The document provides release notes for Desktop Underwriter (DU) Version 9.1, which will be implemented in November 2013. Key changes include retiring the interest-only and 40-year loan options, updating qualifying rate requirements, enhancing DU Refi Plus, and lowering the maximum LTV to 95%. It also provides updates to how DU will identify and handle loans for borrowers with prior foreclosures, deeds-in-lieu, or preforeclosure sales.
The document provides guidance on FHA mortgage eligibility for borrowers who had previously undergone a short sale or short payoff on their home. It states that borrowers are eligible if they were current on their mortgage at the time of the short sale, but ineligible for 3 years if they were in default. Exceptions can be made if the default was due to circumstances beyond the borrower's control. It also allows for refinancing with a short payoff if the borrower is current and there is insufficient equity or reduced income to pay off the existing debt.
The document provides an agenda and overview for a Desktop Underwriter training session. It discusses understanding DU recommendations, recent announcements from Fannie Mae, analyzing DU reports, data integrity reminders, and additional training resources. It also outlines general lender requirements when underwriting loans with DU, including employing prudent judgment, ensuring accurate data, complying with verification messages, and reviewing documentation.
This document provides instructions and forms for claiming an agricultural loan interest reduction credit in Kansas. Part A requests information about an eligible agricultural borrower's original loan and any extension, renewal, or reduced interest rate loan. Part B calculates the allowed interest rate reduction based on the original and new loan rates. Part C computes the interest reduction credit for the loan by multiplying the remaining principal balance by the maximum credit allowable. The instructions provide details for completing Schedules K-51 and K-52 to claim the credit.
The document discusses the redesigned Uniform Residential Loan Application (URLA) form and the Uniform Mortgage Data Program (UMDP) implemented by Fannie Mae and Freddie Mac. It describes how the UMDP standardizes loan data to improve efficiency and transparency. It also summarizes the components of the redesigned URLA, including additional forms and sections for borrower information, property details, loan terms, and demographic data collection. The redesign aims to remove ambiguities, provide consistent definitions, and ensure loan eligibility for purchase by the GSEs.
This document provides an agenda and overview for an 8-hour continuing education course for loan originators. The course covers federal lending laws including the TILA/RESPA Integrated Disclosure Rule (TRID) which implements the new Loan Estimate and Closing Disclosure forms. It discusses the requirements for providing the Loan Estimate within 3 days of application, the good faith tolerances for closing costs, requirements for revised disclosures, and timing for delivering the Closing Disclosure. The course also addresses additional federal laws on pre-disclosure fees, consumer intent to proceed, and exceptions to the new TRID rules.
Fixing the Home Finance Market: HARP 2.0 Analysis, Observations and ComparisonsCognizant
In light of the ongoing housing crisis, the rollout of Home Affordable Refinance Project (HARP) 2.0 is beneficial for borrowers, services, lenders, and investors. This paper highlights HARP 2.0's features, guidelines, issues, and challenges.
CFPB Finalizes Ability-to-Repay Rule for Mortgage LendersPatton Boggs LLP
The CFPB finalized rules on ability-to-repay requirements for mortgage lenders, including defining a "Qualified Mortgage." Lenders must verify borrowers' income, assets, debts and be able to repay both principal and interest long-term. Loans meeting certain standards including debt-to-income ratios below 43% qualify as Qualified Mortgages, for which lenders are presumed compliant. The CFPB also proposed exemptions for smaller lenders and nonprofit programs. The rules seek to prevent risky lending and take effect January 2014.
201503 cfpb tila-respa-integrated-disclosure-guide-to-the-loan-estimate-and-c...Jerry Walter
This document provides an introduction and overview of the TILA-RESPA rule which integrates mortgage loan disclosures under the Truth in Lending Act and the Real Estate Settlement Procedures Act. It explains that previously these disclosures were provided separately under different forms, languages, and timing which consumers found confusing. The new rule introduces two new integrated forms - the Loan Estimate to be provided at application and the Closing Disclosure to be provided at closing - to streamline and simplify the disclosure process for both consumers and lenders. It also notes that the new rule and forms were developed through extensive consumer testing and research to improve consumer understanding over prior separate disclosures.
The document provides guidance on FHA mortgage eligibility for borrowers who had previously undergone a short sale or short payoff on their home. It states that borrowers are eligible if they were current on their mortgage at the time of the short sale, but ineligible for 3 years if they were in default. Exceptions can be made if the default was due to circumstances beyond the borrower's control. It also allows for refinancing with a short payoff if the borrower is current and there is insufficient equity or reduced income to pay off the existing debt.
The document provides an agenda and overview for a Desktop Underwriter training session. It discusses understanding DU recommendations, recent announcements from Fannie Mae, analyzing DU reports, data integrity reminders, and additional training resources. It also outlines general lender requirements when underwriting loans with DU, including employing prudent judgment, ensuring accurate data, complying with verification messages, and reviewing documentation.
This document provides instructions and forms for claiming an agricultural loan interest reduction credit in Kansas. Part A requests information about an eligible agricultural borrower's original loan and any extension, renewal, or reduced interest rate loan. Part B calculates the allowed interest rate reduction based on the original and new loan rates. Part C computes the interest reduction credit for the loan by multiplying the remaining principal balance by the maximum credit allowable. The instructions provide details for completing Schedules K-51 and K-52 to claim the credit.
The document discusses the redesigned Uniform Residential Loan Application (URLA) form and the Uniform Mortgage Data Program (UMDP) implemented by Fannie Mae and Freddie Mac. It describes how the UMDP standardizes loan data to improve efficiency and transparency. It also summarizes the components of the redesigned URLA, including additional forms and sections for borrower information, property details, loan terms, and demographic data collection. The redesign aims to remove ambiguities, provide consistent definitions, and ensure loan eligibility for purchase by the GSEs.
This document provides an agenda and overview for an 8-hour continuing education course for loan originators. The course covers federal lending laws including the TILA/RESPA Integrated Disclosure Rule (TRID) which implements the new Loan Estimate and Closing Disclosure forms. It discusses the requirements for providing the Loan Estimate within 3 days of application, the good faith tolerances for closing costs, requirements for revised disclosures, and timing for delivering the Closing Disclosure. The course also addresses additional federal laws on pre-disclosure fees, consumer intent to proceed, and exceptions to the new TRID rules.
Fixing the Home Finance Market: HARP 2.0 Analysis, Observations and ComparisonsCognizant
In light of the ongoing housing crisis, the rollout of Home Affordable Refinance Project (HARP) 2.0 is beneficial for borrowers, services, lenders, and investors. This paper highlights HARP 2.0's features, guidelines, issues, and challenges.
CFPB Finalizes Ability-to-Repay Rule for Mortgage LendersPatton Boggs LLP
The CFPB finalized rules on ability-to-repay requirements for mortgage lenders, including defining a "Qualified Mortgage." Lenders must verify borrowers' income, assets, debts and be able to repay both principal and interest long-term. Loans meeting certain standards including debt-to-income ratios below 43% qualify as Qualified Mortgages, for which lenders are presumed compliant. The CFPB also proposed exemptions for smaller lenders and nonprofit programs. The rules seek to prevent risky lending and take effect January 2014.
201503 cfpb tila-respa-integrated-disclosure-guide-to-the-loan-estimate-and-c...Jerry Walter
This document provides an introduction and overview of the TILA-RESPA rule which integrates mortgage loan disclosures under the Truth in Lending Act and the Real Estate Settlement Procedures Act. It explains that previously these disclosures were provided separately under different forms, languages, and timing which consumers found confusing. The new rule introduces two new integrated forms - the Loan Estimate to be provided at application and the Closing Disclosure to be provided at closing - to streamline and simplify the disclosure process for both consumers and lenders. It also notes that the new rule and forms were developed through extensive consumer testing and research to improve consumer understanding over prior separate disclosures.
This document discusses various nontraditional VA mortgage programs, including adjustable-rate mortgages (ARMs), graduated payment mortgages (GPMs), growing equity mortgages (GEMs), construction loans, energy efficient mortgages, loans for repairs and alterations, joint loans, farm residence loans, loans for manufactured homes, and loans on trust lands. It also covers housing grants for disabled veterans, such as Specially Adapted Housing (SAH) grants and Special Housing Adaptation (SHA) grants. The document provides details on eligibility requirements, loan terms, underwriting considerations, and application processes for these different VA mortgage and housing assistance programs.
The Second Amendment to the Amended and Restated Revolving Credit, Term Loan and Guarantee Agreement makes several changes:
1) It allows Calpine to use $45 million of debtor-in-possession (DIP) financing proceeds to fund its portion of a joint venture in Canada for the construction of a power plant.
2) It replaces approximately $65 million in expiring letters of credit under another facility with new letters of credit issued under the DIP revolver, increasing the letter of credit commitment.
3) It clarifies that cash collateral provided for trading contracts has first priority liens as permitted by a bankruptcy court order.
4) It gives the administrative agents discretion
Reporting disclosure guide for employee benefit plansFPG Lynch
This document provides an overview of reporting and disclosure requirements for employee benefit plans under ERISA. It contains three chapters that outline basic disclosure requirements for pension and welfare benefit plans, additional requirements for welfare health plans and pension plans, and Form 5500 annual reporting requirements. The document is intended to help plan administrators understand their obligations to provide information to participants, beneficiaries, government agencies and others, such as summary plan descriptions, notices, and filings. It provides a high-level summary of the key documents required and timelines for distribution.
The Federal Housing Finance Agency announced new standardized short sale guidelines for Fannie Mae and Freddie Mac that are aimed at expediting assistance to borrowers. The streamlined program will consolidate existing short sale programs into a single program with clear rules to allow servicers to quickly qualify eligible homeowners for short sales, even if current on their mortgage, in cases of hardships like death, divorce, disability or job relocation. The changes are meant to help more people avoid foreclosure and maintain stable communities.
United Corporate Services provides search and filing results tailored specifically to our clients’ needs. Reports sorted by individual debtor per page, or a more comprehensive summary report of all search results on one page, both are easily provided in either .pdf format for secure closings or in Excel format for easy manipulation into your existing closing binder. United Corporate Services files and searches in over 3,000 jurisdictions in the U.S. Understanding their unique requirements ensures accurate processing of all your UCC transactions. Revised Article 9 is once again being “revised,” and we have done the legwork necessary to walk with you through your projects to ensure they are completed timely and accurately.
Momentive Performance DIP analysis May 2014John Sweeney
The document provides a point-in-time rating of 'BB-' to the debtor-in-possession term loan facility provided to Momentive Performance Materials USA Inc., a subsidiary of Momentive Performance Materials Inc. which is currently operating under Chapter 11 bankruptcy protection. The rating reflects Standard & Poor's assessment that the loan has a 'B+' likelihood of full repayment through a successful reorganization, enhanced to 'BB-' based on estimated recovery in a liquidation. Key factors in the rating include Momentive's restructuring needs, liquidity, and the view that its value exceeds the loan exposure, though its business risk profile is considered weak due to industry challenges.
FASB Update - presented by McGladrey at June 2011 NYSSCPA Private Company Acc...Brian Marshall
The document summarizes recent updates from the FASB, including significant accounting standards updates issued in 2010-2011. It discusses updates related to disclosures about credit quality and troubled debt restructurings, consolidation of repurchase agreements, impairment testing of goodwill, and accounting for costs of acquiring insurance contracts. The document also provides an overview of the FASB's priorities and recent board member changes.
The document is a memorandum from Deutsche Bank Trust Company Americas and Credit Suisse, as joint administrative agents, to lenders regarding a proposed Fourth Amendment to the Amended and Restated Revolving Credit, Term Loan and Guarantee Agreement between Calpine Corporation and the lenders. The memorandum requests lender approval for amendments that would (1) increase the limit on Calpine investments in a greenfield project partnership from $45 million to $68 million, and (2) allow Calpine to transfer power plant assets in Santa Rosa, California to a subsidiary in order to generate cash flow from a restructured power purchase agreement. Lenders are asked to sign and return the signature page to approve the amendments by February 28 at
The CFPB has published revisions to the TILA and RESPA mortgage regulations in response to changes mandated by the Dodd-Frank Act. The revisions are known as the TILA/RESPA Integrated Disclosures, or TRID. Learn all about the changes by reading through these slides brought to you by Academy Mortgage Corporation
HARP 2.0 was announced by the Administration and the Federal Housing Finance
Administration (FHFA), the GSE regulator, in October 2011. While not a new program,
HARP 2.0 turbo-charges the Home Affordable Refinance Program (HARP), announced
in March 2009. The expansion helps underwater homeowners who owe significantly
more on their mortgage than their homes are worth. This Paper focuses on how to
originate a HARP loan for borrowers with LTVs greater than 80 percent, how changes
in solicitation rules can help you expand the market you serve, and how you can immediately
implement HARP in your organization.For more information, go to www.nafcu.org/primealliance.
This affidavit provides background information and summarizes recent events regarding Allied Systems Holdings, Inc. and Allied Systems, LTD. (L.P.) (collectively "Allied"), who filed for Chapter 11 bankruptcy in 2005 and emerged in 2007.
Events of default occurred under Allied's credit agreements due to its deteriorating financial condition. In order to prevent majority shareholder Yucaipa from gaining control and harming lender interests, an amendment placed restrictions on Yucaipa becoming a lender, including limits on the amount of loans it could acquire.
This affidavit supports a motion by petitioning creditors to appoint a Chapter 11 trustee for Allied, claiming Yucaipa's actions have harmed their
This document provides a calendar example of the TILA RESPA Integrated Disclosure timeline and process for a real estate purchase transaction that will close on October 29, 2015. Key events in the timeline include the consumer receiving the initial Loan Estimate on August 3rd after applying, revised Loan Estimates being issued on August 28th, September 4th and 22nd due to changes in transfer taxes, loan-to-value ratio, and credit score, and the consumer receiving the initial Closing Disclosure by October 21st. The transaction then closes on October 29th. The calendar illustrates the disclosure requirements and timing under the TILA RESPA Integrated Disclosure rule.
This article discusses issues facing individual debtors seeking relief under Chapter 11 bankruptcy. It argues that Congress should amend the Bankruptcy Code to make Chapter 11 work better for individual debtors while still protecting creditors. Specifically, it recommends that Congress: (1) abrogate the absolute priority rule for individual debtors so they can retain assets needed for a fresh start, and (2) allow an unsecured creditor's rejecting vote on a repayment plan to trigger the requirement that the debtor pay disposable income to unsecured creditors. These changes would help individuals reorganize debts under Chapter 11 without losing essential assets, while ensuring fair treatment of creditors.
The petitioning creditors, who are lenders under credit agreements with Allied Systems Holdings, Inc. and Allied Systems, Ltd. (L.P.), filed involuntary bankruptcy petitions against the companies. The petitioners state that events of default have occurred, including the failure to pay over $57 million in interest and principal to first lien lenders and $9.6 million in interest to second lien lenders over the past two years. The petitioners further allege that Yucaipa, which controls Allied, engaged in conduct to prevent the lenders from exercising their rights despite the defaults. The petitioners assert that Allied is insolvent and unable to pay its debts, and needs a bankruptcy restructuring.
The document provides an overview of the new integrated mortgage disclosure rules issued by the CFPB that combine early TILA disclosures and the GFE into a Loan Estimate form and combine the HUD-1 and final TILA disclosures into a Closing Disclosure form. Key points include: the Loan Estimate must be provided within 3 business days of application and the Closing Disclosure must be provided 3 business days before closing; tolerances allow for some cost variations between estimates and closing; implementation of the new rules will require significant changes and is effective August 1, 2015.
The document provides information on updates to Freddie Mac's Relief Refinance Mortgage program, including:
1) Allowing loan-to-value ratios up to 125% for all Relief Refinance Mortgages to expand refinancing opportunities.
2) Publishing detailed requirements for changes to the Same Servicer and Open Access refinance options previously announced.
3) Announcing additional updates for Relief Refinance Mortgages under the Same Servicer option.
The document provides information about an advanced mortgage training seminar presented by Rob Ross and Jaime Young on November 11th, 2010 from 11:30am to 1:30pm. The seminar outline includes discussions on loan types, property flipping guidelines, FHA loans, 203K renovation loans, VA loans, portfolio loans, appraisal procedures, mortgage insurance, and condos. Contact information is provided for Rob Ross and the CEO of Potomac Mortgage Group, Ed Dean.
The document discusses reforms to the Real Estate Settlement Procedures Act (RESPA) that aim to provide more transparency to home buyers. The Good Faith Estimate (GFE) and HUD-1 settlement statement were revised to better inform borrowers about loan terms and prevent unexpected fee increases. Key changes include making GFEs binding documents, adding fee tolerance limits, and requiring refunds if certain fees exceed tolerances. A third page was also added to the HUD-1 to compare final fees to those in the GFE. The reforms take effect for applications starting January 1st and are designed to increase competition and lower costs through an improved disclosure process.
The document announces changes to FHA's annual and up-front mortgage insurance premiums. It increases the annual premium by 10 basis points for case numbers on or after April 9, 2012. It also increases the up-front premium from 1% to 1.75% of the base loan amount for those same cases. For certain streamline refinances of loans from before May 31, 2009, it decreases the annual premium to 55 basis points and the up-front premium to 0.01% of the base loan amount. It provides tables outlining the new premium rates. Exceptions to the changes are listed for specific FHA loan programs.
This document discusses various nontraditional VA mortgage programs, including adjustable-rate mortgages (ARMs), graduated payment mortgages (GPMs), growing equity mortgages (GEMs), construction loans, energy efficient mortgages, loans for repairs and alterations, joint loans, farm residence loans, loans for manufactured homes, and loans on trust lands. It also covers housing grants for disabled veterans, such as Specially Adapted Housing (SAH) grants and Special Housing Adaptation (SHA) grants. The document provides details on eligibility requirements, loan terms, underwriting considerations, and application processes for these different VA mortgage and housing assistance programs.
The Second Amendment to the Amended and Restated Revolving Credit, Term Loan and Guarantee Agreement makes several changes:
1) It allows Calpine to use $45 million of debtor-in-possession (DIP) financing proceeds to fund its portion of a joint venture in Canada for the construction of a power plant.
2) It replaces approximately $65 million in expiring letters of credit under another facility with new letters of credit issued under the DIP revolver, increasing the letter of credit commitment.
3) It clarifies that cash collateral provided for trading contracts has first priority liens as permitted by a bankruptcy court order.
4) It gives the administrative agents discretion
Reporting disclosure guide for employee benefit plansFPG Lynch
This document provides an overview of reporting and disclosure requirements for employee benefit plans under ERISA. It contains three chapters that outline basic disclosure requirements for pension and welfare benefit plans, additional requirements for welfare health plans and pension plans, and Form 5500 annual reporting requirements. The document is intended to help plan administrators understand their obligations to provide information to participants, beneficiaries, government agencies and others, such as summary plan descriptions, notices, and filings. It provides a high-level summary of the key documents required and timelines for distribution.
The Federal Housing Finance Agency announced new standardized short sale guidelines for Fannie Mae and Freddie Mac that are aimed at expediting assistance to borrowers. The streamlined program will consolidate existing short sale programs into a single program with clear rules to allow servicers to quickly qualify eligible homeowners for short sales, even if current on their mortgage, in cases of hardships like death, divorce, disability or job relocation. The changes are meant to help more people avoid foreclosure and maintain stable communities.
United Corporate Services provides search and filing results tailored specifically to our clients’ needs. Reports sorted by individual debtor per page, or a more comprehensive summary report of all search results on one page, both are easily provided in either .pdf format for secure closings or in Excel format for easy manipulation into your existing closing binder. United Corporate Services files and searches in over 3,000 jurisdictions in the U.S. Understanding their unique requirements ensures accurate processing of all your UCC transactions. Revised Article 9 is once again being “revised,” and we have done the legwork necessary to walk with you through your projects to ensure they are completed timely and accurately.
Momentive Performance DIP analysis May 2014John Sweeney
The document provides a point-in-time rating of 'BB-' to the debtor-in-possession term loan facility provided to Momentive Performance Materials USA Inc., a subsidiary of Momentive Performance Materials Inc. which is currently operating under Chapter 11 bankruptcy protection. The rating reflects Standard & Poor's assessment that the loan has a 'B+' likelihood of full repayment through a successful reorganization, enhanced to 'BB-' based on estimated recovery in a liquidation. Key factors in the rating include Momentive's restructuring needs, liquidity, and the view that its value exceeds the loan exposure, though its business risk profile is considered weak due to industry challenges.
FASB Update - presented by McGladrey at June 2011 NYSSCPA Private Company Acc...Brian Marshall
The document summarizes recent updates from the FASB, including significant accounting standards updates issued in 2010-2011. It discusses updates related to disclosures about credit quality and troubled debt restructurings, consolidation of repurchase agreements, impairment testing of goodwill, and accounting for costs of acquiring insurance contracts. The document also provides an overview of the FASB's priorities and recent board member changes.
The document is a memorandum from Deutsche Bank Trust Company Americas and Credit Suisse, as joint administrative agents, to lenders regarding a proposed Fourth Amendment to the Amended and Restated Revolving Credit, Term Loan and Guarantee Agreement between Calpine Corporation and the lenders. The memorandum requests lender approval for amendments that would (1) increase the limit on Calpine investments in a greenfield project partnership from $45 million to $68 million, and (2) allow Calpine to transfer power plant assets in Santa Rosa, California to a subsidiary in order to generate cash flow from a restructured power purchase agreement. Lenders are asked to sign and return the signature page to approve the amendments by February 28 at
The CFPB has published revisions to the TILA and RESPA mortgage regulations in response to changes mandated by the Dodd-Frank Act. The revisions are known as the TILA/RESPA Integrated Disclosures, or TRID. Learn all about the changes by reading through these slides brought to you by Academy Mortgage Corporation
HARP 2.0 was announced by the Administration and the Federal Housing Finance
Administration (FHFA), the GSE regulator, in October 2011. While not a new program,
HARP 2.0 turbo-charges the Home Affordable Refinance Program (HARP), announced
in March 2009. The expansion helps underwater homeowners who owe significantly
more on their mortgage than their homes are worth. This Paper focuses on how to
originate a HARP loan for borrowers with LTVs greater than 80 percent, how changes
in solicitation rules can help you expand the market you serve, and how you can immediately
implement HARP in your organization.For more information, go to www.nafcu.org/primealliance.
This affidavit provides background information and summarizes recent events regarding Allied Systems Holdings, Inc. and Allied Systems, LTD. (L.P.) (collectively "Allied"), who filed for Chapter 11 bankruptcy in 2005 and emerged in 2007.
Events of default occurred under Allied's credit agreements due to its deteriorating financial condition. In order to prevent majority shareholder Yucaipa from gaining control and harming lender interests, an amendment placed restrictions on Yucaipa becoming a lender, including limits on the amount of loans it could acquire.
This affidavit supports a motion by petitioning creditors to appoint a Chapter 11 trustee for Allied, claiming Yucaipa's actions have harmed their
This document provides a calendar example of the TILA RESPA Integrated Disclosure timeline and process for a real estate purchase transaction that will close on October 29, 2015. Key events in the timeline include the consumer receiving the initial Loan Estimate on August 3rd after applying, revised Loan Estimates being issued on August 28th, September 4th and 22nd due to changes in transfer taxes, loan-to-value ratio, and credit score, and the consumer receiving the initial Closing Disclosure by October 21st. The transaction then closes on October 29th. The calendar illustrates the disclosure requirements and timing under the TILA RESPA Integrated Disclosure rule.
This article discusses issues facing individual debtors seeking relief under Chapter 11 bankruptcy. It argues that Congress should amend the Bankruptcy Code to make Chapter 11 work better for individual debtors while still protecting creditors. Specifically, it recommends that Congress: (1) abrogate the absolute priority rule for individual debtors so they can retain assets needed for a fresh start, and (2) allow an unsecured creditor's rejecting vote on a repayment plan to trigger the requirement that the debtor pay disposable income to unsecured creditors. These changes would help individuals reorganize debts under Chapter 11 without losing essential assets, while ensuring fair treatment of creditors.
The petitioning creditors, who are lenders under credit agreements with Allied Systems Holdings, Inc. and Allied Systems, Ltd. (L.P.), filed involuntary bankruptcy petitions against the companies. The petitioners state that events of default have occurred, including the failure to pay over $57 million in interest and principal to first lien lenders and $9.6 million in interest to second lien lenders over the past two years. The petitioners further allege that Yucaipa, which controls Allied, engaged in conduct to prevent the lenders from exercising their rights despite the defaults. The petitioners assert that Allied is insolvent and unable to pay its debts, and needs a bankruptcy restructuring.
The document provides an overview of the new integrated mortgage disclosure rules issued by the CFPB that combine early TILA disclosures and the GFE into a Loan Estimate form and combine the HUD-1 and final TILA disclosures into a Closing Disclosure form. Key points include: the Loan Estimate must be provided within 3 business days of application and the Closing Disclosure must be provided 3 business days before closing; tolerances allow for some cost variations between estimates and closing; implementation of the new rules will require significant changes and is effective August 1, 2015.
The document provides information on updates to Freddie Mac's Relief Refinance Mortgage program, including:
1) Allowing loan-to-value ratios up to 125% for all Relief Refinance Mortgages to expand refinancing opportunities.
2) Publishing detailed requirements for changes to the Same Servicer and Open Access refinance options previously announced.
3) Announcing additional updates for Relief Refinance Mortgages under the Same Servicer option.
The document provides information about an advanced mortgage training seminar presented by Rob Ross and Jaime Young on November 11th, 2010 from 11:30am to 1:30pm. The seminar outline includes discussions on loan types, property flipping guidelines, FHA loans, 203K renovation loans, VA loans, portfolio loans, appraisal procedures, mortgage insurance, and condos. Contact information is provided for Rob Ross and the CEO of Potomac Mortgage Group, Ed Dean.
The document discusses reforms to the Real Estate Settlement Procedures Act (RESPA) that aim to provide more transparency to home buyers. The Good Faith Estimate (GFE) and HUD-1 settlement statement were revised to better inform borrowers about loan terms and prevent unexpected fee increases. Key changes include making GFEs binding documents, adding fee tolerance limits, and requiring refunds if certain fees exceed tolerances. A third page was also added to the HUD-1 to compare final fees to those in the GFE. The reforms take effect for applications starting January 1st and are designed to increase competition and lower costs through an improved disclosure process.
The document announces changes to FHA's annual and up-front mortgage insurance premiums. It increases the annual premium by 10 basis points for case numbers on or after April 9, 2012. It also increases the up-front premium from 1% to 1.75% of the base loan amount for those same cases. For certain streamline refinances of loans from before May 31, 2009, it decreases the annual premium to 55 basis points and the up-front premium to 0.01% of the base loan amount. It provides tables outlining the new premium rates. Exceptions to the changes are listed for specific FHA loan programs.
This document provides guidance to mortgage servicers on implementing the Home Affordable Foreclosure Alternatives (HAFA) program, which offers incentives for short sales and deeds-in-lieu of foreclosure for homeowners who are at risk of foreclosure but ineligible for the Home Affordable Modification Program (HAMP). It outlines eligibility requirements and evaluation processes servicers must follow to determine if a borrower qualifies for a short sale or deed-in-lieu under HAFA. Servicers must consider borrowers for HAFA within 30 days if they do not qualify for or fail HAMP modifications before allowing a foreclosure to proceed. The guidance standardizes short sale and deed-in-lieu processes
This document provides an overview of a webinar presented by Stearns Lending on RESPA compliance for brokers. It discusses the changes to RESPA regulations over time and common errors seen in RESPA documentation. The webinar agenda covers GFE requirements, changed circumstances, pre-approvals, and common closing errors. Brokers are encouraged to use tools like the AutoGFE program and changed circumstance form to help ensure accurate RESPA documentation.
The document summarizes the key differences between mortgage disclosure processes before and after the TILA-RESPA Integrated Disclosure (TRID) rule went into effect on October 3, 2015. Some of the main changes include a single Loan Estimate form replacing multiple earlier forms, more transparent disclosure of closing costs and cash needed to close earlier in the process, and lenders taking responsibility for accuracy of disclosures instead of settlement agents. The new rules aim to provide borrowers clearer and more consistent information throughout the mortgage process.
Remaking IT for New U.S. Mortgage Rule ComplianceCognizant
To benefit from the improved housing market, lenders need to play offense by finding new ways to efficiently comply with regulations, tighten controls over the lending process and better engage with customers.
Lending Compliance Hot Topics with ICS Compliance_January 2010ICS Compliance
Although there is much legislation in motion on Capitol Hill, financial institutions are already adapting to interim and/or final rules. This webinar will cover hot compliance issues affecting consumer lending, and will include flood insurance requirements, disclosures affecting mortgage loans, private student loans, and credit cards.
The document discusses a project funding program that offers non-recourse loans to qualified projects. It provides loans secured by bank guarantees, with minimum collateral of $10M and minimum funding of $4M. The loans appear to be recourse initially but become non-recourse after the client pays fees for the bank collateral, including a 35% purchase price and 5% arrangement fee. The client submits project details for review and if approved, follows steps to secure the collateral and receive loan funding in their account.
This document summarizes requests regarding federal policy concerns with regulations implementing the Dodd-Frank Act. It seeks to: 1) ensure regulations do not require fixed loan origination prices; 2) preserve consumer options to pay origination fees upfront or through interest rates; 3) amend ability-to-repay and safe harbor provisions to protect borrowers; 4) ensure fair liability standards for mortgage originators; 5) allow mortgage professionals to order appraisals as directed by the Federal Reserve; and 6) establish standards for appraisal portability.
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?
The document discusses Loan Prospector, a tool from Freddie Mac that assists with underwriting conventional loans. It highlights credit policy updates that Loan Prospector has been updated to reflect. These include changes to maximum loan-to-value ratios, how short sale fees are treated, and asset and income documentation requirements. The document also provides an overview of how Loan Prospector analyzes loan files, returns feedback and documentation checklists, and explains the risk classifications and documentation levels it assigns loans.
Ditech's Crimson Jumbo Product - Condotels and Non-warrantable condosScott Bailey
Ditech Mortgage Corp is updating its underwriting guidelines for jumbo loans effective March 14, 2014. The enhancements include allowing 80% LTV/CLTV for ARM and shorter term fixed rate loans compared to the previous 75% limit. Payment shock requirements are also being eliminated for borrowers who have owned a home in the past 3 years. Additional property eligibility and refinance transaction guidelines are outlined. Questions should be directed to client services.
Assurance Principal Jennifer Goodman presented "What Was the FASB Thinking?," a discussion and examples of unusual accounting rules, at the 2013 Decosimo Accounting Forum hosted by the University of North Alabama on July 19.
Camp oamp webinar fha updates thru ml 10-29 sept (2)gingerbell
The document summarizes changes to FHA programs from 2010 and prior. Key points include:
1) HERA in 2008 permanently increased loan limits and banned seller-assisted down payments. Minimum required investment is now 3.5% of value.
2) The ARRA in 2009 temporarily extended higher loan limits until December 2010. Condo requirements were updated, allowing smaller projects and site condos without approval.
3) Starting in 2010, appraiser independence rules prohibit commission-based selections. Validity periods changed to 120 days for all appraisals. Short sales now treated as foreclosures for 3 years.
The document discusses the new Loan Estimate and Closing Disclosure forms that will replace current mortgage disclosure forms starting October 3, 2015 per new rules from the Consumer Financial Protection Bureau (CFPB). Key points include:
- The new forms aim to simplify and improve disclosures by combining several forms into two, using clear language, and highlighting important information like costs and payments.
- Lenders must provide borrowers the Loan Estimate within 3 days of application and the Closing Disclosure at least 3 days before closing.
- The changes apply to most closed-end mortgages but not all transactions. Closings typically will not require extra time but occasional delays are possible during the transition period.
HomeReady™ Mortgage
Designed for creditworthy, low- to moderate-income borrowers, with expanded eligibility for financing homes in designated
low-income, minority, and disaster-impacted communities. HomeReady lets you lend with confidence while expanding
access to credit and supporting sustainable homeownership. Key features:
Simplicity and certainty for lenders
Streamlined pricing and execution
Product features designed to align with today’s buyer demographics and support sustainable homeownership
1-
The document discusses new regulations under RESPA and the Good Faith Estimate (GFE) that aim to help borrowers shop for loans and protect them from unexpected fees. Key points include:
1) Lenders must provide a GFE within 3 days of receiving a loan application that gives fixed estimates for settlement costs.
2) The new GFE and HUD-1 form have improved tolerances to hold lenders accountable, with most fees unable to increase at closing.
3) Additional protections for borrowers were added through the Housing and Economic Recovery Act (HERA) around loan disclosures and timing of closings.
Similar to Fannie Mae 9.1 Update Report - Desktop Originator/Desktop Underwriter Release Notes (20)
This document summarizes challenges facing potential homebuyers today, including low inventory, rising home prices and interest rates, wage stagnation, and difficulties saving for a down payment. It notes that inventory remains low while average days on market are increasing. Home prices continue rising faster than wages in many areas, and interest rates are forecast to continue climbing in 2019. Saving for a down payment is challenging due to high rents and student loan debt. Overall, affordability hurdles may discourage some renters from becoming homeowners.
The document provides examples of how the VA guaranty is calculated for home loans based on a veteran's available entitlement, the loan amount, and county loan limits. It shows that the VA guaranty is typically 25% of the loan, but may be less depending on entitlement used and loan size relative to county limits. It also shows when a down payment may be required to meet investor requirements if the VA guaranty would be less than 25%.
Guardian Mortgage is offering a new construction home loan program that provides a 1% lender credit on the loan amount. This credit can be used to pay closing costs, buy down the interest rate, or a combination of both. The program is available for conforming, FHA, VA, and USDA loans for buyers within 90 days of their new home being completed. Borrowers should contact their Guardian Mortgage lender to see if they qualify for this program.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
You’re thinking of buying a home? Congratulations -- it’s an exciting
process. And it can be a lot of fun. You get to envision the type
of lifestyle you want for yourself (and your family). Do you want
a beautiful two-story home close to your work? Do you want a
modern, stylish condo in the heart of downtown? Are you yearning
to live near the beach, the mountains, restaurants, good schools,
museums, or family?
One of the greatest things about purchasing your own home is
that you get to make it yours. Even before you move in, you’re in
charge of making the decisions about which home you will buy.
It’s a powerful feeling -- having total control. But it can also be a bit
overwhelming, especially when you’re doing it for the first time.
That’s why we wrote this guide. We want to make purchasing a home
less scary and give you the confidence to move forward through
each step of the process -- from beginning to end, when you move into your new home!
You’re thinking of buying a home? Congratulations -- it’s an exciting
process. And it can be a lot of fun. You get to envision the type
of lifestyle you want for yourself (and your family). Do you want
a beautiful two-story home close to your work? Do you want a
modern, stylish condo in the heart of downtown? Are you yearning
to live near the beach, the mountains, restaurants, good schools,
museums, or family?
One of the greatest things about purchasing your own home is
that you get to make it yours. Even before you move in, you’re in
charge of making the decisions about which home you will buy.
It’s a powerful feeling -- having total control. But it can also be a bit
overwhelming, especially when you’re doing it for the first time.
That’s why we wrote this guide. We want to make purchasing a home
less scary and give you the confidence to move forward through
each step of the process -- from beginning to end, when you move into your new home!
Loan-Level Price Adjustment (LLPA) Matrix
This document provides the LLPAs applicable to loans delivered to Fannie. LLPAs are assessed based upon certain eligibility or other loan features, such as credit score, loan purpose, occupancy, number of units, product type, etc. Special feature codes (SFCs) that are required when delivering loans with these features are listed next to the applicable LLPAs. Not all loans will be eligible for the features described in this Matrix and unless otherwise noted, FHA, VA, Rural Development (RD) Section 502 Mortgages, HUD Section 184 Mortgages, and matured balloon mortgages (refinanced or modified, per Servicing Guide requirements) redelivered as fixed-rate mortgages (FRMs) are excluded from these LLPAs. This Matrix is incorporated by reference into the Selling Guide, and the related Selling Guide provision or Selling Guide announcement governs if there is an inconsistency. Refer to the Selling Guide, Eligibility Matrix, and your contracts with Fannie Mae to determine loan eligibility.
As a member of the National Guard
or Reserve you may qualify for
a wide range of benefits offered
by the Department of Veterans
Affairs (VA). VA is here to help
you and your family understand
the benefits for which you may
be eligible and how to apply for
them. VA benefits include disability
compensation, pension, home loan
guaranty, education, health care,
insurance, vocational rehabilitation
and employment, and burial.
This document provides an overview of FHA appraisal requirements and guidance as outlined in FHA's Single Family Housing Policy Handbook 4000.1 and the FHA Appraisal Report and Data Delivery Guide. It discusses topics such as appraiser competency and independence, legal property requirements, neighborhood and market analysis, site analysis including hazards and utilities, and reporting atypical property features such as accessory units. The presentation aims to help appraisers properly understand and apply FHA appraisal policies and standards.
This document provides contact information for Dean Wegner, a Branch Sales Manager at HomeStreet Home Loans in Scottsdale, Arizona. It lists his name, email, company website, address, phone numbers, and NMLS identification number. Any loan programs or rates mentioned are intended for illustrative purposes only and require underwriting approval.
This document provides contact information for Dean Wegner, a Branch Sales Manager at HomeStreet Home Loans in Scottsdale, Arizona. It lists his name, email, company website, address, phone numbers, and NMLS identification number. The document also notes that any loan programs or terms mentioned are for illustrative purposes only and require underwriting approval.
This document provides contact information for Dean Wegner, a Branch Sales Manager at HomeStreet Home Loans in Scottsdale, Arizona. It lists his name, email, company website, address, phone numbers, and NMLS identification number. Any loan programs or rates mentioned are intended for illustrative purposes only and require underwriting approval.
This document provides contact information for Dean Wegner, a Branch Sales Manager at HomeStreet Home Loans in Scottsdale, Arizona. It lists his name, email, company website, address, phone numbers, and NMLS identification number. The document also notes that any loan programs or terms mentioned are for illustrative purposes only and require underwriting approval.
This document provides contact information for Dean Wegner, a Branch Sales Manager at HomeStreet Home Loans in Scottsdale, Arizona. It lists his name, email, company website, address, phone numbers, and NMLS identification number. The document also notes that any loan programs or terms mentioned are for illustrative purposes only and require underwriting approval.
This document provides contact information for Dean Wegner, a Branch Sales Manager at HomeStreet Home Loans in Scottsdale, Arizona. It lists his name, email, company website, address, phone numbers, and NMLS identification number. The document also notes that any loan programs or terms mentioned are for illustrative purposes only and require underwriting approval.
This document provides contact information for Dean Wegner, a Branch Sales Manager at HomeStreet Home Loans in Scottsdale, Arizona. It lists his name, email, company website, address, phone numbers, and NMLS identification number. The document also notes that any loan programs or terms mentioned are for illustrative purposes only and require underwriting approval.
Here’s a few of the Pathway to Purchase program highlights:
1. The DPA will be 10% of the purchase price, up to a maximum of $20,000.
2. The Program is limited to the following 17 Cities:
a. Arizona City, Avondale, Buckeye, Casa Grande, Coolidge, Douglas, El Mirage, Fort Mohave, Goodyear, Huachuca City, Laveen, Maricopa, Red Rock, Sierra Vista, Snowflake, Tucson, Yuma.
3. The Pathway to Purchase program will carry a five-year, no interest, no payment forgivable second mortgage.
4. Program funding is provided by the U.S. Department of Treasury’s Hardest-Hit Fund with a $48 million allocation through the AZ Home Foreclosure Prevention Funding Corp.
5. The available underlying mortgage type is the Fannie Mae HFA Preferred at a max LTV / CLTV - 95%/105%.
6. Many of the current HOME Plus DPA program guidelines will be the same.
The document provides the 2016 home and away game schedules for the Arizona Diamondbacks baseball team. It lists the dates, opponents, and start times for each game from April through September/October. No sponsorship or affiliation is claimed between the schedule and any teams or leagues depicted.
A 3 hour real estate general class will be held on February 18, 2016 from 11 AM to 4 PM at 15333 N Pima Rd #210, Scottsdale, AZ 85260. The class costs $10 and RSVPs are requested. The class will cover how to accurately value a home using a CMA similarly to an appraisal. The instructor is Phil Cook, a designated broker with Neighborhood Experts. Contact information is provided for Jarrod Williams to RSVP and Phil Cook. Dean Wegner's contact information is also listed as a mortgage originator.
More from Dean Wegner of Guardian Mortgage, Arizona 602-432-6388 (20)
Stark Builders: Where Quality Meets Craftsmanship!shuilykhatunnil
At Stark Builders our vision is to redefine the renovation experience by combining both stunning design and high quality construction skills. We believe that by delivering both these key aspects together we are able to achieve incredible results for our clients and ensure every project reflects their vision and enhances their lifestyle.
Although we are not all related by blood we have created a team of highly professional and hardworking individuals who share the common goal of delivering beautiful and functional renovated spaces. Our tight nit team are able to work together in a way where we pour our passion into each and every project as we have a love for what we do. Building is our life.
Anilesh Ahuja Pioneering a Paradigm Shift in Real Estate Success.pptxneilahuja668
Anilesh Ahuja journey is a testament to the power of vision, resilience, and unwavering determination. As a visionary leader, he continues to inspire and empower others to dream big and challenge the status quo. His legacy extends far beyond the realm of real estate, leaving an indelible mark on the industry and the world at large.
AVRUPA KONUTLARI ESENTEPE - ENGLISH - Listing TurkeyListing Turkey
Looking for a new home in Istanbul? Look no further than Avrupa Konutlari Esentepe! Our beautifully designed homes provide the perfect blend of luxury and comfort, making them the perfect choice for anyone looking for a high-quality home in the city.
With a wide range of apartment types available, from 1+1 to 4+1, we have something to suit every need and budget. Each apartment is designed with attention to detail and features spacious and bright living areas, making them the perfect place to relax and unwind after a long day.
One of the things that sets Avrupa Konutlari Esentepe apart from other developments is our focus on creating a community that is both comfortable and convenient. Our homes are surrounded by lush green spaces, perfect for enjoying a peaceful stroll or having a picnic with friends and family. Additionally, our complex includes a variety of social and recreational amenities, such as swimming pools, sports fields, and playgrounds, making it easy for residents to stay active and socialize with their neighbors.
https://listingturkey.com/property/avrupa-konutlari-esentepe/
BEST FARMLAND FOR SALE | FARM PLOTS NEAR BANGALORE | KANAKAPURA | CHICKKABALP...knox groups real estate
welcome to knox groups real estate company in Bangalore. best farm land for sale near Bangalore and madhugiri . Managed farmland near Kanakapura and Chickkabalapur get know more details about the projects .Knox groups is a leading real estate company dedicated to helping individuals and businesses navigate the dynamic real estate market. With our extensive knowledge, experience, and commitment to excellence, we deliver exceptional results for our clients. Discover the perfect foundation for your agricultural aspirations with KNOX Groups' prime farm lands. These aren't just plots; they're the fertile grounds where vibrant crops flourish, livestock thrives, and unique agricultural ventures come to life. At KNOX, we go beyond selling land we curate sustainable ecosystems, ensuring that your journey toward agricultural success is seamless and prosperous.
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
Kumar Codename Fireworks at Hadapsar Link Road, Pune - PDF.pdfmonikasharma630
Codename Fireworks developed by Kumar Properties is a new residential development that offers 2/3 BHK premium residences with easy access to proposed ring road, airport, metro station.
For More Details:
Visit Here: kumar.developerprojects.com
Living in an UBER World - June '24 Sales MeetingTom Blefko
June 2024 Lancaster County Sales Meeting for Berkshire Hathaway HomeServices Homesale Realty covering the following topics: 1. VA Suspends Buyer Agent Payment Plan (article), 2. Frequently Used Terms in title, 3. Zillow Showcase Overview, 4. QuickBuy commission promotion, 5. Documenting Cooperative Compensation, 6. NAR's Code of Ethics - Mass Media Solicitations, 7. Is it really cheaper to rent? 8. Do's and Don't's when Terminating the Agreement of Sale, 9. Living in an UBER World