Industry News - 5.19.10
While Home Savings is discontinuing their Interest-Only options at the end of this week, CMG and Mountain West are still offering Interest-Only products, paring their fixed IO down to single family only, owner-occupied, with a minimum 720 FICO required.
Industry News - 5.19.10
While Home Savings is discontinuing their Interest-Only options at the end of this week, CMG and Mountain West are still offering Interest-Only products, paring their fixed IO down to single family only, owner-occupied, with a minimum 720 FICO required.
Home Savings is no longer charging for escrow waivers, but added a .05bps adjustment for
First Cal, as well as Flagstar, now allows 90% LTV on their High-Balance conforming product.
First Cal is also now offering 95% on their conforming product, single family residences only with a minimum FICO of 720.
Sierra Pacific is offering second homes at 90% on their conforming product, and decreased their minimum FICO to 720 for 95% LTVs.
Bank of America, Pinnacle Capital, and Home Savings have eliminated their 40 year term on their conforming product menu.
Franklin America will require all FHA and VA loans to have a minimum FICO of 630 effective Monday, May 24th. FHA loans with a minimum FICO of less than 650 (increased from previous requirement of 640) will be limited to 45% DTI, regardless of AU findings.
First Cal is offering their 15 day lock price for 21 days through the end of May – outstanding PTDs are ok.
Wells Fargo has improved their conforming ARMs by .25bps.
The new FHA requirements and timetables for broker/lender FHA approval have changed: HUD has delayed the original May 20th implementation of the non FHA approved brokers being able to start originating loans through a sponsored lender, and the new date is now rumored to be September 20th. The FHA Connection is not ready to accommodate the required fields to accommodate this. And on 9/20 any "mini correspondent" customers will be required by HUD to have a DE underwriter on its staff, with test cases completed, regardless of delegation status.
Tip of the Week: Check out Direct Mortgage’s FHA Good Neighbor program – this program is specific for FHA REO properties, for teachers, law enforcement, and emergency responders. This program offers 50% off list price, requires only $100 down payment for qualified borrowers, and requires a minimum FICO of 640. To find eligible homes in your area, go to http://portal.hud.gov/portal/page/portal/HUD/topics/hud_homes.
Look for these programs and lenders, and others, at www.readyprice.com.
Don’t forget - if you are already a CAMP member, you are already registered with ReadyPrice - a $720 value! Login to www.readyprice.com with your CAMP-recognized email address and your CAMP id#.
Thank you -
The ReadyPrice Team