Latest News Category: Bulletin

Topic included in Bulletin W13-036: Essent Guaranty, Inc is now an approved Mortgage Insurance Vendor for CMS Complete list of approved MI vendors: Essent Guaranty, Inc MGIC Radian United Guaranty Credentials will be provided to Operation Associates The Intranet is updated and the website is in the process of being updated Download: Bulletin - W13-036 […]

Topic included in Bulletin W13-035: Reminder, Monday, March 25, 2013, Appraisal Management Solutions, LLC (AMS) and HVCC Appraisal Ordering are no longer approved AMCs Approved AMC companies are: Clear Capital Appraisals Lender’s Choice AMC (CA Only) Nationwide Property & Appraisal Old Republic Pro Teck Valuation Services ServiceLink StreetLinks Lender Solutions Appraisals ordered after March 25, […]

Reviving homeownership can help the mortgage industry and the economy  Ray Brousseau, executive vice president, Mortgage Lending Division, Carrington Mortgage Services LLC  As published in Scotsman Guide's Residential Edition, March 2013.  As the American public frets over the financial future of our nation and government officials lay out possible course corrections, it’s time for high-impact […]

Topic included in Bulletin W13-034: Reminder, tax transcripts are required for all qualifying borrowers Documentation requirements when tax return filed before April 15, 2013 Documentation requirements when tax return filed after April 15, 2013 Documentation requirements after October 15, 2013 Download: Bulletin - W13-034 (PDF)

Topic included in Bulletin W13-033: CMS pleased to announce the addition of the FHA Streamline 203(k) to our product offering, effective Monday, April 15, 2013 203(k) program allows borrowers to purchase a property or refinance an existing property requiring repairs with permanent financing Program enables the borrower to obtain one mortgage that provides funds for […]

Topic included in Bulletin W13-031: Conventional Conforming DU Matrix has been updated Effective now Updates include: Investment property 85% - the minimum credit score is 680 due to MI guidelines Borrower must make a minimum 5% contribution when gift funds are involved in transaction and LTV>80% and the subject property is a primary residence of […]

Topic included in Bulletin W13-030: Jumbo Matrix has been updated and is effective now Updates include: Amended the minimum tradeline requirements: All qualifying Borrowers must meet the minimum tradeline requirements. A minimum of 3 open tradelines each rated for 36 months. All 3 trades must have activity within the last 6 months. This is defined […]

Topic included in Bulletin W13-029: CoreLogic product ValuePoint4 (VP4) is only AVM option for VA IRRRLs CMS will rely on the value as stated in the VP4 for qualification purposes If the VP4 shows “not available in this county” or “failure”, the Broker can submit the file to CMS and the CMS Appraisal Review Department […]

Topic included in Bulletin W13-028: FHA Conforming and High Balance Matrix has been updated with the changes announced in Mortgagee Letter 2013-05, with Case Numbers assigned on and after April 1, 2013 Changes are: All files require an AUS finding.  Files receiving a Refer/Eligible for credit score less than 620 and DTI greater than 43% […]

Topic included in Bulletin W13-027: CMS pleased to announce the addition of a new Jumbo program! Some highlights of the program are: Loan Amounts up to $2mm Fully Delegated to $2mm Manual Underwrite - No AUS required 41% DTI Gift funds allowed for Down Payment and Closing Costs (Borrower required 5% contribution) Business funds allowed […]