Help your loan go through our system quicker

Please remember when sending you conditions in that we will not send a file back to underwriting unless all conditions are sent in at the same time. If you feel you need an exception to this please contact Jan or myself. By doing this it will cut back on the number of times a file has to go back to an underwriter and speed the process up.

Also remember that we need the following documents in order to submit your file the first time.
1-1003
2-Addendum to 1003 page 1 and 2 for government loans
3 -1008/MCAW or VA Analysis Workseet
4-GFE
5-Income verification
6-Asset Verification
7-Credit Report
8-LDP/GSA Exclusionary List
9-Social Security Number
10-AUS Findings from DU or LP
11- Purchase/Sales Contract and addendums if applicable

Temporary Loan Limits Going Away

Remember all loans using the Teporary Loan Limits must be locked and deliverd to us by Nov 28th and closed and funded by Dec 15, 2008

MetLife a fortress-like capital

We all feel like who is next now days. I thought you might like to see a few quotes about MetLife as of recent …
“Given the uncertainty in global markets, it helps (that MetLife has) a fortress-like capital position.” Barron’s October 13, 2008
“Though MetLife was one of the first big insurers to raise capital in this downturn, it appears to be one of the least in need.”
The New York Times, October 10, 2008“MetLife benefits from strong cash flows from it individual and institutional insurance operations, improved diversity of insurance cash flows and strong fixed-charge coverage.” Standard & Poor;s October 9 2008
“The Long-term approach we take in managing our investment portfolio, combined with our diverse mixes of business, has served us well and will continue to do so in the years ahead.” C. Robert Henrikson, MetLife Chairman and CEO, October 7, 2008

DPA's gone at MetLife Home Loans

DPA

FHA Fixed and ARMs
(Codes: F5DP, F3DP, FADP, FA3D, FAD5)
***PRODUCT DELETION***
Effective after August 15, 2008, applications involving seller-funded DPAs will NOT be accepted. All loans with seller funded DPAs must be final approved, including appraisal and all prior to closing conditions on or before October 1, 2008.
Downpayment
Seller Funded DPA
All Seller Funded Down Payment Assistance (DPA) programs are being discontinued.
This change is in response to legislation H. R. 3221.
After October 1, 2008, any changes that require the loan to be resubmitted to AUS or cause the DE Underwriter to change the date on the MCAW would result in the loan being ineligible for a seller funded DPA.
***REMINDER***
FHA Fixed and ARMs
As of July 14th, when a loan is submitted through AUS without a case number, AUS will use TOTAL version 2.0.
When a loan is submitted or resubmitted through AUS with a case number, the date the case number was assigned will determine which version of TOTAL will be used. For case numbers assigned prior to July 14th, AUS will use TOTAL version 1.2. For case numbers assigned on or after July 14th, AUS will use TOTAL version 2.0. Case numbers transferred from another lender will be based on the original case number assignment date.
Total version 2.0 is designed to be more tolerant due to Risk Based Premiums. As a result, a loan that received an Accept/Approve through version 2.0 may not receive an approval when submitted through version 1.2.

Posted by S Nault at 2:13 AM