VanDyk Mortgage News: March 13, 2024

Posted on | by VanDyk Mortgage | Leave a Comment on VanDyk Mortgage News: March 13, 2024

March 13, 2024

 

  • The Best Mortgage Companies to Work For: 2024

We are proud to announce that we have been recognized as one of the Best Mortgage Companies to Work For in 2024! In a year marked by industry challenges, our emphasis on employee engagement has set us apart. As the landscape evolved with consolidations, we stood strong, prioritizing our team’s well-being. With just 33 companies making the cut this year, down from 48 in 2023, it’s clear that our commitment to fostering a positive workplace culture has been a driving force. A huge thank you to our dedicated team for making this achievement possible!

  • Fly-In – Recap and Reminders

Our first companywide virtual fly-in was one for the books and we hope the post party blues haven’t hit you too hard.  Here’s your ultimate Pump Up the Volume recap, sprinkled with reminders and garnished with unmissable takeaways:

Reminders:

📋 Survey Says: The event survey window closes on 3/15! Be a legend and share your thoughts. We want to make future events as valuable and fun as possible.

🕵️‍♂️ Survey Side Quest: Session surveys are still rolling until 3/15. Did you LOVE a session?  Was it too short, too long, too much?  Let us know by completing a survey for the specific sessions you attended.  Find them next to the “Play” button on the agenda – because your opinions matter!

📱 Mobile Magic: Download the event app for some on-the-go goodness. Search the google play or apple store for “VanDyk Virtual” – it will come in handy when you want to consume content on the go!

🗓️ 365 Days of Wisdom: Recorded sessions are available and can be accessed in the mobile app and on the vandykflyin.com website for a year.  We have saved the session recordings in the fly-in folder on VDMC.net as well.  Please re-watch and enjoy sessions you may have missed like a never-ending Netflix binge, but with more professional development and fewer cliffhangers.

Recaps:

📲 Floify Fun: Yes, there’s a Floify mobile app! Pro tip: It’s not an app that you have to download from the app store, but a shortcut you save to your phone that looks and acts like a mobile app, just without the need for update installations!

📁 Encompass Everywhere: Encompass app – Access files on the go, pull credit, price loans

💸 Veri-tax VIPs: Save money, save time with Veri-tax VOE service. Because why stress over paperwork when you can delegate like a boss?

🦸‍♂️ SUPER Heros: Create SUPER fans, be a HERO.

Takeaways:

🎙️ Sr Management Panel: Get ready for a quarterly Sr Management panel where the state of the company is discussed, and your burning questions are answered. It’s like a backstage pass to the company’s inner workings!

🗣️ TomTalks: Brace yourselves for words of wisdom from the silver fox himself. TomTalks: he knows WAY more than Ted.

🦄 Kahoot Spirit Animal: Our company spirit animal is a Kahoot – a magical competitive creature that constantly wins. Embrace the Kahoot spirit, be competitive, and own the virtual jungle like the fierce Kahoot warrior you are – we are gonna be doing a lot of Kahoot-ing!

✨ Marketing Gold Nuggets: The marketing department is mining for marketing gold and will provide nuggets to share. Stay tuned for golden opportunities to elevate our marketing game and make us shine like mortgage royalty!

🚀 Floify Bonus: Don’t forget to reach out to Jen at Floify for any one-on-one training and questions about customizations: jennifer@floify.com. Because we’re not just rising; we’re soaring with personalized Floify expertise!

Remember, Pump Up the Volume wasn’t just an event; it was a vibe, a mood, a whole experience. Keep the energy alive and the volume turned up to 11!

  • Specialty Programs and Appraisals

Please don’t forget to notify the Appraisal department when your loan is a specialty program (for example, Chase Community Lending). This ensures we are not sending appraisal orders to ineligible appraisers on the “do not use” list. It’s as easy as leaving a note on the Appraisal order screen!

  • Pricing Changes

Introducing Spec pricing for Government loans. Spec pricing stands for specified pools and provide payups for certain loan sizes. We have this on the Conventional side and now effective today you will see a Spec 250k, 200k, and 150k on government loans. Reminder Spec pricing can be a little more volatile and may not always flow evenly with market movement.

Also, effective today we have revised our government FICO LLPA’s to account for new delinquency data.

  • Multiple Credit Pulls

CFPB requires a separate credit authorization for each credit pull. If we pull credit after the initial pull, we will need another authorization from the borrower in the file.

  • NexBank Submission and Lock Updates

Changes to NexBank deadlines will now require locked loans to be submitted to the investor within 18 calendar days.

  • Due to this change the only lock term available for NexBank with be 30 days.
  • Loans that are not submitted within that allotted period will have the lock cancelled and will face worst-case pricing for reinstatement.
  • Title Company DNU List

VanDyk requires title approval prior to closing any loan.  We have a Do Not Use list (DNU) – a list of companies we will not do business with which should be referenced before requesting title work from any company.  See the attached excel sheet which lists DNU companies as of 3/8/2024 and the instructions on searching for companies in Encompass.

 

  • Floify Update: Soft Pulls

Excellent News!  Beginning Friday, you will see an option for both Soft and Hard Pulls in your Floify account.  We have removed your Hard Pull credentials, so you aren’t having to use our work-around to obtain a soft pull.  Moving forward, simply select Soft Pull and identify if you are using Sarma or Xactus.  See the attached Running AUS job aid for details and contact productionsupport@vandykmortgage.com with any questions.

  • Soft Pulls: DU

As announced at fly-in, we are now able to run Fannie Mae’s DU with a soft pull!  We have attached a job aid which details the steps needed.

  • Soft Pulls: Cost Increasing

Due to the requirement to include trended data in soft pulls, Sarma has updated their pricing for soft pulls.  The attached Credit Pricing document lists fees for Sarma and Xactus as of 3/8/2024.  Contact your account executives with questions.

  • Broker Partner Updates 

Acra Lending: Steve Sansone is our preferred Acra A/E and has proven to be available, communicative, and trustworthy. Should you be solicited by any other Acra reps, you are welcome to work with them, though you may not receive the high-quality service and support we have come to expect from Steve.

Acra Lending has white label marketing pieces available for use.  Check out the offerings here and be sure to obtain approval from our internal Marketing team before you send anything out.

  • AskPoli Update

Coming soon – AskPoli will be updated to require SSO/user-specific logins in order to access. Until we have individual logins established, utilize the Agency Guidelines link in Howee’s main menu for the easiest access to Fannie Mae guidelines.

  • New 3rd Party Verification Service Providers

We have provided account credentials to the production staff (processors and TCs) for Veri-Tax and PointServ.  All VOEs should be requested through one of these providers and AUS run before a work #/Lender’s One order is ever placed.  This will ensure the highest and most accurate results with the lowest cost.  We will review in more detail during this month’s round table – see below for highlights and pricing:

Veri-Tax includes a direct payroll verification feature which is $12, a Verbal VOE is $17, Written VOE is $20, and a Verbal reverification is $7.00 These VOE charges are a substantial savings from Lenders 1 / The Work Number.

PointServ is our new VOA provider.  For $6 per borrower per institution, the asset report from PointServ will provide the same validations and information as we are currently receiving from AccountChek at a much lower price point.  Remember to always pull the asset report and run AUS before obtaining any VOE.  Often, the asset report can validate both assets AND income making any additional verifications unnecessary.  Follow your AUS findings!

  • Welcome Our New HR Director

We are excited to welcome Kris Benson, our new Director of Human Resources, to the VanDyk family. Kris comes to us with 14+ years of experience in human resources within the mortgage industry, having previously worked at Envoy Mortgage where she served as Vice President of Human Resources. She brings a wealth of knowledge in talent acquisition, employee relations, payroll, performance management, and organizational development. Please reach out and introduce yourselves, as she will be an invaluable resource for all of us.

 

Agency Updates

Fannie Mae

  • Fannie Mae is in perfect synchrony with our Third-Party Vendor updates.  The entire Selling Guide update is around DU Validation services.  Income and Employment can now be validated using an eligible asset verification report by obtaining an asset verification report that contains at least 12-months of data from the borrower’s checking and/r savings account from an approved third-party vendor.
  • Defer to Selling Guide Announcement (SEL-2024-02)  for the full scoop (it’s a hefty scoop of exciting things for reps and warrants).

 

VA

  • VA is extending the circular issued April 15, 2021, 26-21-08, Expanded Home Loan Eligibility Based on Certain National Guard Service.  Formerly, this circular was to be rescinded April 1, 2024, but is now valued until rescinded with no defined date.

*  *  *

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 at 1:30pm Eastern
  • VanDyk Mortgage Newscast: Thursday, March 14 at 1pm Eastern
  • Iron Sharpens Iron: Tuesday, March 19 @ 11am Eastern
  • Production Roundtable: Friday, March 22 @ 1pm Eastern – We will celebrate our Gryffindor Pride by Goofing Off a little and talk like William Shatner while indulging in Bavarian Crepes and then clap our arms like a seal for a second helping. It will be full of Metta.  REMINDER: ATTENDANCE IS MANDATORY for all LPs and TCs/LOAs who perform TC functions.
  • Prism: Linked Income: Wednesday, March 20 @ 12pm Eastern: REGISTER HERE
    • Great news! Prism’s IncomeXpert now supports linking past employment with current employment. This solves the problem of borrowers who have variable income and have switched jobs recently. This feature is great for analyzing borrowers such as travel nurses, union workers, or borrowers who recently changed jobs. Join Prism for a demonstration of this new feature!

 

Upcoming MI Company Training

Radian National Training

  • Financing Properties with Solar Panels: March 14 @ 2pm ET – Register Here
  • Connecting to Close: Top Producers Mindset: March 18 @ 1pm ET – Register Here
  • Understanding Schedule C: Calculating Sole Proprietor Income for Self-Employed Borrowers: March 19 @ 1pm ET – Register Here
  • Analyzing Schedule E Rental Income: March 26 @ 1PM ET – Register Here

 

 

SimpleNexus Links: FYI

Please be aware that all access to SimpleNexus for VanDyk has been disabled. Should a borrower follow an old SN link, they will receive a 404 Page Not Found error.

*  *  *

UDM & Derogatory Information

Should new derogatory information appear on UDM, a brand new hard credit pull will be required. Examples include late payments, new collections, and new judgements.

*  *  *

Reminder: Last Minute Hard-Pulls

As a reminder, there is a risk involved in pulling a new hard credit report the closer we get to closing. If you have a borrower with borderline credit, don’t wait until the last minute to do your hard pull!

*  *  *

PTF Conditions

Did you know that you don’t have to wait until funding to take care of a PTF condition?  The sooner you can provide the PTF condition and notify the appropriate parties, the better.  We do not want delays in funding your loan.  Additionally, PTF conditions prevent the loan from being at will – which is all the more reason to get those items taken care of ASAP.

*  *  *

 

25 Points
Claim Points