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

ECDs for Tues, 10/15 will all need TRID Ready by Weds, 10/9 and CD disclosed and executed by Thursday, 10/10.

ECDs for Weds and Thurs, 10/16 and 10/17, will all need TRID Ready by Thurs, 10/10 and CD disclosed and executed by Fri, 10/11.

Please note – Monday, 10/14 is not a day for funding. Please plan accordingly for your refinances and purchases.

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

USDA has announced that effective immediately, the payment calculation for Student Loans is being reduced from one percent of the outstanding balance to one-half percent of the outstanding balance.   Exceptions exist when the payment is fixed, interest rate is fixed and repayment term is fixed.

Our VDMC Student Loan Cheat Sheet has been revised to reflect this new guidance:

• Student Loan Cheat Sheet September 2019

SEPTEMBER 23, 2019

Temporary Modification of Section 11.2 of HB-1-3555 pertaining to Student Loans.

Effective today the below updated guidance, regarding the required student loan payment requirement, is implemented. This change pertains to the required payment to be utilized for Non-Fixed student loan repayment plans.

• Student loans. Lenders must include the payment as follows:
  • Fixed payment loans: A permanent amortized, fixed payment may be used in the debt ratio when the lender retains documentation to verify the payment is fixed, the interest rate is fixed, and the repayment term is fixed.
  • Non-Fixed payment loans: Payments for deferred loans, Income Based Repayment (IBR), Graduated, Adjustable, and other types of repayment agreements which are not fixed cannot be used in the total debt ratio calculation. The higher of one half percent (.50%) of the loan balance or the actual payment reflected on the credit report must be used as the monthly payment in the underwriter decision. No additional documentation is required.

This modification will be permanently incorporated into Chapter 11 of HB-1-3555 in the near future.

Thank you for your support of the Single Family Housing Guaranteed Loan Program!

Questions regarding this announcement may be directed to the National Office Division at: sfhgld.program@wdc.usda.gov or (202) 720-1452.

USDA LINC Training and Resource Library:

https://www.rd.usda.gov/programs-services/lenders/usda-linc-training-resource-library

Help Resources

USDA ITS Service Desk Support Center

For e-Authentication assistance

Email: eAuthHelpDesk@ftc.usda.gov

Phone: 800-457-3642, option 1 (USDA e-Authentication Issues)

Rural Development Help Desk

For GUS system, outage or functionality assistance

Email: RD.HD@STL.USDA.GOV

Phone: 800-457-3642, option 2 (USDA Applications); then option 2 (Rural Development)

Hello,

Below are two links on different 401(k) webinar videos that are designed to help employees better prepare for their financial futures. Please read the descriptions on each video and choose the video(s) that may be most useful for your situation. After clicking on a link, you will be requested to enter some basic information to have access to the videos.

In this webinar, a Transamerica retirement planning consultant covers the easy to use, easy to read, intuitive retirement readiness tool called Your Retirement Outlook®. – WATCH WEBINAR

In this webinar, a Transamerica retirement planning consultant will cover the Roth Contribution option offered in the VanDyk Mortgage 401(k) Profit Sharing Plan and Trust. – WATCH WEBINAR

If you have any questions with your financial future, we strongly suggest reaching out to the plan’s financial advisor, Jeff Dykstra at Merrill Lynch at Jeffrey.L.Dykstra@ML.com. His services are part of the plan and at no cost to you. Please don’t hesitate to contact him with any questions.

All other questions can be directed to 401k@vandykmortgage.com.

ATTN: All Staff

RE: Emergency Preparedness

In the event of a closing of the Clearwater Operations Center next week due to Hurricane Dorian please be advised of the following:

1. All employees working out of the Clearwater site have received direction to take their laptop computers with them when they leave this weekend in order to have ability to work from home so that business ops may continue as usual
2. In the event that employees are unable to work due to power and/or internet outages your contacts will be as follows:

• Underwriting: Loree Haugom, telephone number 727-214-6491 OR 616-940-3000 and call will be forwarded to Loree
• Closing/Compliance: Ryan VanDyk, telephone number 616-974-9212
• Retail Processing: Mary Spirou, 727-497-6625 OR 616-940-3000 and calls will be forwarded to Mary

1. We have many employees in each department who work offsite already outside of Florida and they will be prepared and able to work on all files requiring immediate attention
2. Final Inspection – FEMA Disaster Area Final Inspection will be required on all files where the subject property is located in a county designated a disaster area by FEMA. The FEMA Inspections cannot take place until after the designation is made and will be required prior to closing. We have seen in the past that the disaster area designation can take up to a few days after an major weather event happens as it takes FEMA time to assess the situation. Given this scenario, business will continue as usual until we know where inspections will be required. Costs of inspections can be re-disclosed to the borrowers. Inspections required for any loans already closed will be covered by VDM.

If you have any questions or concerns, please do not hesitate to reach out to Rich Passanante, Loralynne Ball or Jeanie Nivison.

Thank you.

To better assist our branches, please see the below timeline, based on Estimated Closing Date, for CD deadlines during our upcoming 3 day weekend:

ECDs for Tues, 9/3, will all need TRID Ready by Weds, 8/27 and CD disclosed and executed by Thursday, 8/28.

ECDs for Weds and Thurs, 9/4 and 9/5, will all need TRID Ready by Thurs, 8/28 and CD disclosed by Friday 8/29, executed by Fri 8/29.

Our offices are closed on Mon 9/2 so you must prepare your borrowers accordingly.

ECDs for Fri 9/6, will need TRID Ready by Fri, 8/29 and CD disclosed Tuesday, 9/3.

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

To better assist our branches, please see the below timeline, based on Estimated Closing Date, for CD deadlines during our upcoming 3 day weekend:

ECDs for Tues, 9/3, will all need TRID Ready by Weds, 8/27 and CD disclosed and executed by Thursday, 8/28.

ECDs for Weds and Thurs, 9/4 and 9/5, will all need TRID Ready by Thurs, 8/28 and CD disclosed by Friday 8/29, executed by Fri 8/29.

Our offices are closed on Mon 9/2 so you must prepare your borrowers accordingly.

ECDs for Fri 9/6, will need TRID Ready by Fri, 8/29 and CD disclosed Tuesday, 9/3.

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