VanDyk Mortgage News: January 15, 2025

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January 15, 2025

  • Hello 2025!

Join us on the VanDyk Mortgage Newscast tomorrow as Jon and Jeanie bid a farewell to 2024 and help welcome in 2025.

  • Income Documentation Updates

For applications dated on or after 1/31/2025, OR loans with a note date on or after 2/15/2025: 2024 W2s, 2024 Year-End Paystub OR a Written VOE will be required.

    • Tax Transcripts Cheat Sheet:  Updated version for 2025 is available here in the Underwriting Cheat Sheets Seafile folder.
    • Income Worksheet – Prism: Updated within Encompass to include tax year 2024.
  • Polly Update: Rate Alerts

Polly has made a few tweaks to submitting rate alerts, see the updated guide here. Great news: you can now set an alert for up to 365 days!

  • Trio Loan: Pilot Program

We are looking for some additional volunteers to become product experts on our Trio product that helps near miss and ITIN borrowers. Please reach out to Brad Chatel if you would like to join the Pilot program. We will be scheduling a training for the new group later this month.

  • Marketing Updates
    • Get ready for the Duck Race! Seven top performers will compete live during the January Newscast on January 16th for a one-on-one coaching session with Brittany Hodak. Congrats to our qualifiers!
    • Introducing the Elite Marketing Plan! Personalized support to grow your network, enhance visibility, and attract quality leads, so you can focus on helping families achieve homeownership. Let us handle your marketing while you close more loans! Learn More Here
    • Kick off 2025 with the Q1 LinkedIn Challenge: “New Year, New Connections.” Over 12 weeks, connect with realtors, showcase your expertise, and grow your network using weekly prompts. Earn points for each post and stay on track with assignments due Fridays. Join now via our Teams channel! Join The Challenge Here
  • 2025 Annual Employee Training: Happening Now!

If you complete your annual training today (January 15), you’ll earn 50 points to the VDM store. Sign into ADP today and check this off your list! You’ll find the Annual Training under the “Things to Do” section in ADP.

  • HR Updates

2024 W-2s will be available soon in ADP!

  • New Hires: Welcome!
Mike LaRose Sales Recruiter – Corporate
Theresa Dmitruk Loan Originator – Branch 311

 

 

 

 

 

Agency Updates

Fannie Mae

We announced in November that Fannie Mae was increasing the LTVs for Value Acceptance.  We are pleased to announce that those updates took effect this past weekend, January 11, 2025, and will be applied to new casefiles as well as resubmitted casefiles.

FHA

FHA has revised their Boarder Income guidelines, reducing the history of receipt from 2 years to 12 months.  With this change, they have also amended the documentation requirements and income calculation.  Review the FHA Mortgagee Letter 2025-04 and below is a chart to outline these changes specifically.  These changes to Boarder Income are effective immediately.

USDA

USDA has reduced the seasoning period required before a loan is eligible to be refinanced.  Effective immediately, the following guidelines apply to all USDA refinance transactions:

  • The existing USDA loan being refinanced must have closed at least 180 days prior to the request for Conditional Commitment.
  • The existing USDA loan being refinanced must have a mortgage payment history which does not reflect a delinquency greater than 30 days within the previous 180-day period,

Refer to HB-1-3555, Chapter 6 for all other refinance requirements.

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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)

  • Deal Desk: Every Tuesday @ 1:30pm Eastern
    • Special Edition Deal Desks Coming Up:
      • January 21: Deep dive into extensive Fannie Mae DU updates!
      • January 28:  Exploring Income Documentation. Do you need a VOE? Maybe, or maybe not. Join us and find out!
  • Origination Nation: Every Monday and Thursday @ 12:00pm Eastern
  • VanDyk Mortgage Newscast: Thursday, January 16 @ 1pm Eastern
  • Iron Sharpens Iron: Tuesday, January 21 @ 11am Eastern

 

 

REMN HELOCs – Reminders!

We’ve noticed a renewed interested in brokered REMN HELOCs so we wanted to pass along a few reminders. First: Steve Neder at REMN can help you get a login for their portal – you can reach him at sneder@remn.com. Second: Make sure to create your Encompass file and apply a brokered Loan Template Set (instructions here) and complete the Brokered Request Form for Secondary to approve your request.

If there is no Encompass file, then Accounting will be unable to process the loan for Payroll. Please don’t forget to set up your loan! (It doesn’t need to be a complete URLA, but we need the borrower(s) name and subject property address at a minimum.)

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