Dated:3/23/2009
Received:3/25/2009
Posted:3/26/2009
Announces all appraisals of properties that are to be security for FHA-insured mortgages and that are performed on or after April 1, 2009, the appraisal must include the Market Conditions Addendum (Fannie Mae Form 1004MC/Freddie Mac Form 71, released November, 2008). Mortgagee Letter 2009-09 also provides additional guidance for collateral assessment practices for properties located in a declining market. This guidance is also effective April 1, 2009.
Link to full document
Thursday, March 26, 2009
Reverse Mortgage Seminar in Orlando
Solving Senior Money Problems …..
Learning about these products and how to apply them
Earn your Reverse Mortgage Certificate
Learn to originate Reverse Mortgages
This is an 8 hour seminar-learn about Reverse Mortgages, how to explain the different programs, counseling tips, taking a good application, and some excellent tips on MARKETING.
Call for more details
(800) 762-2535
Date: Friday April 10, 2009
Holiday Inn — Orlando
6515 International Drive
Orlando, FL 32819 (407) 351—3500
Valid for 8 hours of continuing education credit in Florida.
Registration 8:30, class 9:00 and last till 5:30. Snacks will be provided. Your certificate of attendance valid for one year.
Cost of Seminar is $ 197.00
Learning about these products and how to apply them
Earn your Reverse Mortgage Certificate
Learn to originate Reverse Mortgages
This is an 8 hour seminar-learn about Reverse Mortgages, how to explain the different programs, counseling tips, taking a good application, and some excellent tips on MARKETING.
Call for more details
(800) 762-2535
Date: Friday April 10, 2009
Holiday Inn — Orlando
6515 International Drive
Orlando, FL 32819 (407) 351—3500
Valid for 8 hours of continuing education credit in Florida.
Registration 8:30, class 9:00 and last till 5:30. Snacks will be provided. Your certificate of attendance valid for one year.
Cost of Seminar is $ 197.00
Friday, March 20, 2009
Florida Reverse Mortgage Round-Up - Please register and join us in either Miami, Orlando or Jacksonville
To view this email as a web page, go here.
Event Tracker Thursday, March 19, 2009
Genworth Financial Home Equity Access, Inc.
formerly known as Liberty Reverse Mortgage, Inc.
Special 3-Day Event:Florida Reverse Mortgage Round-Up
Reverse Mortgage Round-Up (Miami)
Tuesday, March 24, 2009
10 am - 3 pm
9:30 Registration Opens
Click Here to Pre-Register for Miami
Hilton Miami Airport
5101 Blue Lagoon Drive
Miami, FL 33126
Reverse Mortgage Round-Up (Orlando)
Wednesday, March 25, 2009
10 am - 3 pm
9:30 Registration Opens*
Click Here to Pre-Register for Orlando
Embassy Suites International Drive - Jamaican Court
8250 Jamaican Court
Orlando, FL 32819
*Special Session for those new to or interested in Reverse Mortgage origination - begins at 8:30am sharp!
Reverse Mortgage Round-Up (Jacksonville)
Thursday, March 26, 2009
10 am - 3 pm
9:30 Registration Opens*
Click Here to Pre-Register for Jacksonville
Embassy Suites Jacksonville Baymeadows
9300 Baymeadows Road
Jacksonville, FL 32256
*Special Session for those new to or interested in Reverse Mortgage origination - begins at 8:30am sharp!
Please contact our Broker Care Department at (866) 871-1353 or brokerprogram@genworth.com with additional questions.
Event Tracker Thursday, March 19, 2009
Genworth Financial Home Equity Access, Inc.
formerly known as Liberty Reverse Mortgage, Inc.
Special 3-Day Event:Florida Reverse Mortgage Round-Up
Learning is the key to your success. Whether you are just starting out in the Reverse Mortgage business or have been in the business for years, Genworth Financial Home Equity Access is dedicated to helping you learn leading-edge strategies to grow your business. Furthermore, this is your chance to meet our team of experts and discuss new developments in our unique market with our sponsors.Topics that will be covered:
- Current announcements, news, and information from HUD - hear it direct from a HUD Representative
- 2009 Florida and local real estate forecast, local statistics, and trends
- Understanding your senior customers: traits, habits, buy phrases, and more
- Advertising effectively and efficiently with cable television - from Comcast and BrightHouse Networks
- Increase returns on direct mail and seminar campaigns
- Reverse Mortgage for purchase - how to market and gain business
- Gain an edge on your competitors with marketing insights
- Much More!
Reverse Mortgage Round-Up (Miami)
Tuesday, March 24, 2009
10 am - 3 pm
9:30 Registration Opens
Click Here to Pre-Register for Miami
Hilton Miami Airport
5101 Blue Lagoon Drive
Miami, FL 33126
Reverse Mortgage Round-Up (Orlando)
Wednesday, March 25, 2009
10 am - 3 pm
9:30 Registration Opens*
Click Here to Pre-Register for Orlando
Embassy Suites International Drive - Jamaican Court
8250 Jamaican Court
Orlando, FL 32819
*Special Session for those new to or interested in Reverse Mortgage origination - begins at 8:30am sharp!
Reverse Mortgage Round-Up (Jacksonville)
Thursday, March 26, 2009
10 am - 3 pm
9:30 Registration Opens*
Click Here to Pre-Register for Jacksonville
Embassy Suites Jacksonville Baymeadows
9300 Baymeadows Road
Jacksonville, FL 32256
*Special Session for those new to or interested in Reverse Mortgage origination - begins at 8:30am sharp!
Please contact our Broker Care Department at (866) 871-1353 or brokerprogram@genworth.com with additional questions.
Tuesday, March 17, 2009
MAX CASH OUT FHA is 85% effective April 1st! This is not an april fools joke!
LOCK ON LINE!
Step 1: * Go to the TMC website: www.terracemortgage.com
Step 2: * Select “Client Entrance” (1st option under QUICK LINKS)
* Enter your user login & password (7 digit # same for login & Password)
Step 3: * Select “Lock/Register Loan”
Step 4: · Ready, set . . . Fill in the info as prompted (if the loan has submitted, most info will auto populate)
LOCK AWAY!!!!
Still closing and funding USDA
FHA
CONFORMING
DAVE’S TOP 12 LIST FROM THE HOME OFFICE DESK IN LONGWOOD, FLORIDA:
1) FOLLOW FHA SUBMISSION CHECK LIST
2) FILL OUT SUBMISSION FORM COMPLETELY
3) I WOULD RATHER YOU WAIT AN EXTRA DAY TO SUBMIT A FULL FILE THAN SUBMIT A PARTIAL FILE.
4) TRANSFER LETTER IS FILLED OUT AND SIGNED BY BROKER
5) NO PIECE MAILING IN CONDITIONS! ALL OR NONE!
6) MAX DTI ON FHA IS 50% REGARDLESS OF AUS APPROVAL
7)MIN SCORE FHA IS 620
8) TERRACE PULLS A 4506T ON ALL LOANS
9) THERE IS NEVER A DUMB QUESTION
10) SEE #3 ABOVE
11) SEE #5 ABOVE
12) NO STEWART TITLE! I REPEAT NO STEWART TITLE!
David G Bolton
Account Executive
(407) 782-6576 cell
4010 W. Boyscout Blvd.
Suite 550
Tampa, FL 33607
813.870.1400
813.870.1443 (fax)
Step 1: * Go to the TMC website: www.terracemortgage.com
Step 2: * Select “Client Entrance” (1st option under QUICK LINKS)
* Enter your user login & password (7 digit # same for login & Password)
Step 3: * Select “Lock/Register Loan”
Step 4: · Ready, set . . . Fill in the info as prompted (if the loan has submitted, most info will auto populate)
LOCK AWAY!!!!
Still closing and funding USDA
FHA
CONFORMING
DAVE’S TOP 12 LIST FROM THE HOME OFFICE DESK IN LONGWOOD, FLORIDA:
1) FOLLOW FHA SUBMISSION CHECK LIST
2) FILL OUT SUBMISSION FORM COMPLETELY
3) I WOULD RATHER YOU WAIT AN EXTRA DAY TO SUBMIT A FULL FILE THAN SUBMIT A PARTIAL FILE.
4) TRANSFER LETTER IS FILLED OUT AND SIGNED BY BROKER
5) NO PIECE MAILING IN CONDITIONS! ALL OR NONE!
6) MAX DTI ON FHA IS 50% REGARDLESS OF AUS APPROVAL
7)MIN SCORE FHA IS 620
8) TERRACE PULLS A 4506T ON ALL LOANS
9) THERE IS NEVER A DUMB QUESTION
10) SEE #3 ABOVE
11) SEE #5 ABOVE
12) NO STEWART TITLE! I REPEAT NO STEWART TITLE!
David G Bolton
Account Executive
(407) 782-6576 cell
4010 W. Boyscout Blvd.
Suite 550
Tampa, FL 33607
813.870.1400
813.870.1443 (fax)
Wednesday, March 11, 2009
March Madness at Michigan Mutual
Michigan Mutual is an FHA and conventional 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 http://www.michiganmutual.com/.
Contact your AE if you need a login and password for our website/automated underwriting engine.
Julie Sakadales
Senior Account Executive
Michigan Mutual, Inc.
cell: 727-480-7133
email: jsakadales@michiganmutual.com
http://www.michiganmutual.com/
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 http://www.michiganmutual.com/.
Contact your AE if you need a login and password for our website/automated underwriting engine.
Julie Sakadales
Senior Account Executive
Michigan Mutual, Inc.
cell: 727-480-7133
email: jsakadales@michiganmutual.com
http://www.michiganmutual.com/
Thursday, March 5, 2009
Feds Anounce Details of Modification Program
"Making Home Affordable"
Details of Government Modification ProgramThe US Treasury has announced the details of the new program to standardize and incentivize loan modifications. All federally regulated banks and any institution receiving TARP funds must participate. Loans owned by Mortgages Backed Securities (MBS) are allowed but not required to participate (see the bankruptcy law below).
Loans will be modified by the servicing companies pursuant to the standard guidelines. Some of the key features for borrowers include:
No Cost to Borrower for Modification
Lender Must Waive Late Fees
Lender Must Not Require Lump Sum Payments
Payments Will Be Driven Down to 31% DTI (front)
Loan Balances Up To $729,750
First Mortgages Only
Owner Occupied Only
Loan Originated Before 1/1/2009
Borrowers Receive a Credit of $1,000 Per Year for On-Time Payments, Credit is Applied to Principal
Some key features for the lenders/servicers include:
Principal Reduction Is Not Required
Lenders will receive bonus payments and cost sharing from the government as incentives to complete the modifications.
Lenders will perform an NPV (Net Present Value) test to compare the cost of Modification versus a Foreclose. If the modification has a higher NPV then the lender must complete the modification. If lower then the modification is optional.
Payment reductions will be achieved by a structured "waterfall" approach to reach the 31% DTI. First rates will be dropped as low as 2%. If the payment is still too high then the term will be extended for up to 40 years. If the payment is still too high then the lender will forebear principal.
If you would like to learn more then join us for our Mortgage Market Update Seminar on Friday March 6th at 10AM.
More Information:
Program Guidelines
Program Fact Sheet
Details of Government Modification ProgramThe US Treasury has announced the details of the new program to standardize and incentivize loan modifications. All federally regulated banks and any institution receiving TARP funds must participate. Loans owned by Mortgages Backed Securities (MBS) are allowed but not required to participate (see the bankruptcy law below).
Loans will be modified by the servicing companies pursuant to the standard guidelines. Some of the key features for borrowers include:
No Cost to Borrower for Modification
Lender Must Waive Late Fees
Lender Must Not Require Lump Sum Payments
Payments Will Be Driven Down to 31% DTI (front)
Loan Balances Up To $729,750
First Mortgages Only
Owner Occupied Only
Loan Originated Before 1/1/2009
Borrowers Receive a Credit of $1,000 Per Year for On-Time Payments, Credit is Applied to Principal
Some key features for the lenders/servicers include:
Principal Reduction Is Not Required
Lenders will receive bonus payments and cost sharing from the government as incentives to complete the modifications.
Lenders will perform an NPV (Net Present Value) test to compare the cost of Modification versus a Foreclose. If the modification has a higher NPV then the lender must complete the modification. If lower then the modification is optional.
Payment reductions will be achieved by a structured "waterfall" approach to reach the 31% DTI. First rates will be dropped as low as 2%. If the payment is still too high then the term will be extended for up to 40 years. If the payment is still too high then the lender will forebear principal.
If you would like to learn more then join us for our Mortgage Market Update Seminar on Friday March 6th at 10AM.
More Information:
Program Guidelines
Program Fact Sheet
Wednesday, March 4, 2009
Alert: HECM for Purchase Update
To view this email as a web page, go here.
Alert 09-18 Wednesday, March 4, 2009
Coming Soon: HECM for Purchase
We expect to begin accepting applications for HECM Purchase loans during the week of March 30, 2009. We will be able to close and fund in the following weeks.
We will update our calculator, conduct training sessions, and provide updated program guides once we are live with the product.
Additionally, a special edition of our Reverse Mortgage Power Hour will be held in early April to discuss ways to change lives with the new purchase program.
Please contact Broker Care at (866) 871-1353 or brokerprogram@genworth.com with additional questions.
Genworth Financial Home Equity Access, Inc.
Formerly known as Liberty Reverse Mortgage, Inc.
Broker Care Department
10951 White Rock Road, Suite 200
Rancho Cordova, CA 95670
Phone: 866 871.1353
Fax: 866 791.3184
© 2008 Genworth Financial Privacy Policy Licenses
Member National Reverse Mortgage Lenders Association
Alert 09-18 Wednesday, March 4, 2009
Coming Soon: HECM for Purchase
We expect to begin accepting applications for HECM Purchase loans during the week of March 30, 2009. We will be able to close and fund in the following weeks.
We will update our calculator, conduct training sessions, and provide updated program guides once we are live with the product.
Additionally, a special edition of our Reverse Mortgage Power Hour will be held in early April to discuss ways to change lives with the new purchase program.
Please contact Broker Care at (866) 871-1353 or brokerprogram@genworth.com with additional questions.
Genworth Financial Home Equity Access, Inc.
Formerly known as Liberty Reverse Mortgage, Inc.
Broker Care Department
10951 White Rock Road, Suite 200
Rancho Cordova, CA 95670
Phone: 866 871.1353
Fax: 866 791.3184
© 2008 Genworth Financial Privacy Policy Licenses
Member National Reverse Mortgage Lenders Association
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