CHEVY CHASE BANK
OFFSITE CONTRACT UNDERWRITING PROCEDURES
EASTERN REGIONAL OFFICE
MGIC, PMI, Radian, Triad and UGIC have been approved by Chevy Chase Bank Wholesale Lending Division
(CCB) for Offsite Contract Underwriting. Each company welcomes the opportunity to provide you with local
contract underwriting services. (Underwriters are considered “offsite” if they are not physically located in a
Chevy Chase Bank Wholesale Underwriting Department.)
Step 1: Registration
Loan must be registered with Chevy Chase Bank (fax 240-497-8312) prior to submission for
underwriting. Provide copy of confirmed registration form with CCB loan # in the original & copy file.
Step 2: Delivery Eligibility
ELIGIBLE PRODUCTS: CCB Cash Flow ARM, SmartPay Option ARM and CCB 3 & 5/SEMIs
(< $750,000 for MGIC, PMI, Radian & UGIC, < $1,000,000 for Triad) and Conforming Fixed Rate loans.
USE CHEVY CHASE BANK GUIDELINES FOR UNDERWRITING.
INELIGIBLE PRODUCTS: Loan Amounts >$750,000 for MGIC, PMI, Radian & UGIC, >$l,000,000 for
Triad, ALL Construction/Permanent Loans, 7 & 10 SEMI and CCB Second Trust. If the first and second
trust are both CCB loans then both must be underwritten by Chevy Chase Bank.
Step 3: Submission
Chevy Chase Bank must be in receipt of a complete package with MI approval before loan can be
scheduled to close.
Send copy of file to MI Company for Underwriting. Attach a completed MI Company Application for
Mortgage Insurance to the front of the file if mortgage insurance is required.
Send original of file with the registration confirmation form and the completed Chevy Chase Bank Loan
Submission Transmittal Sheet to: Chevy Chase Bank Wholesale, 7501 Wisconsin Avenue, 6th Floor,
Wholesale Underwriting, Bethesda, MD 20814.
PLEASE NOTE: Chevy Chase Bank Wholesale cannot process any approval until a file is received.
It takes approximately 24-48 hours once file is received by CCB for loan setup, review and input of MI
approval into CCB LOS and to check for CCB Compliance requirements (i.e. original 1003, original credit
report & original appraisal, GFE w/YSP, and MLOA).
Step 4: Mortgage Insurance
Underwriting for CCB and mortgage insurance, if applicable, will be completed simultaneously. MI
Underwriter will issue a Loan Approval in the name of Chevy Chase Bank. If mortgage insurance is
required, the MI Certificate must be included in the loan file and must be in the name of Chevy Chase
Bank. Please note that several CCB products require Lender Paid Mortgage Insurance. The LPMI
Certificate is required with approval, if applicable.
The MI Underwriter MUST include the Underwriter’s marked up 1003 and 1008 with decision to CCB.
All additional documents (conditions, etc.) provided to MI Underwriter after original file has been
forwarded to CCB must be sent to CCB to be placed in file.
Step 5: Loan Decision
Loan status will not go to “FINAL” at Chevy Chase Bank until each suspense item and/or condition has
been received by CCB and all CCB requirements are met. Broker to fax conditions or suspense docs to the
MI Company and Chevy Chase Bank.
Fax MI UNDERWRITING approvals and Send ALL CLOSING conditions directly to:
conditions to: 240-497-8013 (fax) Chevy Chase Bank Wholesale Closing Dept
7501 Wisconsin Ave., 6th floor
Bethesda, MD 20814 “OR” FAX to 240-497-8012
*MI UNDERWRITERS SHOULD CONTACT THE FOLLOWING WITH UNDERWRITING QUESTIONS:
MARIE MACEK AT firstname.lastname@example.org PH 240-497-8395
NANCY HAUFT AT email@example.com PH 240-497-8379
**PLEASE SEE WESTERN REGIONAL OFFICE PROCEDURES FOR CONTACTS ON LOANS ORIGINATED
BY ACCOUNT EXECUTIVES ASSIGNED TO THAT OFFICE.**
Doc #: WPR010 Revised 4/03/2007