Sierra Pacific Mortgage

LOOK INTO FHA STREAMLINE WITH SPM
· Must be an FHA insured loan with the same borrowers and same property.
· Cash-to-close does not need to be verified.
· Do not need to check CAVIRS but must check LDP/GSA.
· Can shorten the term of the loan as long as the payment does not go up more than 20%
· Can go from an ARM to a fixed as long as the payment does not go up more than 20%
· Individuals can be added to the title without creditworthiness review.
· Subordinate financing may remain in place regardless of the total indebtedness of the property
· If the appraised value is such that the borrower would better advised to proceed as if no appraisal had been made the appraisal may be ignored.
· Order FHA Refi Authorization (FHA Connection) MIP-REFUND. (Netting Authorization)
· Max cashout is $500.00

FHA “Streamline” refers to the amount of documentation and underwriting that needs to be performed by the broker, and does not mean that there are no costs involved in the transaction. The basic requirements of a streamline refinance are:
· The mortgage to be refinanced must already be FHA insured.
· The mortgage to be refinanced should be current (not delinquent).
· No cash may be taken out on mortgage refinanced using the streamline refinance process.

BROKERS MAY OFFER STREAMLINE REFINANCES IN SEVERAL WAYS
· Some brokers offer “no cost” refinances (no out-of-pocket expenses to the borrower) by charging a higher rate of interest on the new loan that the borrower financed or paid the closing costs in cash. From this premium, the broker pays any closing costs that are incurred on the transaction.
· Brokers may offer streamline refinances and include the closing costs into the new mortgage amount. This can only be done if there is sufficient equity in the property, as determined by an appraisal.
· Streamline refinances can also be done without appraisals, however, the new loan amount cannot exceed the original loan amount.
· Investment properties (properties in which the borrower does not reside in as his or her principle residence) may only be refinanced without an appraisal.

FHA STREAMLINE WITHOUT AN APPRAISAL: ITEMS NEEDED FOR THE LOAN
MCAW until 12.01.08 or the new FHA Loan Underwriting Transmittal
Initial 1003 and Addendum (92900a), both need to be signed and dates by borrower and loan officer, sign all pages.
FHA Case Number Assignment form with SPM as sponsor.
Clear CAIVRs (Not required for all – please see AE).
LDP/GSA for borrowers and originators.
Signed Important Notice to Home Buyer.
Signed Informed Consumer Choice Disclosure.
Documentation of Social Security Number on all borrowers.
Signed Mortgage Fact sheet.
All upfront state and federal disclosures.
Copy of the original note.
Full credit report to include most recent mortgage payment history.
Minimum FICO score of 600.
Max mortgage late on fix rate mortgage is 1x30 in last 12 months.
Max mortgage late on ARM products is 0x30 in last 12 months.
Netting Authorization
Copy of Payoff or most recent mortgage statement.
Sections of the initial 1003 that need to be completed.
Property information and purpose of loan
Borrowers information
Employment section must list employer and day time phone number
Combined monthly housing expense, present and proposed.
Mortgage information in the liability section
Schedule of Real Estate Owned for subject property
Details of transaction
Declarations signed and dated by borrower
Information for Government monitoring purposes
Interviewers information

Joe Adams
ACCOUNT EXECUTIVE
Direct Line: 904 610 4794
E-mail: joe.adams@spm1.com

Senior Lending Network - Policy Alert

Borrower Event and Notification

There are triggers (life events) in a reverse mortgage loan that requires an action to be taken by the Mortgagee and as such we are responsible for ensuring that the borrower(s) residing in the home are eligible borrowers, i.e. they meet all of the requirements of a reverse mortgage. If they do not, they are considered to be in default under the terms of the mortgage and the loan may become immediately due and payable.

Partner Responsibility
If at any time, you should become aware that a borrower fails to meet one of the below requirements, it is your obligation to immediately notify Senior Lending Network.
Of the utmost importance is the death of the last remaining borrower. We are required by HUD and our Investors to provide timely notification of a death. In the event you are notified of a death (or a qualifying life event) of a borrower, co-borrower or both, please complete the Life Event Notification (Exhibit 1) and email to your Account Executive; or provide the following information in the body of an email:

Borrower Name
Property
Life Event
Date of Death (if applicable)
Contact Person
Contact Phone Number
Loan number (if available)
Life events are the result of the borrower(s) not meeting one or more of the below requirements, including but not limited to death of a borrower.

The basic requirements of a reverse mortgage are:
Borrower must be sixty-two (62) years of age on the date of the Note
Borrower must maintain the property as their primary residence and occupy the property for 12 consecutive months
Borrower has not rescinded the transaction
Borrower must comply with the terms of the mortgage, relative to maintenance, payment of taxes and payment of insurance premiums.

The Life Event Notification form can be found on the SLN Dashboard under "Wholesale Forms".
If you have any questions please contact your Relationship Manager.

December Specials

Good morning everyone. Just a reminder that the "December pricing special" is a .75% increase in YSP for borrowers with 700+ middle scores. A flyer with the details is attached. Rates are still excellent with YSP available at 5%. Streamlines are coming in like crazy. Have you looked at your prior clients to see if you have any prospects for a streamline?

Please feel free to check out the website at www.fhaok.com (no password required). If you are on this distribution list but are working with someone else at Security Atlantic please let me know.

Marty Lehman
Security Atlantic Mortgage
Wholesale Account Executive
561-625-6035 Office Phone
954-520-6054 Cell
866-226-2592 Fax
m.lehman@fhaland.com email address
www.fhaok.com website

Notification: FHA loan limits will change in 2009

FHA has announced new loan limits which will be applied to all FHA loans closing after Dec. 31, 2008.

Loans with loan amounts impacted by this change must be submitted (full package) to EquiFirst on or before Wed., Dec. 17 and must close on or before Wed., Dec. 31, 2008.

Call (904) 476-5160 today for more information.

Bonnie Weigand
Phone: (904) 476-5160
Fax: (704) 625-6811
bweigand@equifirst.com

Driving Your Loans to the Finish Line

This is a good rep that used to be with UFG and now she is soliciting our business for Michigan Mutual.

This month they have a special of $400 for underwriting….!

Amber Garcia
Branch Manager
Access E Mortgage, Inc.

-----Original Message-----From: Julie Sakadales [mailto:jsakadales@michiganmutual.com] Sent: Monday, November 24, 2008 5:42 PMTo: Julie SakadalesSubject: Driving Your Loans to the Finish Line

We Specialize in FHA:
580 and above FICO
Manual Underwriting
No Credit Score Streamline Refi's
Same Day Closings
We Underwrite TBD's
48 hour turn times
HUD's $100 Down
You can speak to your underwriter
USDA 620+ mid score

Michigan Mutual is a Conventional and FHA lender. Please share this information with anyone in your office that might not be on my email list.

For daily rates, please reply "add to rates" or sign up at www.michiganmutual.com.

Julie Sakadales
Senior Account Executive
Michigan Mutual, Inc.
cell: 727-480-7133
email: jsakadales@michiganmutual.com
www.michiganmutual.com

Your Webinar Invitation: Reverse Mortgage Basic Training

Reverse Mortgage Basic Training

Join us for a Webinar on December 9, 2008
Would you like to expand your knowledge of reverse mortgage basics: products, payout options, and interest rates? Would you like to get up to speed quickly on how to use the Ibis reverse mortgage origination software to print quotes and applications? Please join us for a webinar on Tuesday, December 9, 2008, starting at 2:00 p.m. Central Standard Time. The agenda will be as follows: 2:00 p.m. Reverse mortgage basics 2:30 p.m. Ibis basic training for originators Attached is a PowerPoint presentation containing reverse mortgage basics. Please familiarize yourself with the material prior to the webinar.
Title:

Reverse Mortgage Basic Training
Date:
Tuesday, December 9, 2008
Time:
2:00 PM - 3:30 PM Central Standard Time (3:00 PM Eastern, 12:00 PM Pacific)
After registering you will receive a confirmation email containing information about joining the Webinar.

System RequirementsPC-based attendeesRequired: Windows® 2000, XP Home, XP Pro, 2003 Server, Vista
Macintosh®-based attendeesRequired: Mac OS® X 10.4 (Tiger®) or newer
Space is limited.Reserve your Webinar seat now at:https://www2.gotomeeting.com/register/606123372

Updated Information for Senior Lending Network

Senior Lending Network
Reverse Mortgage Wholesale

FHA Products:

HECM CMT 150
HECM CMT 175
HECM CMT 200
HECM CMT 225

HECM LIBOR 125
HECM LIBOR 150
HECM LIBOR 175
HECM LIBOR 200

HECM Fixed Rate Reverse Mortgage

24-48 Hour Underwriting

Web-based LOS for reverse mortgages (all inclusive)

Dedicated External Account Manager and UW Relationship Manager

Aggressive Premium Pricing

Complimentary Training Available

External Account Manager – Tim Frederick
TFrederick@srlend.com
800-530-6763 Toll Free
631-241-4466 Mobile

Tim Frederick, CMB
Account Manager
800-530-6763 Toll Free
561-758-6557 Mobile
631-393-5574 Office
631-393-7276 Fax
TFrederick@srlend.com