BAAHA (AMENDMENT) - Laserfiche WebLink

BAAHA Scope of Services Contract Year 2024/25 | Page11 Program Operations and Administration Income Eligibility Analysis BAAHA has a standardized income eligibility worksheet it employs. BAAHA will provide an accounting of all sources of revenue applicable for income eligibility as well as a documented projection of the annual income for the borrower. All borrowers that are over income will be notified of their ineligibility by BAAHA. Borrowers who lack income and purchase capacity to purchase a property will also be notified of their lack of purchase power. Loan Document Preparation and Escrow Process BAAHA maintains the following steps when processing loan documents and escrow related matters. • Loan document preparation – upon obtaining a program reservation and entering into a purchase contract, BAAHA will prepare loan documents for delivery to the City. • Loan document review and adjustments – the City reviews the document and either accepts them with no adjustments or requests changes. Adjustments, if required, are made by BAAHA and final copies of documents are delivered to escrow with escrow instructions. • Delivery and processing of documents in escrow – BAAHA follows up with the escrow company to make certain that all instructions are clear and followed up on. • Distribution of documents and records management – BAAHA makes certain that all documents are distributed to all parties, including the City, Borrower, and all other contracted entities. Loan Payoff Services BAAHA will assist the City in processing Loan Payoffs that may be incurred through the sale, refinance (or other reasons) of City’s PDALP and PHAP Program properties. BAAHA will deliver the City’s payoff demands to the Program homeowners, prepare reconveyance documents for recordation upon payoff, issue escrow instructions and provide copies of all documents to the City. File Maintenance BAAHA maintain copies of all documents, correspondences, and schedules pertaining to the processing, underwriting, and delivery of the Pleasanton PDALP and PHAP. These files, unless otherwise instructed by the City will be retained for a three year period. First Lender Support and Processing BAAHA will assist all lenders participating in the Program with the underwriting and funding of first loans that are associated with the funding of the PHAP and PDALP Programs. BAAHA will provide the following loan related services for loans originated or directed to program-affiliated lenders. • Review the entire loan package to make certain that the borrower meets all loan program guidelines. • Interact with the first lender and client to clarify issues and finalize the review and submission of the application and other requisite loan information. Docusign Envelope ID: 473ECB6B-08F5-49E6-8BF9-53FFB6D72DE6