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Client
Announcements

From Fairway Wholesale
A Division of Fairway Independent Mortgage Corporation

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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