To: All Staff

From: Production Support and UW Mgmt

FHA has just issued new guidance for cash out refinances that will affect ALL loans with FHA case numbers assigned on or after September 1, 2019.

The maximum LTV for a cash out refinance will be limited to 80% Loan to Value. This is a change from current FHA guidance which allows for 85% LTV on a cash out refinance.

If you are working on any refinances where this could impact the loan scenario you’ve disclosed to your borrower make sure you have a FHA case number assigned as soon as possible.

If you aren’t sure how to pull a FHA case number, please reach out to Production Support for assistance.

Dear Employees,

2019 Annual Employee Training period has begun!  Employees who complete all 8 training modules by Aug 26, will be awarded 50 points on the intranet gaming platform.

Anyone hired after 1/1/2019 has already met the employee training requirement for 2019 during the onboarding process, thus will not need to complete it again this year.  Below are a few instructions to help you get started.

1. Click on this link to access the Annual Training …     https://vandykmortgage.ispringlearn.com/organization/1/view/23992-nqBKA-wV1Wc-A3oE5  You can access the training on any smart mobile device!
2. You will be directed to log into iSpring.  If you have forgotten your password, click on “forgot your password”and follow the prompts.
3. You will then be directed to the Annual Employee Training modules.  To open each training modules, follow the instructions below.  There are 8 modules to complete.

You can view the modules in any order you wish.

Click on the drop down arrow by “1 course”, then click on training title.

On the bottom of each slide is a navigation bar.  Here you can enlarge the size of the presentation, control the volume and move forward in the presentation.

This bar also reflects the slide number you are on, and the total number of slides in the presentation, not including the quiz.

For example, the bar below shows 4 / 21.  This means you are on the 4^th slide and there are 21 total slides in this module.

4.  When you have completed the quiz, hit the escape buttonon your keyboard, then click on the X on the top right corner of the module to exit the presentation.

You will be returned to the iSpring dashboard where you can select the next training module.

5. Each time you pass a course, a certificate of completion will be automatically emailed to you.  The iSpring system will also track your certificates for future reference.  Please DO NOT email us your certificate.

Should you have any questions or issues, please contact Sarah at 616-974-9277 orsshilling@vandykmortgage.com.

Happy Training!

To:                   ALL Employees

From:              Margarita Hays, Human Resource Manager

James Beebe, Chief Compliance Officer

Date:               7/30/2019

Subject:           Annual Employee Training – Don’t miss out on earning 50 POINTS!

Soon you will be provided access to complete Annual Employee Training 2019 beginning on August 1.  Completion of all 8 modules is due on August 31.  A link along with instructions will be provided on Thursday.

While preparing for this training, you may have received a system generated certificate in error.  Please disregard as your certificate will need to reflect a completion date of August 2019.

The training modules are housed in our Learning Management System. This system will track the completion of each training (certificates) including your scores.

This year we would like to incentivize you by providing a point challenge when training is completed before the due date.  Employees who complete all 8 training modules by Aug 26, will be awarded 50 points on the intranet gaming platform.   Points can be redeemed for merchandise in the VanDyk Store also located on the intranet.    Awards will be based on certificates dated during this time period.

For those employees who completed the training during the onboarding process in 2019, you have already met the requirement.

Happy Training!

To better assist our branches, please see the below timeline, based on Estimated Closing Date, for CD deadlines during our upcoming 4 day weekend:

ECDs for Monday, 7/8, will all need TRID Ready by Tues, 7/2 and CD disclosed and executed by Wednesday, 7/3.

ECDs for Tues and Weds, 7/9 and 7/10, will all need TRID Ready by Tues, 7/2, and CD disclosed by Wednesday 7/3, executed by Fri 7/5.

Our offices are closed on Fri 7/5 so you must prepare your borrowers accordingly.

ECDs for Thurs, 7/11, will need TRID Ready by Weds, 7/3 and CD disclosed Monday, 7/8.

Thank you, and please reach out to compliance@vandykmortgage.com with any questions or concerns!

On June 20, 2019, Freddie Mac announced they are reducing the income limits for their Home Possible program from 100% of area median income (AMI) to 80% of AMI.    The implementation date is currently planned for July 28, 2019.   This applies to all Home Possible mortgages, including those in low-income census tracts.

We published in the June Lending Announcement that Fannie Mae’s HomeReady product also reduced their income limits from 100% of AMI to 80% of AMI; however, HomeReady still has no income limit in low-income tracts.

Freddie Mac Bulletin 2019-15 Home Possible income limits