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Matt Steinmetz

To some it’s obvious and to others it’s not, but the following items are critical during the loan process.  If you have questions about these or are in the middle of your loan process and have to do one of these let me, or your loan officer know (always tell your loan officer) so you can be sure you are not affected negatively.

IMPORTANT

It is critical to the success of your loan package that you avoid doing any of the following until after your loan has closed escrow:

1. Do not change or quit jobs.

2. Do not switch banks, make cash deposits or move your money around.  If you do please keep a complete crystal clear paper trail that shows all money transfers and deposits between accounts.

3. Do not pay off bills. You should continue to pay the amount required, but do not assume that paying a debt off will alwasy benefit your score or loan approval.

4. Do not make any major purchases.  Adding debt can be detrimental.

5. Do not close credit accounts or apply for any new credit cards or loans.

If you must do any of the above, PLEASE CONTACT YOUR LOAN OFFICER IMMEDIATELY. Audits are done just prior to funding and you may be placing your loan in jeopardy if you do not notify your lender of any changes.

Hope that helps!  Please share and leave comments here.

Matt Steinmetz

The following items are normally needed during the loan process.  Your lender may require more or less but this gives you a basic idea of what to expect.  All of these items may not apply to you, for example if you are not divorced you can ignore that requirement.

• Most current paycheck stubs (cover 30 days) for all jobs, disability, etc
• W-2 or 1099s for years 2009 and 2010 for all employers and all income received
• Complete copies of your Federal tax returns with all of the schedules for 2009 and 2010 (page 2 signed)
• Divorce decree/marital property settlement or Legal Separation paperwork if applicable
• Most recent 3 months bank statements for all bank accounts (all pages)
• Current quarterly statements of investment accounts (retirement, 401K’s) (all pages) if being used for down payment, reserves, or for paying closing costs
• Complete bankruptcy papers, including final discharge document if applicable
• Landlord name, address and phone number for last 2 years (if you rent)
• Proof of current homeowner’s insurance policy on your home
• Mortgage statement for your Current Mortgage(s) (for all properties) and all houses
• Clear and enlarged copy of Drivers License for each borrower
• Copy of Trust paperwork if title is held in a Trust or Income comes from a Trust

Let me know if you have any questions!

Matt Steinmetz

This video by Matt Steinmetz covers some details about how tax returns affect you qualifying for a mortgage loan.

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This is me wishing everyone a Merry Christams and Happy Holidays with a bonus music track!

Share this with your social media and comment below.

Happy New Year,

Matt Steinmetz

This video goes over the importance of establishing credit and having good credit and at least 3 tradelines (open credit sources).

If have questions about your scenario, let’s talk.

Please comment below and share this with the social media buttons.

Matt Steinmetz

First off this video is a little long.  I find myself pressed for time this holiday season so I shot this in one take just to be sure to get this out.  Watch it in parts if you must as it’s about 5-6 minutes long.

Click here to view the embedded video.

The updates I received are both encouraging and discouraging!   They’ll raise you up and bring you down!  Who knew loans could be so dramatic, like a Hollywood picture show!

If you prefer to read here it is:
No Loan To Value limit on “refi plus” loans- Refi Plus is a manual underwritten loan through your current servicer.
· DU refi plus loans will NOT be eligible until March 2012- DU Refi Plus loans can be originated by any licensed originator once the automatic underwriting systems are updated.  Until then you can only apply trough your current servicer.
· No Combined Loan To Value Limits- those with second loans can still qualify
· 105% LTV for fixed period (5 or greater) ARMS and 40 yr terms 2.

Refi plus u/w changes
· No late pays in past 6 months · No more than 1×30 in months 7-12 · No minimum credit score requirement when payment is not increasing more than 20%. · Re-qualify borrow if PITI is increasing by more than 20% and borrower must have/meet: 620 FICO, 45% max DTI, verify income/assets/assets to close per selling guide · If note provides for more than one payment, then use lowest payment to qualify · If payment is increasing 20% or less, than normal refi guidelines apply
Bankruptcy and Foreclosure policy-Waiting and re-establishment requirement removed on BOTH the new and existing loan 4. LLPA (Loan Level Price Adjustments)
Lender follows DU findings re: income, employment, asset, fieldwork c. Lender complies with all other requirements to the guide · When DU offers a fieldwork waiver, Fannie will accept property value estimate submitted to DU as the market value, and Lender is not required to make any rep or warrant as to value, marketability, and condition. · If Lender obtains appraisal on property, then standard reps and warrants apply · Lender not responsible for Condo project eligibility rep/war except for the requirement of the property is not in a condo/coop hotel or motel.

Other requirements with respect to the original loan:
a. the loan was eligible for sale to Fannie the first time
b. original loan was in compliance to current laws
c. No know scheme or patter of fraud involving 2 mortgages and 2 perpetrators, etc
d. Condo, coop, or PUD project must meet original requirements
e. If no new appraisal obtained, Lender must rep/war that the current value is not less than the original value from the original appraisal report.(Fannie Mae is confirming if this is accurate or not. · If a new appraisal received, then Lender must rep/war just like any other loan
· Lender not responsible for any QC findings from Fannie after the fact · Lender not responsible for any max DTI (except as stated earlier)
· Not responsible for acceptable credit history (except as stated earlier)
· Not responsible for undisclosed liabilities (except as stated earlier)

Contact me or COMMENT BELOW and share with your friends and social media 

Matt Steinmetz
www.mattsteinmetz.com
twitter:steinmetzmatt

Read more:

http://www.envoymortgage.com/news/vacaville-branch-supports-21st-airlift-squadron-travis-air-force-base

Matt Steinmetz

twitter:steinmetzmatt

Click here to view the embedded video.

Watch the video and leave comments here.  Be sure to share this with your friends, family and co-workers because this may help a lot of people.

Matt Steinmetz
Envoy Mortgage

Concord, CA Contra Costa County
925-548-3983

This video discusses the estimate from the Mortgage Bankers Association that the loan volume for 2012, industry wide will drop by 25%.  This will force more lenders, individuals and companies, to leave the industry.  The video also touches on where rates are today and what to expect.  Watch to see what this means for you.

Matt Steinmetz
Mortgage Banker
Branch Manager
nmls#221315

Envoy Mortgage
Concord, Ca
Contra Costa County