Wednesday, March 17, 2010
#
Week of March 15, 2010
Price adjustments
Subordinate Financing:
For all conventional loans with Subordinate Financing with LTV >75 – 80% and CLTV >75 – 90% (80/10/10) – price adjustment is decreasing from .500 pt. to .250 pt.
DU Refi Plus, DU Super Refi Plus, and LP Relief Refi:
Loan Programs 6213, 6214, 6215, 6216, 6217, 6220 with CLTV > 110% - price adjustment is increasing from 1.500 pt. to 2.00 pt.
Texas Cash-out:
For all conventional Texas Cash-outs – price adjustment is decreasing from 1.500 pt. to 0.125 pt. (standard Cash-out adjustments still apply).
Thursday, March 11, 2010
#
Week of March 8, 2010
Loan Program Updates
VA Jumbo
The VA Jumbo Purchase (Program 6197) and Refinance (Program 6198) are now available.
eSignature Disclosures Requirement
Effective March 1, 2010 — properly executed eSigned disclosures are now required for resubmission to Underwriting. Exception requests will be considered.
Thursday, February 25, 2010
#
The following policies regarding the requirement for eSigned disclosures will go into effect on March 1st and April 2nd, 2010:
Effective March 1, 2010 — properly executed eSigned disclosures will be required for resubmission to Underwriting. Exception requests will be considered.
Effective April 2, 2010 — properly executed eSigned disclosures will be required for submission to Underwriting. Exception requests will be considered.
If you have a question about this policy, please contact your account executive or Broker Support at brokersupport@directcorp.com or 800-924-3884.
Wednesday, February 24, 2010
#
Week of Feb 22, 2010
Loan Program Updates
Properties Recently Listed For Sale
DMC allows financing on properties recently listed for sale.
- However, the subject property listing must be removed, withdrawn or cancelled at least 1 day prior to the date of the loan application.
- Government (FHA, VA, USDA) cash-out loans are limited to 70% LTV until the subject property listing has been removed, withdrawn or cancelled for a period of 6 months prior to the date of the loan application.
- Government (FHA, VA, USDA) rate/term refinance loans are limited to 90% LTV until the subject property listing has been removed, withdrawn or cancelled for a period of 6 months prior to the date of the loan application.
- Conventional cash-out loans are limited to 70% LTV until the subject property listing has been removed, withdrawn or cancelled for a period of 6 months prior to the date of the loan application.
- Conventional rate/term refinance loans are limited to 80% until the subject property listing has been removed, withdrawn or cancelled for a period of 6 months prior to the date of the loan application.
Resubmissions & eSignatures
Effective March 1, 2010 — properly executed eSigned disclosures will be required for resubmission to Underwriting. Exception requests will be considered.
Effective April 2, 2010 — properly executed eSigned disclosures will be required for submission to Underwriting. Exception requests will be considered.
Turn Times
Funding: Two (2) business days when closing docs are received prior to 10:00 am.
Loans received after 10:00 am will be counted as received the following day.
Underwriting: The oldest loan in the underwriting queue was submitted on 2/23/2010.
Streamline Refinances
During February the underwriting fee for FHA Streamline Refinances is $410.
Thursday, February 18, 2010
#
Week of Feb 15, 2010
Loan Program Updates
FHA Waiver of Requirements
All FHA purchase transactions with case numbers and contract dates on or after February 1, 2010 will follow the Waiver of Requirements set by HUD for properties that are sold within 90 days of the seller’s acquisition.
Florida Investment properties
Florida Investment properties are now eligible in the state of Florida. (Investment Condominiums are still not eligible for financing.)
FHA Condo Approvals
Effective February 1, 2010, Fannie Mae and Freddie Mac no longer accept FHA condominium approvals for conventional mortgage loans.
Conventional Condos
DMC requires an existing, unexpired FNMA Form 1028 or approval from Fannie Mae’s Project Eligibility Review Service (PERS) for all conventional loans for condominiums.
Appraiser's Name & Case Number
HUD no longer requires an appraiser's name to order a case number - however, the appraiser does have to be indentified before the loan can fund.
Appraisals - USDA & FHA
As of February 15th DMC requires all FHA appraisals and appraisals for USDA Rural Housing to be ordered through DMC. Loan must be locked and appraisal performed prior to this date to use broker-ordered appraisals.
Reminder - VA 1% Cap
A 1% loan origination charge is the only fee that can be charged on a VA loan.
Reminder - New Programs
- 6215 LP Relief Refi - max 125% LTV.
- 6216 DU Refi Plus - max 125%.
- 6219 FHA Good Neighbor Next Door.
- 6220 DU Super Refi Plus - max 125%; HUD County Limit.
Turn Times
Funding: Two (2) business days when closing docs are received prior to 10:00 am.
Loans received after 10:00 am will be counted as received the following day.
Underwriting: The oldest loan in the underwriting queue was submitted on 2/17/2010.
Streamline Refinances
During February the underwriting fee for FHA Streamline Refinances is $410.