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Information for Single-Family Lending and Real Estate Professionals
 
Program Announcement

January 13, 2012
ServiSolutions Manual Updates

Please find the Program Manual updates for Sections 1, 2, 4, 10, 12, 13, Appendix III, & Appendix V along with new forms: http://www.wshfc.org/sf/downloads.html

If your lending institution has pipeline loans including loans previously registered with Bank of America, ServiSolutions will give special consideration for these loans and will work with each lender to determine if the loan is eligible for purchase. With any new servicer, there are new guidelines which we will begin to implement into our program.

IMPORTANT CHANGES

Section 2 – Terms & Conditions

Credit – We further clarified credit requirements for our Program.

LP approvals are no longer eligible.

We have implemented a 45% total debt to income ratio requirement. We asked ServiSolutions to accept a 50.00% total debt to income ratio with compensating factors. However, we do not have an answer at the time of this posting. We anticipate having further information for you next week.

Further guidance is available regarding credit scores.

Manual underwriting is not permitted under the program with the exception of Community Land Trust loans.

If you have an LP approval, a manually underwritten loan or loans exceeding the new debt income requirement currently reserved in Mitas, please email Lisa DeBrock at lisa.debrock@wshfc.org with the borrower name and Commission loan number for consideration.

ServiSolutions Fees – ServiSolutions has fees that will need to be collected at loan closing. Due to the transition in master servicers, these fees will apply to all loans reserved in Mitas on or after February 1, 2012. We want to give you the appropriate time to register these loans in the system. For loans registered after February 1, 2012, these fees will be collected upon loan purchase.

Section 12 – Loan Purchase & Delivery

Delivery of Closed Loans - For loans closing on or after March, 1, 2012, the closed mortgage loan package is to be received by ServiSolutions within 10 days of loan closing. ServiSolutions will pay per diem interest paid from the date of loan closing through the date of funding not to exceed 10 days.

Please review all manual changes in their entirety. Thank you for your patience throughout this process.

Sincerely,
The Homeownership Division Staff

  
 

 
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