January 20, 2022
2021 was a follow-up banner year for VanDyk Mortgage. One of our goals in Operations going into 2021 was to put the infrastructure in place in order to scale up the systems which set VDM apart and make this a first class lending shop. Maintaining organization and hierarchy is integral to this goal, and with this in mind we made three underwriting teams – each devoted to a specific regional team of branches. Along with Loree Haugom, we hired Todd Steadman and Mary Dovgin to work with the Midwest, West Coast and Southeast teams. The 3 Regional Underwriting Managers have done an excellent job working with their teams to maintain SLAs, research and resolve escalations expeditiously, and continue to train and promote the VDM culture. As we begin 2022, we are advancing plans to continue improvements with the organization of our underwriting team, and are elevating Todd Steadman to National Underwriting Manager. This will free up Rich to focus on all of Lending and the other Operations and Production teams while giving our Retail Underwriting team and branches a point of contact dedicated to the day to day of Underwriting.
In his capacity as National Underwriting Manager, Todd will use his many years of experience in management, underwriting and problem solving to direct the daily needs of the Underwriting Department, which will include maintaining company service standards, loan quality, productivity, knowledge, training, growth and motivation. Todd will work closely with Rich and other management to provide recommendations on escalations/exceptions, process and system improvements, as well as continuing the open line of communication between Sales and Underwriting.
We have hired Conan Krueger as Regional Underwriting Manager to take over Todd’s responsibilities with the West Coast team. Todd will be working with Conan over the coming weeks to introduce him to the branches he will be working with regularly while he works with training Conan on VanDyk’s day to day systems and routines.
We are looking forward to another great year working with you all, thank you for your continued support and partnership!
- New Jumbo Outlet: Bayview
As discussed on December Ops Huddle we have are opening up with a fourth Jumbo investor – Bayview Loan Servicing. The product with Bayview is an AUS driven product similar to PenFed, and VDM handles the underwriting, closing, and funding of the loan. Bayview has some qualification niches with income sources, specifically related to Asset Depletion where the guidelines are a bit more flexible than what the Agencies typically allow. Bayview is also open to looking at exceptions so if you have a scenario which does not quite fit within the guidelines, but there is strength to the file, we do have the ability to put the scenario in front of Bayview’s lending team for an exception.
Bayview’s Jumbo AUS guidelines overview are available in Howee and you are able to price loans in Optimal Blue.
- HPML
We have been super fortunate for a few years now with a rate market that has been steadily decreasing and stable. Given expectations of the market for 2021 and how volatile the rate market has been to start the year, we would like to remind everyone of HPML requirements.
To know if a loan is HPML or not you need to carefully review your MAVENT reports for the HPML messages, particularly once the loans are locked. Any loans receiving an ALERT for HPML after a loan is locked will require extra review. If you determine that the loan is HPML it is important to review it against the HPML checklist attached to this announcement to ensure that it is still eligible for closing.
HPML guidelines are appraisal driven – the loans cannot close with an appraisal waiver, the borrowers cannot waive their rights to receive the appraisal 3 days prior to closing, and 2nd appraisals could be required in the event the property is a flip (regardless of loan product type). We have a HPML training that we are making available to all Production and Operations teams so you can refresh on the tools and requirements.
- Freddie Mac “Temporary” Condo Guidance
For all loans closing on or after February 28th, 2022, Freddie Mac is imposing new guidance for condo reviews of all projects with 5 or more attached units, regardless of review type or waiver, regarding the existence of “Critical Repairs”. Though this guidance is temporary, it is in effect until further notice from Freddie Mac.
These guidelines are similar to guidelines recently implemented by Fannie Mae regarding “Significant Deferred Maintenance”. You can find the new guidance from Freddie here: https://my.sf.freddiemac.com/updates/guide/bulletin~2021-38
- Income Calculation Worksheet
The Income Calculation Worksheet has been updated for 2022 and is attached.
- Broker Partner Update: Spring EQ
It has come to our attention that a few loans were brokered to Spring EQ without charging the required compensation.
Spring EQ offers a referral option with no charge but in order to take advantage of that, the borrower will contact Spring directly and apply on their own – VanDyk is not involved in the referral option.
To broker a loan to Spring EQ, 2% LPC/BPC must be selected on all SpringEQ submissions.
- Borrower Summary 2021 – New Fields
Bond Program Information questions have been added to Borrower Summary -2021 Page 2. These fields will be used to collect additional bond program information prior to disclosure. Not all bond programs will require all fields to be completed. If your bond program does not require a DPA Type, bond loan amount, or bond interest rate, you may omit these fields.
- Requirements for Updated Payoffs
If any of the below factors are present in your loan file, we will need a new payoff uploaded to the eFolder within 10 days of closing:
- An escrow disbursement is scheduled within 30 days of closing date and not referenced by existing payoff.
- Payoff is 7+ days past its effective date and extends into a new month.
- If loan has been service released to Carrington and we still have a VDM payoff.
- Loan Level Price Adjustments – Update
On Monday, 1/17 Secondary distributed an email update on LLPAs. A copy of the email is attached for your reference.
- Homeownership Course Update
Please note the new link for Fannie Mae’s HomeView course: https://www.fanniemae.com/education This site replaces the prior Framework link.
- Update: Operating Income Statement
Please note that Form 216 is only required on FHA loans.
Agency Guidelines
As a reminder, Howee is linked to agency guidelines – click Program Guidelines from the main menu to search.
We also have access to AllRegs! If you need a login for AllRegs or have any questions about Howee, please email ProductionSupport@vandykmortgage.com
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Sarma – Meridian Link & DU
When you change your credit password, don’t forget to update the password on the DU order screen as well.
Failure to update this will result in incorrect login attempts, which may cause your Sarma account to be locked out. Reach out to Production Support with any questions.