Tuesday, August 31, 2010
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Week of Aug 30, 2010
Loan Program Guidelines
FHA Short Sales
Short Sale refinances on FHA loans are no longer eligible for financing.
Funding Deadlines
FHA $100 HUD Repo
FHA $100 HUD Repo loans must fund by Friday, September 22nd in order to fund this month.
DU Refi Plus & LP Relief Refi
DU Refi Plus & LP Relief Refi loans must fund by September 27th in order to fund this month.
Holiday Schedule
Labor Day
Direct Mortgage will be closed on Monday, September 6th in honor of Labor Day. You will still be able to lock loans through DirectWare until 3:00 am Eastern Time.
Wednesday, August 25, 2010
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Week of Aug 23, 2010
Pricing Update
Update: Re-locks
Effective Aug 24th, 2010: For locks that have been expired, cancelled, or auto-cancelled less than 30 days, in addition to worse case pricing, a 0.25% charge will now be assessed to re-lock the loan. This applies to locks that are cancelled on purpose with the intent to re-lock later; and, locks that are cancelled by DirectWare due to non-disclosure or auto-withdrawal.
It is extremely important to remain in compliance and monitor your locks that are auto-withdrawn by our system for compliance reasons. As a reminder, our system monitors your new loan registrations and credit pulls and will automatically notify you when you are not in compliance. Further, DirectWare will issue a warning by email letting you know if your loan will be withdrawn for compliance failure. Upon withdrawal, you have 3 days to reinstate the loan before the lock will be cancelled.
Please review your pipeline every day to prevent the 0.25% re-lock fee due to a lock cancellation.
If you have a question about this policy, please contact your account executive.
(notice originally sent to brokers on 8/24/2010)
Tuesday, August 24, 2010
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Week of Aug 23, 2010
Pricing Update
Re-locks
Effective Aug 24th, 2010: For locks that have been expired less than 30 days, a 0.25% charge will now be assessed to re-lock the loan. This is in addition to worse case pricing.
Funding Deadlines
DU Refi Plus & LP Relief Refi
DU Refi Plus & LP Relief Refi loans must fund by August 26th in order to fund this month.
Originating FHA Loans With DMC
Become FHA-Approved with DMC
Become approved to originate FHA loans with directly through Direct Mortgage -- without having to go through HUD. This is in accordance with Mortgagee Letter 2010-20.
DMC-approved brokers who are not HUD-approved and would like to originate FHA loans with DMC may do so when they meet the criteria and submit an application package as outlined in our "Mortgage Broker FHA Upgrade Approval Criteria" policy. Contact your AE to begin the approval process.
Training
FHA Training
If you are looking to learn FHA and close FHA loans quickly and efficiently, then Direct Mortgage is your FHA lending partner of choice! Attend this training to learn how.
Tuesday, Aug 24, 2010 @ 12:30 EDT, 11:30 CDT, 10:30 MDT, 9:30 PDT
To register for this FHA Training, go to: https://www2.gotomeeting.com/register/683674946
DirectWare® Loan Choices™
Increase your speed and ease using DirectWare by attending this training. This overview covers the pre-qualifier, locking and selecting a loan, uploading conditions, and submitting to underwriting. Also learn about our new HelpMeUpload service that makes submitting a loan easier.
Thursday, Sept 2, 2010 @ 4:00 EDT, 3:00 CDT, 2:00 MDT, 1:00 PDT
To register for this Training, go to: https://www2.gotomeeting.com/register/276520386
Monday, August 16, 2010
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Week of Aug 16, 2010
Loan Product Update
USDA Loans — Temporarily Unavailable
USDA Loan Programs are temporarily unavailable: 6205 Purchase, 6210 Refinance & 6218 Streamline.
Funding Deadlines
FHA $100 HUD Repo & USDA Rural Housing
FHA $100 HUD Repo and USDA Rural Housing loans must fund by Friday, August 20th in order to fund this month.
DU Refi Plus & LP Relief Refi
DU Refi Plus & LP Relief Refi loans must fund by August 26th in order to fund this month.
FHA Streamline Underwriting Fee
When you fund your FHA Streamline on or before 8/20/2010, your underwriting fee will be $395. The loan will be disclosed with a $595 underwriting fee and we will reduce the fee to $395 one day before closing and re-disclose.
If your FHA Streamline funds after 8/20/2010, the underwriting fee will remain $595.
Originating FHA Loans With DMC — Training
Become FHA-Approved with DMC
Become approved to originate FHA loans with directly through Direct Mortgage -- without having to go through HUD. This is in accordance with Mortgagee Letter 2010-20.
DMC-approved brokers who are not HUD-approved and would like to originate FHA loans with DMC may do so when they meet the criteria and submit an application package as outlined in our "Mortgage Broker FHA Upgrade Approval Criteria" policy. Contact your AE to begin the approval process.
FHA Training
If you are looking to learn FHA and close FHA loans quickly and efficiently, then Direct Mortgage is your FHA lending partner of choice! Attend this training to learn how.
Thursday, Aug 19, 2010 @ 4:00 EDT, 3:00 CDT, 2:00 MDT, 1:00 PDT
To register for this FHA Training, go to: https://www2.gotomeeting.com/register/968965107
New Service Available
Guaranteed Title Fees
Receive competitive & guaranteed title & escrow fees, owner's title, transfer taxes, and recording fees all within seconds by using our "Get Title, Tax, and Transfer Fees" feature located at the bottom of the DirectWare HUD-1. Click here for more details.
Loan Choices™ Training
DirectWare® Loan Choices™
Increase your speed and ease using DirectWare by attending this training. This overview covers the pre-qualifier, locking and selecting a loan, uploading conditions, and submitting to underwriting. Also learn about our new HelpMeUpload service that makes submitting a loan easier.
Tuesday, Aug 17, 2010 @ 1:30 EDT, 12:30 CDT, 11:30 MDT, 10:30 PDT
To register for this Training, go to: https://www2.gotomeeting.com/register/213569347
Monday, August 02, 2010
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Week of Aug 2, 2010
Loan Product Update
USDA Loans
We are accepting USDA Loan Programs again: 6205 Purchase, 6210 Refinance & 6218 Streamline.
Funding Deadlines
FHA $100 HUD Repo & USDA Rural Housing
FHA $100 HUD Repo and USDA Rural Housing loans must fund by August 20th in order to fund this month.
DU Refi Plus & LP Relief Refi
DU Refi Plus & LP Relief Refi loans must fund by August 26th in order to fund this month.
FHA Streamline Underwriting Fee
When you fund your FHA Streamline on or before 8/20/2010, your underwriting fee will be $395. The loan will be disclosed with a $595 underwriting fee and we will reduce the fee to $395 one day before closing and re-disclose.
If your FHA Streamline funds after 8/20/2010, the underwriting fee will remain $595.
Originating FHA Loans With DMC — Training
Become FHA-Approved with DMC
Become approved to originate FHA loans with directly through Direct Mortgage -- without having to go through HUD. This is in accordance with Mortgagee Letter 2010-20.
DMC-approved brokers who are not HUD-approved and would like to originate FHA loans with DMC may do so when they meet the criteria and submit an application package as outlined in our "Mortgage Broker FHA Upgrade Approval Criteria" policy. Contact your AE to begin the approval process.
FHA Training
If you are looking to learn FHA and close FHA loans quickly and efficiently, then Direct Mortgage is your FHA lending partner of choice! Attend this training to learn how.
Tuesday, Aug 3, 2010 @ 4:00 EDT, 3:00 CDT, 2:00 MDT, 1:00 PDT
To register for this FHA Training, go to: https://www2.gotomeeting.com/register/218020418
New Service Available
Guaranteed Title Fees
Receive competitive & guaranteed title & escrow fees, owner's title, transfer taxes, and recording fees all within seconds by using our "Get Title, Tax, and Transfer Fees" feature located at the bottom of the DirectWare HUD-1. Click here for more details.
Loan Choices™ Training
DirectWare® Loan Choices™
Increase your speed and ease using DirectWare by attending this training. This overview covers the pre-qualifier, locking and selecting a loan, uploading conditions, and submitting to underwriting. Also learn about our new HelpMeUpload service that makes submitting a loan easier.
Wednesday, Aug 4, 2010 @ 1:30 EDT, 12:30 CDT, 11:30 MDT, 10:30 PDT
To register for this Training, go to: https://www2.gotomeeting.com/register/940281474