News & Events

Upcoming Events

MWF Monthly Insights – November
November 3, 2020
9:00 am

MWF Monthly Insights – November

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!
MWF Monthly Insights – December
December 1, 2020
9:00 am

MWF Monthly Insights – December

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-128 CalHFA Debt to Income Increase

    20W-128 CalHFA Debt to Income Increase

    20 W -128 Attention: AEs, Business Development Managers & Mortgage Brokers October 28 , 2020 CalHFA Debt to Income Increase Great News!! To serve more California homebuyers, the total debt to income (DTI) ratio for…
  • 20W-127 Increased Appraisal Fees in AZ

    20W-127 Increased Appraisal Fees in AZ

    20 W -12 7 Attention: AEs, Business Development Managers & Mortgage Brokers October 26 , 2020 Effective as of 10/29/2020 : Increased Appraisal Fees in AZ: Counties included: Coconino, Mohave, and Yavapai Effective as of…
  • 20W-126 REVISED USDA Funding for Fiscal Year 2021

    20W-126 REVISED USDA Funding for Fiscal Year 2021

    20 W -126 Attention: AEs, Business Development Managers & Mortgage Brokers October 26 , 2020 REV ISED USDA Funding for Fiscal Year 2021 USDA has announced funds are now available for the Fiscal Year 2020.…
  • 20W-125 REVISED Extension of COVID-19 Temporary Requirements

    20W-125 REVISED Extension of COVID-19 Temporary Requirements

    20 W -1 2 5 Attention: AEs, Business Development Managers & Mortgage Brokers October 20, 2020 Agencies Extension of COVID -19 Temporary Policies Mountain West Financial® is extending the temporary requirements and flexibilities previously announced…
  • 20W-124 FHA Forbearance Guidance – COVID-19

    20W-124 FHA Forbearance Guidance – COVID-19

    20 W -1 24 Attention: AEs, Business Development Managers & Mortgage Brokers October 20, 2020 FHA Forbearance Guidance – COVID -19 To maintain the stability of the Mutual Mortgage Insurance Fund (MMIF), while concurrently aiding…

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