Latest News Author: backerman

Topic included in Bulletin W14-012: Clarification provided regarding VA IRRRL appraisal policy Bulletin reprinted in its entirety and clarification noted in red Guidelines and Matrix are published on the Intranet Download: Bulletin - W14-012 (PDF)

Topic included in Bulletin W14-011: CMS has added InterIsland Mortgage Corporation as our primary condo review vendor Formal condominium review will be completed by Underwriter. List of required documentation for a full review provided Condominium Full Review Checklist and Condominium Questionnaire are posted on the Intranet InterIsland may be sued on all new condo review […]

Topic included in Bulletin W14-008: Conventional Underwriting Guidelines and FHA Underwriting Guidelines have been updated Updates include: Property Flipping Guidelines defined Property Flipping dates defined Clarification provided regarding HPML Appraisal Rule and “Safe Harbor” protection Updates are effective with applications taken on and after January 10, 2014 Download: Bulletin - W14-008 (PDF)

Topic included in Bulletin W14-007: Credit Policy and Underwriting Policy updated Updates include: Credit Policy QM Maximum Points and Fee Calculations ATR-QM Loan Ability to Repay Anti-Steering clarification Affordable and Tangible Benefit Previous Bankruptcy not allowed on a CMS loan Underwriting Policy ATR-QM 8 Underwriting Factors added Updates are effective with applications taken on and […]

Topic included in Bulletin W14-005: VA Underwriting Guideline, VA IRRRL Underwriting Guidelines and VA IRRRL Matrix updated Updates include: VA Underwriting Guidelines Clarification regarding Flipped Properties Flipped Property dates defined Safe Harbor VA IRRRL Underwriting Guidelines HPML Loans, HPML loans must have income and asset verification HPML Loans; HPML loans now require a 1004, Uniform […]

Topic included in Bulletin W14-003: The Mortgage Lending Licensing Policy and Branch Operations Policy have been updated Updates include: Mortgage Lending Policy CAIVRS required for all NMLS Branch Managers Update effective January 10, 2014 Download: Bulletin - W14-003 (PDF)

Topic included in Bulletin W14-002: The VA IRRRL Appraisal Policy has been updated No change in policy if the loan is currently serviced by Carrington Mortgage Services. All non-credit qualifying VA IRRRLs cannot be closed as HPML. Guidelines have been updated and can be found on the Intranet Updates effective immediately Download: Bulletin - W14-002 […]

Topic included in Bulletin W14-001: Update, 203(k) Streamline Escrow Disbursement Procedure Update includes: Extension Request Process 203(k) Underwriting Closeout Form The updated procedure is published on the Intranet at, Mortgage/Lending/Policies and Procedures The 203(k) Underwriting Closeout Form is published on the Intranet at, Mortgage/Lending/Forms & Checklists Updates effective immediately Download: Bulletin - W14-001 (PDF)

Topic included in Bulletin W13-160: The following Guidelines and Matrices have been updated and are effective immediately: FHA Standard and High Balance FHA $100 Down Payment FHA 203(k) Streamline USDA Lender-Paid Mortgage Insurance (LPMI) Changes outlined in bulletin Updated Guidelines and Matrices have been published on the Intranet and can be found at Mortgage/Lending/Guidelines and […]

Topic included in Bulletin W13-159: The MLD Travel & Expense Policies have been updated Updates include: Added Event Sponsorship, Office Supplies, Donations and Giveaway Gift Cards/Certificates section Updates effective immediately The updated policy is posted on the Intranet at; Mortgage/Lending/Policies and Procedures Download: Bulletin - W13-159 (PDF)