Synopsis of Urban Futures Bond Administration
Duties As Administrator Single-Family Projects

1. Urban Futures Bond Administration shall have general responsibility for administering the Program, for and on behalf of the issuer, in accordance with the Origination, Servicing and Administration Agreement. Urban Futures shall also be responsible for reporting to the Issuer and Trustee the compliance by each Lender with Agreement.
2. UFBA will notify each Lender upon the direction of the Issuer, of any changes in Program eligibility requirements.
3. As long as any bonds remain outstanding, UFBA shall receive, in a monthly basis, from each lender involved in the program, reports summarizing loan and servicing activity related to the bond issue.
4. UFBA will submit to the Issuer and the Trustee a monthly Commitment Status Report, summarizing the reports from the Lenders.
5. During the term of the Origination, Servicing and Administration Agreement, in connection with the origination and assumption of each Home Mortgage to be acquired by the Trustee on behalf of the issuer to.

Review:

	Lender Mortgage Credit Package
	Mortgagor's Affidavit
	Seller's Affidavit
	Applicable Federal Income Tax Returns
	Statements and other appropriate documents related to the origination of the mortgage

To Determine:

1. That the home:
   
   

   	is a single family, attached or detached structure, a single family condominium unit or a single family unit in a planned unit development,
   	is located within the issuer boundaries, and
   	has an acquisition cost not exceeding the applicable percentage of the average area purchase price in the statistical area in which such home is located.

   
   
   
2. That loan origination settlement and financing costs, fees and similar charges do not exceed usual and reasonable costs associated with, for comparison purposes, similar costs, fees and charges of conventional loan processing and origination.
   
   
3. That the Mortgagor:
   
   

   	has a household income not exceeding the applicable maximum,
   	will occupy the home within 60 days of loan assumption or execution, and
   	has not had an existing mortgage on the home except construction or other temporary financing with a term not exceeding 24 months.

   
   
4. That the individual making application for a mortgage has had no present ownership interest in a principal residence at any time during the three year period prior to the date of which the mortgage is executed or assumed. To determine if the applicant meets this requirement, UFBA shall:
   
   

   	Review signed or certified federal income tax returns for the three previous years for each individual intending to occupy the home to insure deductions for taxes or interest with respect to real property constituting a principal residence have not been taken. This Requirement need not be met if funds for the mortgage purchase are from the unrestricted portion of the allocation;
   	Determine that all persons who have or are expected to have a present ownership interest in the home, have executed a Mortgagor's Affidavit;
   	To review any other documentary evidence obtained by a lender to ascertain the accuracy and completeness of information contained in the affidavits, certificates and/or federal income tax returns.

   
   
5. UFBA shall review and promptly notify lenders if a deficiency exists. If the home mortgage meets requirements of the program, UFBA must certify so to the Lender and Trustee.