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Mortgage Services III, LLC MICRO News Update

Big Mortgage News & Holiday Greetings

Dec. 23, 2013 by Mortgage Services III MICRO News

Happy Holiday's from MSI & The MICRO News! Make sure you check out this episode of the MICRO News, here's what you'll see:

  • A visit from a Very Special (sketchy) guest
  • See if you can detect which movie is being referenced in this episode
  • CFPB Updates
  • 2014 Loan Limits & more...

We look forward to your feedback and wish eveyone Happy Holiday's from MSI.

Want to make a comment?
Visit the MICRO News Blog!

 

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 Rural Housing 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
ACT Appeal Form_MSI
ACT Fee sheet

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
Jumbo 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

 

Wholesale Lending Rates
Lender Resources/Forms
Broker/Banker Application Package
Modified Correspondent
 

Follow MSI online: MSI Secure Email MSI on YouTube MSI on LinkedIn MSI on Google +

Strategic Partner

Genworth/AU Central

Important Email Addresses

Secure MSI Email
Pricing, Underwriting, Closing,
 Help Desk, General Info,
Loan Payments/Accounting
 

Licensing Info

Mortgage Services III, LLC Wholesale Division is currently doing business in these States

FHA Sponsorship
MSI Wholesale Lender Announcements
All Mortgage Services III, LLC Announcements will be listed both here and on the resources page of this site. If you are looking for older versions they can be found in the archive.

2014 Wholesale Lending Announcements

Issue Date:  1/23/2014
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2014-003
To: All MSI Wholesale Partners
Re: Points and Fees; Financial Reform Disclosures; Anti-Flipping

  • Acceptable 3rd party Vendors for Points/Fees Form.
  • Sample Disclosures - MSI Requirements.
  • Underwriting - Changes in "Property Flipping" requirements.

Issue Date:  1/17/2014
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2014-002
To: All MSI Wholesale Partners
Re: Holiday Reminder; CFPB; Gift Funds

  • Martin Luther King Day Reminder.
  • Points and Fees - CFPB.
  • Gift Funds Clarification.
  • Correction to Announcement 2014-001.

Issue Date:  1/09/2014
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2014-001
To: All MSI Wholesale Partners
Re: CFPB and Various Topics

  • Correction of MSI Announcement 2013-40.
  • HUD Final Rule for Qualified Mortgages.
  • CFPB-additional notes to the Points/Fees Test.
  • CFPB and Borrower Paid Upfront private MIP.
  • Uniform Mortgage Data Program Reminder.
  • Compliance with MDIA (Reg Z) tolerances.
  • Underwriting.
  • MSI - Updated Administration Fees.
  • VA Loan Limits.
  • Government Loans - TOTAL Scorecard.
  • Principal Reductions at Closing.

2013 Wholesale Lending Announcements

Issue Date:  12/19/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-040
To: All MSI Wholesale Partners
Re: Holiday Reminder; Announcement Note; CFPB - Audit Requirements and Rep/Warrant; Business Funds; DU Gifts

  • MSI Announcement Note.
  • Holiday Schedule Reminder.
  • Financial Reform- Addition of Residual Income Requirements for QM Rebuttal Presumption loans.
  • Financial Reform - Audit Points.
  • Financial Reform- Rep/Warrant.
  • Use of Business Funds.
  • Fannie Mae DU Gift Requirements.

Issue Date:  12/12/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-039
To: All MSI Wholesale Partners
Re: Holiday Schedule; 2014 Loan Limits; CFPB Tidbits; AMC Pricing

  • Holiday Closing Schedule.
  • 2014 Loan Limits.
  • CFPB Tidbits: Updates; LO Compensation; MI Discussion.
  • Reminder: AMC Price Sheet Updates.

Issue Date:  12/5/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-038
To: All MSI Wholesale Partners
Re: AIR Borrower Acknowledgement; AMC Price Change; Tax Transcripts

  • AIR - Borrower Acknowledgement - now required for all products.
  • Appraisal Management Company (AMC) Price Changes.
  • Tax Transcripts for Business Returns.

Issue Date:  11/21/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-037
To: All MSI Wholesale Partners
Re: Thanksgiving Holiday; Homepath®; QM Points & Fees; 3/1 ARM Elimination

  • Reminder - Thanksgiving Holiday.
  • Homepath® 95.00% Maximum.
  • CFPB - Qualified Mortgage, Points and Fees - A closer look.
  • 3/1 ARM Elimination.

Issue Date:  11/14/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-036
To: All MSI Wholesale Partners
Re: Reminders; Heads Up for CFPB; Sub-Prime Loans; USDA

  • Reminder - DU Version 9.1.
  • Reminder - Thanksgiving Holiday.
  • CFPB - High Level Summary.
  • Sub-Prime Loans.
  • USDA Refinance Revisions.

Issue Date:  11/8/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-035
To: All MSI Wholesale Partners
Re: Reminders

  • Reminder - DU Version 9.1.
  • Reminder - Veteran's Day.
  • Reminder Tax Transcripts.
  • FHA Back at Work.

Issue Date:  10/31/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-034
To: All MSI Wholesale Partners
Re: FHA Streamlines; New York; Veteran's Day; DU Version 9.1; Tax Transcripts

  • FHA Streamlines - Addition of 15 year terms.
  • New York - enhancement for Bronx County.
  • Veterans Day Reminder.
  • DU Version 9.1.
  • Tax Transcripts.

Issue Date:  10/24/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-033
To: All MSI Wholesale Partners
Re: FHA Revisions; Revised Lock Times; Fannie 97; Tax Transcripts; USDA and HomePath®

  • Revised Lock Cut-Off Time.
  • Fannie 97% - Deadline Dates.
  • FHA Revisions:
    • Additional requirements for the FHA 620-639 FICO sub-product.
    • FHA changes to collection and disputed accounts.
  • Government Shut Down:
    • Tax Transcripts
    • USDA
  • Fannie HomePath® appraisal clarification.

Issue Date:  10/10/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-032
To: All MSI Wholesale Partners
Re: Columbus Day and Other Important Reminders; Fannie 97

  • Columbus Day Reminder.
  • Tax Extension Reminder.
  • DU Release 9.1 and the elimination of Fannie 97.
  • Important Loan Data Accuracy Reminders.

Issue Date:  10/03/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-031
To: All MSI Wholesale Partners
Re: Government Shutdown Impact; Jumbo Revisions; Government FICO

  • Columbus Day
  • Business impact of Government Shutdown.
  • Jumbo Product Revisions.
  • Government FICO - 620-639

Issue Date:  09/26/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-030
To: All MSI Wholesale Partners
Re: Underwriting Chapter - Fall Housekeeping

  • Fall housecleaning for the MSI Underwriting Chapter.

Issue Date:  09/19/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-029
To: All MSI Wholesale Partners
Re: Future Income; Disputed Accounts; Flood Insurance

  • Future Income - Conventional Loans
  • Disputed Accounts - Conventional Loans
  • Flood Insurance Requirements - All Loans

Issue Date:  09/12/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-028
To: All MSI Wholesale Partners
Re: Freddie Mac LP High Balance and Underwriting Changes

  • High Balance for Freddie Mac LP.
  • Underwriting Changes.

Issue Date:  08/28/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-027
To: All MSI Wholesale Partners
Re: Reminders and More Good News

  • Reminder-Office Closed for Labor Day.
  • Reminder - Credit Rescoring and Credit Repair.
  • VA 100% Cash Out - Revisions.
  • Increase in Maximum Price.

Issue Date:  08/21/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-026
To: All MSI Wholesale Partners
Re: Good News; VA 100% Cash Out; FACTA Alert

  • Good News:
    • Conventional Mortgage History.
    • FHA DTI.
  • VA 100% Cash Out.
  • Fair and Accurate Credit Transactions Act (FACTA) Alert Notice.

Issue Date:  08/09/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-025
To: All MSI Wholesale Partners
Re: FHA Changes; Underwriting Changes; Reminders

  • Pricing Improvement.
  • Underwriting Revisions.
  • FHA Revisions.

Issue Date:  08/01/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-024
To: All MSI Wholesale Partners
Re: Multiple Topics

  • Conforming 97% Program Enhancement.
  • Fannie Mae High Balance-Clarification.
  • Important Clarification: LQI Report Timing.
  • Jumbo Loan Appraisal Documentation.
  • Reminders:
    . 5/1 ARM Structure Changes.
    . FHA MIP Changes.
    . Government Insuring Certificates.

Issue Date:  07/26/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-023
To: All MSI Wholesale Partners
Re: Underwriting Clarifications

  • 4506-T Clarifications.
  • Security Instrument Covenant Violations.
  • Income Documentation Changes.

Issue Date:  07/18/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-022
To: All MSI Wholesale Partners
Re: VA IRRRL; Updated CPM

  • VA IRRRL - No Appraisal Product.
  • Updated CPM Questionnaire.

Issue Date:  07/03/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-021
To: All MSI Wholesale Partners
Re: Fannie DU 97%; Massachusetts; Holiday Reminder

  • Fannie Mae 97 loans.
  • Massachusetts Appraisals.
  • Holiday Reminder.

Issue Date:  06/27/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-020
To: All MSI Wholesale Partners
Re: Holiday; Gift Funds; Large Deposits

  • Holiday Reminder.
  • Gift Donor - Source of Funds.
  • Clarification-Large Deposits

Issue Date:  06/20/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-019
To: All MSI Wholesale Partners
Re: Electronic Submission of Underwriting Conditions and Other Topics

  • Electronic Submission of Underwriting Conditions.
  • High Balance LPMI - Minimum FICO Reminder.
  • Tax Return/Transcripts - closing date clarification.
  • Gift of Equity - New Down Payment Requirements.
  • 5/1 ARM - Cap Structure Change.

Issue Date:  06/06/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-018
To: All MSI Wholesale Partners
Re: FHA HPML

  • New FHA MIP and Higher Priced Mortgage Loans.

Issue Date:  05/30/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-017
To: All MSI Wholesale Partners
Re: Conforming High Balance; Reminders; Clarifications

  • Tax Returns and Transcripts Reminder.
  • Conforming High Balance FICOs.
  • Conforming Multi-Unit Listing Restrictions

Issue Date:  05/23/2013
Effective Date:  As Noted
Wholesale Mortgage Lenders Announcement #:
WPA-2013-016
To: All MSI Wholesale Partners
Re: Reminders and New Jersey Restriction

  • Reminder: Critical FHA MIP changes go into effect on June 3.
  • Reminder: Holiday Closing.
New Jersey Geographic Restriction

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 and Older Wholesale Lending Announcements

Announcement Archive

Mortgage Services III, LLC is a wholly owned subsidiary of First State Bank www.firststatebank.biz