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-
FHA Customer Service Message:
During the coming weeks, three of the four regional FHA Homeownership Centers Staff will participate in a mandatory internal training that is designed to enhance the overall effectiveness of the Homeownership staff. As a result, each of the Homeownership Centers will be working with a limited staff for a period of three days (see schedule below).
February 2-4 Santa Ana Homeownership Center
During each HOCs three day training period we recommend that lenders and members of the housing industry utilize the following options to obtain answers to their FHA related questions
Go to the on-line FHA knowledge base (www.fhaoutreach.gov/FHAFAQ) to search the 1,100+ answers available 24/7.
Contact one of the other three Homeownership Centers with general questions or non-case specific questions.
Send case specific questions via email to info@fhaoutreach.com
Responses will be delayed during this training period but the Homeownership Centers are committed to providing a response to each inquiry received during this time frame. We appreciate our industry partners patience during this time period.
AND
Please note this email supersedes all prior emails on this FHA industry call: Due to inclement weather in Washington DC, the Northeast corridor and other parts of the country, the FHA industry call scheduled for 1/28/09 on Maximum Mortgage Calculations was canceled. This call has been rescheduled for next week, Wednesday, February 4, 2009 at 2:00PM Eastern Time. The call-in information and subject are the same, only the date has changed:
Date: February 4, 2009
Time: 2:00 PM (EST)
Duration of Call: 90 minutes
Call-in Number: 866-207-0413
ID Number: 81608101
On the call, FHA will provide a comprehensive review of the maximum mortgage calculation for all mortgage products, including purchase loans, all types of refinances, and 203(k). The study materials for this call can be found online now at: http://www.hud.gov/offices/hsg/sfh/trn/training.cfm
You do not need to pre-register for this conference call and FHA does not charge an admission fee to call in.
AND
Housing Counseling training comes to Los Angeles, CA:
March 2-6, 2009 - Los Angeles, CA. Foreclosure Counseling Training for qualified housing counselors. These scholarship-based courses are offered as part of the National Foreclosure Mitigation Counseling Program (NFMC), administered by the NeighborWorks Center for Homeownership Education and Counseling (NCHEC). FREE tuition and lodging for qualified non-profit counselors. To learn more about this unique training opportunity please visit: http://www.nw5.org/training/
February 26, 2009 - Los Angeles, CA. Legal Services Resources for Foreclosure Intervention Counselors in California. Presented by The Rural Community Assistance Corporation (RCAC) & California Reinvestment Coalition (CRC). Continental breakfast & lunch will be provided. Registration required, no fee. More info at: http://www.rcac.org/doc.aspx?383
Saturday, January 31, 2009
FHA Customer Service Message, & FHA Industry Call: Corrected phone number, date change, study materials posted, & Housing Counseling training comes to
Alert: Elimination of Quick Quote and File Submission
To view this email as a web page, go here.
Alert 09-10 Friday, January 30, 2009Genworth Financial Home Equity Access, Inc.formerly known as Liberty Reverse Mortgage, Inc.
Reminder: Elimination of Quick Quote is TODAY!
Genworth Financial Home Equity Access, Inc., formerly known as Liberty Reverse Mortgage, Inc. (Genworth), implemented a new calculator on December 18, 2008. All Broker Partners should be using the new calculator as access to Quick Quote will be terminated TODAY, January 30, 2009
What Happens To My Data In Quick Quote?Genworth will be able to access portions of the data after the full migration January 30, 2009, however; we will not be able to completely recreate all data fields available in the Quick Quote calculator. Please contact Broker Care if you have specific data needs.
An updated Broker Portal Training (Recorded Class), Information Sheet and How To Guide are posted on our Web site - genworth.com/reversepartner.Please contact Broker Care at (866) 871-1353 or brokerprogram@genworth.com with additional questions.
Changes to Submission Process
Genworth encourages our Broker Partners to submit a complete loan submission package whenever possible in order for us to provide expedited Underwriting approvals. Effective on all new loans submitted February 2, 2009, the cutoff time to be registered in the system is moving from 2 PM PST to 12 PM PST.
In order to improve the speed and efficiency of file setup, effective on all new loans submitted after February 2, 2009, Genworth is requiring Partners to use the updated Wholesale Submission Requirements Checklist (click here for checklist).
In addition to our minimum submission requirement for underwriting approval, we have outlined a way for you to play a role in how quickly your loans will be underwritten by submitting a file that meets clean submission requirements.
Submission requirements are outlined on the Wholesale Submission Requirements checklist:
· If all requirements for a clean file submission are met, the submitted loan will be underwritten with a preferred turn time (loan packages must be received by 12 pm PST). Note: Requirements must be met at initial delivery of the loan package.
· If the loan meets only the minimum submission requirement, the loan submitted will be accepted by Genworth and submitted to underwriting with standard turn time provided. Note: Additional items have been added to the minimum submission requirements
If the loan package does not meet our minimum submission requirements, the loan will not be accepted and/or submitted to Underwriting until all items necessary to meet minimum submission requirements are met.
Updated Doc Draw Request Form
Effective immediately, Genworth has updated our Doc Draw Request Form (click here for sample) to ensure closing documents are drawn consistently, accurately and minimize re-draws. This will allow Genworth to ensure we deliver accurate documents in a timely manner.
The Doc Draw Request form will be emailed to you with the Final Loan Approval from underwriting on each loan. Please do not submit a Doc Draw Request prior to Final Approval from underwriting.
Please contact Broker Care at (866) 871-1353 or brokerprogram@genworth.com with additional questions.
Alert 09-10 Friday, January 30, 2009Genworth Financial Home Equity Access, Inc.formerly known as Liberty Reverse Mortgage, Inc.
Reminder: Elimination of Quick Quote is TODAY!
Genworth Financial Home Equity Access, Inc., formerly known as Liberty Reverse Mortgage, Inc. (Genworth), implemented a new calculator on December 18, 2008. All Broker Partners should be using the new calculator as access to Quick Quote will be terminated TODAY, January 30, 2009
What Happens To My Data In Quick Quote?Genworth will be able to access portions of the data after the full migration January 30, 2009, however; we will not be able to completely recreate all data fields available in the Quick Quote calculator. Please contact Broker Care if you have specific data needs.
An updated Broker Portal Training (Recorded Class), Information Sheet and How To Guide are posted on our Web site - genworth.com/reversepartner.Please contact Broker Care at (866) 871-1353 or brokerprogram@genworth.com with additional questions.
Changes to Submission Process
Genworth encourages our Broker Partners to submit a complete loan submission package whenever possible in order for us to provide expedited Underwriting approvals. Effective on all new loans submitted February 2, 2009, the cutoff time to be registered in the system is moving from 2 PM PST to 12 PM PST.
In order to improve the speed and efficiency of file setup, effective on all new loans submitted after February 2, 2009, Genworth is requiring Partners to use the updated Wholesale Submission Requirements Checklist (click here for checklist).
In addition to our minimum submission requirement for underwriting approval, we have outlined a way for you to play a role in how quickly your loans will be underwritten by submitting a file that meets clean submission requirements.
Submission requirements are outlined on the Wholesale Submission Requirements checklist:
· If all requirements for a clean file submission are met, the submitted loan will be underwritten with a preferred turn time (loan packages must be received by 12 pm PST). Note: Requirements must be met at initial delivery of the loan package.
· If the loan meets only the minimum submission requirement, the loan submitted will be accepted by Genworth and submitted to underwriting with standard turn time provided. Note: Additional items have been added to the minimum submission requirements
If the loan package does not meet our minimum submission requirements, the loan will not be accepted and/or submitted to Underwriting until all items necessary to meet minimum submission requirements are met.
Updated Doc Draw Request Form
Effective immediately, Genworth has updated our Doc Draw Request Form (click here for sample) to ensure closing documents are drawn consistently, accurately and minimize re-draws. This will allow Genworth to ensure we deliver accurate documents in a timely manner.
The Doc Draw Request form will be emailed to you with the Final Loan Approval from underwriting on each loan. Please do not submit a Doc Draw Request prior to Final Approval from underwriting.
Please contact Broker Care at (866) 871-1353 or brokerprogram@genworth.com with additional questions.
Thursday, January 22, 2009
James B. Nutter Bulletin: New products in Ibis
January 21, 2009
To our Valued Correspondents:
Last night, James B. Nutter & Company changed the reverse mortgage products available in the Ibis Reverse Mortgage Software.
Please log in to IBIS to see all that is available...
To our Valued Correspondents:
Last night, James B. Nutter & Company changed the reverse mortgage products available in the Ibis Reverse Mortgage Software.
Please log in to IBIS to see all that is available...
Wednesday, January 14, 2009
Tuesday, January 13, 2009
Two-Week Submission Moratorium ~ JB Nutter
January 9, 2009
Re: Two-Week Submission Moratorium
To our Valued Correspondents:
The latest repercussion from our nation’s lending crisis is just now being felt.
For years, when a wholesale reverse mortgage lender delivered a loan to an investor, funds were transferred back to the wholesale lender in a timely manner, usually within 24-48 hours.
Beginning last Friday, however, we unexpectedly began to experience significant delays in obtaining reimbursements from our investors. When we say significant, we mean significant.
James B. Nutter & Company is a 57-year old mortgage banking firm with a sizeable net worth and no debt, but even our warehouse lines have their limit. We cannot allow a substantial receivable deficit to compromise our strength.
As such, effective Friday January 9th, we are implementing a two-week moratorium on new file submissions. Rest assured the moratorium is temporary, and all current loans in the pipeline will continue to be underwritten and closed.
We have received assurances that this unexpected interruption will be corrected shortly. We apologize in advance for any inconvenience that this will cause both you and your clients, but the situation is unavoidable. Our entire staff is at your disposal, ready to answer any questions and guide you through this temporary delay. We are hiring personnel and working lots of overtime to work through this bottleneck.
Thank you for your continued and valued business. We look forward to working with you!
Re: Two-Week Submission Moratorium
To our Valued Correspondents:
The latest repercussion from our nation’s lending crisis is just now being felt.
For years, when a wholesale reverse mortgage lender delivered a loan to an investor, funds were transferred back to the wholesale lender in a timely manner, usually within 24-48 hours.
Beginning last Friday, however, we unexpectedly began to experience significant delays in obtaining reimbursements from our investors. When we say significant, we mean significant.
James B. Nutter & Company is a 57-year old mortgage banking firm with a sizeable net worth and no debt, but even our warehouse lines have their limit. We cannot allow a substantial receivable deficit to compromise our strength.
As such, effective Friday January 9th, we are implementing a two-week moratorium on new file submissions. Rest assured the moratorium is temporary, and all current loans in the pipeline will continue to be underwritten and closed.
We have received assurances that this unexpected interruption will be corrected shortly. We apologize in advance for any inconvenience that this will cause both you and your clients, but the situation is unavoidable. Our entire staff is at your disposal, ready to answer any questions and guide you through this temporary delay. We are hiring personnel and working lots of overtime to work through this bottleneck.
Thank you for your continued and valued business. We look forward to working with you!
Tuesday, January 6, 2009
FHA Refinance Transactions ..New requirements
New Mortgagee Letter 2008-40 addresses some major changes to FHA refinance transactions.
Effective with Case Numbers issued on or after Jan 1st 2009:Highlights of the Mortgagee Letter are:
1. Maximum LTV for most types of refinances will be 97.75% ( Base loanamount; prior to UFMIP)
2. Rate and Term: (Conventional to FHA) and FHA-FHA refinance withAppraisal will be limited to lesser of calculation of payoff, prepaids,closing cost etc OR 97.75% of value
3. Cash out refinance 95% or 85% . All "cash out" refinances exceeding85% LTV will require a second appraisal
4. UFMIP: Rate/Term and "Cash Out" refinance = 1.75%FHA to FHA (with or without appraisal) = 1.50%
Please email bob.accorto@acmgi.com and request a copy of the entire Mortgagee Letter 2008-40 and Matrix for all changes and guidance.
Effective with Case Numbers issued on or after Jan 1st 2009:Highlights of the Mortgagee Letter are:
1. Maximum LTV for most types of refinances will be 97.75% ( Base loanamount; prior to UFMIP)
2. Rate and Term: (Conventional to FHA) and FHA-FHA refinance withAppraisal will be limited to lesser of calculation of payoff, prepaids,closing cost etc OR 97.75% of value
3. Cash out refinance 95% or 85% . All "cash out" refinances exceeding85% LTV will require a second appraisal
4. UFMIP: Rate/Term and "Cash Out" refinance = 1.75%FHA to FHA (with or without appraisal) = 1.50%
Please email bob.accorto@acmgi.com and request a copy of the entire Mortgagee Letter 2008-40 and Matrix for all changes and guidance.
White House Pulls the Plug on 'FHA Secure'December 19, 2008
The White House is pulling the plug on the Federal HousingAdministration's "FHA Secure" refinancing program at yearend, accordingto industry sources.
FHA Secure has helped at least 460,000 subprime borrowers refinance into Federal Housing Administration-backed loans.The Bush Administration launched the program in August 2007 as part of President Bush's first response to the subprime crisis which later morphed into a global financial meltdown.
FHA Secure was meant to be a temporary program that expired at the end of 2008. However, lender and consumer groups have urged the Department of the Housing and Urban Development and the White House to extend it through 2009.
"The expanded loan options offered by FHA Secure are an essential component of our collective efforts to help the largest possible numbers of at-risk borrowers," according to a November letter signed by several trade groups. Under the program, FHA loosened its underwriting standards to allow borrowers with adjustable-rate mortgages to refinance into fixed-rate FHA mortgages.
The program was expected to help refinance borrowers who were behind on their payments, but only 4,000 delinquent borrowers were refinanced.
http://www.nationalmortgagenews.com/washington/
FHA Secure has helped at least 460,000 subprime borrowers refinance into Federal Housing Administration-backed loans.The Bush Administration launched the program in August 2007 as part of President Bush's first response to the subprime crisis which later morphed into a global financial meltdown.
FHA Secure was meant to be a temporary program that expired at the end of 2008. However, lender and consumer groups have urged the Department of the Housing and Urban Development and the White House to extend it through 2009.
"The expanded loan options offered by FHA Secure are an essential component of our collective efforts to help the largest possible numbers of at-risk borrowers," according to a November letter signed by several trade groups. Under the program, FHA loosened its underwriting standards to allow borrowers with adjustable-rate mortgages to refinance into fixed-rate FHA mortgages.
The program was expected to help refinance borrowers who were behind on their payments, but only 4,000 delinquent borrowers were refinanced.
http://www.nationalmortgagenews.com/washington/
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