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FW: New Appraisal Requirement for USDA Loans Beginning July 1st

Friday, June 26th. 2009

 

To all MetLife Approved Brokers

 

See below: Regarding New Appraisal Requirements for USDA Loans:

 

---

 

SFH Guaranteed

Underwriting System News

     From the National Office in Washington DC

 

 

Single Family Housing Guaranteed Underwriting System

 

 

 

June 26, 2009

 

New Appraisal Requirements for Single Family Housing Guaranteed Loans

 

For new application packages submitted to the Agency on or after July 1, 2009, Rural Development will require the Fannie Mae/Freddie Mac form 1004MC “Market Conditions Addendum to the Appraisal Report” be included in the appraisal.  Beginning July 1, 2009, Lenders should order appraisals to include the Fannie Mae/Freddie Mac form 1004MC.  For loans already in process, the Agency will continue to accept appraisals without the Fannie Mae/Freddie Mac form 1004MC until July 31, 2009.  The form is not required if an application package has already been submitted to the Agency, or if an appraisal has already been conducted that did not include the form.  This applies to all guaranteed loan requests, including those manually underwritten or submitted through GUS.  An Administrative Notice on this topic is forthcoming.

 

The changes noted in this release will apply to all SFH guaranteed loan files submitted to the Agency through GUS, resubmitted through GUS, or submitted to the Agency as a manually underwritten loan on or after July 1, 2009.  Questions regarding this notice may be directed to the Single Family Housing Guaranteed Loan Division at 202.720.1452.  Functionality questions regarding GUS and questions related to e-authentication should be directed to the Centralized Help Desk at:  1.800.457.3642.  To reach the help desk, choose Option 2 at the 1^st menu item (USDA Applications) and Option 2 at the 2^nd menu (RD) to obtain assistance from a Rural Development representative.  Or, email:  RD.HD@stl.usda.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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CONTINUED INTEGRATION ****URGENT***

 

***URGENT UPDATE = PLEASE READ***

 

  Integration into the MetLife System will continue today.

 

Starting at 3 pm today technicians will start

"Hardware Change Out" which may last through Monday.

 

First, on the list will be operations then progressing to sales.

 

We are hoping that there will be minimal/temporary interruptions ... we hope!

 

We thank you for your patience during this ongoing transition ... Mahalo

 

Rita Kama-Kimura

Wholesale Account Representative  

(808)  275-8006   direct

(808)  864-0520   cellular

 

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Weekly Product Update June 22nd. - June 26th. 2009

 Friday, June 26^th. 2009

 

To All MetLife Approved Brokers

 

The following products have been updated:

 

DU Refi Plus

***REMINDER***

Effective with loan applications signed and dated by borrower on or after July 1, 2009. 

Regardless of application date, loans that do not meet the new guidelines

must be submitted to DU prior to July 1, 2009.

Loan Amount

• Incidental cash back to the borrower at closing may not exceed $250
• Cash back in excess of $250 must be applied as a principal reduction on the new loan
• DU will be updated the weekend of June 27, 2009
  • Effective with the DU update, loans that are submitted to DU with >$250 cash back reflected in Details of Transaction will not be underwritten as a DU Refi Plus

 

 

Conforming Generic LPMI (Tax Option)

Mortgage Insurance certificates for loans that do not meet the following guidelines

must be issued prior to July 1, 2009

LTV Matrix

• Minimum 700 credit score for properties located in Non-Restricted and Tier One Restricted Markets

(previously, 680 credit score)

• Maximum 90% LTV and minimum 720 credit score required for properties in Tier Two Restricted Markets

(previously, 720 in Restricted States only)

 

 

Declining Markets

• Guidelines have been revised to reflect MGIC’s new Tier One and Tier Two Restricted Markets.
  • See MI Matrix and MGIC website for additional information.

 

 

All Applicable Products

Mortgage Insurance Matrix

RMIC (effective September 1, 2009)

 

RMIC has issued the following clarifications to the June 19, 2009 announcement regarding 4506-T requirements.  The MI Matrix has been updated to reflect the revised policy.

• The 4506-T is required only on borrowers whose income is used to qualify
• The 4506-T must cover the most recent one (1) year tax returns
• Prior to closing, the 4506-T transcript for the most recent one (1) year must be obtained from the IRS (or designee) and used to validate the income documentation provided by the borrower(s).
  • If the tax return transcripts do not support the income documentation provided and the discrepancies cannot be adequately explained and documented, the loan is ineligible for insurance.

Rita Kama-Kimura

Wholesale Account Representative

(808)  275-8006   direct

(808)  864-0520   cellular

 

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

 

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Bureau Changes Effective 7/1/09 and other Reminders

Thursday, June 25th. 2009

 

To all Approved MetLife Brokers

 

 Very Important ... Please Read Attached:

 

We are now looking at Funding (2) days prior to Recording

No Specials

and No Pulling of Documents once submitted for Recording

 

Reminders:

 

Maximum 55% DTI regardless of DU Findings for Conforming Loans 80% LTV and less

41% DTI regardless of DU Findings for Conforming loans over 80% LTV

 

Be Proactive:

 

For all Condos/Townhomes broker should review for acceptability of project

Remember:  RR105c and/or Disclosure are required for all projects even on Limited Reviews

with possible exception of DU Refi. Plus

 

HVCC Recession:

 

There is a requirement that the borrower must receive and review the appraisal

3 days prior to closing

There may be cases whether due to contract deadlines, lock expirations, etc. where

a waiver may be used.  If this is the case, you will be sent a waiver form for the borrower to sign.

This will be forwarded by operations.   

 

For now Aloha

 

Rita Kama-Kimura 

Wholesale Account Representative

(808)  275-8006   direct

(808)  864-0520   cellular

 

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FW: System Changes and Training

Tuesday, June 22nd. 2009

 

To all MetLife Approved Brokers

 

Please note that as we continue our migration from

the First Tennessee System to the more  

secure MetLife system ... we face a few challenges.

 

System has been up and down through yesterday and may

continue today.

If you do not received a response to your e-mail,

you are not being ignored, is possible the system has gone down momentarily.

 

Today, please note I will be in a training all day and 

available on a very limited basis. 

 

Aloha and Maalox for your patience.  

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HVCC Changes

 Thursday, June 18th, 2009

 

To All MetLife Approved Brokers

 

Effective Immediately ....

 

Broker may now use alternative credit card to order

HVCC Compliant Appraisal via Pronto (alternative? brokers card)

(previously only borrowers credit card could be use)

 

Once you have ordered your appraisal, we strongly encourage

you to complete the attached form and forward to Susan McDonald.

This will help her to monitor the process and make sure everything goes smoothly,

especially on Purchases.

(always a good idea to include your A.E.)

 

Still exempt from this process are VA, FHA and USDA Appraisal

 

For now Aloha ...

 

 

 

Rita Kama-Kimura

Wholesale Account Representative

(808)  275-8006   direct

(808)  864-0520   cellular

 

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

 

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Weekly Product Update ***Note DU Refi Plus Incidental Cash-Back to Borrower***

 Friday, June 12, 2009

 

To all MetLife Approved Brokers

 

Weekly Product Updates for the Week of June 8^th – June 12^th

 

 

DU Refi Plus

Effective with loan applications signed and dated by borrower on or after July 1, 2009. 

Regardless of application date, loans that do not meet the new guidelines

must be submitted to DU prior to July 1, 2009.

Loan Amount

• Incidental cash back to the borrower at closing may not exceed $250
• Cash back in excess of $250 must be applied as a principal reduction on the new loan
• DU will be updated the weekend of June 27, 2009

• Effective with the DU update, loans that are submitted to DU with >$250 cash back reflected in Details of Transaction will not be underwritten as a DU Refi Plus
• The loan product description will be updated on June 26, 2009

 

Effective Immediately

Underwriting/DU

• DU Refi Plus Expanded Approvals are allowed on loans currently serviced by MLHL
• Special Feature Code 716 is required

 

FHA REO

Effective for fully executed sales contracts on or after June 9, 2009

Documentation
Sales Contract

• HUD will pay borrower financing/closing costs up to a maximum of 3% of the purchase price based on the lesser of:

• Lump sum amount per the sales contract, or
• Actual origination fee and financing/closing costs per the HUD-1

 

Effective Immediately

Loan Amount

• Base loan amount plus financed repair escrow can not exceed 110% of the lesser of the “as is” appraised value or sales price.

 

Mortgage Insurance

• Base loan amount, financed repair escrow and financed UFMIP can not exceed 110% of the “as is” appraised value.

 

Bond Loans

Effective Immediately

Downpayment Assistance (DPA) & MCC Approval Guidelines and Procedures

• Regional DPA approval procedures have been updated, and two new checklists are available.

 

 

 

Rita Kama-Kimura

Wholesale Account Representative

(808)  275-8006   direct

(808)  864-0520   cellular

 

 

 

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MetLife Serviced Loans ***payment of insurance and taxes***

Tuesday, June 9th. 2009

 

To All MetLife Approved Brokers

 

In the event you receive calls from borrowers you have closed loans with

regarding payment of Insurance and/or Taxes ...

 

Have them contact Customer Service directly,

contact information can be found via their payment letter.

1 - 888 -MET (638) - 6964

They will be asked for the last 4 digits of their SS#, Property Address and of course Loan Number.

 

This will be the most expeditious way to handle/clarify this issue.

 

 

Rita Kama-Kimura

Wholesale Account Representative

(808)   275-8006   direct

(808)   864-0520   cellular 

 

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

 

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MetLife Home Loans - Hawaii Wholesale Rates

W

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

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MetLife Home Loans - Hawaii Wholesale Rates

W

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

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Military June Special

 

   June VA   .500 aka 1/2  Discount Special 

 

 

In appreciation to our military:

 

VA Loans locked in the month of June

Will take a .500 reduction in fee/discount

 

Broker must currently be approved to do VA loans via MetLife

 

Loan requirements: 

Sorry loan amounts over $417,000 - $800,000 not included 

♦   Maximum Loan amount including UFMIP $417,000

♦   No more than 1 rental property

 

 

 

                  

 

Remember current lock policy for all programs is as follows:

 

60 days for loan not submitted or submitted however no loan determination issued.

 

45 – 60 days for loan with determination requiring desk, field, enhanced reviews or with extensive conditions

 

30 day locks allowed on loans with determinations issue with minor conditions

 

Rita Kama-Kimura

Wholesale Account Representative

(808)  275-8006   direct   

(808)  864-0520   cellular

 

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

 

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Weekly Product Update June 1st. - June 5th. ***Note: important change to Refinance (cash-out)***

Friday, June 05, 2009

 

To All Approved MetLife Brokers

 

Weekly Product Updates for the Week of June 1^st – June 5^th

 

 

 

The following products have been updated:

 

***Conforming Generic Fixed and ARMs***

Effective for loans locked, relocked or extended on or after June 9, 2009

LTV Matrix
Refinance (Cash-Out)

• Special Purpose Cash-Out Refinance loans (buy-out of spouse/domestic partner/heir) must follow Cash-Out Refinance guidelines and pricing.
  (previously, treated and priced as a Rate/Term Refinance)

 

Conforming Generic Fixed

Conforming Plus Fixed

Conforming Plus Temporary 2009

Home Possible Fixed

Effective for loans locked, relocked or extended on or after June 9, 2009

Temporary Buydown

• Qualify at note rate
• Guidelines are regardless of AUS approval.  A manual overlay may be required.

 

Conforming Generic ARMs

Conforming Plus 5/1 ARM

Home Possible 5/1 ARM

Effective for loans locked, relocked or extended on or after June 9, 2009

Temporary Buydown

• Qualify at the greater of the note rate or Index + Margin
• Guidelines are regardless of AUS approval.  A manual overlay may be required.

 

DU Refi Plus
*** REMINDER ***

Loans that receive a DU Refi Plus approval, but are not eligible for this product, must be LP or Manually underwritten as a Rate/Term Refinance.  These loans may close under Conforming Generic or Conforming Plus/Conforming Plus Temporary 2009 guidelines and product codes.

 

Subject to change without prior notice and

is for use by MetLife approved brokers only

Check LPD’s via Pronto for updates and additional information

 

 

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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