BEECH BLOG

Wholesale Mortgage News @ Direct

Jim Beech — Tue, 24 Mar 2009 17:34:30 GMT

Week of 23 Mar 09

Loan Program Updates

FHA Purchase and Refinance –
Loan limits have been updated in DirectWare to currently updated FHA limits.

FHA Jumbo Streamline –
This program is not available in the following areas:

California
Alaska
Hawaii
Miami Dade County (Florida)

Pricing Updates

No changes this week.

Turn Times

The oldest loan in our underwriting queue was submitted on: 18 March 2009

Updates - Week of 3/16/09

Jim Beech — Tue, 24 Mar 2009 17:30:59 GMT

Week of 16 Mar 09

Deadlines to Remember

For refinance fundings to be eligible for Feb funding disbursements:
- Submit to Underwriting on or before March 18, 2009
- Docs Signed by the borrower on or before March 23, 2009

Underwriting Reminders

FHA and VA Streamlines
     - Current employment information is required on the loan application.
     - Self employed borrowers must provide a CPA Letter or Business license.
     - For retired borrowers or borrowers receiving social security we will accept a        letter of explanation.
     - A verbal VOE will be performed prior to the loan closing and at funding.

Pricing Updates

No changes this week.

Mortgage Updates - Week of 9 Mar 09

Jim Beech — Wed, 11 Mar 2009 22:38:57 GMT

Week of 9 Mar 09

Loan Program Changes

FHA and VA Streamlines
- Current employment information is required on the loan application.
- Self employed borrowers must provide a CPA Letter or Business license.
- For retired borrowers or borrowers receiving social security we will accept a letter of explanation.
- A verbal VOE will be performed prior to the loan closing and at funding.

For Conventional 95% LTV
Minimum 720 Fico Score
Max DTI 45%
SFR 1 unit
Purchase or Rate and Term
Primary Residence
Up to 417,000
Not allowed in the following states: AZ, CA, FL, MI, NV, OH

Pricing Updates

No changes this week.

Turn Times

The oldest loan in our underwriting queue was submitted on: 6 March 2009

Mortgage updates - From 13 Feb 2009

Jim Beech — Tue, 17 Feb 2009 16:50:21 GMT

13 Feb 09

Due to current volumes, our underwriting turn-times have increased. Please see below for turn times and underwriting guideline changes:

Turn Times

Underwriting — up to 15 days, for both new loan files and resubmissions.

Underwriting Guideline Changes

Minimum FICO score of 620 required for all loan programs. Programs that have had a minimum credit score > 620 continue with their previous minimum.

Investment property guideline changes:

Minimum credit score is 720
2 years landlord experience required
Borrowers must qualify with full payments on purchase money loans
Florida investment properties are ineligible

Manual/Traditional underwriting for FHA/VA/USDA programs is not currently available.

Maximum DTI ratio is 55%, regardless of AUS approval.

Field review required on all Cash-out Refinance loans with LTV greater than 75%.

Interest rate lock required prior to underwriting submission.

Mortgage Loan Updates - 9 Feb 09

Jim Beech — Mon, 09 Feb 2009 22:42:11 GMT

Week of 9 Feb 09

Price adjustments

1. For all Conforming loans with subordinate financing and CLTV >90 the adjustment is now 1.00.

2. New extension fees effective today:

	Agency loan programs (Conforming & Government)
	Extension up to:	Cost of Extension
	7 Days	.250 pt.
	15 Days	.375 pt.
	30 Days	.750 pt.
	45 Days	1.250 pt.
	60 Days	2.000 pt.

	Non-Agency loan programs (Non-Conform/Jumbo/ALT-A,etc)
	7 Days	.250 pt.
	15 Days	.375 pt.
	30 Days	.750 pt.
	45 Days	1.250 pt.
	60 Days	2.000 pt.

Program Reminder

USDA Rural Housing -- ensure that property and income are eligible according to USDA guidelines.

Due Dates

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

Submit to Underwriting on or before February 10, 2009
Docs signed by the borrower on or before February 12, 2009
Loan funding disbursed by DMC on or before February 18, 2009

Dates required for refinance fundings to be eligible for February funding disbursements:

Submit to Underwriting on or before February 16, 2009
Docs signed by the borrower on or before February 19, 2009
Loan funding disbursed by DMC on or before February 26, 2009