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Important: All loans with DU 9.0 findings must be submitted to CMS Underwriting no later than December 1, 2013 Fannie Mae's Desktop Underwriter was updated to 9.1, not allowing LTVs > 95% This update excludes DU Refi Plus and HomePath DU findings ran under Version 9.0 that have expired require a new DU using 9.1 […]

Topic included in Bulletin W13-148: VA policy has evolved around the objective of helping the Veteran to use his/her home loan benefit.  VA regulations limit fess that the Veteran can pay to obtain a loan CMS strictly adheres to the limitations on borrower-paid fees and charges when making VA loans A tool, VA Borrower Fees […]

Topic included in Bulletin W13-147: The Escrow Holdback Disbursement Policy has been updated Changes include: Overview – Eligible Programs Program Types – Conventional Jumbo loans and HUD owned properties are ineligible for escrow holdbacks Transaction Types – Allowed on: Primary Residence Only – Purchase and Refinance 1-4 Units Condos PUDs Updates effective immediately Download: Bulletin […]

Topic included in Bulletin W13-146: CMS announces the addition of Co-Ops to our product offering Available for Conventional Conforming, High Balance and Jumbo, in the following locations: New York State New Jersey; Hudson, Essex, Union, Middlesex, Bergen, Passaic, Monmouth and Morris counties Highlights of program Program Codes are reflected in the pricing engine Program is […]

As other lenders exit the business, Carrington increases its commitment to wholesale lending with an expanded geographic reach, wide array of products and faster processing times NOVEMBER 21, 2013 – SANTA ANA, CA – The Wholesale Lending Division of Carrington Mortgage Services, LLC (Carrington) today announced that it has expanded its coverage in the Southeast, […]

Topic included in Bulletin W13-145: Thanksgiving Holiday is Thursday, November 28, 2013, which is a Federal Holiday The Lock Desk will be closing early on Wednesday, November 27, 2013 at 2:00 PM PST The Lock Desk will be closed on Thursday, November 28, 2013 The Lock Desk will be closing early on Friday, November 29, […]

Topic included in Bulletin W13-143: Down Payment Assistance Programs (DAPs) now available DPAs approved by CMS: Broward County, FL Pinellas County, FL Requests for additional DPAs can be sent to the Product Development Manager, Patrick Hager General Requirements for acceptance of a DPA are outlined in bulletin Lists of approved, pending and evaluated DPAs are […]

Topic included in Bulletin W13-142: Veterans Day is Monday, November 11, 2013, which is a Federal Holiday CMS is open for business, the Lock Desk is closed (as the markets are closed) Normal Lock hours will resume on Tuesday, November 12, 2013 Lock extensions need to be requested prior to their expiration Important disclosure considerations […]

Topic included in Bulletin W13-141: 4506T Vendor confirmation that turn times have returned to pre-government shutdown levels CMS will not revert to our normal policy regarding tax transcripts and SSN verification Effective on all FHA/VA/USDA files that are Cleared-to-Close (CTC) beginning Monday, November 11, 2013 Reminder:  All Conventional loan files funding on or after Friday, […]