Topics in the Announcement
- Jumbo Non-Delegated Loans are Coming Soon!!
We will be rolling out non-delegated Jumbo loans through Truist (created through merger of BB&T and SunTrust) in the coming weeks – Loan Officers and Processors will need to complete training in order to get access to submit these loans to the investor for underwriting.
Truist’s Jumbo guidelines are available to review at https://www.stmpartners.com/Manual/cor/products/CKey.pdf – please bookmark this site for easy access, as guidelines will change periodically.
Training session invitations and information will be distributed soon!
- Floify E-Sign – Now Approved by DataVerify!
Tax transcript/4506C forms eSigned in Floify outside the initial disclosure package are now being accepted by DataVerify! If you need a refresher, a how-to for adding Floify E-Sign docs is attached.
- USDA Manufactured Housing Pilot Program – Additional States Available
USDA has expanded the program for existing manufactured homes. States included in the pilot are: Colorado, Iowa, Louisiana, Michigan, Mississippi, Montana, Nevada, New Hampshire, New York, North Dakota, Ohio, Oregon, Pennsylvania, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming. Please see the attached USDA Memo for eligibility conditions for this program.
- North Carolina HFA – Coming May 3!
Starting Monday May 3rd North Carolina Housing Finance Agency (NCHFA) loans can be originated. Please note, NCHFA requires that the LO is located in North Carolina – otherwise, they will have to refer the loan to an originator in NC.
Please see the NCHFA Launch attachment for additional information. Lock form is also attached. Additional resources and guidelines are available at https://www.nchfa.com/homeownership-partners/lenders/forms-and-resources
- VDM to VDM Refinances
When refinancing a mortgage through VanDyk, the payoff must be dated within 10 days of closing. As a reminder, you can email ServiceMyLoan@vandykmortgage.com for payoff requests.
To roll escrows over to the new loan, the signed Escrow Rollover Agreement must be sent to the Servicing department with the payoff request. When escrows are rolled over, any refund due to the borrower for their existing escrow account will be applied to their principal balance instead of refunded to them after closing. The Escrow Rollover Agreement form can be printed from Encompass.
- Property Address – Abbreviation Clarification
When entering property addresses, please do not abbreviate or shorten any city names. It is acceptable to abbreviate street suffixes such as St, Ave, or Blvd.
- Mercury AMS – System Updates
First, the Mercury product list has been updated to include “Est Value UNDER $750,000” and “Est Value OVER $750,000” for Conventional SFR and Conventional Condo options. The price list has been updated and is attached.
Second, Mercury is implementing a change that will affect email notifications on or after April 21, 2021. To protect borrower privacy, the name of the borrower will be replaced by the word “Borrower” in email notifications sent from the platform. In addition, if the email subject line contains the borrower’s name and the email body contains the loan number, the email subject line will be replaced with the subject property’s physical address.
- New Mexico Housing – HOI Deductible
The Homeowners Insurance Deductible for NM Housing cannot exceed the lesser of 1% or $1000.
- Cryptocurrency as an Asset
Cryptocurrency must be documented like any other market-based asset, and is acceptable for use as an asset with Conventional financing. AccountChek is the best option to document these accounts whenever possible.
- URLATeam Inbox Retiring 5/1
Starting May 1, any emails sent to URLATeam@vandykmortgage.com will automatically forward to the Production Support mailbox. We appreciate all the questions and feedback we received in March and April!
VA Refinances – Initial Disclosures
As a reminder on VA refinances, information must be completed prior to the initial disclosures being requested.
The Cash Out Refinance Tab needs to be filled out with the existing loan and proposed loan figures as well as the selection of one or more benefits.
Estimated figures are allowed for the initial disclosure but must be finalized for the closing package.
Also, the Qualification Tab will need previous loan info as well as:
- If Loan Program is IRRRL the loan code (highlighted below in yellow) needs to indicate IRRRL as well.
- The existing loan date is the date the borrower actually made the first payment, not when it was scheduled to be due by. UW will confirm this date.