Matt Steinmetz's Blog » DU Refi Plus

What Not To Do During Your Loan Processing

Matt Steinmetz — Mon, 23 Jan 2012 17:19:34 +0000

What Not To Do

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

Standard Items Needed for Loan Approval

Matt Steinmetz — Sun, 22 Jan 2012 17:17:41 +0000

Standard Items Needed for Loan Approval

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

HARP Updates- This May be Huge!

Matt Steinmetz — Mon, 24 Oct 2011 15:55:17 +0000

Click here to view the embedded video.

In this video:
The refinance program for underwater borrowers has helped some but has also taken a lot of flack because of it’s limits. Well that may be no more!!!
Fannie Mae and Freddie Mac will be rolling out updated guidelines to allow borrowers to refinance regardless of how much they owe, their appraised value. This means it doesn’t matter how underwater you are, if your loan is owned by Fannie Mae or Freddie Mac you may benefit. Those of us with second mortgage and HELOCS may still benefit assuming the second lender agrees to re-subordinate.

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

Don’t apply for new credit before your mortgage closes

Matt Steinmetz — Wed, 12 May 2010 00:44:43 +0000

Don’t apply for new credit before your mortgage closes | Bankrate.com.

Fannie Mae will start to require lenders to pull an updated credit report befor ethe loan closes. Thi swill show if you have any new debt since you applied for the loan. Typically as long as your credit report was younger than 90 days lender would not pull a new report. that changes next month for Fannie Mae loans.

Thank you,

Matt Steinmetz

NMLS# 221315

Envoy Mortgage - Hiring experienced Loan Originators, Ask me more.

2151-A2 Salvio St.

Concord, CA 94520

Phone 925-671-9501 x119

Fax 925-940-9639

Visit my blog for my most recent mortgage related update.

Follow me on Twitter

Apply for a loan online

FHA * VA * CALPERS * CALVET * FHA 203K Rehab Loans * Energy Efficient Mortgages * HomePath * Flips * County/City Homebuyer Assistance Programs

Envoy Expands Underwriting Dept. into CA

Home Affordable Improvements and New FHA Refinance Program

Matt Steinmetz — Tue, 30 Mar 2010 00:22:31 +0000

Details of HAMP Improvements and New FHA Refinance Program.

the link above will give you a few details. Here are some details:

Temporary assistance for unemployed homeowners while they search for re-employment. Payments reduced to affordable level for a minimum of three months, and up to 6 months for some borrowers, while eligible homeowner looks for new job.
All servicers (who you make the check to) are requirement to consider alternative principal write-down approach and increased principal write-down incentives. This pertains to borrowers who owe more than 115% of the homes value
Other implementations are to reach more consumers and help those going through foreclosures by making the process smoother.

Thank you,
Matt Steinmetz
NMLS# 221315

Envoy Mortgage- Hiring experienced Loan Originators, Ask me for more info.
2151-A2 Salvio St.
Concord, CA 94520

Phone 925-671-9501 x119

Follow me on Twitter
Apply for a loan online

FHA * VA * CALPERS * CALVET * FHA 203K Rehab Loans * Energy Efficient Mortgages * HomePath * Flips * County/City Homebuyer Assistance Programs

Owe more than your house is worth?

Matt Steinmetz — Fri, 03 Jul 2009 23:09:06 +0000

Fannie Mae had recently come out with their DU Refi Plus program which allows borrowers to refinance up to 105% of their homes value. This helps, but very little as most people who bought in the last few years are more under water than that. However it appears as of September 1, 2009 the new guidelines will allow refinances up to 125% of the homes value. This should encompass more homeowners, though still not a significant number for those of us in California, but even still kudos to Fannie Mae for trying. If you think this helps you, let me know and we’ll discuss further. Remember that your home loan must be owned by Fannie Mae to qualify and chances are you do not know who owns the loan. It is not necessarily the company you write your check to, as other companies retain servicing rights to loans even after the sell them off to Fannie Mae. Contact me and I’ll help you find out if Fannie Mae is the owner of your loan.

Feel free to comment below or share this with your social network.

Matt Steinmetz

Envoy Mortgage