This document outlines seasoning requirements for various derogatory credit events across multiple loan programs. In general, it specifies time periods borrowers must wait after events like short sales, foreclosures, bankruptcies, and loan modifications before being eligible for certain loan-to-value ratios or product types. For conventional loans, the seasoning period is typically 2 to 7 years depending on the specific derogatory event. FHA and VA guidelines allow for shorter seasoning periods of 2 to 3 years for most events. Exceptions and distinctions are made for certain high-balance products and refinances of previously modified loans.
The Loan Estimate: This form will be provided to consumers within three business days after they submit a loan application. It replaces the early Truth in Lending statement and the Good Faith Estimate, and provides a summary of the key loan terms and estimated loan and closing costs. Consumers can use this new form to compare the costs and features of different loans.
What is the real cost of a mortgage? Should you be paying off your mortgage as fast as possible? If so, what is the safest way to do it? We show our clients how to lower their mortgage interest payments and total cost while maintaining access to their equity, without any changes to their current spending habits.
The Loan Estimate: This form will be provided to consumers within three business days after they submit a loan application. It replaces the early Truth in Lending statement and the Good Faith Estimate, and provides a summary of the key loan terms and estimated loan and closing costs. Consumers can use this new form to compare the costs and features of different loans.
What is the real cost of a mortgage? Should you be paying off your mortgage as fast as possible? If so, what is the safest way to do it? We show our clients how to lower their mortgage interest payments and total cost while maintaining access to their equity, without any changes to their current spending habits.
MA CEU Veterans Administration (VA) Loans - RE73R11Jody O'Brien
This course will cover the process and procedures utilized by a lender in processing a VA Guaranteed loan. The process of eligibility as well as the borrower’s requirements such as credit, income and debt will be reviewed. The appraisal, processing and underwriting of a VA loan will be discussed. Many of the loans misconceptions will be addressed and the advantages this loan process gives to our veterans will be reviewed.
Buying a home is a process. First determine your price goal. If you are an All Cash buyer, the next step is to contact a REALTOR to assist you. If you need a home loan, contact a lender.Then contact a REALTOR. The attached flow chart should help you, the buyer, to understand the process. JoeMyRealtor.com
The Loan Estimate: This form will be provided to consumers within three business days after they submit a loan application. It replaces the early Truth in Lending statement and the Good Faith Estimate, and provides a summary of the key loan terms and estimated loan and closing costs. Consumers can use this new form to compare the costs and features of different loans.
Want to buy a home in Maryland, PA or WV but have little money? Check out the USDA Loan. You do NOT need to be a 1st time home buyer. Loan is based on location of the property & max income limits. We cover all the basic guidelines here but to obtain a FREE pre-approval you will need to contact us at challjr@monarchmtg.com or www.monarchbank.com/chall
Presentation given to JACE Real Estate Realtors. Discuss types of mortgage lenders. Recognize categories of mortgage products. Identify potential red flags on a purchase & sale agreement.
MA CEU Veterans Administration (VA) Loans - RE73R11Jody O'Brien
This course will cover the process and procedures utilized by a lender in processing a VA Guaranteed loan. The process of eligibility as well as the borrower’s requirements such as credit, income and debt will be reviewed. The appraisal, processing and underwriting of a VA loan will be discussed. Many of the loans misconceptions will be addressed and the advantages this loan process gives to our veterans will be reviewed.
Buying a home is a process. First determine your price goal. If you are an All Cash buyer, the next step is to contact a REALTOR to assist you. If you need a home loan, contact a lender.Then contact a REALTOR. The attached flow chart should help you, the buyer, to understand the process. JoeMyRealtor.com
The Loan Estimate: This form will be provided to consumers within three business days after they submit a loan application. It replaces the early Truth in Lending statement and the Good Faith Estimate, and provides a summary of the key loan terms and estimated loan and closing costs. Consumers can use this new form to compare the costs and features of different loans.
Want to buy a home in Maryland, PA or WV but have little money? Check out the USDA Loan. You do NOT need to be a 1st time home buyer. Loan is based on location of the property & max income limits. We cover all the basic guidelines here but to obtain a FREE pre-approval you will need to contact us at challjr@monarchmtg.com or www.monarchbank.com/chall
Presentation given to JACE Real Estate Realtors. Discuss types of mortgage lenders. Recognize categories of mortgage products. Identify potential red flags on a purchase & sale agreement.
A walk-through of the mathematics of covariance, the covariance matrix, and use cases when combined with k-means clustering. Focus on how to actually use the math, and shows how the equations turn into simple JavaScript code.
Apparu en 1998, le e-tourisme est aujourd'hui un mode de promotion et de réservation incontournable dans
les secteurs du tourisme et du voyage.
Conférence ITM 2013
Scatter Diagram provides and overview of the Lean Six Sigma Tool. Lean Six Sigma Article by Master Black Belt, Steven Bonacorsi, Vice President at the AIT Group.
What are the regulatory changes that will affect mortgage lending in 2010? How will the mortgage rates move and what are the loan production forecasts?
1. DEROGATORY SEASONING MATRIX
Page 1 of 2 4/3/2014
CONVENTIONAL
Short Sale/Deed-In-Lieu
DU Loans:
2 years: 80% maximum LTV/CLTV/HCLTV
4 years: 90% maximum LTV/CLTV/HCLTV
7 years: LTV per AUS
LP Loans:
Short Sale: 4 years from completion date
Deed-in-Lieu: 4 years from execution date
Foreclosure
7 years if due to financial mismanagement
3 years if due to extenuating circumstance (Owner occupied only and max 90% purchase, 95% rate/term)
Refinance of previously modified/restructured loans
Non-subject property: follow AUS findings
Subject Property: Rate-term only and 0x30 for 24 consecutive months on the restructured loan before closing on the new loan
Bankruptcy: 7 or 11
4 years from Discharge/Dismissal Date (DU and LP Loans)
Bankruptcy: 13
2 years from Discharge Date (DU and LP Loans)
4 years from Dismissal Date (DU and LP Loans)
Multiple Bankruptcy Filings within the last 7 years
5 years from the most recent Discharge/Dismissal Date
Multiple Financed Property Program
7 years for BK or FC and 0 X 30 mortgage history in past 12 months
DU Refi Plus & LP Open Access
Per AUS Findings FHA
Foreclosure
3 years have elapsed since completion
High Balance Cashout:
o Standard FHA Product: 7 years have elapsed since completion
o Bay Direct FHA Product: 3 years has elapsed since completion
Short Sale, Deed-In-Lieu of Foreclosure, Foreclosure
3 years have elapsed since completion
If no delinquencies in past 12 months prior to event then no seasoning is required
High Balance Cashout:
o Standard FHA Product: 7 years have elapsed since completion
o Bay Direct FHA Product: 3 years has elapsed since completion
Refinance of previously modified/restructured loans
A rate/term refinance of a modified or restructured loan is eligible if the following is met
o No current delinquencies and no late payment within past 12 months
Not allowed if cash out transaction
Bankruptcy: 7 or 11
2 years from Discharge or Dismissal
Bankruptcy: 13
12 months pay history completed
o All payment have been paid as agreed
o Approval from the court
o Loan will require manual UW if the BK has not been discharged 2 years
Bay Direct FHA – Back to Work
Allows 12 months seasoning on FC, SS and DIL if “Back to Work” Guidelines are met
o 20% decrease in income
o No delinquencies prior to income decrease
o Refer to Mortgagee Letter 13-26 for complete details
2. DEROGATORY SEASONING MATRIX
Page 2 of 2 4/3/2014
VA
Short Sale, Deed-In-Lieu of Foreclosure
2 years have elapsed since completion
If no delinquencies in past 12 months prior to event then no seasoning is required
High Balance
o Standard VA Product: 7 years have elapsed since completion
o Bay Direct VA Product: 2 years has elapsed since completion
Foreclosure
2 years have elapsed since completion
High Balance
o Standard VA Product: 7 years have elapsed since completion
o Bay Direct VA Product: 2 years has elapsed since completion
Bankruptcy: 7 or 11
2 years from Discharge Date
High Balance
o Standard VA Product: 7 years have elapsed since completion
o Bay Direct VA Product: 2 years has elapsed since completion
Bankruptcy: 13
12 months pay history completed
o All payment have been paid as agreed
o Approval from the court
High Balance
o Standard VA Product: 7 years have elapsed since completion
o Bay Direct VA product: follow the above USDA
Short Sale/Preforeclosure
3 years from recorded date of Deed of Trust
o Less than 3 years is acceptable if GUS approved and 640+ score. See USDA Guidelines
Foreclosure
3 years have elapsed since completion
Bankruptcy: 7 or 11
3 years from Discharge Date
Bankruptcy: 13
3 years from Discharge Date
12 months from repayment period.
o All payments made on time with written permission from the bankruptcy court/trustee