Category: Howee’s Helpful Tips

Did You Know? Vacated Primary Residence

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DYK – Vacated Primary Residence – Fannie Mae (Conventional) ONLY: You may utilize a 12-month lease agreement at 75% for a vacated Primary Residence. You CAN add a positive cash flow versus only offset regardless of any prior history of rental experience because we are applying rental income to a NON-Subject property.

Click here for a cheat sheet on rental income.

QC Review Update

Posted on | by VanDyk Mortgage | Leave a Comment on QC Review Update

As a result of recent audits with the agencies, we need to change the process with our pre-closing QC Reviews.

Effective immediately, QC Reviews will no longer be completed at initial underwrite and will be handled as follows:

Regular Reviews – 10% Requirements
1. Selected at Conditional Approval/Resubmittal at least 10 business days prior to the Closing Date – Email will go out to all parties and condition will be added
2. UW will move loan to “Approval” and notify QC Auditor after running final AUS file is ready for review.
3. Loan will not be CTC until QC Audit is cleared

Discretionary Reviews – MCRs / Manual UWs
1. Selected at Conditional Approval (no TBD) at least 10 business days prior to the Closing Date – Email will go out and condition will be added
2. QC will review in any of the following milestones – Conditional Approval, Resubmittal, Approval
3. Loan will not be CTC until QC Audit is cleared

We know that this change creates some anxieties with last minute conditions for our borrowers, but we believe we have the best teams in place to continue to move forward in a positive manner. Please ensure loans selected for pre-closing QC review are resubmitted ahead of the closing date for final review to avoid any delays in meeting the contract date.

We appreciate your understanding and willingness to work with us to meet the changes imposed by the agencies.