Industry News – 11.05.10 Big News! Pinnacle Capital announced today the return of the 97% LTV Fannie Flex program in California. Their MI partners are insuring higher LTV’s without income or geographic limitations – standard Flex requirements apply: 720 minimum credit score, borrowers must have 3% of their own funds, max debt ratios of 41%, etc.
Industry News – 11.05.10
Big News! Pinnacle Capital announced today the return of the 97% LTV Fannie Flex program in California. Their MI partners are insuring higher LTV’s without income or geographic limitations – standard Flex requirements apply: 720 minimum credit score, borrowers must have 3% of their own funds, max debt ratios of 41%, etc.
Home Savings improved their price on their High-Balance Agency programs by .350; they’ve done the math for you and have reflected the improvement in their base price.
Close those loans! Pinnacle Capital is offering a price special on their short-term lock periods; they have improved their 10 – 15 day locks by .125.
Mountain West is offering a webinar on ‘The Mechanics of the FHA Loan’ on November 12th from 9:00 – 12:00. This webinar is required if you are looking for FHA sponsorship through Mountain West. To register, go to https://www2.gotomeeting.com/register/949432562
Bay Equity has eliminated their non-agency jumbo loan programs.
ING removed the price adjustment for loans below $1.5 million, and for loans above $1.5 million it increased the adjustment to .75 from .500.
If you have a FHA loan with either Plaza Mortgage or Stearns Lending with credit scores between 620 to 639, you must fund by November 30th; effective 12/1, the minimum credit score for FHA loans with Plaza and Stearns is now 640.
Wells Fargo adjusted its 2nd appraisal policy for the FHA Property Flipping Waiver. A second appraisal, "verifies that the seller has completed sufficient legitimate renovation, repair or rehabilitation work on the subject property to substantiate the increase in value or, in cases where no such work is performed, the appraiser provides appropriate explanation of the increase in property value since the prior title transfer."
Have you processed closed a Fannie DU Refi Plus or a Freddie Refi Relief loan? The HARP programs are great alternatives for those refinancing borrowers either under water or over current agency LTV limits. Flagstar, Citi, and Direct Mortgage will go to 125% LTV with unlimited CLTV. The existing loan must be owned and have been owned by either Fannie or Freddie on or before May 31st, 2009. Please note that while the existing loan may appear to be eligible per Fannie or Freddie’s site, DU or LP will kick the loan if the existing loan was delivered to the agencies after May 31st, 2009.
An individual can now authorize a credit report through the National Mortgage Licensing System (NMLS). Remember that all licensed residential mortgage loan originators participating in NMLS will be required to complete the credit authorization process, regardless of any prior state requirements. For detailed instructions, go to NMLSCredit
Look for more programs and lenders at www.readyprice.com.
Tip of the Week: You can now save and keep track of your price quotes to borrowers in ReadyPrice. To learn how, click on the following link for a quick tutorial Save Borrower Quotes
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The ReadyPrice Team