
• Automated Underwriting through Sovereign Direct Connections and Sovereign Web Mortgage

Sovereign follows current FNMA/FHLMC underwriting guidelines. Specific underwriting requirements or variances applicable to individual loan programs are specified in the product descriptions. Further details regarding some underwriting issues are addressed in the Loan Eligibility section of this Manual.

We encourage you to contact your Account Executive or any member of our Wholesale Lending Department if you have questions about loan eligibility.

Underwriting Submission to Sovereign Bank
Original credit packages should be submitted to our Wholesale Operations Center following the File Submission Order-Full Doc Loans or File Submission Order-No Doc Loans form.

Contract Underwriting Through Local Mortgage Insurance Centers
Sovereign has contracted with several mortgage insurance companies that provide underwriting services to Sovereign Wholesale clients at local mortgage insurance underwriting centers.

You may choose to submit loans to any of the following companies:

• Mortgage Guaranty Insurance Company (MGIC)
• Radian Guaranty, Inc.
• Genworth
• PMI Mortgage Services Company
• Republic Mortgage Insurance Company (RMIC)
• United Guaranty Insurance Company (UGI)

Contact your local mortgage account executive for the location of regional underwriting offices, eligibility and submission procedures.

Automated Underwriting Submission to Sovereign Bank
Sovereign has incorporated an Automated Underwriting system into our Wholesale Program to streamline and expedite loan approvals. There are also aggressive program variances available for loans that are accepted by this system.

The advantages of Automated Underwriting are realized when an underwriting decision is requested as early in the origination process as possible. Ultimately, it is a highly efficient tool whereby qualified loans can be approved within 48-72 hours of loan application with reduced documentation requirements. It will provide your sales staff with a tremendous marketing tool, and allow your processing staff to concentrate on more complicated loan files.

Automated Underwriting may be accessed through the following 3 channels:

• LoanProspector.com with approved sponsorship from Sovereign Bank.
• DO on the Web with approved sponsorship from Sovereign Bank.
• Direct Connections or Sovereign Web Mortgage

Please contact your account executive for automated underwriting sign-up and sponsorship information.

Eligible Loans
Conforming loan products meeting FNMA/FHLMC current Loan Eligibility Standards. See product descriptions for automated eligibility on other loan products.

Ineligible Loans

• Loans to borrowers for whom credit scores are not available (insufficient tradelines).
• Sovereign "Alternative Lending" ALT-A products.
• INELIGIBLE or REFER/CAUTION responses from either automated system. A-minus offerings permitted only as available on Sovereign daily price sheet.