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.

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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.