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HPU Today Paul C.T. Loo Alumni Spotlight

Dear Mr. Shivaraman,

I understand that you are very busy, but I was wondering if you would please be able to provide me with file of your interview answers by tomorrow morning (Friday, May 29) at 10:00 am?

Thank you very much for your time and consideration.

Marcie Kagawa

HPU Today Junior Editor

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Weekly Product Update May 18 - May 22, 2009

See attached "Weekly Product Update" for May 18 - May 22, 2009 

 

 

Rita Kama-Kimura

Wholesale Account Representative

(808)  275-8006   direct

(808)  864-0520   cellular 

 

 

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Updates: Turn Times and Locks

May 20th. 2009  

 

 Hmmmmmmmm Current Turn Times

(business days)

 

Maximum 5 - 7 days  = Purchases

Refinances = 30 days maybe faster

Conditions = 3 - 4 days

NDC = 7- 8 days

 

 

Current Lock Terms

 

60 days for forthcoming loans must be delivered to MetLife

within 12 business day to guarantee lock

 

60 days for loans already submitted with no loan determination issue

 

45 - 60 days locks for loans reviewed, loan determinations issued

requiring Desk Reviews, Field Reviews  or Extensive  Conditions

 

30 days locks when loan reviewed, determination issued and conditions minimal 

 

Pricing is .125 difference between lock terms 

 

For use by MetLife Approved Brokers only and  

are subject to improvement without prior notice

 

Rita Kama-Kimura

Wholesale Account Representative

(808)  275-8006   direct

(808)  864-0520   cellular

 

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#1 "HVCC Ordering" and #2 "at the Closing Table"

Wednesday, May 20th, 2009

 

To MetLife Approved Brokers

 

"HVCC Ordering"

 

Have you ordered your HVCC via Pronto yet?

If yes, please e-mail me the borrowers name and loan number.

 

Since this is still a rather new system I want to monitor it to confirm all is going smoothly

and if there are any bugs!    we squish them now!

 

"at Loan Closing" 

 

Statements to borrower's for their first payments are running a bit behind

when you're at the closing table please be sure your borrowers have the

 

"Temporary Payment Letter"

handy!

 

(placed on the top of their copies of the closing documents would be wise) this is to be

used in the event they do not receive their statement from MetLife in time for their fist payment.

 

Be sure they know the date their first payment is due, the total amount and that it is

important for them to indicate their loan number on the check when they send it in.

 

It is imperative that your borrower's understand that sending in their mortgage on time is critical,

they are to use the "Temporary Payment Letter" in their closing package. 

Not a bad idea to make a second copy for them ... just in case!

Now Aloha ...

 

Rita Kama-Kimura

Wholesale Account Representative

(808)  275-8006   direct

(808)  864-0520   cellular

 

To maximum communication it's wise to "Reply to All" 

 

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Weekly Product Updates May 11th. - May 15th. 2009

Friday, May 15th. 2009

 

To All MetLife Approved Brokers

 

The following products have been updated:

 

                                                       

                                                          Conforming Plus Fixed and ARM

                                                         Conforming Plus Temporary 2009

                                                                 Effective Immediately
LTV Matrix

• Primary Residence Cash-out Refinance

• Maximum cash-out limits no longer apply

• For Conforming Plus Fixed and ARM only, cash-out limits continue to apply to Primary Residence Cash-out Refinance transactions that do not meet the more restrictive guidelines announced on May 8, 2009

 

                                                                         DU Refi Plus

                                                                Effective Immediately
Refinance (Rate/Term)

• Fannie Mae will no longer require confirmation that the subject property is not listed for sale
  • The Refinance Affidavit will continue to be required; however information regarding property listing may be disregarded 

 

Term

• The term for the DU Refi Plus loan may extend beyond the original term of the existing loan if the longer amortization results in a decrease to the principal and interest payment

 

 

                                                                  FHA Fixed and ARMs

                                                                 Effective Immediately
Underwriting/Manual

• FHA has released updated versions of two handbooks:

• 4155.1 Mortgage Credit Analysis for Mortgage Insurance, One to Four Family Property
• 4155.2 Lender's Guide to Single Family Mortgage Insurance Processing

• The new handbooks have consolidated information from several handbooks, and incorporated all Mortgagee Letter updates through ML 2009-09

• Mortgage Letters will supercede any errors found in the new handbooks

• FHA will continue to use Mortgagee Letters to announce policy updates, and the handbooks will be updated on the effective date of the policy change

• Mortgagee Letters will be posted on the FHA portal under "Updates" along with links to the impacted area(s) of the handbooks

• The new handbooks are available for use at FHA.gov

 

Rita Kama-Kimura

Wholesale Account Representative

Metlife Home Loans

(808) 275-8006 Direct       

(808) 864-0520 Cell

(800) 499-0488 Toll free

E-Mail:  rkkimura@metlifehomeloans.com

 

 

 

 

 

 

 

 

 

 

 

 

 

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Current Turn Times

Monday, May 11th, 2009

 

To all MetLife Approved Brokers

 

Wanted to put this as gently as possible however:

 

Current Turn Times as of today:

 

Refinances 23 - 25 days

Purchases 8 - 10 days

72 - 96 hours for conditions (Purchases and Refinances)

NDC 8 - 10 days, if applicable

 

More expeditious times may be available on a case by case ... call to discuss 

Rita L. Kama-Kimura

Wholesale Account Representative

(808)  275-8006  direct

(808)  864-0520  cellular

 

 

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FW: Stimulus/Recovery/Incentive Program

Monday, May 11th, 2009

 

To All MetLife Approved Brokers

 

A number of you have asked about the  tax credit being offered to first time home buyer if they purchase a home this year up through the end of Nov. 2009.  Remember this is a tax credit (sort of a stimulus/incentive to get our industry moving) please note we should not be giving any tax advise on this, you should encourage you borrowers to speak to their CPA, Tax Preparer etc.

 

Read the following careful and remember to have the borrowers consult their tax advisors.

________________________________________

 

What You Need to Know About the $8,000 First Time Home Buyer Tax Credit

	March 2009

 

 

Who Qualifies for the Tax Credit?

 

• Never owned a home
• Have not owned a home within the last 3 years--determined by HUD 1 date when previous home was sold
• Purchased a home to be a primary residence between January 1 and November 30, 2009
• Owned a rental property or vacation home which was not used as a primary residence over the last 3 years
• If married and one person owned a home within the last 3 years, the other did not, they do not qualify
• If unmarried and one person owned a home within last 3 years and other did not, they can “designate” the tax credit to the one who is considered the FTHB.
• If parents cosign on a mortgage (and own a home) and the child is a FTBH, they are eligible for the tax credit.
• Non-US Citizens may qualify if they meet resident-alien status (IRS Pub 519)
• Revenue or Housing Bond financing are eligible for tax credits. 

Types of Properties

 

• Primary Residence – Single family, 2-4 units (must occupy one unit) town homes, condos, manufactured homes, mobile homes and houseboats.
• New Construction – “Purchase Date” is the date the owner occupies the home (between Jan 1 and Nov. 30, 2009) Note: They could have owned land and are in the process of building.

Income Limits

 

• $75,000 Single Person (Partial Credit up to $95,000)
• $150,000 Married Couple (Partial Credit up to $170,000)
• Based on Adjusted Gross Income (AGI) line on IRS Form 1040, 1040A or 1040EZ

 

Amount of Credit

 

• 10% of Sales price
• Up to Maximum of $8000
• Partial Tax Credit if income exceeds $75,000 or $150,000

 

Repayment Tax Credit

 

• If sold within 3 years, the entire tax credit needs to be repaid!  After 3 years, no repayment is due. 

 

"Buyers should check with a tax advisor on how it will affect their individual tax returns."

 

Rita L. Kama-Kimura

Wholesale Account Representative

(808)  275-8006

(808)  864-0520

 

 

 

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Weekly Product Updates May 4th. - May 8th. 2009

Friday, May 8th. 2009

 

To All MetLife Approved Brokers

 

The following products have been updated: 

 

   

                                              Conforming Generic Fixed and ARMs

                                              Conforming Plus Fixed and ARM

                                              Conforming Plus Temporary 2009

          Effective for loans locked, relocked or extended on or after May 12, 2009 

 

LTV Matrix

• LTV <=80%: Maximum 55% DTI Ratio regardless of AUS approval.  No exceptions allowed.
  (previously, DTI determined by AUS.  DTI remains at 36% for manually underwritten loans.)

 

                                              Conforming Plus Fixed and ARM
                          Effective for applications dated on or after May 12, 2009
          Loans not meeting these guidelines must close/fund/disburse on or before July 1, 2009 

 

LTV Matrix – Fully Amortized Fixed and ARM

• Primary Residence, Purchase and Rate/Term Refinance
  • 1 unit, >75% LTV/CLTV, 700 credit score, allowed on Fixed Rate only
  • 1 unit, <=75% LTV/CLTV, 660 credit score required on Fixed Rate
• Minimum 740 credit score required on the following:
  • 2-4 unit, Primary Residence, Purchase and Rate/Term Refinance
  • 1-4 unit, Primary Residence, Cash-out Refinance
  • Second Home and Investment Property

 

LTV Matrix – Interest Only ARM

• Primary Residence, Purchase and Rate/Term Refinance
  • 75% LTV/CLTV, 680 credit score
• Primary Residence, Cash-out Refinance
  • 75% LTV/CLTV, 740 credit score
• Second Home, Purchase and Rate/Term Refinance
  • 65% LTV/CLTV, 740 credit score

 

                                                  Appraisal

• In addition to the full appraisal, a Field Review is required as follows:
  • If LTV/CLTV is >80% and loan amount is equal to $625,500 OR
  • If LTV/CLTV is >75% and property value is >=$1,000,000
• Condos (attached)
  • Two (2) comparable sales outside of subject’s project are required in addition to the full appraisal

 

                                                  Freddie Mac Relief Refinance
                                                      Effective Immediately

Documentation

• Verification of Employment will not be required if the Principal and Interest payment is not increasing >20%

                                *** Remember loans must currently be serviced by MetLife *** 

 

Third Party Originations

• The Wholesale Eligibility Determination form has been updated to reflect payment history requirements.

 

                                                  All Applicable Products

Mortgage Insurance Matrix

 

Radian (effective May 15, 2009)

• Maximum 41% DTI ratio for all loans (no exceptions)
• Condos:
  • Project must have a minimum of 10 units
  • Minimum of 70% of units (project or legal phase) must have been conveyed or be under contract to primary residence or second home purchasers
• Non-traditional credit is allowed on 1 unit properties only
• Foreclosed properties:
  • Utilities must be turned on when appraisal is performed
• SplitEdge:
  • Pricing and adjustments will increase effective June 15, 2009

 

 

Rita Kama-Kimura

Wholesale Account Representative

Metlife Home Loans

(808) 275-8006 Direct       

(808) 864-0520 Cell

(800) 499-0488 Toll free

E-Mail:  rkkimura@metlifehomeloans.com

 

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MetLife Home Loans - Hawaii Wholesale Rates

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MetLife Home Loans - Hawaii Wholesale Rates

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If you NO LONGER desire to receive these Rates, please REPLY with UNSUBSCRIBE in the subject.

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PRODUCT RELEASE: DU Refi Plus with Mortgage Insurance

Monday, May 4th. 2009

 

To all MetLife Approved Brokers

 

 

 

DU Refi Plus with Mortgage Insurance

 

 DU Refi Plus is now available for loans that require Mortgage Insurance!

 

Product Features include:

 

• Mortgage Insurance is available up to 105% LTV
• Mortgage Insurance is required only when the LTV of the new loan is > 80% and the existing loan includes MI
• MI coverage for the new loan may remain the same as the coverage for the existing loan regardless of LTV

 

Mortgage Insurance

• Due to MI Company restrictions, only MLHL serviced loans are eligible when mortgage insurance is required

• If DU feedback indicates that there is no MI on the existing loan, MI is not required on the new loan.  If this DU feedback is received, MLHL is not required to document the lack of MI on the existing loan
• MI Insurance must be ordered/transferred from the current MI provider

 

Underwriting/DU

• Underwriting guidelines for DU Refi Plus with Mortgage Insurance are the same as for the existing DU Refi Plus product; however, MI guidelines may be more restrictive

• DU has been updated to remove "Ineligible" findings for LTV/CLTV/(H)CLTV and credit score

• For loans that were submitted to DU prior to the weekend of May 2, 2009, refer to the previous Loan Product Description for DU messaging

 

Pricing will be available on Tuesday, May 5, 2009.

 

See the Loan Product Description for complete program guidelines.  

As always subject to change without prior notice and is for

use by MetLife Approved Brokers only 

 

Rita Kama-Kimura

Wholesale Account Representative

Metlife Home Loans

(808) 275-8006 Direct       

(808) 864-0520 Cell

(800) 499-0488 Toll free

E-Mail:  rkkimura@metlifehomeloans.com

 

 

 

 

 

Confidentiality notice:
This e-mail message, including any attachments, may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee or agent responsible for delivery
of this message to the intended recipient(s), you are hereby notified that any dissemination,
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in error, please immediately notify the sender and delete this e-mail message from your computer.