Service | Speed | Satisfaction

Client
Announcements

From Fairway Wholesale
A Division of Fairway Independent Mortgage Corporation

2020 VA Loan Limits

Dear Valued Clients –

The VA published Circular 26-19-33 to announce their 2020 VA Loan Limits. The 2020 effective county loan limits can be found on VA’s Website.

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LO Compensation Changes

Dear Valued Clients –

Fairway Wholesale Lending allows its Broker Partners to make changes to their Lender Paid Compensation Agreement on a quarterly basis.

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2020 License Renewals

Dear Valued Clients,

Fairway Wholesale Lending wants to remind all approved broker and correspondent clients that website user profiles must be updated with the 2020 NMLS licensing information

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USDA Technology Fee

Dear Valued Clients –

On January 1, 2020, USDA Single Family Housing Guaranteed Loan Program will begin assessing a $25.00 technology fee from lenders on each loan that was submitted through the Guaranteed Underwriting System (“GUS”). Specifically, any file submitted via GUS that is issued Form RD.

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2020 FHA Loan Limits

Dear Valued Customers – 

As announced in Mortgagee Letter 2019-19, the 2020 forward mortgage limits for calendar year 2020 are effective for FHA Case Numbers assigned on or after January 1, 2020. 

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VA Implements New Act

Dear Valued Clients –

VA announced in Circular 26-19-23 the implementation of the Blue Water Navy Vietnam Veterans Act of 2019, which was signed by the President on June 25, 2019. Provisions of the Act will apply to all loans closed on and after January 1, 2020. 

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2020 Conventional Loan Limits

Effective today, December 3, 2019 Fairway Wholesale Lending will begin accepting locks through the FWL website (www.fairwaywholesalelending.com) for the 2020 increased Conventional Loan Amounts up to $510,400 and increased FNMA / FHLMC High Balance loan limits.

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DRIVER Enhancements

We're excited to announce the following items to be included in Friday's release:

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Lead Base Paint Requirements

Fairway Clarifies Lead Based Paint Requirements for All Agencies

To clarify how best to comply with the agency guidelines in regard to lead based paint, we have put together the following direction and placed it within the Fairway guidelines:

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FHA Single-Unit Approval

FHA announced in FHA INFO 19-41 revisions to the Condominium Project Approval Requirements. Effective with case numbers assigned on and after 10/15/19, FHA will insure mortgages on Condominium Units approved in accordance with the standards outlined below for Site Condominiums.

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USDA Form 3555-21

Please be advised that on October 4, 2019, USDA released a new version of the Form 3555-21. Beginning November 1, 2019, Fairway will require the new form for all loans being submitted for underwriting. For loans that are currently in Underwriting, but have not yet been sent to USDA for conditional commitment, Fairway will require that the new form be completed and signed by all parties. The Underwriting Team will be conditioning for the new form, as required. 

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Updated UW Turn Times

Great news! We've updated our turn times

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Closing Requirement on Refinance Transactions

In an effort to continue prioritizing your purchase business, Fairway Wholesale Lending will begin enforcing the 48 hours window from CTC to closing date on all refinance transactions.  This enforcement will go into effect Monday, August 26, 2019. 

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Speedy Turn Times on Conventional with MI

Fairway Wholesale Lending is pleased to announce the addition of contract underwriting services made available for eligible conventional loans with mortgage insurance.

To make it easy on you, Fairway will handle all interactions with the contract underwriting teams.   Conventional loans that meet specific requirements will be identified at the time of file submission.

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Change in Settlement Agent Approval Process

Please be advised that on July 15, 2019, Fairway Wholesale Lending made a change to its due diligence performed for closing professionals. For this process, Fairway has retained Closepin, an independent third party risk evaluation firm to conduct due diligence reviews.

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Great News! Rates As Low As 2.75%

Effective Friday, August 9, Fairway is offering rates as low as 2.75% on FHA and VA loans with 30 year terms. 

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Shorter Lock With Approval

In an effort to better serve you, effective Monday August 12, 2019, Fairway is allowing 15-day and 30-day lock periods on all refinance transactions that are in “Approved” status. 

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VA IRRRL Seasoning Update

Ginnie Mae has announced that it is revising the seasoning requirements in Chapter 24, Part 2 §(A)(3)(d)(i) to ensure that the requisite seasoning period is computed by reference to the first payment due date on each covered loan rather than by reference to the date on which the first payment is made.

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FHA Max CLTV Cash Out Refi

As stated in Mortgagee Letter 2019-11, dated August 1, 2019, the maximum LTV/CLTV for FHA Cash-Out Refinance will reduced to 80%. This will be effective with case numbers issued on and after September 1, 2019.

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USDA Income Limits Change

The 2019 Income Limits for the Single Family Housing Guaranteed Loan Program were published on July 22, 2019, through a special Procedure Notice (PN).

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Power of Attorney (POA)

Fairway would like to remind everyone of its Power of Attorney Policy. 

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VA IRRRL Policy

Fairway has confirmed with VA that the recoupment cost requirement must be met on ALL VA IRRRLs in order to be eligible for a VA IRRRL loan. There is no exception for this requirement under any circumstances. Whenever the recoupment costs calculation evidences that a Borrower cannot recoup the costs of the new IRRRL within 36 months, the Borrower becomes ineligible for a VA IRRRL and must look at completing a regular full documentation refinance loan. 

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Fairway Closed July 4th

The Fairway Offices will be CLOSED on Thursday, July 4th in observance of Independence Day. Offices will reopen on Friday, July 5th for normal business hours. 

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LO Compensation Changes

Fairway Wholesale Lending allows its Broker Partners to make changes to their Lender Paid Compensation Agreement on a quarterly basis.

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45-Day Lock Refinance

In an effort to better serve you and your purchase business, effective Monday June 17, 2019, Fairway is requiring 45-day lock periods on all refinance transactions. 

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Fairway Closed Memorial Day

The Fairway Offices will be CLOSED on Monday, May 27th in observance of Memorial Day. Offices will reopen on Tuesday, May 28th for normal business hours. 

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VA Appraisal Fee Changes

VA announced updated appraisal fees for appraisal orders effective on or after 04/01/2019 for the Atlanta RLC, and Cleveland RLC , St. Paul RLC, and Phoenix RLC.

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Extended Locks & Float Downs Now Offered

Please be advised that Fairway is now offering EXTENDED LOCKS and RATE FLOAT DOWNS!

The Extended Lock Program is offered under the Fannie Mae, Freddie Mac, and Ginnie Mae direct products for new construction loans only. It allows borrowers to lock an interest rate for periods of 120 or 180 days, with a float down option. 

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Lock Policy Reminder

Loans must be in Approved status in order to lock for 15 days. Contact your Regional Account Manager should you have any questions related to this Client Announcement.  

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