James Beebe
Carol Dupuis
Samantha Halle 8:20am-12:20pm
Cheryl Korson 9:30am-1:30pm
Kristine Kuss
Leslie Sodeman
James Beebe
Carol Dupuis
Samantha Halle 8:20am-12:20pm
Cheryl Korson 9:30am-1:30pm
Kristine Kuss
Leslie Sodeman
Stacey Dettling
Carol Dupuis
Shari Barker
James Beebe
Carol Dupuis
Alicia Nyquist
Kelly Sweeney 12:30-3:00pm
James Beebe
Alicia Nyquist
Brooke Kottke
May 9, 2024
We are delighted to confirm Brittany Hodak will be back to present an amazing keynote session followed by a focus workshop! Mark your calendars for greatness happening on June 20th from 1-2:30 EST and get pumped up to enjoy this virtual summer sales rally! We will also host a Sr Management Panel and Kahoot game – additional details will be coming soon. The Pump Up the Volume fly-in website is being updated to accommodate these events – anyone who didn’t attend February’s virtual fly-in can register for Remix at VanDyk Fly In (vfairs.com).
While we are working on this summer glow-up, the Pump Up the Volume site will not be available. You can access the prior sessions on VDMC.net in the Production Support Seafile Fly-In 2024 folder – and once we go live, you will be able to access everything on the site again. Be sure to download the VDM Virtual mobile app and get your summer jams mix-tape ready!
At VanDyk Mortgage, teamwork is not just a buzzword – it’s our driving force. We come together, utilizing our diverse skills and strengths, with one common goal in mind: closing mortgage loans. Our resources are vast and varied, ensuring that all options are exhausted to provide the best possible outcomes for our clients. Before you ever turn a borrower away, we want to be sure you have checked all scenarios and scoured every outlet, including broker partners. With ever-changing guidelines and new programs coming online constantly, it’s possible a loan that was denied yesterday could be approved today.
AskUW@vandykmortgage.com, ProductionSupport@vandykmortgage.com, Deal Desk calls, Iron Sharpens Iron, Origination Nation, Branch Managers, Sales Managers, Department Managers, and co-workers… we have hundreds of years of combined experience. Bounce things off one another, ask for suggestions and keep pushing. If the deal can be done, we want to figure out a way!
Speaking of resources: don’t forget to check out Welcome to VDM, Howee Shared Docs in Seafile, and our What’s Happening Calendar. The Home Tab in Encompass provides contact information for our UW team and turn times, as well as a link to the Encompass Resource Center. There you’ll find training and tools to enhance your Encompass experience. For a deeper dive into the Resource Center, join our Production Round Table this month!
Reminder that the Chase Community Lending and the Nexbank products are both non-delegated underwrites, meaning the investor underwrites the loans. Please make sure you are submitting and resubmitting your files in a timely manner as we must adhere to the investors turn times and don’t have the ability to submit rush requests. The pricing on these products is substantially better so flipping in house last minute is a costly and stressful endeavor.
INCREDIBLE NEWS!!! Effective Monday 5/13: Floify will NO LONGER REQUIRE a separate loan flow for co-mortgagors/additional borrower pairs. The process for adding an existing Encompass loan to Floify has been updated to reflect this change and is attached for you to review. You can also watch a demonstration of this updated process.
Remember, all changes to a loan need to be made in Encompass. Once you save your changes, Floify will reflect those updates.
With the last Encompass update, there was a forced lock implemented for the closing cost and discount point fields on the URLA Lender form in Encompass. Files effected were disclosed on or before 4/6 – the great news is funds to close on the LE and CD have been correct, so borrowers have been given accurate figures, however, AUS picks up the funds to close from our URLA so there may be some cash to close or eligibility issues needing attention.
The list of impacted files was sent to TCs and processors, so most loans should already be resolved. But if you notice these fields locked down, please unlock and re-run AUS/aiUW to confirm eligibility.
Did you know you can chat with Howee in Teams? Click on Apps, search for Howee and click Open – it’s that simple! Howee operates in the same fashion as he does on VDMC.net – you can even chat with him from the Teams mobile app.
Email reminders were implemented starting 5/1/24 for incomplete eClosing docs. Please see the attached eClose Reminder Email for more details.
Fannie Mae and Freddie Mac have launched a $2,500 grant program designed to help very low-income borrowers. To qualify for this program, borrowers need to be eligible for either HomeReady or Home Possible and have income at or below 50% AMI. AUS findings will contain the following messaging if the borrower qualifies. See the attached how-to for setting up your loan to reflect this grant.
aiUW will also add conditions regarding this grant, for both eligibility and also ineligibilty – see below:
As you’re all aware, we have been experiencing more stringent post-closing reviews by our investors. We want to bring some recent concerns to your attention so we can prevent future stressful situations with borrowers.
Have you accessed our company virtual meeting space, Welcome to VDM yet? Did you know we have department specific details, handy hot links (shortcuts), training courses, games, and meetings available here? All employees have access to this site and are encouraged to utilize the resources via the VDM Virtual mobile app. Check it out today Welcome to VDM (vfairs.com)
Welcome to our most recent new hires! We are delighted to announce the following have joined our team. 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:
Gucci Singh Branch Manager, Branch 261, CA
Chuck Terry Loan Officer, Branch 261, CA
Lupe Alvarado Loan Officer, Branch 261, CA
Mary Palmer Loan Officer, Branch 261, CA
Marissa Bastida PT BDA, Branch 261, CA
Tyson Williams Loan Officer, Branch 200, ID
Maria Dennis Loan Officer, Branch 259, Utah
Joell Young LOA, Branch 208, GA
Dawn Hall Loan Officer, Branch 453, FL
Agency Updates
Fannie Mae
Fannie Mae has provided further clarification on Trust Income to include the following:
Freddie Mac
Effective for LPA submissions or resubmissions on and after May 5, 2024, Freddie Mac is allowing loans where no borrower has a credit score to utilize LPA’s cash flow assessment. In short, this means that if LPA includes a feedback message that indicates positive Borrower cash flow was identified, non-traditional credit is not required to be documented! For more information on Borrower cash flow included in LPA’s assessment, visit the Freddie Mac Seller/Servicer Guide here https://guide.freddiemac.com/app/guide/section/5201.1
USDA
This month, there were several updates to the USDA Handbook. Check out Updates to HB-1-3555, Chapters 9, 10 and 16. One highlight is a change to the maximum insurance deductible. The VDMC Insurance Guidelines have been updated to reflect this change and are attached.
Chapter 16 – Closing the Loan and Requesting the Guarantee
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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)
Additional Training Opportunities
Affirm/Klarna/Afterpay: Documentation Requirements
We need to document the terms and conditions for “buy now, pay later” services. These creditors offer extended terms out beyond 10 months, which will require us to document the balance and monthly payment for review. We may need to include the debt if it doesn’t meet agency requirements to omit for installment debt less than 10 payments.
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25 PointsMiranda Balkema
Austin Bell
Stacey Dettling 1:00pm-5:00pm
Connie Kern
Kelly McLaughlin 12:00pm-4:00pm
Kyara Miller
Kelly Sweeney 12:00pm-4:00pm
Brooke Kottke
Carol Baic
Dakota Heyboer
Ashley Favazza
Deborah Lawson
Justin Meade
Josie Marron-Herrera
Josie Marron-Herrera
Kelly Sweeney
Ashley Favazza
Jennifer Kersey
Emily Kremer
Josie Marron-Herrera
Sophia Morales
Shannon Reichelderfer