Tuesday, March 24, 2009
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Week of 23 Mar 09
Loan Program Updates
FHA Purchase and Refinance –
Loan limits have been updated in DirectWare to currently updated FHA limits.
FHA Jumbo Streamline –
This program is not available in the following areas:
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- California
- Alaska
- Hawaii
- Miami Dade County (Florida)
Pricing Updates
No changes this week.
Turn Times
The oldest loan in our underwriting queue was submitted on: 18 March 2009
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Week of 16 Mar 09
Deadlines to Remember
For refinance fundings to be eligible for Feb funding disbursements:
- Submit to Underwriting on or before March 18, 2009
- Docs Signed by the borrower on or before March 23, 2009
Underwriting Reminders
FHA and VA Streamlines
- Current employment information is required on the loan application.
- Self employed borrowers must provide a CPA Letter or Business license.
- For retired borrowers or borrowers receiving social security we will accept a letter of explanation.
- A verbal VOE will be performed prior to the loan closing and at funding.
Pricing Updates
No changes this week.
Wednesday, March 11, 2009
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Week of 9 Mar 09
Loan Program Changes
FHA and VA Streamlines
- Current employment information is required on the loan application.
- Self employed borrowers must provide a CPA Letter or Business license.
- For retired borrowers or borrowers receiving social security we will accept a letter of explanation.
- A verbal VOE will be performed prior to the loan closing and at funding.
For Conventional 95% LTV
Minimum 720 Fico Score
Max DTI 45%
SFR 1 unit
Purchase or Rate and Term
Primary Residence
Up to 417,000
Not allowed in the following states: AZ, CA, FL, MI, NV, OH
Pricing Updates
No changes this week.
Turn Times
The oldest loan in our underwriting queue was submitted on: 6 March 2009
Tuesday, February 17, 2009
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13 Feb 09
Due to current volumes, our underwriting turn-times have increased. Please see below for turn times and underwriting guideline changes:
Turn Times
Underwriting — up to 15 days, for both new loan files and resubmissions.
Underwriting Guideline Changes
Minimum FICO score of 620 required for all loan programs. Programs that have had a minimum credit score > 620 continue with their previous minimum.
Investment property guideline changes:
- Minimum credit score is 720
- 2 years landlord experience required
- Borrowers must qualify with full payments on purchase money loans
- Florida investment properties are ineligible
Manual/Traditional underwriting for FHA/VA/USDA programs is not currently available.
Maximum DTI ratio is 55%, regardless of AUS approval.
Field review required on all Cash-out Refinance loans with LTV greater than 75%.
Interest rate lock required prior to underwriting submission.
Monday, February 09, 2009
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Week of 9 Feb 09
Price adjustments
1. For all Conforming loans with subordinate financing and CLTV >90 the adjustment is now 1.00.
2. New extension fees effective today:
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Agency loan programs (Conforming & Government)
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Extension up to: |
Cost of Extension
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7 Days
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.250 pt. |
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15 Days |
.375 pt. |
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30 Days |
.750 pt. |
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45 Days |
1.250 pt. |
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60 Days |
2.000 pt. |
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Non-Agency loan programs (Non-Conform/Jumbo/ALT-A,etc) |
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7 Days
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.250 pt. |
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15 Days |
.375 pt. |
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30 Days |
.750 pt. |
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45 Days |
1.250 pt. |
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60 Days |
2.000 pt. |
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Program Reminder
USDA Rural Housing -- ensure that property and income are eligible according to USDA guidelines.
Due Dates
Dates required to qualify for an underwriting fee reduction to $395 for Streamline Refinances:
- Submit to Underwriting on or before February 10, 2009
- Docs signed by the borrower on or before February 12, 2009
- Loan funding disbursed by DMC on or before February 18, 2009
Dates required for refinance fundings to be eligible for February funding disbursements:
- Submit to Underwriting on or before February 16, 2009
- Docs signed by the borrower on or before February 19, 2009
- Loan funding disbursed by DMC on or before February 26, 2009