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.
Monday, September 14, 2009
Friday, September 4, 2009
Loan Registrations!!
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.
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.
Friday, July 24, 2009
CLOSING PACKAGES ADDRESS -Innovative Mortgage- ADDRESS NOTIFICATION EFFECTIVE 07/30
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
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
Monday, July 13, 2009
FHA allowable cost REVISED
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.
Wednesday, June 17, 2009
CLOSING PACKAGES NEW ADDRESS
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.
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.
Thursday, May 7, 2009
Appraisal and Third party fees
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.
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.
Monday, May 4, 2009
FHA Policy Notification
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.
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.
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