News & Events

Upcoming Events

MWF’s Broker Power Learning hosted by Brian Daily, MWF SVP – July
July 6, 2022
9:00 – 10:00 am

MWF’s Broker Power Learning hosted by Brian Daily, MWF SVP – July

Our Broker Power Learning Series is specifically designed to help you improve your business and gain an edge over the competition related to the ever-changing Mortgage Industry! Join us Wednesday, July 6th with MWF's SVP Brian Daily & Guest Speaker.
MWF’s Broker Power Learning hosted by Brian Daily, MWF SVP – August
August 3, 2022
9:00 – 10:00 am

MWF’s Broker Power Learning hosted by Brian Daily, MWF SVP – August

Our Broker Power Learning Series is specifically designed to help you improve your business and gain an edge over the competition related to the ever-changing Mortgage Industry! Join us Wednesday, August 3rd with MWF's SVP Brian Daily & Guest Speaker.
MWF’s Broker Power Learning hosted by Brian Daily, MWF SVP – September
September 7, 2022
9:00 – 10:00 am

MWF’s Broker Power Learning hosted by Brian Daily, MWF SVP – September

Our Broker Power Learning Series is specifically designed to help you improve your business and gain an edge over the competition related to the ever-changing Mortgage Industry! Join us Wednesday, September 7th with MWF's SVP Brian Daily & Guest Speaker.
MWF’s Broker Power Learning hosted by Brian Daily, MWF SVP – October
October 5, 2022
9:00 – 10:00 am

MWF’s Broker Power Learning hosted by Brian Daily, MWF SVP – October

Our Broker Power Learning Series is specifically designed to help you improve your business and gain an edge over the competition related to the ever-changing Mortgage Industry! Join us Wednesday, October 5th with MWF's SVP Brian Daily & Guest Speaker.
MWF’s Broker Power Learning hosted by Brian Daily, MWF SVP – November
November 2, 2022
9:00 – 10:00 am

MWF’s Broker Power Learning hosted by Brian Daily, MWF SVP – November

Our Broker Power Learning Series is specifically designed to help you improve your business and gain an edge over the competition related to the ever-changing Mortgage Industry! Join us Wednesday, November 2nd with MWF's SVP Brian Daily & Guest Speaker.
MWF’s Broker Power Learning hosted by Brian Daily, MWF SVP – December
December 7, 2022
9:00 – 10:00 am

MWF’s Broker Power Learning hosted by Brian Daily, MWF SVP – December

Our Broker Power Learning Series is specifically designed to help you improve your business and gain an edge over the competition related to the ever-changing Mortgage Industry! Join us Wednesday, December 7th with MWF's SVP Brian Daily & Guest Speaker.

Recent Bulletins

  • 22W-054 VA Pest Inspection Fees and Repair Costs

    22W-054 VA Pest Inspection Fees and Repair Costs

    2 2 W -054 Attention: Valued Broker Partners June 24 , 202 2 VA Pest Inspection Fees and Repair Costs VA has issued an update on Pest Inspection Fees and Repair Costs. Due to localities…
  • 22W-053 Fannie Mae Area Median Income

    22W-053 Fannie Mae Area Median Income

    2 2 W -053 Attention: Valued Broker Partners June 24 , 202 2 Fannie Mae Area Median Income 2022 Fannie Mae has issued their Area Median Income (AMI) update for 2022. These AMIs are used…
  • 22W-052 Introducing CalHFA Forgivable Equity Builder

    22W-052 Introducing CalHFA Forgivable Equity Builder

    2 2 W -052 Attention: Valued Broker Partners June 20 , 2022 Introducing CalHFA Forgivable Equity Builder Home equity has proven to be one of the strongest ways for families to build and pass on…
  • 22W-051 Platinum Lock Deadline

    22W-051 Platinum Lock Deadline

    2 2 W -051 Attention: Valued Broker Partners June 16 , 2021 Platinum Lock Deadline Due to current market conditions, GSFA is changing the Down Payment Assistance (DPA) structure for the GSFA Platinum Program, effective…
  • 22W-050 CalHFA Updates Maximum DTI Updates

    22W-050 CalHFA Updates Maximum DTI Updates

    2 1 W -050 Attention: Valued Broker Partners June 09 , 202 2 Updates to the Maximum DTI for CalHFA Effective fo r all loans re served an d rate locke d on or afte…

Announcements

Covid-19 Industry Update From Gary Martell Jr.

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.
MWF President