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"

 

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