MetLife Continued Migration

 

REMINDER!

Today, Friday July 31st. we continue our journey into the Metlife Secured System

we have been informed that we  will experience interruptions  in

accessing our emails.

 

Migration is planned to start  sometime this afternoon and will last till Monday morning, Aug. 3rd. 

 

Again! we well not be able to receive or sent e-mails through the weekend until Monday morning. 

 

We apologize in advance for any inconvenience this may cause, which we hope will be minimal. 

 

Be sure to note my new e-mail address:  rkamakimura@metlife.com 

Last day to take advantage of our ... JULY PURCHASE SPECIAL of .500!

Rita Kama-Kimura

Wholesale Account Representative

(808)  275-8006   direct

(808)  864-0520   cellular

 

Please note that effective Aug. 3rd. my new e-mail address will be changed to: rkamakimura@metlife.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,
distribution, or copying of this e-mail message is strictly prohibited. If you have received this message
in error, please immediately notify the sender and delete this e-mail message from your computer.

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.

Confidentiality notice:
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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.

Weekly Update July 27th - July 31st. 2009

 

 

Friday, July 31, 2009

 

To all Approved MetLife Brokers

 

 

Weekly Product Updates for the Week of July 27th – July 31st

 

The following products have been updated:

 

FHA Fixed and ARMs

Effective Immediately

Loan Amount

• Loans using the 2009 Temporary Loan Limits, if greater than the permanent loan limits, must close and disburse on or before November 30, 2009.
  • The final close/disbursement date will apply unless HUD issues an extension of the 2009 Temporary Loan Limits
  • The permanent loan limits used for identifying loans subject to the November 30, 2009 final close/disbursement date will be available upon receipt of an official HUD announcement confirming the new 2010 maximum loan limits.
  • The December 31, 2009 final close/disbursement date announced on March 13, 2009 has been modified as stated above.

 

Reminder

Age of credit docs. effective with applications

signed and dated on or after September 1st. 2009

 

Good for 60 days at time of final approval … written VOE,  Pay Stubs and VOD/Bank Statements

90 days at time of Closing

 

Credit Report and Prelim good for 90 days at time of Final Approval/Closing

 

Subject to change without prior notice and

is for use by MetLife Approved Broker’s

 

Today is the last day to take advantage of our July Purchase Special ...

 

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

Please note that effective Aug. 3rd. my new e-mail address will be changed to: rkamakimura@metlife.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,
distribution, or copying of this e-mail message is strictly prohibited. If you have received this message
in error, please immediately notify the sender and delete this e-mail message from your computer.

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.

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,
distribution, or copying of this e-mail message is strictly prohibited. If you have received this message
in error, please immediately notify the sender and delete this e-mail message from your computer.

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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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.

MORTGAGE DISCLOSURE IMPROVEMENT ACT = MDIA

 

************************************************************************************************************************************************ 

 

Effective July 30^th, 2009, new HERA regulations incorporated the Mortgage Disclosure Improvement Act (MDIA), which amends the Truth In Lending Act requirements for early and final disclosure to homebuyers. MDIA defines when specific fees related to the loan can be charged to the borrower – and - requires a specific number of days to lapse after borrower receipt of the TIL before the borrower can close (execution of loan docs).

 

MetLife Home Loans (MLHL) is taking a pro-active approach and accepting skinny packages in lieu of full loan packages in order to get the required disclosures out to the borrower as quickly as possible. Below is our easy  5 Step Process of submitting your loans to MetLife Home Loans. If you have questions please feel free to contact your local Account Executive. Thanks!

 

Please Note: You cannot place the appraisal order or ask for payment of the appraisal  (or obtain any other payment info) besides the credit report fee from the borrower until after the 4 day waiting period is over or MetLife receives signed TIL from all borrowers  on title or co-signers. This includes all accommodating mortgagors .. 

 

5 Easy Steps to Submitting your Loans to MetLife Hawaii

 **Effective July 30th 2009 (in accordance with MDIA) **

 

 

Step 1: Enter your Loan information into Pronto- (Please contact your AE with any questions regarding Pronto)

 

Step 2:  Fax over your Skinny Packet to the designated MetLife Wholesale Fax: 808-550-4295

 

                    SKINNY FILE =  

 

                   1.  MetLife Fax Cover Sheet-checklist    (see attached)  

                   2.  Pronto Submission Form- Printed from Pronto with MetLife Loan #  

                   3.  Submission Form and Broker Contact Info Sheet (see attached) 

                   4.  INITIAL 1003 and Typed 1003

                   5. 1008

                   6. DU and Credit Report (having accurate verified information in the DO

                   7  GFE  --(Must be accurate as possible)  

                   8  TIL

                   9 Signed Borrower's Authorization

 

                    PLEASE NOTE: IF ANY OF THE ITEMS ABOVE ARE MISSING-FILE CANNOT BE DISCLOSED

 

Step 3: We are accepting the skinny packet in lieu of the full file so we can help expedite the process.

                 Once we receive this packet we (at MetLife) can send out the disclosures.**

 

             MetLife must wait the 4 day required waiting period unless we receive the signed TIL (by all    

             borrowers) faxed back to 808-550-4295. 

 

            If MetLife receives the signed TIL with borrowers signature you can order your

            appraisal soon after. Otherwise we have to wait the 4 days before you can order your appraisal.  

 

            **MetLife must receive skinny packet before 3:00pm to send out disclosures same day.

 

Step 4: Order appraisal thru Pronto:

               

              Please Note: You cannot place the appraisal order or ask for payment of the appraisal

              from the borrower until after the 4 day waiting period is over or MetLife receives signed TIL

              from all borrowers.

                    

 

Step 5:   Submit your complete loan package to the MetLife Home Loans Local Office:

 

                Purchases: 

               

                Broker submits complete package to MetLife office in a METLIFE FOLDER

                (For purchases as long as HVCC appraisal has been ordered, you can submit without appraisal).

             

                Refinances:

 

                Must wait until HVCC Appraisal comes in before submitting complete file to MetLife.

                You will get an e-mail from Susan or Makaio at MetLife that the HVCC appraisal is in and to

                send the complete loan file in a METLIFE FOLDER.

 

   

                Please let us know if you have any questions regarding any of the 5 steps; your AE is standing

                by to answer any questions you may have .  

 

    

                     Nadia

 

 

                 Nadia Assaf

                    Wholesale Branch Manager

                     MetLife Home Loans

                   

  

MetLife Home Loans requires MDIA compliancy. If appraisal fees, or any other fees are collected earlier than allowed by MDIA – or – if the appraisal is ordered earlier than allowed by MDIA, MetLife Home Loans will:

1) not fund the loan –or-

2) require full fee reimbursement to the borrower for the amount collected – and - the refunded fee cannot be collected from the borrower at a later date/time. 

 

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,
distribution, or copying of this e-mail message is strictly prohibited. If you have received this message
in error, please immediately notify the sender and delete this e-mail message from your computer.

MetLife Continued Migration

Today, Friday July 31st. as we continue our journey into the Metlife Secured System

we have been informed that we may experience interruption in

accessing our emails.

 

Migration is planned to start 2:00 pm Hawaii Time and will last till Monday morning, Aug. 3rd.

 

We apologize in advance for any inconvenience this may cause, which we hope will be minimal.

Last day to take advantage of our ... JULY PURCHASE SPECIAL of .500!

Rita Kama-Kimura

Wholesale Account Representative

(808)  275-8006   direct

(808)  864-0520   cellular

 

Please note that effective Aug. 3rd. my new e-mail address will be changed to: rkamakimura@metlife.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,
distribution, or copying of this e-mail message is strictly prohibited. If you have received this message
in error, please immediately notify the sender and delete this e-mail message from your computer.

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.

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,
distribution, or copying of this e-mail message is strictly prohibited. If you have received this message
in error, please immediately notify the sender and delete this e-mail message from your computer.

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.

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,
distribution, or copying of this e-mail message is strictly prohibited. If you have received this message
in error, please immediately notify the sender and delete this e-mail message from your computer.

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.

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.

Good News ... (=o)

 

Good News!  Positive Change!  Better to Give than to Take!

 

Please be aware of a change to our rate sheets to occur either Thursday or Friday this week.

All Purchases will have a discount reduction of .250 going forward.

 

However! this will actually go into effect Monday Aug. 3rd and is not in addition

to our current July Purchase Special.

 

Last week to take advantage of our ... July Purchase Special

All Purchases locked in the month of July, reduce pricing by .500! 

Rita Kama-Kimura

Wholesale Account Representative

(808)  275-8006   direct

(808)  864-0520   cellular

 

Please note that effective Aug. 4th. my new e-mail address will be changed to: rkamakimura@metlife.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,
distribution, or copying of this e-mail message is strictly prohibited. If you have received this message
in error, please immediately notify the sender and delete this e-mail message from your computer.

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.

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,
distribution, or copying of this e-mail message is strictly prohibited. If you have received this message
in error, please immediately notify the sender and delete this e-mail message from your computer.

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.

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,
distribution, or copying of this e-mail message is strictly prohibited. If you have received this message
in error, please immediately notify the sender and delete this e-mail message from your computer.

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.

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.

Reminder Broker MDIA Training ***Prepare for Implementation July 30th***

 

Remember the 1st. of 6 WebEx Training Sessions starts this morning at 10 am.

 

 Strongly Urge Everyone to sit in on one of the following Scheduled MDIA Calls

 Remember there is a 5 hr. difference, all calls are to start at 10 am Hawaii time

 with exception of Wed. July 29th which is scheduled to begin at 11 am Hawaii Time.

Be sure to dial in early per the instruction below ...

 

"Mortgage Disclosure Improvement Act" 

As we prepare for the new Mortgage Disclosure Improvement Act (MDIA), which will be implemented on July 30th, we have several several webex calls to help you and your staff  better understand the changes. 

 

Additionally, the following 30 minute webex calls are scheduled.   A broker MDIA training doc/flyer will be sent  out later today.  

• Monday, July 27th 3 pm CT
• Tuesday, July 28th 3 pm CT
• Wednesday, July 29th 4 pm CT
• Thursday, July 30th 3 pm CT
• Monday, August 3rd 3 pm CT
• Tuesday, August 4th 3 pm CT

To participate, dial 1.888.751.0624. When prompted enter Participant Code 934125. Approx. 5 minutes before the scheduled call, login to https://metlife.webex.com/metlife. Select the  MLHL MDIA call and <Join>. The Password is IMPROVE. These calls are limited to the first 125 participants, so if you plan to attend, be sure to log in a few minutes early.

 

 

Remember our July Purchase Special ...

All Purchases locked in the month of July reduce pricing by .500!

Rita Kama-Kimura

Wholesale Account Representative

(808)  275-8006   direct

(808)  864-0520   cellular

 

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

 

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,
distribution, or copying of this e-mail message is strictly prohibited. If you have received this message
in error, please immediately notify the sender and delete this e-mail message from your computer.

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.

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.

Weekly Product Update July 20 - July 24th, 2009

 

See attached for printable copy.

 

 

Friday, July 24, 2009

 

To All MetLife Approved Brokers

 

Weekly Product Updates for the Week of July 20th – July 24th

 

 

Conforming Generic Fixed and ARMs

Flex 97 Fixed and ARM

My Community Fixed and ARMs

Effective for loans locked, relocked or extended after July 31, 2009.

Loans not meeting these guidelines must close/fund/disburse on or before October 2, 2009.

Appraisal

• Fannie Mae appraisal form 2075 (Desktop Underwriter Property Inspection Report) is no longer allowed regardless of DU feedback
  • Form 2075 will continue to be allowed on DU Refi Plus

Underwriting/DU

• Appraisal overlay required regardless of DU approval

 

Home Possible® 97 Fixed and ARMs

Effective Immediately

Appraisal

• A full appraisal (form 1004) is required. Loan Prospector feedback will no longer include the form 2070 option.

DU Refi Plus

• HomeLoanView has been updated as follows:
  • Loans with Full or Partial Recourse and loans with Pool Insurance will now be reflected as “eligible”
    • See Product Update JUN09-043 dated June 26, 2009 for details
  • Loans with LPMI will be reflected as “ineligible”.

 FHA Fixed and ARMs

Effective Immediately

Construction / Perm

New Construction

 

• A new checklist that provides document requirements for new construction >1 year old is available.
• The following documents are not required for property >1 year old and can be removed from the closing package:
  • Builder Certification (HUD-92541)
  • Builder Warranty of Completion of Construction (HUD-92544)

 All Applicable Products

Reminder

• Effective for ALL (Conventional, FHA, VA, USDA, and Portfolio) applications dated on or after September 1, 2009, both of the following apply:
  • IRS 4506-T must be completed and signed by all borrowers at application AND processed prior to final approval. Underwriter must use the transcripts to validate the income documentation provided by the borrower. The IRS 4506-T transcripts as well as any subsequent documentation and/or explanations must be retained in the loan file and scanned.
  • IRS 4506-T must be completed and signed by all borrowers at loan closing.

 All Applicable Products

Mortgage Insurance Matrix

Clarification

• MI Company guidelines for condo presales apply regardless of condo approval type.  The MI Matrix has been updated to reflect the following presale requirements:
  • MGIC:  51% of the units in the project or legal phase must be sold and conveyed to primary residence or second home buyers. Properties under contract may not be included.
  • Radian:  70% of the units in the project or legal phase must have been sold or have executed sales contracts to primary residence or second home buyers.
  • RMIC:  70% of the units in the legal phase and all prior legal phases must have been sold or have executed sales contracts to primary residence or second home buyers.
  • United Guaranty:  70% of the units in the project or legal phase must have been sold to primary residence or second home buyers.  Properties under contract may not be included.

Remember our July Purchase Special ...

All Purchases locked in the month of July, reduce pricing by .500!

Rita Kama-Kimura

Wholesale Account Representative

(808)  275-8006   direct

(808)  864-0520   cellular

 

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

 

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,
distribution, or copying of this e-mail message is strictly prohibited. If you have received this message
in error, please immediately notify the sender and delete this e-mail message from your computer.

MetLife Home Loans - Hawaii Wholesale Rates

W

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

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,
distribution, or copying of this e-mail message is strictly prohibited. If you have received this message
in error, please immediately notify the sender and delete this e-mail message from your computer.

July Hot Tips aka Housekeeping!

 

 Thursday, July 23rd, 2009

 

To All Approved MetLife Brokers

 

Before we tackle MDIA next week let's take care of some housekeeping ...

 

July Hot Tips aka Housekeeping

For MetLife Approved Brokers

 

Changes/Updates:

◊          FHA:   effective immediately, all new project's, whether 100% complete or not, will require a Final Inspection by a FHA Fee Inspector.

        ◊          FHA:   as of Oct. 1st.  HUD will no longer allow Spot Approvals for non-approved projects. 

 

Reminder, effective September 1^st. 2009:

  

        ◊          Effective September 1^st. 2009, IRS 4506T's are required to be completed, signed and submitted with loan file. 

Note: all 4506T's will be processed prior to final loan approval.

        ◊          Retirement Accounts … only 60% of vested amounts of funds may be considered in the asset analysis

        ◊          Stocks, Bonds and Mutual Funds … only 70% of value may be used for reserves

        ◊          Stock Options Vested and Non-vested Stock continues to be ineligible for use as reserves.

 

Remember the following:

 

        ◊          USDA now requires 1004MC (market conditions addendum)

        ◊          For refinances existing HO/Hurricane Insurance requires at least 60 days remaining before renewal date.

 

Compliance Issues due to Incomplete 1003's:

 

        ♦          1003 page 1 … if the borrower is "self-employed" be sure to mark it appropriately.

                            "Position/Type of Business" … what type of business is it (if not indicated)

        ♦          1003 page 1 … if not employed application should indicate such:

                                Employment Section … "not working/employed"

                            Job Description … "not working/employed" or "N/A"

                                        Employer Phone Number … "N/A"

        ♦          1003 page 2 … please break out income if applicable:

a)      Base

b)      Over Time

c)       Bonuses

d)      Pension

e)      Social security

f)        Rental income    etc. etc. etc.

        ♦          1003 page 3 … Government Monitoring Section/Declaration, all sections must be completed, including but limited to:

            a)  if borrower indicates not a "US Citizen" then must indicate if legal resident aliens?  All boxes should be complete.

♦          Address discrepancies – 1 003, Title/Prelim. Appraisal, Credit Report etc. must match.    (especially important when doing DU Refi Plus)

 

Closing:

 

        ♦          Due to stricture compliance …

you may be asked to revise you GFE that has a $500 tolerance

and/or TIL, which has a tolerance of only .125%

♦          Itemized payout to third parties with accompanying invoices for but not limited to the following: credit report, appraisals, condo. Doc. Disclosure etc.

Pay out to notaries must have name of notary, not company.

        ♦          For refinances, existing HO/Hurricane Insurance requires at least 60 days remaining before renewal date, otherwise please

        ♦          Avoid delays in funding by confirming that all borrowers have initial all pages reflecting "initial lines", including those that have sections for both signatures and initials.  Yes an over kill perhaps … but so be it!. 

 

 

If this isn't enough wait for July 30^th = MDIA Requirements.

 

Remember our July Purchase Special ...

All Purchases locked in the month of July, reduce pricing by .500!

Rita Kama-Kimura

Wholesale Account Representative

(808)  275-8006   direct

(808)  864-0520   cellular

 

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

 

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,
distribution, or copying of this e-mail message is strictly prohibited. If you have received this message
in error, please immediately notify the sender and delete this e-mail message from your computer.