Month: May 2018

EMPLOYEE CORNER

Posted on by Christian Hammond

 

GET TO KNOW JANE SLAUGHTER

How long have you worked at 7 and what is role?

I have worked for 7 for almost 2 years (May 27th will be my anniversary) I am a Mortgage Loan Coordinator which is another term for Mortgage Loan Processor, but because we now do it all (processing and closing) we are called coordinators.

What keeps you working at 7 and motivates you every day to come into work?

The people I work with, both within my department and in 7 Title!! This job is difficult and sometimes very stressful, at best, and working with incredibly warm, fun, knowledge people make it all worthwhile. I have a manager who I know has my back  and technology to help do my job but seriously it is the people I work with on a day to day basis…”my work family”!!!

What does your perfect weekend look like?

Winter…..staying in, cooking, catching up on TV shows I have dvr’d, reading,  going to Saturday morning breakfast with my daughter Sara, her husband Scott, and my wonderful grandson Alex!!  Summer……going to breakfast with “my kids” listed above, cooking, going to the pool, reading…..this is perfect reality!!! Perfect dream weekend….going to the mountains staying in Gatlinburg, good happy hours and great food…throw in a massage or facial and it would be nirvana!!!

Are you a dog or a cat person? Do you have any pets?

YES!! NO

What is your go-to meal that you make when you are at home?

Mushroom & cheese omelet, crisp bacon, and 12 grain toast during the week. On the weekend baked salmon and sautéed scallops with asparagus and a baked sweet potato!

 

 

Fannie May Updates

Posted on by Christian Hammond

UPDATES

Feb 27, 2018
Expanding HomeStyle Renovation Mortgage for purchase and renovations of homes to 97% LTV.

Jan 30, 2018
Monthly federal income tax payments can now be added to Liabilities instead of being required to be paid off prior to closing.

Expand condo project-related minor litigation criteria to provide more flexibility for condo project approval.

DU Ver 10.2 coming on Mar 17, 2018 with updates on:
Homestyle Renovation loans, PIW messaging, and updates to align with the Selling Guide.

Dec 19, 2017
Allow lenders to underwrite loans for borrowers who have frozen credit at only 1 of 3 credit repositories.

Nov 28, 2017
New FNMA Loan Limits Increase: $453,100 for 1 unit, $580,150 for 2 units, $701,250 for 3 unit, and $871,450 for 4 units.

New limits went into effect for loans sold after Jan 1, 2018.

Oct 31, 2017
Exclude the full monthly housing expense from DTI ratio when paid on-time by someone other than the borrower.

Sept 26, 2017
Offer property inspection waivers (PIW) on some purchase transactions.

Extend DU Refi Plus and Refi Plus options through 12/31/18 as part of the Home Affordable Refinance Program.

HMDA 2018

Posted on by Christian Hammond
LEI & ULI     
  • Each financial institution obtains a unique LEI (Legal Entity Identifier) and each HMDA reportable loan application requires a ULI (Unique Loan Identifier)
  • LEI is a 20 digit alphanumeric identifier and is annually renewed by Lender
  • ULI is a maximum of 43 alphanumeric identifier consisting of LEI, loan application number and a 2 character check digit
  • HELOC applications are now required to be reported – previously was optional
  • Home Improvement applications not secured by real estate are no longer reportable
  • Application Channel & Initially Payable to financial institution indicators
  • Loan Purpose now includes refinances as being cash-out or refinance (replacing existing mortgage and include closing costs only)
  • Subject Property Address
Required data points increased                        
  • Loan Originator NMLS Identifier Number
  • Construction Method (Site Built, Manufactured Home)
  • If manufactured home, additional information required
  • Secured Property Type – MH and Land or MH and not Land
  • Land Property Interest – direct, indirect, paid leasehold, unpaid leasehold
  • Property Value
    • Total Units
    • DTI
    • CLTV
    • Credit Score Information
    • Automated Underwriting System (AUS) information
    • Interest Rate & Introductory Rate if an ARM
    • Contractual Features – Balloon, Negative Amortization, Interest-Only, Other
    • Total Loan Costs, pursuant to Closing Disclosures (CD) on Line D
    • Borrower Paid origination charges, pursuant to CD Line A
    • Discount Points
    • Lender Credits, pursuant to Line J on CD
    • Loan Term – in months
    • Occupancy Type  (Principal, Second, Investment)
Changes to Borrower Government Monitoring Information (also referred to as Demographic Information)                               
  • Ethnicity now has aggregate categories in addition to Hispanic or Latino
  • Race now has additional categories and aggregate categories
  • Only when application is taken face-to-face is Lender required to make selections if Borrower “Does Not
  • Wish To Provide This Information”
  • If borrower indicated do not wish to provide and application is face-to-face, Lender is required to inform borrower they have responsibility to make selections based on visual observation
  • Note that if member/borrower comes into Lender office after initial application taken other than face-to-face, the rule that Lender to make selection applies, same as if application was taken face-to-face
  • Borrower may select as many categories as desires/applies and Lender to report up to five of selected categories
  • Lender should not deleted/change any borrower selection, just that up to five can be reported on LAR
Type of Purchaser – now has a N/A value if loan is not sold to a GSE or private investor or financial institution or affiliate
Disclosure Statements & Modified LAR will be available on the CFPB website

What is TRID 2.0?

Posted on by Christian Hammond

What is TRID 2.0?What is TRID 2.0?

It’s the final rule issued by CFPB containing several clarifying amendments and technical corrections to TRID
When was the final rule issued?
  • July 7, 2017
Who does it apply to?
  • All credit unions that originate covered transactions under TRID
  • For purposes of TRID, a covered transaction is defined as a closed-end consumer credit transaction secured by real property or a cooperative unit. However, the following transactions are exempt from TRID:
    • HELOCs
    • Reverse mortgages; and
    • Mortgages secured by a mobile home or dwelling that is not attached to real property
Effective Date(s)?
  • The final rule is effective 60 days after publication in the Federal Register
  • The mandatory compliance date is October 1, 2018