Category: Corporate Communications

Dear Employees,

 

The Michigan Paid Sick Leave Policy goes into effect today, Friday, March 29.   Additional states such as: CA, WA , AZ and MD, which occupy VDM employees, have also adopted Paid Sick Leave policies.  While each state’s policy varies somewhat we’ve developed policies to meet the criteria for those states (listed above) where these laws are in effect. Paid Sick Leave Polices for these states are posted in VDM office. These polices are also located on our intranet: HR and Payroll/Shared Files/Documents for Employees/Federal Labor Law Posters.

 

The purpose of the law is to provide employees paid leave to attend to matters for themselves or defined family members for:

 

• Recovery from mental or physical illness
• Medical diagnosis
• Treatment
• Preventative care
• Personal time related to closure of child’s school or day care or requirement to attend child’s school or day care
• Personal time related to domestic violence or sexual assault

 

State laws requires employers to provide a given number of hours of sick time per year to all employees covered under the Paid Sick Leave Act.  Employees who are under the current PTO policy will continue to accrue hours at the current PTO rate.  Since by definition PTO can be used for sick time, personal, or vacation, employees covered under the current PTO policy will see minimal change.

 

Changes made to our PTO policy include the following:

 

• PTO may be requested in one hour increments
• New employees will accrue PTO on the first day of hire; however, a waiting period of 90 days will be in effect before benefits may be used

 

Employees not eligible for PTO (Full-time and Part-time Sales staff and Part-time non sales employees who work 12 hours or more per week) will receive 40 hours of sick time at the beginning of each year effective immediately.  These hours will not be carried over nor will they be paid out upon termination.

 

Attached are PTO and Sick leave policies that have been updated and or developed to meet state regulations.  Should you have questions, you may address them with your Manager or contact your Human Resource department at hr@vandykmortgage.com.

 

Kind Regards,

 

Margarita

 

Paid Sick Leave Policy[1]

Paid Time Off updated 3 29 2019[1]

Hello Team!

 

In an effort to close every loan possible and give every team member the appropriate time to work loans we are sending out this deadline reminder.

 

Loans closing Thursday, 3/28:

• Lock and COC re-disclosure: Fri 3/22/19 ß re-disclosures must also be executed by all borrowers by Sun 3/24/19
• Resubmittal deadline: Mon 3/25/19 by 4PM local branch time
• CD deadline: Mon 3/25/19 ß CDs must also be executed by all borrowers
• CTC: Tues 3/26/19 by 3PM local branch time

 

Loans closing Friday, 3/29:

• Lock and COC re-disclosure: Mon 3/25/19 ß re-disclosures must also be executed by all borrowers by 11:59PM Mon 3/25/19
• Resubmittal deadline: Tues 3/26/19 by 4PM local branch time
• CD deadline: Tues 3/26/19 ß CDs must also be executed by all borrowers
• CTC: Weds 3/27/19 by 3PM local branch time

 

Please make sure you are locking and resubmitting your loans by the deadlines in order to keep your closing dates on track. Thank you!

 

FHA is tightening the TOTAL Scorecard (HUD’s risk assessment evaluation accessed by DU or LP) as a response to the concerns with mortgages with higher-risk characteristics, particularly when layering of risk is present. When updated, Users submitting mortgages with case numbers assigned on or after March 18, 2019, to the TOTAL Mortgage Scorecard via an automated underwriting system (DU or LPA) may receive feedback results for certain mortgages indicating that they must be manually underwritten.

This is very significant for us, especially for those of you who have pre-approved borrowers shopping or TBD decisioned loans, which won’t have case numbers assigned yet (remember, a case # can only be assigned once there is an active application).

If you re-run your AUS and your loan is not subject to a manual underwrite, please review your file to make sure the credit history will qualify, letters of explanation are provided by the borrower for credit or ability to repay issues (recent derogatory, NSFs on bank statements) the ratios are still acceptable per FHA’s manual underwriting requirements, and compensating factors are included with file submissions to underwriting.

 

Attachments:

FHA Compensating Factors Manual Underwriting

FHA Manual UW Worksheet Rev 10.23.18.xlsx.xls

Good Afternoon,

 

As discussed in the corporate communication attached, the new appraisal procedures training is now available for all production and sales staff to complete.  Loan Processors and Transaction Coordinators have been invited to complete their portion of this training before the end of business this Friday 3/15.  We recommend all Loan Originators, Loan Assistants and any other team members who are or may be involved in the appraisal process complete this module as soon as possible as this procedure has already been implemented

 

The link to the training is below.  Should you have questions or need assistance please contact productionsupport@vandykmortgage.com

 

HERE IS THE LINK:

https://vandykmortgage.ispringlearn.com/organization/1/view/23992-fck6y-NXpEc-1qx0S

 

Should you like to complete a training module that includes information on how to order reports and how to complete a dispute request please reach out toproductionsupport@vandykmortgage.com

 

Good afternoon,

 

Based on feedback from our branches we are revising the following section of the new Appraisal Process to reflect that the appraisal will not automatically be released to the borrower:

 

APPROVED APPRAISAL

• The branch was sent the initial appraisal via Mercury and will release a copy of the appraisal to the borrower when the LO/LP deems appropriate. The branch is responsible for making sure the delivery receipt is obtained.
• The following delivery acknowledgments will be acceptable:
  • Branch can send a message through Encompass to the Appraisal department and someone will push the appraisal out to the borrower for download, and this will produce a SureReceipt
  • Branch can deliver the appraisal to the borrower via e-mail and have the Appraisal Delivery Acknowledgment wet signed or Docu-Signed via Floify
  • If the borrower does not have an e-mail address then a copy will need sent to the borrower via US mail and the borrower must wet-sign the delivery acknowledgment
• If the appraisal is delivered to the borrower before underwriting review and then there are material revisions as a result of the underwriting process, the branch is responsible for making sure the final appraisal has been sent to the borrower via either of the delivery methods above.
  • NOTE: If a later version of the appraisal must be disclosed to the borrower due to a material change (such as value change) the borrower must acknowledge the final appraisal we are using for the loan a minimum of 3 days prior to closing, unless a timing waiver was signed
  • If a second appraisal is required (due to flip or HPML) then the acknowledgment date for compliance purposes will be based on the date the borrower receives and acknowledges the second appraisal
• The branch also needs to make sure we get a delivery receipt, if the borrower did not download the appraisal sent from Mercury or does not have an email, you will need to send them a copy via mail or email and a delivery acknowledgement form wet signed or eSigned via Floify will need to be executed.
• The Appraisal delivery form or the Appraisal waiver form must be signed three (3) days prior to the closing so make sure you get one of these forms signed timely.
  • On HPML files you must have a delivery form signed you cannot use a waiver form.

If you have any questions, please don’t hesitate to reach out.

 

Attachment:

New Appraisal Underwriting Process

Please review the attached Commissions Earned Policy effective March 1, 2019.

 

Commissions Earned Policy

To all Production Staff:

We would like to remind everyone in order to adhere to TRID timing requirements it is VDM policy to require “Proof of Receipt” for all documents that are impacted by timing restrictions.

The attached memo provides an in-depth description of what documents and timelines are affected by this policy.

If you have an additional question or concerns, please reach out to the Ryan VanDyk at rvandyk@vandykmortgage.com

 

Proof of Delivery Memo 2-20-2019

Good afternoon,

Later this month we will be launching a new Down Payment Assistance program through Lakeview Loan Servicing and Springboard CDFI. This program will be a piggyback off of Lakeview’s NO MI product and will offer an uncapped 4% DPA through a second lien.

Below are two training links for the origination staff.  One is for Tuesday February 12th and the other is for Wednesday February 20th.  Be sure to register for one of those trainings; you will be given the option to add the meeting to your OutLook calendar when you click on the link:

 

Lakeview Springboard Training for VanDyk-I/O product

Tuesday, February 12, 2019

10:00 am  |  Eastern Standard Time (New York, GMT-05:00)  |  1 hr

*Click the blue words below, “join the meeting” to join the WebEx screen share portion of the training call.

When it’s time, join the meeting

 

Lakeview Springboard Training for VanDyk-I/O Product

Wednesday, February 20, 2019

3:00 pm  |  Eastern Standard Time (New York, GMT-05:00)  |  1 hr

*Click on the blue words “join the meeting” to join the WebEx screen share portion of the call.

When it’s time, join the meeting.