Monday, January 25, 2010
FHA increase in MIP!!
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.
Wednesday, December 16, 2009
National Registry for Loan Originators
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
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
Monday, December 14, 2009
New GFE = New Calyx 7.2
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.
*$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!
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.
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.
Monday, November 23, 2009
AVOID A $50 COMPLIANCE FEE!!
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.
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.
Thursday, September 24, 2009
Call to ActionRegarding NMLS Credit Procedures
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
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
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".
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".
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