[Poll] How many of your lenders have already announced plans to offer DU REFI PLUS ?

Which Lenders???:

Since over 50% of respondents here have confirmed that their lenders are offering DU RefiPLUS, could we take a moment to list those lenders here:

1. who have the program in place or have announced it will be soon ...or...
2. those who have definitely said they will NOT be offering RefiPLUS.

Everbank 5.625 Par on a 30yr Refi +

:(

For Everbank: what are the specific add-ons to get to that 5.625% at par?

Is it the regular grid, plus something additional?

Adam,

Amtrust will also be offering DURP. 5/3 is trying to put their stuff together to get on board also.

Granite Mortgage, Inc.

Joel Gothelf

President

847-966-8700

my main add-on is LTV...below 95% and you're golden...over it, then 5.625% is looking up at ya...

That everbank rate I put up there was for the "Refi Plus" 30 yr product.

So far I found suntrust has the best pricing as you just take regular conforming product and its price adjustments then add the LLPAs from FNMA DU REFI +

Amtrust Bank is also offering the Fannie Plus product and has released ratesheets reflecting this.

just talked to my agent and he said DU REFI PLUS just annouced .its activited from today but it will take 1 or 2 days in orders to decide rate and terms and condition

I am lucky to live in Ohio.. Our values never went up.

AmTrust:   The Fannie Mae Refi Plus program will be available beginning 04.05.09 and will include some, but not all, of the underwriting flexibilities for the Fannie Mae Refi Plus program.....................The maximum LTV for Fannie Mae Refi Plus loans will be limited to 80%.

BWAHAHAHAHA!!!!  

Flagstar: pricing engine sand rate sheets seems to be pricing this out just like a conforming regardless of LTV.  Am I missing the fine print?

Sun Trust :  I have heard is only offering it on ST to ST refis.  Is this true?  If so, not sticking their necks out too far, eh?

5/3: Nothing?

Those are our main lenders.

Is the Freddie program alive? I have a few of those.

Freddie only allows:

That may be the ST program you heard of?

Wells is now doing both programs and has great pricing.  Flagstar had pretty good pricing on DURP as well.

Looks like Flagstars pricing is actually a bit higher than regular conforming ...   maybe 0.25pts, but there are bigger add-ons at 95% and above.

ALSO: When MI is called for, i.e. there is existing MI, Flagstar will only do a Flagstar to Flagstar refinance.  Can anyone comment on how the other lenders so far are dealing with the MI issue?

ALSO: Have run a couple of DU RefiPLUS loans thru DU as preliminary. One gave me an appraisal waiver. Does anyone know if once assigned their lenders are having an overlay on that. i.e. under regular DU Flagstar requiter at least an int/ext 1004.

ALSO: I am curious. If it is NOT eligible for DU RefiPLUS, i.e. the address and loan do not match, is there a message on DU reflecting that, or is it just silent on that issue.

I thought the loans with MI program wouldn't be rolled out until May 1st.

I haven't seen any lenders having an inspection waiver overlay... at least not yet.

We had one file in our office that came back ineligible, there was a comment in the body of the findings... NOTE: the only reason that it was ineligible was that the borrower/co-borrower were transposed from the way they were listed on their current note... get their current note to avoid this problem!!!!!

Kent:

1. the MI aspect is hardwired into DU from the May 1st release, but lenders are to apply it manually in the meantime. Flagstar is co-operating, but only if the MI is currently thru Flagstar. In other words its a deviation from the DU RefiPLUS intent.

2. When runnning a loan which was eligible for DU refiPLUS, it gave me an appraisal waiver, BUT, some lenders have in their overlays (Flagstar again) that regardless of DU findings they will require a 1004. I am just not sure if this extends to DU RefiPLUS. Anyone care to comment on Suntrust, Wells AmTrust?

3. When you ran the "transposed" borrower/co-borrower did you get an DU RefiPlus approval, but "ineligible" simply for the transpostion? Did it identify the problem for you?  I am trying to find out if DU identifies loans that are not DU RefiPLUS eligible with a specific finding, OR is it just silent, and then one has to presume that it is not eligible.

It wasn't my file, but the transposition was the only issue and it was not specifically addressed in the findings as such.  The findings simply stated that it was ineligible. 

ROFL, I can't wait to see the posts about how guys can't compete with the servicing lender on this one.

I don't play poker with a marked deck - why would I do a program like this with the cards so stacked against me?

A couple of days  later but I thought I would respond to Hammer and his idea that Brokers can't compete with this program.  Wells Fargo has announced they are allowing borkers to refinance not only Fannie but Freddie as well as long as it is WF to WF.  Countrywide is entertaining this as well.  They both have large retail departments and between the two of them they service almost 60% of the country.  The reason they are allowing brokers to refi is because they don't want to have borrowers refi at 5.75% or higher and then get sued because they gave the borrowers no other option.  Direct quote from Wells Fargo.  The predatory lending laws and statutes across the country state this very specifically.  If the borrower's have only one option, the bank/originator/lender cannot charge fees or interest higher than normal market competition would allow. 

Wells Fargo and Countrywide have ZERO hits to their pricing below 95% LTV for the DU REFI PLUS guidelines.  So as a broker I can quote 4.5% with No Discount Points today 04/09/2009.  The servicers/lenders including the retail departments for these two lenders are quoting my borrowers no lower than 5.5%.  Their isn't a borrower in the country that wouldn't wait a couple of extra weeks for a broker to get the loan done when there is this drastic of a difference in interest rates.  The Lenders/Servicers are the ones that are going to get less business from this not the other way around that you have stated so many times in this forum.

Glen Spencer:

A couple of days  later but I thought I would respond to Hammer and his idea that Brokers can't compete with this program.  Wells Fargo has announced they are allowing borkers to refinance not only Fannie but Freddie as well as long as it is WF to WF.  Countrywide is entertaining this as well.  They both have large retail departments and between the two of them they service almost 60% of the country.  The reason they are allowing brokers to refi is because they don't want to have borrowers refi at 5.75% or higher and then get sued because they gave the borrowers no other option.  Direct quote from Wells Fargo.  The predatory lending laws and statutes across the country state this very specifically.  If the borrower's have only one option, the bank/originator/lender cannot charge fees or interest higher than normal market competition would allow. 

Wells Fargo and Countrywide have ZERO hits to their pricing below 95% LTV for the DU REFI PLUS guidelines.  So as a broker I can quote 4.5% with No Discount Points today 04/09/2009.  The servicers/lenders including the retail departments for these two lenders are quoting my borrowers no lower than 5.5%.  Their isn't a borrower in the country that wouldn't wait a couple of extra weeks for a broker to get the loan done when there is this drastic of a difference in interest rates.  The Lenders/Servicers are the ones that are going to get less business from this not the other way around that you have stated so many times in this forum.

go ahead and add on your second lien that many of your borrowers have - are you going to pick up the 1.5 point add-on???  both Fannie and Freddie better be below 95%...with Freddie, no add-on for Fico, but with Fannie you better have a decent FICO or forget about it...

try this guy.... rates are similar to regular (4.75 with a little rebate) - the only thing I see in terms of additional hits is .500 if CLTV is over 75%, which I'm assuming does not count if there is no second, but that is a bit unclear, i.e., if your first is over 75 w/ no second, cltv is over 75.... a little confusing

NBGI in Los Angeles....

MICHAEL LEE
310.877.4077
mikelee@nbgi.com

Anyone getting approval eligible findings from DU?  I am getting refer with caution IV after confirming the existing loan is owned by Fannie.