We know the importance of having a strong partnership with a lender you can count on. At Mountain West Financial we take this responsibility seriously. We understand that your customers depend on you to guide them through the lending experience and that you need information in order to deliver. You should know that we are committed to supporting you, your borrowers, and the communities we serve as we go through these uncertain times together. I would like to update you on a few things about the industry and MWF.
We have continued to provide a safe and secure work environment for our staff while providing them a strong technological platform from which they can provide incredible service. Over 95% of our staff is currently working remotely. We have increased our communication, security, and operational technology to better serve you, your clients, and our staff.
The mortgage markets have become very restrictive based on unknown servicing policies and delinquencies and also have remained extremely volatile. We have worked closely with the GSEs, the regulators, and our secondary partners to deliver products and processes that align with the marketplace today. In light of current conditions, here are a few changes in products and processes that we have and/or will be implementing.
- Due to a of lack of Wall Street interest in supporting communities, Non-QM products have once again left the market. MWF was not affected, but many lenders were hung out to dry.
- Many non-bank lenders are limiting exposure to uncertain products such as Jumbo and Bond.
- We have seen FICO score limitations and guideline restrictions.
- We are verifying that qualifying borrowers are working the day of funding.
- We are offering FHLMC/FNMA appraisal and inspection guidelines. This will allow for many exterior only inspections.
- Results from IRS transcripts are taking up to two weeks. Our 4506T process now allows for information to be completed at disclosures so they can be ordered early in the process.
- With current IRS announcements, we are developing guidance for future loans.
- Locks and turn times have been extended.
Interest rates have continued their volatile swings. Even though governments worldwide have intervened to support the markets, they have continued their unprecedented movements. As many of you are aware, lenders are changing lock policies to mitigate the impact of the market swings. MWF has continued to communicate realistic turn times on our website, but have also adjusted our lock policies accordingly.
I would ask that all of our partners set proper expectations with their borrowers and communicate that current workloads and restrictions created by COVID-19 and unforeseen slowdowns will continue to hinder the loan process. The unknowns in the marketplace will continue to drive volatility and changes in processes. Know that we are committed to being the strong partner that has been here for 30 years, understands the importance of partnerships, and will continue to serve you and your clients.
We are honored to have your trust as well as your business,
Gary Martell Jr.