Innovative Mortgage Services

New Wholesale Lender- Union National Mortgage

2010-11-12T08:00:00.000-08:00

We are now approved to submit Conventional and FHA loan files to Union National Mortgage. Please contact our Account Executive for rates, information and logins.

Jeffery Thomas
440-238-2525
jthomas@unmwholesale.com

Access to the Wholesale Rate Sheet www.unmwholesale.com LOG IN is unmbroker and 20Rates10 (that is a capital R)

Manufactured Home Lender

2010-09-20T09:25:00.001-07:00

This is good news for most of you I think. We are now offering Manufactured Home loans and pricing again. I have attached the guideline overlay to this email. The overlay is in addition to any other FHA guidelines in place. Please download this guideline and please understand, There are NO exceptions available to these requirements. I look forward to hearing from you soon with any of your FHA needs.

Thanks,

Cal Shaw Account Executive - FloridaFirst American Mortgage Trust727-504-6674 cal.shaw@nxtloan.com

New Lender- Terrace Mortgage

2010-09-09T14:30:00.000-07:00

Congratulations! Your application for conventional and FHA loans has been approved. I encourage you to “Experience the Terrace Advantage”. If you have any questions on submitting loans, please do not hesitate to call your account representative, Tonya Mills, at 813-363-8006.

New Lender- ICON

2010-08-27T06:35:00.000-07:00

CONVENTIONAL APPROVAL
____________________________________________________________

INNOVATIVE MORTGAGE SERVICES INC
Icon Broker ID: 19015_001

Dear Broker,

Congratulations on your approval as a Conventional Wholesale Broker with Icon Residential Lenders LLC. We look forward to the opportunity to develop a strong and lasting relationship and thank you for choosing us to assist you with your wholesale lending needs.

Please refer to the above Broker ID when submitting files for underwriting. Your Icon Account Executive can be reached as follows:

STEVE BUONANNO
SBUONANNO@ICONRESIDENTIAL.COM

Please visit www.iconwholesale.com for Submission Forms, Lock & Doc Request Forms, and matrices to familiarize yourself with Icon’s programs and to assist you with submitting loans.

FHA APPROVAL
____________________________________________________________

Your request to have Carnegie Mortgage LLC as an additional FHA Sponsor for the below referenced location has been approved.
You will be able to find us in FHA Connection under the following: Carnegie Mortgage LLC/FHA ID # 2991900006

Pricing Incentive

2010-06-24T10:14:00.000-07:00

Crescent wants your business!

To show you how much, Innovative Brokers can make an additional 1/4 of a point on all fixed rate, Conventional and Government loans today thru 7/14/2010! The adjustment will show in the price engine.

Same great service, even better price!

Robert Shellenberger
Account Executive / Florida
5901 Peachtree Dunwoody Rd, NE
Bldg C, Suite 250,
Atlanta GA 30328
727-638-1583 Direct Phone
rshellenberger@crescentmortgage.net
www.crescentexpress.net

Maverick Funding

2010-06-15T11:32:00.000-07:00

We are not approved with this lender, but we will sign upon an Innovative Originator having a valid loan to submit to them.

Maverick offers a full line of FHA & Conventional loan programs. Maverick’s Two biggest niche’s are Speed of Service & Common Sense Underwriting. As simple as it may sound, I have been very successful in helping each and every one of my brokers increase their closing ratios with these two tools alone.

1. Speed of Service - Maverick’s main focus is on speedy service and getting your loans closed as quickly & hassle free as possible. Our turn times for approvals are running between 48-72 hours consistently. Conditions are cleared as they are sent in (same day) and we very frequently accommodate closings the same day that your conditions are cleared. You don't have to wait days, or even weeks (like some lenders) to get your conditions cleared or to get a closing package out!!

2. Common Sense Underwriting - Maverick has a team of underwriters that specialize in “Common Sense Underwriting”. Many, many of the loans that we take in and approve have been denied elsewhere. We understand that just about every file today has a grey area, and if the loan makes sense, we are willing to step outside the box and get the deal done.

Fast Facts About Maverick Funding:

· Minimum Fico is 620
· No Maximum Debt Ratio on FHA loans with Approve/Eligible findings
· We offer Conventional, FHA, & High Balance loan programs
· Minimum loan amount is $80,000
· We will accept any lender’s DU findings
· Rates locks do not have to cover the 3 day rescission period on refinances

States Licensed: AL, CA, CO*, CT, DE, FL, IN*, MA, ME, MD, NC*, NH, NJ, OH, PA, RI, TN*, VA, VT, WA*

*Conventional Only

I work as an inside Account Executive. I am easy to reach by both phone & email. I am available 24/7 to answer questions and review loan scenarios. If you have any questions at all, please do not hesitate to give me a call.

Thanks,
Lisa

Maverick offers a full line of FHA & Conventional loan programs. Maverick’s Two biggest niche’s are Speed of Service & Common Sense Underwriting. As simple as it may sound, I have been very successful in helping each and every one of my brokers increase their closing ratios with these two tools alone.

1. Speed of Service - Maverick’s main focus is on speedy service and getting your loans closed as quickly & hassle free as possible. Our turn times for approvals are running between 48-72 hours consistently. Conditions are cleared as they are sent in (same day) and we very frequently accommodate closings the same day that your conditions are cleared. You don't have to wait days, or even weeks (like some lenders) to get your conditions cleared or to get a closing package out!!

2. Common Sense Underwriting - Maverick has a team of underwriters that specialize in “Common Sense Underwriting”. Many, many of the loans that we take in and approve have been denied elsewhere. We understand that just about every file today has a grey area, and if the loan makes sense, we are willing to step outside the box and get the deal done.

Fast Facts About Maverick Funding:

· Minimum Fico is 620
· No Maximum Debt Ratio on FHA loans with Approve/Eligible findings
· We offer Conventional, FHA, & High Balance loan programs
· Minimum loan amount is $80,000
· We will accept any lender’s DU findings
· Rates locks do not have to cover the 3 day rescission period on refinances

States Licensed: AL, CA, CO*, CT, DE, FL, IN*, MA, ME, MD, NC*, NH, NJ, OH, PA, RI, TN*, VA, VT, WA*

*Conventional Only

I work as an inside Account Executive. I am easy to reach by both phone & email. I am available 24/7 to answer questions and review loan scenarios. If you have any questions at all, please do not hesitate to give me a call.

Thanks,
Lisa
Maverick offers a full line of FHA & Conventional loan programs. Maverick’s Two biggest niche’s are Speed of Service & Common Sense Underwriting. As simple as it may sound, I have been very successful in helping each and every one of my brokers increase their closing ratios with these two tools alone.

1. Speed of Service - Maverick’s main focus is on speedy service and getting your loans closed as quickly & hassle free as possible. Our turn times for approvals are running between 48-72 hours consistently. Conditions are cleared as they are sent in (same day) and we very frequently accommodate closings the same day that your conditions are cleared. You don't have to wait days, or even weeks (like some lenders) to get your conditions cleared or to get a closing package out!!

2. Common Sense Underwriting - Maverick has a team of underwriters that specialize in “Common Sense Underwriting”. Many, many of the loans that we take in and approve have been denied elsewhere. We understand that just about every file today has a grey area, and if the loan makes sense, we are willing to step outside the box and get the deal done.

Fast Facts About Maverick Funding:

· Minimum Fico is 620
· No Maximum Debt Ratio on FHA loans with Approve/Eligible findings
· We offer Conventional, FHA, & High Balance loan programs
· Minimum loan amount is $80,000
· We will accept any lender’s DU findings
· Rates locks do not have to cover the 3 day rescission period on refinances

States Licensed: AL, CA, CO*, CT, DE, FL, IN*, MA, ME, MD, NC*, NH, NJ, OH, PA, RI, TN*, VA, VT, WA*

*Conventional Only

I work as an inside Account Executive. I am easy to reach by both phone & email. I am available 24/7 to answer questions and review loan scenarios. If you have any questions at all, please do not hesitate to give me a call.

Thanks,
Lisa

ldellaporta@maverickfunding.com
772/233/3982

New VA lender- REMN

2010-06-15T10:36:00.000-07:00

Please contact Jennifer with any questions or to get set up

Jennifer Amir
Account Executive / FHA
Real Estate Mortgage Network, Inc.
499 Thornall St. 2nd Floor
Edison, NJ 08837

REMN FHA ID# 78113-00008
REMN VA ID# 5597800000

732-738-7100 Ext. 341/Office
973-390-0920/ Cellular
866-789-2360/ Fax
Jennifer@fhaland,com www.remnwholesale.com

Network Credit- New Pricing

2010-06-14T10:56:00.000-07:00

Per our conversation I wanted to send you the products and pricing that we can offer Innovative Mortgage and your approved mortgage brokers. We are really happy that we now have all of the products you need to close all of your loans with your lenders.

We can offer you the following prices. Please let me know what you think of them and if we can save you and your brokers money!

Individual One Bureau Report - $3.35 – Trans Union
Joint One Bureau Report - $5.45 – Trans Union
Individual Trimerge - $10.15
Joint Trimerge - $16.80 – Our Trimerge includes scores, OFAC alert, and safescan and we do not charge for using Calyx Point.
Supplements - $7 per tradeline
Rapid Rescore - $30 per bureau per tradeline
Credit Radar cover sheet – free until August
What If Simulators - $5 per bureau
No minimums on any mortgage broker
4506 T Report – 1 year - $7.25
4506 T Report – 2 year - $12.50
FNMA Reissue Fee - $2.50
Mortgage Fraud Report - $16.00
The breakdown of the 4 reports that make up the Mortgage Fraud Report is as follows:
ID Report - $2.50
MERS Report - $1.50
Property History - $8.00
Employer ID - $4.00
You can keep all of the reports or if you don’t think you need all of them we can take off the ones you do not need.
We also have our credit card link that can go onto anyones web site for their clients to fill out and pay with their credit card. The fee is $2.50 but the client will pay for that with his credit card.

Suzanne, we can get your mortgage brokers set up within a business day and we can help them with all of their needs and questions. I am local so I can meet with any of your branches that would like me to come by. We can also set up webinars or they can just contact me and I will help them as soon as possible.

I would love to get more business from you so if there is anything else I can do for you please let me know. I think our pricing sounded like we could save your brokers money but if they need to be lowered I would be happy to contact my boss.

If for some reason they still want to pull credit with another company we can still save them money with our 4506Ts.

I look forward to hearing from you. Have a great week.

Doug Swan
Account Executive
Network Credit Services
813-299-2611 Cell
813-685-4410 Fax

Pacific Union Financial-

2010-06-14T10:54:00.000-07:00

. I’ve attached some information about some of our niche products in today’s market. We are able to get a lot of loans done that most lenders will not do. We have 48-72 hour UW times. Our average turn time from start to finish is 16 days.

However, in FL we have a couple more overlays then what is on my attached information:
ONLY purchases and rate/term refis
Owner occ properties only
Max LTV on agency 80
1 unit only
Minimum fico for ALL products is 660.
Only 30 and 15 yr fixed products on both agency and IO.
Absolutely no flips on FL loans, minimum 6 months seasoning.
Absolutely NO CONDOS

Although this might seem like a lot, we still have only 1 score reporting is good, no max DTI for FHA with a DU approval. We’ll go to 50% back end on conventional. No minimum tradelines. Less then 2 years self-employed (case by case).

Please take a look, and let me know if you have something you’d like me to look at for you. Again, I appreciate you passing this along for me, and I look forward to hearing from you.

Thanks,

Luke Meissner
Account Executive
Pacific Union Financial
443-761-6060(P)
410-688-9237(C)
lucas.meissner@loanpacific.com
www.pacuniondirect.com

United Wholesale- New Lender

2010-03-24T09:07:00.000-07:00

We are now approved to generate mortages thru United Wholesale- Please contact our account executive to obtain information or quotes.

Should you have any questions or need assistance, please feel free to contact your Account Executive, Lisa Scholten. We look forward to working with you!

Lisa A. Scholten
Account Executive
United Wholesale Mortgage
Office: (800) 981-8898 x 5576
Email: lscholten@uwmco.com
Website: www.uwmco.com

USDA Loans!!

2010-03-17T12:29:00.001-07:00

On March 10th USDA sent out a notice that program funding will likely be exhausted by the end of April. USDA is not going to issue any Conditional Commitments after this time (as they did in the past) since they are not certain when additional funds will become available. Submit your USDA-RD files ASAP to assure closing.

Franklin American Mortgage

2010-03-17T07:59:00.000-07:00

We are now approved to originate mortgages with Franklin America for conventional and FHA. Our broker ID is 46199-0000. Please contact our Account Exec for more information
Lamont Floyd- 904-859-0845

Advancial Mortgage- New Lender

2010-03-17T07:58:00.000-07:00

I wanted to let you know that Innovative is now an Approved broker with Advancial Federal Credit Union. I look forward to working with Innovative and please give me a call or email with any questions that you may have

Thanks
Patrick

Patrick Creek ADVANCIAL MORTGAGE

Sr. Account Executive
972.201.1640 214.880.9549 fax

Corporate Address Change

2010-03-11T14:38:00.001-08:00

There are very specific instructions in this email so I implore you to thoroughly and completely read this email in its entirety. Email me back in the event you have any questions. I am pleased to announce that Innovative Mortgage Services, Inc. has relocated to a new corporate address. Our new location is:

17717 Hunting Bow Circle,
Unit 101
Lutz, Florida 33558

Although Innovative Mortgage does not require that business cards supply the corporate address, you may continue to utilize the full supply of your cards in the event that they do have the 1430 Flores Court location listed. Please remember that business cards may not supply ANY address other than the corporate location. Going forward, for all new business cards and stationery, please utilize 17717 Hunting Bow Circle location if you do wish to identify a specific address location. As usual, you may omit the address completely if you prefer or state “serving the great State of Florida” or something similar referencing a general area.
All new applications immediately going forward must supply the 17717 Hunting Bow Circle, Unit 101 address and only this address on ALL disclosures. Be sure to update Calyx/Point defaults accordingly to reflect this new address.
This new address takes effect immediately. BUT, and here is where you really need to pay attention, closed loan files and title checks/packages must continue to be mailed/delivered to:

1430 Flores Court
Trinity, FL 34655

Additionally, our corporate phone of 727-372-8059 and fax of 727-489-9504 will remain unchanged.
So, to sum up, use the new address for disclosures and stationery. But, continue to use the old address for package and check delivery. Packages or checks inadvertently delivered to the Hunting Bow Circle address will be forwarded to the 1430 Flores Court mailing address, but will experience delays in compliance/quality control review and commission approval. Therefore please advise contract processors and title agents accordingly.
As a final note, the 17717 Hunting Bow Circle, Unit 101 location is licensed with HUD and the State of Florida OFR. This location will be open typically from 9am-5pm but I suggest contacting the office at (813) 920-8500 if you wish to confirm availability. I am confident that those utilizing the facility will not abuse any privileges and will leave it as they found it.

New Lender- Gateway Mortgage

2010-03-05T13:08:00.001-08:00

Please visit www.JerryLair.com periodically for important Gateway Updates.

Don’t forget to use DE Underwriter Connect for your new loan scenarios and questions!Gateway Mortgage Group is pleased to inform you that you have been added to our list of approved broker partners.
You are immediately eligible to submit loans for underwriting and funding in accordance with our program guidelines.

Gateway Mortgage Group appreciates your business, and we look forward to the opportunity to serve your lending needs.
Should you have any questions, please contact your local Business Development Manager, Jerry Lair (jlair@gatewayloan.com)

As an approved broker, you will now have access to GMOS, the Gateway Mortgage Origination System, where you can pull/reissue, price and DU your loan files prior to submission. This system will also give you the ability to lock and follow your files in process!
Don’t forget to use the scenario pricer option and look under quick links then contact us for a complete roster of your support staff!
And be sure to view our basic GMOS tutorial video right away!

FHA Rule Change

2010-03-02T11:37:00.001-08:00

We have just learned that FHA has made a change to their identity of interest rule.

If a borrower lives in a house and then decides they want to purchase it and executes the purchase contract after they have already moved into the home, this would be an identity of interest transaction and the borrower would be required to occupy the home for 6 months before the purchase contract can be executed or the LTV would be limited to 85%. Essentially, the buyer/seller would need to execute a new contract after the 6 months occupancy period to allow for maximum financing.

If a buyer and seller execute a contract and then after that contract date, the buyer moves into the property being purchased, the 6 months of occupancy is not required in order to allow maximum financing.

NEW LENDER- FPF Wholesale

2010-03-02T10:44:00.000-08:00

We are now approved to do Conventional, USDA, and FHA loans with FPF Wholesale. Please contact our account executive for more information

Lisa E Kimball
Account Executive
FPF Wholesale
Email : lkimball@fpfwholesale.com
direct # 813.650.3041

NEW USDA LENDER

2010-02-23T12:59:00.001-08:00

Your office has been approved to conduct business with Neighborhood Funding, Inc as of Feb. 23rd, 2010. We can assist your office with all of your USDA Rural Development loans. The goal of the team at NFI is to see your loans close quickly and efficiently. The policies and procedures in place ensure that your goals are reached.

Among the many responsibilities of an Account Executive is to price and expedite the processing of your loans. We set up your files for underwriting, and facilitate communication between you, affiliated business partners, and underwriting.

To get pricing Call (813) 935-1800 ask for, Adam Long.
To get a preliminary qualification, fax your 1003, credit report, scenario letter, and letters of credit explanation to 813-931-2390, or send digital copies through our secure FTP Server or through “Password Protected” email. Call (813) 935-1800 ask for Carl for FTP set up. Please be sure to email our submission form as well as the FNMA 3.2 file with all loan submissions.

Full files ready to be underwritten may be sent through our FTP Server or “Password Protected” email.

Neighborhood Funding, Inc
8910 North Dale Mabry Hwy #18
Tampa, Florida 33614

If you have any questions, please feel free to call me at 813-935-1800. Thank you for giving Neighborhood Funding, Inc the opportunity to provide great service.

Bank of America- RESPA rules- see call in number

2010-02-10T10:41:00.000-08:00

RESPA / Regulation X - Changed Circumstances & Fee TolerancesBroker Knowledge Sessions are designed to help our broker clients learn best practices when working with Bank of America Home Loans Wholesale Lending. Please join us for a live presentation on the following key changes under RESPA / Regulation X:
*
Defining a Changed Circumstance
*
Internally vs. Externally Discovered Changed Circumstances
*
Reporting a Changed Circumstance
*
Processing a Changed Circumstance
*
Fee Tolerances
*
Scenarios: Processing a Changed Circumstance

Please Note: This call, excluding the question and answer session, will be recorded. To listen to the call recording, dial 800.642.1687 and enter the conference ID# 514 834 55. This playback will be available until 02/26/10.

FHA increase in MIP!!

2010-01-25T11:08:00.001-08:00

Effective for FHA loans for which the case number is assigned on or after April 5, 2010, FHA will collect an upfront mortgage insurance premium of 2.25 percent. This policy change will increase premiums for purchase money and refinance transactions, including FHA-to-FHA credit-qualifying and non-credit qualifying streamlined refinance transactions.

National Registry for Loan Originators

2009-12-16T14:19:00.000-08:00

Effective January 1st, 2010 all Loan Originators must be in the National registry. I have attached directions for filing for the registry. You are required to send Innovative Mortgage your personal ID that you receive. In addition, lender will require that you send them this information as well. I encourage everyone to save the completed form as that may be required by some lenders as well. Thank you.

　
LOAN OFFICER INSTRUCTIONS FOR SUBMITTING Form MU4 TO A REGULATOR
If you are required by your state regulator or your mortgage company to complete and submit your own Form MU4, the instructions below will help you do this.

Getting Started

First time filing with NMLS is easy. Below is a list of information and documentation to have on hand to expedite the process.
Residential history, including to and from dates (mm/yy) and addresses for the past 10 years
Employment history, including to and from dates (mm/yy) and addresses for the past 10 years
All names used since age the age of 18, including alias, aka, maiden name, etc.
Documentation evidencing that all state specific requirements have been completed, such as testing or education requirements. These can be found here: www.stateregulatoryregistry.org/NMLS
Determine payment method (Visa, MasterCard or Checking Account)
Getting Access
Go to the NMLS website at www.stateregulatoryregistry.org/NMLS and click on the button in the upper right corner of the website.
Click on the Create an Individual Account link.
Retype the security letters & numbers shown on the screen in the space provided and click "Next".
In the Create an Individual User Account screen complete ALL of the fields with your information and click "Next".
Review the Individual Account information that will be established. If correct, hit "Finish". If not correct, hit "Previous" and correct any information. Note: You cannot edit date-of-birth and social security number once your record is created.
After completing this process, you will receive two emails from NMLS_Notifications@statemortgageregistry.com. The first contains your User Name and the second contains your password to NMLS.

Getting a Form MU4 Record

Access the NMLS website: www.stateregulatoryregistry.org/NMLS and click on the button in the upper right corner. Click "Log in."
Enter your User Name and cut and paste your Password and select the box agreeing to the Applicant/Licensee Agreement.
The first time logged in, you will be prompted to change your password. Note: Maintain your User Name and password in a safe location. You will use these in the future when you need to access your record in NMLS.
In the welcome screen, select the "Filing" Tab in the upper right hand corner. Select the Individual link in the blue header below the houses.
Click "Create New Filing"
Complete each section shown on the left hand navigation guide, starting with "License/Registration Information" through "Jurisdiction Participation". All data is entered through the "Add" button at the bottom of each screen. Save all data prior to selecting "Next" to move to the next section of the Form. Note: Only those states currently participating on the NMLS site are listed. If you are an existing loan officer licensee in one of these states, you need to have your license number available.
Consult the jurisdiction-specific requirements for each jurisdiction in which you will be applying for or maintaining a license or registration by selecting the icon in the License Wizard. Mail these items to the appropriate regulators with the checklists provided.
Once all information is completed, select the Completeness Check and Submit link in the left navigation panel. A legal attestation will appear. Click the "Submit Filing" button at the bottom of the page to agree to the attestation and submit the filing to your regulator.
The final step prior to submitting to the regulator is to remit payment. You must select "I Agree" to the terms and conditions and select billing method. Acceptable forms of payment are VISA, Master Card and ACH. Note: Using ACH is simple, all you need is your bank account number and bank’s routing number located on your check. NMLS will guide you through the rest.
Access your NMLS account regularly to check the status of your license through the NMLS. Regulators will communicate the status of your submission and any jurisdiction-specific requirements or deficiencies through the NMLS. Regulators may also email you outside of the NMLS.
REMEMBER: YOU ARE NOT AUTHORIZED TO CONDUCT ORIGINATION ACTIVITY IN A STATE UNTIL THE REGULATOR HAS APPROVED YOUR SUBMISSION THROUGH THE

New GFE = New Calyx 7.2

2009-12-14T11:23:00.001-08:00

In order to prepare for the current changes to mortgage disclosures, it is important that you are utilizing the correct version of Calyx/Point. Any prior Calyx/Point version older than 7.2 will not be compliant with the revised disclosures effective January 1st 2010. Innovative Mortgage offers the following discounted price for Calyx/Point

*$140 for your initial computer registration (This is what you would pay now- You would have no additional charges until June 2011)
*$40 for annual renewal (This is what you would pay later- Renewal would be charged June 2011)
*$10 Credit card processing fee (If paying via Credit Card)

You will receive upgrades to Calyx/Point via email and will need to follow direction that are sent. Each computer needs to have a Calyx/Point “seat” registered- so if you work off 2 different computers you would need to purchase “seats” for both.

NEW GFE!

2009-12-14T10:21:00.000-08:00

Dear Loan Associates,

Please be aware that the new RESPA rules regarding GFE and HUD settlement statements go into effect Jan 1st. These new guidelines are in effect for all mortgages as of this date. It is important that you follow these new changes. Lenders are offering training classes and webinars so that you can be fully informed. I encourage everyone to attend one of these training sessions by Jan 1st. Please see Sierra Pacific’s information below.

RESPA Training - New GFE
Major Changes coming in 2010!
Effective Jan. 1st, 2010
Do Not Get Caught Off Guard!
The following RESPA Training presentations have been posted to the Training Library at www.spm1.com
RESPA Training (step-by-step of the GFE form)
Pre GFE (General Info, significant changes, Delivery, Slim Pack Submissions, etc)
Post GFE (Miscellaneous information on RESPA)
CLICK HERE FOR SPM RESPA TRAINING
SPM encourages all brokers to take advantage of the training programs through their software vendors. The materials prepared online at www.spm1.com are for guidance only for loans submitted to SPM.

AVOID A $50 COMPLIANCE FEE!!

2009-11-23T07:12:00.000-08:00

AVOID A $50 COMPLIANCE FEE!!

Be sure to complete the online “Loan Registration Form” for each new application that you officially complete. The Loan Registration Form must be completed for all new loan applications within 3-mail days of a valid loan application (an application is considered "VALID" when the borrower has asked you to proceed or you have received a fully executed loan application). You must also advise the Corporate Office via email once the loan status has changed to "denied", "withdrawn", or "closed". Also, make sure all disclosures are 'hand' dated by the borrower(s) within three days of the 'printed' date on the disclosures.

Call to ActionRegarding NMLS Credit Procedures

2009-09-24T05:40:00.000-07:00

On behalf of the state regulatory agencies using NMLS, the State Regulatory Registry LLC is seeking comments from the public on the proposed background check policies and functionality in NMLS. The deadline for comments is October 14, 2009.

Comments are sought on background check policies and processes as well as the following specific areas:
1. Flagging credit history data for specific items in order to decrease the processing time required for regulators to review credit report data. SRR is concerned that applications for licensure or renewal could be significantly delayed if all state regulators must manually review each credit history report for each state licensed MLO. State regulators are proposing to flag for manual review only those credit histories that contain certain incidences.
2. SRR specifically invites comments to identify a score they believe to be an appropriate threshold to trigger manual review. Credit scores can be a means to provide a general assessment of overall credit worthiness. Given the mortgage industry's experience in using credit scores, SRR invites feedback concerning the value of a credit score as only one element of the flag process that can allow a regulator to forego a manual review and expedite processing.
Comments are requested to be limited to the content of this document as it relates to background checks and NMLS.SRR's Mortgage Licensing Policy Committee (MLPC) will review all comments and publish a final document outlining NMLS Background Check Processing.

Comments can be submitted by email to: comments@stateregulatoryregistry.org.
Comments may also be submitted in physical form to:
Conference of State Bank Supervisors
Attn: Tim Doyle Background Check Public Comments
1155 Connecticut Avenue,
NW Fifth Floor
Washington, DC 20036-4306

NEW FHA appraisal guidelines

2009-09-24T05:26:00.000-07:00

The FHA released Mortgagee Letter 2009-28 last Friday, September 18, 2009, and it will likely have a dramatic impact on the FHA appraisal business.
This document, which can be viewed in its entirety by clicking on the following link, /offices/adm/hudclips/letters/mortgagee/files/09-28ml.doc is described by the writer, David H. Stevens, Assistant Secretary for Housing-Federal Housing Commissioner, as follows: "This Mortgagee Letter provides clarification and reaffirms Federal Housing Administration (FHA) appraisal requirements related to appraiser independence and announces new requirements pertaining to entities that are eligible to order appraisals for FHA insured mortgages."

The new requirements of importance to appraisers contained in this mortgagee letter are:
1) Mortgage brokers and commission based lender staff are prohibited from involvement in the appraisal process.

2) FHA-approved lenders have new responsibilities to ensure that FHA appraisers are ".compensated at a rate that is customary and reasonable for appraisal services in the market area."

3) "The fee for the actual completion of an FHA appraisal may not include a fee for management of the appraisal process or any activity other than the performance of the appraisal." "AMC and other third party fees must not exceed what is customary and reasonable for such services provided in the market area of the property being appraised."

The Appraisal Institute, in a news release on Saturday, hailed this as an overall victory for appraisers, describing the FHA's actions as ".reversing a policy that inadvertently capped fees for real estate appraisers." The news release also noted that ".FHA's new policy separates the services (and fees) charged by appraisers from those charged by AMCs, allowing each to float at reasonable and customary levels. The previous policy inappropriately restricted the combined fees to just the customary and reasonable fee for the appraisal in the market area where the appraisal is performed." Obituary: Comp Check, 1994-2009

It appears as though this mortgagee letter has driven the final stake into the Comp Check as the FHA has reminded lenders and AMCs that they are prohibited from requesting that appraisers provide ".an estimated, predetermined or desired valuation in an appraisal report prior to the completion of the appraisal report, or requesting that an appraiser provide estimated values or comparable sales at any time prior to the appraiser's completion of an appraisal report." This is expanded upon in the mortgagee letter under the heading "Appraiser Independence Safeguards".

HUD Announces HECM Principal Limit Reduction

2009-09-24T05:23:00.000-07:00

HUD Announces HECM Principal Limit Reduction

HUD has just released Mortgagee Letter 2009-34, which will reduce principal limits for all HECM loans with FHA case assignments dated October 1, 2009, or later.
While this is an unexpected change, HUD has taken this step to protect the viability of the HECM program, and ensure the continued accessibility of HECM products to qualifying seniors. It is important to note that the principal limit reduction affects all lenders and all products.
We encourage you to speak with your clients as soon as possible to discuss how this principal limit change may affect their loan terms. As a reminder, the FHA case assignment date must be made prior to October 1, 2009. Remember, an FHA case assignment cannot be made until the HUD counseling requirement has been met.
Genworth is committed to working with brokers and their clients to ensure sufficient staffing to process every new application received as a result of this change.
We are currently making modifications to our Reverse Mortgage calculator to accommodate the principal limit factor changes. As more details become available, we will communicate them to you via our standard Broker Alert process.
http://www.hud.gov/offices/hsg/sfh/hecm/hecmhomelenders.cfm
Please contact Broker Care at (866) 871-1353 or brokerprogram@genworth.com with additional questions.

Appraiser Info- New Horizons

2009-09-22T08:23:00.000-07:00

Please find my company information along with my fees and the area's I travel. Thank you for passing my information along to your loan officers. I do have references that people can call if needed. If you would also note that I have worked with Mary Catok, George Taho and just started with Richard Turner.Please visit my web site for more information.

FHA $350.00
Condo's $350.00
2-4 Family $500.00
Drive By $250.00
Vacant Lnd $225.00

Counties traveled are: Pinellas, Pasco, Hillsborough, Hernando.

Thank you again for your help.Rebecca Piernik

New Horizon Appraisal Services, LLC.
Rebecca L. PiernikState Certified Residential Appraiser #RD6802
Ph: 727-698-8153
Fx: 727-935-4127
email: www.rpiernik@newhorizonappraisalsvc.com
website: www.newhorizonappraisalsvc.com

FHA condo changes

2009-09-14T08:02:00.001-07:00

If you didn’t get the word already, FHA Spot condo approvals have been eliminated as of 10/1/09. We can submit for project approval via our sponsors, but I am sure it will be a very tough process, as the Lenders are now responsible for issuing the FHA project approval not HUD.

Per Mortgagee Ltr 2009-19, this is part of the Housing and Economic Recovery Act, HERA and HUD will continue to maintain a list of approved condo projects.

FHA to FHA streamlines do not require project approval.

FHA REO’s don’t require project approval.

Project approvals are good for 2 years, after 2 years they will require a re-certification to determine they still meet FHA criteria. This also applies to all projects currently on the list of approved condos.

Loan Registrations

2009-09-14T07:15:00.000-07:00

Just a reminder that ALL loans must now be registered online at www.TheMortgageIsRight.com/LoanRegistration.
You may also log onto the Support Page at www.TheMortgageIsRight.com/Support and select the link for the Loan Registration page.
It takes less than a minute to register a loan on the Registration Page and I believe you will find it a convenience as opposed to the form we were previously using.
The old form has been removed from the website and will no longer be accepted. Thank you for your attention to this message.

Loan Registrations!!

2009-09-04T05:14:00.000-07:00

Please be advised that beginning tomorrow, 9/4/2009, all Loan Registrations must be completed online at our website.
Log onto www.TheMortgageIsRight.com/LoanRegistration and complete the fields of the Loan Registration as applicable.
Note that all ‘Valid’ loan applications must be registered with Innovative within 3- mail days.

CLOSING PACKAGES ADDRESS -Innovative Mortgage- ADDRESS NOTIFICATION EFFECTIVE 07/30

2009-07-24T09:33:00.000-07:00

FOR ALL LOANS EFFECTIVE 07/30
All closed loan processed files, all title documents,and all checks must be delivered to the following address:
Attention: Suzanne or Bryan Ehrlich
1430 Flores Ct
Trinity, Fl 34655

Please do not send any documents to the NC address that would be delivered AFTER 07/30. We can only guarantee receipt of packages thru 07/30.

REGARDLESS OF CLOSING DATE ALL CLOSED LOANS AND CHECKS MUST BE DELIVERED TO THE ABOVE ADDRESS BEGINNING JULY 30

FHA allowable cost REVISED

2009-07-13T19:17:00.001-07:00

FHA loans restrict the fees payable by the borrower to a combined Broker Fee and Origination Fee to 1% of the loan, which also MUST include the Third Party Processing Fee. The borrower may not pay any fees other than a ‘Broker Fee” and an ‘Origination Fee’ and their combined amount may not exceed 1% of the loan amount. Therefore, any and ALL broker/origination fees charged to and paid by the borrower in excess of a total of 1% on an FHA loan will be refunded to the borrower. This includes FHA Refinance transactions in addition to purchase transactions. The fee of 1% may be exceeded only if the GFE, the purchase contract, and the settlement statement identify broker fees in excess of 1% as having been paid by a party other than the buyer, i.e. the seller. The third party processing fee may be itemized as payable to the third party only under the same circumstances (i.e. paid by the seller). Otherwise, the processing fee must not be itemized separately and must be included in the total 1% charged to the borrower. If the contract processing fee is not paid by a party other than the buyer, Innovative will deduct the fee from the Originator’s total commission and pay it directly to the contract processor.

CLOSING PACKAGES NEW ADDRESS

2009-06-17T09:52:00.000-07:00

EFFECTIVE Friday June 19th
All closed loan processed files, all title documents,and all checks must be delivered to the following address:
Attention: Suzanne or Bryan Ehrlich
1195 Watauga River Road
Sugar Grove, NC 28679

ALL PACKAGES MAY BE SENT VIA USPS, UPS, FED EX OR ANY OTHER DELIVERY VENDOR THAT DELIVERS TO THIS ADDRESS.

PLEASE NOTE THAT ALL PACKAGES SHOULD BE SENT WITHOUT SIGNATURE REQUIRED.

REGARDLESS OF CLOSING DATE ALL CLOSED LOANS AND CHECKS MUST BE DELIVERED TO THE ABOVE ADDRESS BEGINNING JUNE 19TH, THIS FRIDAY.
WE WILL ADVISE YOU WHEN TO RESUME SENDING CLOSED LOANS TO THE CORPORATE ADDRESS. UNTIL THEN, THE ABOVE ADDRESS SHALL REMAIN IN EFFECT UNTIL FURTHER NOTICE.

Appraisal and Third party fees

2009-05-07T10:10:00.000-07:00

Please note the policy clarification below:

Conventional, FHA, Reverse Mortgages, Commercial Loans, and HELOCS:

Third Party Fees (appraisal, survey, home inspection, termite, credit report, etc.) are NOT to be payable to Innovative Mortgage under any circumstances. If you collect a Third Party Fee Innovative is required to refund the amount in full to the borrower(s). Innovative does not maintain a Third Party Account, therefore, Third Party Fees must be directly payable to the applicable Third Party by the borrower(s). Additionally, please note that Third Party Fees must be mailed or delivered directly by the borrower. Under NO CIRCUMSTANCES are Loan Originators to deliver Third Party Fees to a vendor. Furthermore, all Third Parties must be paid in advance of completing their service. A loan originator may pay for a Third Party Fee on behalf of the borrower, but must do so in advance of the service (in other words if you want to pay for your borrower you must do it up front). Otherwise, the borrower must pay in advance of the service. A Third Party Vendor may proceed at their own discretion without advance payment if, and only if, they sign the ‘Vendor Release of Liability’ form. Otherwise, the Loan Originator will be held responsible for paying the Third Party Fee in its entirety. This form can be found @ www.TheMortgageIsRight.com/disclosures

VA LOANS:

‘Application Fees’ may NOT be collected on any loans, except VA loans. If you collect an Application Fee on a VA loan, it must be payable to ‘Innovative Mortgage Services, Inc.’ and must be immediately remitted to our corporate office. Since VA does not permit the borrower to pay for the appraisal directly, the Loan Originator must make payment to the VA appraiser in advance of the service, or Innovative will cut a check to the appraiser if an Application Fee was collected. This policy applies ONLY to VA LOANS.

FHA Policy Notification

2009-05-04T11:01:00.000-07:00

THIS CAN EFFECT YOUR PAY- PLEASE READ

Dear Loan Associates,

We have recently been made aware of a FHA policy regarding fees collected at closing by mortgage brokers. Mortgage brokers can only charge an origination fee (capped at 1%) OR ancillary fees (capped by the wholesale mortgage lender) to a borrower. The ancillary fees are defined as any fees payable to the mortgage broker (Innovative Mortgage). You cannot charge your borrower an origination fee and any additional fees (broker, admin, ect). If you elect to charge your borrower a broker fee, you cannot charge an origination fee. You CAN charge your borrower an origination and the SELLER any additional mortgage broker fees. FHA has indicated that the payment by the BORROWER of both an origination and mortgage broker fee is “double dipping”. All processing fees must be paid DIRECTLY to the processing companies as FHA has indicated that they consider this an “ancillary fee” and should be covered in broker fees. If you have any questions, please contact me directly. Please note that this ONLY applies to FHA mortgages. Failure to follow this policy will result in funds refunded to the borrower. Thank you.

Approved Contract Processors

2009-04-22T08:32:00.000-07:00

Please find link below to our latest “Approved Contract Processor List”. As a reminder, you must use a company APPROVED contract processor for any and all loans originated on your behalf. Failure to do so shall be cause for termination and definite forfeiture of commissions. We will continue to add processors as the need and opportunity arises. We are confident in the ability of our existing contract processors to provide excellent service and outstanding processing. Please do not hesitate to contact us if we can be of assistance with any processing challenges.

You may find an updated list by selecting this link as well
http://www.themortgageisright.com/processing

Please note that Accredited Processing has been removed from the list because they are no longer accepting new Loan Originators.

Red Flag Reports

2009-04-15T11:56:00.000-07:00

It is important that when you order credit for your borrowers you input the additional data as well
*Date of Birth for both borrower and co-borrower
*Phone Number for both borrower and co-borrower
*Drivers License for both borrower and co-borrower
I have been receiving Red Flags reports that do not contain this information. The purpose of the Red Flags report is to verify your borrower’s identity so the more information the system receives a more accurate report will be generated.

NEW FHA LENDER!!!

2009-04-10T07:45:00.001-07:00

I am pleased to announce that we have been approved with American Financial Resources. They offer manual FHA below 620 as well as 203K loans. Please contact our account executive below for additional information.

Bill Cannova
Wholesale Loan Consultant
American Financial Resources, Inc.
561.337.5888 Office
954.444.9991 Cell
561.491.6888 PREQUAL FAX
www.afrwholesale.com

Approval vs. Pre-Qual Letters

2009-03-17T11:57:00.000-07:00

I would like to take a moment to discuss sending pre-qualification and approval letter on borrowers. Please note that according to Florida Statue 494 approval letter can only be generated after the borrowers file has been approved thru a lenders underwriter and they have issued an approval. The approval letter must state the terms of the approval and any/all outstanding underwriting items. Pre-Qualification letters can be generated on borrowers prior to underwriting approval, but all outstanding conditions (such a underwriting verification, appraisal, ect) need to be reflected on the letter. The 2 examples approved by Innovative Mortgage can be found @ www.TheMortgageIsRight.com/Disclosures. It is imperative that you utilize the appropriate forms when an approval letter is requested. Please contact me should you have any questions regarding these forms. Failure to follow the above policy is a violation of Florida Statue 494.

New Lender- 95% conventional!!

2009-03-09T05:54:00.000-07:00

I am pleased to announce that we are now approved with Sierra Pacific Mortgage.
Please contact Vicky with any questions and scenarios

Vicky JednakAccount Executive
Sierra Pacific Mortgage - Agency,FHA/VA & Jumbo
941-448-5682

95% conventional-
§ Great Pricing § SFR 1 Unit § Max loan amount $417k §
§ 680 FICO (with BPMI) § DU or LP approval OK §
§ Up to 55% DTI (with AU approval and comp factors) §
§ Multiple MI options available! (see below) §
MORTGAGE INSURANCE OPTIONS AVAILABLE
Retaining Current Residence: NO rental income can be used. Borrower must qualify with both
payments AND have 6 months reserves for both properties verified.
Credit:
· NO mortgage lates in the last 12 months
· NO more than 2x30 in the last 12 months revolving
· NO more than 1x30 in the last 12 months installments; NO major adverse in the last 12 months
(judgments, collections), BK’s/Foreclosures 48 months from “discharge” date.
Housing History: Housing history is required. VORS must be from major rental company.
Private party rent history must be 12 or 24 months cancelled checks based on tradelines.
Tradelines:
· 24 month + Housing = 2 tradelines open and active for 12 months
· 23 or less month housing = 3 tradelines open and active for 24 months
· Less than 12 months housing; exception basis only (most likely no).
Debt to Income: 55% must
have compensating factors.

Vicky JednakAccount ExecutiveSierra Pacific Mortgage - www.spm1.comWholesale Division - Agency,FHA/VA & Jumbo 941-448-5682

Primary Capital- NO LONGER FUNDING IN FLORIDA!

2009-03-05T08:42:00.001-08:00

URGENT NOTICE: Due to the unprecedented loan volume Primary Capital is receiving, we are reducing the states we will currently accept loans from. Effective immediately, lending is suspended in all states except:

AlabamaArkansasGeorgiaKentuckyMarylandMississippiNorth CarolinaOhioSouth CarolinaTennesseeTexasVirginia

These are the only states the lock system will accept. We regret not being able to give more notice. Please be assured, as soon as capacity allows we will reopen the suspended states.Note: Please make sure that you read the message on the main screen of PCMExpress regarding the important changes to the PCM lock system. New rates have been published and posted to PCMExpress. Please use the drop-down list to select the rate sheet that matches the location of the subject property you wish to price. On-line pricing is available at PCMExpress. The published rate sheets are Adobe PDF files and are formatted to print on legal portrait. To view them you must have Adobe Acrobat 4.0 or higher. To obtain the latest version of Adobe Acrobat Reader, please visit Abobe.com. PCM ManagementPrimary Capital Mortgage

Accredited Loan Processing Training Class

2009-03-04T11:32:00.000-08:00

Joy Lauer, owner of Accredited Loan Processing, is pleaesed to announce the formation of training classes regarding Calyx and Loan Disclosures. Please contact Joy for pricing and additional details.
Joy Lauer, Accredited Loan Processing, 727-386-5713

SalezTrax processing forms

2009-03-03T14:19:00.000-08:00

Please contact SalezTrax for two forms that we would like to provide to your loan associates to assist them in expediting the loan process. The FAST TRAX PROCESSING form is a list of disclosures and a cheat sheet to remind of the Calyx data entry requirements that will assist in getting a completed file to us at the first submission. The BROKER CONTACT form is an information form that will provide us with email address, user id’s and passwords that we need in order to process their files efficiently. Thank you. Justine Vega
1920 West Bay Drive, Ste 2Largo, Fl 33770 727 483 9820 727 483 9984 fax www.saleztrax.com

FHA Lender

2009-03-03T14:15:00.000-08:00

Carlos Unzueta, one of our Loan Associates, was kind enough to forward this. I know some of you have been looking for a ‘no minimum’ credit score FHA lender. Please see below. We are already approved with them. Please remember to abide by the new processing requirements as sent out last week. Robert Palmer is the new AE and their website address is www.mimbroker.com and rate sheets can be accessed from that site without a password or sign on. Have a great day. They are still doing FHA with no minimum credit score required!

New Policies

2009-03-03T14:09:00.000-08:00

Be sure to read this. Your future commissions will be impacted. Innovativewill not pay commissions on any loans that are originated outside of thescope of these new policies.
Unfortunately, due to the rampant fraud throughout the industry we have nochoice but to implement these policies for all Loan Associates/Originators.
1. ALL new loan applications, for registrations received today andhereafter, must be processed by a company approved processor. Currentlythere are only three company approved processors, but we will be addingmore as deemed necessary. Self processing is no longer permitted for anytype loan.
Justine Vega SalezTrax processit@saleztrax.com
(727) 483-9820 (727) 483-9984
1920 W. Bay Drive, Ste 2 Largo, FL 33770

Maureen Mericle Couture Processing
Maureen@coutureprocessing.com
(727) 942-7617 (877) 262-4753
194 Vermont Avenue Tarpon Springs, FL 34689

Joy Lauer Accredited Processing jalauer@tampabay.rr.com
(727) 386-5713 (727) 494-1479
P.O. Box 80 Safety Harbor, FL 34695

2. Two forms of identification are required for ALL loan applicants.Valid forms of identification can be viewed on the attached I-9 form.Identification MUST consist of one item from List 'B' and one item from List'C' for a total of two forms of identification. See I-9 list attachedbelow.
3. Tax Transcripts are now required on ALL loans. The Loan Processormust have signed off on the tax transcripts to validate that the income hasbeen cross referenced. Transcripts run $25 and can be ordered throughAdvantage Credit under your current account with them. To avoid unnecessarycost, the transcript may be ordered once the loan is approved, prior toclosing. Transcripts take 3-5 days so be sure to leave yourself enough timeas to when you authorize the loan processor to request them. Remember tohave your borrowers sign a 4506T as well so that the transcripts can beordered.
As an alternative to ordering the transcripts, in aneffort to avoid the additional cost, we will accept those provided by thefunding wholesale lender. Not all lenders are willing to provide the brokeror actually pull a transcript, so be prepared to supply one in the eventthat you or the processor cannot obtain it from the funding lender.
It is not our intent to restrict your ability to originate businesseffectively and efficiently. These policies will help Innovative ensure theadditional Quality Control necessary to filter any potential 'bad' loans.Our goal is to continue to keep our doors open in order for you to continueto operate your business while being compensated as aggressively aspossible.
Bryan P. EhrlichPresident
Corporate Mailing Address:1430 Flores CourtTrinity, FL 34655
Office: 727-372-8059Fax: 727-489-9504E-Mail: Be@TheMortgageIsRight.com