GMAC BANK CORRESPONDENT FUNDING HIGH BALANCE

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					                                          GMAC BANK CORRESPONDENT FUNDING
                            HIGH-BALANCE AREA LOAN LIMIT CONFORMING FIXED AND ARM PRODUCTS
                                HIGH-BALANCE FIXED RATE                                 HIGH-BALANCE 5/1 HYBRID LIBOR ARM                          HIGH-BALANCE 5/1 HYBRID LIBOR INTEREST ONLY
                                                                                                                                                   ARM


1.    PRODUCT                    •    Conventional Conforming Fixed Rate with High-      •    Conventional Conforming five year/one year           Extended loan limits of Conventional Conforming:
      DESCRIPTION                     Balance Area Loan Limits                               adjustable rate mortgage with High-Balance Area        •   Interest-only payments for 10 years followed by
                                      •     15 and 30 year terms only                        Loan Limits                                                fully amortizing payments thereafter
                                 •    Fully amortizing                                   •    30 year term                                          •   Initial fixed rate for 5 years, then the rate begins
                                                                                         •    Fully amortizing                                          to adjust annually thereafter
                                                                                             •     Non-Convertible                                  •   30 year term
                                                                                             •     30Y ARM Plan ID #3252                            •   Non-Convertible
                                                                                                                                                    •   ARM Plan #3505 (10-year IO)
2.    PRODUCT CODES             •   High-Balance 15 Y Fix Conf - (V40)             •    High- Balance 30 Yr 5/1 Libor ARM (V42)                    •   High- Balance 5-1 LIBOR IO Conf (V43)
                                •   High- Balance 30 Y Fix Conf - (V41)
3.    FINAL FUNDING DATE        Loan must be originated (based on date the Mortgage Note is executed) on or after January 1, 2009. Date of note is a mandatory delivery field to the Agencies.
4.    INDEX                     n/a                                                London interbank offered rate for twelve month United States dollar-denominated deposits, as published in the
                                                                                   Wall Street Journal (Libor)
5.    MARGIN                    n/a                                                2.250%, 2.375% or 2.500%
6.    ANNUAL CAP                n/a                                                2%
7.    LIFE CAP                  n/a                                                5%
8.    RATE AT                   n/a                                                 •    Initial note rate is in effect for 60 months; the first •  Initial note rate is in effect for 60 months; initial
      ADJUSTMENT                                                                        interest adjustment is subject to life cap,                adjustment is subject to the life cap, thereafter, a
                                                                                        thereafter, a 2% annual adjustment cap begins              2% annual adjustment cap begins with the
                                                                                        with the second adjustment.                                second adjustment.
                                                                                    •    Rate is equal to the note margin plus index             •  Rate is equal to the note margin plus index
                                                                                        rounded to the nearest .125%. Subject to                   rounded to the nearest .125%. Subject to
                                                                                        annual/life caps.                                          annual/life caps.

9.    CONVERSION OPTION         n/a
10.   CONVERSION FEE            n/a
11.   INITIAL RATE & FEE        Set daily under High- Balance Conforming Fixed          Set daily under High- Balance Conforming ARM programs
12.   DELIVERY                   •   Standard delivery time frame - Refer to GMAC       • Standard delivery time frame. Refer to the GMAC Bank Broker Manual/Correspondent Funding Client Guide
                                     Bank Broker Manual/Correspondent Funding               for acceptable time frame.
                                     Client Guide for acceptable delivery time frame.
                                Special Feature Codes (FNMA)
                                • 808 All loans eligible for High-Balance Programs.
                                • 281 Financed single premium mortgages
                                • 187 LTV >76% <=90% & CLTV >77% <=90%
                                • 439 Non-permanent resident aliens

13. TEMPORARY
                                Not permitted
    BUYDOWNS
14. QUALIFYING RATE              Qualifying Rate                                        Qualifying Rate                                            Qualifying Rate
    AND RATIOS                   •    Qualify at note rate.                             • 5/1 LIBOR ARM: Qualify at note rate                      •     Qualify using greater of the fully indexed, fully
                                                                                                                                                        amortizing rate or the Note rate.
                                 Ratios
                                                                                        Ratios                                                     Ratios
                                 •   DU Approve loans – Ratios evaluated by DU          • DU Approve loans – Ratios evaluated by DU                • DU Approve loans – Ratios evaluated by DU

Product Summaries contain eligibility guidelines only. Consult the GMAC Bank BrokerManual/Correspondent Funding Client Guide for full details.                             7-20-09 - Page 1
HIGH-BALANCE LOAN LIMIT CONFORMING FIXED & ARM PRODUCTS
                                          GMAC BANK CORRESPONDENT FUNDING
                            HIGH-BALANCE AREA LOAN LIMIT CONFORMING FIXED AND ARM PRODUCTS
                                HIGH-BALANCE FIXED RATE                                    HIGH-BALANCE 5/1 HYBRID LIBOR ARM                             HIGH-BALANCE 5/1 HYBRID LIBOR INTEREST ONLY
                                                                                                                                                         ARM


                                 •    DU Refer loans-36%                                    •   DU Refer loans-36%                                        •   DU Refer loans-36%
                                     • >36% <=45% require documented                            • >36% <=45% require documented compensating                  • >36% <=45% require documented
                                          compensating factor(s):                                    factor(s):                                                    compensating factor(s):
                                          • Established history of housing expense                   • Established history of housing expense                      • Established history of housing expense
                                              >= proposed housing payment                                 >= proposed housing payment                                  >= proposed housing payment
                                          • Demonstrated ability to apply more                       • Demonstrated ability to apply more                          • Demonstrated ability to apply more
                                              income to housing expense                                   income to housing expense                                    income to housing expense
                                          • Demonstrated ability to maintain                         • Demonstrated ability to maintain savings,                   • Demonstrated ability to maintain
                                              savings, credit history and debt free                       credit history and debt free position                        savings, credit history and debt free
                                              position                                               • Significant cash down payment on                                position
                                          • Significant cash down payment on                              purchase of the property                                 • Significant cash down payment on
                                              purchase of the property                               • Significant residual income                                     purchase of the property
                                          • Significant residual income                              • Substantial net worth, liquid and other                     • Significant residual income
                                          • Substantial net worth, liquid and other                       verified assets                                          • Substantial net worth, liquid and other
                                              verified assets                               •   DU Expanded Approval recommendations are not                           verified assets
                                 •    DU Expanded Approval recommendations are                  permitted.                                                •   DU Expanded Approval recommendations are
                                     not permitted.                                                                                                           not permitted.

15. TYPES OF FINANCING           •   Purchase Mortgages
                                 •   Rate and Term Refinances (Limited Cash Out)
                                      •   Hud-1 settlement statement(s) required from any transaction within past 6 months. If previous transaction was a cash-out or if it combined a first and non-
                                          purchase money subordinate into a new first, loan to be coded cash out. If new transaction combines a first and non-purchase money subordinate into a new
                                          first loan, it is considered cash out.
                                      •   Pay off of the existing first mortgage
                                      •   Pay off existing subordinate liens that were used in whole to acquire the subject property
                                      •   Closing costs and prepaids.
                                      •   Cash out limited to the lesser of 2% of the principal amount of the new loan or $2000.
                                      •   Properties that have been listed for sale are eligible with the following restrictions:
                                            •       Property has been taken off the market on or before the application date.
                                            •       Borrower confirms the intent to occupy if a primary residence
                                      •   Owner occupied properties located in Texas
                                            •     If the first or second Texas Section 50(a)(6) loan is being paid off, regardless of whether the borrower is getting any cash back, the loan is restricted to the
                                                  Texas Refinance product.
                                            •     If the first mortgage is not a Texas Section 50(a)(6) loan and the second mortgage is a Texas Section 50(a)(6), the second lien may be subordinated and
                                                  is considered a rate and term refinance. The second lien must be subordinate to the GMACM first mortgage and a subordination agreement must be
                                                  executed. Borrower cannot receive any cash back from the first mortgage transaction.
                                            •     If a Texas Section 50(a)(6) second lien is being paid off, the loan is restricted to the Texas Refinance product.
                                            •     The title policy will reference Texas Section 50(a)(6).

                                 •    Cash Out Refinance Transaction
                                      •    Primary Residence Only
                                           •   Cash-out transactions eligible for primary residence,
                                               •    Properties located in Texas are ineligible for Cash out refinances. Please refer to the GMAC Bank Correspondent Funding Texas Home Equity
                                                    Product summary for eligibility guidelines.


Product Summaries contain eligibility guidelines only. Consult the GMAC Bank BrokerManual/Correspondent Funding Client Guide for full details.                                   7-20-09 - Page 2
HIGH-BALANCE LOAN LIMIT CONFORMING FIXED & ARM PRODUCTS
                                          GMAC BANK CORRESPONDENT FUNDING
                            HIGH-BALANCE AREA LOAN LIMIT CONFORMING FIXED AND ARM PRODUCTS
                                HIGH-BALANCE FIXED RATE                                     HIGH-BALANCE 5/1 HYBRID LIBOR ARM                      HIGH-BALANCE 5/1 HYBRID LIBOR INTEREST ONLY
                                                                                                                                                   ARM


                                            •    Properties that have been listed for sale are eligible with the following restrictions:
                                                 •       Property has been taken off the market on or before the application date
                                            •     All borrowers must have held title (ownership) to the subject property for a minimum of six months
                                            •    Six months minimum seasoning (six months of payments made) since most recent refinance or date of purchase is required.

16. MINIMUM/MAXIMUM             High-Balance Area Loan Limits established by Federal Housing Finance Agency (FHFA):
    LOAN AMOUNTS
                                                                Continental US                       Alaska and Hawaii
                                                                    High-Balance Loans                       High-Balance Loans
                                              Units
                                                     General     Permanent     Temporary General          Permanent Temporary
                                                                  High-Cost    High-Cost                   High-Cost    High-Cost*
                                              One     $417,000    $625,500      $729,750   $625,500        $938,250
                                              Two     $533,850    $800,775      $934,200   $800,775       $1,201,150       NA
                                              Three $645,300      $967,950     $1,129,250  $967,950       $1,451,925
                                              Four    $801,950 $1,202,925 $1,403,400 $1,202,925 $1,804,375
                                            *Temporary High-Cost (ARRA) limits for each specific county in Alaska and Hawaii are lower than the maximum permanent high-cost area limits.
                                            •    These amounts are the maximum loan amounts that may apply; the limit may be lower for a specific high-balance area; however may not exceed 115% of
                                                 area median home price. See OFHEO website for eligibility in specific MSAs for 2009 and 2008 loan limits High Balance Loan Limits

17. LOAN AMOUNT AND
    LTV LIMITATIONS                                                                                         FIXED RATE
                                                                                                        PRIMARY RESIDENCES
                                                                                                        DU Approve /DU Refer
                                                                                               LTV        LTV W/       CLTV        Max           Credit
                                                                                 Units        W/O Sec     Sec Fin      W/Sec     HCLTV           Score
                                                                                                Fin                     Fin
                                                                                                                Purchase
                                                                                 1 Unit         90%        85%          90%        90%            700
                                                                                                75%        70%          75%        75%            660
                                                                                2-4 Unit        75%        70%          75%        75%            740
                                                                                             Rate & Term Refinance w/ Loan Amount <=$625,500
                                                                                  1 Unit         90%         85%         90%        90%           700
                                                                                  1 Unit         75%         70%         75%        75%           660
                                                                                 2-4 Unit        75%         70%         75%        75%           740
                                                                                              Rate & Term Refinance w/Loan Amount >$625,500
                                                                                  1 Unit         80%         75%         80%        80%           700
                                                                                  1 Unit         75%         70%         75%        75%           660
                                                                                 2-4 Unit        75%         70%         75%        75%           740
                                                                                                           Cash Out Refinance
                                                                                 1 Unit         60%        55%          60%        60%            740
                                                                                2-4 Unit         NA         NA          NA         NA             NA

Product Summaries contain eligibility guidelines only. Consult the GMAC Bank BrokerManual/Correspondent Funding Client Guide for full details.                        7-20-09 - Page 3
HIGH-BALANCE LOAN LIMIT CONFORMING FIXED & ARM PRODUCTS
                                          GMAC BANK CORRESPONDENT FUNDING
                            HIGH-BALANCE AREA LOAN LIMIT CONFORMING FIXED AND ARM PRODUCTS
                                HIGH-BALANCE FIXED RATE                                     HIGH-BALANCE 5/1 HYBRID LIBOR ARM                      HIGH-BALANCE 5/1 HYBRID LIBOR INTEREST ONLY
                                                                                                                                                   ARM



                                Mandatory Review of MI Section Required



                                                                                                  LIBOR ARM/IO LIBOR ARM
                                                                                                        PRIMARY RESIDENCES
                                                                                                        DU Approve/DU Refer
                                                                                               LTV       LTV W/      CLTV         Max            Credit
                                                                                 Units        W/O Sec    Sec Fin     W/Sec       HCLTV           Score
                                                                                                Fin                    Fin
                                                                                                               Purchase
                                                                                 1 Unit         75%        70%        75%          75%            680
                                                                                2-4 Unit        75%        70%        75%          75%            740
                                                                                                         Rate & Term Refinance
                                                                                  1 Unit         75%        70%        75%          75%           680
                                                                                 2-4 Unit        75%        70%        75%          75%           740
                                                                                                          Cash Out Refinance
                                                                                 1 Unit         60%        55%        60%          60%            740
                                                                                2-4 Unit        NA         NA          NA          NA             NA

                                Mandatory Review of MI Section Required


                                                                                      FIXED RATE, LIBOR ARM and IO LIBOR ARM
                                                                                                           SECOND HOME1
                                                                                                        DU Approve/DU Refer
                                                                                               LTV        LTV W/       CLTV         Max          Credit
                                                                                 Units        W/O Sec      Sec Fin     W/Sec      HCLTV          Score
                                                                                                Fin                      Fin
                                                                                                    Purchase and Rate & Term Refinance
                                                                                 1 Unit        65%          60%         65%         65%           740
                                                                                                            Cash Out Refinance
                                                                                 1 Unit         NA           NA          NA         NA            NA
                                1
                                 Guidelines listed are for second homes suitable for year round occupancy. Refer to GMAC Bank Broker/Correspondent Lending Manual for definition and guidelines on
                                second homes.
                                Mandatory Review of MI Section Required



Product Summaries contain eligibility guidelines only. Consult the GMAC Bank BrokerManual/Correspondent Funding Client Guide for full details.                        7-20-09 - Page 4
HIGH-BALANCE LOAN LIMIT CONFORMING FIXED & ARM PRODUCTS
                                          GMAC BANK CORRESPONDENT FUNDING
                            HIGH-BALANCE AREA LOAN LIMIT CONFORMING FIXED AND ARM PRODUCTS
                                HIGH-BALANCE FIXED RATE                                        HIGH-BALANCE 5/1 HYBRID LIBOR ARM                   HIGH-BALANCE 5/1 HYBRID LIBOR INTEREST ONLY
                                                                                                                                                   ARM




                                                                                          FIXED RATE, LIBOR ARM and IO LIBOR ARM
                                                                                                          INVESTMENT PROPERY
                                                                                                           DU Approve /DU Refer
                                                                                                  LTV        LTV W/       CLTV         Max       Credit
                                                                                     Units       W/O Sec      Sec Fin     W/Sec      HCLTV       Score
                                                                                                   Fin                      Fin
                                                                                                       Purchase and Rate & Term Refinance
                                                                                    1-4 Unit      65%          60%         65%         65%        740
                                                                                                               Cash Out Refinance
                                                                                    1-4 Unit       NA           NA          NA         NA         NA
                                4
                                    Interest-Only Products are not permitted with 3-4 Units
                                Mandatory Review of MI Section Required
18. SECONDARY                       •   Permitted. See #17 Loan Amount and LTV Limitations
    FINANCING
19. PROPERTY TYPES              Eligible Property Types
                                •    1-4 units
                                •
                                           1
                                     PUDs
                                •    Condos – GMACM warrantable projects. See GMAC Bank Broker Manual/ Correspondent Funding Client Guide for eligibility requirements.
                                     •    Full project review required with 2 comps outside of project. See GMAC Bank Broker Manual/Correspondent Funding Client Guide for the policy on Condominium
                                          Comparables
                                     •    Limited Project Review: Ineligible
                                     •    Florida Condos
                                           •     Second homes not permitted
                                           •     Investment properties not permitted
                                           •     Primary Residence - limited project review not permitted; full project warranty required
                                                 •    Ineligible Project Warranty – FHA Approved Project, CPM Expedited*, Limited Project Review
                                                 •    Eligible Project Warranty
                                                            •    New and Newly converted Attached Condominium projects – Must have PERS Final Project Approval issued by FNMA (posted on
                                                                 eFanniemae.com)
                                                            •    Established Attached Condominium projects* – Must have Lender Full Review

                                         * CPM Expedited – All established attached condominium projects that have been submitted to CPM and received a
                                         “Certified by Lender” recommendation on an OWNER OCCUPIED recommendation as of January 15, 2009 with <= 75% LTV/CLTV will be valid until the expiration
                                         date. CPM Expedited issued after January 15, 2009 are ineligible, regardless of LTV/CLTV.
                                •
                                                           1
                                        Leasehold Estates
                                •
                                                                           1
                                        Modular Pre-Cut/Panelized Housing
                                1
                                 Refer to the GMAC Bank Broker Manual/Correspondent Funding Client Guide for eligibility guidelines

Product Summaries contain eligibility guidelines only. Consult the GMAC Bank BrokerManual/Correspondent Funding Client Guide for full details.                       7-20-09 - Page 5
HIGH-BALANCE LOAN LIMIT CONFORMING FIXED & ARM PRODUCTS
                                          GMAC BANK CORRESPONDENT FUNDING
                            HIGH-BALANCE AREA LOAN LIMIT CONFORMING FIXED AND ARM PRODUCTS
                                HIGH-BALANCE FIXED RATE                                 HIGH-BALANCE 5/1 HYBRID LIBOR ARM                           HIGH-BALANCE 5/1 HYBRID LIBOR INTEREST ONLY
                                                                                                                                                    ARM


20. OCCUPANCY                   •    Primary Residence
                                •    Second Homes
                                •    Investment Properties
21. GEOGRAPHIC                  •    Continental U.S., Alaska and Hawaii
    LOCATIONS /
    RESTRICTIONS                          See OFHEO website for eligibility in specific MSAs: High Balance Loan Limits

22. STATE SPECIFIC              State Specific Requirements
    REQUIREMENTS
23. ASSUMPTIONS                 Not Permitted                                           Permitted after first interest rate adjustment period. Creditworthy borrowers only.

24. ESCROW WAIVERS              Refer to Chapter 4 Loan Eligibility, Section C406 Escrow for Impounds of the GMAC Bank Correspondent Funding Client Guide or Chapter XI Underwriting Guidelines,
                                Section 1-26 Property Tax and Insurance Escrow Waivers of the GMAC Bank Broker Manual.
25. PREPAYMENT                  None
    PENALTY
26. UNDERWRITING
                                                                                                                               st      nd
                                Delegated Correspondent - Eligible for individual and combined loans amounts (when both the 1 and 2 are being purchased by GMAC Bank) up to and including
                                                                                                                 nd
                                $1,000,000. The following situations require all loans being originated (even a 2 being purchased by a party other than GMAC Bank) to be submitted to GMAC Bank for
                                an Underwriting review.
                                               •    Individual loan amounts > $1 million
                                               •
                                                                                                st     nd
                                                    Combined loan amounts (when both the 1 and 2 are being purchased by GMAC Bank) > $1 Million
                                               •    Combined loan amounts (when the 2nd is being purchased by a party other than GMAC Bank) > $1.25 million

                                Non Delegated Correspondent – Submit to GMACB. Contract underwriting is not permitted.

                                •    Conditional Delegated Correspondent - Submit to GMACB. Contract underwriting is not permitted.

                                •    Broker - Submit to GMACB. Contract underwriting is not permitted.

                                Approved Contract Underwriter Providers
                                    •    MGIC
                                    •    Genworth
                                    •    RMIC
                                    •    United Guaranty

                                 •    Loans must be submitted to DU 7.1 No exceptions.
                                      •     Approve/Eligible/Refer/Eligible findings: permitted
                                      •     Approve/Ineligible /Refer/Ineligible findings: permitted if the only reason for the Ineligible recommendation is the loan amount exceedsthe current
                                          loan limit applied by DU (i.e. permanent high-cost limit for the area in which the property is located). The loan amount cannot exceed the temporary
                                          high-cost limit applicable to the area in which the property is located.
                                      Note: All other findings are not permitted.
                                 •    Must comply with all requirements of GMAC Bank Broker Manual/Correspondent Funding Client Guide
                                      and guidelines specified in this Product Summary.
                                 •    Refer to #30 Credit for credit requirements


Product Summaries contain eligibility guidelines only. Consult the GMAC Bank BrokerManual/Correspondent Funding Client Guide for full details.                                7-20-09 - Page 6
HIGH-BALANCE LOAN LIMIT CONFORMING FIXED & ARM PRODUCTS
                                          GMAC BANK CORRESPONDENT FUNDING
                            HIGH-BALANCE AREA LOAN LIMIT CONFORMING FIXED AND ARM PRODUCTS
                                HIGH-BALANCE FIXED RATE                                    HIGH-BALANCE 5/1 HYBRID LIBOR ARM                        HIGH-BALANCE 5/1 HYBRID LIBOR INTEREST ONLY
                                                                                                                                                    ARM



                                Inaccurate Credit Data - If a manual underwrite is required due to substantial inaccurate credit data or documented extenuating circumstances, the initial DU report must
                                be included in the file. The underwriter must comply with the Comprehensive Risk Assessment and analyze all primary and contributory risk factors associated with the file
                                (including those identified by DU) and document appropriate offsets and rationale in the underwriting decision


27. PROCESSING STYLES           •   Standard
28. BORROWER                    Permanent Resident Aliens
    ELIGIBILITY                 •   Provide Alien Registration Card if borrower is not living in the U.S.

                                Non-Permanent Resident Alien
                                •   Must be a legal resident of the U.S. as evidenced by social security number
                                •   Must be employed in the U.S.
                                •   Tax Identification Number (TIN) is not acceptable

                                 Foreign Nationals
                                 •    Not permitted


29. CO-BORROWERS                Co-borrower does not have to occupy subject to the following:
                                • Occupant borrower must qualify for loan
                                • Non-occupant borrower must be on separate application
                                • Occupant borrower must verify 5% investment from own funds

30. CREDIT                      Mandatory Review of MI Section Required
                                •     DU Approve/Eligible/Refer /Eligible or DU Approve/Ineligible/Refer Ineligible (See underwriting section #26) findings permitted.
                                     •     All borrowers must have a credit score
                                     • Refer to #17 for minimum credit score requirements
                                •    Mortgage Delinquencies - Loans will be ineligible with one or more mortgage/rental delinquency of 60, 90, 120,150 days or greater reported within 12 months of the
                                     date of the credit report.
                                •    Short payoff related to a delinquent mortgage obligation within the last seven years
                                •    Participation in a restructure of the mortgage due to delinquency.
                                             Requires 48 month period to reestablish credit
                                •    Bankruptcy/Foreclosure
                                     •    Measures by discharge or dismissal date
                                     •    For a previous foreclosure, the new mortgage must be one of the following:
                                                •     A purchase transaction secured by a Primary Residence with a maximum LTV/CLTV/HCLTV OF 90%
                                                •     A rate/term refinance which complies with standard guidelines
                                     •    For a conveyance of a deed-in-lieu of foreclosure, the new mortgage must be one of the following:
                                                •     A purchase transaction with maximum LTV/CLTV/HCLTV of 90%
                                                •     A rate/term of cash-out refinance which complies with standard guidelines

                                     •    Refer to the Risk Management and Credit Considerations chapters of the GMAC Bank Broker Manual or Chapter 5B Credit for Conforming Loan Programs of the
                                          Correspondent Funding Client Guide

Product Summaries contain eligibility guidelines only. Consult the GMAC Bank BrokerManual/Correspondent Funding Client Guide for full details.                            7-20-09 - Page 7
HIGH-BALANCE LOAN LIMIT CONFORMING FIXED & ARM PRODUCTS
                                          GMAC BANK CORRESPONDENT FUNDING
                            HIGH-BALANCE AREA LOAN LIMIT CONFORMING FIXED AND ARM PRODUCTS
                                HIGH-BALANCE FIXED RATE                                   HIGH-BALANCE 5/1 HYBRID LIBOR ARM                            HIGH-BALANCE 5/1 HYBRID LIBOR INTEREST ONLY
                                                                                                                                                       ARM


31. ASSETS                      Mandatory Review of MI Section Required
                                Borrower Investment
                                •    Primary residence and second homes require 5% from borrower's own funds.
                                •    Investment property loans require 10% from borrower's own funds.

                                Seller Contributions- Basis for limit is now based on CLTV ratio
                                •    Primary Residence and Second Homes
                                     • 3%
                                •    Investment Properties
                                     •    2%

                                Gifts
                                •     Primary and Second Homes: Acceptable provided Borrower Investment is met.
                                •     Investment Properties: Gifts are not permitted.

                                Reserves
                                  DU Approve/DU Refer:
                                  • Comply with conditions of Approve/Eligible/Refer/Eligible recommendation
                                        • Note: Additional Reserves may be required by DU based on Risk.
                                  • If either the borrower’s primary residence is for sale, but the sale will not close before the Note Date of the Mortgage on the new primary residence, or the borrower is
                                        converting his/her primary residence to a second home or Investment property; the following is required
                                                •    Six months PITIA reserves required for both the retained and subject properties

                                 •    Second Homes (all transaction types)
                                      •   2 months PITIA

                                 •    Investment Properties (all transaction types)
                                      •    6 months PITIA


                                Must be verified PITIA reserves remaining after closing, exclusive of closing costs, cash out received, and proceeds from home equity transactions.

                                Assets must be fully documented and seasoned as per guidelines in the GMAC Bank Broker Manual/Correspondent Funding Client Guide

32. LIMITATIONS ON               Multiple Loans to the Same Borrower
    OTHER R.E. OWNED             •    Maximum 20% concentration in any one project or subdivision
                                 •    Primary Residences
                                      •    Up to 4 GMAC Bank/Mortgage/Homecomings Financial financed properties (including the subject property) or $2 million whichever is less
                                 •    Second Homes & Investment Properties
                                     •      Up to 4 financed properties, including the subject property (Max of $2 million exposure to GMAC Bank/Mortgage/Homecomings)
                                     •      Two months PITIA if subject property is second home
                                     •      Six months PITIA if subject property is investment property
                                     •      Two months PITIA on each additionally financed second home or investment property

Product Summaries contain eligibility guidelines only. Consult the GMAC Bank BrokerManual/Correspondent Funding Client Guide for full details.                                7-20-09 - Page 8
HIGH-BALANCE LOAN LIMIT CONFORMING FIXED & ARM PRODUCTS
                                          GMAC BANK CORRESPONDENT FUNDING
                            HIGH-BALANCE AREA LOAN LIMIT CONFORMING FIXED AND ARM PRODUCTS
                                HIGH-BALANCE FIXED RATE                                     HIGH-BALANCE 5/1 HYBRID LIBOR ARM                           HIGH-BALANCE 5/1 HYBRID LIBOR INTEREST ONLY
                                                                                                                                                        ARM


                                Note: Financed Properties are defined as 1-4 residential units. Ownership in commercial or multifamily (more than four dwelling units) real estate is not
                                included in the limitation.

33. APPRAISER                   Current license required
    REQUIREMENTS
34. APPRAISAL                   •    Provide an appraisal with an interior and exterior inspection, regardless of DU recommendation
    REQUIREMENTS                          •    FNMA Form 1004/FHLMC Form 70

                                •    A Field Review (One-Unit Residential Appraisal Field Review Report, Form 2000) is required if
                                     •    Loan amount is greater than $625,500 and the LTV, CLTV, or HCLTV is greater than 80 percent, or
                                     •    Property is valued at $1,000,000 or more and the LTV, CLTV, or HCLTV is greater than 75 percent.

                                     The Field Review is required to ensure that the appraisal is an accurate representation of value. If the Field Review results in a different opinion of value than the
                                     appraisal, the lowest of the original appraised value, the Field Review value, or the sales price (for purchases) must be used to calculate the LTV ratios.

                                     •      For properties in attached condominium projects, the appraisal must contain two comparable sales from projects outside of the subject’s project in addition to the
                                            current comparable sale requirements.

                                 •    Refer to the GMAC Bank Broker Manual/Correspondent Funding Client Guide

35. MORTGAGE                    Below guidelines supercede all other guidelines for LTV’s >80% for the availability of MI.
    INSURANCE                    •   Required for all loans exceeding 80% LTV

                                      • Financed Borrower Paid MI permitted; however, the maximum gross LTV (after the inclusion of the financed premium) cannot exceed 90%.

                                 •   Acceptable MI Companies for Standard Rates
                                     • Genworth
                                     • UG
                                     • MGIC
                                     • PMI
                                     • RMIC
                                     • Radian
                                     • CMG – Acceptable for Credit Unions only.

                                 •       NY State - Use the appraised value to determine if mortgage insurance is required. If mortgage insurance is required, use the lesser of the sales price or appraised
                                         value to determine the appropriate coverage.

                                 •       Coverage
                                         <=20 years        Coverage
                                         80.01% - 85%       6%
                                         85.01% - 90%      12%

                                         >20 years         Coverage
                                         80.01% - 85%      12%
Product Summaries contain eligibility guidelines only. Consult the GMAC Bank BrokerManual/Correspondent Funding Client Guide for full details.                                  7-20-09 - Page 9
HIGH-BALANCE LOAN LIMIT CONFORMING FIXED & ARM PRODUCTS
                                          GMAC BANK CORRESPONDENT FUNDING
                            HIGH-BALANCE AREA LOAN LIMIT CONFORMING FIXED AND ARM PRODUCTS
                                HIGH-BALANCE FIXED RATE                                 HIGH-BALANCE 5/1 HYBRID LIBOR ARM                        HIGH-BALANCE 5/1 HYBRID LIBOR INTEREST ONLY
                                                                                                                                                 ARM


                                       85.01% - 90%     25%

                                     Acceptable BPMI Payment Options
                                    • Monthly and Zero Monthly
                                    • Level Annual
                                    • Standard Annual
                                    • Split Premium (with or without options)
                                    • Single Premium


                                Lender Paid Single Policy (LPSP) MI Option (Correspondents Only)
                                •   Acceptable Companies:
                                     •    UG
                                     •    Radian
                                     •    MGIC
                                     •    Genworth
                                     •    PMI
                                     •    RMIC


                                Credit
                                •    Minimum 620 FICO required, regardless of DU recommendation and/or LTV

                                Appraisal
                                •   Full interior/exterior inspection (FNMA Form 1004/FHLMC Form 70), regardless of DU recommendation and/or LTV

                                Ineligible for Mortgage Insurance
                                 •    2-4 Units
                                 •    Second Homes
                                 •    Investment Property
                                 •    Cash-Out Refinance
                                 •    Interest-Only Products

36. INVESTOR                    Fannie Mae
    ELIGIBILITY




Product Summaries contain eligibility guidelines only. Consult the GMAC Bank BrokerManual/Correspondent Funding Client Guide for full details.                    7-20-09 - Page 10
HIGH-BALANCE LOAN LIMIT CONFORMING FIXED & ARM PRODUCTS

				
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