VanDyk Mortgage News: October 15, 2024

October 15, 2024

• Ops Virtual Fly In – Save the Date!

Plans are coming together for our fall Ops Virtual Fly-in and we couldn’t be more excited!  We are anticipating a wonderful event with activities happening Friday, 11/15 and Monday, 11/18.  More information will be coming soon!

• NMLS License Renewals

For our licensed LOs: ALL licenses expire on 12/31/2024. If want to maintain your license(s) and renew them for 2025 you will need to start thinking about your Continuing Education (CE / CON ED). Please see the attached Con Ed Information email and reach out to Stacey Dettling with any questions.

• FHA Streamlines and VA IRRRLs – Updates

GREAT NEWS!  We have verified that we can close our non-credit qualifying FHA Streamlines and non-credit qualifying VA IRRRLs with a 1-bureau soft pull.  If you currently have a loan in process with a soft pull and there is a condition for a hard pull, we will be waiving this condition the next touch in underwriting.

• Escrow Companies: Items Required for Approval

In states where an Escrow Company is involved, the Escrow Company requires approval along with the Title Company, as they are the ones handling the money.  To approve Escrow Companies, the following items are needed:

• Escrow Reconciliation Policy  (Pillar 2 if they follow ALTA’s best practices format when organizing their policies).
• Information Security Policy (Pillar 3 if they follow ALTA’s best practices format when organizing their policies).
• CA ONLY: Sample Escrow Disbursement Ledger

Even though they are Escrow Companies, they can still be submitted to titleapproval@vandykmortgage.com for approval.

• Coming Soon….
  • Renovation – Late in Q4, we will be bringing the 203k and Homestyle product in-house. We are building out the programs and working on product certification.
  • Land Home/Trio loan – We are getting ready to launch a pilot program for what we are billing as a “Dreams Come True” Loan program. This product will be for near-miss FHA borrowers, ITIN borrowers, self-employed, etc. More to come on this as we work through our pilot.
• Polly/OB Timeline

Secondary has set the following timeline for the Optimal Blue to Polly transition:

• 9/30-10/4: Transition period. Secondary will be issuing logins and helping LO’s get into the system and help with any issues that arise. Please start using Polly as soon as you are able to access the system.
• 10/7-12/1: Locks/new pricing will be disabled in OB, but logins will remain active to make changes to existing locks. All new locks should flow into Polly starting 10/7.
• 12/1: OB logins will be disabled and Polly will be set as the Encompass default.

• Reconsideration of Value – Changes Coming Soon

The new Reconsideration of Value (“ROV”) process and requirements for Fannie Mae, Freddie Mac, and FHA goes into effect October 31, 2024. James Beebe will be joining our newscast tomorrow to provide a full overview of these changes – check out a summary here.

• CreditXpert – Wayfinder/What-If Update

As you may have noticed, SARMA has released their version of the Wayfinder/What-if tools and things are working well.  This job aid can help assist you with placing orders.  Reach out to Doug Swan (dswan@sarma.com) or Production Support if you have questions.  Xactus was able to extend the CreditXpert service through the end of the year, so no changes were made on their end.  Once we know if Xactus will be updating their services, we will advise.

• Marketing Update

Pipeline Power-Up Progress: Your Path to Success!

We’re thrilled with the progress so far in the Pipeline Power-Up program! As of 10/13/24, 61 Loan Officers have already participated, completing 329 tasks—a strong start to this initiative designed to boost your business.

The Results Speak for Themselves

The Pipeline Power-Up program is already making a difference. Loan Officers have reconnected with agents, secured new prospects, and noticed a renewed sense of momentum in their businesses, all within just the first couple weeks.

Stay on Track and Win Big!

Remember, if you complete 4 out of 5 tasks each week, you’ll win a free trip to our annual fly-in, as well as receive dedicated coaching from our very own Tom VanDyk! This is a great opportunity to not only grow your business but also earn exciting rewards along the way.

Need Help Catching Up?

If you’re behind, no worries! With just 5 days of focused effort each week (and maybe a weekend boost), you’ll be back on track in no time. Let’s keep the momentum going—your success is just a task away!

• ADP: Accessing Your Information from Your ADP Self-Service Portal

Did you know that you have access to a self-service portal through our Human Capital Management solution, ADP Workforce Now®? This means that you have secure and convenient access to company communications and your personal, pay, and HR information.

Access all of your personal, pay, and HR information without having to reach out to HR! With your self-service portal you can:

• View your pay statements or annual tax forms (W-2)
• Manage your personal information and pay preferences
• View time-off balances and submit time-off requests, and more!

For instructions on registering for the portal, please check out this how-to guide. Reach out to HR@vandykmortgage.com with any questions.

• HR Updates

We are delighted to welcome our most recent new hires!  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 shared in the photobooth:

Agency Updates

Fannie Mae

Fannie Mae has not published any updates to their Selling Guide, so we wanted to take this opportunity to include Fannie’s resources on Day 1 Certainty.  Did you know that these tools could turn a decline into an approval? Check out the FAQ here!

Freddie Mac

AUTOMATED EMPLOYMENT ASSESSMENT USING LOAN PRODUCT ADVISOR: Effective for Mortgages submitted to Loan Product Advisor on or after October 14, 2024

Freddie Mac is enhancing automated employment assessment with Loan Product Advisor, which is part of asset and income modeler (AIM). This enhancement will enable VanDyk to use a Borrower’s account and employed income data for Loan Product Advisor to determine whether the loan is eligible for relief from enforcement of certain representations and warranties related to the Borrower’s current employment. Eligibility for relief from enforcement of representations and warranties related to the Borrower’s employment will be included on the Feedback Certificate.

We encourage EVERYONE to utilize Freddie Mac’s AIM (Asset and Income Modeler) Training to learn more about how you can maximize your borrowers’ loan qualifications.  Your knowledge could make the difference in closing a loan or not!

USDA

USDA has extended the Manufactured Home Pilot Program through May 1, 2025.  This was originally set to expire November 4, 2024.  The pilot is effective for Colorado, Iowa, Louisiana, Michigan, Mississippi, Montana, Nevada, New Hampshire, New York, North Dakota, Ohio, Oregon, Pennsylvania, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.  As a reminder, we utilize USDA’s Single-Family Housing Guaranteed Loan Program. The USDA matrix has been updated to reflect this change.

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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 to any of these meetings at Welcome to VDM – click Join a Meeting in the top navigational bar, then click on Recurring Meetings.

• Deal Desk: Every Tuesday at 1:30pm Eastern
• Origination Nation: Every Monday and Thursday at 12pm Eastern
• VanDyk Mortgage Newscast: Wednesday, October 16 at 1pm Eastern
• Production Roundtable: Thursday, October 24 @ 1pm Eastern REMINDER: ATTENDANCE IS MANDATORY for all LPs and TCs/LOAs who perform TC functions.

Additional Training Opportunities

• Freddie Mac has published their training offerings available for October. Check out the calendar here and enroll today!
• NAMB/Freddie Mac will be hosting a Condominium Product Eligibility training on Wednesday, October 16 from 2-3:30pm ET. Register here.

VA Refinances

As a reminder, while the VA Handbook only speaks to seasoning requirements for VA to VA, Ginnie Mae requires that ALL VA Refinances, must meet the following seasoning:

The note date of the refinance loan must be on, or after, the later of:

• The date on which the borrower has made at least 6 monthly payments on the loan being refinanced; AND
• The date that is 210 days after the first payment due date of the loan being refinanced.

Our VA Matrix has been updated to make this clearer. ai Underwriter will apply the conditions for seasoning – we have created a calculation tool as well.

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Additional Refinance Resources

Did you know we have some helpful refinance resources in Howee/Seafile? Check out this folder to review different refinance options, including a comparison tool.