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Home »  Forums » For Mortgage Professionals » General Mortgage Discussion » TBW just announced dropping conventional loans >80%

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Post Statistics: 721 Views, 5 Replies
Latest Post: Wed, Feb 18 2009 3:12 PM by glanglois
  		• Tue, Feb 17 2009 8:20 PM
    TBW just announced dropping conventional loans >80%

    I think most of us saw this coming....more lenders to follow
    Tim Billups
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    Tim Billups
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  • In Reply to This Post
    		 Tue, Feb 17 2009 9:36 PM

    Taylor, Bean & Whitaker Mortgage Corp.

    IMPORTANT ANNOUNCEMENT 20090217

    Subject:

    Mortgage Insurance Restrictions

    Date:

    February 17, 2009

    Mortgage Insurance Restrictions

    Due to continued changes in underwriting guidelines from the various mortgage insurance companies, TB&W must modify our existing guidelines to remain compliant.
     
    These new guidelines will be effective on all Conventional, Home Possible, Super Conforming Jumbo and Jumbo A products as applicable.  If the specified product already has more restrictive guidelines in place, this will not supersede those.
     
    Ineligible for Mortgage Insurance
    ·         Manufactured Homes
    ·         Interest Only Loans
    Any Third Party Originated Loan Over 80% LTV
    ·         Minimum FICO 740
    ·         Maximum DTI 38
    ·         Maximum LTV 90
    ·         1 Unit Primary Residence ONLY
    Definition of Third Party Originations (for TB&W Purposes) - A Third Party Origination is a loan for which the loan origination (taking the loan application) or processing functions are performed by an entity other than the entity closing and funding (loans must be funded from a warehouse line in the lender's name or using the lender's own funds) the loan.
    ·         In essence, if the originator originates, processes, underwrites, closes and funds in their own name, they are not considered a Third Party Origination.  These loans are eligible for delivery to TB&W either through our Whole Loan Purchase department or through our Correspondent Lending Division.
    ·         If TB&W underwrites, closes, or funds the loan, the loan is considered a Third Party Origination.
    ·         Loans at or below 80% LTV with Third Party Origination are not affected and will continue to be acceptable to TB&W as normal.
    Effective Dates
    ·         All new guidelines listed here within must be met on any loan with a MI Cert issued on or after February 20, 2009, regardless of Underwriting Approval date.
    •  
      • Mortgage Insurance may only be ordered by TB&W.  TB&W will only accept a Mortgage Insurance Certificate from an originator if that originator has Delegated Underwriting Authority with an established relationship with a Mortgage Insurance company and processes, underwrites and closes the loan in their name.
    ·         All new guidelines listed here within must be met on any loan Locked with TB&W on or after February 20, 2009, regardless of Underwriting Approval date.
    ·         TB&W will endeavor to make every attempt to obtain an MI Certificate.  However, should it be unsuccessful at any time, the loan will not be approvable.

    Please direct questions to TB&W Management, Account Executive, or Client Services.  Thank you.

     

    End of Announcement
    Dana Bain
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    BainMortgagecom
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  • In Reply to This Post
    		 Tue, Feb 17 2009 9:46 PM

    Wow!  Isn't the saying "It's always darkest right before the dawn".  I hope this is as dark as it gets!
    Dean Gorenflo
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    Loan Officer
    M and T Bank
    dgorenflo@mtb.com
    (717) 948-2605
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  • In Reply to This Post
    		 Wed, Feb 18 2009 2:31 AM

    Amen. Strange that only one PMI company (PMI actually) has announced no 3rd party loans and TBW takes them away completely. Not sure why they wouldn't just use one of the other big 4 companies. Hopefully this isn't the beginning of what's to come.
    Clem Borkowski
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    Senior Loan Officer
    SkiHawk Mortgage Team
    clem@skihawk.net
    (719) 266-8183 x23
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  • In Reply to This Post
    		 Wed, Feb 18 2009 7:54 AM

    Dean Gorenflo:
    Wow!  Isn't the saying "It's always darkest right before the dawn".  I hope this is as dark as it gets!

     

    Well, we are far past "the calm before the storm."  Hopefully the storm doesn't get much worse.
    Kent Mikkola #353976
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    Mortgage Consultant
    M & M Mortgage, LLC #213677
    kmikkola@themmmortgage.com
    (651) 558-9807
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  • In Reply to This Post
    		 Wed, Feb 18 2009 3:12 PM

    Better get set up for Govi's if you haven't already. FHA and USDA be the only way to go  
    glanglois
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    glanglois
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