Information Access Training Support Crescent
|
|
- Katrina Rosamund Williams
- 8 years ago
- Views:
Transcription
1 Crescent Mortgage Company DU Refi Plus & LP Open Access Question and Answer Updated Fowler Williams, President Information Access Training Support Crescent I. Mortgage Insurance II. Appraisal III. Borrower Eligibility IV. Loan Amounts and LTV/ CLTV V. Pricing I. Questions related to Mortgage Insurance (MI) 1. Who will obtain the Mortgage Insurance transfer on loans submitted to Crescent? Crescent requires that we always obtain the transfer of MI Policy and will not accept a policy transfer obtained by any other party. 2. Which MI Companies will Crescent accept transferred MI from? Radian, MGIC, GE, RMIC, PMI, CMG 3. Why will Crescent not accept transfer of MI from United Guaranty? The current policy from United Guaranty (UG) is that they will often require the current servicer to submit the original loan package to them in order to transfer the MI Policy to a new servicer (Crescent). This policy is prohibitive to CMC since we would have no control over the original loan file. If UG changes their policy, we would consider at that time. 4. How do we know who is the current MI company? If the current loan has MI, the current MI Company and coverage information will be listed within the DU/ LP findings themselves. 5. If we have a borrower that has single premium MI (LPMI or BPMI) how do we get a pricing quote for the new loan? No additional fees or premiums will need to be paid to transfer a single premium MI policy. You would not lock the loan with CMC as an LPMI loan. Page 1 of 5
2 6. If the borrower is paying monthly MI, will the MI payment remain the same? The MI payment on monthly MI may increase if the borrowers elect to roll closing costs into the new loan. 7. Does a borrower have to get MI if the original loan was a 70% but is now 110%? No, MI is only needed when there is an existing policy in place. 8. What happens if a borrower had MI, but due to LTV it has been dropped by the original servicer? No new MI would need to be obtained or transferred if there is currently no MI certificate in force for the current servicer based on it being dropped for an acceptable reason. (Not dropped for non-payment, fraud, etc ) 9. What types of Mortgage Insurance policies will Crescent accept for transfer? Crescent will try to obtain transfer on any type of policy (BPMI, LPMI, Financed MI, etc..) so long as it is insured by a Crescent approved MI company. LPMI must have been purchased as a single premium policy. 10. What happens when a borrower had monthly MI to be transferred but the term of the new loan has changed? Example, original loan was a 30 year; new loan is 15 or, vice-a-versa? The policy transfers as the original loan closed. Example, if original loan closed as 30 year and new loan is 15 year, the existing 30 year MI policy would transfer. II. Questions related to Appraisal and Valuation 11. Does Crescent allow for Appraisal Waiver or PIW? Yes, Crescent will accept a PIW from DU or the Y7 Appraisal Waiver in LP. REMEMBER, if property is located in a FEMA Disaster Area, a full appraisal will be required regardless of AUS findings. 12. How do I know I received a PIW in DU? The Property Inspection Waiver (PIW) is listed in the DU findings. 13. Does Crescent charge the PIW delivery fee charged by Fannie Mae of $75 No, Crescent does not charge or collect the PIW delivery fee. We absorb this cost for our customers. 14. How do I use the Y7 Appraisal Waiver in LP? Page 2 of 5
3 IMPORTANT: When you estimate the value for your initial LP submission, you may receive the Y7 message allowing for Appraisal Waiver. HOWEVER, if the HVE Value returned by LP is different than the value of your submission, YOU MUST re-run LP using the HVE Value as the estimated value and still obtain the Y7 Feedback. 15. Should we disclose the cost of an appraisal in case one is required? It may be best to disclose the cost of an appraisal on your Good Faith Estimate. If a loan needs to be resubmitted due to changes in the loan, you may actually lose the PIW or Y7 finding and be required to obtain an appraisal. This may not be considered a valid CMC if no appraisal fee was disclosed to the borrower. III. Borrower Eligibility 16. We submitted a loan that we believe should have been approved for LP Open Access or DU Refi Plus. Why did we not get approval? There are many reasons the loan may not receive approval for LP Open Access or DU Refi Plus. Here are a few: LP: a. Loan was not DELIVERED to Freddie Mac on or before June 1, b. Loan may not be owned by Freddie Mac. See Freddie Mac Loan Lookup c. Ensure exact match of Address, SS Numbers and Borrower Names d. We are seeing that a revolving debt where the balance is over 50% of available credit balance is often not being approved. e. We are seeing that DTI over 45% on LTV over 105% is often not receiving an approval. f. LP Open Access Error Message #63 Relief Refi-Open Access Mortgage must match active FM Loan. 1. This indicates that the liability that is shown as being paid off does NOT match the loan information on file with Freddie Mac 2. Check the spelling and account number in the liability to make sure it is correct and re-run the findings 3. Make sure that the mortgage indicated as being paid off goes with the subject property-correct and re-run the findings 4. Call Freddie Mac at Freddie, choose Technical Support and give them the LP Key number and the error code they will advise why the feedback shows this error g. LP Open Access Error Message #64 Existing FM loan ineligible for Relief Refinance- Open Access 1. Call Freddie Mac at Freddie, choose Technical Support and give them the LP Key number and the error code they will advise why the feedback shows this error Page 3 of 5
4 (original loan may have had credit enhancements such as premium pricing, pool insurance, or been a special negotiated product, etc.) 2. Current loan is a repurchase request from agency to current servicer. DU: a. You DO NOT have to enter any special identifier in DU (like you do in LP) to obtain the Refi Plus finding. b. Loan was not delivered to Fannie Mae on or before June 1, c. Loan may not be owned by Fannie Mae. See Fannie Mae Loan Lookup. d. Ensure exact match of Address, SS Numbers and Borrower Names e. Loan closes with a variance or credit enhancement. f. Current loan is a repurchase request from agency to current servicer. 3. We have a DU Approval but borrower has been late on his mortgage. Is this acceptable? Crescent will not approve a loan that the borrower has been 1X 30 days late on the mortgage in the past 12 months. IV. Loan Amounts and LTV/ CLTV 4. What are the allowable LTV/ CLTV for Crescent on LP Open Access and DU Refi Plus? LTV 125, CLTV 125. See parameters for FICO and DTI Requirements associated with certain LTV/ CLTV. 5. Why does Crescent not offer unlimited LTV/ CLTV on the LP Open Access and DU Refi Plus? FHFA along with Fannie Mae and Freddie Mac have made the lender (Crescent) assume a higher level of representations and warranties on the DU Refi Plus and LP Open Access than a same servicer transaction. Therefore, Crescent has to carefully consider and mitigate the risks associated with a loan to value over 100%. 6. What is different in how you calculate LP Open Access and DU Refi Plus maximum loan amount? Page 4 of 5
5 Fannie Mae DU Refi Plus allows you to roll in all closing costs associated with the loan. Freddie Mac LP Open Access has a calculation you must use. You take the unpaid principal balance (NOT THE PAYOFF, as this may include ancillary fees) plus the number of days interest collected at closing(up to 30 day max) (remember the settlement agent may add a day or two for delivery of funds) To this amount you can add the LESSOR of: a. Total closing costs on details of transaction (minus any lender or YSP credits) b. Unpaid Principal Balance x 4% c. $5,000 Crescent provides an interactive worksheet to assist you in calculating the Open Access loan amount You can access by clicking HERE 7. Can a borrower receive cash from the refinance on an LP Open Access or DU Refi Plus? Borrower cannot receive more than $250 cash back on the transaction. V. Pricing 8. Can you explain the Price Caps on DU Refi Plus and LP Open Access? The agencies place a cap on the loan level pricing adjustments (LLPA s) for DU Refi Plus and LP Open Access. These caps are for agency LLPA s and do not apply to Crescent specific LLPA s for items like state, loan amount, etc 9. Fannie Mae DU Refi Plus LLPA caps: Primary Residence LTV > 80% and Term > 240:.50% Price Cap Primary Residence LTV >80% and Term <= 240: 0.00% Price Cap 1.75% Price Cap for all other loans. 10. Freddie Mac LP Open Access Price Caps: Freddie Mac LP Open Access Price Caps: Primary Residence LTV > 80% <= 105% and Term > 240:.50% Price Cap Primary Residence LTV > 105% and Term > 240: 1.00% Price Cap Primary Residence LTV > 80% <= 105% and Term<= 240: 0.00% Price Cap Primary Residence LTV > 105% and Term <= 240:.50% Price Cap 1.75% Price Cap for all other loans. Fowler Williams, CMB President Crescent Mortgage Company 5901 Peachtree Dunwoody Rd NE Building C, Suite 250 Atlanta, GA Page 5 of 5
Home Affordable Refinance Program (HARP) Training
3/19/2012 Home Affordable Refinance Program (HARP) Training Moderated By: Fowler Williams, CMB President Mike Perkins, VP Underwriting and Credit Policy David Attaway, VP Secondary Marketing Crescent Mortgage
More informationHome Affordable Refinance Program (HARP) 2.0 DU Refi Plus and Freddie Mac Relief Refinance-Open Access Training Updated - May 4, 2012
Home Affordable Refinance Program (HARP) 2.0 DU Refi Plus and Freddie Mac Relief Refinance-Open Access Training Updated - May 4, 2012 The Federal Housing Finance Agency (FHFA) announced changes to the
More informationHARP 2.0. Home Affordable Refinance Program - 2012
HARP 2.0 Home Affordable Refinance Program - 2012 Home Affordable Refinance Program (HARP) On October 24, 2011,the Federal Housing Finance Agency (FHFA), with Fannie Mae and Freddie Mac, announced a series
More informationAffiliated Mortgage Company
Affiliated Mortgage Company Investor Tips: Conforming Max Debt Ratios -45%, regardless of AUS recommendation MI Companies Allowed : Genworth, MGIC, UG and Essent Minimum 720 credit score for LTV/CLTV/HCLTV
More informationProduct Overview. Minimum Loan Amount $25,000. Maximum Loan Amount 1 Unit $417,000. Occupancy Owner occupied primary residence and second homes.
Product Overview The Federal Housing Finance Agency (FHFA) announced changes to the Home Affordable Refinance Program (HARP) in an effort to attract more eligible borrowers who can benefit from refinancing
More informationHARP DU REFI PLUS Training
HARP DU REFI PLUS Training Offered by FIRST MORTGAGE CORPORATION JUNE 14, 2013 Desktop Underwriter is a registered trademark of Fannie Mae. Loan Prospector is a registered trademark of Freddie Mac. This
More informationPage 1 of 9 Table of Contents
Page 1 of 9 Table of Contents LTV MATRIX... 2 PROGRAM SUMMARY... 3 LOAN AMOUNTS... 3 Conforming... 3 High Balance... 3 LOAN PROGRAM CODES... 3 LOAN TERMS... 3 ADJUSTMENT RATE DETAILS... 4 ELIGIBLE PROPERTY
More informationFreddie Mac Relief Refinance Open Access Program Guide Fixed Rate
Freddie Mac Relief Refinance Open Access Program Guide Fixed Rate Wholesale Lending October 19, 2015 Table of Contents Freddie Mac Relief Refinance Open Access Program Guide... 1 Fixed Rate... 1 Table
More information1030HARP DU REFI PLUS (6/8/12)
1030HARP DU REFI PLUS (6/8/12) DESCRIPTION REQUIRED BORROWER BENEFIT DU Refi Plus is a limited cash-out refinance program that allows for expanded eligibility criteria, as well as reduced documentation
More informationConforming DU Refi Plus (HARP 2)
Conforming DU Refi Plus (HARP 2) Investor 04 Retail Only SNMC will accept loan submissions for the Home Affordable Refinance Program - HARP 2. These loan submissions will be subject to the current FNMA
More informationMaximum loan amounts, LTV, CLTV & HCLTV per Desktop Underwriter (DU) or Loan Prospector (LP) guidelines
Section 500 Loan Products 500.01 Product Overview In general, Loans eligible for purchase by LAKE MICHIGAN FINCIAL must meet the standards and guidelines of Fannie Mae and Freddie Mac (Agencies), dependent
More informationFREDDIE MAC RELIEF REFI OPEN ACCESS INVESTOR 12, RETAIL ONLY
FREDDIE MAC RELIEF REFI OPEN ACCESS INVESTOR 12, RETAIL ONLY To determine if the mortgage is currently owned or securitized by Freddie Mac, the following website may be used: https://ww3.freddiemac.com/corporate/
More informationHARP 2.0. 360 Mortgage Group, LLC 11305 Four Points Drive, 1-200 Austin, Tx 78726 (866)418-2997
HARP 2.0 360 Mortgage Group, LLC 11305 Four Points Drive, 1-200 Austin, Tx 78726 (866)418-2997 Effective Dates DU REFI PLUS Harp 2.0 Immediate release Application dates: 12/1/2011 DU Approve/Eligible Date:
More informationSelling Guide Announcement SEL-2011-12
Selling Guide Announcement SEL-2011-12 Updates to Refi Plus and DU Refi Plus November 15, 2011 The Federal Housing Finance Agency (FHFA) recently announced changes to the Home Affordable Refinance Program
More informationAutomated Property Service: Frequently Asked Questions
Automated Property Service: Frequently Asked Questions April 2015 APS Overview Q1: What is Fannie Mae s Automated Property Service (APS) Fannie Mae s Automated Property Service (APS) is an automated property
More informationConventional DU Refi Plus
Endeavor America Loan Services Conventional DU Refi Plus Guidelines Conventional Guidelines... 3 Matrix... 3 Overview... 3 Program Expiration... 3 Loan Purpose... 4 Maximum LTV, CLTV, and HCLTV Ratios
More informationFreddie Mac Relief Refinance-Open Access
Freddie Mac Relief Refinance-Open Access Investor 12 - Retail Only Revisions Date Revisions 5-18-15 Updated Section 4.5-A Overview 4.5-A Overview The Freddie Mac Relief Refinance Mortgage Open Access supports
More informationCHAPTER 9 PRODUCT MATRIX
Contents CHAPTER 9 PRODUCT MATRIX Conventional Conforming Loans 2 Secondary Market Arms... 4 HARP (Fannie DU Refi Plus & Freddie Open Access)... 5 Rural Housing 5 VA Programs. 5 Jumbo Programs 5 My Community
More informationE MORTGAGE MANAGEMENT LLC 303 DU REFI PLUS
E MORTGAGE MANAGEMENT LLC 303 DU REFI PLUS PRODUCT GUIDELINES 12/8/2014 MORTGAGE ELIGIBILITY Product Description and Product Codes Code Short Description Long Description CF30RP 30 YR REFI PLUS CF30RP
More informationDU Refi Plus Matrix (Wholesale)
DU Refi Plus Matrix (Wholesale) SFR/PUD Condo Conforming DURP Fixed Rate 30yr=2103, 20yr=2104, 15yr=2105 for LTV's from 105.01 to 125% 30yr=2106, 20yr=2107, 15yr=2108 for LTV's from 125.01 to 175% High
More informationHome Affordable Refinance (DU Refi Plus and Refi Plus) FAQs
Home Affordable Refinance (DU Refi Plus and Refi Plus) FAQs May 15, 2012 The Home Affordable Refinance Program (HARP) is designed to assist homeowners in refinancing their mortgages even if they owe more
More informationDU Refi Plus Program Guide Fixed Rate
DU Refi Plus Program Guide Fixed Rate Wholesale Lending October 19, 2015 Table of Contents DU Refi Plus Program Guide... 1 Fixed Rate... 1 Table of Contents... 1 Program Overview... 3 Highlights... 3 Credit
More informationFannie Mae DU Refi Plus Helping borrowers efficiently refinance Fannie Mae loans
Why DU Refi Plus Fannie Mae DU Refi Plus Helping borrowers efficiently refinance Fannie Mae loans 2 Why DU Refi Plus Provides a competitively-priced, streamline refinance option to qualified borrowers
More informationAgency Conforming Fixed Rate Products. Agency 20 Year Fixed
Agency Conforming Fixed Rate Products Agency 30 Year Fixed Agency 20 Year Fixed APR APR Non-Escrowed Loans ***No charge for non-escrowed loans*** 3.250 1.000 3.445 State Adjustment Zone 1: 3.375 0.250
More informationAnnouncement 09-13 May 11, 2009. Home Affordable Refinance Updates and Clarifications to Announcement 09-04
Announcement 09-13 May 11, 2009 Amends these Guides: Selling Home Affordable Refinance Updates and Clarifications to Announcement 09-04 Introduction On March 4, 2009, Fannie Mae announced two new refinance
More informationNATIONAL UNDERWRITING SUMMARY
NATIONAL UNDERWRITING This summary highlights our most common loan programs. It does not replace our Underwriting Guide, which contains definitions and full details (www.mgic.com/uwguide). We do not approve
More information2) Radian will no longer require submission of a HARP loan application package for underwriting review.
Program In support of the Home Affordable Refinance Program (HARP) administered by Fannie Mae and Freddie Mac at the direction of the Federal Housing Finance Agency. Effective December 15, 2011, Radian
More informationPennyMac Correspondent Group DU Refi Plus 04.11.2016 The loan must have an application date on or before December 31, 2016
PennyMac Correspondent Group DU Refi Plus 04.11.2016 The loan must have an application date on or before December 31, 2016 Overlays to Fannie Mae are underlined Maximum Loan Amounts Units Contiguous States,
More informationHome Affordable Refinance FAQs December 20, 2011
Home Affordable Refinance FAQs December 20, 2011 The Home Affordable Refinance Program (HARP) is designed to assist homeowners in refinancing their mortgages even if they owe more than the home s current
More informationOaktree Funding Corporation
Freddie Mac s Relief Refinance Open Access Agenda What is Relief Refinance Mortgages Open Access? AUS and Qualifications FAQ s Questions 2 What is Relief Refinance Mortgages Open Access? The Freddie Mac
More informationSection 2.08 - Jumbo Solution Second Mortgage
- In This Product Description This product description contains the following topics: Overview... 2 Related Bulletins... 3 Loan Terms... 4 Assumptions... 4 Eligible First and Second Mortgage Products...
More informationHome Affordable Refinance (DU Refi Plus and Refi Plus) FAQs
Home Affordable Refinance (DU Refi Plus and Refi Plus) FAQs May 8, 2015 The Home Affordable Refinance Program (HARP) is designed to assist homeowners in refinancing their mortgages even if they owe more
More informationditech BUSINESS LENDING FREDDIE MAC ELIGIBLE ARM PRODUCT CORRESPONDENT ONLY
1. PRODUCT DESCRIPTION Conventional Conforming five year/one year adjustable rate mortgage Servicing retained 30-year term Fully amortizing Non-convertible ARM Plan ID 2725 Manufactured homes not eligible
More informationCalSTRS Home Loan Program Special Programs
Great Rates. Great Programs. Great Service. CalSTRS Home Loan Program Special Programs Built On Knowledge, Commitment, and Trust Since 1988 REV: 9-07-11 About CalSTRS! CalSTRS History Loan Officer Certification
More informationDU REFI PLUS FIXED AND 5/1 LIBOR ARM - APP DATE ON OR AFTER 12-1-2011 REVISED 5/25/2012
DU REFI PLUS FIXED AND 5/1 LIBOR ARM - APP DATE ON OR AFTER 12-1-2011 REVISED 5/25/2012 DEFINITION OF DU REFI-PUS: Loan is serviced by an Outside Lender Existing Loan is owned by Fannie Mae All loans must
More informationDU Refi Plus. Eligibility Matrix Loan Amount & LTV Limitations
This matrix is intended as an aid to assist in determining if a property/loan qualifies for the DU Refi Plus program. It is not intended as a replacement for the full DU Refi Plus guidelines. Users are
More informationFREQUENTLY ASKED QUESTIONS Updated April 3, 2009
FREQUENTLY ASKED QUESTIONS Updated April 3, 2009 Making Home Affordable: How Genworth Mortgage Insurance Supports the Home Affordable Refinance Program Created to support a recovery in the housing market,
More informationFNMA Jumbo Conforming Fixed (HIGH BALANCE LOANS) T300J09. 09-30 Year Fixed & T301J09-15 Year Fixed
These guidelines cover the new Temporary Increase in conforming loan limits for high-cost areas authorized by the American Recovery and Reinvestment Act (ARRA). Specifically, the ARRA permits loans originated
More informationAnnouncement 08-05 March 6, 2008. Temporary Increase to Our Conventional Loan Limits
Announcement 08-05 March 6, 2008 Amends these Guides: Selling Temporary Increase to Our Conventional Loan Limits Introduction The Economic Stimulus Act of 2008, signed into law on February 13, 2008, establishes
More informationSUBMITTING AN ACCURATE GOOD FAITH ESTIMATE - INTRODUCTION... 1 ALL LOANS... 1 NAME OF ORIGINATOR... 1 BORROWER... 1 IMPORTANT DATES...
SUBMITTING AN ACCURATE GOOD FAITH ESTIMATE - INTRODUCTION... 1 ALL LOANS... 1 NAME OF ORIGINATOR... 1 BORROWER... 1 IMPORTANT DATES... 2 SUMMARY OF YOUR LOAN... 3 ESCROW ACCOUNT INFORMATION... 4 SUMMARY
More informationTexas Home Equity Program Guide Fixed Rate
Fixed Rate Wholesale Lending July 20, 2015 Table of Contents Texas Home Equity Program Guide... 1 Fixed Rate... 1 Program Overview... 2 Employee Loan Policy... 2 Credit Philosophy... 2 Ability to Repay
More informationAbility to Repay/Qualified Mortgages FAQ
The Ability to Repay (ATR)/Qualified Mortgages (QM) provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act require lenders to make a reasonable, good faith determination of a borrower
More informationPortfolio High Balance Fixed
Minimum Credit Score: 620 Minimum Loan 1 unit: $417,001 2 unit: $533,851 AUS: DU Approve Eligible Maximum LTV: 90% Amount*: 3 unit: $645,301 4 unit: $801,951 Primary Residence 3 Purpose Units LTV CLTV
More informationManufactured Homes Reference Guide
Manufactured Homes Reference Guide General Requirements: One unit, owner occupied primary residence only AUS Findings: o DU Only, No LP o No manual underwrites Title purging o Purchases purged at closing
More informationMatrix A. T300RP, T304RP, and T300JRP ONLY 1
The Federal Housing Finance Agency (FHFA) Home Affordable Refinance Program (HARP) is designed to assist borrowers who have demonstrated an acceptable payment history on their existingfannie Mae mortgage
More informationHome Affordable Refinance Program
Home Affordable Refinance Program Blake Hampton Fannie Mae Single Family Mortgage March 6, 2013 1 Fannie Mae s Refi Plus Initiative Fannie Mae provides Fannie Mae-to-Fannie Mae streamlined refinance flexibilities
More informationU.S. BANK WHOLESALE DELEGATED UNDERWRITING REQUIREMENTS
U.S. BANK WHOLESALE DELEGATED UNDERWRITING REQUIREMENTS The following information is required by U.S. Bank Wholesale Department to be eligible for consideration of delegated underwriting authority. 1.
More informationConforming Balance Primary Residence Loan Purpose Minimum FICO Units Max LTV Max CLTV 3-4 2-4
Fannie Portfolio Program Conforming Balance to 4 Financed Properties (See 5 to 0 Financed Properties on Page 5) Summary Product Types 30-year Fixed; 5-year Fixed For Conforming Loan Amounts, view State/County
More informationHome Affordable Refinance FAQs March 31, 2011
Home Affordable Refinance FAQs March 31, 2011 The Home Affordable Refinance Program (HARP) is designed to assist homeowners in refinancing their mortgages even if they owe more than the home s current
More informationMultiple Financed Properties Program Fannie Mae/Freddie Mac. Table of Contents
Table of Contents 1. Category... 2 2. High Balance... 2 3. Property Types...2 4. Applying the Multiple Financed property Policy to Manually Underwritten Loans... 2 5. Applying the Multiple Financed property
More informationSection 2.04 - DU Refi Plus Loan Program
Section 2.04 - DU Refi Plus Loan Program In This Product Description This product description contains the following topics: Overview... 2 Related Bulletins... 5 Existing Mortgage Eligibility Requirements...
More informationUnderwriting Guidelines. Effective November 15, 2010
Effective Revision notes Revisions for Section 1.1 B Mortgage Insurance Commitment Determination of the percentage of mortgage insurance coverage issued. Section 1.3 B Delegated Authority, and Section
More informationConforming Balance Primary Residence Loan Purpose Minimum FICO Units Max LTV Max CLTV 3-4 2-4
Conventional Matrix Conforming Balance to 4 Financed Properties (See 5 to 0 Financed Properties on Page 5) Summary Product Types 30-year Fixed; 5-year Fixed For Conforming Loan Amounts, view State/County
More informationHARP and Refi-to-Mod
Quick Start Guide HARP and Refi-to-Mod Supporting Fannie Mae s Home Affordable Refinance Programs, Freddie Mac s Relief Refi and Open Access Programs, and Non-GSE-Eligible Refi-to-Mod Table of Contents
More informationUnderwriting Guideline Matrix
: Program / Product Codes: 30 Year Fixed (W130) 15 Year Fixed (W132) Subject to Change Without Notice Valid as of: 06/10/2014 Copyright 2015 Skyline Financial Corp. dba Skyline Home Loans Nationwide Mortgage
More informationEffective March 15, 2009 DOCUMENTATION TYPES GUIDE
Radian Guaranty Inc. Contents Introduction... 3 Documentation Types... 3 Full Documentation (based on GSE standards)... 3 Full Documentation Alternative (based on GSE standards)... 4 Full Documentation
More informationLTV & LLPA Charts Effective 02_01_2016 1
Contents Fannie Mae Conventional Loan Level Price Adjustment (LLPA) Matrix...2 Fannie Mae REFI PLUS Loan Level Price Adjustments...6 Freddie Mac Loan Level Price Adjustments...9 LTV & LLPA Charts Effective
More informationWholesale Rate Sheet. Essex News. Important Information Freddie Mac Weekly Primary Mortgage Market Survey Source: Freddie Mac As of April 9, 2015
Thursday, April 09, 2015 Wholesale Rate Sheet 1100 Town and Country Road, Suite 100 Orange, California 92868 Rate Lock Desk Closes At 3:00 PM PST Essex News Program Updates 3.66% 2.93% 2.83% 2.46% 0.6
More informationFreddie Mac Relief Refinance (HARP) Mortgage SM Overview for Housing Counselors March 6, 2013
Freddie Mac Relief Refinance (HARP) Mortgage SM Overview for Housing Counselors March 6, 2013 Robin Stout Migala Freddie Mac Housing & Community Outreach Freddie Mac 2013 1 Home Affordable Refinance Program
More informationS. ll IN THE SENATE OF THE UNITED STATES
MAC DISCUSSION DRAFT S.L.C. TH CONGRESS D SESSION S. ll To provide for the expansion of affordable refinancing of mortgages held by the Federal National Mortgage Association and the Federal Home Loan Mortgage
More informationUsing Home Value Explorer (HVE) via LoanProspector.com for Relief Refinance Mortgages
Using Home Value Explorer (HVE) via LoanProspector.com for Relief Refinance Mortgages Seller/Servicers may determine the value of the Mortgaged Premises for certain Freddie Mac Relief Refinance Mortgages
More information2 TERMS AND CONDITIONS
2 TERMS AND CONDITIONS Each Loan must satisfy the following terms and conditions: LOAN TYPES Fixed rate FHA 203(b), 234 (c), HUD 184, VA, USDA Rural Development, and Conventional loans listed below may
More informationPRODUCT MATRIX 7/25/2012
PRODUCT MATRIX 7/25/2012 For general underwriting questions and scenarios or product guideline interpretation, call the Underwriting Help Line at (866) 807-6049 For status, pricing, registration and closing
More informationDesktop Originator /Desktop Underwriter Version 5.5
Desktop Originator /Desktop Underwriter Version 5.5 Release Notes May 20, 2005 Updated June 8, 2005 In July 2005, we will implement DU Version 5.5. This new version will contain a number of enhancements
More informationFICO/LTV Requirements
DU Refi Plus (DURP) Product Profile Matrices FICOLTV Requirements *Property value should be based on the Borrower s Opinion of Value, as declared in the Initial 1003, must be used as the value. DU will
More informationVariable Names & Descriptions
Variable Names & Descriptions Freddie Mac provides loan-level information at PC issuance and on a monthly basis for all newly issued fixed-rate and adjustable-rate mortgage (ARM) PC securities issued after
More informationLP Open Access Matrix (Wholesale)
Eligible States: AL,AR,AZ,CA,CO,CT,DC,DE,FL,GA,IA,ID,IL,IN,KS, KY,LA,MA,ME,MD,MI,MN,MO,MS,NC,NH,NJ,NM, OK,OH,OR,PA,RI,SC,TN,TX,UT,VA,VT,WA,WI,WV LP Open Access Matrix (Wholesale) September 22, 2015 Product
More informationnavigating premier nationwide lending locking online system Logging in...2 pipeline...2
How To... navigating premier nationwide lending locking online system Contents Logging in and pipeline...2 Logging in...2 pipeline...2 pricing and locking a loan...3 product search...3 locking or pricing
More informationVA Refinance IRRRL. VA Refinance IRRRL
This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for VA guidelines. Users are expected to know and comply
More informationVA IRRRL GUIDELINES. Table of Contents
Page 1 of 8 Table of Contents LTV MATRIX... 3 PROGRAM SUMMARY... 3 LOAN AMOUNTS... 3 LOAN PROGRAM CODES... 3 LOAN TERMS... 3 ADJUSTMENT RATE DETAILS... 3 ELIGIBLE PROPERTY TYPES... 3 INELIGIBLE PROPERTY
More informationVA IRRRL Offering 5/20/14
VA IRRRL Offering 5/20/14 What is an IRRRL? IRRRL stands for Interest Rate Reduction Refinance Loan An IRRRL is a VA guaranteed loan made to refinance an existing VA guaranteed loan, generally at a lower
More informationFHA Fixed. FICO <580 Requirements: 1-4 580 (c) Varies by County (a) 97.75% 97.75% Per AUS (d) Sub 580 (560-579 FICO) FF30580SG FF15580SG
NOTES Primary Residence Units Minimum Credit Score SERIES G Max Loan Amount Continental US PURCHASE LTV CLTV Max Debt-to- Income Ratio 1-2 560 (e) Varies by County (a) 90% (e) 90% (e) 31/43% (e) 1-4 580
More informationRefi Plus Mortgages Only
Refi Plus Mortgages Only Loan-Level Price Adjustment (LLPA) Matrix This document provides the LLPAs applicable to loans delivered to Fannie Mae under the DU Refi Plus and Refi Plus (manual underwriting)
More informationStreamline VS FHA to FHA refinance
Streamline VS FHA to FHA refinance Streamline - Max loan amount is the borrower s unpaid principal balance plus up to 30 days of interest minus applicable UFMIP refund. Borrower will either need to bring
More informationAnnouncement 08-11 May 16, 2008. Jumbo-Conforming Mortgage Loans Expanded Eligibility and Products
Announcement 08-11 May 16, 2008 Amends these Guides: Selling Jumbo-Conforming Mortgage Loans Expanded Eligibility and Products Introduction Announcement 08-05, Temporary Increase to Our Conventional Loan
More informationMortgage Terms Glossary
Mortgage Terms Glossary Adjustable-Rate Mortgage (ARM) A mortgage where the interest rate is not fixed, but changes during the life of the loan in line with movements in an index rate. You may also see
More informationDesktop Originator/Desktop Underwriter Release Notes DU Version 9.3
Desktop Originator/Desktop Underwriter Release Notes DU Version 9.3 September 29, 2015 During the weekend of December 12, 2015, Fannie Mae will implement Desktop Underwriter (DU ) Version 9.3, which will
More informationMPF Xtra PFI Notice 2014-3
MPF Xtra PFI Notice 2014-3 Date: August 19, 2014 Effective Date: Immediately Special Attention: PFI MPF Program Management and Origination Management Note: The MPF Xtra Manual and the MPF Xtra PFI Notices
More informationAnnouncement 09-29 September 22, 2009
Announcement 09-29 September 22, 2009 Amends these Guides: Selling Updates to Minimum Credit Scores, Mortgage Insurance, Pricing for Certain Desktop Underwriter Loans, Biweekly Loans, and Special Feature
More informationFrequently Asked Questions Regarding Texas Home Equity Closed End Loans
Frequently Asked Questions Regarding Texas Home Equity Closed End Loans 1) Question: Can I do a Texas home equity loan in a trust s name? Answer: No Must convey from trust s name to the individual borrowers
More informationNon-occupant co-borrowers are allowed. Borrowers to qualify at combined income and assets for standard FHA guidelines.
PRODUCT CHEAT SHEET-CA FHA $729,750 max loan amount in Orange County. If doing a loan in another county you can check max loan amount on the following link: https://entp.hud.gov/idapp/html/hicostlook.cfm
More informationSection 2.01c Texas Cash-Out Refinance First Mortgages
Section 2.01c Texas Cash-Out Refinance First Mortgages [Texas Section 50(a)(6) Mortgages] In This Product Description This product description contains the following topics. Overview... 2 Product Summary...
More informationAutomated Underwriting. Classroom Text
Automated Underwriting Classroom Text Chapter Four Page 1 Automated Underwriting The Reasoning Behind Automated Underwriting The mortgage industry is rapidly moving into the automated age. Lead-generation
More informationE MORTGAGE MANAGEMENT, LLC 704 VA
E MORTGAGE MANAGEMENT, LLC 704 VA IRRRLs PRODUCT GUIDELINES 1/26/2015 Mortgage Eligibility Product Code Short Long Description Description Description VF15IRL VA 15 YR IRRRL VF15IRL - VA 15 YR IRRRL VF30IRL
More informationVA Refinance Cash Out
VA Refinance Cash Out This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for VA guidelines. Users are expected
More informationEXPAND HOMEOWNERSHIP PROGRAM
EXPAND HOMEOWNERSHIP PROGRAM Administrator Guidelines Published: March 12, 2015 Revised March 13, 2015 Updates are shown on Page 4! FANO EXPAND HOMEOWNERSHIP PROGRAM - Administrator Guidelines Page 2 Time
More informationELIGIBILITY MATRIX. Table of Contents. Standard Eligibility Requirements - Desktop Underwriter Page 2
ELIGIBILITY MATRIX The Eligibility Matrix provides the comprehensive LTV, CLTV, and HCLTV ratio requirements for conventional first mortgages eligible for delivery to Fannie Mae. The Eligibility Matrix
More informationFHA MIP TRAINING (Mortgage Insurance Premium)
FHA MIP TRAINING (Mortgage Insurance Premium) Offered by FIRST MORTGAGE CORPORATION APRIL 10, 2013 Desktop Underwriter is a registered trademark of Fannie Mae. Loan Prospector is a registered trademark
More information`2 TERMS AND CONDITIONS
`2 TERMS AND CONDITIONS Each House Key Program Mortgage Loan must satisfy the following terms and conditions: LOAN TYPES Fixed rate FHA 203(b), 234 (c), HUD 184, VA, USDA Rural Development, and Conventional
More informationHow Mortgage Insurance Works A GUIDE FOR LENDERS
How Mortgage Insurance Works A GUIDE FOR LENDERS 2 What Is Mortgage Insurance? It s a financial guaranty that reduces the loss to the lender or investor in the event the borrowers do not repay their mortgage
More informationDesktop Originator/Desktop Underwriter Release Notes DU Version 9.1
Desktop Originator/Desktop Underwriter Release Notes DU Version 9.1 August 20, 2013 During the weekend of November 16, 2013, Fannie Mae will implement Desktop Underwriter (DU ) Version 9.1, which will
More information201 - DU Refi Plus Product Summary 12/22/2015
201 - DU Refi Plus Product Summary 12/22/2015 Equal Housing Lender 2015 Ocwen Loan Servicing, LLC - 1661 Worthington Road, Suite 100 - West Palm Beach, FL 33409. (800-766- 4622). NMLS#1852, applicable
More informationHPA. pmi private mortgage insurance ACT OF 1998 PROTECTION MGIC HOMEOWNERS
HPA HOMEOWNERS PROTECTION ACT OF 1998 MGIC pmi private mortgage insurance c a n c e l l a t i o n Mortgage Guaranty Insurance Corporation MGIC Plaza, Milwaukee, Wisconsin 53202 www.mgic.com 2010 Mortgage
More informationEmployer to Employee Compensation:
Fowler Williams, CMB Executive Vice President Crescent Mortgage Company Fed Rule Question and Answer Update 3-16-2011 This Question and Answer is provided based on customer questions received by Crescent
More informationMagnolia Bank VA Refinance Options
Interest Rate Reduction Refinance Loans (IRRRLS) Eligibility Cash Out Refinance 1. ELIGIBLE PRODUCTS VA Fixed Rate Product VA Hybrid ARMs VA High Balance Products VA Fixed Rate Product VA Hybrid ARMs VA
More informationFebruary 2015 Guidance for the mortgage professional
FHA Streamline Refi Guidance for the mortgage professional FHA 50 bp Annual MIP reduction! January 2015 2 FHA 50 bp Annual (MIP) Reduction! January 2015 3 FHA Prepayment Penalty-Some Confusion About Prepayment
More informationMultiple (5-10) Financed Properties Retail and Wholesale
Multiple (5-10) Financed Properties Retail and Wholesale Revisions Date Revisions 2/3/15 Updated Sections: Overview, Subject Property is Second Home or Investment Property, Delayed Financing Exception,
More informationConventional Financing
Chapter 6 Conventional Financing 1 Chapter Objectives Identify the characteristics of a conventional loan. Define amortization. Identify different types of conventional loans. Discuss the use of private
More informationUnderwriting Guidelines. Effective October 21, 2013
Effective Revision Notes Revisions for One Underwrite Removed attached condominium, co-operative exclusion for Miami-Dade, Broward Counties, Florida and Clark County Nevada. Eligibility Matrix Clarified
More informationAssumable mortgage: A mortgage that can be transferred from a seller to a buyer. The buyer then takes over payment of an existing loan.
MORTGAGE GLOSSARY Adjustable Rate Mortgage (ARM): A mortgage loan with payments usually lower than a fixed rate initially, but is subject to changes in interest rates. There are a variety of ARMs that
More information