Lender’s duties and responsibilities include but are not limited to the following:

  1. Ensuring compliance with the requirements set forth in this Seller Guide and the Loan Seller Agreement;
  2. Ensuring Georgia Dream Loans meet Program requirements and all applicable mortgage insurer requirements;
  3. Having adequately trained staff and facilities, including and not limited to lender’s management and non-management staff  to originate and sell quality Georgia Dream Loans on a timely basis, including but not limited to:
    1. Assisting each loan applicant with the requirements of the Program and advising of the status of the loan application;
    2. Reserving, underwriting and submitting completely approved Georgia Dream Loans to DCA for compliance underwriting approval before closing:
      1. DCA requires a fully underwritten and approved loan with the only remaining Lender condition before preparing closing documents being the Firm Commitment from DCA, and
      2. Evidence of approval from any additional down-payment assistance related entities with all terms, and
      3. DCA requires that only the Lender’s designated Program Contact, Lender’s underwriter, or Lender’s underwriting leadership staff may contact DCA staff after a loan has been submitted into the Lender Portal, and
      4. The Lender will be responsible for responding to any inquiries from, but not limited to realtors (selling and/or listing agents), and/or any third-parties involved in the services rendered to obtain the mortgage,
    3. Funding and closing of the Georgia Dream Loans;
    4. If applicable, submitting required documents to the Mortgage Insurer or GSE to obtain mortgage insurance and arranging for the transfer of the insurance to GHFA;
  4. Lenders must utilize and complete the checklists provided within this Seller Guide with files delivered in the checklist order; 
  5. Lender’s first file submission must be complete and when there are more than two (2) subsequent resubmissions of omitted documents, DCA will reconsider participation in the program to include training and including, but not limited to termination;
  6. Ensuring staff are knowledgeable in all aspects of loan origination and selling;
  7. Having fully documented written procedures and quality control measures to determine that the procedures are being followed;
  8. Protecting GHFA and DCA against fraud, misrepresentation or negligence by any parties involved in the origination process; and
  9. Designating a Program Contact as described in this Chapter.

105.1 Electronic Media

If Lender elects to transfer a paper copy of this Seller Guide into electronic format, the Lender expressly warrants that all such electronic Seller Guide forms and material used in connection with Georgia Dream Loans shall have only minor variations in format.

Lenders are strongly encouraged to use DCA specific forms and integrate them into their Loan Origination Systems for efficiency purposes to include electronic signatures.  At the Lender’s request, DCA will provide Georgia Dream Documents in multiple formats for integration into a loan origination system or document preparation system to allow for auto filling.  Georgia Dream documents which have been signed with borrower’s electronic signature must be accompanied by the borrower(s) Electronic Signature Authorization. If unable to provide, all forms must be wet signed.

Acceptable minor format variations include:

  1. change in type font;
  2. change in type size, so long as the document is easily readable; and
  3. absence of the form borders.

Unacceptable format variations include:

  1. absence of Georgia Dream Homeownership Program form number;
  2. absence of Georgia Dream Homeownership Program form version designation; and
  3. any change in content, including substitution, omission or addition of one (1) or more words.

You should contact us with any questions about reproduction of the Seller Guide or its forms before distribution of these documents in conjunction with the origination of Georgia Dream Loans.