Mortgage Matters | Lender
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AGENCY GUIDELINES

Keep up with GSE guidelines to identify opportunities for your clients.  Be sure to check specific lender overlays and don’t hesitate to escalate for credit exceptions on strong files.  If you don’t ask, you won’t get it. 

Is your client’s mortgage underwater?  Know their options by visiting Making Home Affordable.  To learn specific AUS systemic nuances for HARP, re-visit the chapter in the Mortgage Matters book to gain accurate AUS findings.

  • Check if your client’s mortgage is owned by Fannie Mae.  You MUST enter their name and address EXACTLY as it appears on their mortgage billing statement.  If you don’t, you’ll definitely receive the message, “No Match Found,” even if the existing loan may be eligible.
  • Check if your client’s mortgage is owned by Freddie Mac.  You MUST enter their name and address EXACTLY as it appears on their billing statement.  If you don’t, you’ll definitely receive the message, “No.  Our records show that Freddie Mac is not the owner of your mortgage,” even if the existing loan may be eligible.

 

Register with each provider to receive updates via email to their upcoming changes.

MORTGAGE INSURANCE PROVIDERS

There are currently only 7 private mortgage insurance providers authorized to conduct business in the United States. These are listed below along with links to their websites. Be sure to familiarize yourself with their specific guidelines and sign-up for their newsletters.  Keep in mind that your lender may have overlays that supersede the guidelines of the MI companies.

Arch MI

Essent Guaranty

Genworth Financial

MGIC

National MI

Radian Guaranty

United Guaranty

CONDO ELIGIBILITY

The condominium project approval process is separate from the loan approval process.  While a borrower may be eligible for a particular loan amount, if the project where he is buying is Nonwarrantable,  financing options are limited.  It’s important to connect with the homeowner’s association early in the process to have all project approval documentation delivered for review as quickly as possible.

AUTOMATED UNDERWRITING SYSTEMS

Set yourself up to receive automatic email updates to all process and guideline changes from Fannie and Freddie’s automated underwriting systems.

3 ESSENTIAL LOAN DOCUMENTS

Under Construction – Our team is working tirelessly to provide downloadable content by launch date and not all forms are yet finalized.  If there is no link, it’s because we’re still working on it.  Check back soon.

Cover Letter to Loan Operations –  Address the 5 C’s of Underwriting.

Submission Checklist – Modify this list to fit your lender’s process requirements and easily identify missing documents.

Transaction Contact Detail – List key contact information and important dates and share with the borrower, the Realtor, the closing agent and the loan processor.

NMLS LICENSING REQUIREMENTS

Stay informed of licensing requirements and keep track of expiration dates.

TRADE ASSOCIATIONS

Get and stay involved with our industry trade associations.  Make your voices heard and contribute to bring forth the necessary changes in the next round of mortgage reform.

  • ABA  – American Banker’s Association
  • MBA – Mortgage Banker’s Association 
  • CUNA – Credit Union National Association
  • ICBA – Independent Community Bankers of America
  • IMMAAG – Impact Mortgage Management Advocacy & Advisory Group
  • NAFCU – National Association of Federal Credit Unions
  • NAMB  – The Association of Mortgage Professionals
  • NRMLA – National Reverse Mortgage Lenders Association

REGULATORY COMPLIANCE

MARKETING TOOLS

APPRECIATION