[MICRO News] Acreage, Relocation, Taxes and Apologies

 

Mortgage Services III, LLC - Important Mortgage Docs

Wholesale Seller Guide
2.00 Wholesale Lending Eligibility
3.00 Representations & Warranties
5.00 Pricing and Commitments 
6.01 Conforming Product Suite
6.02 Government Product Suite
6.03 Jumbo Product Suite 
6.04 Rural Development Product Suite
7.00 Underwriting Guidelines
8.00 Pre-Funding Suite

Quick Reference Guides
Conforming Products
Jumbo Fixed Rate Products
Rural Development Products
FHA/VA Government Products
All Product Matrix
MSI Overview Appraisal Ordering

MSI Policy
Wholesale Lender Pricing FAQ
Mortgage Fraud Statement
Original Note & Allonge Do's and Don'ts
MSI Holiday Schedule
MSI Ineligible Settlement Agent List
MSI Excluded Appraiser List
MSI USDA Excluded Appraiser list
Owner Occupancy Affidavit
HPML Calculation Web Site

Initial Disclosures
Initial Disclosure Request Form

Acceptable AVM
MSI Acceptable AVM Vendors

Appraisal Ordering
Appraisal Ordering - Connexions Portal
Appraisal Management System Manual

InHouse Solutions Appraisal Fee Schedule
InHouse Solutions Contact Sheet
InHouse Solutions Appraisal Rebuttal Form

StreetLinks Appraisal Contact Sheet
StreetLinks Appraisal State Pricing
Streetlinks Appraisal Rebuttal Form

ACT Contact Sheet - New
ACT Appeal Form_MSI - New
ACT Fee sheet 2012 - New

AIR Borrower Acknowledgement
AIR FAQ's

Underwriting Forms
Conforming Underwriting Submission Form
USDA Underwriting Submission Form
VA Underwriting Submission Form
VA Underwriting Submission Form-IRRRL
FHA Submission Order Checklist
FHA Streamline Underwriting Submission

RESPA Information
Originator Certification of Borrower Intent to Proceed
RESPA Changed Circumstance Form
Understanding the 2010 HUD-GFE (Good Faith Estimate)
Mortgage Broker Fee Agreement and Disclosure

 

Follow MSI online:

2013 Wholesale Lending Announcements

Issue Date:  05/16/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-015
To: All MSI Wholesale Partners
Re: Multiple Topics and FHA High Balance Streamlines

• FHA:
  . Clarification for Gift of Equity.
  . High Balance Streamline- re-instatement.
• Conventional:
  . Large Deposit Clarification.
  . Shared Roads/Wells/Septic clarification.
• Jumbo Loans - Multiple Properties Revision

Issue Date:  05/02/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-014
To: All MSI Wholesale Partners
Re: USDA Clarifications and Revised InHouse Appraisal Rebuttal Form

• USDA changes/clarification for Credit Qualifying Considerations.
• InHouse AMC - Rebuttal Form

Issue Date:  04/19/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-013
To: All MSI Wholesale Partners
Re: USDA Ratio Waiver Changes

• USDA Manual Underwriting Changes for Ratio Waivers.

Issue Date:  04/11/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-012
To: All MSI Wholesale Partners
Re: Numerous Topics; USDA Changes

• Conforming ARMS - Clarification.
• Maximum Acreage - Clarification.
• Credit History Considerations for past modified loans.
• FHA Streamlines - FRM only.
• Reminder for all Conforming Loans- DU Condos only.
• USDA - Underwriting Changes - brief summary.

Issue Date:  04/05/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-011
To: All MSI Wholesale Partners
Re: Multiple Topics

• Conforming 5/1 ARMS.
• LP Relief-Texas Refinance clarification.
• Reminder regarding tax transcripts.
• Maximum Acreage.
• Relocation Company Involvement guidelines

Issue Date:  03/28/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-010
To: All MSI Wholesale Partners
Re: Reminders; LPMI; Flood Insurance Reminder

• Reminders: Good Friday closing and new FHA MIP premiums.
• Clarification on LPMI: available terms.
• Flood Insurance Reminder.

Issue Date:  03/21/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-009
To: All MSI Wholesale Partners
Re: Maximum LTV; Co-Signed Real Estate Obligations; FHA Reminder

• Reminder: Good Friday closing.
• Clarification/revision to Maximum LTV when Subordinate Financing is used.
• Revision to Co-Signed Real Estate Obligations.
• Reminder: FHA MIP changes.

Issue Date:  03/14/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-008
To: All MSI Wholesale Partners
Re: VA Jumbo Loans; Conventional Jumbo Declining Markets

• New VA Jumbo loan product subset.
• Updated Declining Market restrictions for Conventional Jumbo.

Issue Date:  02/27/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-007
To: All MSI Wholesale Partners
Re: Life of Loan Flood Certs and Financed Properties

• Reminder: Life of Loan Flood Certs
• For conventional loans, increase in number of financed properties when the
  subject is a Primary Residence.
• Required documentation for Other Real Estate Owned.

Issue Date:  02/21/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-006
To: All MSI Wholesale Partners
Re: Foreign Income; MGIC

• For conventional loans, foreign income requirements.
• MGIC as an acceptable mortgage insurer.

Issue Date:  02/14/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-005
To: All MSI Wholesale Partners
Re: Holiday Reminder; POA and USDA

• Reminder: President's Day Holiday.
• Power of Attorney - Clarification.
• USDA Revisions.

Issue Date:  02/07/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-004
To: All MSI Wholesale Partners
Re: Jumbo Loan Revision; Delinquent Property Taxes & Underwriting Changes

• President's Day Holiday.
• FHA Announces revision to MIP.
• Jumbo Product revision regarding number of properties owned.
• Property Taxes and Refinance restrictions.
• Underwriting changes.

Issue Date:  02/04/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-003
To: All MSI Wholesale Partners
Re: Conforming FRM LTV Reduction and Other Topics

• Conforming FRM 2-Unit maximum LTV/CLTV/TCLTV reduced.
• Conversion of a Principal Residence, Reserve Requirements.
• Conventional Loans - No Grants or DPA

Issue Date:  01/17/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-002
To: All MSI Wholesale Partners
Re: VA Appraisal Ordering Changes; Underwriting Changes and Other Topics

• Holiday Reminder.
• VA Non-Lapp VA Case Number/Appraisal ordering process.
• VA IRRRL Wells Waiver - Additional Requirement.
• FHA/VA and USDA Loans.
• Underwriting Changes.
• Jumbo Loan now permits 2-unit primary properties.

Issue Date:  01/09/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-001
To: All MSI Wholesale Partners
Re: Underwriting Revisions; VA IRRRL Enhancement; USDA Pilot Refinance Discontinued

• Underwriting Changes.
• FHA/VA 2013 loan limits.
• Jumbo Loan Disaster Policy revision.
• VA IRRRL enhancement.
• Elimination of the USDA Pilot Refinance Program.
• USDA Changes
  . Gift Donor revision.
  . Clarification to Student Loan payments.

2012 Wholesale Lending Announcements

Issue Date:  12/19/2012
Effective Date:  As Noted
Wholesale Mortgage Announcement #: WPA-2012-046
To: All MSI Wholesale Partners
Re: Multiple Topics

• Holiday Reminders.
• Tax Payer Identification Theft.
• Co-Signed real estate debt.
• USDA Revision.
• FHA High Balance Clarification and Revision.
• Non-Owner Occupant Clarification

Issue Date:  12/13/2012
Effective Date:  As Noted
Wholesale Mortgage Lender Announcement #: WPA-2012-045
To: All MSI Wholesale Partners
Re: Fannie Mae Waiver Fee; Relock Policy; and Other Topics

• Clarification on the PIW/PFW waiver fee.
• Revised Relock Policy.
• Reminder: FHA MIP accuracy.
• VA Occupancy change.
• Reminder: For Conventional loans-once a "restructured mortgage" always a "restructured mortgage."
• Revision to qualification for Conventional 1-4 Unit Properties.

Issue Date:  12/6/2012
Effective Date:  As Noted
Wholesale Mortgage Lending Announcement #: WPA-2012-044
To: All MSI Wholesale Partners
Re: Anti-Steering; USDA; Minimum Trade Lines

• Anti-Steering Disclosure Clarification.
• USDA Underwriting revisions.
• Revision to Conventional Minimum Trade Lines.

Issue Date: 11/29/2012
Effective Date: As Noted
Announcement #: WPA-2012-043
To: All MSI Wholesale Partners
Re: REO; Matrices; Multiple Properties and Fannie Mae PIW

• REO-No Exceptions for Fannie/Freddie held properties.
• Updated Matrices - HomePath® and Conforming High Balance
• Clarification for Multiple Properties
• Fannie Mae PIW and Property Field Waivers.

Issue Date:  11/19/2012
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #: WPA-2012-042
To: All MSI Wholesale Partners
Re: 2075; Trust Certification; Investment Property; LP Relief Refinances

• Acceptance of 2075 for relief refinance products.
• Trust Certificate acceptable for the state of Washington.
• Clarification-Investment Property Refinance Restriction.
• LP Relief Refinance-Open Access Revision.
• Reminder: Anti-Steering Disclosure.
• Holiday Reminders.

Issue Date:  11/8/2012
Effective Date:  As Noted
Wholesale Mortgage Lender Announcement #: WPA-2012-041
To: All MSI Wholesale Partners
Re: November Holiday Reminders This announcement provides a reminder that MSI will be closed to celebrate November Holidays.

Issue Date:  11/1/2012
Effective Date:  As Noted
Wholesale Mortgage Lending Announcement #: WPA-2012-040
To: All MSI Wholesale Partners
Re: Hurricane Sandy - Added Counties- Matrix Updated

• This announcement increases the counties affected by Hurricane Sandy for which MSI requires evidence that the subject property is marketable.
• See the added counties in yellow highlight in the matrix.

Issue Date:  10/31/2012
Effective Date:  As Noted
Wholesale Mortgage Lending Announcement #: WPA-2012-039
To: All MSI Wholesale Partners
Re: Disaster Policy Reminder and Conforming Investment

• Reminders regarding MSI's Disaster Policy.
• Clarification to MSI's Investment LTV/CLTV.

Issue Date:  10/25/2012
Effective Date:  As Noted
Wholesale Mortgage Announcement #: WPA-2012-038
To: All MSI Wholesale Partners
Re: Various and Multiple Topics

• AU Central - Retirement.
• Jumbo Product Update.
• USDA Funding restored for Fiscal Year 2013.
• FHA Streamline - Income Figure on the Final 1003 no longer required.
• Flood Insurance - Clarification.
• Underwriting Issues:
  . Bankruptcy Documentation Requirement - Reaffirmation Agreement.
  . Income Documentation - Clarification for all conventional loans.
  . Tax Extensions - Government Deadline Passed.
  . Rate/Term Refinance Clarification - "Short Term Refinance"
• Data Integrity - Reminder!

Issue Date:  10/15/2012
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #: WPA-2012-037
To: All MSI Wholesale Partners
Re: Various Topics

• Reminder: DU Version 9.0 release date.
• Conforming Underwriting Issues:
  . Sale of Personal Assets- Clarification
  . Reminder: Elimination of Appraisal Forms 2075 and 2055.
  . Revision: DU Refi Plus, LP Relief Refinance: Maximum DTI 50%.
  . Clarification: MSI policy for Mortgage/Rental Payment History.
• Reminder: Using Rental Income to Qualify - Fannie Form 1007 required.
• Reminder: FHA 15-year FRM and all ARM Streamlines discontinued for locks on/after 10/02/12.

Issue Date:  9/28/2012
Effective Date:  As Noted
Wholesale Mortgage Announcement #: WPA-2012-036
To: All MSI Wholesale Partners
Re: Anti-Steering Disclosure

• This announcement provides reminders and details regarding MSI requirements for the Anti-Steering Disclosure.

Issue Date:  9/27/2012
Effective Date:  As Noted
Wholesale Mortgage Announcement #: WPA-2012-035
To: All MSI Wholesale Partners
Re: USDA FUNDING; USDA FEE CHANGE REMINDER; Other USDA Issues

• Reminder: Fiscal Year (FY) 2013 USDA Fees in effect.
• The resumption of USDA Refinance Funding.
• Acceptance of "Subject To" Conditional Commitments for Refinance and Purchase Transactions.
• USDA Eligible Areas.
• Update of USDA Refinance Matrix.

Issue Date:  9/20/2012
Effective Date:  As Noted
Wholesale Mortgage Announcement #: WPA-2012-034
To: All MSI Wholesale Partners
Re: Borrower Paid Compensation; DU Refi Plus; DU Version 9.0 and Other Topics

• Borrower Paid Compensation.
• Clarifications to DU Refi Plus.
• Reminder-DU Version 9.0 release date and summary of changes.
• Conforming Underwriting Issues:
  . REO-No Field Review required if Fannie or Freddie currently owns property.
  . Elimination of Appraisal Forms 2075 and 2055 for LP loans.
• Clarifications for Conforming Product Matrix.

Issue Date:  9/11/2012
Effective Date:  As Noted
Wholesale Mortgage Announcement #: WPA-2012-033
To: All MSI Wholesale Partners
Re: Temporary Extension Fee; DU Refi Plus

• Temporary Extension Fee.
• DU Refi Plus - Standard Loan Amounts Only

Issue Date:  9/7/2012
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #: WPA-2012-032
To: All MSI Wholesale Partners
Re: VA Loan Limits; Enhancements to Connexions

• Enhancements to Connexions
• VA Maximum Loan Limits

Issue Date:  8/30/2012
Effective Date:  As Noted
Wholesale Lenders Announcement #: WPA-2012-031
To: All MSI Wholesale Partners
Re: Underwriting Clarifications; Labor Day Closing

• Additional documentation requirements for "verbal" verification of self-employed borrowers
• Additional language for LP Relief Refinances using an HVE (Option Two)
• Reminder - Isaac
• Reminder- Fannie Mae DU, Version 9.0
• Reminder - Labor Day Office Closing

Issue Date:  8/23/2012
Effective Date:  As Noted
Wholesale Lenders Announcement #: WPA-2012-030
To: All MSI Wholesale Partners
Re: New AMC Added; Funding Reminder and Labor Day Reminder

• Announces the addition of a new Appraisal Management Company (AMC) partner.
• Reminds Sellers of refinance closing deadlines.
• Reminds Sellers that MSI will be closed on Labor Day.

Issue Date:  8/20/2012
Effective Date:  8/20/2012
Wholesale Lending Announcement #: WPA-2012-029
To: All MSI Wholesale Mortgage Partners
Re: USDA 2012 Refinance Allocations Depleted Today

• This is to announce that effective immediately, based on depletion of USDA's current fiscal year refinance allocations, MSI will suspend USDA Refinance closings for any USDA loan that does not have a Conditional Commitment.
• If the Lender is delegated, MSI will purchase only those USDA loans that have a Conditional Commitment.

Issue Date:  8/16/2012
Effective Date:  As Noted
Wholesale Lending Announcement #: WPA-2012-028
To: All MSI Wholesale Partners
Re: FHA Streamline Overlay; USDA Changes and Other Topics

• FHA minimum FICO increase.
• USDA - Advance Notice of Changes to Guarantee Fees.
• Clarification - Attached PUD Insurance Requirements.
• Clarification - Authorized User Accounts.
• Revision for Gift Funds.
• Colorado Restriction for FHA Streamline, VA IRRRL lifted.
• LQI and Government GSA discussion.

Issue Date:  8/9/2012
Effective Date:  As Noted
Wholesale Lenders Announcement #: WPA-2012-027
To: All MSI Wholesale Partners
Re: FHA Streamline Overlay; Reminders and Other Topics

• FHA Streamline Overlay.
• Anti-Money Laundering reminder.
• Reminder-Refinance Funding Deadlines for August, 2012.
• Underwriting Clarifications.

Issue Date:  8/3/2012
Effective Date:  As Noted
Wholesale Lenders Announcement #: WPA-2012-026
To: All MSI Wholesale Partners
Re: Refinance Restrictions; Underwriting Changes; Appraiser Credentials and Other Topics

• Refinance Restrictions.
• Appraiser Credential Requirements.
• Clarification for timing of effective dates for Lender Paid Compensation Agreement.
• Underwriting Enhancements/Clarifications and Revisions.
• REO Property Requirements for Sellers with Delegated Underwriting.
• Clarification-Pricing Relock Policy.

Issue Date:  8/2/2012
Effective Date:  As Noted
Announcement #: WPA-2012-025
To: All MSI Wholesale Partners
Re: RD Pilot Refinance-Originator Compensation Issue

• Clarification from USDA regarding Originator Compensation.

Issue Date:  7/26/2012
Effective Date:  As Noted
Wholesale Mortgage Announcement #: WPA-2012-024
To: All MSI Wholesale Partners
Re: Multiple Topics

• Anti-Money Laundering (AML) Rep and Warrant.
• Life of Loan Flood Certifications.
• FHA Streamlines.
• Underwriting Revisions:
• LLC as property seller.
• Conversion of Departure Residence to an Investment.

Issue Date:  7/18/2012
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #: WPA-2012-023
To: All MSI Wholesale Partners
Re: Reps/Warrants; Disaster Policy and Other Topics

• Disaster Policy Revision.
• Property Eligibility Rep/Warrant.
• Geographic Restrictions.
• Conforming REO requirements.
• Data Trac Web Notice.
• Revisions to Construction to Permanent Financing.

Issue Date:  7/10/2012
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #: WPA-2012-022
To: All MSI Wholesale Partners
Re: Important Reminders; FHA/VA Revisions and Other Topics

• Disaster Policy Reminder. Colorado Wildfires-MSI policy.
• FHA Revisions.
• VA Multiple Mortgages Revision.
• Geographic Restriction - Bronx, New York.
• Compliance - Rep/Warrant Reminder.
• Release of findings for AUS - Reminder.
• Underwriting - Other Sources of Income.

Issue Date:  6/27/2012
Effective Date:  As Noted
Wholesale Announcement #: WPA-2012-021
To: All MSI Wholesale Partners
Re: Mortgage History and Important Reminders

• Reminder- MSI will close for Independence Day.
• Conventional Conforming Mortgage History - no lates within the past 12-months.
• Reminder - 2011 Tax Transcripts Required.
• Reminder-FHA Streamline FICO change.
• Reminder- Flood Hazard, additional disclosure language.

Issue Date:  6/26/2012
Effective Date:  As Noted
Wholesale Mortgage Announcement #: WPA-2012-020
To: All MSI Wholesale Partners
Re: USDA Revisions and Clarifications

• Revision to USDA Refinance Pilot regarding Closing Costs and Prepaids.
• Quick View Refinance Matrix.
• Revisions to Refinance Appraisal Requirements.
• Clarification to Household Income requirements.
• Clarification to Student Loan debt requirements.

Issue Date:  6/7/2012
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #: WPA-2012-019
To: All MSI Wholesale Partners
Re: Jumbo Product; Updated Online Tracking System; Clarifications

• Re-introduction of the MSI Conventional Jumbo Product.
• Reminder: Updated Online Tracking Web access.
• Clarification: Delinquent Federal Debt.
• Seller Carry Backs-Not eligible for High Balance.

Issue Date:  5/31/2012
Effective Date:  As Noted
Wholesale Mortgage Lending Announcement #: WPA-2012-018
To: All MSI Wholesale Partners
Re: Anti-Money Laundering; Reminders

• Anti-Money Laundering.
• Reminder-AUS Assignments.
• Reminder-FHA Case Number Assignment/Refinance Authorization.

Issue Date:  5/24/2012
Effective Date:  As Noted
Wholesale Lenders Announcement #: WPA-2012-017
To: All MSI Wholesale Partners
Re: Reminders - Holiday Closing and Other Topics

• Reminder-Memorial Day closing.
• Addition of a 15-year term to our FHA High Balance Product.
• 1075 Condo Appraisal-revision to current guidelines.
• Clarification/Correction for USDA/FHA and VA insurance deductible.
• Reminder regarding Escrow "cushions".

Issue Date:  5/17/2012
Effective Date:  As Noted
Wholesale Lenders Announcement #: WPA-2012-016
To: All MSI Wholesale Partners
Re: Reminders- NMLS; ULDD and Memorial Day

• Reminders for NMLS.
• Reminders/Tips for Uniform Loan Delivery Dataset (ULDD).
• Reminder regarding Memorial Day Holiday.

Issue Date:  5/10/2012
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #: WPA-2012-015
To: All MSI Wholesale Partners
Re: MSI FHA Jumpstart Program and Funding Reminder

• MSI FHA Streamline Jumpstart program.
• Update to the USDA Refinance Pilot Program.
• DU Refi Plus/LP Relief Refinance and a Fannie 2075.
• Refinance Funding Schedule Deadline.

Issue Date:  5/4/2012
Effective Date:  As Noted
Wholesale Mortgage Announcement #: WPA-2012-014
To: All MSI Wholesale Partners
Re: LP Relief Refinance; Employee Loans

• Revisions to MSI's Freddie Mac Relief Refinance Product.
• Clarification of "at interest"/"non-ARMS Length" transactions.

Issue Date:  4/26/2012
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #: WPA-2012-013
To: All MSI Wholesale Partners
Re: Reps/Warrants; Pricing Policies and Other Topics

• Reps/Warrants - Clarification for Confidential Business Information
• Eligibility - Clarification of personal identification requirements for Principals of non-financial institutions.
• Revisions to Early Pay Off-Recapture Policy.
• Revisions to Relock Policy.
• Revision- Condo Requirement.
• Discussion of Cash Flow Analysis (Statement) for the Use of Business Funds.

Issue Date:  4/20/2012
Effective Date:  As Noted
Wholesale Mortgage Announcement #: WPA-2012-012
To: All MSI Wholesale Partners
Re: FHA Amended Dates; DU Refi Plus® and Other Topics

• FHA/VA Multiple Mortgages-owner-occupied properties.
• FHA Amended Effective Dates.
• DU Refi Plus® - expanded guidelines.
• Additional Product Codes for Conforming ARMs.

Issue Date:  4/12/2012
Effective Date:  As Noted
Wholesale Mortgage Lending Announcement #: WPA-2012-011
To: All MSI Wholesale Partners
Re: USDA Revisions; Other Topics

• USDA:
  . Clarification/Revision of USDA requirements.
  . USDA Flood Insurance update.
• Notice of clarification/Correction for Investment FICO, Conforming FRM/ARM.
• Notice of updated HomePath® Form 10.

Issue Date:  4/5/2012
Effective Date:  As Noted
Wholesale Lending Announcement #: WPA-2012-010
To: All MSI Wholesale Partners
Re: Reminders- FHA MIP; MSI Early Closing; Split MI Correction

• FHA change in MIP rates for case numbers assigned on/after April 9, 2012.
• MSI noon (Central Time) closing on Friday, 4/06/12.
• MSI has corrected all documentation to show that Cash Out Refinance transactions are not permitted for Split MI.

Issue Date:  3/28/2012
Effective Date:  As Noted
Wholesale Lending Announcement #: WPA-2012-009
To: All MSI Wholesale Partners
Re: USDA Rural Refinance Pilot; Appraisal Fees

• MSI introduction of the USDA Rural Refinance Pilot for Wholesale Sellers.
• Advance notice of increase in Appraisal Fees.
• USDA Rural Refinance Pilot
  • Effective 3/27/12 MSI will price the USDA Rural Refinance Pilot product. MSI offers the USDA Rural Refinance Program with MSI Overlays to all Wholesale Sellers.
  • The product code for the new Product is: 301708.
  • See Rural Refinance Pilot for details.
  • The Wholesale USDA Product Suite will be updated with these guidelines and posted to the Web Site.
• Appraisal Fees
  Effective April 1, 2012, MSI will post updated fee sheets from our AMC Vendors, InHouse and Streetlinks.
  We have been informed that there will be an increase in most appraisal fees. Please review the updated fee sheets for details.

Issue Date:  3/16/2012
Effective Date:  As Noted
Wholesale Lenders Announcement #: WPA-2012-008
To: All MSI Wholesale Partners
Re: Credit Report Requirements; Other Topics

• MSI's requirement for "Summary" information on the Credit Reports.
• MSI clarification of Appraisal Requirements for "Identity of Interest" transactions.
• Reminder/Clarification: Conventional Appraisals for VA IRRRL.
• Reminder: Purpose of MSI Quick Reference Matrices.
• Refinance Loan Closing Schedule Deadlines.
• Policy: Loan Officer Signatures on the 1003.

Issue Date:  3/9/2012
Effective Date:  As Noted
Wholesale Lenders Announcement #: WPA-2012-007
To: All MSI Wholesale Partners
Re: Appraisal Form 2075; FHA Changes

• This communication announces:
• MSI acceptance of Appraisal Form 2075 under specific conditions.
• FHA Mortgagee Letters

Issue Date:  3/2/2012
Effective Date:  As Noted
Wholesale Lending Announcement #: WPA-2012-006
To: All MSI Wholesale Partners
Re: Multiple Topics

• This communication announces:
• MSI is re-instating our Split MI Product for Conforming FRM.
• Important Reminders:
  . Tax Return Deadlines for 2012.
  . Reminder regarding the accuracy of loan data to MSI.
• Clarifications to the Seller Guide for Fannie Mae CPM.

Issue Date:  2/17/2012
Effective Date:  As Noted
Wholesale Lending Announcement #: WPA-2012-005
To: All MSI Wholesale Partners
Re: Multiple Properties to One Borrower and Other Topics

• President's Day Reminder.
• MSI revision to maximum number of financed properties.
• Updated Seller Guide/Underwriting to comply with Fannie Mae updates for Other Sources of Income.

Issue Date:  2/10/2012
Effective Date:  As Noted
Wholesale Lending Announcement #: WPA-2012-004
To: All MSI Wholesale Partners
Re: Multiple Topics

• Addition to Condo/Attached PUD H06 requirements.
• Acceptance of Borrower Paid Single Premium Mortgage Insurance.
• Clarification to Document and Signature Requirements for Illinois Land Trusts.

Issue Date:  2/2/2012
Effective Date:  As Noted
Wholesale Lending Announcement #: WPA-2012-003
To: All MSI Wholesale Partners
Re: Multiple Topics and Important Reminders and Tips

• MSI enhancement to DU Refi Plus™.
• New Fannie Condo/PUD insurance guidelines.
• New Lock Policies:
  . Addition of an “aggregate loan amount” limit for locking multiple properties.
  . NMLS requirements.
• Important Reminders:
  . Temporary Extension Fee-deadline.
  . Disputed Credit Guidelines.
  . Document Aging: Note Date and "escrow" states.

Issue Date:  1/12/2012
Effective Date:  As Noted
Wholesale Lenders Announcement #: WPA-2012-002
To: All MSI Wholesale Partners
Re: USDA; Temporary Extension Fee; Borrower Privacy

• Martin Luther King Day.
• Fraud Reports required for USDA loans.
• A temporary added extension fee.
• Borrower Privacy.

Issue Date:  1/6/2012
Effective Date:  As Noted
Wholesale Lending Announcement #: WPA-2012-001
To: All MSI Wholesale Partners
Re: VA Loan Limits and Other Important Reminders and Tips

• VA loan limits.
• Clarification for HPML loans.
• Reminder regarding MERS changes.
• Reminder-Proper disclosure of Credits and Fees.
• Tips for MSI Guidelines.
• ULDD Tips.
• Revision- Recapture Fees (Early Prepayment).
• Reminder Escrow Accounts Required.

2011 Wholesale Lending Announcements

Issue Date:  12/16/2011
Effective Date:  As Noted
Wholesale Lenders Announcement #: WPA-2011-040
To: All MSI Wholesale Partners
Re: Government High Balance; First Lien Position; Site Condos and UAD

• VA Loan Limits - High Balance IRRRL.
• FHA High Balance Loan Limits.
• Reminder - Holiday Closing.
• Reminder - First Lien Position
• Site Condos and UAD.

Issue Date:  12/8/2011
Effective Date:  As Noted
Wholesale Lending Announcement #: WPA-2011-039
To: All MSI Wholesale Partners
Re: USDA Fee Change; FHA High Balance; Other Topics

• USDA Funding Fee change for Refinance Transactions.
• 2012 Reinstatement of FHA High Balance loan amounts.
• Reminder - Ordering Tax Transcripts.
• Underwriting Revisions and Clarifications.
• MERS Changes - Reminder
• Non-Owner Occupied Cash Out loans.

Issue Date:  11/23/2011
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #: WPA-2011-038
To: All MSI Wholesale Partners
Re: USDA Fund Appropriation; VA Funding Fees

• USDA Funding.
• Changes to VA Funding Fees as announced by VA.
• Thanksgiving Holiday Reminder.

Issue Date:  11/17/2011
Effective Date:  As Noted
Wholesale Lenders Announcement #: WPA-2011-037
To: All MSI Wholesale Partners
Re: Minimum LPC Increase; Clark County Nevada Restrictions; Underwriting Chapter Clarifications; AIR Requirements

• An increase to MSI minimum Lender Paid Comp plan compensation.
• Elimination of MSI lending in Clark County, Nevada.
• Underwriting Chapter Clarifications.
• AIR Requirements for FHA/VA and USDA Loans.
• Thanksgiving Holiday Reminder.

Issue Date:  11/3/2011
Effective Date:  As Noted
Wholesale Lenders Announcement #: WPA-2011-036
To: All MSI Wholesale Partners
Re: UCDP Clarification; Veteran’s Day Reminder; Change to Procedures for Doc Prep

• Important Clarification Reminder for the Uniform Collateral Data Portal (UDCP).
• Veteran’s Day Reminder.
• Change in MSI’s Doc Prep Guidelines.

Issue Date:  10/27/2011
Effective Date:  As Noted
Wholesale Mortgage Lender Announcement #: WPA-2011-035
To: All MSI Wholesale Partners
Re: USDA, LPMI Rates, Reminders and Other Topics

• USDA Funding. Temporary Moratorium for Refinance Transactions.
• LPMI rates changing and correction to MI guidelines.
• Reminder for Uniform Appraisal Data (UAD) and Uniform Collateral Data Portal (UCDP).
• Reminder for Nationwide Mortgage Licensing System (NMLS) IDs.
• Revisions to underwriting guidelines for Self-Employed Borrowers and Gift of Equity.

Issue Date:  10/20/2011
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #: WPA-2011-034
To: All MSI Wholesale Partners
Re: Disclosure Language

• New Investor Requirement - Added Language for Flood Insurance and Servicing Transfer Disclosures.

Issue Date:  10/13/2011
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #: WPA-2011-033
To: All MSI Wholesale Partners
Re: USDA; VA Funding Fee; Tax Extension Deadlines

• USDA Funding
• USDA loans and Flood Cert
• Tax Extension Deadline Reminder
• VA Funding Fee - Announcements by VA

Issue Date:  9/29/2011
Effective Date:  As Noted
Wholesale Lender Announcement #: WPA-2011-032
To: All MSI Wholesale Partners
Re: USDA Changes

• USDA Revisions and Guarantee Fee Reminder

Issue Date:  9/23/2011
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #: WPA-2011-031
To: All MSI Wholesale Partners
Re: UAD Clarification; NMLS Clarification; Other Topics

• UAD Clarification - MSI updates minimum Quality Rating
• NMLS Clarification - Delaware, Maine and Missouri
• VA Funding Fee Reduction for October 1, 2011
• Underwriting Clarifications

Issue Date:  9/15/2011
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #: WPA-2011-030
To: All MSI Wholesale Partners
Re: Reminders and Other Topics

• Reminder - Uniform Appraisal Dataset (UAD) required for FHA loans
• Quick Reminder that Fannie Mae will be updating DU for FHA loans the weekend of 9/17/11
• Clarification for credit requirements Non-Purchasing Spouse for community property states
• Clarifications and restrictions for the use of “Future Income”
• Clarification regarding Temporary High Balance Loan Limits versus Permanent “High Balance” loan limits

Issue Date:  9/8/2011
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #: WPA-2011-029
To: All MSI Wholesale Partners
Re: Multiple Topics

• Underwriting Changes
• Reminder regarding USDA anticipated implementation of an Up-Front guarantee fee and an annual fee
• Reminder-Disclaimer regarding compliance or legal information provided by MSI
• Deadlines for Temporary High Balance - Conforming and FHA

Issue Date:  8/25/2011
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #: WPA-2011-028
To: All MSI Wholesale Partners
Re: USDA, Temporary Loan Limits and Other Topics

• Reminder regarding Financed Private Mortgage Insurance
• Expiration dates for High Balance Loan Limits
• Increase in LPMI maximum DTI
• Revision to the MSI Extension Policy
• USDA Clarifications/Revisions
• Underwriting Guidelines
• Principal Curtailment Policy
• Changes to process for FHA ARMs

Issue Date:  8/18/2011
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #: WPA-2011-027
To: All MSI Wholesale Partners
Re: UAD Reminders and Elimination of 2075

• Reminders regarding the Uniform Appraisal Dataset - Conventional Loans
• Elimination of the acceptance of the 2075
• Reminder: DU Version 8.3- Installation the weekend of 8/20/11
• Reminder/Clarification - Title Insurance coverage amount

Issue Date:  8/11/2011
Effective Date:  As Noted
Wholesale Mortgage Lending Announcement #: WPA-2011-026
To: All MSI Wholesale Partners
Re: FHA Updates and other Multiple Topics

• FHA Streamline - operation correction.
• FHA Sponsored Originator and Authorized Agent - Updates to Seller Guide.
• Security Bars on Windows - MSI requirement - ALL Products.
• Pre-Foreclosure Event - Clarification.
• Reminders - AUS

Issue Date:  8/4/2011
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #: WPA-2011-025
To: All MSI Wholesale Partners
Re: Multiple Topics

• Illinois POA Reminder.
• MSI Reminder - Clarifying Amendments to RESPA
• Suspension of RMIC as an approved Mortgage Insurer.
• Essent - Newly Approved MI Company.
• Reminder- Appraisal requirements for purchase of short sale properties.
• Revision to USDA Condo/PUD restrictions.

Issue Date:  7/28/2011
Effective Date:  As Noted
Wholesale Mortgage Lender Announcement #: WPA-2011-024
To: All MSI Wholesale Partners
Re: Multiple Topics

• Underwriting Changes for Delegated Underwriters.
• FHA Clarification- Included Debts to Qualify.
• Restrictions for refinance loans where the Seller is the current holder of the mortgage.
• NMLS (S.A.F.E. Act) Reminders and clarification.
• Documentation Reminder- Intent to Proceed.
• Unacceptable Title Agent.
• Higher Priced Mortgage Loans - Addition of Home Path® and LP Relief Refinances.

Issue Date:  7/21/2011
Effective Date:  As Noted
Wholesale Mortgage Lender Announcement #: WPA-2011-023
To: All MSI Wholesale Partners
Re: Multiple Topics

• Reminder regarding the new DU Release 8.3.
• Clarification of “total household income” for USDA loans.
• News of a Product Suite “clean-up”.
• Wholesale Fee Changes.

Issue Date:  7/15/2011
Effective Date:  As Noted
Wholesale Mortgage Lender Announcement #: WPA-2011-022
To: All MSI Wholesale Partners
Re: Multiple Topics

• Underwriting Clarifications.
• Changes to MSI Condo/Attached PUD restrictions for standard conforming loan amounts.
• Reminders regarding Temporary High Balance Limits.
• Reminders regarding the upcoming Uniform Mortgage Data Program (UMDP).
• Reminders regarding the S.A.F.E. Act and federally regulated lenders.
• Change to minimum FICO for Conforming FRM, owner-occupied.

Issue Date:  7/8/2011
Effective Date:  As Noted
Wholesale Mortgage Lender Announcement #: WPA-2011-021
To: All MSI Wholesale Partners
Re: Underwriting Clarifications, Pricing Policy Revisions

• Underwriting Clarifications - Seller Carried Second Mortgages.
• MSI Pricing Policy Revisions

Issue Date:  6/10/2011
Effective Date:  As Noted
Wholesale Mortgage Lender Announcement #: WPA-2011-020
To: All MSI Wholesale Partners
Re: CPM Instructions and Other Topics

• Instructions for requesting CPM Condo approval through MSI.
• Conforming High Balance Investment Property.

Issue Date:  6/3/2011
Effective Date:  As Noted
Wholesale Mortgage Lending Announcement #: WPA-2011-019
To: All MSI Wholesale Partners
Re: Underwriting Enhancements and Other Topics

• Expansion of the FHA High Balance Product.
• Enhancements to MSI Underwriting Overlays.
• Reminders and requirements regarding the accuracy of the AUS data.
• Clarification for properties with a Conforming-Legal Non-Conforming Use.
• Elimination of Third Party Contract Underwriting.
• Lender Paid Compensation - Third Party Processing Charges Not Permitted.
• Clarifications to the Tax Payment 60-Day Rule.

Issue Date:  5/26/2011
Effective Date:  As Noted
Wholesale Mortgage Lending Announcement #: WPA-2011-018
To: All MSI Wholesale Partners
Re: Multiple Topics

• Clarifications to MSI VA High Balance purchase transaction.
• Revision to Conventional Rural Properties Guidelines.
• Clarification for HO-6 condo coverage.
• Clarifications for Fannie Mae Red Flag messages or Freddie Mac HVE messages.
• Some reminders/clarifications regarding FHA Sponsored Originators.
• Reminder that MSI will be closed on Monday, 5/30/11 to observe the Memorial Day Holiday.

Issue Date:  5/19/2011
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #: WPA-2011-017
To: All MSI Wholesale Partners
Re: Multiple Topics and Important Reminders

• Clarification for “ending” dates for High Balance.
• Implementation of DU Refi Plus for High Balance loans.
• An increase in the MSI price cap for all products.
• Clarification for Attached PUDs and implementation of a new MSI Attached PUD Certification form.
• Reminder of the deadline for the NMLS Registry for Federally Regulated originators.
• A link for a RESPA Update to remind Sellers.
• Clarification for Rental Income for HomePath® mortgages.
• The ability for Brokers with branches to establish different LO Compensation Pricing Agreements.
• Discussion of the actions accepted by MSI for curing material errors in TILs.

Issue Date:  5/18/2011
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #: WPA-2011-016
To: All MSI Wholesale Partners
Re: Security Update - Protecting Your Private Information with Email Encryption

• This communication announces MSI’s Email Encryption Policy and Process.
  
  Effective with the start of business on May 25, 2011, emails containing confidential data between MSI and you will be encrypted. You may receive secure e-mail via the following method:
• ZixPort
• You will be asked to click on a link in the email, which will connect you to our secure message center.
• There you will register your own personal private password to retrieve and reply to our secure messages.

Issue Date:  5/12/2011
Effective Date:  As Noted
Wholesale Mortgage Lending Announcement #: WPA-2011-015
To: All MSI Wholesale Partners
Re: HomePath®; FHA Streamline Enhancements; Modified
Mortgage Revisions and Other Topics

• Implementation of the Fannie Mae HomePath® product.
• Announcement of an MSI enhancement to our FHA Streamline Overlays.
• Radical revisions to our Modified Mortgage guidelines.
• A reminder regarding the dates for Tax Transcripts now that we are past
  4/15/11.
• Clarification and/or revision of Underwriting Requirements.
• Decrease in the minimum FICO requirement for LPMI loans.

Issue Date:  5/6/2011
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #: WPA-2011-014
To: All MSI Wholesale Partners
Re: Modified Mortgage Requirements, VA High Balance and other Topics

• Important Reminders
• Specific guidelines for loans modified to provide payment assistance.
• 1008 Requirements - Method of Income Calculation
• Conforming Product Suite updates for Product Codes.
• Addition of VA High Balance loans.
• USDA guideline clarifications and changes.

Issue Date:  4/14/2011
Effective Date:  As Noted
Wholesale Mortgage Lending Announcement #: WPA-2011-013
To: All MSI Wholesale Partners
Re: Multiple Topics

• Provides an additional requirement for loans with Lender Paid Compensation.
• Provides a reminder regarding the anticipated end date for Temporary Loan Limits (High Balance).
• Revisions/Clarification to guidelines for multi-unit properties.
• Announces corrections to the Government Product Suite.

Issue Date:  4/1/2011
Effective Date:  As Noted
Wholesale Mortgage Lending Announcement #: WPA-2011-012
To: All MSI Wholesale Partners
Re: LO Compensation Delayed by US Court of Appeals

• This communication announces the delay of the TILA LO Compensation Rules.

Issue Date:  3/31/2011
Effective Date:  As Noted
Wholesale Mortgage Lending Announcement #: WPA-2011-011
To: All MSI Wholesale Partners
Re: Multiple Topics

• Provides a link (and reminder) of MSI’s new pricing engine and the LO Compensation Requirements.
• Provides a clarification for re-submission “rules” for LP.
• Provides a notice that the Disclosure Request and the Doc Request Form have been updated to accommodate LO Compensation requirements.
• Announces that MSI requires that all USDA appraisals meet the FHA Appraisal Independence requirements.

Issue Date:  3/25/2011
Effective Date:  As Noted
Wholesale Mortgage Lender Announcement #: WPA-2011-010
To: All MSI Wholesale Partners
Re: LO Compensation and other Multiple Topics

• Announces an updated/clarified Effective Date for compliance with the Loan Officer Compensation requirements. 
• Provides important dates and reminders.
• Provides revisions for Wholesale Pricing.
• Announces for Conventional Loans the removal of the acceptability of the Fannie Mae Condo Approval.
• Announces the change in the Government ARM Margin and reminders.
• Clarifies the Closing Protection Letter (insurance) Fee and APR.

Issue Date:  3/15/2011
Effective Date:  As Noted
Wholesale Mortgage Lender Announcement #: WPA-2011-009
To: All MSI Wholesale Partners
Re: Loan Officer Compensation

• This communication outlines MSI requirements to ensure compliance with the new amendments to Regulation Z related to Loan Officer Compensation.

Issue Date:  3/10/2011
Effective Date:  As Noted
Wholesale Mortgage Lender Announcement #: WPA-2011-008
To: All MSI Wholesale Partners
Re: MSI Overlays for FHA; USDA Changes and Other Topics

• Clarifies the FHA Guidance changes and imposes MSI Overlays.
• Revises the MSI Minimum FICO for 5/1 Streamline ARM loans.
• Addresses recent USDA Announcements.
• Provides additional clarification for documentation requirements for
  Conventional Self-Employed Borrowers.

Issue Date:  3/3/2011
Effective Date:  As Noted
Wholesale Lenders Announcement #: WPA-2011-007
To: All MSI Wholesale Partners
Re: FHA New Guidance and Other Topics

• Corrects the effective date for the AVM requirement for FHA Streamline Refinances.
• Addresses the new guidance in FHA Mortgagee Letter 11-11.
• Clarifies MSI Reserve Requirements for Investment Properties.
• Provide Underwriting Reminders.

Issue Date:  2/24/2011
Effective Date:  As Noted
Wholesale Lenders Announcement #: WPA-2011-006
To: All MSI Wholesale Partners
Re: FHA Changes and Other Topics

• Adds an MSI overlay to FHA Streamline Refinances.
• Addresses the FHA Mortgagee Letters 11-10 and 11-11.
• Clarification for Trusts and POA’s.
• Clarification for Eligible Borrowers.
• Revises MSI Reserve Requirements.

Issue Date:  2/17/2011
Effective Date:  As Noted
Wholesale Lending Announcement #: WPA-2011-005
To: All MSI Wholesale Partners
Re: Multiple Topics

• Announces
• Revision to refinance guidelines, verification of funds.
• Revised MSI Document Preparation Form and updated procedures.
• Issues
• Reminder that MSI will be closed for business on Monday, 2/21/11 to observe President’s Day.
• Reminders regarding the NMLS requirements.
• Clarifies
• No Cash Out Seasoning requirement.
• MSI Verbal Verification of Employment timing requirements.

Issue Date:  2/10/2011
Effective Date:  As Noted
Wholesale Lending Announcement #: WPA-2011-004
To: All MSI Wholesale Partners
Re: Multiple Topics

• Announces
• A change in the age of appraisals for our Conventional High Balance loans.
• A temporary ban on loans with Temporary Buy Downs.
• A change in our extension policy.
• A change to our No Cash Out Refinance Seasoning.
• A change in the eligible borrowers for MSI Freddie Mac Relief Refinance.
• Provides a Reminder
• Regarding the Reg Z and MDIA changes for 1/31/2011.
• For FHA Sponsored Originators (SO).
• Clarifies
• MSI policy regarding Escrow (Completion) Holdbacks and roofs.
• MSI “No Lender Cert” policy.
• MSI “No Builder Bailout” policy.

Issue Date:  1/27/2011
Effective Date:  As Noted
Wholesale Lenders Announcement #: WPA-2011-003
To: All MSI Wholesale Partners
Re: Various Important Reminders and Clarifications

• Important 4506-T and Tax Transcripts Reminders.
• Clarifies:
• MSI’s required Seller Warranties regarding “environmental issues and other hazards”.
• MSI guidelines regarding Reserve Requirements.
• Revises the language “HVCC” to Appraisal Independence Requirements (AIR) per Fannie Mae and Freddie Mac.
• Correction/Clarifications:
• MSI Escrow Waiver Policy.

Issue Date:  1/13/2011
Effective Date:  As Noted
Wholesale Lending Announcement #: WPA-2011-002
To: All MSI Wholesale Partners
Re: Conventional FICO; Reminder HUD Anti-Flipping; Contract Underwriters

• Reminds Sellers that MSI is closed for Martin Luther King Day.
• Announces the new MSI Minimum FICO for conventional loans.
• Reminds Sellers that MSI has eliminated the HUD Temporary Anti-Flipping Guidelines and provides deadlines.
• Clarifies/Corrects the only Contract Underwriting Companies acceptable to MSI for Sellers that do not have Delegated Underwriting Authority.

Issue Date:  1/6/2011
Effective Date:  As Noted
Wholesale Lending Announcement #: WPA-2011-001
To: All MSI Wholesale Partners
Re: Regulatory Reminders and Various Topics

• Regulatory Reminders:
• S.A.F.E. Act reminders and MSI process to ensure compliance.
• Risk Based Pricing Rules.
• New TIL Form Requirements.
• Clarifications/reminders regarding:
• Inclusion of Good Faith Estimate Forms in the loan delivery file.
• High Balance loans.
• Energy Efficient Mortgage (EEM) loans.
• The FHA program changes.
• CLTV/TLTV calculations.

2010 Wholesale Lenders Announcements

Issue Date:  12/23/2010
Effective Date:  As Noted
Special Wholesale Lenders Statement
To: All MSI Wholesale Partners
Re: Special Edition Statement

In response to FHA’s recently issued “Special Edition Statement,” from The FHA Housing Commissioner, David Stevens, Mortgage Services III, LLC will likewise, extend two important deadlines, contemplated in Mortgagee Letter 2010-20.

• FHA “Loan Correspondents” with case assignments issued in 2010 now have until 3-31-2011 to close/disburse those FHA loans, provided that MSI has fully approved (credit profile/AUS and FHA appraisal) by 12-30-2010.
• MSI customers who currently enjoy an “Authorized Agency” relationship may proceed transacting their FHA production with MSI as they have heretofore until 6-30-2011. FHA has announced a new deadline of 7-1-2011, for “Principals” to obtain their “Unconditional Direct Endorsement” approval.

Issue Date:  12/17/2010
Effective Date:  As Noted
Wholesale Lending Announcement #: WPA-2010-040
To: All MSI Wholesale Partners
Re: GFE and TIL Process; Revised Forms and More Underwriting Clarifications and Year-End Timing

• A new requirement (procedure) for Sellers that are MSI FHA Sponsored Originators and a new Disclosure Request Form.
• Copies of the revised FHA Case Number Request Form and the VA CAIVRS Request Form.
• More Underwriting Clarifications (‘tis the season).
• Reminders regarding end of year timing.

Issue Date:  12/09/2010
Effective Date:  As Noted
Wholesale Lending Announcement #: WPA-2010-039
To: All MSI Wholesale Partners
Re: FHA and Conventional Underwriting Clarifications -New Deadlines for FHA Loan Program Changes

• Deadlines for the use of Fannie Mae DU Version 8.1.
• A summary of clarifications for Conventional Underwriting.
• A MSI overlay to correct an FHA Streamline issue.
• New deadlines for the FHA Program Changes

Issue Date:  12/03/2010
Effective Date:  As Noted
Wholesale Lending Announcement #: WPA-2010-038
To: All MSI Wholesale Partners
Re: USDA Rural Development Clarifications and Revised Form

• A summary of clarifications from AN 4543
• Revised USDA Rural Development 1980-21 Form

Issue Date:  12/02/2010
Effective Date:  As Noted
Wholesale Lenders Announcement #: WPA-2010-037
To: All MSI Wholesale Partners
Re: FHA Changes to Loan Correspondents

While it is possible that HUD may soon announce further changes to its impending sponsorship revisions, the information herein addresses relative procedures and deadlines as they currently stand. We will follow with any updates if and when they become available and/or become necessary to facilitate a smooth transition to the new FHA loan program changes. This communication announces the following:

• MSI summary of FHA Changes in their Loan Correspondent program.

Issue Date:  11/18/2010
Effective Date:  As Noted
Wholeasle Lending Announcement #: WPA-2010-036
To: All MSI Wholesale Partners
Re: Multiple Changes for Underwriting; USDA New Minimum FICO

• A reminder about the Thanksgiving holiday closing schedule.
• A summary of underwriting changes, see the matrix for details.
• FHA Property Flipping Waiver-discontinued.
• Reminder regarding VA loans and Power of Attorney.
• USDA has instituted a new minimum FICO—640 and other changes.

Issue Date:  11/10/2010
Effective Date:  As Noted
Wholesale Lenders Announcement #: WPA-2010-035
To: All MSI Wholesale Partners
Re: USDA & Veterans Day

• A reminder that MSI is closed on Thursday, 11/11/10 to observe Veteran’s Day.
• A summary of USDA Rural Housing changes.

Issue Date:  11/3/2010
Effective Date:  As Noted
Wholesale Lending Announcement #: WPA-2010-034
To: All MSI Wholesale Partners
Re: Inquiries and Other Topics

• A revision to effective date for 120-day inquiries.
• An additional guideline for conversion of principal residence for LP loans.
• An update for the use of the 2075 Appraisal Form.
• A reminder regarding MSI new AMC Partnerships.
• MSI interpretation for FHA and VA “Projected Obligations”.
• A revision to the Disaster Policy.

Recent Announcements Announcement Archive