A.8.4.1 Mortgage Credit Underwriting Documentation Matrix Legend

A. Organizational Documents include the following:

1. Corporation - Articles of Incorporation & Bylaws; Authorizing Resolution.

2. Partnership - Certificate of Partnership & Limited Partnership Agreement; Authorizing Resolution.

3. LLC - Articles of Organization & Operating Agreement; Authorizing Resolution.

4. Trust Documents. All Document Amendments are required.

B. VOD/ Bank Statements (must include a three-month average balance for VOD or three months of consecutive bank statements) may be requested by the Lender’s Underwriter for the non-par 50 Participants to ensure there is enough cash to close, if required.

C. If a Passive Participant (Entity) does not want to provide an “Identification and Certification of Limited Liability Investor Entities”(click to view Certification) they must submit in place of the certifications the following items: Organizational Documents, form HUD-92013-Supp, Credit Authorization, EIN Verification, Credit Report.

D. Board Members and Officers are not required to do 2530s unless the Board Member also has a controlling role in the corporation (i.e. Executive Director, Manager, or Director of Non-Profit).

E. In addition to requirements applicable to all Active and Passive Principals, the MAP Lender must perform a thorough and independent background evaluation of foreign national Principals and Domestic Principals as described in Housing Notice 2019-01. II.A.2 and II.A.3, respectively.

F. Instructions for submission of concentrated risk or large Borrower review is found in Housing Notices 2018-09 and MAP Guide Appendix 8, Section A.8.3 and Section A.8.6.