Direct Mortgage Wholesale News

Mortgage updates

Jim Beech — Tue, 02 Dec 2008 15:34:03 GMT

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%

Mortgage Updates - Week of 24 Nov 08

Jim Beech — Tue, 25 Nov 2008 18:50:15 GMT

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

Open Friday, November 28th, 2008

Jim Beech — Tue, 25 Nov 2008 15:25:55 GMT

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.

Mortgage Loan Adjustments/ Direct Mortgage Tutorial

Jim Beech — Tue, 18 Nov 2008 18:31:30 GMT

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

Affordable Housing Programs in Utah

Jim Beech — Wed, 12 Nov 2008 22:48:57 GMT

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

Open Veterans Day

Jim Beech — Tue, 11 Nov 2008 17:12:24 GMT

Direct Mortgage Wholesale is OPEN today, working to help our veterans and others purchase homes. However, due to the holiday, we will NOT be funding loans. You can still contact us for support. You will also be able to lock loans online all day long Tuesday until 3 am Eastern (midnight Pacific Time) Wednesday.*

Call Broker Support with questions: 800.924.3884.

Pricing and Mortgage Guideline Updates

Jim Beech — Mon, 27 Oct 2008 17:37:50 GMT

27 Oct 2008

Price adjustments

All Conforming Products:
2 unit Properties: 1.000 pt.

FHA Products:
Conventional to FHA refi: 0.125 pt.
Energy Efficient Mortgage: 0.500 pt.
6199 ($100 Down HUD Repo): 0.250 pt.

Guideline Changes

VA ARM’s are back — up to $417,000

Jumbo VA’s released today:

6197 VA Jumbo Purchase, Min FICO 620
6198 VA Jumbo Cash-Out Refi, Min FICO 660 – 30 year fixed product only. Loan amount is determined by HUD County Loan Limits. Guides will be available by Wednesday

FHA $100 down HUD Repo (6199) – to be released Wednesday. Must be an FHA HUD repo and the HUD contract has to specify that the borrower is eligible for the $100 down option. Owner occupied only, not purchased HUD home in last 24 months. Can recieve a $1,000 price allowance with a full price offer.

Conforming to FHA refinance – use the FHA Secure only if borrower is currently delinquent. Can do a regular FHA refinance if borrower is current.

Energy Efficient Mortgage – Must be marked in the Additional Subject Property Info tab (new) on the loan application so the correct pricing comes in. Should be available by Wednesday.

New Underwriting Checklist Training Video

Jim Beech — Wed, 22 Oct 2008 20:17:17 GMT

New Underwriting Checklist Training Video

A training video for the new underwriting checklist is available from within DirectWare. After you log in, go to Loan Choices >> Training >> Training Videos. The "Training" menu item is new and is the last menu item at the top of the Loan Choices screen, approximately in the middle of page.

When the training video screen opens, select the link: "New Underwriting Checklist - Broker Training Oct 14th 2008"

Change in Mortgage Insurance Policy

Jim Beech — Wed, 22 Oct 2008 20:16:27 GMT

Week of 20 Oct 2008

Guideline Changes

Mortgage insurance is no longer available for LTV's greater than 90% in declining markets.

Loan Program Updates

Jim Beech — Tue, 07 Oct 2008 19:30:15 GMT

Week of 6 Oct 2008

Price adjustments

No new price adjustment this week.

Guideline Changes

The 6168 and 6169 Jumbo ARM and Fixed programs are no longer available.