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Guideline Changes & Reminders

March 13, 2012

FHA CHANGES TO GUIDELINES
• FHA: We require collections over an aggregate of $5,000 to be paid, now: If the total outstanding balance of all collection accounts is equal to or greater than $1,000 the borrower must resolve the accounts (e.g. entered into payment arrangements with a min. 3 months verified payments-paid as agreed) or paid in full at the time of, or prior to closing.
• FHA: April 9th higher monthly mortgage ins. goes into effect for Case#’s pulled 4/9 and later. NOTE:  <15 year term and a LTV of <78%, remain exempt from the Annual MIP.
• FHA: June 11th is adding an additional 25 bps to mortgages with base loan amounts exceeding $625,500 for Case#’s pulled on or after 6/11. NOTE:  <15 year term and a LTV of <78%, remain exempt from the Annual MIP.
• FHA: For Streamline Refinance transactions that are refinancing ENDORSED/INSURED on or before May 31, 2009, the monthly MI will be .55, regardless of base loan amount. The UFMIP will decrease from 1% to 0.01% of the base loan amount.This is for Case #’s assigned on or after June 11, 2012.
• THIS IS FOR FHA AND CONVENTIONAL: For S/E: P&L and Balance Sheet are required if more than a calendar quarter (3 mos) has elapsed since date of most recent calendar or fiscal-year end tax return was filed by the borrower- with no exception.

CHDAP CHANGES
• Down Payment requirement now only .50
• CHDAP now underwrites to FHA guidelines

COMPLIANCE
• Once you have the 6 items (Name, SSN, Income, Address, Estimated Value and L/A) that make an application you send out the GFE.
• Once you have knowledge they are in contract or are told their income, pull credit, etc. that gives you the info.
• You cannot wait for hard copies (contract/paystub) to do GFE.
• If you decline a file, you should be sending out the Adverse Action Form that is in your Point.

FOR A FAST PRE-APPROVAL:
http://pmcmortgageloans.com/mortgage_application.php

First, complete a loan application on our website
-Go to http://www.pmcmortgageloans.com
-Click on Apply Now at the top
-Scroll to the middle of the page and Click on 3. Full Application
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