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USA Sales Meeting. January 16, 2012. 1/16/12. USA Sales Meeting Agenda. Ian Best FHFA Memo Bonnie Christensen Underwriting Updates Sarah Morrow Sales Updates. 1/16/12. USA Secondary Department Ian. FHFA Fee Increase Explanation. 1/16/12.

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Usa sales meeting

USA Sales Meeting

January 16, 2012

1/16/12


Usa sales meeting agenda

USA Sales Meeting Agenda

  • Ian Best

    • FHFA Memo

  • Bonnie Christensen

    • Underwriting Updates

  • Sarah Morrow

    • Sales Updates

1/16/12


Usa secondary department ian

USA Secondary Department Ian

FHFA Fee Increase Explanation

1/16/12


Usa underwriting department bonnie

USA underwriting Department bonnie

Positive changes to VA Guidelines:

  • Credit Score has been reduced to 640,  down from 660

  • Converting  current home into a rental has been relaxed to reflect the following:

    • Borrowers must qualify for both PITI payments. 

    • Have minimum reserves of 3 months PITI for the retained property.(previously required 6 months for both the new and old property)

    • Rental income may be used to offset the payment with the following documentation: 

      • A properly executed lease agreement at least 12 months in duration from the date the loan closes, and evidence that the homebuyer received the security deposit and/or 1st month’s rent. (removed 30% equity)

1/16/12


Usa underwriting department bonnie1

USA underwriting Department bonnie

FHA Streamlines: The Basics

  • Must be FHA to FHA

  • Owner occupied only

  • 680 minimum credit score

  • No cash to borrower

    • other than minor adjustments at closing not to exceed $500

  • Subodinate liens may remain in place, new 2nds may not be added

  • Standard MIP figures apply

    • check guidelines for current factors

1/16/12


Usa underwriting department bonnie2

USA underwriting Department bonnie

FHA Streamlines: The Basics

  • Borrower Additions or Deletions to the Title

    • Individuals may be added to the title on a streamline refinance

    •  Individuals may be deleted from the title on a streamlines, only when the transferability restriction (due-on-sale clause) was not triggered,

      • Such as in a property transfer resulting from a divorce decree

      • Or death

    • An assumption or quit-claim of interest occurred more than six months previously, and the remaining owner-occupant can demonstrate that he/she has made the mortgage payments during this time

1/16/12


Usa underwriting department bonnie3

USA underwriting Department bonnie

FHA Streamlines: The Basics

  • 6 months seasoning needed before an application may be taken or a case number is ordered

    • At least six payments must have been made on the mortgage that is being refinanced, and

    • At least six full months must have passed since the first payment due date of the refinanced mortgage, and

    • At least 210 days have passed from the closing/note date of the mortgage being refinanced.

  • 55% max DTI based on current earnings

  • Manual underwriting, due not run AUS

1/16/12


Usa underwriting department bonnie4

USA underwriting Department bonnie

FHA Streamlines: The Basics

  • May be done with or without an appraisal

  • Loans without an appriasal

    • May not include any closing costs or prepaids

    • We will require an eppraisal to support a maximum LTV of 115%

      • Order at www.eppraisal.com at no cost

      • Exceptions can be requested

        Must close by the 25th day of the month

      • When including more than 30 days of interest

1/16/12


Usa underwriting department bonnie5

USA underwriting Department bonnie

FHA Streamlines: The Basics

  • Must have a net tangible benefit defined as

    • A 5% reduction to the P&I of the mortgage payment plus the annual MIP, or

    • Refinancing from an Adjustable Rate Mortgage (ARM) to a fixed rate mortgage.

  • Reducing the term of the mortgage is not a net tangible benefit.

  • The following table defines the minimum thresholds in different refinance situations

1/16/12


Usa underwriting department bonnie6

USA underwriting Department bonnie

1/16/12


Usa underwriting department bonnie7

USA underwriting Department bonnie

FHA Streamlines; How to calulate the loan amount

Without an appraisal the maximum insurable mortgage is lesser of:

  • Outstanding principal balance, may include up to 60 days of interest

  • minus the applicable UFMIP refund

  • Plus the new UFMIP

    OR

  • Maximum of 115% LTV/CLTV based on AMV.

1/16/12


Usa underwriting department bonnie8

USA underwriting Department bonnie

FHA Streamlines; How to calulate the loan amount

With an appraisal, maximum insurable amount is the lesser of:

  • Outstanding principal balance plus up to 60 days of interest

  • minus the applicable UFMIP refund,

  • Plus closing costs, prepaid items to establish the escrow account

  • plus the new UFMIP

      or

  • 97.75% of the appraised value plus the new UFMIP

    Discount points may not be included in the new mortgage. If the borrower has agreed to pay discount points the funds to pay them must be verified.

1/16/12


Usa underwriting department bonnie9

USA underwriting Department bonnie

FHA Streamlines; Required documentation

  • 1003 fully completed except the income is left blank

  • 92900 A

    • page 1 & 2 signed prior to underwriting

    • page 3 signed by underwriter as of date of final approval

    • page 4 signed by borrower.

  • Income documenation

    • Most recent paystub & W2 for non self employed

    • Retired – copy of award letter, or 1099 & 1 month bank statement to show reciept

    • 1 year most recent tax returns for self employed borrowers

  • Tri-Merged Credit Report

  • FHA Net Tangible benefit form

  • Funds needed to close

1/16/12


Usa underwriting department bonnie10

USA underwriting Department bonnie

FHA Streamlines; Required documentation

  • Clear LDP/GSA (CAIVRS not needed)

  • Payoff demand for existing FHA loan

  • Copy of Note or Deed of Trust to verify

    • Original loan amount

    • Borrowers on original loan

  • FHA Refinance Netting Authorization

    • Provides information Up-Front Mortgage Insurance Premium (UFMIP) information for refinance transactions. This information includes the used and refundable amounts of the Up-Front MIP from the old case. The listed information is for a two-month period, the indicated month and the following month, and is based on the closing date entered. An authorization number and an expiration date will be issued when the exchange of information is verified and posted. This information is required to determine the correct base mortgage amount and must be obtained prior to underwriting.

1/16/12


Usa underwriting department bonnie11

USA underwriting Department bonnie

FHA Streamlines; Required documentation

Eppraisal print out max LTV of 115%

  • higher possible with an exception

  • Clear title with 24 month chain of title

  • FHA case # Assignment

  • FHA connection SS# verification

  • For your protection get a home inspection

  • Energy Efficient Mortgage

  • ECOA

  • All standard disclosures, GFE and TIL

  • 1/16/12


    Usa sales department sarah

    USA Sales Department Sarah

    • Linked In

      • Did everyone get their email/password updated?

      • Any good connections made?

    • Updated Exception Condition

      • Now reads “Additional exception pricing may apply”

    • 2012 Broker Renewal

      • Updated License

      • Updated Roster

      • …?

    1/16/12


    Questions

    Questions?

    Questions, Comments, Concerns?

    Open Forum for Discussion

    1/16/12


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