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December 6, 2023

 

• Closing Request: CD No Longer Required!

With the recent change in who is preparing and sending Closing Disclosures (either the assigned Closer or a Branch team member), we have determined a CD being sent out prior to submitting the closing request is no longer a requirement.

What does this mean?  It means you can now SUBMIT your Closing Request as soon as you have the information on the form completed, no Closing Disclosure required!

• 2024 Conventional and FHA Loan Limits: Update

Please see the attached email for the updated Conventional and FHA loan limits and full details. We will allow Conventional loans to close on or after December 18th, 2023 utilizing the 2024 loan limits. Locks will need to be valid through 1/1/2024.

FHA limits are effective with case number assignments on/after 1/1/2024. The new directive raises the FHA one-unit loan limit to at least $498,257. The full mortgagee letter is attached.

• Please keep in mind that the maximum loan limit is determined by the effective date of your case number. If you have an FHA loan already in process, and the case number has already been assigned, you cannot increase the loan amount to the new limits.

Note: Conventional loan limits are now live in Optimal Blue.

• Floify eClose Update

As we work through a few minor wrinkles with hybrid eClosings in Floify, we wanted you to be aware of a quick and easy fix should your borrower experience issues completing their closing documents.  Please know we absolutely CAN and LOVE to close as many borrowers as possible using the hybrid eClose option with Floify and look forward to full eClosing packages with Floify very soon.

Borrowers may see a “Page Expired” error when trying to complete their closing documents in Floify when:

• • Accessing via Safari on iPad, iPhone, or Mac
  • Accessing via Chrome in Incognito Mode (private browsing)

Please see the attached how-to for the workaround for these “page expired” error messages.

• Bond Submissions & Best Practices

State Housing, Bond and DPA loans require additional steps and work from a secondary, compliance, underwriting and closing standpoint and it is important to ensure each department is given ample time to complete their required processes.  When mistakes are not caught prior to closing, the costs to cure can be substantial.  We ask for your support and assistance when originating and processing these loans to submit them in a timely manner and set expectations with your borrowers and realtor partners.  Lightning close is not available for these programs.

• REMINDER – SOFT PULLS should NEVER be pulled outside of Floify

With the recent uptick in soft pull activity and the upcoming possibility of price increases in 2024, we wanted to remind you of our companywide policy regarding how soft pulls are obtained.  We pull all soft pulls via Floify once the borrower has given consent.  This ensures we have the required permission in writing and our aiUW condition will be properly applied to the Encompass file.  It is IMPERATIVE that written authorization is in the file the day a soft pull is completed.

In the very rare occasion your borrower is not able to create a Floify account, you must present the borrower’s credit authorization to pull in writing to ProductionSupport@Vandykmortgage.com so a manual soft pull can be done.  Sarma is pulling reports and actively requesting proof of the credit authorization in writing, which we must be able to provide.  Please contact Production Support if you need a refresher training on how to obtain a soft pull via Floify.

• Social Media Support

If you have a YouTube, TikTok or Instagram account and would like your VanDyk co-workers to like and subscribe or follow, you can add your handle and pages to our Social Media Inspiration group in Teams!  This is a great way to get support and be supported by your VanDyk team so if you add your information here, be ready to follow back co-workers who follow you – that’s just part of the deal.  If you want to participate, email vandykmarketing@vandykmortgage.com to be added to the Social Media Inspo group in Teams today!

• Broker Updates
  • REMN has overhauled their HELOC program – Steve from REMN will be presenting on these updates Tuesday, December 19 at 12pm Eastern. The invitation is available in the attached Training email.
  • Acra Lending: Reminder that we have a new broker partner – our A/E Steve Sansone will be presenting on these products on Monday, December 18 at 1pm Eastern. See attached Training email for invitation.
• Product Certifications: Reminder

If you missed our in-house HE loan training, you can find the training here at VDMU – once you pass your quiz, you will receive your Product Certification. A product certification in Buydowns is available as well!

• New Pilot Program: CitiBank HomeRun

Exciting news: VanDyk Mortgage was selected to help CitiBank pilot a Community Lending product, HomeRun. This product is in very select markets, see attached eligible areas. HomeRun offers a no mortgage insurance option for borrowers up to 97% LTV and minimum borrower contributions as low as 1%. The borrower does need to be at or below 80% AMI to qualify and this will be a product that Citi will underwrite. See attached HomeRun product overview and Manual for all the program details.

• Last Call: Licensing Renewals

Don’t forget! All licenses expire on 12/31/2023 – and you are not eligible to renew your license until your 2023 CE has been complete and posted in your NLMS account. If you have any questions, reach out to Shelby Losinski.

• KUDOS and WINNING!

Congratulations to Heather Simon, Branch Manager in Oklahoma, for receiving a 2023 HBA Presidential award!  The Oklahoma branch of VanDyk Mortgage has only been open for 16 months and has already made an impressive impact in the marketplace.  We also congratulate Heather for becoming the VP of Oklahoma’s HBA Southwest Chapter.  We are thrilled for you!

If you have a win, kudos or other great news you would like published and shared, email ProductionSupport@vandykmortgage.com

• #VanDykDifference

At VanDyk Mortgage, our difference and what sets us apart is our culture and our people.  VanDyk is THRILLED to have TWO members of our leadership team featured in the most recent issue of National Mortgage Professional magazine.  Congratulations to Jon Barnes and Lindsey Kuhnle for their incredible accomplishments in the mortgage industry!     40 Under 40: The Future Is Here Digital Edition | NMP Magazine (nationalmortgageprofessional.com)

 

Agency Updates

As you’re aware, the agencies passed along maximum loan amount updates for 2024 – which was their most exciting news.  They have been quiet on any additional updates. Should any Agency Updates be released in the coming weeks, we will be sure to pass along in a separate Corporate Communication.

 

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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: Loan Save with Dave: Every Tuesday at 1pm Eastern
• Deal Desk: Feature Topic + Loan Save with Dave: Every Thursday at 1pm Eastern
• VanDyk Mortgage Newscast: Friday, December 8 @ 1pm Eastern
• Production Roundtable: Wednesday, December 20 @ 3pm Eastern on National GAME Day REMINDER: ATTENDANCE IS MANDATORY for all LPs and TCs/LOAs who perform TC functions.
• Iron Sharpens Iron: Tuesday, December 19 @ 11am Eastern

 

Training Feast: Leftovers!

Hungry for more training? Join us for any or all of these upcoming sessions! Find Outlook invitations in the attached email or on the shared training calendar.

• The UW’s Brain-Income Part 1:  Variable Income, Emp related Assets, VOE cheat sheet | Wednesday, 12/6 12pm ET
• The UW’s Brain-Credit:  Bankruptcy, non-traditional credit, disputed accounts Wednesday, 12/6 3pm ET
• Broker Flow- The Updated VanDyk Way:  New milestones, the broker tool and tips/tricks Monday, 12/11 1pm ET
• Encompass Mastery Part 1: most common errors/issues will be reviewed Tuesday, 12/12 12:30 pm ET
• The UW’s Brain-Income Part 2:  Nontaxable income, rental income on tax returns, S Corp, Schedule C Wednesday, 12/13 12pm ET
• Prism Income Calc- The VanDyk Way:  A review of calculating income in Prism Friday, 12/15 3pm ET
• Acra Lending- New Broker Partner: Review products/processes with our new lender Monday, 12/18 1pm ET
• REMN HELOC Updates:   A review of the new process/program updates Tuesday, 12/19 12pm ET
• Secondary 101:  What is the secondary market/back end and pricing basics including LO Comp Wednesday, 12/20 1pm ET
• Buydown Refresher:  price and structure a buydown, review the agreement disclosure practice Friday, 12/22 12pm ET

 

AUS Findings + W2s

If AUS is calling for W2s for the prior year, a W2 is required for any employers for that previous year – regardless of it being prior employment or income that we are not using for qualification if it is on the application.

The same would go for the 2 years of W2s requirement.  In lieu of W2s, a written VOE can be obtained – but 12B of our written VOE form must be completed.

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Supplemental Wages

Though many agencies allow for use of supplemental wages of at least 12 months, we must still attempt to verify 2 years history of that type of income via paystubs + 2 years W2s or written VOEs with income covering a 2-year period, as applicable per agency requirements.

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In-House HE Loans: Appraisals/AVMs

Did you know an AVM is possible to use for our in-house HE Loan program through Vista Point?

Reach out to AskUW@vandykmortgage.com to determine how and when you can use an AVM.

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25 Points