EFTA01280355

Uniform Underwriting and Transmittal Summary 1. Borrower and Property Information Borrower Name Co-Borrower Name Property Address 435 S Tryon St Unit 700, Charlotte, NC 28202 Property Type 1 unit 0 2- to 4-units El Streamlined Review K P Limited Review New al Condominium M Established Project K o Limited Review Est. 0 PUD 0 Co-op 0 New Project 0 R Expedited New 0 Manufactured Housing 0 Detached Project M S Expedited at. 0 Single Wide 0 2- to 4-unit Project 0 T Fannie Mae Review K Multiwide 0 Reciprocal Review 0 U FHA-approved K V Ref i Pus N Project Name The Ratcliffe II. Mortgage Information Loan Type MI Conventional 0 FHA 0 VA 0 USDA/RHS Project Classification Freddie Mac Fannie Mae SSN [SSN REDACTED] SSN Occupancy Status 0 Primary Residence K E PUD 0 Investment Property n F PUD Additional Property Information 0 T PUD Number of Units z 0 1 Co-op Sates Price 0 2 Co-op Appraised Value K T Co-op CPM Project IDN (if any) Property Rights Fee Simple =Leasehold "'Second Home 620,000.00 Amortization Type Axed-Rate—Monthly Payments K Axed-Pate—Biweekly Payments K Balloon 0 ARM (type) K Other (specify) Loan Purpose K Purchase El Cash-Out Refinance K Limited Cash-Out Refinance (Fannie) M No Casim h-pr Ouo rn tveRefeinnan t ce (Freddie) TI Home 0 Construction to Permanent Note Information Mortgage Originator Buydown lil Seller 0 Yes 0 Broker ll No 0 Correspondent Terms Broker/Correspondent Name and Company Name: Original Loan Amount $ 325,000.00 Initial PSI Payment $ 2,244.39 Initial Note Rale 3.000 % Loan Term (in months) leo Lien Position Rrst Mortgage Amount of Subordinate Financing $ .00 (If HELCC. include balance and credit limit) K Second Mortgage If Second Mortgage Owner of First Mortgage El Fannie Mae 0 Freddie Mac El Seller/Other Original Loan Amount of First Mortgage III. Underwriting Information Underwriter's Name Edward Cabrera Stable Monthly Income Base Income Other Income Positive Cash Row $ (subject property) Total Income Borrower -6,361.83 $ 30,276.00 $ Appraiser's Name/License a Catherine A Alexander 1.5736 Co-Borrower $ $ $ Total -6,361.83 30,276.00 23,914.17 $ Qualifying Ratios Primary Housing Expense/Income Total Obligations/Income Debt-to-Housing Gap Ratio (Freddie) Qualifying Rate a Rate El N1. % Above Note Rate 0 % Below Note Rate 0 Bought-Down Rate K Other Risk Assessment M Manual Underwriting K AUS 0 DU ❑LP El Other AUS Recommendation DU Case ID/LP AUS Key N LP Doc Class (Freddie) $ 23,914.17 Loan-to-Value Ratios 35.544 % LTV 52.410 % 49.998 % CLTV/TLTV 52.410 % 14.454 % HCLTV/HTLTV 0.000 % Level of Property Review 3.000 % Exterior/Interior NA % El Exterior Only NA % El No Appraisal NA % Form Number: NA% Escrow (T&I) 0 Yes M No Appraisal Company Name Alexander Appraisal Services Present Housing Payment: $ 8,500.00 Proposed Monthly Payments Borrower's Primary Residence First Mortgage P&I Second Mortgage PM Hazard Insurance Taxes Mortgage Insurance HOA Fees Lease/Ground Rent Other 8,500.00 Total Primary Housing Expense $ 8,500.00 Other CibligatIons Negative Cash Row (subject property) All Other Monthly Payments $ 3,456.62 Total All Monthly Payments $ 11,956.62 Borrower Rinds to Close Required Verified Assets Source of Funds No. of Months Reserves Interested Party Contributions $ 3,799.15 26,332.12 Community Lending/Affordable Housing Initiative ❑Yes No Representative Credit/Indicator Score a os Home Buyers/Homeownership Education Certificate in file K yes M No Underwriter Comments Private Banking Rate/Term of borrowers Condo in NC not currently held by Bank at 65% ltv. For income borrower has several business interest in which is a 100% owner and small partner, borrower has had some significant income swings last 3 years with 2011 showing $8,121,736 2012 at B-455,000 and again positive income of 1671,004 in 2013. Borrower is a Nascar driver and due to some one time events and change of sponsorship had a large fluctuation of income. For this transaction ON has taken 2 yrs average which shows loss of $6361 a *Continued on page 2 IV. Seller, Contract, and Contact Information Seiler Name Fifth Third Mortgage company Seller Address 5001 Kingsley OR, Be: 1103CBQ, Cincinnati, OH 45227 Seller No. 208805 Investor Loan No. Seller Loan No. 420361321 Contact Name Contact Title Contact Phone Number Contact Signature 420361321 Uniform Undaw rang and Transmits Summary Fannie fdaoFraklie &lac flip 00 Wolters Kluwer Flnancia SantiC00 ext. 420361321 Farm 1077 06/00 !2664701042036171t CONFIDENTIAL sbNyann EFTA_00144037 EFTA01280355 Borrowt0sIName: Property Address: 435 S Tryon St Unit 700 Charlotte, NC 28202 Comments Continued month and added back asset income in the amount of $30276 to get DTI to 50%. Borrower has over $6,000,000 in verified assets and the amount of $2,316,561 required for income has been deducted from totals. Ed C COLLATERAL: The appraisal was reviewed and the value is supported at $620,000 with no required repairs. The Property conforms to market area with reasonable net and gross adjustments all comparables located within a reasonable distance from the subject property. Effective date of the appraisal is 10/27/14 420361321 420361321 CONFIDENTIAL SIDNY_GM_00033425 EFTA_00 I 44038 EFTA01280356