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March 17, 2022

• Jumbo Outlets

To continue to be competitive in the Jumbo market we are expanding our Investor offerings to include US Bank and Redwood Trust, as well as an ARM product with PenFed. With the addition of US Bank and Redwood we now have 6 options available to help you keep an edge with qualification and rate offerings. Our internal Jumbo Investor at-a-glance comparison is updated for US Bank and RWT. This job aid is attached and also available on Howee.

• US Bank’s niche will be price and a AUS driven option for 90% LTV. US Bank is open and available in the product and pricing engine.
• Redwood Trust’s niche will be asset depletion and RSU Income. Redwood will come available in April after VDM completes training on its products and systems. Redwood will be offering a product overview and training for our sales team on Wednesday, March 23 at 1:30PM EST – This training requires registration, please click here to register. After registering, you will receive a confirmation email with the meeting details.
• Final update for this month: Jumbo ARMs are now available through PenFed. Both a 7/6m and 10/6m option are available to be priced through Optimal Blue. We will launch additional Jumbo ARM outlets in the near future.

 

• NewRez – SmartSeries Products

We are pleased to offer a Retail solution for the Bank Statement and Non-Warrantable Condo opportunity with NewRez!  Introducing the SmartSelf (Self-Employment Bank Statement Program) and SmartEdge (Non-Warrantable Condos).  These loans will be a hybrid process for underwriting and closing where NewRez will do the underwrite and VDM will handle the closing. Offering a Retail option for the Smart Self and Smart Edge products will allow us to better serve our customers and offer a smoother, less confusing process to them, and will also give us the ability to change loan programs more easily in the event we cannot close a loan through Fannie or Freddie (ie, if a condo is non-warrantable).

Please review the following attachments for process flow, program requirements, and guidelines.  Any questions can be directed to nonQM@vandykmortgage.com.

 

• Brokered Loans: Doctor Loans, OTC Construction, ITIN and more!

We are excited to announce three new broker partners available to send loans to: Go Mortgage, GoPointDirect, and AD Mortgage!

• Go Mortgage: Offers One Time Close Construction loans. Click here for training recording and other resources.
• GoPointDirect: Doctor Loans and other non-QM products. Training recording and matrices available here.
• AD Mortgage: Specializes in New York CO-OP properties and non-conforming condos, foreign nationals, DCSR and some exciting lower FICO options. A training session will be held March 22 at 2pm Eastern, please email ProductionSupport@vandykmortgage.com if you didn’t receive an invitation.

 

• New DPA Options: Wyoming, Washington DC

Beginning Monday, March 21, we will be able to originate loans with Welcome Home Wyoming and DC Housing Finance Authority. Details on these programs and lock forms are attached.

 

• Expansion of Appraiser Database

We have decided to expand our current database by approving non-FHA approved and Licensed (non-Certified) Appraisers.  Hopefully, this will give us more options to choose from when placing orders.  Biggest thing you should think about is if you have a file that is close to qualifying and could convert to FHA/USDA, to make a note when you order requesting an FHA approved Appraiser.

 

• MyVanDyk/SimpleNexus: Reminder

As a reminder, Loan Originator website Apply Now links will be switched to the MyVanDyk/SimpleNexus application on April 1. An additional LO training will be available Monday, March 28 at 2pm Eastern. If you need the invitation re-sent, please email SNTeam@vandykmortgage.com

Previous training recordings are available by asking Howee “Where are the MyVanDyk Training Recordings?” Additional resources and how-to guides are available here and at AskNexus.com.

 

• Disclosure Desk Updates: Reminder

The below forms are now available for use, and will be the only way to request disclosures for a Loan Estimate or Closing Disclosure come 03/21/2022, as Loan Estimate Page 4 will no longer be accessible.

• Disclosure Desk – VDMC will be used for requesting all your initial disclosures as well as revised loan estimates that are needed for various change of circumstances.
• Closing Disclosure Desk – VDMC will be used for requesting all your CD’s, both initial and revised.

Instructions and flow charts for the above forms are attached for easy reference.

Did You Know?

TBD Locks & Extended Locks

Did you know that VanDyk offers a 90 day lock and shop option for borrowers who are actively looking for homes?
Borrowers get a 90 day lock on a TBD address to find a house and fund the loan. Ask Howee for the TBD lock policy for the full details.

VanDyk also offers lock periods up to 180 days! Just ask Howee about the extended lock policy.

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ValueLink Invoices – Reminder

ValueLink invoices do not itemize appraisal costs. If we have a loan with a rush fee or additional cost, it will be totaled in the Appraisal Fee field on the 2015 Itemization.

Additional fees will no longer be broken out onto their own line items.

 

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How do I know who is ordering/processing my condo review?

Condo Screening Dates, Before 2/28:

• The old procedures apply, meaning the Condo Dept is processing, as well as underwriting, these reviews like we have in the past.

Condo Screening Dates, On or After 2/28:

• The new procedures apply, meaning the Condo Dept will condition for and underwrite documentation, while processing will order, follow up with, and fulfill these conditions.
• After the Condo Dept’s initial screening, ordering instructions will be emailed to all branch and support staff, and uploaded to “2600 (Condo): Instructions for Processing” as well, with an entry in Notes.

Questions? Chat Frank Concepcion on Teams!