Author: VanDyk Mortgage

VanDyk Mortgage News: June 18, 2025

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June 18, 2025

  • NonQM

We have officially closed our first bank statement loan in our in-house non-QM pilot program. This loan was saved from a broker after they were unable to close on the Rural property status. From first contact to close, this only took 10 days. Obviously, that is far from the norm on these, but controlling the process certainly has its benefits.

Over the next couple weeks, Patrick Sheedy is going to start reaching out to some of our top producing non-QM Loan Officers and add them to the pilot. We are still putting finish touches on our NonQM offerings, but should be ready sometime in July for everyone to start offering these products.

  • Prism Update

We will soon be launching the new version of AiUW and PRISM income calculations, now known as PRISM Clear Suite. This enhanced suite retains the familiar AiUW and PRISM income functionalities, while allowing for future enhancements surrounding Indexing and OCR functionality for loan documents.

With the upgrade to the PRISM Clear Suite, our pricing structure has also changed. We are moving from a per run model to a per funded loan model. This change allows for broader use of the platform without concern for individual run costs. As a result, we now encourage users to run the PRISM Clear Suite on every file in your pipeline to fully leverage the value of these tools.

  • Vista Point Home Equity Loans – Appraisals

When ordering an appraisal for a Vista Point HE Loan, please notate in your ValueLink order that it’s for this lender. Vista Point has an exclusionary list similar to Chase and Nexbank, so it’s important to note this in your order for these investors.

  • Total Expert Update: HUD Approved Milestone

When your loan reaches the HUD Approved milestone prior to closing, Total Expert will be sending out an email with a video that demos the e-signing process for borrowers. The subject line will read “Ready to eSign? Here’s What to Expect.” See an example of this email below:

  • Broker Comparison Chart – Where?

We’ve recently added a few more links to the Broker Comparison Chart to make it even easier to find. You can find a link in the “Need help? Who to call” post on VDMC.net,

There is also a link in Seafile – navigate to Howee Shared Docs > Products and Programs > Brokered Loans. Or just start searching in Seafile and it will pop up:

  • Sarma Soft Pulls: Exciting AUS Update!

We can now run a Sarma soft pull through DU for FHA and VA files. Just be sure to update the DU submission screen to show your soft pull Sarma username and password, otherwise DU will not run:

  • Sarma Credit Ordering

Speaking of credit… next month, we will be hosting a training on the updated ordering process for Sarma. This will be an updated workflow for both hard pulls and soft pulls. The trainings will be held Wednesday, July 9 at 3pm ET/12pm PT and Thursday, July 10 at 2pm ET/11am PT. Please watch your inbox for an invitation!

  • If you are currently using Xactus for your credit reports, you do not need to attend. This training is specific to Sarma credit reports.
  • Fly-In – Coming Soon!  

Spots are filling up fast!  Don’t miss your chance to connect with your VanDyk Mortgage crew, power up your knowledge and skills, and take your business to the next level – RSVP and book your hotel room for the 2025 VanDyk Mortgage Fly-In!

There also is a Fly-In tab located on www.vdmc.net with details. Reach out to the Marketing team if you have any questions.

  • New Hires and Rehires: Welcome, and Welcome Back!
Stacey Duncan – Chief Production Manager, Corporate
Erik Voss – Production Optimization Manager, Corporate
Ashley Wiggins – Processor, Branch 350
John Dillon – Branch Manager, Branch 350
Alyssa Meyer – Loan Originator, Branch 350
Charlie Shelton – Loan Originator, Branch 350
Karen Suhre – Closer, Corporate
Carey Krein – Processor Assistant, Branch 586

 

Agency Updates

Freddie Mac

Freddie Mac is removing the requirement for W2s when documenting income for Military base (basic) pay and Military entitlements. Only a YTD Military Leave and Earnings Statement is required. Note that 1-year W2 is still required for those in the Military Reserve of National Guard.

In addition, FAQs have been enhanced for easier access on Freddie Mac’s website – check them out here: https://guide.freddiemac.com/app/guide/faqs

Fannie Mae

Fannie Mae has clarified in B2-1.3-02, Limited Cash-Out Refinance Transactions and B5-6-01, HomeReady Mortgage Loan and Borrower Eligibility: for limited cash-out refinances with LTV, CLTV, or HCLTV ratios of 95.01% – 97%, that when DU is able to identify the borrower’s existing loan is owned (or securitized) by Fannie Mae, the lender may rely on the DU finding as documentation for this requirement. There is no longer additional documentation required to be validated.

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Upcoming Events and Reminders

Miss a training? You’ll find our monthly newscast and Iron Sharpens Iron recordings in the VDM Vault. Department-specific trainings are shared in their respective Seafile folders.

Don’t forget: you can find invitations on our shared calendar under What’s Happening at VDMC.net (all times posted on the What’s Happening calendar are EST)

  • Deal Desk: Every Tuesday @ 1:30pm Eastern
  • Origination Nation: Every Monday and Thursday @ 12:00pm Eastern
  • Production Roundtable: Wednesday, June 18 @ 2:00pm Eastern
  • VanDyk Mortgage Newscast: Thursday, June 19 @ 1:00pm Eastern

 

LLPAs in Polly

Did you know you can see LLPA adjustors in Polly?

When running pricing in Polly, you can click the down arrow next to rates to open up the LLPA’s.

You can also click on Blue Hyperlinks to open the full LLPA matrix.

*  *  *

Non-Borrowing Spouse in Community Property State

As a reminder, we can use a tri-merge soft pull to verify the liabilities of a non-borrowing spouse in a community property state.

*  *  *

Product Certification: Training Opportunities

ADP houses required training for certain products, such as in-house Renovation loans, HE loans, and Buydown programs. These all have unique requirements outside of our typical agency loans, so if you are looking to originate one of these loan programs – make sure you’ve taken the training first. Email ProductionSupport@vandykmortgage.com to get enrolled, or you can self-enroll in ADP by clicking on the Myself tab, then navigating to My Learning.

Click on Browse by Topics, then pick the Production Certification group and Enroll in the course(s) of your choice.

*  *  *

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VanDyk Mortgage News: May 22, 2025

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May 22, 2025

Find the recording of this newscast at the VDM Vault.

  • Recent Cybersecurity Threat

In case you missed this morning’s email: VanDyk has recently been targeted by a new cybersecurity attack. This new attack vector involves a coordinated attempt to overwhelm an employee’s inbox with hundreds of unsolicited emails, newsletters, and password reset requests over an extended period.

Following this disruption, the attacker may attempt to contact the employee via Microsoft Teams, impersonating a member of the VanDyk IT Department. The message typically claims the need to adjust mail filters to stop the influx of SPAM. These impersonators have used various names and always present themselves under generic titles such as “IT Department” or similar. As part of the ruse, they may request to remotely access your computer using Windows Quick Assist in order to “resolve” the issue—this is a key tactic used to gain unauthorized access to your machine.

Please be alert for two key warning signs:

  1. The Teams message originates from a generic group name rather than a specific, known team member.
  2. The sender’s name is marked with “(External)” – indicating they are outside our organization.

Important Reminder:

VanDyk IT will never contact you via an external Teams account, and we will never use generic accounts to initiate communication. If you receive a suspicious message, please cross-check the sender’s name in the company intranet directory and, if in doubt, start a new message thread in Teams to verify the individual’s identity.

Your vigilance is vital to keeping our systems secure. If you receive a suspicious message or experience anything unusual, report it immediately to ITHelpDesk@vandykmortgage.com and don’t forget to utilize the Report Phish or SPAM button within Outlook.

  • Plaza Home Mortgage – Renovation

Just a reminder that Plaza’s 203k and Homestyle products are available in-house now! Find resources on these loans here in Seafile. As a reminder, we require training to be completed prior to originating these renovation loans. Reach out to Production Support to get this training assigned in ADP if you haven’t already completed.

  • Inactivity Policy for Commissioned Employees

Please see the Inactivity Policy, which establishes the requirement for consistent paid activity to maintain active employment status.

  • Appraisals Sent to Borrower

Great news: ValueLink will now send a copy of the appraisal to the borrower automatically within 3 days of completion.

  • Appraiser/LO Communication

With our recent transition from our internal Appraisal Management System (AMS) to Valligent, we have experienced an increase in reports indicating direct communication between Loan Officers and appraisers.

Please be reminded that such communication is a direct violation of the Appraiser Independence Requirements (AIR). These regulations exist to protect the integrity of the appraisal process, and non-compliance can carry serious consequences for both the loan and the organization.

In our discussions with Valligent, it has been made clear that any indication of direct contact between a Loan Officer and an appraiser will necessitate the ordering of a brand-new appraisal. This not only creates additional costs but may also result in significant delays to loan closings.

To prevent disruption, it is critical that all communication with appraisers is routed through the proper channels. If you have questions about how to facilitate appraiser contact, please reach out to appraisals@vandykmortgage.com.

Thank you for your attention to this matter and for your commitment to compliance.

  • Loan Status Updates: Withdrawals/Denials

In case you didn’t know: you can update your loan status from the “Update Loan Status” button on the Borrower Summary – VDMC form.  Here are some additional reminders and best practices:

    • A loan cannot be withdrawn based on communication from anyone but the borrower. In addition, we must wait 30 days to withdraw.
    • Loans cannot be denied without income documentation and a review by our Underwriting management team. If a loan hasn’t been sent to underwriting or is NOT under contract, best practice is to withdraw instead of denying.
  • Product Matrix Updates

We have made updates to several of our matrices!  Minimum FICO requirements for FHA Streamlines as well as VA IRRRLs has been lifted and we have expanded debt to income ratios for VA Manual UWs!  Check out all of the exciting updates here.

  • Coming Soon: Update to Sarma Credit Ordering

For those who use Sarma for credit, soon we will be launching a new interface in Encompass for credit orders. Watch your inbox for a training invitation!

  • In Case You Missed It

Here’s a rundown of communications that we’ve sent since the last News:

    • USDA Manufactured: For the first time ever, USDA financing is now available for existing manufactured homes – not just new ones!  And it’s available in all states where the property meets USDA eligibility requirements. See more details in the email sent Wednesday, May 7.
    • Virtual Inspections: Valligent provides a Virtual Inspection solution for these products, which is approved for use with Fannie Mae, Freddie Mac, and FHA financing. These virtual options offer a faster turnaround time and are available at a lower cost compared to the traditional 1004D and FEMA inspections. These can be ordered through Valuelink.
  • Exciting Growth Ahead – Please Welcome Patrick Sheedy!

We’re thrilled to share that BIG things are coming over the next few months! We’re in the early stages of bringing Non-QM Bank Statement and DSCR products in-house — a major step forward for our growth and capabilities.

As part of this initiative, we’re excited to welcome Patrick Sheedy to the team! Patrick brings many years of expertise in the Non-QM space and will play a key role in building out a successful path forward.

While we’re still a bit away from a full launch, we wanted to take this opportunity to introduce you to Patrick now so you can begin putting a name to a face and start building those important relationships.

Stay tuned — more updates to come as we continue building for the future!

  • New Hires and Rehires: Welcome, and Welcome Back!
Meka McCaskill – LO, Branch 106
Michelle Hood – Growth Integration Manager, Corporate
Patrick Sheedy – Non-QM Lending Manager, Corporate
Carol Baic – Post Closing Specialist, Corporate
Jack Nelson – Marketing Associate, Branch 530
Augusta McAlpin – Branch Operations Manager, Branch 545

 

 

Agency Updates

Freddie Mac

Effective with LPA submissions on and after May 18, 2025, the 2025 Area Median Income (AMI) limits will apply.  In addition, the following tools and applications will be updated to reflect the updated limits:

 

 

Freddie Mac also made updates to their selling guide – highlights below.

Employed Income:

  • Base non-fluctuating employment earnings updates: 

Freddie Mac has made the following updates related to non-exempt (hourly) earnings:

    • Minor fluctuations in hours: language updated to add specificity to the intent of the existing requirements. Minor variations in base hours on paystubs (e.g., Borrower clocked out a few minutes early) are acceptable and may be treated as base non-fluctuating earnings when the variation is no more than an hour per week. Minor variations do not automatically render the base earnings as fluctuating if the historical earnings support the level of pay.
    • Minimum required hours exception for primary employment: requirements added for Borrowers with base earnings that fluctuate but have a position with a minimum number of required hours. The earnings may be considered non-fluctuating, and the minimum required hours are acceptable to use for gross pay if the following requirements are met:
      • Written documentation from the employer confirming the minimum required hours (i.e., written verification of employment, offer letter or equivalent documentation)
      • The documented minimum required hours must be supported by year-to-date (YTD) income and prior year, as applicable. Only the minimum required hours may be considered non-fluctuating. The requirements for fluctuating employment earnings apply to any additional hours used to qualify the Borrower.

 

  • Base fluctuating hourly employment earnings – calculation method updates

Freddie Mac has made the following updates related to calculation methods:

    • Specified that the base fluctuating hourly earnings must be averaged over the most recent year(s) and YTD income, with examples
    • Added exception language for when a Seller may average using less than the most recent year(s) and YTD income, with examples

 

Pension Income:

When Internal Revenue Service Form 1099 is used to document current receipt and verifies income type and source, for existing and established pension income, the age of documentation requirements in Section 5102.4 do not apply.

 

Tax-Exempt Status of Child Support Income:

Freddie Mac is no longer requiring that Child Support Income be documented as Tax-Exempt.

 

Fannie Mae

As with Freddie Mac AMI 2025 Limits being updated effective May 18, 2025, Fannie Mae is making a simultaneous update for DU Casefiles created on and after May 18, 2025.  DU Casefiles created before this date will continue to observe the 2024 AMI Limits.

Fannie Mae and Freddie Mac are also aligning updates regarding Interested party contributions and lender incentives – see Fannie Mae SEL-2025-3 for details.

IPCs:

  • Clearer definitions of IPCs.
  • A new list of items that are not subject to maximum financing concessions (formerly “IPC limits”).
  • Clarified a realtor rebate, not applied to the transaction (for example, not used towards closing costs), must be treated as a sales concession, regardless of when the rebate is provided.

Lender Incentives:

  • Clarified arrangements subject to the lender incentive policy include cash, cash-like gifts, or items of value which may be provided directly by a lender to a borrower or through a third-party on behalf of the lender.
  • Revised the requirement that when a lender who is, or is affiliated with, an interested party, provides an incentive, it must be treated as a sales concession.

 

*  *  *

Upcoming Events and Reminders

Miss a training? You’ll find our monthly newscast and Iron Sharpens Iron recordings in the VDM Vault. Department-specific trainings are shared in their respective Seafile folders.

Don’t forget: you can find invitations on our shared calendar under What’s Happening at VDMC.net (all times posted on the What’s Happening calendar are EST)

  • Deal Desk: Every Tuesday @ 1:30pm Eastern
  • Origination Nation: Every Monday and Thursday @ 12:00pm Eastern
  • VanDyk Mortgage Newscast: Wednesday, May 14 @ 1:00pm Eastern
  • Iron Sharpens Iron: Tuesday, May 20 @ 11am Eastern
  • Production Roundtable: Wednesday, May 21 @ 2:00pm Eastern

Upcoming USDA Training: USDA will be hosting a training session all about GUS. Topics include: understanding GUS underwriting recommendations, uploading required documentation, reviewing common GUS error messages, and contacting their help desk. Don’t miss this one! Thursday, June 12 at 2pm Eastern/11am Pacific. Register here.

 

 

Broker Loan Process: Updated

As a reminder, brokered loans must be moved to the Docs Rcvd (BKD) milestone in order to notify the Production Support team that the loan has closed and a QC review is needed.

To accommodate increased brokered loan volume, the Broker Loan Process has been updated to specify that loans must be submitted for QC review 72 hours prior to payroll cutoff in order to be paid within the current pay period.  Please refer to the Payroll Calendar in the HR Seafile for cutoff dates (in yellow).

*  *  *

AllRegs Reminder

With our access to AllRegs restored, we now have access to investor libraries including Chase, Lakeview, Citi, Penny Mac, Redwood Trust, Truist, and our MI partners. Check them out!

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VanDyk Mortgage News: April 23, 2025

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April 23, 2025

  • Lock Extension Reminder

Please be sure that you are using Polly to request lock extensions. We have seen an uptick in extensions submitted through the Lock Request Form in Encompass, which does not extend the lock and does not notify Secondary of the request – causing your lock to expire. Please review this Polly how-to for lock extensions. If you have any questions, please reach out to Secondary@vandykmortgage.com.

  • Jumbo Update: PennyMac and Radian

We are pleased to announce that we have added two new Jumbo outlets to the mix. Effective today, you will see PennyMac and Radian in Polly as pricing options on Jumbo loans. PennyMac’s guidelines will be in Allregs and the Radian Jumbo Matrix is available in Seafile, under Products and Programs > Jumbo.

  • Renovation Update

We are in the process of adding Plaza Home Mortgage to our approved in-house renovation product offerings. Please be on the lookout for an invite to renovation training from Plaza in the coming days.

  • 2024 Tax Returns

The tax filing date for 2024 has passed, which means we will either need the 2024 tax return or proof of extension when returns are required. Please refer to the Tax Return and Transcripts Cheat Sheet for more details.

  • 2025 Sales Fly-In

It’s time to book your stay for the 2025 VanDyk Mortgage Sales Fly-In!

Event Dates:
August 21–23, 2025
We’ll kick things off with the Welcome Party on the evening of August 21, and wrap up after our final sessions on August 23.
For those who want to come in early or stay a little longer, our group rate is available from August 20–24.

Hotel Info & Booking Link:
Delta Hotels Muskegon Convention Center
Group Rate: $239/night

Last Day to Book: Monday, July 21, 2025

https://www.marriott.com/event-reservations/reservation-link.mi?id=1744898722861&key=GRP&guestreslink2=true&app=resvlink
Prefer to book by phone?
Call 1-833-999-0181 and ask for the VanDyk Mortgage Sales Fly In (VMF) Group Block.

If you have any questions about your reservation, don’t hesitate to reach out. We can’t wait to see you in Muskegon for another unforgettable Fly-In!

  • AllRegs

As a reminder: our access to AllRegs is back! If you previously accessed AllRegs with your VanDyk email, your existing password may allow you to login with no issue. Otherwise, you can reset your password here.  New users can self-register for an account using this link and Subscription ID 423409-66.

We’ll be hosting a 30-minute AllRegs training on Monday, April 28 at 3pm ET/12pm PT. Watch your inbox for an invitation.

  • Marketing Updates

Check out our upcoming focused sessions, and reach out to the Marketing team with any questions!

  • New Hires and Rehires: Welcome!
Marcie Anderson – LO, Branch 264
Maira McGonigal – Marketing Administrator, Corporate
Erin Frost – Underwriter, Corporate

 

 

Agency Updates

Freddie Mac

FLOOD INSURANCE PREMIUM USED FOR QUALIFYING: Freddie Mac initially proposed changes in how we qualify a borrower with Flood Insurance Premiums last fall which was then extended to 2nd quarter 2025.  In response to industry feedback, Freddie Mac is delaying until further notice.

VA
Effective immediately, VA is eliminating the need for a VA-issues builder ID on a new or proposed construction property for VA-guaranteed loans.  Builders are still expected to meet any state and/or local licensing requirements.

*  *  *

Upcoming Events and Reminders

Miss a training? You’ll find our monthly newscast and Iron Sharpens Iron recordings in the VDM Vault. Department-specific trainings are shared in their respective Seafile folders.

Don’t forget: you can find invitations on our shared calendar under What’s Happening at VDMC.net (all times posted on the What’s Happening calendar are EST)

  • Deal Desk: Every Tuesday @ 1:30pm Eastern
  • Origination Nation: Every Monday and Thursday @ 12:00pm Eastern
  • VanDyk Mortgage Newscast: Thursday, April 24 @ 1:00pm Eastern
  • AllRegs Training: Monday, April 28 @ 3pm ET/12pm PT

 

Help Us Help You

As things get busier, we wanted to send a quick reminder. When emailing a question to any of our support inboxes, please include all relevant details. For example, the AskUW team can’t provide guidance on a scenario if the loan type isn’t included in your request.

We’re here to help as quickly as possible, but missing key information can delay our response. To keep things moving smoothly, make sure to include everything we need from the start. This helps us get you answers faster!

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VanDyk Mortgage News: March 12, 2025

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March 12, 2025

  • Conventional Fast Track Program

We are thrilled to bring back a version of our Conventional Fast Track Program (same day underwriting), effective with submissions into underwriting on and after Monday March 17, 2025!

To be eligible for the Fast Track Program, the loan must meet the following criteria:

  • Submitted to Underwriting by 3PM EST
  • Employment Reps & Warrants – ALL Employment / ALL Borrowers
  • Income Reps & Warrants – ALL Income / ALL Borrowers
  • Asset Reps & Warrants – ALL Assets / ALL Borrowers
  • Appraisal Waiver/PIW (OR) Appraisal in file with a Risk Score ≤ 2.5 and no overvaluation on SSR

Prior to submitting the file into Underwriting, the “Fast Track” box on the Borrower Summary – VDMC form must be checked:

*Note – This box should not be checked on any submission that does not meet the above.

 

As we re-introduce the Fast Track program, we would like to introduce you to the “Rep and Warrant Tracker” under the “Tools” tab – It’s close to a One Stop Shop on all things conventional.  This screen identifies any Reps and Warrants (R&W) that you have as well as appraisal offerings on your conventional loans.

 

  • FHA Streamlines: Streamlining the Streamline

We are excited to introduce the ‘FHA Streamlining the Streamline’ initiative, designed to help you become an expert in the process! This program, along with the accompanying checklist, is specifically crafted to set up these files for success, minimize processing time, boost efficiency, and reduce associated costs. Effective Monday, March 17, for all FHA Non-Credit Qualifying Streamlines submitted to Underwriting, we are pleased to announce a reduction in the Underwriting Fee. If the file is a one-touch submission (from Submittal to CTC), the Underwriting Fee will be lowered from $1,095 to $795. This is just one of the many ways we are working to support your success and streamline the process.

We’ll be hosting a 30-minute Streamlining the Streamline training on Thursday, March 20 at 1:30pm ET/10:30am PT. Invitations will be sent soon!

  • Dreams Come True Update

We have successfully tested our Dreams Come True product – special thanks to Shyanne Steed for being instrumental in closing our first loan! This is a lease-to-own type product provided through Land Home Financial and Trio. We will be launching this product out companywide and will be hosting a sales training for everyone. If you wish to learn more about the product and wish to utilize the program – please attend the training!

Sales training to be held Wednesday, March 26 at 2pm ET/11am PT. Watch your email for an invitation.

  • New Support Ticket Portal

VanDyk Mortgage is transitioning to Desk365 as our new internal ticketing system, replacing Capacity. This upgraded system offers a more efficient ticketing process with enhanced notification capabilities via email and Teams. The support workflow will remain unchanged, and users can continue submitting tickets through department emails as usual. The new Teams notification feature will be rolled out in the coming weeks. IT, Compliance, and Production Support have already made the switch, with other departments set to follow soon.

  • Bayview: Second and Investment Program

We are excited to launch an additional 2nd Home and Investment outlet with limited loan level Price adjusters (LLPA’s). This option will be a delegated underwrite, which means are awesome VanDyk Underwriters will be underwriting the loans. We do need to underwrite to the Bayview guidelines and not straight agency. Those guidelines are available to review here. These new options are now live in Polly for you to price and lock.

  • Policy Updates

The Production Minimum Standards Policy and HELOC Commission Policy have been updated in Seafile. You can find these in Howee Shared Docs > HR > Company Policies.

  • Seafile Update

Our Howee Shared Docs folder in Seafile has officially been updated – and we’ll have a Seafile training on Wednesday, April 2 at 2pm Eastern. Join us for tips and tricks for navigating Seafile and utilizing it to its full potential – invitation will be in your inbox soon!

  • AllRegs

We’re excited to share that our access to AllRegs is back! If you previously accessed AllRegs with your VanDyk email, your existing password may allow you to login with no issue. Otherwise, you can reset your password here.  New users can self-register for an account using this link and Subscription ID 423409-66.

  • Brokered Loans: Appraisals

For brokered loans, the best practice for appraisals is to order them directly through the lender. Most of our lenders have an appraisal link directly in their portal, and the A/E can provide guidance when needed.

The only time we should be using a ValueLink appraisal for a brokered loan is when we already have an appraisal for an in-house loan that couldn’t move forward here at VanDyk. Check with the A/E regarding their process for appraisal transfers in those cases.

  • Pre-Approval Letter – Updated in Encompass

A new feature will be added to the Borrower Summary VDMC – Page 2 where extra conditions can be added the letter when you print the Pre-Approval Letter (Formal). This is an optional tool to allow you to streamline your pre-approval process. If you do not enter anything here, nothing extra will print on the pre-approval letter you are used to.

This will not impact the pre-approval letter in Floify, only if you print the pre-approval letter within Encompass. The spacing has also been adjusted to help condense the letter onto one page.

  • Xactus: Credit Simulator Update

Xactus has launched a new FICO Score simulator that will evaluate possible impacts to consumers’ FICO Scores and includes a variety of scenarios – using FICO’s simulator and algorithms. We are working on scheduling a training on this new simulator and will send invitations once it’s available.

  • Marketing Updates

NEW Tradeshow Items – Stand Out at Your Next Event!

We’ve got everything you need to make a great impression at your next event! You can rent a tablecloth, tent, or choose from two retractable banner options to showcase VanDyk Mortgage. Get the materials you need to stand out here. We’re always adding new items to the store based on what you need! Recent additions include stress balls, matches, jar openers, umbrellas, and more. Have a suggestion? Let us know at vandykmarketing@vandykmortgage.com.

NEW Rate Enrichment – More Savings for Clients, More Loans for You!

We’ve made it easier than ever for Loan Officers to help customers save money! Our new Rate Enrichment tool shows exactly who in your database could benefit from refinancing down to the actual dollar amount they could save. It also calculates savings over time (3, 5, or 10 years), so you can quickly share real numbers that make sense to your borrowers. Log in to Total Expert here to get started and watch the instructional video here to learn more, or join office hours hosted daily at 2:30 PM EST by clicking here.

  • New Hires and Rehires: Welcome!
Giselle Caballero – TC, Branch 723
Sabian Buxton – Corporate Receptionist
Mallory Geraci – LO, Branch 453
Sonja Curry – TC, Branch 714
Howie Sacks – Divisional Manager, Branch 731
Heather Daley – LO, Branch 546
Nikki Medina – LO, Branch 547
Bronson Passmore – LO, Branch 260
Joy Gibson – LO, Branch 548

 

Agency Updates

So far in March, the agencies have not provided any substantial updates. Should that change, we’ll be sure to send them out in a separate communication.

*  *  *

Upcoming Events and Reminders

Miss a training? You’ll find our monthly newscast and Iron Sharpens Iron recordings in the VDM Vault. Department-specific trainings are shared in their respective Seafile folders.

Don’t forget: you can find invitations on our shared calendar under What’s Happening at VDMC.net (all times posted on the What’s Happening calendar are EST)

  • Deal Desk: Every Tuesday @ 1:30pm Eastern
  • Origination Nation: Every Monday and Thursday @ 12:00pm Eastern
  • Production Roundtable: Wednesday, March 12 @ 2:00pm Eastern
  • VanDyk Mortgage Newscast: Thursday, March 13 @ 1:00pm Eastern
  • Iron Sharpens Iron: Tuesday, March 18 @ 11:00am Eastern – Featuring Special Guest Matt Kirby, Executive Business Coach with Southwestern Consulting
  • Dreams Come True Loan Sales Training: Wednesday, March 26 @ 2:00pm Eastern
  • Seafile Overview & Tips: Wednesday, April 2 @ 2:00pm Eastern

 

 

Hard Pulls, Soft Pulls, and AUS

As a reminder, we can run DU or LP on hard pulls and soft pulls on Conventional loans. For government loans, DU requires a hard pull – but LP will run with a soft pull for FHA or VA.
USDA will only run GUS with a hard pull.

*  *  *

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VanDyk Mortgage News: February 12, 2025

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February 12, 2025

  • Third Party Service Updates
    • Floify Verify: We’re excited to announce a new option for Payroll verification that can be requested and fulfilled right in Floify! Floify Verify is available to request a VOIE from your borrower, who will then enter their employer’s payroll credentials in order to send us their paystubs/W-2s. It also supports a final VOE order. We will be demonstrating this order process during this month’s Production Roundtable.
    • Xactus Income Verification: In addition to the Floify Verify change, we are also switching away from Veri-Tax in favor of utilizing Xactus’ waterfall VOE order. This allows us to have access to three different VOE providers with just one login! Xactus Income Verification will also be demoed during Roundtable.  We have put together a VOE Resource Guide that covers ordering VOEs through both of these new providers.
    • Pointserv: We’re happy to share that Corporate will be covering the cost of all Pointserv VOA orders for all of 2025!
    • Flood: We will be transitioning our Flood Report provider from ICE Flood Reports to the Xactus Flood Report X platform. The Xactus Flood Report X platform will be used for both automated and manual flood report pulls. The flood report automation functionality will remain unchanged and will continue to be a lights-out order once an application is triggered, and a subject property is present. Manual orders via Xactus will require Xactus log-in credentials, which utilizes Single Sign On (SSO) for the entire suite of Xactus products (Credit, Flood, Verifications, etc.). Please reach out to Production Support if you need logins for Xactus.
      • The Flood automation will begin utilizing Xactus Flood Report X for applications on or after 02/17/25. The current workflow with ICE Flood will remain available for all loans currently in process.
  • Appraisal Revisions

As we continue to settle into our relationship with Valligent as our AMC, we would like to ask that any and all appraisal revisions – outside of the ROV (Reconsideration of Value) – continue to be sent through the Underwriter.  This will keep the Underwriter in the know with any revisions and help avoid delays, duplicate requests, and signing off on appraisals and missing a revised report later in the process.

  • Minimum Standards for Submission to UW: Updated

Check out the updated Minimum Standards for Submission to UW here. This has been updated to include No Score loan requirements.

  • Marketing Updates

New Monthly Calls to Help You Win! Marketing is rolling out Focused Sessions and Pipeline Power Up Recharge Rallies—two monthly calls designed to help you boost your marketing and sales!

  • Recharge Rally – First Monday of the month. Whether you’re starting fresh or need a push to stay consistent, this call will help you build momentum with Pipeline Power Up’s daily actionable activities. Plus, Joe Dishinger will be there to keep you fired up!
  • Focused Sessions – Last Wednesday of the month. Get hands-on marketing tips you can actually use, from social media strategies to smarter customer insights.

These happen during our 2:30 PM EST office hours, so you’re already set to join. Tell marketing what you want them to cover by suggesting topics here and see the upcoming schedule below:

 

It’s not too late to join the Q1 New Year, New Connections Challenge on LinkedIn. Join the Team’s Channel here and comment your name to participate.

 

 

  • New Hires: Welcome!
Josh Hitsman Branch Manager – Branch 264, Oregon
Josh Lonborg LO – Branch 264, Oregon
Jennifer Hoene LO – Branch 264, Oregon
Cortney Legrady LO – Branch 264, Oregon
Kelsey Panek LO – Branch 264, Oregon
Rebecca Pershing LO – Branch 264, Oregon
Shane Butehorn LO – Branch 264, Nevada
Amanda Butehorn Processor – Branch 264, Nevada
Grant Eggleston Sales Manager – Branch 264, Oregon
Charlie Irish-Borrego LO – Branch 264, Nevada
Ty Hildebrand Market Area Manager, Branch 264
Ty Decoto Market Area Manager, Branch 264
Holly Matthews Market Area Manager, Branch 264
Ruben Mendez TC – Branch 585, California
Seth Meade IT Specialist, Corporate

Agency Updates

Fannie Mae

Fannie Mae has made multiple updates to DU version 12.0 around Cash-Flow Assessment with Bank Statements, Positive Rent Payment History, and Borrowers with Nontraditional Credit (no score).  If you were able to join us for Deal Desk February 21, you are a few weeks ahead with this knowledge base.  If you were not able to join us, have no fear: you can find the presentation here that covers these updates in detail.  You don’t want to miss this!  It could be a deal breaker.

DU Income Validation – Military Income

Great News!  Fannie Mae has added military income as an income type eligible for validation using an asset verification report (if we haven’t talked enough about PointServ yet, let’s talk about it again).

Hybrid Appraisals
Fannie Mae has expanded on eligibility requirements for hybrid appraisals providing the entire industry with an additional option.  Previously, this was limited to a pilot group only.  Hybrid appraisals include information from a comprehensive property data collection, performed by a trained and vetted third-party property data collector, submitted to the appraiser for the development of a credible opinion of value.  These are completed on Form 1004 (Hybrid) or Form 1073 (Hybrid). Loans that are eligible will be communicated specifically through your DU Findings.

Eligible property and transaction types will closely align with those for traditional appraisals but will not include certain property and transaction types, including the following:

  • 2–4-unit, co-op and manufactured homes;
  • Construction to permanent financing, HomeStyle Renovation and HomeStyle Energy loans; or
  • Proposed construction properties.

 

Freddie Mac

Freddie Mac has plenty of appraisal updates this month around hybrid appraisals, ACE & ACE + PDR, and appraisals completed “subject-to.”

Hybrid appraisal expansion

Effective for Loan Product Advisor submissions and resubmissions on or after April 7, 2025

Freddie Mac is expanding eligibility for hybrid appraisals as an available appraisal option in the Guide (previously, this was just a pilot group).  Hybrid appraisals will no longer be limited to instances when an ACE+ PDR must be upgraded to an appraisal.

A hybrid appraisal may be completed for the following property types:

  • 1-unit properties, including in a Planned Unit Development (PUD) or with an ADU; and
  • Condominium Units (attached and detached)

Hybrid appraisals will be available for all transaction types (i.e., purchases, “no cash-out” and cash-out refinance transactions).

 

Updated effective date for automated collateral evaluation (ACE) and ACE+ PDR eligibility

Effective for Loan Product Advisor submissions and resubmissions on or after February 24, 2025

As previously announced, Freddie Mac has expanded eligibility for automated collateral evaluation (ACE) and ACE+ PDR, effective for Loan Product Advisor submissions and resubmissions on or after March 24, 2025. We are updating the effective date so that the expanded eligibility for ACE and ACE+ PDR will be available for Loan Product Advisor submissions and resubmissions on or after February 24, 2025.

 

ACE and ACE+ PDR

We have updated our requirements for ACE to provide:

  • The Seller may accept an ACE appraisal waiver offer when adverse physical property conditions are minor
  • If a PDR has been obtained, the Seller may not accept an ACE appraisal waiver offer

We have modified our requirements related to both ACE and ACE+ PDR to:

  • Permit the Seller to provide a more comprehensive valuation product than the minimum required in the Last Feedback Certificate
  • Specify that Texas Section 50(f)(2) Mortgages are not eligible for ACE or ACE+ PDR
  • Update miscellaneous cross-references

 

Property eligibility

Effective for Mortgages with Application Received Dates on or after May 6, 2025

We are updating our appraisal requirements to:

  • Require that if detrimental conditions exist on the subject property site, the appraisal report must be completed “subject to” an inspection by a professional, and the Mortgage file must include:
      • Evidence of the required repair, or
      • An inspection report that indicates the condition does not require repair
  • Include additional examples of deficiencies that indicate the property is in C5 or C6 condition
  • Include additional examples of minor repairs or deficiencies that allow an appraisal report to be completed “as is”

 

Documentation requirements for verification of completion

Effective for Mortgages with Application Received Dates on or after May 6, 2025

When an appraisal report is completed “subject to” an inspection, the Mortgage file must include:

  • The inspection report evidencing that the inspector has determined no repairs were required, or
  • The inspection report and an invoice evidencing that all inspector required repairs have been completed

 

Rental Income Updates

Freddie Mac has updated the requirements for the use of rental income from a non-subject investment property or 2-4-unit primary residence purchase or placed in service in the current calendar year.  The changes are summarized in the table below:

 

Positive Rent Payment History

Freddie Mac is making enhancements to their positive rent payment history to get more borrowers qualified!  This can update an LPA risk class from caution to accept.  Previously, rent payment history could only be assessed through a third-party asset verification report that identified rent payments.  There is now an alternative path to allow for borrower provided documentation such as bank statements.  Check out Freddie Mac Selling Guide section 5201.1 https://guide.freddiemac.com/app/guide/section/5201.1for full details on eligibility and documentation requirements.

 

 

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Upcoming Events and Reminders

Miss a training? You’ll find our monthly newscast and Iron Sharpens Iron recordings in the VDM Vault. Department-specific trainings are shared in their respective Seafile folders.

Don’t forget: you can find invitations on our shared calendar under What’s Happening at VDMC.net (all times posted on the What’s Happening calendar are EST)

  • Deal Desk: Every Tuesday @ 1:30pm Eastern
  • Origination Nation: Every Monday and Thursday @ 12:00pm Eastern
  • Production Roundtable: Wednesday, February 12 @ 2:00pm Eastern | REMINDER: Attendance is mandatory for all LPs and TCs/LOAs who perform TC functions.
  • VanDyk Mortgage Newscast: Thursday, February 13 @ 1pm Eastern
  • Iron Sharpens Iron: Tuesday, February 18 @ 11am Eastern

 

 

USDA Loans – Did You Know?!

When your appraised value comes in higher than your purchase price, you can increase your base loan amount up to the amount of the appraised value to roll in closing costs and prepaids… AND reduce your borrower’s cash to close!  USDA bases the LTV on the higher of the purchase price or purchase price versus the lower of the two.

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VanDyk Mortgage News: January 15, 2025

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January 15, 2025

  • Hello 2025!

Join us on the VanDyk Mortgage Newscast tomorrow as Jon and Jeanie bid a farewell to 2024 and help welcome in 2025.

  • Income Documentation Updates

For applications dated on or after 1/31/2025, OR loans with a note date on or after 2/15/2025: 2024 W2s, 2024 Year-End Paystub OR a Written VOE will be required.

    • Tax Transcripts Cheat Sheet:  Updated version for 2025 is available here in the Underwriting Cheat Sheets Seafile folder.
    • Income Worksheet – Prism: Updated within Encompass to include tax year 2024.
  • Polly Update: Rate Alerts

Polly has made a few tweaks to submitting rate alerts, see the updated guide here. Great news: you can now set an alert for up to 365 days!

  • Trio Loan: Pilot Program

We are looking for some additional volunteers to become product experts on our Trio product that helps near miss and ITIN borrowers. Please reach out to Brad Chatel if you would like to join the Pilot program. We will be scheduling a training for the new group later this month.

  • Marketing Updates
    • Get ready for the Duck Race! Seven top performers will compete live during the January Newscast on January 16th for a one-on-one coaching session with Brittany Hodak. Congrats to our qualifiers!
    • Introducing the Elite Marketing Plan! Personalized support to grow your network, enhance visibility, and attract quality leads, so you can focus on helping families achieve homeownership. Let us handle your marketing while you close more loans! Learn More Here
    • Kick off 2025 with the Q1 LinkedIn Challenge: “New Year, New Connections.” Over 12 weeks, connect with realtors, showcase your expertise, and grow your network using weekly prompts. Earn points for each post and stay on track with assignments due Fridays. Join now via our Teams channel! Join The Challenge Here
  • 2025 Annual Employee Training: Happening Now!

If you complete your annual training today (January 15), you’ll earn 50 points to the VDM store. Sign into ADP today and check this off your list! You’ll find the Annual Training under the “Things to Do” section in ADP.

  • HR Updates

2024 W-2s will be available soon in ADP!

  • New Hires: Welcome!
Mike LaRose Sales Recruiter – Corporate
Theresa Dmitruk Loan Originator – Branch 311

 

 

 

 

 

Agency Updates

Fannie Mae

We announced in November that Fannie Mae was increasing the LTVs for Value Acceptance.  We are pleased to announce that those updates took effect this past weekend, January 11, 2025, and will be applied to new casefiles as well as resubmitted casefiles.

FHA

FHA has revised their Boarder Income guidelines, reducing the history of receipt from 2 years to 12 months.  With this change, they have also amended the documentation requirements and income calculation.  Review the FHA Mortgagee Letter 2025-04 and below is a chart to outline these changes specifically.  These changes to Boarder Income are effective immediately.

USDA

USDA has reduced the seasoning period required before a loan is eligible to be refinanced.  Effective immediately, the following guidelines apply to all USDA refinance transactions:

  • The existing USDA loan being refinanced must have closed at least 180 days prior to the request for Conditional Commitment.
  • The existing USDA loan being refinanced must have a mortgage payment history which does not reflect a delinquency greater than 30 days within the previous 180-day period,

Refer to HB-1-3555, Chapter 6 for all other refinance requirements.

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Upcoming Events and Reminders

Miss a training? You’ll find our monthly newscast and Iron Sharpens Iron recordings in the VDM Vault. Department-specific trainings are shared in their respective Seafile folders.

Don’t forget: you can find invitations on our shared calendar under What’s Happening at VDMC.net (all times posted on the What’s Happening calendar are EST)

  • Deal Desk: Every Tuesday @ 1:30pm Eastern
    • Special Edition Deal Desks Coming Up:
      • January 21: Deep dive into extensive Fannie Mae DU updates!
      • January 28:  Exploring Income Documentation. Do you need a VOE? Maybe, or maybe not. Join us and find out!
  • Origination Nation: Every Monday and Thursday @ 12:00pm Eastern
  • VanDyk Mortgage Newscast: Thursday, January 16 @ 1pm Eastern
  • Iron Sharpens Iron: Tuesday, January 21 @ 11am Eastern

 

 

REMN HELOCs – Reminders!

We’ve noticed a renewed interested in brokered REMN HELOCs so we wanted to pass along a few reminders. First: Steve Neder at REMN can help you get a login for their portal – you can reach him at sneder@remn.com. Second: Make sure to create your Encompass file and apply a brokered Loan Template Set (instructions here) and complete the Brokered Request Form for Secondary to approve your request.

If there is no Encompass file, then Accounting will be unable to process the loan for Payroll. Please don’t forget to set up your loan! (It doesn’t need to be a complete URLA, but we need the borrower(s) name and subject property address at a minimum.)

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Claim Points

VanDyk Mortgage News: December 12, 2024

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December 12, 2024

  • Conventional Loan Limits

On November 26th, 2024, FHFA announced new conforming loan limits for 2025. The official announcement raises the conventional conforming loan limit for next year to at least $806,500. Find additional details here.

We will allow Conventional loans to close on or after December 16th, 2024, utilizing the 2025 loan limits. Locks will need to be valid through 1/1/2025. These loan limits are now active in Polly. If you have any questions, please reach out to Secondary.

  • FHA Loan Limits

HUD has increased loan limits effective with case number assignments on or after 1/1/2025.  The new directive raises the FHA one-unit loan limit to at least $524,225.  The full mortgagee letter is available here. These loan limits are now active in Polly.

  • Please keep in mind that the maximum loan limit for FHA is determined by the effective date of your case number.  If you have an FHA loan already in process, and the case number has already been assigned, you cannot increase the loan amount to the new limits.

As a reminder, VA has no maximum loan amount for a Veteran with full entitlement available.  When required in cases of only partial available entitlement, the maximum loan amount calculation will be determined by the FHFA county loan limit (same as Conventional).

  • Polly Update: Rate Alerts

We are very excited to share that Polly has implemented Rate Alerts. This will allow you on active files to set a rate/price target and once it has hit that target, an email will fire off to you alerting you to lock the loan. Please join the Newscast for a live Demo. Check out the step-by-step guide here.

  • Renovation Loans

Renovations loans are eligible to be originated effectively immediately. We will require that you either attended the live Sales training or that you follow the below link and complete the training and quiz. We will not make exceptions to this.

Here’s a walkthrough on pricing these loans. These are a non-delegated UW through Planet Home Lending. Planet has been incredibly helpful and will be an amazing partner to work with.

  • Appraisals: Reminders

As a reminder, we have switched to Valligent as our AMC for appraisals. How does this impact you? The process for ordering an appraisal is the same on our side, but the orders will flow directly to Valligent and not through our internal Appraisals team anymore.

Great news: credit card payments will continue to be collected up front for your appraisal orders. The links will still come from VanDyk Mortgage and the same communication will continue as before. You will also be able to send the credit card link for payment as you have in the past.

Please be on the lookout for communications from the team at Valligent regarding your orders. You should still be sending the appraisal to the borrower through ValueLink (unless it’s a VA loan). This month’s Production Roundtable covered this in more detail – check out the recording here!

    • One additional update: when the order shows Accepted by Vendor, that now means Valligent has accepted the order – it hasn’t been assigned to an appraiser yet.
  • Continuing Education: Last Call!

ALL licenses expire on 12/31/2024. If you want to maintain your license(s) and renew them for 2025, you will need to complete your Continuing Education (CE / CON ED) before your renewal can be submitted. Please reach out to Stacey Dettling with any questions.

  • Reminder: Insurance Mortgagee Clause Change

As a reminder, the insurance order forms in Encompass have been updated to reflect the following:

VanDyk Mortgage Corporation

ISAOA ATIMA

2449 Camelot Ct SE

Grand Rapids, MI 49546

We appreciate your help in ensuring loans include this new mortgagee clause on all homeowners, flood, wind, and/or earthquake policies.

  • HR Updates

Benefits 2025

Open Enrollment Complete!

    • If you did not make any changes, your current plans will automatically roll over to 2025.

Beneficiary Information

  1. Basic Group Term Life Insurance
    • Ensure your beneficiaries are added in ADP. Follow these steps:
      • Navigate to Myself → Enrollments.
      • Under Dependents and Beneficiaries, select Manage.
      • Allocate percentages (total must equal 100%) and confirm your details.
  1. 401(k) Retirement Savings
    • Update or review your beneficiary information on the Principal
      • Note: Beneficiary details in ADP will not transfer to Principal.
      • Account Login: principal.com

Verify Your Information in ADP for W-2s

It’s time to verify your details in ADP to ensure accurate W-2 forms for 2024. Please:

  1. Review Personal Details
    • Confirm your address is correct.
  2. Check Tax Withholding
    • Review your W-4 status and exemptions.
  3. Update Contact Information
    • Ensure all phone numbers and emails are current.

Access ADP

 

  • New Hires: Welcome!

If you haven’t already, log in to our Welcome to VDM (vfairs.com) site to “like” the photos our recent new hires have added to the photobooth.

  • Holiday Contest! 

The festive decorating is underway, and we want to see your holiday spirit!  You can upload your photos to Welcome to VDM, in the VDM Virtual mobile app or email them directly to hr@vandykmortgage.com for us to upload for you.  A prize will be awarded for the submissions receiving the most likes in the photobooth in each category so be sure to check them out!  Submission deadline is 12/20, voting ends on 12/23.

 

 

Agency Updates

Fannie Mae

Limited Cash Out Refinances: Effective immediately, Fannie Mae has added to additional exceptions to limited cash-out (no cash-out) refinances where the requirement is that at least one borrower is an owner (on title) of the subject property at the time of the initial loan application.  The following additional exceptions are permitted with documentation:

  1. The borrower on the new loan is currently financially obligated on the loan being paid off.  Ownership must be transferred to the borrower(s) at time of closing.
  2. The borrower is paying off an installment land contract that was executed more than 12 months prior to the application for the refinance.

HomeReady Grant Update: Fannie Mae is extending the $2500 Grant for the HomeReady program with some modifications.  A loan is still eligible for the $2500 Grant when the loan is HomeReady and the borrower(s) AMI is less than or equal to 50% of the AMI, however, Fannie has added the additional requirement that at least one borrower on the loan be a first-time homebuyer.  This will be effective for loans submitted to Underwriting on and after 12/16/2024 and/or loans that are funding after 1/31/2025 to allow for delivery requirements to be met. See full details here.

 

 

Freddie Mac

Treatment of authorized user accounts in debt payment-to-income ratio calculation: Freddie Mac has made updates to Authorized User Accounts that a monthly payment on the account must be included in the debt payment-to-income ratio only when required by Loan Product Advisor (LPA) Feedback Messages.  This is an example of what the Feedback Message will look like in the body of the AUS:

<<SelRepos::Alphanumeric>> shows authorized user account(s) for <<SelBorr::Alphanumeric>>.  LPA assessment is not valid unless Seller documents: 1) another Borrower owns the account, 2) Borr’s spouse owns the account, 3) Borr has been making pmnts on the acc. for last 12 mos, or 4) the account(s) have insignificant impact on Borr’s credit history based on number, age, type, size and pmnt history of Borr’s own Tradelines.

Restricted stock (RS) and restricted stock unit (RSU) income: Freddie Mac has updated the requirements for restricted stock (RS) and restricted stock units (RSU) income as follows:

  • Adding definitions of performance-based RS and RSU income and time-based RS and RSU income
  • Expanding our requirements for calculation of qualifying income from performance-based RS and RSU to permit the use of less than 24 months (but not less than 12 months) in the calculation when the history of receipt of income with the current employer is between 12 and 24 months. The Seller must support the use of a shorter timeframe in the calculation with a written analysis and compensating factors.
  • Expanding our requirements to state that RS and RSU awarded on a recurring basis must be likely to continue for at least three years and specifying that nonrecurring awards must have at least three years’ vesting and distribution remaining on the vesting schedule. Currently, the Guide requires that all time-based RS and RSU income must continue for at least three years.
  • Replacing the 52-week average stock price with a 200-day simple moving average stock price as the basis for calculating RS and RSU income. Additionally, we are retiring the requirement for the average stock price to be determined as of the Application Received Date and will accept an average dated in accordance with standard age of documentation requirements (refer to Section 5102.4).

RSU Guide Section 5301.1 https://guide.freddiemac.com/app/guide/section/5301.1

RSU Guide Section 5303.1 https://guide.freddiemac.com/app/guide/section/5303.1

 

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Upcoming Events and Reminders

Miss a training? You’ll find our monthly newscast and Iron Sharpens Iron recordings in the VDM Vault. Department-specific trainings are shared in their respective Seafile folders.

Don’t forget: you can find invitations on our shared calendar under What’s Happening at VDMC.net (all times posted on the What’s Happening calendar are EST)

  • Deal Desk: Every Tuesday @ 1:30pm Eastern
  • Production Roundtable: Wednesday, December 11 @ 1pm Eastern REMINDER: ATTENDANCE IS MANDATORY for all LPs and TCs/LOAs who perform TC functions.
  • VanDyk Mortgage Newscast: Thursday, December 12 @ 1pm Eastern
  • Iron Sharpens Iron: Tuesday, December 17 @ 11am Eastern

 

 

Loan Changes? Communication is Key!

Please don’t forget to communicate with your processor and underwriter (closer too, if applicable) when making changes to the loan file. If you’re altering the loan program, lock, or other details – we should be keeping everyone in the loop. We appreciate your help!

 

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ROV Reminders

As a reminder, the ROV process must be initiated through the ROV Disclosure that is sent to the borrower in initial disclosures and again with the appraisal delivery. (Reminder: We will demonstrate delivering the appraisal in ValueLink during the Production Roundtable call on Wednesday.)

It is best to prep borrowers for this process PRIOR to ordering the appraisal so they understand what is required in order to submit an ROV. Remind borrowers that they can share the link with their realtor to assist – we only get one shot at the ROV, so we want to make sure our submission contains the appropriate supporting information

 

25 Points
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VanDyk Mortgage News: November 13, 2024

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November 13, 2024

  • Virtual Ops Fly-In

Our Holiday Hits operations fly-in is fast approaching!  We are looking forward to a fun couple of days and hope to see you there.  We encourage you to log in to the Virtual Fly-In website VanDyk Fly In and ensure your access is set before the event kicks off on the 15th.  See the attached announcement email and contact ProductionSupport@vandykmortgage.com with any questions

  • Continuing Education: Reminder!

ALL licenses expire on 12/31/2024. If you want to maintain your license(s) and renew them for 2025, you will need to complete your Continuing Education (CE / CON ED) before your renewal can be submitted. Please reach out to Stacey Dettling with any questions.

  • Condo Approval Clarification

Freddie Mac released their own Condo Project Advisor this year to offer additional opportunities for flexible condo project reviews.  We would like to take this opportunity to provide clarification on the different colors of Project Assessment Requests (PAR) and what they mean.

  • Purple Project Certified PAR Status: Submit for review to The Condo Vault / InterIsland Insurance Review ONLY
  • Green PAR Status*: Submit for review to The Condo Vault / InterIsland OR you can submit for Project Certified Review with Freddie Mac (you are responsible for obtaining the required documents).
  • Yellow PAR Status* – Submit for review to The Condo Vault / InterIsland (Full / Limited); all conditions on the Feedback Certificate Assessment Summary section have been resolved for the loan to be eligible for delivery to Freddie Mac.
  • Red / Not Eligible Status – Loan is NOT ELIGIBLE for sale to Freddie Mac.
  • Incomplete Assessment – Submit for review to The Condo Vault / InterIsland (Full / Limited).

*For Green/Yellow PAR Findings being submitted to The Condo Vault: Include the PAR findings and a note in the notes box with the order.

 

We encourage you to sign up for one of Freddie Mac’s Condo Project Advisor Webinars and review the resources here. Check out the Freddie Mac CPA FAQ here.

  • Condo Documentation Buckets

Great news! We have simplified the Condo eFolder buckets. The 2600 (Condo): All Condo Documents bucket can be used for ALL condo documents besides Master Insurance Policies and Condo Approval.

If you have a property that needs to be declined due to the condo not being approved, please upload the declined project documentation to the 2600 (Condo): All Condo Documents bucket as well. These documents are required in order for the denial to be finalized.

  • IT Updates
    • Personal Devices – VanDyk Mortgage requires the use of corporate computers to conduct business but acknowledges that personal devices may be needed in specific situations. Employees are required to obtain prior approval and ensure their devices comply with stringent security and hardware standards. They must also agree to security protocols, including full-disk encryption, IT monitoring, and the possibility of data wipes if security breaches occur or compliance is not maintained
    • Working abroad/vacation – VanDyk Mortgage prohibits access to company systems from foreign countries except under approved, exceptional circumstances to protect data from security threats. Employees must adhere to strict security measures, such as using a VPN, multi-factor authentication, and a BitLocker Boot Pin, when granted access for travel. Domestic travel access also requires adherence to security protocols, to ensure no disruption in access.
  • Title Request Form – Bond Loan Update

The Title Request Form for Bond loans has been updated in Encompass. Previously, the form “Title Request Form (Bond Loan)” printed the Florida Housing agency info by default. This form now prints a blank bond agency name/address for you to fill in for any state DPA loan. “Title Request Form (FL Housing Bond Loan)” will now be used for Florida Housing loans.

  • Renovation

We are almost ready to launch our in-house FHA 203k and Homestyle Renovation products. If you want access to these products, the branch origination team (LO, TC, Processor, etc) must all attend this training on Tuesday, November 19 at 2pm ET. Invitations for training will be sent soon – watch your inbox!

  • Polly Changes

We are excited to announce that Polly is now able to read the loan file address and auto-generate a census tract for Chase Community Lending loans! Once the full address is entered, the codes will generate. The below is the new screen you will see when pricing a loan or running a scenario. Another thing you will notice is the removal of the CLTV/HCLTV fields, those generate based on the loan scenario and will show at the top of your screen.

 

  • HR Updates

What’s the point of no shave in November?  

No Shave November is a campaign created to grow awareness by letting your hair grow for 30 days. Men are challenged to grow out their facial hair, beard, mustache, whatever they can stand! This movement was created to raise awareness of Men’s Health concerns, including prostate cancer, testicular cancer, and mental health issues.

Is No-Shave November for guys only?

Can females do No-Shave November? From baseball teams to news crews and police forces, guys certainly get most of the attention when it comes to no shave—for obvious reasons. Men like to “let it grow” when it comes to bears and mustaches. However, women can also participate.

  • New Hires: Welcome!

We are delighted to welcome our most recent new hires!  Be sure to give them a warm welcome and log in to our Welcome to VDM (vfairs.com) site to “like” the photos they have added to the photobooth:

Rebekah Coburn, Processing Assistant Branch 131, Muskegon, MI
Terry Patterson, Loan Officer Branch 253
Dora Isaksen, Loan Officer Branch 200, Pocatello, ID

 

 

Agency Updates

Fannie Mae

You have likely heard and seen the rumblings around Value Acceptance (Fannie Mae Appraisal Waivers) increasing LTVs to 90%.  We are happy to confirm that this is correct!  Beginning in Quarter 1 of 2025, for purchase loans for primary residences and second homes, the eligible LTV ratios for Value Acceptance will increase from 80% to 90% and Value Acceptance + Property Data will increase from 80% to the program limits.  Check out the full details here.

FHA

HUD has published updates to their New Construction property elevation requirements where the subject property is in a Special Flood Hazard Area (SFHA).  The basis of these updates is to decrease potential damage from floods, increase the safety and soundness of the property for residents, and provide more resilient communities in flood hazard areas.  The change requires that the lowest floor in newly constructed structures locates within the 1 – percent-annual-chance (100-year) floodplain be built at least two feet above the Base Flood Elevation (BFE).  This new elevation standard is applicable to New Construction with building permit application submission dates on and after January 1, 2025.  This does NOT apply to Manufactured Homes.

See full details in Mortgagee Letter 2024-20 with the 4000.1 updates to this announcement.

 

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Upcoming Events and Reminders

Miss a training? You’ll find our monthly newscast and Iron Sharpens Iron recordings in the VDM Vault. Department-specific trainings are shared in their respective Seafile folders.

Don’t forget: you can find invitations on our shared calendar under What’s Happening at VDMC.net (all times posted on the What’s Happening calendar are EST)

  • Deal Desk: Every Tuesday @ 1:30pm Eastern
  • Production Roundtable: Wednesday, November 13 @ 2pm Eastern REMINDER: ATTENDANCE IS MANDATORY for all LPs and TCs/LOAs who perform TC functions.
  • VanDyk Mortgage Newscast: Thursday, November 14 @ 1pm Eastern
  • Virtual Ops Fly-In: https://vandykflyin.vfairs.com/ – For more details, see attached email!
  • Iron Sharpens Iron: Tuesday, November 19 @ 11am Eastern


Additional Training Opportunities

  • Freddie Mac has published their training offerings available in November. Check out the calendar here and enroll today!
  • USDA is hosting a training on handbook and policy updates on Thursday, November 14 at 2pm ET. Register here!
  • MGIC will hold a session on Variable Income on Tuesday, November 19 at 2pm ET. Register here!
  • Essent is hosting a 20-minute Micro Session on Schedule C income and making cash flow adjustments. This will be Wednesday, November 20 at 1pm ET. Register here!

 

 

 

LP Update: New Look for New Submissions

The submission screen for LP has been updated – if you have a file that hasn’t had LP run yet, you may have to manually add in your credit report in order to run. Use the “New” icon to add a line for your report.

Check out the updated how-to here and reach out to Production Support with any questions.

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Payment Link – Reminder

As a reminder, please do not use the “old” credit card authorization form that collects a borrower’s full credit card number. In most cases, payment links can be sent through ValueLink. In the limited cases that we need to collect payment for an appraisal up front outside of ValueLink, please reach out to Accounting to request the form you’ll need to complete for a payment link to be sent to your borrower.

 

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