Contact Brian Tulli at (717) 991-9555 or brian.tulli@nxtloan.com
http://na3-api.salesforce.com/servlet/servlet.ImageServer?id=01550000000b4Ex&oid=00D300000000bRB
Tuesday, May 19, 2009
Thursday, May 7, 2009
FHA Seminar Friday, May 15, 2009
Discovering FHA! Seminar A Continuing Education Seminar held on Friday May 15, 2009 in Lake Worth FL by Compliance Consulting Mortgage School (8 CE Credits)Special Discounted Rate: $195
Business owners and originators are surviving on FHA
During the boom, the number of FHA deals being closed was neglible. Today, most originators will confirm that their volume of FHA business far exceeds their conventional business. If you're not closing FHA deals, what are you waiting for? It's urgent that you learn this part of the business!
HUD reports a 200% increase in FHA loan applications!
Compared to its prior fiscal year, HUD reports an increase of over 200% in Florida FHA mtg. applications. Everyone who wants to stay in the residential mtg. business is going FHA. Come find out how to transact FHA deals and get 8 CE credits for attending the class.
Don't give up - Discover FHA!
If your company is not offering FHA products, call us to help you get the company approved! If you are already FHA approved, here's a chance to gain a better understanding of new and/or revised FHA guidelines. Learn in person from a real live FHA approved direct endorsement underwriter. As a bonus, our FHA approval assistance services - offered through our affiliated company - are on sale in the month of May! We can help get you FHA approved for less cost (& frustration!) than if you did it yourself. Call for details.
New FHA guidelines allow you to:
- Qualify borrowers that do not have established credit OR
- Qualify borrowers with scores as low as 600
- Charge all your normal front-end fees (no longer restricted to just an origination fee)
With FHA you can:
- Offer products up to 96.5% LTV
- Re-establish revenue streams for your business
- Reach the senior demographic with FHA HECMs (reverse mtgs.)
Come join us as our expert instructor Rich Grossman shares from his 25+ years of experience with FHA products. Our affiliated company - Compliance Consulting Corporation of Florida - can assist you in becoming FHA approved. Find out more here.
CLASS SCHEDULE
Discovering FHA! May 15, 2009 - 8 CE CreditsYour Investment: $295 $195!9:00 am to 5:00 pm
Discovering ModificationsMay 22, 2009 - 4 CE CreditsYour Investment: $1959:00 am to 1:00 pm
14 Hour Self Directed FL CE Study ManualAvailable 24x7 - 14 FL CE CreditsYour Investment: $79.95
See our complete class schedule...Learn more about our school...
Join us for our Discovering FHA! Seminar at:
Compliance Consulting Mort.gage School
When: May 15, 2009 from 9:00 AM to 5:00 PM
Where: 1013 Lucerne Ave. #201
Lake Worth, FL 33460
How: Reserve your seat (Click Here)
Your Investment: $195
Limited Seating Fills Quickly! Reserve your seat today!
Call (561) 586-3645 TODAY!
Faithfully assisting the industry since 1991!
All of our classes count toward the State's 14-hour Continuing Education requirement.
For more information, please visit our website at www.CCMS-FL.biz/ or email us at: info@CCMS-FL.biz.
Business owners and originators are surviving on FHA
During the boom, the number of FHA deals being closed was neglible. Today, most originators will confirm that their volume of FHA business far exceeds their conventional business. If you're not closing FHA deals, what are you waiting for? It's urgent that you learn this part of the business!
HUD reports a 200% increase in FHA loan applications!
Compared to its prior fiscal year, HUD reports an increase of over 200% in Florida FHA mtg. applications. Everyone who wants to stay in the residential mtg. business is going FHA. Come find out how to transact FHA deals and get 8 CE credits for attending the class.
Don't give up - Discover FHA!
If your company is not offering FHA products, call us to help you get the company approved! If you are already FHA approved, here's a chance to gain a better understanding of new and/or revised FHA guidelines. Learn in person from a real live FHA approved direct endorsement underwriter. As a bonus, our FHA approval assistance services - offered through our affiliated company - are on sale in the month of May! We can help get you FHA approved for less cost (& frustration!) than if you did it yourself. Call for details.
New FHA guidelines allow you to:
- Qualify borrowers that do not have established credit OR
- Qualify borrowers with scores as low as 600
- Charge all your normal front-end fees (no longer restricted to just an origination fee)
With FHA you can:
- Offer products up to 96.5% LTV
- Re-establish revenue streams for your business
- Reach the senior demographic with FHA HECMs (reverse mtgs.)
Come join us as our expert instructor Rich Grossman shares from his 25+ years of experience with FHA products. Our affiliated company - Compliance Consulting Corporation of Florida - can assist you in becoming FHA approved. Find out more here.
CLASS SCHEDULE
Discovering FHA! May 15, 2009 - 8 CE CreditsYour Investment: $295 $195!9:00 am to 5:00 pm
Discovering ModificationsMay 22, 2009 - 4 CE CreditsYour Investment: $1959:00 am to 1:00 pm
14 Hour Self Directed FL CE Study ManualAvailable 24x7 - 14 FL CE CreditsYour Investment: $79.95
See our complete class schedule...Learn more about our school...
Join us for our Discovering FHA! Seminar at:
Compliance Consulting Mort.gage School
When: May 15, 2009 from 9:00 AM to 5:00 PM
Where: 1013 Lucerne Ave. #201
Lake Worth, FL 33460
How: Reserve your seat (Click Here)
Your Investment: $195
Limited Seating Fills Quickly! Reserve your seat today!
Call (561) 586-3645 TODAY!
Faithfully assisting the industry since 1991!
All of our classes count toward the State's 14-hour Continuing Education requirement.
For more information, please visit our website at www.CCMS-FL.biz/ or email us at: info@CCMS-FL.biz.
Tuesday, May 5, 2009
FHA weekly Update - From The Mortgage Standard (NAMP)
**Coming Soon... NAMP Virtual Tradeshows.
FHA WEEKLY UPDATE
Bank of America Chief Ousted as Chairman
The applause thundered inside the Belk Theater on Wednesday for a fading star of American finance: Kenneth D. Lewis, the beleaguered head of Bank of America. But all those huzzahs, offered up by loyal employees and steadfast believers, did not sway Mr. Lewis’s...Read Full Story >>
U.S. to pay off mortgage investors
The U.S. Treasury Department will Tuesday tap a $50 billion housing rescue fund to pay off mortgage investors and reduce monthly payments for millions of borrowers, said...Read Full Story >>
Mortgage applications fall
U.S. home loan applications fell last week to the lowest level since mid-March, driven by a big drop in refinancing demand even as mortgage rates clung to record lows...Read Full Story >>
THE FHA BLOG CAFE
Anchorage Requirements on a Manufactured Home. What does HUD require?
Written By: Paul Hayman, P.E.
The September 1996 Permanent Foundation Guide to Manufactured Homes (PFGMH) is not very clear on exactly what it requires by way of anchorage (also referred to as “tie downs”). There are two kinds of anchorage: vertical anchorage to resist uplifting forces due to wind or seismic events and lateral anchorage to resist side-to-side movement. The PFGMH has this to say about...Read Full Blog >>
Post Endorsement Technical Reviews
Written By: Bonnie Wilt-Hild, Senior FHA DE Underwriter
We have seen a lot of changes in the past two several years where mortgage underwriting is concerned and it now seems as if things have come full circle. Several years ago we watched as Automated Underwriting Methods replaced more traditional risk assessment methods and documentation requirements lessened just to return to a more traditional risk...Read Full Blog >>
Finally - Updated HUD Handbooks with CURRENT Guidelines!
Written By: Stacey Sprain, NAMP-CALP
Though I had planned to discuss FACTA this week, HUD recently issued a very important Mortgagee Letter with some long awaited news for all of us so let’s take a break from my series on credit and talk about Mortgagee Letter 2009-14! We’ll pick up right where I left off on the credit series next week. Earlier in the month, HUD issued ML 2009-14 which announced the newly updated online versions of several HUD Handbooks, including HUD...Read Full Blog >>
NAMP IN THE NEWS
FHA Engineering Firm Partners with NAMP to Help Educate Consumers
Hayman Residential Engineering announced today that it has selected The National Association of Mortgage Processors (NAMP) to educate consumers on FHA/HUD Engineering Certifications. Hayman Residential Engineering is the first company to cater to the engineering needs of the residential housing industry on a national level. A preferred engineering vendor....Read Full Story >>
FHA WEEKLY UPDATE
Bank of America Chief Ousted as Chairman
The applause thundered inside the Belk Theater on Wednesday for a fading star of American finance: Kenneth D. Lewis, the beleaguered head of Bank of America. But all those huzzahs, offered up by loyal employees and steadfast believers, did not sway Mr. Lewis’s...Read Full Story >>
U.S. to pay off mortgage investors
The U.S. Treasury Department will Tuesday tap a $50 billion housing rescue fund to pay off mortgage investors and reduce monthly payments for millions of borrowers, said...Read Full Story >>
Mortgage applications fall
U.S. home loan applications fell last week to the lowest level since mid-March, driven by a big drop in refinancing demand even as mortgage rates clung to record lows...Read Full Story >>
THE FHA BLOG CAFE
Anchorage Requirements on a Manufactured Home. What does HUD require?
Written By: Paul Hayman, P.E.
The September 1996 Permanent Foundation Guide to Manufactured Homes (PFGMH) is not very clear on exactly what it requires by way of anchorage (also referred to as “tie downs”). There are two kinds of anchorage: vertical anchorage to resist uplifting forces due to wind or seismic events and lateral anchorage to resist side-to-side movement. The PFGMH has this to say about...Read Full Blog >>
Post Endorsement Technical Reviews
Written By: Bonnie Wilt-Hild, Senior FHA DE Underwriter
We have seen a lot of changes in the past two several years where mortgage underwriting is concerned and it now seems as if things have come full circle. Several years ago we watched as Automated Underwriting Methods replaced more traditional risk assessment methods and documentation requirements lessened just to return to a more traditional risk...Read Full Blog >>
Finally - Updated HUD Handbooks with CURRENT Guidelines!
Written By: Stacey Sprain, NAMP-CALP
Though I had planned to discuss FACTA this week, HUD recently issued a very important Mortgagee Letter with some long awaited news for all of us so let’s take a break from my series on credit and talk about Mortgagee Letter 2009-14! We’ll pick up right where I left off on the credit series next week. Earlier in the month, HUD issued ML 2009-14 which announced the newly updated online versions of several HUD Handbooks, including HUD...Read Full Blog >>
NAMP IN THE NEWS
FHA Engineering Firm Partners with NAMP to Help Educate Consumers
Hayman Residential Engineering announced today that it has selected The National Association of Mortgage Processors (NAMP) to educate consumers on FHA/HUD Engineering Certifications. Hayman Residential Engineering is the first company to cater to the engineering needs of the residential housing industry on a national level. A preferred engineering vendor....Read Full Story >>
Thursday, April 23, 2009
New FHA Mortgagee Letter
This is the HUD national homeownership center reference guide mailing list for real estate industry professionals that are interested in updates to HUD Mortgagee letters, notices and guidebooks, & FHA Housing Industry Training. Please visit our homepage at: http://www.hud.gov/offices/hsg/sfh/hsgsingle.cfm Servicing lenders can visit HUD's National Servicing Center at: http://www.hud.gov/offices/hsg/sfh/nsc/nschome.cfm This list does not provide HudHome property listings.
All-
New Mortgagee Letter:
April 9, 2009
MORTGAGEE LETTER 2009-14
TO: ALL APPROVED MORTGAGEES
SUBJECT: Online Versions of Handbooks 4155.1, Mortgage Credit Analysis for Mortgage Insurance; and 4155.2, Lenders’ Guide to Single
Family Mortgage Insurance Processing
The purpose of this Mortgagee Letter (ML) is to announce the new online HUD Handbooks 4155.1, Mortgage Credit Analysis for Mortgage Insurance; and 4155.2, Lender’s Guide to Single Family Mortgage Insurance Processing. The online Handbook 4155.1 replaces Handbook 4155.1 REV-5, Mortgage Credit Analysis for Mortgage Insurance, One to Four Family Properties. The online Handbook 4155.2 replaces three handbooks 4000.2 REV-3, Mortgagees' Handbook, Application through Insurance; 4000.4 REV-1, Single Family Direct Endorsement Program; and 4165.1 REV-2, Endorsement for Insurance for Home Mortgage Programs (Single Family). A link to the Handbooks can be found on the fha.gov and HUD.gov websites…. .
To read this mortgagee letter and any attachments in their entirety, please visit: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/ view the 2009 letters and click on the letter of your choice. Mortgagee Letters from previous years can be found on the same page.
__________________________________________________________________________________________
Bulk subscriptions:
Some industry folks have asked, "How do I sign up my entire staff for FHA email updates?" It is easy... Just list your staff email addresses like this:
aaa@xyz.com
bbb@xyz.com
ccc@xyz.com
You can send in one email address or thousands. Email your list to: jerrold.h.mayer@hud.gov
If you have a mortgage or real estate industry friend who you want to subscribe to the national hoc reference guide mailing list, there are 3 other ways to sign up: 1. send them this link: http://www.hud.gov/offices/hsg/sfh/ref/hsgregst.cfm they can sign up for the email list there; or 2: forward them this email; or 3: Visit: http://www.usa.gov/ and subscribe at: http://apps.gsa.gov/FirstGovCommonSubscriptionService.php
To unsubscribe - go to: http://www.hud.gov/subscribe/index.cfm and click on "National Homeownership Center Reference Guide" and follow the unsubscribe instructions on that page.
____________________________________________________________________________________________
This is the FHA Single Family Housing listserv for real estate industry professionals that are interested in updates to Mortgagee letters, Notices, Guidebooks, Housing Counseling, FHA Reference Guide, Mortgage Limits, Career Opportunities, Grants, Contracting Opportunities & Housing Industry Training. Please visit us at: http://www.hud.gov/offices/hsg/sfh/hsgsingle.cfm or visit our new homepage at: http://www.fha.gov
You can find a directory of states that are serviced by the four FHA Homeownership Centers (HOC) on the web at: http://www.hud.gov/offices/hsg/sfh/hoc/hsghocs.cfm
Servicing lenders can visit FHA's National Servicing Center on-line at: http://www.hud.gov/offices/hsg/sfh/nsc/nschome.cfm
For FHA technical support, please contact the FHA Resource Center: http://www.fhaoutreach.gov/FHAFAQ/ Search our online knowledge base and find answers to our most commonly asked questions. Use "live help" to get on-line technical support. You can also get email technical support at: info@fhaoutreach.com or phone FHA toll-free between 8:00 a.m. and 8:00 p.m. ET (5:00 a.m. to 5:00 p.m. PT) at: (800) CALLFHA or (800) 225-5342. Call FHA TDD at: (877) TDD-2HUD (877) 833-2483).
To find the FHA S/F Reference Guide on-line please visit: http://www.hud.gov/offices/hsg/sfh/ref/hsgrcont.cfm
Find out about FHA training by visiting our Events and Training calendar at: http://www.hud.gov/offices/hsg/sfh/events/events.cfm
Do you want to find out about current HUD Contracting Opportunities? To obtain a listing of the current opportunities please visit: http://www.hud.gov/offices/cpo/index.cfm
Do you want to find out about career opportunities at HUD? Visit: http://www.usajobs.opm.gov/ Please see the HUD section at: http://jobsearch.usajobs.opm.gov/a9hud.asp Application forms can be found at: http://www.usajobs.opm.gov/forms.asp
Find out about grant opportunities by visiting HUD's Funds Available website at: http://www.hud.gov/offices/adm/grants/fundsavail.cfm
For all FHA publications visit HudClips at http://www.hud.gov/offices/adm/hudclips/index.cfm You can order hardcopies at: http://www.hud.gov/offices/adm/dds/index.cfm
Do you need to find a FHA form? You can also find all FHA forms on the HUDClips website at: http://www.hud.gov/offices/adm/hudclips/forms/
For information on Presidentially Declared Disaster areas and to learn how HUD can help, please see: http://www.hud.gov/offices/hsg/sfh/nsc/disaster.cfm or contact the National Servicing Center in Oklahoma City, 1-888-297-8685.
This list does not provide HudHome property listings. To see the latest list of all HudHomes nationwide please visit: http://www.hud.gov/homes/homesforsale.cfm
This list will often provide training opportunities and event announcements for non-profit and local government HUD partners. HUD does not endorse the organizations sponsoring linked websites, and we do not endorse the views they express or the products/services they or their community/business partners offer. For more information on HUD’s web policies please visit: http://www.hud.gov/assist/webpolicies.cfm
All-
New Mortgagee Letter:
April 9, 2009
MORTGAGEE LETTER 2009-14
TO: ALL APPROVED MORTGAGEES
SUBJECT: Online Versions of Handbooks 4155.1, Mortgage Credit Analysis for Mortgage Insurance; and 4155.2, Lenders’ Guide to Single
Family Mortgage Insurance Processing
The purpose of this Mortgagee Letter (ML) is to announce the new online HUD Handbooks 4155.1, Mortgage Credit Analysis for Mortgage Insurance; and 4155.2, Lender’s Guide to Single Family Mortgage Insurance Processing. The online Handbook 4155.1 replaces Handbook 4155.1 REV-5, Mortgage Credit Analysis for Mortgage Insurance, One to Four Family Properties. The online Handbook 4155.2 replaces three handbooks 4000.2 REV-3, Mortgagees' Handbook, Application through Insurance; 4000.4 REV-1, Single Family Direct Endorsement Program; and 4165.1 REV-2, Endorsement for Insurance for Home Mortgage Programs (Single Family). A link to the Handbooks can be found on the fha.gov and HUD.gov websites…. .
To read this mortgagee letter and any attachments in their entirety, please visit: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/ view the 2009 letters and click on the letter of your choice. Mortgagee Letters from previous years can be found on the same page.
__________________________________________________________________________________________
Bulk subscriptions:
Some industry folks have asked, "How do I sign up my entire staff for FHA email updates?" It is easy... Just list your staff email addresses like this:
aaa@xyz.com
bbb@xyz.com
ccc@xyz.com
You can send in one email address or thousands. Email your list to: jerrold.h.mayer@hud.gov
If you have a mortgage or real estate industry friend who you want to subscribe to the national hoc reference guide mailing list, there are 3 other ways to sign up: 1. send them this link: http://www.hud.gov/offices/hsg/sfh/ref/hsgregst.cfm they can sign up for the email list there; or 2: forward them this email; or 3: Visit: http://www.usa.gov/ and subscribe at: http://apps.gsa.gov/FirstGovCommonSubscriptionService.php
To unsubscribe - go to: http://www.hud.gov/subscribe/index.cfm and click on "National Homeownership Center Reference Guide" and follow the unsubscribe instructions on that page.
____________________________________________________________________________________________
This is the FHA Single Family Housing listserv for real estate industry professionals that are interested in updates to Mortgagee letters, Notices, Guidebooks, Housing Counseling, FHA Reference Guide, Mortgage Limits, Career Opportunities, Grants, Contracting Opportunities & Housing Industry Training. Please visit us at: http://www.hud.gov/offices/hsg/sfh/hsgsingle.cfm or visit our new homepage at: http://www.fha.gov
You can find a directory of states that are serviced by the four FHA Homeownership Centers (HOC) on the web at: http://www.hud.gov/offices/hsg/sfh/hoc/hsghocs.cfm
Servicing lenders can visit FHA's National Servicing Center on-line at: http://www.hud.gov/offices/hsg/sfh/nsc/nschome.cfm
For FHA technical support, please contact the FHA Resource Center: http://www.fhaoutreach.gov/FHAFAQ/ Search our online knowledge base and find answers to our most commonly asked questions. Use "live help" to get on-line technical support. You can also get email technical support at: info@fhaoutreach.com or phone FHA toll-free between 8:00 a.m. and 8:00 p.m. ET (5:00 a.m. to 5:00 p.m. PT) at: (800) CALLFHA or (800) 225-5342. Call FHA TDD at: (877) TDD-2HUD (877) 833-2483).
To find the FHA S/F Reference Guide on-line please visit: http://www.hud.gov/offices/hsg/sfh/ref/hsgrcont.cfm
Find out about FHA training by visiting our Events and Training calendar at: http://www.hud.gov/offices/hsg/sfh/events/events.cfm
Do you want to find out about current HUD Contracting Opportunities? To obtain a listing of the current opportunities please visit: http://www.hud.gov/offices/cpo/index.cfm
Do you want to find out about career opportunities at HUD? Visit: http://www.usajobs.opm.gov/ Please see the HUD section at: http://jobsearch.usajobs.opm.gov/a9hud.asp Application forms can be found at: http://www.usajobs.opm.gov/forms.asp
Find out about grant opportunities by visiting HUD's Funds Available website at: http://www.hud.gov/offices/adm/grants/fundsavail.cfm
For all FHA publications visit HudClips at http://www.hud.gov/offices/adm/hudclips/index.cfm You can order hardcopies at: http://www.hud.gov/offices/adm/dds/index.cfm
Do you need to find a FHA form? You can also find all FHA forms on the HUDClips website at: http://www.hud.gov/offices/adm/hudclips/forms/
For information on Presidentially Declared Disaster areas and to learn how HUD can help, please see: http://www.hud.gov/offices/hsg/sfh/nsc/disaster.cfm or contact the National Servicing Center in Oklahoma City, 1-888-297-8685.
This list does not provide HudHome property listings. To see the latest list of all HudHomes nationwide please visit: http://www.hud.gov/homes/homesforsale.cfm
This list will often provide training opportunities and event announcements for non-profit and local government HUD partners. HUD does not endorse the organizations sponsoring linked websites, and we do not endorse the views they express or the products/services they or their community/business partners offer. For more information on HUD’s web policies please visit: http://www.hud.gov/assist/webpolicies.cfm
Wednesday, April 22, 2009
Partner Quality Program
Access E Mortgage has been approved for our Partner Quality Program. This essentially means that our $395 underwriting fee will no longer be charged on new files received after today and, when possible, we will underwrite your files (those that meet our “Clean File” submission requirements) faster. There are other benefits coming for this plan, but at this time, the waiving of the underwriting fee is the main benefit.
Details of the program are on page 76 of our guidelines which are posted on the Program Guides page of our web site.
As you know, I have scheduled a processing training for your processors for this Friday morning. My goal is to cover our process and answer their questions so that we can ensure that as many files as possible meet our submission requirements. Please suggest attendance.
Thank you for your continued business and support and don’t hesitate to let me know what I can do for you.
David GoldWholesale Regional Account Manager
Genworth Financial Home Equity Access, Inc.
formerly Liberty Reverse Mortgage, Inc.
10951 White Rock Road, Suite 200Rancho Cordova, CA 95670Direct:(407) 271-9694Broker Care: (866) 871-1353
Fax: (866) 375-6139david.gold@genworth.com
For immediate assistance please contact Broker Care at (866) 871-1353 or BrokerProgram@genworth.com
To learn more about Genworth's Total Practice Management path to Reverse Mortgage success, please visit http://reversepartner.genworth.com.
Details of the program are on page 76 of our guidelines which are posted on the Program Guides page of our web site.
As you know, I have scheduled a processing training for your processors for this Friday morning. My goal is to cover our process and answer their questions so that we can ensure that as many files as possible meet our submission requirements. Please suggest attendance.
Thank you for your continued business and support and don’t hesitate to let me know what I can do for you.
David GoldWholesale Regional Account Manager
Genworth Financial Home Equity Access, Inc.
formerly Liberty Reverse Mortgage, Inc.
10951 White Rock Road, Suite 200Rancho Cordova, CA 95670Direct:(407) 271-9694Broker Care: (866) 871-1353
Fax: (866) 375-6139david.gold@genworth.com
For immediate assistance please contact Broker Care at (866) 871-1353 or BrokerProgram@genworth.com
To learn more about Genworth's Total Practice Management path to Reverse Mortgage success, please visit http://reversepartner.genworth.com.
Thursday, April 16, 2009
StoneWater Mortgage Bulletin 2009-19-G ~ Government Lending Changes
BULLETIN 2009-19-G
April 15th, 2009
IMPORTANT INFO BELOW - PLEASE READ CAREFULLY!
STONEWATER MORTGAGE – GOVERNMENT LENDING
Given the industry wide complexities surrounding the current FHA market, StoneWater Mortgage has decided to temporarily discontinue offering Government loan programs. We will however, retain our FHA Full Eagle designation as well as our entire DE underwriting staff so that we may re-enter the government arena as it stabilizes.
One of the benefits of this temporary shift in focus to conventional business will allow StoneWater to provide a significantly higher level of customer service which, combined with our cutting edge technology, will provide the best platform for the success of our business partners. With this in mind, there exists numerous mutual opportunities for both StoneWater and its business partners to take advantage of in the Conventional arena such as "DU Refi Plus" as well as other future programs designed to meet the current needs of homeowners and home buyers.
The following will apply to all government loans:
Thursday, April 16th Last day to submit complete unlocked government loans
(Locks will only be allowed on submitted government loans)
Friday, April 17th Last day to lock any submitted government loans
All loans currently in process and already locked are not affected by this change and can close as scheduled. Previously locked loans will be subject to normal lock term delivery requirements. Any loan falling outside of this policy will be stopped and will not proceed into our Underwriting Department.
For any questions regarding this bulletin, please contact your Regional Account Manager or Account Executive. Thank you for your continued business.
-----------------------------------------------------------------------------------------
LOCK TERM REQUIREMENTS REMINDER:
15 Day Lock terms are only available for loans that have been fully approved.
30 and 45 Day Lock terms are available for both purchase and refinance transactions.
a. The complete Credit Package must be received on or prior to the 15th calendar day of the lock period.
b. Locks will be subject to cancellation after the lock cut off time on the delivery expiration date if the complete credit package has not been submitted.
c. Once a lock has cancelled, it will be subject to worse case pricing after the file has been submitted.
April 15th, 2009
IMPORTANT INFO BELOW - PLEASE READ CAREFULLY!
STONEWATER MORTGAGE – GOVERNMENT LENDING
Given the industry wide complexities surrounding the current FHA market, StoneWater Mortgage has decided to temporarily discontinue offering Government loan programs. We will however, retain our FHA Full Eagle designation as well as our entire DE underwriting staff so that we may re-enter the government arena as it stabilizes.
One of the benefits of this temporary shift in focus to conventional business will allow StoneWater to provide a significantly higher level of customer service which, combined with our cutting edge technology, will provide the best platform for the success of our business partners. With this in mind, there exists numerous mutual opportunities for both StoneWater and its business partners to take advantage of in the Conventional arena such as "DU Refi Plus" as well as other future programs designed to meet the current needs of homeowners and home buyers.
The following will apply to all government loans:
Thursday, April 16th Last day to submit complete unlocked government loans
(Locks will only be allowed on submitted government loans)
Friday, April 17th Last day to lock any submitted government loans
All loans currently in process and already locked are not affected by this change and can close as scheduled. Previously locked loans will be subject to normal lock term delivery requirements. Any loan falling outside of this policy will be stopped and will not proceed into our Underwriting Department.
For any questions regarding this bulletin, please contact your Regional Account Manager or Account Executive. Thank you for your continued business.
-----------------------------------------------------------------------------------------
LOCK TERM REQUIREMENTS REMINDER:
15 Day Lock terms are only available for loans that have been fully approved.
30 and 45 Day Lock terms are available for both purchase and refinance transactions.
a. The complete Credit Package must be received on or prior to the 15th calendar day of the lock period.
b. Locks will be subject to cancellation after the lock cut off time on the delivery expiration date if the complete credit package has not been submitted.
c. Once a lock has cancelled, it will be subject to worse case pricing after the file has been submitted.
Friday, April 10, 2009
"DID YOU KNOW" #9
“DID YOU KNOW”
· FHA does not require Fed Tax Liens to be paid off at closing. They are automatically subordinate to our 1st lien.
· Non Judgment collections do not need to be paid off at closing
Marty Lehman
Security Atlantic Mortgage
Wholesale Account Executive
561-625-6035 Office Phone
954-520-6054 Cell
866-226-2592 Fax
Industry Leader In Turn Times - Don't Wait Weeks For An Approval!
Email Address m.lehman@fhaland.com
Website www.fhaok.com
· FHA does not require Fed Tax Liens to be paid off at closing. They are automatically subordinate to our 1st lien.
· Non Judgment collections do not need to be paid off at closing
Marty Lehman
Security Atlantic Mortgage
Wholesale Account Executive
561-625-6035 Office Phone
954-520-6054 Cell
866-226-2592 Fax
Industry Leader In Turn Times - Don't Wait Weeks For An Approval!
Email Address m.lehman@fhaland.com
Website www.fhaok.com
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