Week of Dec 28, 2009
Loan Program Updates
Non-Conforming Program (6211)
Cash-Out refinances are not allowed on Interest Only Libor ARMs.
Price adjustments
None this week
FHA Streamline - Max Mortgage Amount
FHA Refinances
When calculating the maximum mortgage amount, remember to follow the guidelines set forth in Mortgagee Letter 2009-32.
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.
Holiday Schedule
Dec 31, 2009 - Open Regular Hours 8:30 - 5:00 MST
Jan 1, 2010 - Closed; Not a recission day
Streamline Refinances
During December the underwriting fee for FHA Streamline Refinances is $410.