Tuesday, December 02, 2008
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Week of 1 Dec 2008
Cut-off Dates
Agency Jumbo & High Balance FHA
Last day to submit loan to underwriting — Dec 15, 2008
Last day to fund — Dec 31, 2008
Price adjustments
No pricing updates.
Product Updates
Any Loans in a Declining Market
Minimum FICO® of 700 if LTV is 80% - 85%
Minimum FICO of 720 if loan amount >$417,000 OR LTV >85%
Tuesday, November 25, 2008
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Week of 24 Nov 2008
Cut-off Dates
Agency Jumbo & High Balance FHA
Last day to submit loan to underwriting — Dec 15, 2008
Last day to fund — Dec 31, 2008
Price adjustments
FHA
Conventional to FHA refinance: adjustment increased to 0.375 pt. effective 11/24/08.
Product Updates
A-Minus loan program to be released this week.
6167 Fixed Rate
6202 ARM
Direct Mortgage Wholesale will be OPEN on Friday, November 28th and WILL BE funding loans. You may contact us for support that day as normal. You'll also be able to lock loans online over the weekend until 3 am Eastern (midnight Pacific Time) Monday.*
Call Broker Support with questions: 800.924.3884.
Tuesday, November 18, 2008
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Week of 17 Nov 2008
Price adjustments
FHA Streamlines
An adjustment for FHA/VA Streamlines is now in place for the States of IL, OH, NV, NC, CO, & MN. This will now be calculated through the state adjusters. Also refer to the rate sheet.
Documentation/Tutorial
An updated version of our Guide to Doing Business With Direct Mortgage is now available. It includes detailed instructions to our new underwriting checklist. Be sure to take a look at it today. Download it from our website: www.directmortgagewholesale.com/search/broker/DirectMortgageMadeEasy.pdf
Wednesday, November 12, 2008
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Direct Mortgage encourages you to review the Utah affordable housing guide located here: www.homesweethomeutah.org. This site showcases both state-wide and regional programs that could be invaluable in helping your clients purchase a home.
Just some of the programs mentioned in the guide include:
- NeighborWorks Salt Lake — grants for down payment assistance (DPA)
- Davis Community Housing Authority — 0% loans for DPA
- Utah Housing Corporation, Single Parent FirstHome program — low interest rate loans
- Utah Individual Development Account Network — matched savings accounts
- American Dream Down Payment Initiative — DPA for first-time home buyers
Remember as you use these programs to fund your loans with Direct Mortgage.
Wishing you the greatest success,
Direct Mortgage