Keeping You In The Know About The New QM (Part 2)Please join us for this two part training on The New QM. - During Part 1 we will go over "General" QM rule changes, the temporary GSE patch, dates, impact & implementation as well as answer all questions you may have. - During Part 2 we dig a little deeper into managing your current pipeline with Mountain West Financial, Inc . The How and When! - Presented by Angie King - SVP of Wholesale Operations at Mountain West Financial, Inc.
MWF Monthly Insights – JulyJoin host Brian Daily and the monthly featured guest - on the 1st Tuesday of every month as we discuss current industry trends, new programs, updates, and a special focus interview with that month's guest speaker. Monthly topics include: Affordable Housing, Broker Support, Appraisals, Loan Programs, Selling Techniques and more!
MWF Monthly – AugustJoin host Brian Daily and the monthly featured guest - on the 1st Tuesday of every month as we discuss current industry trends, new programs, updates, and a special focus interview with that month's guest speaker. Monthly topics include: Affordable Housing, Broker Support, Appraisals, Loan Programs, Selling Techniques and more!
NAMB NATIONAL 2021Join Us at NAMB National 2021 in Las Vegas, NV at Caesars Palace for this premier 3 Day event packed with hands-on instruction, networking, and shockingly refreshing fun! Attend for FREE using our MWF Code "MOUNTINWESTFREE" by registering at namb.org under ‘Attendee Sign up’ (2nd button down on right), enter the information and use our exclusive code to finalize your registration. See you there!
- 21W- 041 Rescissions Disbursement Dates for Juneteenth (National Independence Day Act) 2021
- 21W-040 QM Patch
- 21W-039 FHA Condo Form HUD-9991
- 21W-038 June Special – Extension of Free Appraisals on VA Loans
- 21W-037 Rescissions Disbursement Dates for Memorial Day 2021
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.