News & Events

Upcoming Events

MWF Monthly Insights – September
September 8, 2020
9:00 – 9:30 am

MWF Monthly Insights – September

Join host Brian Daily, and 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!

Recent Bulletins

  • 20W-100 Faster Loan Closings for CHFA Loans

    20W-100 Faster Loan Closings for CHFA Loans

    20 W -100 Attention: AEs, Business Development Managers & Mortgage Brokers August 13, 2020 Faster Loan Closings for CHFA Loans Great News!! In the interest of delivering excellent customer service, Colorado Housing Finance Agency (CHFA)…
  • 20W-099 Conventional Refinance Adverse Market LLPA

    20W-099 Conventional Refinance Adverse Market LLPA

    20 W -099 Attention: AEs, Business Development Managers & Mortgage Brokers August 13, 2020 Conventional Refinance Adverse Market LLPA At the direction of Fannie Mae and Freddie Mac, all refinance loans will be subject to…
  • 20W-098 BOLT Updates for August 2020

    20W-098 BOLT Updates for August 2020

    20 W -098 Attention: AEs, Business Development Managers & Mortgage Brokers August 10 , 2020 BOLT Updates for August 2020 All Applications Under "Applications" Tab in PML 2.0/3.0 As per this release, all application s…
  • 20W-097 Affordable Housing Overview Website

    20W-097 Affordable Housing Overview Website

    20 W -097 Attention: AEs, Business Development Managers & Mortgage Brokers August 4, 2020 Your New Affordable Housing Overview Website is Here! Great news! You’ve been asking f or it, and waiting f or it,…
  • 20W-095 CalHFA MyHome Interest Rate Reduction

    20W-095 CalHFA MyHome Interest Rate Reduction

    20 W -095 Attention: AEs, Business Development Managers & Mortgage Brokers July 31 , 2020 CalHFA MyHome Interest Rate Reduction Great News!! Considering the current interest rate environment, CalHFA is reducing the interest rate on…

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