BEECH BLOG

Direct Mortgage - Week of Nov 9, 2009

Jim Beech — Tue, 10 Nov 2009 19:09:32 GMT

Week of Nov 9, 2009

DirectWare® Updates

If a loan is withdrawn, it must be reinstated before three days after the loan has been withdrawn - otherwise the lock will be cancelled.

Auto re-disclosures are now operational. This means that once you both you and all borrowers have eSigned any previous eDisclosure, and should there be any future disclosures required, DirectWare® is programmed to automatically re-disclose and generate an eSign request on your behalf.

When the APR of a loan changes, the Compliance Tracking Form now shows both what the APR was the last time disclosures were sent, and what the APR changed to.

Veterans Day

Veterans Day is this Wednesday, November 11th. While fundings will not occur this day, DMC will be open and you will be able to lock loans as normal through DirectWare.

Turn Times

Funding: Two (2) business days when closing docs are received prior to 10:00 am.
Loans received after 10:00 am will be counted as received the following day.

Underwriting: The oldest loan in the underwriting queue was submitted on 11/05/2009.

Streamline Refinances

During November the underwriting fee for FHA Streamline Refinances is $410.

If Your eSignature Request Does Not Arrive

Jim Beech — Fri, 06 Nov 2009 21:23:34 GMT

If you or your borrower do not receive the eSign Request email within 10 to 15 minutes of making a request, try the following solutions. Solution #1 should be tried first. If that does not work, then proceed to solution #2.

Solution #1 — Try this first.

Have the signer send an email from their email account to esign@directcorp.com. This will place "esign@directcorp.com" on the user's “safe sender list”. Then resend the eSignature Invitation Request email and the signer should now be able to receive the email – since it is now received from a “Safe Sender”.

Note: Using the link in the email is important because it lets us know that the email address is valid and that we can communicate with the borrowers by email.

Solution #2.

In the event of continual email receipt failures, either the borrower or loan officer can use the following link instead of using the email link: www.directcorp.com/esign. The user's name, social security number, and loan number will need to be typed into this login screen.

eSignature powered by DirectWare^® — Another benefit of Going Direct!

Week of 2 Nov 2009 -- Direct Mortgage

Jim Beech — Thu, 05 Nov 2009 23:55:30 GMT

Week of Nov 2, 2009

Loan Program Updates

All loans with temporary loan limits must fund by December 10.

Price adjustments

HUD Repo (loan program 6199):
Program adjustment reduced to 0.25%.
There is no longer an adjustment for credit scores below 700 for the 6199 loan program.

Turn Times

Funding: Two (2) business days when closing docs are received prior to 10:00 am.
Loans received after 10:00 am will be counted as received the following day.

Underwriting: The oldest loan in the underwriting queue was submitted on 11/02/2009.

Streamline Refinances

Dates required to qualify for an underwriting fee of $410 for FHA Streamline Refinances

Loan submitted to underwriting on or before November 11th, 2009.

Closing Docs signed by the borrower on or before November 16th, 2009.

Closing Docs returned on or before November 19th, 2009.

Loan funding disbursed by DMC on or before November 24th, 2009.

FHA streamline loans that fund after November 24th will be $810.

Direct Mortgage - Week of 26 Oct 09

Jim Beech — Tue, 27 Oct 2009 14:31:51 GMT

Week of 26 Oct 09

Loan Program Updates

No updates this week.

Price adjustments

USDA (loan program 6205):

The following adjustment is now effective:
<=$55,000 1.50

The following adjustments have been eliminated:
>$150,000                           -0.250
>$100,000 - $150,000           -0.125
>$70,000 - $80,000               0.125
>$55,000 - $70,000               0.250

Turn Times

Funding: Three (3) business days when closing docs are received prior to 10:00 am.
Loans received after 10:00 am will be counted as received the following day.

Underwriting: The oldest loan in the underwriting queue was submitted on 10/20/2009.

Streamline Refinances

Dates required to qualify for an underwriting fee of $410 for FHA Streamline Refinances:

Loan submitted to underwriting on or before October 12th, 2009.
Closing Docs signed by the borrower on or before October 19th, 2009.
Closing Docs returned on or before October 23rd, 2009.
Loan funding disbursed by DMC on or before October 28th, 2009.
FHA streamline loans that fund after October 28 will be $810.

Direct Mortgage - 12 Oct 2009

Jim Beech — Tue, 13 Oct 2009 20:46:34 GMT

Week of 12 Oct 09

Loan Program Updates

FHA Changes – Effective Immediately

FHA streamline refinance - min credit score is 640
FHA streamline refinance – mortgage being refinanced must be seasoned min 6 months
FHA streamline refinance – max CLTV 125%
FHA streamline refinance – no subordinate financing 2-4 units
Cash loans (all types) – no mortgage lates in the last 12 months, regardless of AUS findings
Purchase, rate/term loans (all types) – max 1X30 mortgage in the last 12 months regardless of AUS findings

New Program
LP Relief Refi 6214 — to be released Oct 14th.

Additional Changes - Effective 10-19-09

Repair escrows are only allowed on program 6199.
All NAL and Identity-of-Interest transactions where buyer and seller are related will require a copy of the seller’s payoff and mortgage history.
Whenever a non-occupant co-borrower is present, the occupant borrower’s housing ratio cannot exceed 55%.

Price adjustments

6199 HUD $100 down is now 2.500

6213 DU Refi plus High LTV adjustments
>95% to <= 97% was 0.750 now 0.5
>97% to <105% was 1.500 now 1.00

Turn Times

Funding: Two (2) business days when closing docs are received prior to 10:00 am.
Loans received after 10:00 am will be counted as received the following day.

Underwriting: The oldest loan in the underwriting queue was submitted on 10/06/2009.

Streamline Refinances

Dates required to qualify for an underwriting fee of $395 for FHA Streamline Refinances:

Loan submitted to underwriting on or before October 12th, 2009.

Closing Docs signed by the borrower on or before October 19th, 2009.

Closing Docs returned on or before October 23rd, 2009.

Loan funding disbursed by DMC on or before October 28th, 2009.

FHA streamline loans that fund after October 28 will be $795.