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

October 5, 2016
Lakeview Loan Servicing Program Matrix – Suspension of Manufactured Home Reservations

In anticipation of the roll out of Lakeview Loan Servicing “LLS” for FHA, VA and USDA Home Advantage products, we wanted to ensure awareness of the new product matrix.  Although LLS’s have the same fees, LTVs, CLTVs, credit score, and total debt to income ratio as in our current program, we wanted to point out some notable differences. 

All borrowers must have a 620 credit score:

LLS follows the specific investor guidelines with respect to calculation of the Minimum Qualifying Credit Score or also referred to as the Minimum Decision Credit Score.  The Minimum Decision Credit Score (MDCS) refers to the credit score reported on the Borrower’s credit report when all reported scores are the same.  Where three differing scores are reported, the middle score is the MDCS.  Where two differing scores are reported, the MDCS is the lowest score.  Where only one score is reported, that score is the MDCS. An MDCS is determined for each Borrower.  Where the Mortgage involves multiple Borrowers, the Mortgagee must determine the MDCS for each Borrower, and then select the lowest MDCS for all Borrowers.  Where the Mortgage involves multiple Borrowers and one or more of the Borrowers do not have a credit score (non-traditional or insufficient credit), the Mortgagee must select the lowest MDCS of the Borrower(s) with credit score(s).

Manual Underwriting for FHA only:

Manual underwriting is only permitted in cases where the loan received an ‘Approve/Eligible’ finding but requires a manual downgrade due to additional information not considered in the AUS decision that affects the overall insurability or eligibility of the loan subject to the following requirements: Minimum 660 FICO & Maximum 43% DTI.

Limited 203K Loans:

Lender to administer repairs and must be completed prior to loan purchase.

Manufactured Homes – Suspension of New Reservations - Please note LLS currently does not purchase loans secured by manufactured housing.  All reservations for FHA, VA, and USDA Home Advantage programs for manufactured housing need to be reserved on or before October 14, 2016.  The Commission will no longer accept future reservations after October 14 for FHA, VA, and USDA Home Advantage loans with manufactured homes.  If you have a loan under contract prior to this announcement that cannot be reserved prior to October 14, please contact Corinna Obar at corinna.obar@wshfc.org.  These loans will be considered on a case by case basis.  The Commission is still negotiating with LLS in regards to future guidelines regarding manufactured housing and will keep you posted. 

Please see link to matrix for program guidelines from LLS.  Please see link for program guidelines from ServiSolutions for comparison.  New Sections 2, 10, and 12 of Home Advantage manual will follow. 

Training dates and start date will be announced soon.

As a reminder, LLS will service all FHA, VA, and USDA Home Advantage loans.  ServiSolutions will continue to service Home Advantage Conventional loans and all House Key loans.

          

 
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