Mortgage Services III, LLC is a fresh face in the Mortgage Industry. With the financial security of bank ownership and an experienced and knowledgeable staff, MSI is positioned to provide you with a world class customer experience!

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Mortgage Services III constantly adding valued products and services!

Mortgage Services III, LLC
Wholesale Rates Updated Daily!!

Wholesale Seller Guide
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
Government Products
FHA/VA Overlays
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 
Owner Occupancy Affidavit
HPML Calculation Web Site

Appraisal Ordering
MSI Overview Appraisal Order Process
HVCC Borrower Acknowledgement
HVCC FAQ's

RealEC Appraisal Ordering
LSI Appraisal Price Sheet
LSI Appraisal Contact Sheet
LSI Appraisal Appeal Request

StreetLinks Appraisal Contact Sheet
StreetLinks Appraisal State Pricing

MDA Lending Solutions Appraisal Pricing
MDA Lending Solutions Contact Info

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 Checklist

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-updated

 

2010 Wholesale Lenders Announcements

Issue Date:  03/11/2010
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2010-008
To: All MSI Wholesale Partners
Re: Extended Lock Periods; FHA First Time Homebuyers; Income Guidelines; Government Hazard Deductibles

• Announces our Extended Lock Period Policy.
• Announces MSI maximum DTI for First Time Homebuyers.
• Clarifies use of 2009 Tax Returns to validate "additional" income.
• Provides guidelines for use of Corporate Net Profit for self-employed borrowers.
• Provides correction/clarification for Hazard Insurance Deductibles for Government loans.

Issue Date:  02/26/2010
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2010-007
To: All MSI Wholesale Partners
Re: VA Fee Eliminated; Elimination of Cash Out Investment; Short Sales; FHA Spot Condos; HO-6 Reminder

• Eliminates the MSI VA Administration Fee.
• Eliminates cash out for investment properties.
• Announces additional restrictions for Short Sale Purchase transactions.
• Announces a "drop dead" date for FHA spot condo approvals.
• Provides an HO-6 Condo Insurance Reminder

Issue Date:  02/19/2010
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2010-006 &
PM-WS-2010-001
To: All MSI Wholesale Partners
Re: Hazard Insurance; Detached Condos; Pre-Funding Chapter & USDA Maximum Premium

• Revises the Hazard Insurance Rule to 60-days to be consistent with the Tax Payment Rule.
• Clarifies Type P, Detached Condos.
• Announces the publication and posting of the Wholesale Pre-Funding Standards and Process Chapter.
• Decrease the maximum premium paid for Rural Housing (USDA)
• Effective for loans locked (or relocked) on/after Monday, February 22, 2010, MSI will decrease the maximum premium paid for Rural Housing (USDA) from 103.750 to 103.000.
  Maximum premium for USDA will be 103.000 effective for all loans locked (or relocked) on/after 2/22/10.

Issue Date:  02/05/2010
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2010-005
To: All MSI Wholesale Partners
Re: Various Topics, Lock Desk Hours, Government Overlays
MSI has posted a new Announcement to the Web Site.
This communication announces the following:

• Announces a MSI policy update for Interested Party Contributions.
• Announces new Lock Desk Hours.
• Announces new MSI government overlays:
  . Loan minimum for FHA and VA loans.
  . MSI overlays for the FHA Temporary Waiver of certain Anti-Flipping requirements.
  . MSI Overlay for Conversion of a principal residence to an investment for FHA loans.
• Announces a Certification Form that can be used in lieu of FraudCheck reports.
• Makes one more clarification to the FHA Appraiser Independence guidelines.
• Clarifies the Itemization of Amount Financed requirement.
• Announces new Doc Prep Forms

Issue Date:  02/01/2010
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2010-004
To: All MSI Wholesale Partners
Re: Itemization of Amount Financed; FHA Appraiser Independence; Seller Credits

• Announces MSI's requirement for a separate Itemization of Amount Financed.
• Reminds and clarifies MSI's policy regarding FHA Appraiser Independence.
• Announces MSI policy regarding Seller Credits.
• Reminds Sellers that MSI requires the most current version of DU and LP.

Issue Date:  01/15/2010
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2010-003
To: All MSI Wholesale Partners
Re: 1003; GFE Help Document; Etc.

• Advises Sellers of a new "help" document posted on our Web Site.
• Advises Sellers of temporary unavailability for RealEC.
• Eliminates MSI acceptance of FHA Condo Approvals for Conventional Loans.
• Clarifies MSI policy regarding use of the new 1003.

Issue Date:  01/15/2010
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2010-002
To: All MSI Wholesale Partners
Re: Various Topics; Change in Underwriting Submission

• Provides a reminder for Martin Luther King Day.
• Provides MSI Overlay Policy for FHA use of the Fannie 1004D/Freddie 442 form.
• Provides the MSI policy regarding purchase transactions with re-negotiated Purchase Agreements.
• Reminds and clarifies HPML; MDIA and RESPA Reform.
• Reminds that all for all loans Sellers must use the Revised 1003 (6/09) for loan applications on/after 1/01/10.
• Announces a change in the Underwriting Submission Process.

Issue Date:  01/08/2010
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2010-001
Re: RESPA Reform; FHA Appraisal; IL Land Trust; Broker Fee Agreement

• Provides MSI forms and a certification requirement for RESPA Reform.
• Publishes the new effective date for FHA Appraisal Independence guidelines in compliance with HUD's delay issued by Notice on December 22, 2009.
• Reminder and clarification for Illinois Land Trust transactions.
• Important Reminder: MSI requires the Mortgage Broker Fee Agreement.

2009 Wholesale Lenders Announcements

Issue Date:  12/23/2009
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2009-048
To: All MSI Wholesale Partners
Re: Reminder - RESPA Reform; Various Topics

• Issues a critical reminder to Sellers regarding RESPA Reform.
• Clarifies MSI position regarding gift funds.
• Clarifies MSI's position regarding FHA and VA loans and using rental income.
• Provides guidelines and clarifications regarding Auction properties, FHA Condos and FHA Second Appraisals.
• Provides advance notification of a change in the underwriting submission process.

Issue Date:  12/10/2009
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2009-047
To: All MSI Wholesale Partners
Re: Various Guideline Changes; HPML Documentation

• FHA Appraisal guideline changes.
• Fannie Mae DU Version 8.0
• Freddie Mac guideline changes and LP Update.
• MSI documentation requirements for HPML.

Issue Date:  12/04/2009
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2009-046
To: All MSI Wholesale Partners
Re: Clarifications - Maximum Conventional DTI

• MSI clarifications for the Conventional DTI and change in Effective Date.

Issue Date:  12/03/2009
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2009-045
Re: Seasons Greetings; Decrease in Conforming DTI and Various Topics

• Seasons Greetings and Thanks from MSI.
• Overview of 2010 Changes.
• Mortgage Broker Fee Agreement
• 2010 Loan Limits.
• Decrease in Conforming DTI.
• Single Premium Mortgage Insurance.
• Updated Condo Questionnaire Forms.

Issue Date:  11/23/2009
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2009-044
Re: Clarification Regarding Attached PUD LTV/CLTV

• Clarification regarding Attached PUD LTV/CLTV and MSI requirements.

Issue Date:  11/13/2009
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2009-043
Re: Multiple Topics

• Clarification of MSI policy regarding Discount Points.
• Implementation of the 50% debt ratio for FHA loans with Gifts.
• MSI guideline for validating MDIA.
• Removal of the State Restriction for Colorado as ineligible for Government non-credit qualifying loans.
• Introduction of new AMC.

Issue Date:  11/05/2009
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2009-042
Re: FHA Streamline Changes; MDIA Revision, Reminders; LP RRM Clarification; Conforming Loan Parameter Changes

• FHA Streamline Refinance Guideline Changes. ML-09-32. Clarification of Co-Signers.
• MDIA Revision and Reminders.
• LP RRM Clarification regarding Attached PUDs.
• Conforming Loan Parameter Revisions.
• Tips

Issue Date:  10/28/2009
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2009-041
Re: Revision to Number of Borrowers; Clarifications - LP and DU Refinance; Reminders

• Revision to our Maximum Borrower Rule.
• Reminder - FHA underwriting submissions.
• Clarifications for LP Relief Refinance Mortgage and DU Refi Plus options.

Issue Date:  10/22/2009
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2009-040
Re: Revision to Relock Policy; RESPA Reminder; Clarifications and Reminders

• A revision and clarification to our current relock policy.
• RESPA/Reg X Reminder.
• Various clarifications and tips to existing guidelines.
• Revised MSI Quick Reference MSI Appraisal Order Process.

Issue Date:  10/15/2009
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2009-039
Re: LP Relief Refinance; Government Loan Clarifications and other Multiple Topics

• Important Critical Mortgage Disclosure Improvement Act (MDIA) change.
• For Conforming Loans:
  · MSI's implementation of the Freddie Mac LP Relief Refinance Mortgage
  Program (LP RRM).
  · Changes to DU Refi Plus.
  · Clarification for conforming condos - MSI is adding a specific "Condo and Attached PUD" matrix to the Conforming Product Suite to hopefully clarify loan parameters for condos and attached PUDs.
  · Change to appraisal requirements- MSI will accept either a color or a clear black and white appraisal.
• For Government Loans:
  · Addition of a VA 5/1 ARM product to the Government Product Suite.
  · Clarification/correction of the number of units permitted for an FHA refinance.
  · MSI is providing a "list" of VA closing costs and fees that are acceptable
  for our funding.
  · Clarification that MSI will not accept an "application fee" as an closing cost
  for FHA loans.
  · USDA Loans: Clarification that USDA loans require a minimum of 2 useable FICO scores for each borrower and clarification that USDA will
  accept a modular home as long as it meets the characteristics of a "stick built" home.
• Change in Tax Payment Rule.
• Helpful Tips.

Issue Date:  10/07/2009
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2009-038
Re: Multiple Topics (FHA FICO Increases, Underwriting Updates, MDIA, HPML, USDA)

• FHA FICO Increases.
• Underwriting Updates:
  * Based on Freddie Mac LP changes.
  * Clarification of Conventional Subordinate Financing Limitations.
  * Requirement for Attached PUDs.
  * Correction and clarification of document aging requirements for all loans.
• Mortgage Disclosure Improvement Act (MDIA) clarifications.
• Higher Priced Mortgage Loans (HPML) - Clarification.
• Quick Underwriting Tips and Reminders.
• USDA Loans - Continuation of Funding.

Issue Date:  09/30/2009
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2009-037
Re: Regulation Z and Higher Priced Mortgage Loans

• Regulation Z and Higher Priced Mortgage Loans (HPML)

RealEC Appraisal Ordering System Training
By request, we’ve scheduled training sessions to be conducted by Real EC for site usage and work flow information (appraisal ordering conduit). There are 4 sessions, each with different access codes.

Issue Date:  09/14/2009
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2009-036
Re: Fast Funding Tips; Clarification

• Fast Funding Tips - Note Endorsement Reminder; Flood Cert Reminders
• Clarification of FHA Streamline LTV

Issue Date:  09/04/2009
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2009-035
Re: Labor Day Reminder; MIP Calculator

• Reminder - Labor Day closing.
• Reminder - Always use the MIP Calculator.

Issue Date:  08/28/2009
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2009-034
Re: Underwriting Revisions and FHA/VA Revisions; Revised Conventional Parameters; HVCC Revision

• Reminder for FHA Interest Abatement Product.
• Revisions for FHA/VA Streamline.
• Revisions in the Underwriting Chapter.
• A revised form for HVCC Borrower Acknowledgement.
• HVCC Revision - Appraisal Transfer.
• Conventional Loan Parameter revisions.

Issue Date:  08/21/2009
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2009-033
Re: Seller Guide Clarifications; MDIA Clarification; Updated Conforming Parameters

• Clarifications: Underwriting Documentation.
• MDIA Clarification.
• Updated Conventional Non-Owner-Occupied parameters.
• Important Reminders: Tax Transcripts

Issue Date:  08/17/2009
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2009-032
Re: Delivery Date Change; FHA Allowable Costs; 5/1 Qualifying Rate; MIDA

• Revised delivery deadlines.
• MSI FHA Allowable Costs.
• Update to Conventional 5/1 ARM Qualifying Rate.
• Reminder/Clarification regarding MSI's MDIA requirements.

Issue Date:  08/06/2009
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2009-031
Re: Elimination of LPMI; New Fax Number; Reminders and Clarifications; Condo Maximum CLTV; Addition of new AMC

• The elimination of LPMI.
• New Fax Number for loans submitted via fax to the Oakbrook office.

Reminders/Clarifications:

• Borrower signatures on the initial application.
• Required documentation for credit inquiries on the credit report.
• FHA co-signers.
• USDA Updates.
• MSI restricts condos to a maximum CLTV of 90.00%, unless otherwise restricted.
• The addition of Street Links to our AMC partners.

Issue Date:  07/31/2009
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2009-030
Re: Updated Condo Requirements; Clarification Tax Transcripts; MDIA Advance Review Process

• Updated Condo Requirements. Updated Limited and 2-4 Unit Condo Questionnaires.
• Clarification: Amended Tax Returns - Reg Flags and Limitations.
• Implementation of a MDIA Advance Review Process.

Issue Date:  07/25/2009
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2009-029
Re: Mortgage Disclosure Improvement Act;
Clarification Again for HVCC Timing

• Announces Mortgage Services III's, LLC (MSI) interpretation of the Mortgage Disclosure Act (MDIA) and provides the process required by MSI to fund/purchase loans.
• Clarifies, again, the MSI position regarding HVCC timing.

Issue Date:  07/16/2009
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2009-028
Re: Trailing Co-Borrower Income; Age of Documents; HVCC Appraisal Transfer; Reminders

• The elimination of Trailing Co-Borrower Income.
• Age of Credit Documents.
• MSI process for transfer of appraisals subject to HVCC.
• Reminders: DU Refi Plus

Issue Date:  07/10/2009
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2009-027
Re: FHA Tax Credit

• MSI acceptance of FHA Tax Credit for First-time Homebuyers.

Issue Date:  07/01/2009
Effective Date:  See Announcement
Wholesale Lenders Announcement #: WPA-2009-026
Re: Clarifications and Various Topics

• Clarification, Reminder regarding Independence Day Holiday.
• Clarification for MSI HVCC deadline date.
• Updated process, form for resolving HVCC appraisal stipulations.
• Elimination of Community Lending Products.
• Reminder regarding USDA requirement for Market Conditions Addendum.
• Clarification of documentation requirements versus 4506-T requirements.
• Revision regarding VA IRRRL appraisal requirements.
• Reminder - Fannie Mae 6/27/09 DU Release 7.1

WPA-2009-025
FHA ARM Change Date Calendar; POC Requirements; USDA Hazard Insurance Deductible Maximum
•  FHA Change Date Calendar.
•  MSI Paid Outside of Closing (POC) Requirements.
•  Insurance Deductible maximums for USDA loans.

WPA-2009-024
Underwriting Clarifications; 2-4 Unit Condos; DU Plus™; HUD-1 Reviews/Controls
•  Underwriting Clarifications for Rental Income and the Fannie Form 216     requirements.
•  Addition of a new 2-4 Unit Condo Form.
•  DU Refi Plus™ changes for new DU release 6/27/09.
•  HUD-1, Audit Point for Reviews and Controls

WPA-2009-023
Application Signature Requirements; MSI HVCC Timing; Property Flipping
•  Reminder regarding MSI’s application signature requirements.
•  HVCC Timing and MSI Requirements.
•  Reminder – Property Flipping.
•  Government Loans – Clarifications.

WPA-2009-022
4506-T; Tax Transcripts; DU Refi Plus™ and other Clarifications
•  Memorial Day Reminder
•  Revisions and Clarifications for 4506-T requirements, including completion    requirements.
•  Revisions to the Tax Transcript requirements for wage earners.
•  Correction/Clarification of MSI Conforming Non-Occupant Borrower    requirements.
•  DU Refi Plus™, MSI restriction for properties listed within the past
    6-months and Temporary Buydown revision.
•  Clarification regarding elimination of UGI.

Recent Announcements