What is happening today in mortgage lending:
Many lenders are no longer allowing a 15 or 30 day lock unless the file is in our office. A 15 day lock the loan must have an approval. Our rate sheet only shows 45 day locks. Call Jan for 15 and 30 day pricing.
Any loan locked must have been received in our office with 15 days of the lock or the lock will be cancelled.
Not delivering loans that are locked will affect your Brokers Score. Brokers with high Broker Scores will be cut off from doing business with your lender. Please keep your pipeline clean any loan up loaded into Pronto that is not delivered please remove them from your pipeline.
The broker can order the appraisal on FHA loans that require a 2nd appraisal for cash out above 85% currently a 2055 is acceptable but it must be done by an FHA approved appraiser.
Documents must be within 60 days of the final underwriter approval and with 120 days of closing. New construction must be within 180 days of closing.
FHA loans that the borrower or c borrower has a contingent c-signer debt will be counted against them even if the other party is making the payments if our borrower was the primary obligator on the contingent debt.
PIW are no longer acceptable however we will take the options provided by DU. If DU requires a 2075 (which shows no value) we will accept them.
All Refinance must be received by our office by Feb 11th in order to close by the end of the month.
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
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