October. Origination Insight Report
|
|
- Alyson Baker
- 5 years ago
- Views:
Transcription
1 October Origination Insight Report
2 Introduction The Ellie Mae Origination Insight Report provides monthly data and insights from a robust sampling of closed loan applications that flow through Ellie Mae s Encompass mortgage management software and Ellie Mae Network. The characteristics of closed and denied loans presented in this report are averages. The Origination Insight Report mines its application data from a robust sampling of approximately 80 percent of all mortgage applications that were initiated on the Encompass Digital Mortgage Solution. Ellie Mae believes the Origination Insight Report is a strong proxy of the underwriting standards employed by lenders across the country. 2 of 14 Ellie Mae Origination Insight Report October 2018
3 Monthly Origination Overview for Closed Loans Purpose ALL Loans REFI % 32% PUR % 68% Purpose FHA Loans REFI % 19% PUR % 81% Purpose CONV Loans REFI % 30% PUR % 70% Purpose VA Loans REFI % 28% PUR % 72% Type FHA % 19% CONV % 65% VA % 10% Other % 6% of 14 Ellie Mae Origination Insight Report October 2018
4 Monthly Origination Overview for Closed Loans Time to Close ALL (Days) ALL REFI PUR Time to Close FHA (Days) ALL REFI PUR Time to Close CONV (Days) ALL REFI PUR Time to Close VA (Days) ALL REFI PUR Time to close increases in October The average time to close increased slightly in October, up one day to 45 days. The average time to close a refinance increased to 43 days while the average time to close a purchase increased to 46 days. 4 of 14 Ellie Mae Origination Insight Report October 2018
5 Monthly Origination Overview for Closed Loans ALL Loans ARM % 8.2% Year Note Rate FHA Loans ARM % 0.6% Year Note Rate CONV Loans ARM % 8.0% Year Note Rate VA Loans ARM % 0.3% Year Note Rate The average 30-year rate for all loans increased to the highest point in 2018 at 5.01 percent, up from 4.91 percent the month prior. The average 30-year rate on FHA loans increased to 5.05 percent in October, up from 4.95 percent in September. Conventional and VA rates increased to 5.03 and 4.83 percent, respectively. 5 of 14 Ellie Mae Origination Insight Report October 2018
6 Monthly Origination Overview for Closed Loans Percentage of loan applications in previous 90-day cycle that have closed ALL Loans Closing 72.2% Rate % REFI % 64.9% PUR % 76.4% FHA Loans Closing 68.4% Rate % REFI % 57.1% PUR % 72.3% CONV Loans Closing 72.7% Rate % REFI % 66.4% PUR % 75.5% VA Loans Closing 69.8% Rate % REFI % 58.2% PUR % 75.6% Closing rates for all loans increased to 72.2 percent in October, up from 71.7 percent in September. Refinance closing rates increased to 64.9 percent in October from 64.4 percent in September. Purchase closing rates held steady at 76.4 percent for the second consecutive month. 6 of 14 Ellie Mae Origination Insight Report October 2018
7 October 2018 Average FICO Score Distribution Purchase 34.50% Refinance Percentage of Closed Loans 30% 20% 10% 0.07% 0.79% 8.71% 18.65% 23.87% 13.41% Percentage of Closed Loans 30% 20% 10% 1.07% 2.95% 10.08% 20.82% 25.41% 28.86% 10.69% 0% 0% Conventional 40.97% 40% FHA 36.44% 40% Percentage of Closed Loans 30% 20% 10% 0.33% 0.62% 3.51% 12.98% 25.06% 16.48% Percentage of Closed Loans 30% 20% 10% 0.64% 4.50% 24.59% 21.27% 10.65% 1.87% 0% 0% percent of all closed loans had FICO scores over percent of purchase loans had FICO scores over percent of refinances had FICO scores over of 14 Ellie Mae Origination Insight Report October 2018
8 Profiles of All Closed Loans Closed Loans ALL FICO LTV DTI 26/39 25/39 26/39 26/39 26/39 26/39 26/39 26/39 26/40 26/40 25/39 25/39 25/39 25/39 25/39 25/38 25/38 The average FICO score on all closed loans held steady at 727 in October for the second consecutive month. Average LTV remained at 79 for the third consecutive month and DTI increased slightly to 26/39 in October. 8 of 14 Ellie Mae Origination Insight Report October 2018
9 Profiles of Closed FHA Loans Closed Loans FHA-REFI FICO LTV DTI 27/43 27/43 28/44 28/44 28/43 30/47 30/47 29/47 30/49 29/48 29/48 30/49 29/47 29/47 29/46 29/46 29/46 29/46 FHA-PUR FICO LTV DTI 29/44 29/44 29/44 29/44 29/44 29/44 29/44 29/44 29/44 29/44 28/43 28/43 28/43 28/43 28/43 28/43 28/43 28/43 FHA-REFI (% OF 95 LTV+) % 5.2% The average FHA purchase FICO dropped to 676 in October, down one point from September. FHA refinance FICO scores dropped to 660 in October, down from 662 in September. Conventional refinance FICO scores held steady at 733 in October, and Conventional purchase FICO scores remained at 751 for the fourth month. 9 of 14 Ellie Mae Origination Insight Report October 2018
10 Profiles of Closed Conventional Loans Closed Loans CON-REFI FICO LTV DTI 25/38 24/37 25/39 26/39 26/40 26/40 26/40 26/40 26/39 25/40 25/39 25/39 25/39 25/39 25/39 25/39 25/39 CON-PUR FICO LTV DTI 25/37 24/36 24/36 25/36 24/36 24/36 24/36 24/36 24/37 24/36 24/36 24/36 24/36 23/35 23/35 23/35 23/35 10 of 14 Ellie Mae Origination Insight Report October 2018
11 Profiles of Closed VA Loans Closed Loans VA-REFI FICO LTV DTI 27/43 27/42 27/42 27/42 27/42 27/42 27/42 26/42 26/42 26/42 26/42 26/42 25/41 26/41 25/41 25/41 25/41 VA-PUR FICO LTV DTI 27/43 27/43 27/43 27/43 27/43 27/43 26/42 26/42 26/42 26/42 26/42 26/42 25/41 25/41 25/41 25/41 25/41 VA-REFI (% OF 95 LTV+) % 51.2% of 14 Ellie Mae Origination Insight Report October 2018
12 Terminology Closing Rate Percentage of loan applications begun in the previous 90-day cycle that have closed. Debt-to-Income Ratio (DTI) A personal finance measure that compares an individual s debt payments to the income he or she generates. Includes front-end ratio/back-end ratio. FICO A type of credit score that makes up a substantial portion of the credit report that lenders use to assess an applicant s credit risk and determine whether to extend a loan. FICO is an acronym for the Fair Isaac Corporation, the creators of the FICO score. The Ellie Mae Origination Insight Report looks at the average middle score from a tri-merge credit report. Loan-to-Value Ratio (LTV) A lending risk-assessment ratio that financial institutions and other lenders examine before approving a mortgage. It is calculated by dividing the mortgage amount by the appraised value of the property. Refinance Includes both no-cash-out and cash-out refinances. Time-to-Close Time from loan application to funding. 12 of 14 Ellie Mae Origination Insight Report October 2018
13 Methodology The Origination Insight Report mines its application data from a robust sampling of approximately 80 percent of all mortgage applications that are initiated through Ellie Mae s Encompass digital mortgage solution. The Origination Insight Report focuses on loans that closed in a specific month. The closing rate is calculated on a 90-day cycle rather than on a monthly basis because most loan applications typically take one-and-a-half to two months from application to closing. Loans that do not close could still be active applications or applications withdrawn by consumers for incompleteness or nonqualification. The Origination Insight Report details aggregated, anonymized data and does not disclose client-specific or proprietary information. News organizations have the right to reuse this data, provided that Ellie Mae, Inc., is credited as the source. 13 of 14 Ellie Mae Origination Insight Report October 2018
14 About Ellie Mae Ellie Mae (NYSE: ELLI) is the leading cloud-based platform provider for the mortgage finance industry. Ellie Mae s technology solutions enable lenders to originate more loans, reduce origination costs, and shorten the time to close, all while ensuring the highest levels of compliance, quality, and efficiency. Visit or call (877) to learn more. Jonathan Corr, President and CEO 2018 Ellie Mae, Inc. Ellie Mae, Encompass, DataTrac, Ellie Mae Network, and the Ellie Mae logo are registered trademarks or trademarks of Ellie Mae, Inc., or its subsidiaries. All rights reserved. Other company and product names may be trademarks or copyrights of their respective owners EI
September. Origination Insight Report
September Origination Insight Report Introduction The Ellie Mae Origination Insight Report provides monthly data and insights from a robust sampling of closed loan applications that flow through Ellie
More informationJanuary. Origination Insight Report
January 2019 Origination Insight Report Introduction The Ellie Mae Origination Insight Report provides monthly data and insights from a robust sampling of closed loan applications that flow through Ellie
More informationELIGIBILITY MATRIX. Table of Contents. Standard Eligibility Requirements - Desktop Underwriter Page 2
The Eligibility Matrix provides the comprehensive LTV, CLTV, and HCLTV ratio requirements for conventional first mortgages eligible for delivery to Fannie Mae. The Eligibility Matrix also includes credit
More informationELIGIBILITY MATRIX. Table of Contents. Standard Eligibility Requirements - Desktop Underwriter Page 2
ELIGIBILITY MATRIX The Eligibility Matrix provides the comprehensive LTV, CLTV, and HCLTV ratio requirements for conventional first mortgages eligible for delivery to Fannie Mae. The Eligibility Matrix
More informationELIGIBILITY MATRIX. Effective Dates: Refer to the ARM Enhancements section of Selling Guide Announcement SEL
ELIGIBILITY MATRIX The Eligibility Matrix provides the comprehensive LTV, CLTV, and HCLTV ratio requirements for conventional first mortgages eligible for delivery to Fannie Mae. The Eligibility Matrix
More informationELIGIBILITY MATRIX. Effective Dates: Refer to the Selling Guide for effective dates applicable to high LTV refinances.
ELIGIBILITY MATRIX The Eligibility Matrix provides the comprehensive LTV, CLTV, and HCLTV ratio requirements for conventional first mortgages eligible for delivery to Fannie Mae. The Eligibility Matrix
More informationWholesale Rate Sheet
a new lock may be requested at the current market price without incurring the relock fee. 5 Days 0.150% Conventional Fixed Products 30 Year Fixed 20 Year Fixed Rate 30 Day Price 45 Day Price 60 Day Price
More informationRefinancing? Compare Your Loan Options
Refinancing? Compare Your Loan Options Introduction At this point, you know refinancing could help you in a number of ways. Maybe you ve even pinned down why you want to refi. Chances are, you want to
More informationHLA Rate Sheet FOR INTERNAL USE ONLY. 95% LTV. Extensions 5 Days 0.150% 10 Days 0.200% 15 Days 0.250% 20 Days 0.300% 25 Days 0.350% 30 Days 0.
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 Fixed Products $200,000 or greater with credit score
More informationDTI on all FHA & VA loans will cap at 55%, anything above with DU approve/eligible requires management approval
This summary of overlays is provided as a resource tool to aid in identifying most UFF WEST Mortgage overlays to Fannie Mae, Freddie Mac, FHA, and VA Lending requirements. This document is a reference
More informationHLA 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 informationMortgage 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 informationCONSTRUCTION-TO-PERMANENT GUIDELINES BROKER LOANS
AKA USALLIANCE FEDERAL CREDIT UNION CONSTRUCTION-TO-PERMANENT GUIDELINES BROKER LOANS Available Conforming and Jumbo FIXED: 10 Year, 15 Year, 20 Year and *30 Year Programs: ARMS: 5/1, 5/5 and 7/1 (*30
More informationA Streamline transactions is the refinance of an FHA to FHA loan. 1-unit owner occupied and 1-unit investment properties are eligible
A Streamline transactions is the refinance of an FHA to FHA loan 1-unit owner occupied and 1-unit investment properties are eligible FHA Streamline loans can be structured with or without an appraisal
More information17220 Newhope St. Suite 213 Rate Sheet Page #: 1 Fountain Valley, CA Main Phone Number: Lock Desk Number: Lock Desk
1 Maximum Price for FHA After Price Adjustments: (3.500) FHA CONFORMING FIXED & ARM PROGRAMS FHA 30 Year Fixed FHA 15 Year Fixed FHA 5/1 T-Bill ARM PROGRAM F6030 PROGRAM F6015 PROGRAM F6005 4.000 1.960
More information2018 Ellie Mae Borrower Insights Survey. What do consumers really want from the mortgage process?
2018 Ellie Mae Borrower Insights Survey What do consumers really want from the mortgage process? Table of Contents 2 2018 Borrower Insights Survey Executive Summary 1. Executive Summary Ellie Mae conducts
More informationMortgage 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 informationLoan Originator Compensation and Steering Prohibitions. Branch Originations March 2011
Loan Originator Compensation and Steering Prohibitions Branch Originations March 2011 Regulation Z - Loan Originator Compensation Truth in Lending Act, Regulation Z amendments on loan originator compensation
More information<logo> Offered through 21 st Century Home Loans WHOLESALE DIVISION
CHF ACCESS Training Offered through 21 st Century Home Loans WHOLESALE DIVISION Desktop Underwriter is a registered trademark of Fannie Mae. Loan Prospector is a registered trademark of Freddie
More informationThe Way to Greater Efficiency. Correspondent Lending
The Way to Greater Efficiency Correspondent Lending High-level service and partnership that uniquely leverages technology, processes and people to ensure effi cient and timely loan purchases Meeting the
More informationHomePath Program Guidelines
The following guidelines apply to all DIRECTORS MORTGAGE s HomePath loan programs. All loans must adhere to the criteria of these guidelines. This guide addresses the specific areas needed to facilitate
More informationFHA Cash Out Occupancy Requirement and 2009 Temporary Loan Limits; Appraisal Reminder
Wholesale Partner Announcement At MSI Your Interest Is Our Priority! Issue Date 3/05/09 Effective Date Varies WPA 2009-010 FHA Cash Out Occupancy Requirement and 2009 Temporary Loan Limits; Appraisal Reminder
More informationFNMA vs FHLMC Guideline Comparisons
FNMA vs FHLMC Guideline Comparisons Table A: Guidelines for Maximum LTV and Loan Amounts Max LTV/ Loan Amount FANNIE MAE FREDDIE MAC Primary Residence 1 Unit Max LTV Max ARM LTV Max Loan Amount* Max LTV
More informationSection 1 Pricing Policies and Procedures
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
More informationPennyMac Correspondent Group Overlays, February 25, 2019 X Indicates Overlay
PennyMac Correspondent Group Overlays, February 25, 2019 Indicates Overlay GOVERNMENT FHA Full doc FHA Streamline VA Full Doc VA IRRRL Rural Housing Topic Overlay/Modification 203(k) Specific PennyMac
More informationsolid, established, reliable - since 1959 All appraisals must be ordered through Nationwide Property & Appraisal Services
Conforming Overlays solid, established, reliable - since 1959 1/5/17 All appraisals must be ordered through Nationwide Property & Appraisal Services All loans must be DU underwritten and receive an Approve
More informationMARCH Credit Overlays
MARCH 2014 Credit Overlays Quality is the foundation of our business and includes quality of production, quality of delivery, quality of performance, and quality of the customer experience. United Fidelity
More information7.1 Genworth-Insured Refinance Program (04/03/09)
Genworth Mortgage Insurance 7.1 Genworth-Insured Refinance Program (04/03/09) The Genworth-Insured Refinance Program provides expanded underwriting guidelines for rate/term refinances of Genworth-insured
More informationPractical Application. Pre-qualified - Buyer supplied information to the lender which is not verified and results in a rough estimate of price range.
Finance 1 Practical Application Pre-qualified - Buyer supplied information to the lender which is not verified and results in a rough estimate of price range. 2 Pre-approval - Includes an application and
More informationLoan-Level Price Adjustment (LLPA) Matrix
Loan-Level Price Adjustment (LLPA) Matrix This document provides the LLPAs applicable to loans delivered to Fannie. LLPAs are assessed based upon certain eligibility or other loan features, such as credit
More informationPurchase: Conventional, FHA, USDA, VA. Refinance: Conventional, FHA, USDA, VA. Emerging Banker
http://www.uhwholesale.com File Type Purchase: Conventional, FHA, USDA, VA Refinance: Conventional, FHA, USDA, VA Closing Doc Turn Times Initial CD will be issued when all Prior to Approval conditions
More informationMortgage Services III, L.L.C.
(Bank & Credit Union Partners Only) Market conditions are generally: (compared to previous price sheet) Slightly Worse! December 8, 2017 Rate Sheet Updated as of: CONFORMING -- FIXED RATE PROGRAMS #300000-30
More informationBasics in Mortgage Lending Test for Loan Officers
Basics in Mortgage Lending Test for Loan Officers Name: Date: Company Name: 1. The purpose of the Equal Credit Opportunity Act is: To discourage predatory lending To create new avenues and programs for
More informationPurchase: Conventional, FHA, USDA, VA. Refinance: Conventional, FHA, USDA, VA. Emerging Banker
http://www.uhwholesale.com File Type Purchase: Conventional, FHA, USDA, VA Refinance: Conventional, FHA, USDA, VA Closing Doc Turn Times Initial CD will be issued when all Prior to Approval conditions
More informationRefi Plus Mortgages Only
Loan-Level Price Adjustment (LLPA) Matrix This document provides the LLPAs applicable to loans delivered to Fannie Mae under the DU Refi Plus and Refi Plus (manual underwriting) guidelines (together Refi
More informationLoan-Level Price Adjustment (LLPA) Matrix
Loan-Level Price Adjustment (LLPA) Matrix This document provides the LLPAs applicable to loans delivered to Fannie. LLPAs are assessed based upon certain eligibility or other loan features, such as credit
More informationMortgage Services III, L.L.C.
Home Office Ph. #: 888-664-9108 Oakbrook Office Ph. #: 630-396-3553 Pricing E-Fax #: 309-807-0717 Web Site: www.msiloans.biz Pricing E-Mail: msipricing@msiloans.biz (Bank & Credit Union Partners Only)
More informationLoan-Level Price Adjustment (LLPA) Matrix
Loan-Level Price Adjustment (LLPA) Matrix This document provides the LLPAs applicable to loans delivered to Fannie. LLPAs are assessed based upon certain eligibility or other loan features, such as credit
More informationIssue Date 2/18/09 Effective Date Immediately WPA
Wholesale Partner Announcement At Your Interest Is Our Priority! Issue Date 2/18/09 Effective Date Immediately WPA 2009-008 Multiple Changes and Clarifications Purpose This communication announces the
More informationFannie Mae has specific requirements for multiple financed properties:
Fannie Mae has specific requirements for multiple financed properties: If subject loan is owner occupied, Fannie Mae has no limit on number of properties financed If subject is second home or investment
More informationHousing Credit Index
Housing Credit Index FOURTH QUARTER 2016 CoreLogic HCI National Overview The CoreLogic HCI is a robust credit index that measures mortgage credit risk using the following information: Purchase-money and
More informationELIGIBILITY MATRIX Table of Contents
ELIGIBILITY MATRIX The Eligibility Matrix provides the comprehensive loan-to-value (LTV) ratios, combined LTV ratios (CLTV), and home equity CLTV ratios (HCLTV) and minimum credit scores (if applicable)
More informationMORTGAGE FUNDAMENTALS INTRODUCTION READ ME!
INTRODUCTION At Radian, we realize that more and more new people are excited to join the mortgage profession and many have little to no exposure to our industry. The Mortgage Fundamentals series is designed
More informationMODIFICATION REQUEST FORM HARP / Distressed Modifications / Traditional Modifications
MODIFICATION REQUEST FORM HARP / Distressed Modifications / Traditional Modifications United Guaranty Residential Insurance Company P. O. Box 21367 Greensboro, NC 27420-1367 Phone: 888.822.5584 (select
More informationCONFORMING 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 informationWelcome! Credit Scoring and Sub-Prime Lending
Welcome! Credit Scoring and Sub-Prime Lending What is Credit Scoring? It s the use of a statistical model to objectively evaluate all the credit information available in a single repository What is a repository?
More informationThe US SaaS Mortgage Software Market: Size, Trends & Forecasts ( ) April 2017
The US SaaS Mortgage Software Market: Size, Trends & Forecasts (2017-2021) April 2017 The US SaaS Mortgage Software Market Report Scope of the Report The report titled The US SaaS Mortgage Software Market:
More informationMortgage Lender Sentiment Survey
Mortgage Lender Sentiment Survey Providing Insights Into Current Lending Activities and Market Expectations 2015 Published: March 18, 2015 2011 Fannie Mae. Trademarks of Fannie Mae. 2015 Fannie Mae. Trademarks
More informationMaximum LTV/CLTV 3 /HCLTV. Number of Units. Minimum Credit Score 4. Transaction Type 1,2. Principal Residence
ELIGIBILITY MATRIX The Eligibility Matrix provides the comprehensive loan-to-value (LTV) ratios, combined LTV ratios (CLTV), and home equity CLTV ratios (HCLTV) and minimum credit scores (if applicable)
More informationCHOOSING THE RIGHT MORTGAGE PARTNER
CHOOSING THE RIGHT MORTGAGE PARTNER Your mortgage partner should play a vital role in both a seller listing situation and in the case of when working with a buyer. IN THE CASE OF A LISTING Provide seller
More informationConventional Fixed Rate Products
1 March 1, 2018 11:54 AM Turn Times Appraisal Turn Times Fees Index Values Expiration Dates New Submissions 1 day Portland Metro 1.5-2 Weeks UW Fee $995 PRIME 4.500% 15 Day 03/15/18 Re-Submissions 1 day
More informationConventional Fixed Rate Products
1 March 6, 2018 8:16 AM Turn Times Appraisal Turn Times Fees Index Values Expiration Dates New Submissions 1 day Portland Metro 1.5-2 Weeks UW Fee $995 PRIME 4.500% 15 Day 03/20/18 Re-Submissions 1 day
More informationConventional Fixed Rate Products
1 April 3, 2018 8:17 AM Turn Times Appraisal Turn Times Fees Index Values Expiration Dates New Submissions 1 day Portland Metro 1.5-2 Weeks UW Fee $995 PRIME 4.750% 15 Day 04/17/18 Re-Submissions 1 day
More informationMortgage Lender Sentiment Survey
Mortgage Lender Sentiment Survey Providing Insights Into Current Lending Activities and Market Expectations Full Report published December 26, Fannie Mae. Trademarks of Fannie Mae. 1 Table of Contents
More informationPRODUCT MATRICES. For Information on any of our products, please contact your USBHM Account Executive
Wholesale Lending PRODUCT MATRICES March 2017 For general underwriting questions and scenarios or product guideline interpretation, call the Underwriting Help Line at (866) 807-6049 For status, pricing,
More informationFNMA / FHLMC - Conforming
FNMA / FHLMC - Conforming 30 Yr -FFN3000/FFH3000/FFN3ACE/FFN 30FM 20 Yr - FFN2000 15 Yr - FFN1500/FFH1500 10 Yr - FFN1000 Rate 15 Day 30 Day 45 Day Rate 15 Day 30 Day 45 Day Rate 15 Day 30 Day 45 Day Rate
More informationAUTOMATED UNDERWRITING, CONVENTIONAL
Automated Underwriting rev. 04 Revised 7/2/2013 Plaza s Underwriting Guidelines are designed to provide guidance as a standard to underwriting loans. There are cases where specific loan programs have more
More informationIHDA 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 informationFHLMC Only Conforming and Maximum DTI is the more restrictive of Loan Product Advisor or 50%.
AUS (Automated Underwriting System) GENERAL POLICY OVERLAYS FHA, VA, CONVENTIONAL and USDA FHA, VA & Conventional AUS approval recommendation is required for all FHA, VA, (Purchase and Non-Streamline/Non-IRRRL
More informationMORTGAGE FUNDAMENTALS - Answer Key
Mortgage Process You would have captured these notes while watching the Mortgage Process video. Q: Where does the mortgage process begin? A: The borrower generally speaks with a Mortgage Loan Officer and
More informationMortgage Services III, L.L.C.
Home Office Ph. #: 888-664-9108 Oakbrook Office Ph. #: 630-396-3553 Pricing E-Fax #: 309-807-0717 Web Site: www.msiloans.biz Pricing E-Mail: msipricing@msiloans.biz (Bank & Credit Union Partners Only)
More informationLesson 13: Applying for a Mortgage Loan
Real Estate Principles of Georgia Lesson 13: Applying for a Mortgage Loan 1 of 64 341 Choosing a Lender Types of lenders Types of lenders include: savings and loans commercial banks savings banks credit
More informationFANNIE MAE NEW ISSUE MEGA STATISTICS (NIMS) GLOSSARY (August 2016)
FANNIE MAE NEW ISSUE MEGA STATISTICS (NIMS) GLOSSARY (August 2016) NIMS provides enhanced at-issuance disclosures, including additional weighted averages, quartile data, and various stratifications, for
More informationEconomic Growth Moderates in Early 2018; Labor Market Continues to Be Strong
JULY 2018 Economic Growth Moderates in Early 2018; Labor Market Continues to Be Strong Revised estimates of Gross Domestic Product (GDP) in the first quarter of this year showed further deceleration down
More informationSelling Guide Announcement SEL
Selling Guide Announcement SEL-2012-09 Updates to Refi Plus and DU Refi Plus September 14, 2012 The positive impact of Refi Plus and DU Refi Plus continues, enabling borrowers who have demonstrated an
More informationConventional and Government Program Overlays
Financed Properties OVERLAYS All Programs Limited to maximum 2 loans to one borrower, one must be primary residence Minimum Loan Amount $60,000 Allowed for active duty military personnel, military contractors,
More informationState of North Carolina
Beverly E. Perdue Governor State of North Carolina Office of the Commissioner of Banks Joseph A. Smith, Jr. Commissioner of Banks DELIVERED VIA CERTIFIED MAIL ELECTRONIC MAIL Contact Name Company Name
More informationGuidelines 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 information6/18/2015. Residential Mortgage Types and Borrower Decisions. Role of the secondary market Mortgage types:
Residential Mortgage Types and Borrower Decisions Role of the secondary market Mortgage types: Conventional mortgages FHA mortgages VA mortgages Home equity Loans Other Role of mortgage insurance Mortgage
More informationNiche Loan Programs. Featured Loan. Zero Down Loan
Niche Loan Programs To cater the different needs of out clients Shining Star Funding offers diverse Niche Loan Programs. Contact our mortgage specialist to review which product best suits your financial
More informationLunchtime Data Talk. Housing Finance Policy Center. Mortgage Origination Pricing and Volume: More than You Ever Wanted to Know
Housing Finance Policy Center Lunchtime Data Talk Mortgage Origination Pricing and Volume: More than You Ever Wanted to Know Frank Nothaft, Freddie Mac Mike Fratantoni, Mortgage Bankers Association October
More informationLoan-Level Price Adjustment (LLPA) Matrix
Loan-Level Price Adjustment (LLPA) Matrix This document provides the LLPAs applicable to loans delivered to Fannie Mae and provides details of the Adverse Market Delivery Charge (AMDC). LLPAs are assessed
More informationUHM Production Bulletin
TOPICS IMPACTED IN THIS BULLETIN FNMA and FHLMC Products FHA/VA Mortgage Insurance USDA Other Underwriting Guidelines FHA: FHA Annual Premium Reduction, Mortgagee Letter 2017-01 HUD: FHA has announced
More informationSIERRA PACIFIC MORTGAGE Retail
www.spmloans.com Page 1 of 5 SPM will not fund a loan that is within the Federal Section 32 or any other State/County/City High Cost Calculation. All rates and programs are subject to change without notice.
More informationWholesale Lending DU Refi Plus 12/27/2013
Program Code Loan Description Program Type Loan_Type Program Code DU30-105 DU REFI 30 YR FIXED LTV 0-105 FIXED CONV DU20-105 DU REFI 20 YR FIXED LTV 0-105 FIXED CONV DU15-105 DU REFI 15 YR FIXED LTV 0-105
More informationDesktop Underwriter/Desktop Originator Release Notes
Desktop Underwriter/Desktop Originator Release Notes DU Version 10.2 September Update July 24, 2018 During the weekend of Sept. 22, 2018, Fannie Mae will implement an update to Desktop Underwriter (DU
More informationAn Update on the Evolution of the Mortgage Origination Process 9
Mikhail Teytel (212) 816-8465 mikhail.teytel@ssmb.com An Update on the Evolution of the Mortgage Origination Process 9 One of the reasons for the rise in refinancing efficiency in 2001 is a continuing
More informationConventional and Government Program Overlays
Financed Properties Minimum Loan Amount $60,000 OVERLAYS All Programs Limited to a maximum of 4 loans to one borrower and up to $1.5MM. Power of Attorney Texas 50(a)(6) & 50(f) Allowed for active duty
More informationMGIC Investment Corporation. Portfolio Supplement Q NYSE: MTG
MGIC Investment Corporation Portfolio Supplement Q1 2019 NYSE: MTG March 31, Year of Origination Top 10 Jurisdictions 3 1 2 15% 21.8% 19.4% 16. 8% 6% 8.6% 7.1% 6.2% 5.2% 1 5% 3.9% 10.8% 6.1% 3.6% 1.9%
More information#1 KY RHS Lender. #1 MCC Tax Credit Lender. #3 KHC Delegated Lender by Volume. Fannie Mae Direct Lender Seller/Servicer. FHA Approved DE Lender
#1 KY RHS Lender #1 MCC Tax Credit Lender #3 KHC Delegated Lender by Volume 2nd Largest Independent Mortgage Banker in KY Fannie Mae Direct Lender Seller/Servicer FHA Approved DE Lender VA Automatic/LAPP
More informationGuideline Reference Applies to ALL Products
Guideline Reference Applies to ALL Products 4506-T CG Ch 5E Loan Documents & Notes CG Ch 6F Employment & Documentation CG Ch 7G FHA Employment & Evaluation & Documentation Product summaries IRS Form 4506T
More informationUHM Overlays for GNMA Delivery
Ability to Repay/Qualified Mortgages (ATR/QM) QM SAFE HARBOR REQUIREMENTS: Government Approve/Eligible loans can exceed 43% provided the loans fits all cost tolerances and ATR guidelines Government Manually
More informationFANNIE MAE POOLTALK GLOSSARY (Updated as of October 2013)
FANNIE MAE POOLTALK GLOSSARY (Updated as of October 2013) Fannie Mae generally relies on its mortgage loan sellers/servicers to provide pool and loan level information to generate its MBS disclosures.
More informationKnow Your Products. Marc Kaplan, Sr. VP Retail Sales
Know Your Products Marc Kaplan, Sr. VP Retail Sales 1 Product Overview Agenda 1. Fannie Mae Federal National Mortgage Association (FNMA) 2. Freddie Mac Federal Home Loan Mortgage Corp. (FHLMC) 3. FHA Federal
More informationTable of Contents. Book 1. Book 4. Book 2. Book 5. Book 3. The Mortgage Cycle & Its Key Players Regulatory Compliance Loan Types & Programs
1 Table of Contents Book 1 The Mortgage Cycle & Its Key Players Regulatory Compliance Loan Types & Programs Book 2 Taking the Loan Application Book 3 Processing the Loan Automated Underwriting Uniform
More informationMEMO # TO: Wholesale Broker & Select Partner Clients DATE: October 30, 2018
MEMO #2018-55 TO: Wholesale Broker & Select Partner Clients DATE: October 30, 2018 RE: CMG Credit Policy and Guideline Updates EFFECTIVE: As Noted Below CMG FINANCIAL CREDIT POLICY AND GUIDELINE UPDATES
More information19 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 informationNew York Consolidation, Extension and Modification Agreement (CEMA) Policy. Delegated Correspondent and Wholesale Lending July 17, 2017
Company Logo New York Consolidation, Extension and Modification () Policy Delegated Correspondent and Wholesale Lending July 17, 2017 Table of Contents Policy Overview... 1 Transaction and Eligibility
More informationSanford C. Bernstein Investor Presentation
NMI Holdings, Inc. (NMIH) Sanford C. Bernstein Investor Presentation May 14, 2014 2014 Copyright. National MI Cautionary Note Regarding Forward- Looking Statements This presentation contains forward-looking
More informationREO; Matrices; Multiple Properties and Fannie Mae PIW
REO; Matrices; Multiple Properties and Fannie Mae PIW Purpose This announcement includes the following topics: REO- Exceptions for Fannie/Freddie held properties. Updated Matrices HomePath and Conforming
More informationLoan-Level Price Adjustment (LLPA) Matrix and Adverse Market Delivery Charge (AMDC) Information
Loan-Level Price Adjustment (LLPA) Matrix and Adverse Market Delivery Charge (AMDC) Information This document provides the LLPAs applicable to loans delivered to Fannie Mae and provides details of the
More informationKey Loan Program LTV/TLTV Tables and ARM Qualifying Rates Prior to December 9, 2013
Prior to December 9, 203 Loan-to-Value (LTV): Primary Residence - The table below shows information pertaining to standard guidelines for the purchase and rate/term refinancing of one () unit primary residences,
More informationFNMA s HomeReady Program
FNMA s HomeReady Program (rev. 6/30/2016) Presented by J.J. Sawicki, CMP Merrimack Mortgage Co. LLC Overview Help meet the diverse needs of today s buyers with FNMA s enhanced affordable lending program,
More informationPORTFOLIO ARM CLOSED END 2 ND TD. Table of Contents
Table of Contents 1. Program Codes...2 2. Product Overview...2 3. Product Summary...2 4. Documentation...2 5. Underwriting...2 6. Qualifying Rate...2 7. Borrower Eligibility...2 8. Appraisal...3 9. Appraised
More informationMPF Direct. Product Overview. FHLB Des Moines. April 18 th, 2018
MPF Direct Product Overview FHLB Des Moines April 18 th, 2018 About this Material These training materials and accompanying training dialogue are not intended as legal, tax or compliance advice. This material
More informationMortgage Services III, L.L.C.
Home Office Ph. #: 888-664-9108 Oakbrook Office Ph. #: 630-396-3553 Pricing E-Fax #: 309-807-0717 Web Site: www.msiloans.biz Pricing E-Mail: msipricing@msiloans.biz Bloomington Office Ph. #: 888-664-9108
More informationFannie Mae High Balance Matrix
Revision: July 16, 2016 (Product Information Center, 949-390-2684, www.jmaclending.com Finance Type Purchas and Rate/Term Refinances Cash Out Refinances Occupancy Owner Occupied Owner Occupied Term Property
More informationPurchase Special:.250 Price Improvement on 30day Locks*
Rev 3.1 RS ID: 7:21 AM Zone 2 AZ, CO, DC, FL, GA, ID, IL, IN, KY, LA, MA, MD, MI, MO, NC, MN, MT, ND, NH, NJ, OH, OK, PA, SC, TN, TX, Extensions Fee Buyout Option 3-Day 0.063 14-Day 0.250 $50
More informationDELAWARE 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 informationPOOLTALK USER INTERFACE GLOSSARY
FANNIE MAE POOLTALK GLOSSARY (Draft as of April 2016) Items highlighted in yellow reflect enhancements related to Fannie Mae s program to securitize reperforming loans. Fannie Mae generally relies on its
More information