NEW PENN FINANCIAL ~ Learning & Development

Transcription

1 NEW PENN FINANCIAL ~ Learning & Development Corporate Training February, 2015

2 Important Note: This document is supplemental to the Product Profile located within the internal New Penn Lending Library and the external Client Library within the Broker Portal. Questions - General 1.) How does Borrower get MIP refund from previous loan? A. This information is located on the Refinance Authorization and the borrower can go here: 1.) You mentioned netting escrows can only be done on NP to NP NON CREDIT QUALIFYING. Why can't it be done on regular (credit qualifying) FHA NP to NP? A. At this time, the netting of escrows on NP to NP NON CREDIT QUALIFYING and Credit Qualifying is not permitted in the TPO channel. 2.) Does Shelter to Shelter count as NPF to NPF? A. NPF Portfolio loans include any loan that has passed through the Destiny/Epic system and are currently being serviced by Shellpoint Mortgage Servicing. Loans originated by NPF or its subsidiaries are not eligible for the NCQ Streamline Refinance program if the servicing rights are held by someone other than Shellpoint Mortgage Servicing. 3.) Will Credit Reports reflect when a loan is being serviced by Shellpoint? A. Yes; see sample image Page 1 of 7

3 4.) Can we pull mortgage only credit reports? A. At this time, a full tri-merged credit report is required on all Streamline Refinance loans. 5.) What happens if there is a judgment on the credit report that may affect title / first lien position in the future? A. On our Non-Credit Qualifying Streamline products, judgments and tax liens are only an issue if they impact our ability to take first lien on title. New Penn Financial must be in first lien position in order to originate a loan. 6.) What about tax liens or?? may affect 1st position? A. On our Non-Credit Qualifying Streamline products, judgments and tax liens are only an issue if they impact our ability to take first lien on title. New Penn Financial must be in first lien position in order to originate a loan. 7.) Is it true that SMS is currently taking > 2 weeks to deliver payoff demands? A. No, they are currently same day -- but will depend on volume. 8.) New Penn to New Penn, unemployment would be OK, but for non-portfolio, need to be employed? A. On NPF to NPF loans, we currently own the risk and only stand to better our position by improving the borrower's position, therefore we adhere to HUD's guidelines and do not verify income or employment. On Non-portfolio loans we are taking on new risk and therefore require a VOE prior to approving the file. 9.) For non-portfolio non-credit qualifying, do the mortgage seasoning time frames apply? A. New Penn Financial requires a minimum 12 month's seasoning on Non-Portfolio NCQ Streamline Refinances; this is an overlay to HUD's 6 month requirement(s). Page 2 of 7

4 10.) Do we require broker to run DU? A. FHA Streamlines are manually underwritten - no AUS is to be run. This is detailed in Section 1.2 of the FHA Product Profile: FHA Total Scorecard must be run on all loans with the exception of Streamline Refinances which allow for manual underwriting. 11.) Is it true the loan amount cannot exceed the current loan's payoff? A. The maximum insurable mortgage for streamline refinances without an appraisal cannot exceed the outstanding principal balance minus the applicable refund of the UFMIP plus the new UFMIP that will be charged. Note: The outstanding principal balance may include interest charged by the servicing lender (up to 60 days) when the payoff is not received on the first day of the month, but may not include delinquent interest, late charge, or escrow shortages. 12.) Do we run the AUS on these? A. FHA Streamlines are manually underwritten - no AUS is to be run. This is detailed in Section 1.2 of the FHA Product Profile: FHA Total Scorecard must be run on all loans with the exception of Streamline Refinances which allow for manual underwriting. 13.) Not sure I understand the product selection in Marksman. Is the with credit the only option? Is there a NP to NP option? A. Clarified with Phil's recent announcement; the Product Launch announcement has been updated on the guideline intranet as well. 14.) Do we have access to a list of FHA loans closed by our brokers over the last 12 months? A. See your Sales Manager for more information 15.) If its close days, can the broker originate prior to the 210 days to get this into the queue? A. A case number cannot be issued until all seasoning requirements have been met. Page 3 of 7

5 16.) What if they lived at home rent free prior to owning the home. Would we have wait 24 months on mortgage? A. At a minimum, the required mortgage seasoning (6 or 12 months, depending on SL type) must be met. Once the mortgage seasoning has been met, the mortgage or housing history may be comprised of multiple mortgages or rental history. Borrrowers who previously lived rent free would require an exception. 17.) FHA connection show amount MIP refund? Do the brokers has access to FHA connection? A. The HUD Handbook provides a table for the refund schedule (HUD f) that can be used to provide an estimate until the final number can be validated with FHA Connection. 18.) Does Broker originated for New Penn count as NPF to NPF? A. NPF Portfolio loans include any loan that has passed through the Destiny/Epic system and are currently being serviced by Shellpoint Mortgage Servicing. Loans originated by NPF or its subsidiaries are not eligible for the NCQ Streamline Refinance program if the servicing rights are held by someone other than Shellpoint Mortgage Servicing. 19.) So we are not needing a MCO report as well as full credit report? A. No, tri-merge credit report only 20.) On NPF to NPF streamlines, to confirm the AM requests the payoff from SMS on these files? A. Yes 21.) Do we have a way to get the Upfront MI refund for our broker so they can calculate their loan amount more accurately? A. The HUD Handbook provides a table for the refund schedule (HUD f) that can be used to provide an estimate until the final number can be validated with FHA Connection. Page 4 of 7

6 22.) If a borrower had a 30 year mortgage and wishes to apply for a 20 year streamline program, do they still have to have a 5% savings? A. See C.5.a Definition of Net Tangible Benefit of Streamline Refinance: A reduction in the term of the mortgage is not a net tangible benefit. 23.) How are the QM tests being done in regards to DTI? A. The QM rules, as they pertain to DTI, do not apply when a loan is eligible for insurance by HUD, so by the nature of this product, no QM tests will be done in regards to DTI. 24.) If a borrower closed an NPF file 3 months ago and does not meet the 6 payment/210 day seasoning requirement, are they able to do a R/T with new MIP or cannot do anything until they meet the 6 month/210 day seasoning? A. Yes, a rate & term refinance, subject to NTB requirements, may be originated. All FHA guidelines as they pertain to rate & term refinances must be adhered to. 25.) Can loan approved as Credit Qualifying be switched to Non-Credit Qualifying after the fact? A. No. Once a loan is reviewed and approved as a Credit Qualifying SL refinance, it is not eligible to be switched to a NCQ SL Refinance. 26.) Are we still charging our 495 fee on the NCQ? A. Fees are defaulting for the products like normal 27.) In measuring the 6 month payments made/210 day seasoning period, can a loan be submitted prior to these dates and close after the 2 seasoning dates have passed? A. A case number cannot be issued until all seasoning requirements have been met. 28.) Less than 620 & less than 24 months mortgage history - will we require canceled checks for private party VOR to make the 24 month history? A. Yes Page 5 of 7

7 29.) NCQ Husband credit is 720 wife is 588 Mortgage is no lates in last 12 months. Can we use Husband's credit only? A. If both borrowers are on the loan, the scores for both must be analyzed in the same manner as they would be on any other loan. 30.) If the borrower has a case number prior to FHA making the mip for the life of the loan. Will the new loan require life of loan coverage? A. Determination of the type and amount of MI for FHA loans is based on the current case number date. Details on current requirements can be found in ML and are effective for loans with FHA case numbers assigned on or after June 3, ) On our non-portfolio no credit streamline, we are requesting income info. Are you saying we want to see it, but won t use the figures"? A. No. Income figures and documentation are not required. We are requiring a VVOE where we will verify 1 year at current employer for Wage Earners and 2 years for current self employment. 32.) Is pricing better for NPF to NPF? A. Generally speaking, no; the biggest difference will be guidelines. There may be slight pricing differences depending on the business channel, branch, etc. 33.) Do we need a Mortgage Only Credit report as well? A. No, tri-merge credit report only 34.) On the Shellpoint payoff request template, it asks "Notes entered in EPIC/Destiny?" What notes get entered into destiny? What are they looking for? Will this hold up the payoff order? A. For Special instructions when applicable; will not hold up the order Page 6 of 7

8 35.) Are 4506 results required? A. There is no change to our current 4506-T policy, found in Section 5.1 of the Product Profile: A fully complete and signed 4506T for each borrower is required. Tax return transcripts are required for all loans (except FHA Streamlines) 36.) The only way to find the UFMIP refund is by pulling a case #? Is there a way to get this info to our Brokers to aid in loan structure? Do they have access to FHA Connection? A. The HUD Handbook provides a table for the refund schedule (HUD f) that can be used to provide an estimate until the final number can be validated with FHA Connection. 37.) Removing borrower: can't stay NCQ Streamline even in the case of divorce or death? A. New Penn Financial guidelines require a loan go Credit Qualifying in order to remove a borrower, regardless of the circumstances. Exceptions may be considered for NPF to NPF loan files. 38.) Is a Credit Attestation required for NCQ? A. No, Credit Attestation is not required for NCQ. 39.) Does the credit report need to be uploaded to XDOC? A. Yes, Credit Reports must be uploaded to XDOC. Page 7 of 7