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Document Library

NEW & Recently Updated Form

Borrower's Certification & Authorization Form

Vendor Request Form

Denial/Withdrawal Form

Hold Harmless Agreement-generic form

USDA 3555-21

Borrower Information Packet (BIP) Cover Sheet

Conventional Self-Employment Documentation Requirements 2021

Retail Forms for use with Borrower - these forms have been left as word documents to allow for customization of the documents to meet the loan needs. If you are a branch that uses your logo, feel free to update the information accordingly!

FSB Gift Letter Instructions

FSB Closed Loan Survey

FSB Prequal Letter

FSB Approval Letter

Loan Status Update for RE Agents-instructions

Loan Status Update for RE Agents-form

POD Letter-Redisclosures

POD Letter-Initial Disclosures

Government Loan Docs - New Construction

New Construction Document Checklist-updated October 2020

USDA New Construction Docs

Plan Certification-USDA Form RD 1924-25

FHA & VA New Construction Docs

Builders Certificate-form 92541

Warranty of Completion of Construction-HUD form 92544-A/VA form 26-1859

Builder Cabo and Lead Water Cert

Termite Protection-Form NPMA 99a

Termite Protection-Form NPMA 99b

(both forms must be submitted)

VA Not Inspected Acknowledgment-for New Construction Form

Credit In's & Out's

Credit 101

ECOA Codes & Payment Grid Explanation

How to Read a Partners Credit Report

Summary of Rights under the FCRA

Credit FAQs

Useful Charts & Calculators

The charts provided are to be used as reference material. It is possible overlays exist that will adjust the information contained in the charts with our investors.

Illinois Tax Escrow Chart

Agency Guideline Comparison: Collections & Judgements

Student Loan Repayment Rules

Gift funds & Gifts of Equity

Shared Well & Septic

Property Flipping Rules

Derogatory Credit Wait Periods

Non-Occupant Co-Borrower Income

Document Library is to the left side of the page!

Page Menu
Mortgage Support Update - July, 2022
Mortgagee Clause & Agency ID #'s
Self-Employed Borrower Income Review
FHLB Grant Instructions
IBTS Ordering Instructions
Document Library - Left side
Mortgage Cliff Notes - easy instructions for several topics
Useful Charts & Calculators - Left side

Mortgage Support Update-July, 2022

Items Mortgage Support will help with:

-Income calculations for Net rental income, and SAM worksheets for S/E borrowers.

-Guideline/scenario research

-FHLB grant submission/disbursements

-IBTS orders

-Surefire Administration

-Vendor Additions

-VA entitlement worksheets

-Sending out Sharepoint Training materials - All former Eloomi Trainings

Please see the email to FSB mortgage staff dated July 22,2022 with subject "Mortgage Support" for additional information.

Mortgagee Clause & Agency ID #'s

Mortgagee Clause

Flanagan State Bank

ISAOA

333 Chicago Road

PO Box 302

Paw Paw, IL 61353

Always include the Loan Number!

Agency ID #'s

FHA ID: 2760600034

*please note this has been updated to be different for each branch, inquire with your sales manager about the correct ID*

VA ID: 7095710000

Tax ID: 37-0276830

FHMLC Seller ID: 129359

Self-Employed Borrower Income Review

Income Reviews - Income Calculation Request Form

Mortgage Support will review any self-employed income situation to help determine the income that will be used for Qualifying or Annual income if USDA. Please send us the income documentation as it pertains to the borrower's situation.

(file Sch C, Sch E, or Sch F) - provide all pages of personal tax returns for the most recent 2 years. If a Sch E shows K-1 income/loss, provide the K-1's and business returns for the most recent 2 years.

*Please see the Retail Memo on 2/7/2022 for the most up to date Conventional Self-Employment Guidelines*

Wage Earner Borrowers - Mortgage Support is no longer calculating w2 income.

FHLB Grant Process

Mortgage Support reviews & submits the grant requests to FHLB. The request from the LO for this grant should be made early in the loan process but after disclosing to the borrower.

2022 Required Grant Forms:

Household Member Questionnaire - one per borrower/household member (must be signed)

Income Calculation Workbook- must include VOE or paystubs used to complete. If VOE, at least 1 paystub must be included. Award letters required if this is the income source. Self employed borrowers to provide 2 years tax returns and current YTD P&L.

Certification of Tip Income - when applicable

Certification of Zero Income - when an applicant does not have any income to verify

All docs should be labeled according to the Reservation Document Checklist.

If purchasing a 2-unit property, a lease agreement or appraisal with market value rents will be needed for submission.
Related party transactions require an appraisal.

Homebuyer Education to be completed through Framework or eHomeAmerica only. Please include cost of Homebuyer Education on the Loan Estimate to allow for reimbursement at closing to borrower. Click here for DPP Homebuyer Education & Counseling link.

IBTS Order Process

All IBTS orders for Manufactured home certifications will be requested through Mortgage Support. To request your order, please use the order form below and send your request to Mortgage Support. Don't forget to disclose or re-disclose for this cost!

IBTS Man Home Certification Order Form UPDATED 7.5.22 FOR PRICE INCREASE