Bulletin W1281 - Update to FHA Streamline Process

This bulletin announces significant changes to the way that we manage our FHA Streamline Refinances.

• Effective October 1, 2012 all FHA Streamlines must have include the following documents:
• FHA Transmittal – 92900-LT
• Fully Executed 1003
• Fully Executed 92900a
• Evidence of SSN
• Tri-Merged Credit Report with FICO Scores only and most recent 12 month Mortgage History
• FHA Case Number Request Form
• Current Payoff/Demand Statement (Demand Statement must over interest through the month that the refinance will fund in)
• Mortgage Statement Coupon
• Estimated HUD I or for Wet States a Broker Fee Worksheet
• Two months Bank Statements (if cash to close is required)
• Preliminary Title Report
• Hazard Insurance Dec Page – Minimum 90 days remaining on policy /with CMS reflected on Loss Payee
• FHA Streamline loans must be submitted by the published deadline cut-off date or they will be considered for the next month’s submission and will require a Pay-Off/Demand statement that reflects 60 days of interest
• GFE errors must be cured within 24 hours of the submission cut-off deadline
• The Pay-Off/Demand statement must reflect a Payment Due date for the month in which the loan will close
• FHA Streamlines must locked at time of submission/lock must be good through the end of the month that the loan will fund in
• Estimated HUD I must match the terms of the CMS lock
• In order to eliminate the cash-to-close requirement the HUD I must be “zeroed out”. 
• Demand fees can be paid with lender credit, however they must be included on the estimated HUD I
• Government Streamline Submission Form has been updated and will be posted the website on 9/25/12

Download: Bulletin - #W1281 (PDF)