Latest News Category: Bulletin

Topic included in Bulletin W13-095: Government guidelines and matrices have been updated for FHA Standard and High Balance, VA Standard and High Balance and USDA Updates included for FHA Standard and High Balance and VA Standard and High Balance: Ratios, Collections and Sourcing Large Deposits See bulletin for details Updates on USDA: Added credit history […]

Topic included in Bulletin W13-093: New York’s Department of Financial Services (DFS) issued a TEMPORARY ORDER relating to the determination of thresholds for Subprime Home Loans Doc Magic has temporarily programed their system to calculate the revised New York Subprime Home Loan APR rules.  WARNINGS  will be displayed if the system determines that the loan […]

Topic included in Bulletin W13-092: Conventional Conforming DU guidelines and matrix have been updated Updates include: Clarification provided on minimum borrower contribution on 97% LTV loans for primary residences Delayed Financing is now allowed on Cash-Out transactions purchased within the previous six (6) months Gift of Equity requires borrower to meet minimum down payment from […]

Topic included in Bulletin W13-089: Reminder, Carrington Mortgage Services, LLC (CMS) does not have a minimum loan amount Download: Bulletin - W13-089 (PDF)

Topic included in Bulletin W13-090: Freddie Mac Loan Prospector (LP) findings now available for VA Standard and High Balance product offerings Advantages of using LP LP Reminders LP Sponsorship procedures will be sent in a separate bulletin Credit credentials previously provided, however, additional information will be provided Update effective Friday, August 1, 2013 Download: Bulletin […]

Topic included in Bulletin W13-088: Santa Ana Homeownership Center (HOC) implemented new procedures for specific case processing requests Processing requests affected by change are: Case Cancellation Case Transfer Case Reinstatement Mortgage Insurance Certificate (MIC Corrections) Requests need to be sent through the FHA Resource Center at answers@hud.gov Specific templates required for each process Templates found […]

Topic included in Bulletin W13-087: Effective Thursday, August 1, 2013 Lenders Choice AMC (LCI) will no longer be an approved AMC for CMS LCI is a California based AMC company only Approved CMS AMCs are: Clear Capital Appraisals Nationwide Property & Appraisals Old Republic ProTeck Valuation Services ServiceLink StreetLinks Lender Solutions Appraisals ordered after July […]

Topic included in Bulletin W13-086: FHA Standard and High Balance matrix has been updated 3-4 units require a minimum credit score of 620 Changes effective immediately Website updated Download: Bulletin - W13-086 (PDF)

Topic included in Bulletin W13-085: Credit scores <600 required an “Approved” status prior to locking the loan on the following product offerings: FHA Standard and High Balance FHA Streamline, Standard and High Balance USDA VA Standard and High Balance VA IRRRL, Standard and High Balance This update is effective immediately Download: Bulletin - W13-085 (PDF)

Topic included in Bulletin W13-084: CMS MLD announces Advertising and Marketing Approval Request Policy Policies provides the use of marketing and advertising materials The policy addresses: Electronic Communications Joint Statements and Appearances Review/Approval Social Media News Media Publications Media Relations Communications/Interviews External Speaking Engagements CMS Intranet Website CMS Wholesale Website Individual Associate web pages Trade […]