Section 1 Pricing Policies and Procedures

Size: px
Start display at page:

Download "Section 1 Pricing Policies and Procedures"

Transcription

1 Section 1 Pricing Policies and Procedures For quicker navigation, click on Bookmarks Tab on the top left of the PDF. Pricing Policies and Procedures Loans with borrower FICO Scores below 680 will not be purchased by Nationwide Bank. Nationwide follows Fannie convention of lower of 2, middle of 3 scores. Additionally, FHA Streamline and VA interest rate reduction loans will require a credit report to ensure borrower FICO scores meet this guideline (at this time Nationwide Bank is not purchasing FHA Streamlines). Nationwide Bank s 5-Day Best Efforts Lock Period Option is explained on page 6. LOCK-IN A loan may be reserved at the time of application for a reservation period in accordance with the terms of Nationwide Standard Daily Price Sheet. The rate and points may be Locked-In for the specified period and will remain the same until the expiration date. If the loan is not closed, disbursed, and delivered to Nationwide Bank on or before the expiration date, the rate and points go to float. When this occurs, the price can be relocked for up to a thirty (30) day period at worse case pricing. Worse case pricing is the lesser of the original lock-in price or the current market price with a minimum of.125 charged. FLOAT When a loan application is reserved, the lender may choose to float the rate and points rather than Lock-In. Lock-in must occur on or before closing. When the lender chooses the float option, the rate and points may be subsequently locked in at anytime during the process of the loan, at the then current Nationwide price for up to a ninety (90) day period, that ninety (90) day period to begin on the date of Lock-In. The rate and points will be quoted from our Standard Daily Price Sheet. *The rate and points may be Locked-In for the specified period and will remain the same until the expiration date of the reservation period. If the loan is not closed, disbursed, and delivered to Nationwide Bank on or before the expiration date, the rate and points go to float. When this occurs, the price can be relocked for up to a thirty (30) day period Nationwide Bank 1

2 Pricing Policies and Procedures at worse case pricing. Worse case pricing is the lesser of the original lock-in price or the current market price with a minimum of.125 charged. All refinances must be closed and funds disbursed on or before the loan expiration date. Rescission time should be included within the lock period. Loan must be delivered on or before the expiration date. EXPIRATION OF THE LOCK-IN PERIOD: A. When a Lock-In reservation period expires prior to loan closing, the rate and points go to float. When this occurs, the price can be re-locked for up to a thirty (30) day period. The rate will be re-locked at worse case pricing. Worse case pricing is the lesser of the original lock-in price or the current market price with a minimum of.125 charged. B. When the loan involves a 3-day Right of Rescission, the loan must pay-out (disburse) no later than the lock expiration date and delivered in order to remain at the locked in rate and points. C. When the expiration date falls on a Saturday, Sunday, or a Holiday, Nationwide will extend the reservation expiration date to the following business day. (Nationwide will only recognize Holidays when Nationwide is not open for business). A change in terms, loan type, or loan status may render the loan subject to the current market price at the company s discretion. WHEN SHOULD A CHANGE TO A RESERVATION BE CALLED INTO NATIONWIDE RESERVATION DESK: Any change in loan type, terms, or loan amount over $1, requires a call to the Reservation Desk to make the change, and may necessitate resubmission to Underwriting. The loan may be re-priced at the company s discretion. LOAN DELIVERY: Correspondent partners must close, disburse, and deliver the closed loan file in purchasable form on or before the lock expiration date. Electronic closed loan files successfully submitted via the Nationwide Bank Correspondent website are considered to be delivered for interest rate lock protection. If the loan is received after the lock expiration date, the loan will be re-priced at worse case pricing. In addition to the closed loan file delivery requirements, correspondent Nationwide Bank 2

3 Pricing Policies and Procedures partners must ship the paper collateral file so that Nationwide Bank receives it no later than the business day following the closed loan file. INCOMPLETE FILE DELIVERY AND PENDED LOANS If Nationwide Bank receives the closed loan file before the interest rate lock has expired, the correspondent partner will have the greater of the rate lock expiration date or 10 calendar days from the date of the first On Hold Notice to clear funding deficiencies without any pricing penalty. Loans with funding deficiencies not cleared within this time period will be subject to a Deficiency Fee of 2.5 basis points per calendar day. Any loan with outstanding deficiencies for more than 30 days will be subject to worse case pricing in addition to the Deficiency Fee. EXTENSION POLICY: A rate lock extension is available to correspondent partners if requested on or before the rate lock expiration date. When an expiration date falls on a Saturday, Sunday or a holiday, Nationwide Bank will extend the rate lock expiration date to the following business day. (Nationwide Bank will only recognize holidays when Nationwide Bank is not open for business.) The extension fee will be based on the schedule listed below. (This schedule is subject to change.) Extension Fee Schedule Calendar Days Extended Extension Fee 1-2 days Free 3-5 days days days days days or more days Worse case pricing* *Worse case pricing is the lesser of the original lock-in price or the current market price with a minimum of charged. A loan can only be extended a maximum of 30 days or the length of the original lock period, whichever is less, at one time. Nationwide Bank 3

4 Pricing Policies and Procedures Extension days and fees are cumulative. A first extension of 5 days would be A second extension of 10 additional days would be an additional 0.25 for total of pts. A third extension of 15 additional days would be an additional 0.25 for a total of Once a loan has been extended over 30 days in total, it will be at worse case. When an extension is requested after the rate lock expiration date, the loan is at worse case pricing. RATE LOCK NEGOTIATION POLICY: The terms of this policy are as follows: Total pricing to the correspondent partner must not improve. The benefit must be passed on to the borrower (i.e. the renegotiated rate must not be higher than the highest rate, based on current pricing, which will allow the partner to be paid the equivalent or lower of its original pricing). The borrower must have requested the renegotiation. The expiration date of the negotiated rate lock will be the lesser of the existing expiration date or 30 days from the renegotiation date. The loan file must be delivered by the expiration date. Renegotiation of pricing is a one-time option for a locked loan. A renegotiated loan may be extended one time for a maximum of 15 days at Nationwide Bank s standard extension pricing. All-in pricing on a renegotiated lock will be determined with the SRP schedule in effect for current day s pricing. In order to be considered eligible for a rate-lock renegotiation, the customer s rate must drop by a minimum of.375% for the same lock period (i.e. the Base Price* associated with the current rate.375% below the original lock must be greater than or equal to the original base price). Loan is subject to a 0.50 pt renegotiation fee Example: Original Lock Current Pricing Renegotiated Lock Terms (07/21/12) (08/10/12) Exp 09/19/ % 4.125% 4.125% ** Nationwide Bank 4

5 Pricing Policies and Procedures 60-Day 60-Day 09/09/12 Exp Date Base Price Base Price* Base Price * This loan is eligible for a renegotiated lock based on the fact that the Base Price for an interest rate.375% lower than the current rate (for the same original lock period) is equal to or higher than the original Base Price. ** The interest rate is reduced to a point where the New Base Price (net of the.5% renegotiation fee) is no greater than the original base price. Once you have determined that your request meets all criteria of the Rate Lock Renegotiation Policy, please the request to mtg_reservation_desk@nationwide.com. The renegotiated pricing will be determined based upon the rate sheet in effect at the time of the submission. 5-Day Best Efforts Lock Period Option This option is available for our fixed rate conventional loan programs. The 5 day lock option is on our Correspondent rate sheet. You also have the ability to select a 5 day lock for loans registered via our website. Loans registered and delivered under our 5 Day BE Lock option are subject to all Nationwide Bank Correspondent Guide and Announcements requirements. The only exceptions to our standard policies and procedures are: Rate Lock Renegotiations and Rate Lock Extensions: Rate Lock Renegotiations: Loans registered as 5 Day BE locks are not eligible for our Rate Lock Renegotiation Policy. Rate Lock Extensions: Rate lock extensions of up to 15 days are available for 5 Day BE loans. The Extension Fee table applicable to 5 Day BE loans is as follows: Calendar Days Extension Fee Extended 1 5 days days days Nationwide Bank 5

6 16 or more days Worse case pricing Daily Rates and Reserving Funds OBTAINING DAILY RATES: Nationwide will make available prices at which it will purchase loans, depending on the loan amount and interest rate. Prices will be made available daily after 9:30 a.m., CST. Prices will cut off the following day at 8:30 a.m., CST., (i.e., a price quoted at 9:30 a.m. on Monday would be in effect through 8:30 a.m. on Tuesday. At 9:30 a.m. on Tuesday, the new price would be in effect). Daily Rates and Reserving Funds Rates may be ed to multiple persons within your office. If is unavailable you can access rates from our website at using your personal user name and password. (Please contact the Correspondent Lending Department to obtain your user name and password or to inquire about receiving rates through ). ALL PRICES ARE SUBJECT TO CHANGE DAILY, AT ANYTIME, OR PENDING ON MARKET CONDITIONS. HOW TO RESERVE FUNDS: Funds may be reserved either by Internet, fax, or telephone. Internet Reservations can be made through When reserving your loan on the internet you can have immediate access to your loan confirmation on-line. Reservation Page Enhancements Correspondent Lenders can import a 1003 on the Reservation page to reduce manual entry and ensure the reserved loan matches the This will auto-populate many of the data fields that you would otherwise have to enter. The following bullet points highlight the scope of the enhancements: Correspondent Lenders should import the 1003 prior to using the Price A Loan function on the reservation page. If the 1003 is imported after pricing a loan then the 1003 information will override the Price A Loan information. 1003s can be uploaded in a.dat,.exp or.fnm format. An error is displayed if in any other format. The Reservation page will accept Full or Quick 1003s. Nationwide Bank 6

7 Note: While a Quick 1003 or Full 1003 are accepted on the Reservation page, a Full 1003 is required for all other website functions. Correspondent Lenders will receive a pop-up displaying the data from the 1003 to ensure the correct information is being uploaded. Any required reservation field that does not auto-populate will need entered before submitting. To fax in a reservation, please use Nationwide Bank s Loan Registration Form. Only faxes sent to will be honored. A Loan Registration Form is located in the Forms section on our website. Reservations made via fax will receive their loan confirmation by fax or posted on the web with your loan number. Daily Rates and Reserving Funds Telephone. The reservation desk is available from 8:00 AM CST and 4:30 CST. Outside of these hours a voice message will be accepted. Nationwide Bank s Reservation Desk can be reached at Reservations made via telephone will have their loan confirmation posted on the web with your loan number. Please have the fieldman number that was assigned to your company available when calling for reservations. A date of expiration of commitment will be given at this time. Your confirmation of your lock will be posted on the web with your loan number. The Reservation Desk resets daily prices between 8:30 AM CST and 9:30 AM CST, Monday Friday. Loan reservations cannot be placed during this time frame. Nationwide Bank reserves the right at, our sole discretion, to close the Reservation Desk at anytime due to market conditions. It is the correspondent s responsibility to report any discrepancies on the confirmation upon receipt. 120 Day Float Down New Construction RESERVATION TIME: 120 DAYS RATE CAP: Increase rate chosen from price sheet by.50 POINTS & FEES: Same as shown on price sheet on day of reservation Nationwide Bank 7

8 LOCK-IN: Lock-in within sixty (60) days of closing (not to exceed the original 120 day expiration date) at current rate and points shown on current price sheet or at cap rate and points established at reservation, whichever is most advantageous to borrower. UPFRONT FEE: A 1.0% fee (based on loan amount) is to be collected upfront. The 1.0% fee is refundable prior to closing only in the event Nationwide rejects the loan. The fee is to be remitted to Nationwide within three (3) business days after reservation of funds and will be credited back at funding or returned if the loan is rejected. The reservation will be cancelled if the fee is not received within this time frame. This fee is to be mailed to the attention of the Reservation Desk. UNDERWRITING: The borrowers will be qualified at the cap rate. Nationwide s Fees Charged Per Loan ADMINISTRATION FEE: All purchased loans will be assessed an Administration Fee of $ This fee will be netted from the funding at the time of purchase. UNDERWRITING FEE: The fees are as follows: Conventional DO: $210 (Correspondent provides loan file with DO findings) Conventional DU: $210 (Nationwide Bank runs loan application through DU) All Types of VA/FHA: $210 Appraisal Review Only $75 Appraisal Waiver: $75* Condo Approval (CPM) $75 (Delegated Lenders Only) *If a file has been approved through DO/DU and granted an appraisal waiver, an appraisal waiver fee of $75 will be charged if a property appraisal is not ordered. Delegated lenders that do not have access to Fannie Mae's condo project approval system, Condo Project Manager (CPM), may submit the completed Condo Questionnaire, Budget and Master Condo Insurance Policy to Nationwide Bank Underwriting via our website for review before you underwrite the file. We will charge a $75 fee for the review. If the loan funds, the fee will be withheld (net funded) from Nationwide Bank 8

9 the funding amount. If the loan cancels or is withdrawn, the lender will be billed the fee. NATIONWIDE BANK will not charge a fee on loan applications which have been denied. Loans underwritten by Nationwide Bank that are subsequently withdrawn will be charged an underwriting fee of $210. Conventional, FHA Direct Endorsement, and VA Authorized Agency loans are to be submitted to Nationwide for underwriting prior to closing. Please put the reference number from the billing on your check and send to the attention of the Accounting Department. Nationwide s Fees Charged Per Loan FLOOD CERTIFICATION: Unless a life of loan flood certification from First American Flood Data Services, Inc. (FDSI) has been provided, the lender will be assessed a $7.00 fee to cover the cost of the life of loan certification needed to accompany the basic third party flood certification that you have provided. Forms are provided in the Closing Requirements and Information Section of this manual. FEE FOR WAIVER OF TAX AND HAZARD INSURANCE ESCROW: A fee of.25% is charged to waive escrows on conventional loans with an LTV of 80% or less. This fee is charged to waive any or all portions of the escrows. A required form for Waiver of Escrow is provided in the Escrow Policies and Procedures Section of this manual. TAX SERVICE FEE: All loans are listed with a Tax Service Company and assessed a tax service fee, even though special arrangements may have been made for the borrowers to pay their own taxes. This fee will be netted at funding. The fee is $64. Nationwide Bank 9

10 Funding Procedures For Closed Loans DELIVERY DATE EXPIRATION: Lenders are expected to close, disburse and deliver the loan in purchasable form on or before the lock expiration date. There is no additional delivery period offered. If the loan is received after the lock expiration date, the loan will be re-priced at worse case pricing. FUNDING CUTOFF: Nationwide s cutoff for funding (with the next month s payment due to Nationwide) is the 15 th or the 25 th of the month, in accordance with arrangements made at time of lender approval. A Funding Cutoff Authorization form is included in the application package. Depending on which date you choose, if, for any reason, the loan is not purchased from you on or prior to that date, and the first payment is due the first of the next month, we will expect you to keep that principal and interest payment. We will amortize down the balance and purchase that amount from you. Keep in mind, if the loan being purchased has Private Mortgage Insurance or FHA MIP, you would be expected to transmit that month s insurance payment to the proper agency. Funding Procedures For Closed Loans Interest to date of funding, as well as discount, premium and any applicable fees will be netted at funding. Every effort will be made to fund loans within five (5) business days after receipt of the closed loan package, provided all required documentation is received in acceptable form. The correspondent will receive notification of the details of loan purchase prior to receipt of the wire funding. WIRE TRANSFER FUNDING: Nationwide purchases loans with wire transfers on the day of funding. A Purchase Advice report will be uploaded to the Correspondent website for your review. IRS FORM 1098 REPORTING OF INTEREST: On IRS Form 1098, Nationwide Bank reports to the IRS, all interest that is paid by the borrower to Nationwide through monthly principal and interest payments. This will include interest that was credited back to the lender in the funding if that interest was then included in a monthly payment to Nationwide from the borrower. Loan Registration Information RESERVATION OF FUNDS: The following list provides all the information needed prior to reserving loans on-line or making your call to the Nationwide Reservation Desk. In the event the phone is busy during business hours, 8:00 am CST to Nationwide Bank 10

11 4:30 pm CST, a timed voice message system is available. Leave a message with your name, phone number, and number of locks and your call will be returned during business hours. Please have the following information readily available. Loan Registration Information Lender Name Your Name Fieldman #/Lender Code Lender Phone # Lender Loan # Borrower s Name (First, Middle, Last) Borrower FICO Score Co-Borrower s Name Co-Borrower FICO Score Property Address (required if locking) City State/Zip County Application Date (MM/DD/YYYY) Loan Type Term Fixed Rate/Arm Loan w/ Margin Buydown Mtg Program (This option will be removed Nationwide Bank will no longer purchase loans with interest buydowns). Purchase/Refinance Refinance Type Subordinate Financing Amount Property Type Property Class (Condo/PUD/Neither) # of Units Loan Amount Sales Price/Estimated Value Waive Escrow s (On Conv. Loans 80% LTV or Less) Lock/Float Length of Lock (15, 30, 45, 60, 90, or 120 days) Lock In Date (MM/DD/YYYY) Interest Rate Price SRP Total Price Construction Permanent Document Type Comments Nationwide Bank 11

12 Loans with any form of loan-level pricing adjustments as described in the Underwriting Policies section of this manual, must be identified as such at the time of lock. Instructions to the Loan Reservation Section of Our Website ** PLEASE NOTE THAT A USER NAME AND PASSWORD IS REQUIRED TO ACCESS THIS PORTION OF OUR WEBSITE. A USER NAME AND PASSWORD IS ASSIGNED TO APPROVED CORRESPONDENTS ONLY. IF YOU NEED TO OBTAIN THIS INFORMATION, PLEASE CONTACT THE CORRESPONDENT LENDING DEPARTMENT. ** * Access * Enter Login ID and Password * Select Continue * On the far left of this page, under Lender Tools, select Reserve a Loan On-line * Complete the Correspondent Loan Reservation Form * Select submit Loan Registration Information CHANGE IN LOAN STATUS: When the status of a loan changes (i.e. change in loan amount more than $1,000.00, change from float to lock-in, change in points, waiver of escrows requested, etc.) Nationwide must be informed of the change. Nationwide recommends that changes are called in to the Reservation Desk at or ed at mtg_reservation_desk@nationwide.com. Loans that are registered through the Internet with Nationwide at float status: When accessing the Internet to lock the same loan, complete the Float to Lock screen under the Loan Center tab on Nationwide s Correspondent website. If you are making a change to an already registered loan and still wish to use the Internet: To request an extension, complete the Loan Extension screen under the Loan Center tab on Nationwide s Correspondent website. To cancel a loan, complete the Loan Cancellation screen under the Loan Center tab on Nationwide s Correspondent website. To make changes to an existing reservation, send an to: mtg_reservation_desk@nationwide.com. CONFIRMATION LETTER: Once a loan is reserved with Nationwide, the confirmation letter will be posted on the web with your loan number within 24 hours. The lender is responsible for the accuracy of the information. Discrepancies MUST be called in to the Reservation Desk immediately. Failure to do so may jeopardize the price at Nationwide s discretion. Nationwide Bank 12

13 LOAN DENIAL/CANCELLATION CODES: Loans reserved at float will remain active in our pipeline for a period of 180 days from the application date, if there has been no activity to the loan the reservation will be cancelled. Loans that are locked and expire will be cancelled from the pipeline after 60 days from the expiration date if no activity. Loans received for underwriting that are approved or credit approved but have no activity for 180 days from the approved date will be cancelled. Loans rejected or deemed incomplete will be cancelled 90 days from the reject or incompletion date, if no additional documentation for review is received. It is the lenders responsibility to contact the Reservation Desk to save the reservation if the loan is not to be cancelled. Early Payoff Policy For any Mortgage Loan that is prepaid in full on or before 120 days following the applicable Sale Date, the Correspondent shall refund to Nationwide Bank, within 30 days after Nationwide Bank notifies the Correspondent of the prepayment, an amount equal to (i) the servicing release premium paid for such Mortgage Loan, plus (ii) any premium pricing paid to the Correspondent less any discount pricing. Geographic Restrictions Nationwide Advantage Mortgage Company does not purchase loans in Puerto Rico. Nationwide Bank 13

Section 1.03 Loan Registration and Lock-in Procedures

Section 1.03 Loan Registration and Lock-in Procedures Section 1.03 Loan Registration and Lock-in Procedures In This Policy Section This policy section contains the following topics. Related Bulletins... 2 Daily Rates and Price Notification... 2 General...

More information

Loan Registration and Lock Policies. Client Guide Chapter 3

Loan Registration and Lock Policies. Client Guide Chapter 3 Loan Registration and Lock Policies Client Guide Chapter 3 Gateway Mortgage Group, LLC Correspondent Lending Division Client Guide 11/05/2018 TABLE OF CONTENTS Chapter 3 Daily Rates and Price Notification

More information

Loan Registration and Lock Policies

Loan Registration and Lock Policies Loan Registration and Lock Policies Client Guide Chapter 3 1 Gateway Mortgage Group, LLC Correspondent Lending Division Client Guide_ Rev. 6.28.17 TABLE OF CONTENTS Chapter 3 Daily Rates and Price Notification

More information

Version 7/07/14 REV (6/27/16) Posted 6/27/16 Page 5-i

Version 7/07/14 REV (6/27/16) Posted 6/27/16 Page 5-i Version 7/07/14 REV (6/27/16) Posted 6/27/16 Page 5-i 5 - Table of Contents 5 - PRICING AND COMMITMENTS... 5-1 OVERVIEW... 5-1 Description... 5-1 Selling/Delivery Methods... 5-1 Commitments... 5-1 Commitment

More information

Rate Lock Policy and Procedures

Rate Lock Policy and Procedures Rate Lock Policy and Procedures Loan Registration and Rate Lock Requests Floating Loans Loans registered without being locked are referred to as floating. When a loan is floating, the broker is assuming

More information

Accenture Mortgage Cadence. Loan Fulfillment Center. Forms Job Aid

Accenture Mortgage Cadence. Loan Fulfillment Center. Forms Job Aid Accenture Mortgage Cadence Loan Fulfillment Center f Table of Contents FORM FORMATS...8 1003 UNIFORM RESIDENTIAL LOAN APPLICATION...9 1008 UNIFORM UNDERWRITING AND TRANSMITTAL SUMMARY... 10 1008 Uniform

More information

Own New Orleans Program Down Payment Loan (Amortizing 2nd Mortgage)

Own New Orleans Program Down Payment Loan (Amortizing 2nd Mortgage) Own New Orleans Program Down Payment Loan (Amortizing 2nd Mortgage) Program Issuer: Finance Authority of New Orleans ADMINISTRATOR S GUIDE Published on 08/15/17 Updated 10/01/18 Updates on Page 3 FANO

More information

IHDA Commitment / Reservation Manual

IHDA Commitment / Reservation Manual r The Homeownership Department IHDA Commitment / Reservation Manual Revised April, 2015 Revised September, 2015 Revised March, 2016 Revised August, 2016 Revised October, 2016 Revised June, 2017 The Illinois

More information

DELAWARE STATE HOUSING AUTHORITY (DSHA) HOMEOWNERSHIP LOAN PROGRAM NOTICE Effective May 1, 2018

DELAWARE STATE HOUSING AUTHORITY (DSHA) HOMEOWNERSHIP LOAN PROGRAM NOTICE Effective May 1, 2018 DELAWARE STATE HOUSING AUTHORITY (DSHA) HOMEOWNERSHIP LOAN PROGRAM NOTICE Effective May 1, 2018 The sections of this Program Notice marked with an asterisk (*) are general summaries of provisions contained

More information

WHOLESALE Good Faith Estimate Compliance Manual

WHOLESALE Good Faith Estimate Compliance Manual WHOLESALE Good Faith Estimate Compliance Manual Understanding the 2010 GFE Compliance Department 2/2/2015 2015 Pacific One Lending. http://www.nmlsconsumeraccess.org. Rates, fees and programs are subjected

More information

Prior to Closing Wholesale

Prior to Closing Wholesale Closing Section 5 Prior to Closing Wholesale ------------------------------------------------------------ 5.2 Closing the Loan Wholesale ---------------------------------------------------------- 5.2 Title

More information

Section 1.04 Automated Underwriting

Section 1.04 Automated Underwriting Section 1.04 Automated Underwriting In This Section This section contains the following topics. Overview... 2 General... 2 Related Bulletins... 2 AUS Guidelines... 3 Implementation... 3 Loans Not Rated

More information

SONYMA Conventional Plus Correspondent Term Sheet

SONYMA Conventional Plus Correspondent Term Sheet Product Type 30 Year Fixed Rate Mortgage. Sales Focus This program combines the flexibility offered by Fannie Mae s HomeReady Mortgage along with SONYMA s Down Payment Assistance Loan (DPAL). It is designed

More information

User Guide for Pricing Engine

User Guide for Pricing Engine User Guide for Pricing Engine Version 1.2 Effective Date: 02/27/2019 Contents 1.0 STEPS TO ACCESS SEEMYLOANSTATUS... 2 2.0 SUBMITTING LOCK REQUEST... 4 2.1 STEPS TO REQUEST LOCK ON A NEW LOAN... 4 2.2

More information

URBAN RESIDENTIAL FINANCE AUTHORITY OF THE CITY OF ATLANTA, GEORGIA. HOME ATLANTA 4.0 FEBRUARY 22, 2013 Revised Revisions are shown on Page 3

URBAN RESIDENTIAL FINANCE AUTHORITY OF THE CITY OF ATLANTA, GEORGIA. HOME ATLANTA 4.0 FEBRUARY 22, 2013 Revised Revisions are shown on Page 3 ehousingplus Administrator s Guidelines URBAN RESIDENTIAL FINANCE AUTHORITY OF THE CITY OF ATLANTA, GEORGIA HOME ATLANTA 4.0 FEBRUARY 22, 2013 Revised 6-9-14 Revisions are shown on Page 3 HOME ATLANTA

More information

A PROGRAM OF THE HOUSING AUTHORITY OF THE CITY OF CHEYENNE

A PROGRAM OF THE HOUSING AUTHORITY OF THE CITY OF CHEYENNE A PROGRAM OF THE HOUSING AUTHORITY OF THE CITY OF CHEYENNE Administrator s Guidelines Published July 1, 2014 Updates are shown on Page 3 Welcome Home Wyoming Administrator s Guidelines Page 2 TIME ZONES

More information

Secondary Marketing Lock Desk Policies & Procedures

Secondary Marketing Lock Desk Policies & Procedures Secondary Marketing Lock Desk Policies & Procedures Objective is to ensure that all loans are purchased or closed at fair market prices that minimize market risk for First Heritage Mortgage Services. All

More information

Loan Originator Workflow. General Overview

Loan Originator Workflow. General Overview Loan Originator Workflow General Overview Responsibilities Obtaining a complete and accurate loan application. Completing all required fields within Point including but not limited to Company or Personal

More information

MCC Correspondent General Guidelines and Procedures

MCC Correspondent General Guidelines and Procedures MCC Correspondent General Guidelines and Procedures 1. Doing Business with MCC Correspondent Lending 2. Eligible Mortgage Loans 3. Loan Registration and Lock Policies 4. Loan Delivery and Purchase Procedures

More information

Section 1.04 Automated Underwriting

Section 1.04 Automated Underwriting Section 1.04 Automated Underwriting In This Section This section contains the following topics. Overview... 2 Related Bulletins... 2 AUS Guidelines... 3 Implementation... 3 Loans Not Rated Approve or Accept...

More information

Correspondent Lending FHA Fixed Rate

Correspondent Lending FHA Fixed Rate Agency Correspondent Lending FHA Fixed Rate Correspondent Lending FHA Fixed Rate Maximum Loan Amount County Minimum Loan Amount $50,000 10, 15, 20, 25 & 30 YR Fixed Rates & 5/1 CMT ARM DU Approve, LP Accept

More information

When pricing changes occur during the day, updated rate sheets are distributed. (Refer to the Intra-Day Price Change process)

When pricing changes occur during the day, updated rate sheets are distributed. (Refer to the Intra-Day Price Change process) INTRODUCTION Many products and pricing options are offered to meet market demand. RATE SHEETS Rate sheets provide program and pricing information. Rate sheets are distributed in the morning of each business

More information

BankSouth Mortgage. Secondary Marketing Lock Policies

BankSouth Mortgage. Secondary Marketing Lock Policies BankSouth Mortgage Secondary Marketing Lock Policies Revised: November 2017 General Information Locks Standard Lock Times BankSouth mortgage locks the borrower, not the property. Lockdesk hours are between

More information

Platinum Mortgage, Inc. Operations Manual

Platinum Mortgage, Inc. Operations Manual 1 Platinum Mortgage, Inc. Operations Manual LOCKS AND REVISIONS SECTION 2 2.1 Registration Floating Loans Rate Lock Rate Lock Procedure Duplicate Rate Locks 2.2 Pricing Rate Sheet Distribution Interest

More information

WHEDA-Connect Administrators and Users Manual

WHEDA-Connect Administrators and Users Manual WHEDA-Connect Administrators and Users Manual Page left blank intentionally. WHEDA 1.0 Overview: WHEDA-Connect 1 Last Revised Date: October 16, 2017 Table of Contents 1.0 Overview: WHEDA-Connect... 3 2.0

More information

19 FREQUENTLY ASKED QUESTIONS

19 FREQUENTLY ASKED QUESTIONS 19 FREQUENTLY ASKED QUESTIONS TERMS & CONDITIONS Q. What is the Total Debt To Income ratio allowed under the Program? A. The Total Debt To Income ratio cannot exceed 50.00%, unless other restrictions apply.

More information

FGMC Correspondent Announcement: First Guaranty Mortgage Corporation Correspondent Lending Seller Guide Updates

FGMC Correspondent Announcement: First Guaranty Mortgage Corporation Correspondent Lending Seller Guide Updates 01-30-2017 FGMC Correspondent Announcement: First Guaranty Mortgage Corporation Correspondent Lending Seller Guide Updates The Seller Guide has been updated to include changes to the following: Loan delivery

More information

Nortex Housing Finance Corporation 2013 Mortgage Origination Program

Nortex Housing Finance Corporation 2013 Mortgage Origination Program Nortex Housing Finance Corporation 2013 Mortgage Origination Program Administrator Guidelines PUBLISHED JULY 1, 2013 REVISED JULY 2, 2013 Revisions on page 4 NORTEX HFC 2013 Mortgage Origination Program

More information

The Jump Start Guide. Version 10.17

The Jump Start Guide. Version 10.17 The Jump Start Guide Version 10.17 Table of Contents Table of Contents Subject Pages About MI Online.... 3 Getting Started....... 4 Obtaining User IDs..... 5 Determining What Access You Need...... 6 Logging

More information

Logging In: Home Page:

Logging In: Home Page: Imaged Loan Delivery Logging In: Using your assigned website user login you will log into the BB&T Correspondent Lending website at the following link. https://correspondentlending.bbt.com/ Home Page:

More information

Radian LendingQB Mortgage Insurance User Guide. Revised January 19, 2017

Radian LendingQB Mortgage Insurance User Guide. Revised January 19, 2017 Mortgage Insurance User Guide Revised Contents Radian Mortgage Insurance User Guide... 1 1. Objective... 3 2. Logging into... 3 3. Adding Radian as a Mortgage Insurance Provider... 4 4. Entering Branch

More information

2 TERMS AND CONDITIONS

2 TERMS AND CONDITIONS 2 TERMS AND CONDITIONS All Home Advantage loans must be delivered to Lakeview Loan Servicing. Each Loan must satisfy the following terms and conditions: LOAN TYPES Fixed rate FHA 203(b), 234 (c), HUD 184,

More information

Mini-Correspondent Lock Policies

Mini-Correspondent Lock Policies Mini-Correspondent Lock Policies Revised 4/24/2018 SECTION 1 INTRODUCTION... 2 1.1 Correspondent Locks... 2 1.2 Lock Expiration Date/Correspondent Delivery Expiration Date... 2 1.3 Correspondent Purchase

More information

Mortgage Terms Glossary

Mortgage Terms Glossary Mortgage Terms Glossary Adjustable-Rate Mortgage (ARM) A mortgage where the interest rate is not fixed, but changes during the life of the loan in line with movements in an index rate. You may also see

More information

2 TERMS AND CONDITIONS

2 TERMS AND CONDITIONS 2 TERMS AND CONDITIONS All Home Advantage loans must be delivered to Lakeview Loan Servicing. Each Loan must satisfy the following terms and conditions: LOAN TYPES Fixed rate FHA 203(b), 234 (c), HUD 184,

More information

Merchants Bank, National Association

Merchants Bank, National Association Merchants Bank, National Association Encompass TPO WebCenter User Guide Full Document Processing Table of Contents Third Party Origination Website User Guide Getting Started Section 1 Gaining Initial Access

More information

MINIMUM MORTGAGE: None

MINIMUM MORTGAGE: None LOAN PROGRAM DESCRIPTION:... 2 LOCK-IN/REGISTRATION:... 2 MINIMUM MORTGAGE:... 2 MAXIMUM MORTGAGE:... 2 MAXIMUM LTV/CLTV:... 2 ADDITIONAL CONSIDERATIONS:... 3 AGE OF DOCUMENTS:... 3 APPLICATION REQUIREMENTS:...

More information

First Guaranty Mortgage Corporation Lock Policy and Procedures

First Guaranty Mortgage Corporation Lock Policy and Procedures First Guaranty Mortgage Corporation Lock Policy and Procedures Locking Loans (Updated 06/09/2014) All Correspondent Sellers have the ability to submit locks, extensions, and change request online. Off

More information

IHDA Commitment / Reservation Manual

IHDA Commitment / Reservation Manual r The Homeownership Department IHDA Commitment / Reservation Manual Revised April, 2015 Revised September, 2015 Revised March, 2016 Revised August, 2016 Revised October, 2016 Revised June, 2017 Revised

More information

NEW LOAN REGISTRATION PROCESS

NEW LOAN REGISTRATION PROCESS 1 I N T R O D U C T I O N TO M I C H I G AN M U T U AL S NEW LOAN REGISTRATION PROCESS MIMUTUAL PORTAL PORTAL FEATURES Loan Status s Pipeline Icon Functionality Document Upload Loan Change Requests Appraisal

More information

CAPITAL MARKETS MANUAL

CAPITAL MARKETS MANUAL Section 1 INTRODUCTION 1.1 Overview The NewLeaf Wholesale Rate Lock Policy defines the rate lock, extension, and renegotiation policies of NewLeaf Wholesale ( NewLeaf ). NewLeaf offers a variety of lock

More information

Oklahoma County Home Finance Authority Turnkey Mortgage Origination Program

Oklahoma County Home Finance Authority Turnkey Mortgage Origination Program Oklahoma County Home Finance Authority Turnkey Mortgage Origination Program Administrator Guideline Published - January 4, 2013 Revised 10-12-13 Revisions are shown on Page 3 OCHFA Turnkey Mortgage Origination

More information

Credit Variance Administration System (CVAS ) User Guide

Credit Variance Administration System (CVAS ) User Guide Credit Variance Administration System (CVAS ) User Guide 2016 Fannie Mae. Trademarks of Fannie Mae. December 2016 1 of 24 Table of Contents Chapter 1. Introduction to CVAS... 3 Chapter 2. Requesting a

More information

Product Eligibility and Pricing Services. Loan Originator User Guide

Product Eligibility and Pricing Services. Loan Originator User Guide Product Eligibility and Pricing Services Loan Originator User Guide Table of Contents Table of Contents Log In... 1 Enter New Loan Data... 1 Evaluate Products... 6 Analyze Search Results... 6 Update Search

More information

Western Bancorp Correspondent Lending Guide

Western Bancorp Correspondent Lending Guide SECTION 6. PRICING AND LOCK POLICIES... 2 6.1 Lock Desk Hours of Operation...2 6.2 Lock Desk Contact and Communication...2 6.3 Loan Management System (LMS Xpress)...2 6.4 Pricing/Rate Sheet...2 6.5 General

More information

19 FREQUENTLY ASKED QUESTIONS

19 FREQUENTLY ASKED QUESTIONS 19 FREQUENTLY ASKED QUESTIONS TERMS & CONDITIONS Q. What is the Total Debt To Income ratio allowed under the Program? A. The Total Debt To Income ratio cannot exceed 50.00%, unless other restrictions apply.

More information

Mortgage Cadence User Guide Underwriting Submission (Delegated)

Mortgage Cadence User Guide Underwriting Submission (Delegated) Purpose Link to Mortgage Cadence Additional Documentation or Other Resources Mortgage Cadence User Guide Underwriting Submission (Delegated) Follow these steps to submit a loan for delegated approval in

More information

Locking and Change Request Manual. Correspondent User Guide

Locking and Change Request Manual. Correspondent User Guide Correspondent User Guide Effective Date: 12/07/2015 Last Updated: 12/07/2015 Table of Contents Things to Know When Locking... 1 Loan Registration... 1 Loan Locking... 1 Change Request... 1 Registering

More information

BankSouth Mortgage Direct. Secondary Marketing Lock Policies

BankSouth Mortgage Direct. Secondary Marketing Lock Policies BankSouth Mortgage Direct Secondary Marketing Lock Policies Revised: August 2015 General Information Locks BankSouth Mortgage Direct locks the borrower, not the property. Standard Lock Times Lockdesk hours

More information

HLA Rate Sheet FOR INTERNAL USE ONLY. Conventional Fixed Products. 15 Year Fixed 10 Year Fixed 15 Year Fixed Seconds

HLA Rate Sheet FOR INTERNAL USE ONLY. Conventional Fixed Products. 15 Year Fixed 10 Year Fixed 15 Year Fixed Seconds Lock desk is open from 9:30am to 4:30am (ET). Rates and prices are considered expired outside that window. PROMOTION 0.25% Yield credit on Conventional Loans $200,000 or greater with credit score of 720+

More information

Mortgage Cadence User Guide Submitting Loans for Underwriting (Non-Delegated)

Mortgage Cadence User Guide Submitting Loans for Underwriting (Non-Delegated) Purpose Link to Mortgage Cadence Additional Documentation or Other Resources Mortgage Cadence User Guide Submitting Loans for Underwriting (Non-Delegated) Follow these steps to submit a loan to underwriting

More information

Wholesale Pricing Policy

Wholesale Pricing Policy Wholesale Pricing Policy Flanagan State Bank is dedicated to offering great customer service, along with competitive pricing and product offerings. Rate Sheet The Flanagan State Bank (FSB) rate sheet is

More information

CONFORMING UNDERWRTING GUIDELINES DUREFIPLUS PROGRAM - WHOLESALE

CONFORMING UNDERWRTING GUIDELINES DUREFIPLUS PROGRAM - WHOLESALE Table of Contents APPRAISAL & PROPERTY INFORMATION.... 2 Appraisal Requirements... 2 LTVs > 95%..... 3 Property Inspection Waiver (Property Field work Waiver Requirements).... 3 ELIGIBLE PROPERTIES...

More information

AFR JUMBO OVERVIEW COPYRIGHT 2017 AMERICAN FINANCIAL RESOURCES, INC. ALL RIGHTS RESERVED

AFR JUMBO OVERVIEW COPYRIGHT 2017 AMERICAN FINANCIAL RESOURCES, INC. ALL RIGHTS RESERVED 12/20/2017 DISCLAIMER These materials are intended for informational use only. This is neither legal advice nor a substitute for Agency Guidelines. Please do not reproduce, display, or distribute without

More information

!!!! Welcome Home South Plains Home Loan Program. Administrator Guidelines. Published ! UPDATED UPDATES are shown on Page 3!!

!!!! Welcome Home South Plains Home Loan Program. Administrator Guidelines. Published ! UPDATED UPDATES are shown on Page 3!! Welcome Home South Plains Home Loan Program Administrator Guidelines Published 4-12-13 UPDATED 6-9 14 UPDATES are shown on Page 3 Welcome Home South Plains Home Loan Program Page 2 TABLE OF CONTENTS UPDATES

More information

Correspondent Guidelines. Loan Program: 7/1 LIBOR ARM 5/2/5 Dollar Bank (1700) LTV Limits:

Correspondent Guidelines. Loan Program: 7/1 LIBOR ARM 5/2/5 Dollar Bank (1700) LTV Limits: Loan Program: 7/1 LIBOR ARM 5/2/5 Dollar Bank (1700) LTV Limits: Occupancy Primary Residence Investment & Non-Owner PURCHASE AND LIMITED CASH-OUT REFINANCE MORTGAGES Property Type 1 Unit Max LTV Max TLTV

More information

Fixed-rate, fully amortizing with level payments for life of loan. This program is for conventional conforming loan amounts.

Fixed-rate, fully amortizing with level payments for life of loan. This program is for conventional conforming loan amounts. Several states and local municipalities have enacted legislation that define High Cost loans based on APR and fee thresholds which may or may not relate to the HOEPA thresholds. These types of loans typically

More information

13 DOWNPAYMENT PROGRAMS

13 DOWNPAYMENT PROGRAMS 13 DOWNPAYMENT PROGRAMS DOWNPAYMENT ASSISTANCE PROGRAMS These guidelines apply to all downpayment assistance loans offered at the Commission Details for Home Advantage 0% Downpayment Assistance Program

More information

Home Equity Reverse Mortgage Information Technology (HERMIT) HERMIT System Changes Release 5.4

Home Equity Reverse Mortgage Information Technology (HERMIT) HERMIT System Changes Release 5.4 Home Equity Reverse Mortgage Information Technology (HERMIT) HERMIT System Changes Release 5.4 Release Date: 09/19/17 Document Date: 09/07/17 September 2017 Version 1.0 INTRODUCTION HERMIT SYSTEM CHANGES

More information

2 TERMS AND CONDITIONS

2 TERMS AND CONDITIONS 2 TERMS AND CONDITIONS All House Key loans must be delivered to Lakeview Loan Servicing, LLC Each House Key Program Mortgage Loan must satisfy the following terms and conditions: LOAN TYPES Fixed rate

More information

September 6, 2017 Closing and Quality Review - Secondary Market Programs

September 6, 2017 Closing and Quality Review - Secondary Market Programs September 6, 2017 Closing and Quality Review - Secondary Market Programs Investing in quality housing solutions. KHC Program Guide Secondary Market Closing and Quality Review September 6, 2017 Changes/Additions

More information

Processing FHA TOTAL Mortgages

Processing FHA TOTAL Mortgages Introduction This reference contains information to help you process Federal Housing Administration (FHA) mortgages using Freddie Mac Loan Product Advisor SM, including information on data entry requirements,

More information

Mortgage Cadence User Guide Closed Loan Submission, Loan Purchase and Post-Closing

Mortgage Cadence User Guide Closed Loan Submission, Loan Purchase and Post-Closing Mortgage Cadence User Guide Closed Loan Submission, Loan Purchase and Post-Closing Purpose Link to Mortgage Cadence Additional Documentation or Other Resources Follow these steps to submit a closed loan,

More information

PriceMyLoan.com Broker s Guide. Revision 0705

PriceMyLoan.com Broker s Guide. Revision 0705 PriceMyLoan.com Revision 0705 PriceMyLoan Introduction... 3 Create a New File... 4 Upload a Fannie Mae File... 5 Upload a Calyx Point File... 5 Loan Request Interface... 6 Loan Officer Info... 6 Credit

More information

Mortgage Builder Architect User Guide. Revised August 8, 2016

Mortgage Builder Architect User Guide. Revised August 8, 2016 Mortgage Builder Architect User Guide Revised Contents Requesting a Rate Quote... 3 Accessing Radian s Order Form... 3 Completing the Request Form for a Rate Quote... 3 Providing Optional Data... 4 Retrieving

More information

ditech BUSINESS LENDING CONFORMING TEXAS HOME EQUITY PRODUCT (FANNIE MAE ELIGIBLE)

ditech BUSINESS LENDING CONFORMING TEXAS HOME EQUITY PRODUCT (FANNIE MAE ELIGIBLE) 1. PRODUCT DESCRIPTION ditech BUSINESS LENDING CONFORMING TEXAS HOME EQUITY PRODUCT Conventional Conforming fixed rate mortgage DU Version 10.1 Servicing retained 10 to 30 year term in annual increments

More information

One-Close Construction

One-Close Construction RESTRICTED USE PROGRAM All loan originators must complete Flagstar s Construction Loan training course prior to originating any loans under this program. Originators will not be able to register construction

More information

Simple Refinance is only permissible for owner-occupied Principal or HUD-approved Secondary Residences.

Simple Refinance is only permissible for owner-occupied Principal or HUD-approved Secondary Residences. FHA SIMPLE REFINANCE Simple refinance refers to a no cash-out refinance of an existing FHA mortgage in which all proceeds are used to pay the existing FHA insured mortgage lien on the Subject Property

More information

Wholesale Pricing and Lock Policy

Wholesale Pricing and Lock Policy TABLE OF CONTENTS General Lock Policies That Apply To All Cmg Loan Products... 3 Lock Desk Hours And Contacts... 3 Lock-In Agreement... 3 Lock Periods... 3 File Delivery Requirements... 3 Le Requests...

More information

HARP Refinance Guide. How You can Benefit from the HARP Program

HARP Refinance Guide. How You can Benefit from the HARP Program HARP Refinance Guide How You can Benefit from the HARP Program Contents How HARP Can Help You You Might Qualify for HARP but Not Know It HARP Qualification Basics HARP History HARP 1.0 HARP 2.0 HARP 3.0

More information

Michigan State Housing Development Authority

Michigan State Housing Development Authority Michigan State Housing Development Authority 6/29/2018 Topics Covered in this Training 1. MI First Home & MI Next Home Programs 2. Down Payment Assistance 3. MI First Home Program Highlights 4. MI Next

More information

Alert / Messages Matrix

Alert / Messages Matrix Alert HPML Needs Impounds This is an HPML Loan and requires impounds. Either reduce the APR below the HPML threshold or add impounds. This is an HPML Loan and requires impounds. Either reduce the APR below

More information

RESPA REFORM TRAINING Effective January 1, FOR MORTGAGE PROFESSIONALS ONLY Rev 1, 12/29/09

RESPA REFORM TRAINING Effective January 1, FOR MORTGAGE PROFESSIONALS ONLY Rev 1, 12/29/09 RESPA REFORM TRAINING Effective January 1, 2010 OVERVIEW In November 2008, HUD published its final rule amending Regulation X of the Real Estate Settlement Procedures Act (RESPA). The final rule includes

More information

Correspondent Lending Client Job Aid

Correspondent Lending Client Job Aid Correspondent Lending Client Job Aid 2 Table of Contents Purpose... 3 Procedures... 3 1. Login... 3 2. Automated Importing of Loan Data... 4 3. Manually Input Loan... 6 4. Product Selection, Submitting

More information

Own New Orleans Program Down Payment Loan (Amortizing 2nd Mortgage)

Own New Orleans Program Down Payment Loan (Amortizing 2nd Mortgage) Own New Orleans Program Down Payment Loan (Amortizing 2nd Mortgage) Program Issuer: Finance Authority of New Orleans ADMINISTRATOR S GUIDE Published on 08/15/17 Updated 12/12/18 Updates on Page 3 FANO

More information

Guidelines Correspondent. Loan Program: 15-Year Fixed Jumbo (215)

Guidelines Correspondent. Loan Program: 15-Year Fixed Jumbo (215) Guidelines Correspondent Loan Program: 15-Year Fixed Jumbo (215) LTV Limits: Occupancy Primary Residence Investment & Non- Owner Occupied PURCHASE AND LIMITED CASH-OUT REFINANCE MORTGAGES Property Type

More information

Mortgage terminology.

Mortgage terminology. Mortgage terminology. Adjustable Rate Mortgage (ARM). A mortgage on which the interest rate, after an initial period, can be changed by the lender. While ARMs in many countries abroad allow rate changes

More information

LoanStream Select Program

LoanStream Select Program 19000 MacArthur Boulevard, 2nd Floor Ratesheet Co RS-WS Effective Date: 4/2/2019 #1 Wholesale Rate Sheet Table of Contents Contact list Tab Product LSM Select: All FNMA/FHLCM Corporate Headquarters: Phone:

More information

Administrator s Guidelines

Administrator s Guidelines ! Administrator s Guidelines Southeast Texas Housing Finance Corporation 5 Star Texas Advantage Program for Government Loans with Forgivable Second Mortgage DPA Effective August 15, 2018 Published August

More information

New Mexico Mortgage Finance Authority. Housing New Mexico s People Since Online Reservations User Manual

New Mexico Mortgage Finance Authority. Housing New Mexico s People Since Online Reservations User Manual New Mexico Mortgage Finance Authority Housing New Mexico s People Since 1975 Online Reservations User Manual October 2015 Table of Contents Chapter 1: Accessing the System... 3 Accessing Secure System...

More information

PRODUCT MATRICES. For Information on any of our products, please contact:

PRODUCT MATRICES. For Information on any of our products, please contact: Correspondent Lending PRODUCT MATRICES March 2016 For general underwriting questions and scenarios or product guideline interpretation, call the Underwriting Help Line at (866) 807-6049 For status, pricing,

More information

Closing Agent Manual

Closing Agent Manual KENTUCKY HOUSING CORPORATION Closing Agent Manual Policies and Procedures When Closing KHC Mortgages Originated by Third Party Originators 12/1/2018 Contents INTRODUCTION... 2 THIRD PARTY ORIGINATORS (TPOS)...

More information

GFE/TIL AND COC WORKFLOW

GFE/TIL AND COC WORKFLOW Table of Contents Page 1 of the GFE... 2 Tolerance Levels... 5 Page 2 of the GFE... 7 Box 6 of the GFE... 12 How to Calculate Transfer Tax... 13 Page 3 of the GFE... 14 Events Triggering Re-disclosure...

More information

Michigan State Housing Development Authority

Michigan State Housing Development Authority Michigan State Housing Development Authority 3/31/2017 Topics Covered in this Training 1. MI First Home & MI Next Home Programs 2. Down Payment Assistance 3. MI First Home Program Highlights 4. MI Next

More information

ditech BUSINESS LENDING CONFORMING HIGH-BALANCE PRODUCT (FANNIE MAE ELIGIBLE)

ditech BUSINESS LENDING CONFORMING HIGH-BALANCE PRODUCT (FANNIE MAE ELIGIBLE) 1. PRODUCT DESCRIPTION ditech BUSINESS LENDING CONFORMING HIGH-BALANCE PRODUCT Conventional Conforming fixed rate mortgage with High- Balance loan limits DU Version 10.2 Servicing retained 10 to 30 year

More information

MI Policy Origination and Servicing Guide. Effective December 1, 2011

MI Policy Origination and Servicing Guide. Effective December 1, 2011 Origination and Effective Revision notes Revision notes for Section 3.4 A Home Affordable Refinance Program 2 Revision notes Table of Contents and Servicing Descriptions 1 Introduction....6 1.1 Insuring

More information

Closing Module Company Name. Table of Contents

Closing Module Company Name. Table of Contents Table of Contents Table of Contents...i Introduction...v Section 1 - General Position Description Closer/ Coordinator...1 Basic Functions...1 Specific Responsibilities...1 Desired Education and Experience...1

More information

PARTNER GUIDE INTRODUCTION. Rev. 5/9/17

PARTNER GUIDE INTRODUCTION. Rev. 5/9/17 INTRODUCTION The Correspondent Lending Division of Wintrust Mortgage (WM), a division of Barrington Bank & Trust Company, N.A., (Wintrust Mortgage) purchases closed loans from approved Correspondent Sellers

More information

MAGNOLIA BANK CORRESPONDENT FUNDING RURAL DEVELOPMENT PRODUCT SUMMARY

MAGNOLIA BANK CORRESPONDENT FUNDING RURAL DEVELOPMENT PRODUCT SUMMARY RURAL DEVELOPMENT FIXED RATE (DELEGATED CLIENTS ONLY) 1. PRODUCT DESCRIPTION USDA Fixed Rate Mortgage 30 year term Fully amortizing 2. PRODUCT CODE 3. INDEX 4. MARGIN 5. ANNUAL/ADJUSTMEN T CAP 6. LIFE

More information

Guidelines Correspondent

Guidelines Correspondent Loan Program: 30-Year Fixed Fannie Mae (630) 20-Year Fixed Fannie Mae (620) 15-Year Fixed Fannie Mae (615) LTV Limits: ❶ ❷ ❸ Occupancy Investment & Non-Owner Type❷ 1 Unit PURCHASE MORTGAGES Max LTV Max

More information

HomePath Online Offers Guide for Listing Agents

HomePath Online Offers Guide for Listing Agents HomePath Online Offers Guide for Listing Agents 2016 Fannie Mae. Trademarks of Fannie Mae. June 2016 1 Table of Contents Introduction... 3 HomePath Online Offers User Support... 3 Registration and Login...

More information

Mortgage Insurance. Introduction:

Mortgage Insurance. Introduction: Introduction: In this training material, we explore mortgage insurance from origination to cancellation and termination. We will step by step walk you through the general processes and required procedures.

More information

WHOLESALE BORROWER PAID COMPENSATION RATE SHEET. Liberty Savings Bank Contact Information

WHOLESALE BORROWER PAID COMPENSATION RATE SHEET. Liberty Savings Bank Contact Information Rate Sheet Date: Rate Sheet Price Code: 3/8/2019 3453 *Effective at 11:00 am EST WHOLESALE BORROWER PAID COMPENSATION RATE SHEET FOR LENDER PAID, BROKER MUST DEDUCT COMPENSATION Liberty Savings Bank Contact

More information

USDA / GUS Basics for Success

USDA / GUS Basics for Success USDA / GUS Basics for Success INDEX BENEFITS OF MSF USDA HOUSEHOLD ELIGIBILITY ASSETS AND LIABILITIES INTRODUCTION INCOME ELIGIBILITY TRANSACTION DETAILS OVERVIEW LOAN TERMS ADDITIONAL DATA GUS DECISION

More information

SONYMA FHA Plus Correspondent Term Sheet

SONYMA FHA Plus Correspondent Term Sheet Product Type 30 Year Fixed Rate Mortgages Sales Focus This program provides the flexibility offered by FHA s 203(b) or 234(c) mortgages along with SONYMA s Down Payment Assistance Loan (DPAL). HUD Mortgagee

More information

Cash Remittance System (CRS) April 2014 Release Job Aid Issued: April 14, 2014

Cash Remittance System (CRS) April 2014 Release Job Aid Issued: April 14, 2014 Cash Remittance System (CRS) April 2014 Release Job Aid Issued: April 14, 2014 Table of Contents About This Job Aid and the CRS April 2014 Release... 2 CRS April 2014 Release Enhancements... 2 New CRS

More information

Southeast Texas Housing Finance Corporation 5 Star Texas Advantage Program

Southeast Texas Housing Finance Corporation 5 Star Texas Advantage Program ! Administrator s Guidelines Southeast Texas Housing Finance Corporation 5 Star Texas Advantage Program Freddie Mac HFA Advantage for Conventional Loans Published December 23, 2015 Revised 0/1/18 Revisions

More information

Wholesale Quick Start Guide. Import Loan. Validate Agents & Loan Information

Wholesale Quick Start Guide. Import Loan. Validate Agents & Loan Information Wholesale Quick Start Guide 2510 Red Hill Ave. Santa Ana, CA 92705 949-390-2688 l www.jmaclending.com Import Loan Validate Agents & Loan Information 1. Click Create New Loan 2. Click Import loan file 3.

More information

PRODUCT GUIDELINES USBHM CONVENTIONAL NON-CONFORMING FIXED 30 YEAR YEAR YEAR 3777 Core Portfolio Revised 01/02/18

PRODUCT GUIDELINES USBHM CONVENTIONAL NON-CONFORMING FIXED 30 YEAR YEAR YEAR 3777 Core Portfolio Revised 01/02/18 Several states and local municipalities have enacted legislation that define High Cost loans based on APR and fee thresholds which may or may not relate to the HOEPA thresholds. These types of loans typically

More information

Section 2.23 Veterans Administration (VA) Loan Program

Section 2.23 Veterans Administration (VA) Loan Program Section 2.23 Veterans Administration (VA) Loan Program In This Product Description This product description contains the following topics. Overview... 3 Product Summary... 3 Correspondent Lenders with

More information