Frequently Asked Questions. Is there a demo of the order form I can view? Yes, please see the Step by Step Power. Point presentation. Is there training available? Yes, please contact Ambra Costner at 8. What are “templates” and how do I use them? Templates are cases that can reduce your data entry time. You can specify any file. Casefile Manager to act as a template. When you choose to use a file as. This. is especially handy if you do loans that have a lot of the same information. If. you do not wish to use a template, simply click on "Blank Template" and a new blank. What fees are considered prepaid finance charges? Welcome to the Owner’s Guide This guidebook is divided into 4 main sections: Forms of Ownership, Tax provisions, Practical guide, Racing clubs. You can access each. Internet Download Manager 360 Day Amortization Calculator![]() Internet Download Manager 360 Day Amortization Vs 365Please see our list of fees we. What is the "Current index value"? The "Current index value" is the published interest rate to which the interest rate. Adjustable Rate Mortgage (ARM) is tied. Some commonly used indices include. Year Treasury Bill, 6 Month LIBOR, and the 1. District Cost of Funds (COFI). Please see Federal. Reserve Board's H. What is a “Margin”? The number of percentage points a lender adds to the index value to calculate the. ARM interest rate at each adjustment period. A representative margin would be 2. What is "Interest Calculations" and what should I chose? How do you accrue your interest? Ordinary Method. All Payments of interest shall be computed on the per annum basis of a year of 3. Actual / 3. 65 Method. All payments of interest shall be computed on the per annum basis of a year of 3. Scheduled Installment Earnings Method. Interest will be completed according to the scheduled installment earnings method. The scheduled installment earnings method is a method to compute an interest charge by applying a daily rate to the unpaid balance of the amount financed as if each payment will be made on its scheduled installment date. A payment received before or after the due date does not affect the amount of the scheduled principal reduction. The daily rate is the equivalent contract rate for a year with the number of days indicated in (1) above. True Daily Earnings Method. Interest will be computed according to the true daily earnings method. The true daily earnings method is a method to compute an interest charge by applying a daily rate to the unpaid balance of the amount financed. The earned finance charge is computed by multiplying the daily rate by the number of days the actual principal balance is outstanding. The daily rate is the equivalent contract rate for a year with the number of days indicated in (1) above. What is the difference between the Amortization Methods? Standard Amortization (EQUAL PAYMENTS of Principal & Interest) - Amount applied. Accelerated Amortization (EQUAL PRINCIPAL PAYMENTS plus Periodic Interest) - Payment. Balloon - Interest Paid at Maturity (Interest + Principal due at Maturity) - Single. Balloon - Interest Paid Periodically (Periodic Interest Only) - Interest only. Interest First (Interest Only Period followed by Standard Amortization) - Payment. What is the difference between the 2 FHA renewal calculation methods? According to HUD, lenders may use either methodology to determine the monthly premium; however, most lenders use FHA Connection method calculate for origination and underwriting purposes. Please beware that a number of investors will not accept this method. If you are looking for the HUD Single Family Servicing Method, please select 9. FHA Connection Method uses the starting balance amount to calculate the monthly renewals. Base loan amount x 0. This is an estimate only and is usually only slightly different than the actual precise calculation. ML 9. 8- 2. 2 follows the strict requirements as published by HUD. The formula for calculating monthly mortgage insurance premium became effective May 1, 1. Mortgagee Letter 9. Attachment). Sample calculations available here. How do I answer the questions on the Federal Box Disclosure screen? Assumable. Late Charge *Prepayment Penalty. Prepayment Refund if monthly. Conv. Fixed. No. 2- 5% of P& I after 1. No. No, if monthly. ARM. Yes. 2- 5% of P& I after 1. No. No, if monthly. FHA. Fixed. Yes. 4% of Total Payment after 1. FHA Box. FHA Box. ARM. Yes. 4% of Total Payment after 1. FHA Box. FHA Box. VA. Fixed. No. 4% of Total Payment after 1. No. No. ARM. Yes. Total Payment after 1. No. No. * Late charges subject to state regulation limits. How are the FHA MI premium rates determined? These changes are effective for FHA case numbers assigned on or after. April 1, 2. 01. 3 and June 3, 2. Upfront MIP is maintained at 1. April. 9, 2. 01. 2Term > 1. Years. Base Loan Amount. LTVEffective. Annual MIP. April 1, 2. 01. 3. April 1, 2. 01. 3. Term ≤ 1. 5 Years with LTV above 7. Any Amount. 7. 8% or less LTV. June 3, 2. 01. 3. April 1, 2. 01. 3. April 1, 2. 01. 3. Increase to Annual Mortgage Insurance Premium on Mortgages with a High Outstanding. Base Loan Amount. FHA is also continues to exercise its pre- existing statutory authority to add an. This change is effective for case numbers assigned on or after April 1, 2. LOANS ABOVE $6. 25,5. April 1, 2. 01. 3Term > 1. Years. Base Loan Amount. LTVEffective. Annual MIP. Above $6. 25,5. 00. April 1, 2. 01. 3. Above $6. 25,5. 00. April 1, 2. 01. 3. Term ≤ 1. 5 Years with LTV above 7. Any Amount. 7. 8% or less LTV. June 3, 2. 01. 3. Above $6. 25,5. 00. April 1, 2. 01. 3. Above $6. 25,5. 00. April 1, 2. 01. 3. The table below shows the duration of annual MIP by amortization term and LTV ratio. June 3, 2. 01. 3. Term. LTVEffective. MIP Term. 1. 5 years or less. June 3, 2. 01. 3. June 3, 2. 01. 3. June 3, 2. 01. 3. Loan Term. Above 1. June 3, 2. 01. 3. Above 1. 5 years. June 3, 2. 01. 3. Above 1. 5 years. June 3, 2. 01. 3. Loan Term. STREAMLINE FHA REFINANCESThe Decrease to Up- Front Mortgage Insurance Premium on Certain Streamline Refinance. Transactions for Case Numbers issued June 1, 2. ENDORSED BEFORE. May 3. Upfront will be 0. And Annual will be . Exceptions to Announced Premium Changes. The changes specified in this ML apply to all mortgages insured under FHA’s. Single Family Mortgage Insurance Programs except: Streamline refinances of existing FHA loans that were endorsed on or before May. See ML 2. 01. 2- 0. Title IHome Equity Conversion Mortgages (HECM)Section 2. Hawaiian Homelands)Section 2. Indian Reservations)Exceptions to MIP Duration Changes. The changes to the duration of the annual MIP as specified in this ML are effective. Single Family FHA programs for which FHA charges an annual MIP except: Title IHome Equity Conversion Mortgages (HECM). Please address any questions about the topics in this Mortgagee Letter to the FHA. Resource Center at 1- 8. CALLFHA (1- 8. 00- 2. Persons with hearing or speech. TTY by calling the Federal Information Relay. Service at 1- 8. 00- 8. Where can I get the addresses for the ECOA Notice? National Banks, Federal savings associations. Office of the Comptroller of the Currency, Customer Assistance Group. Mc. Kinney Street, Suite 3. Houston, TX 7. 70. State Member Banks, branches. Federal Reserve Consumer Help Center. P. O. Box 1. 20. 0Minneapolis, MN 5. Nonmember Insured Banks, and Insured State Savings Associations. FDIC Consumer Response Center. Walnut Street, Box #1. Kansas City, MO 6. Federal Credit Union. National Credit Union Administration. Office of Consumer Protection (OCP)Division of Consumer Compliance and Outreach (DCCO)1. Duke Street. Alexandria, VA 2. Federal Land Banks, Federal Land Bank Associations, Federal Intermediate Credit. Banks, and Production Credit Associations. Farm Credit Administration. Farm Credit Drive. Mc. Lean, VA 2. 21. Mortgage companies. Federal Trade Commission. Equal Credit Opportunity. Washington, DC 2. Banks, savings associations, and credit unions with total assets of over $1. Consumer Financial Protection Bureau. G Street, N. W. Washington, DC 2. What are the rules regarding Service Providers and Affiliated Business Arrangements? Service Providers and Affiliated Business Arrangements. Service Providers & Affiliated Business Arrangements that must be shown on the. Good Faith Estimate (GFE) under RESPA (Real Estate Settlement & Procedures Act). CFR Sec, 3. 50. 0. Required Service Provider [2. CFR Sec 3. 50. 0. Credit Reporting Agency. Appraiser. Lender’s Attorney. PMI Company. Flood Cert Company. Information required: Name of company, address, phone number, business relationship. Business relationship can be: Used frequently in loan transaction by Lender this past year Depositor of Lender Customer of Lender. If you have 5 or more service providers for a particular service, Lender may state.
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