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velecico
3991 Posts |
 Posted - 05/29/2008 : 7:23:15 PM
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did not feel to cofident taking this app last week , but what the hell , I did not run DU right away because I did not have the YTD income , so today I gut stubs , had a 64% back ratio , got an approve / eligible !!! |
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Clr2close
330 Posts |
Posted - 05/29/2008 : 7:26:27 PM
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| CHEERS |
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smoothlid
419 Posts |
Posted - 05/29/2008 : 7:38:33 PM
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| good luck with that one, Nick....hope you can keep that as an approve eligible after DU 7.0 comes out, & lowers max DTI's.....beware.... |
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velecico
3991 Posts |
Posted - 05/29/2008 : 7:40:28 PM
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Trying to close it by next week , hopefully we wont have to rerun DU , when does 7.0 start ? |
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GSE_
508 Posts |
Posted - 05/29/2008 : 7:41:53 PM
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Nick,
To insure your Approval gets honored under DU version 5.7, you have to Lock that loan by tomorrow and close it by the Lock Expiration Date. Both Flagstar and CW sent out this memo yesterday.
Good Luck and Congrats on the Approval. |
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velecico
3991 Posts |
Posted - 05/29/2008 : 7:56:30 PM
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Cool , thankyou so much , we are a correspondent , so I dont know if that matters , but I will lock it at 9 AM
LOVE THE BO !!!!! |
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mwfan55
392 Posts |
Posted - 05/29/2008 : 9:31:41 PM
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| LP will rule starting on Monday. |
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EquitySmart
1240 Posts |
Posted - 05/30/2008 : 01:22:40 AM
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quote:
Originally posted by smoothlid
hope you can keep that as an approve eligible after DU 7.0 comes out, & lowers max DTI's
Can you point me to any specific announcement saying maximum possible debt ratios for getting DO approval will be lower than the current 65% or is this just speculation? |
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mwfan55
392 Posts |
Posted - 05/30/2008 : 06:05:21 AM
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https://www.efanniemae.com/sf/guides/duguides/pdf/current/rndodu70.pdf Delivery Eligibility Updates
Total Expense Ratio
With this release, the maximum allowable total expense ratio in DU will be updated to take into account certain risk factors contained within the loan casefile. In general, the updates to the maximum allowable total expense ratio in DU Version 7.0 will be more conservative than in previous versions of DU.
If current debts exceed the maximum allowable total expense ratio, loan casefiles that would have otherwise received an Approve recommendation will receive a Refer recommendation, and loan casefiles that receive a recommendation other than Approve or Refer will receive an Ineligible recommendation. |
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EquitySmart
1240 Posts |
Posted - 05/30/2008 : 09:11:03 AM
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| Thanks for the link. I guess we know it will be lower, but not how much lower... |
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lucky1s
3618 Posts |
Posted - 05/30/2008 : 10:15:36 AM
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| I highly doubt that the full doc DU aproved borrowers are the reason we got into this mess. |
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loancloser1342
462 Posts |
Posted - 05/30/2008 : 10:21:33 AM
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quote:
Originally posted by lucky1s
I highly doubt that the full doc DU aproved borrowers are the reason we got into this mess.
True. But because of the mess, they are now an issue. |
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velecico
3991 Posts |
Posted - 05/30/2008 : 3:55:51 PM
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Actually the fast and easy and every other version was an AU FULL DOC but with stated / stated findings , how many of these did CW sell as full doc ? remember they were doing these retail down to a 660 before it even came out wholesale |
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n0denine
113 Posts |
Posted - 05/30/2008 : 4:04:51 PM
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Thank you DO, For telling me that I would not need income docs When my client has a history of making 100k+/year except 2006 when he wrote off a ton of business expenses buying 4 work vehicles and hiring employee's which brought his 2006 Rturn down to $4k but his 2007 Was back up to normal at $186k...
So Do says I dont need returns...
Then when my closing is on june 4th and this guy has already put down $20k for ernest money the great state of Illinois finds it funny to pass the SB1167 law and tell me that starting June 1st all stated loan and DO/DU loans not requiring income even the loans in process now need to verify income before it can close...
Im So happy :)
I hate life. |
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velecico
3991 Posts |
Posted - 05/30/2008 : 4:15:24 PM
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That ***** !!! , well if they want income docs , get them , and put them in YOUR FILE , it does not say you have to send those docs to anyone , just says you need to get them right ? |
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bbbbenny
231 Posts |
Posted - 05/30/2008 : 4:27:44 PM
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Nick-you don't have to lock this loan in to protect your 5.7 findings. You're grandfathered in now that you're approved and you can rerun again and again if you want. Per our fannie rep, you officially have like 282 days to keep it under the previous version but his recommendation was to plan on closing out any 5.7 files by October this year.
There is no official announcement on the new max dti and for some reason they don't want to discuss it but from what I was able to gather off the record it will drop by 10% to 55% max. |
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lucky1s
3618 Posts |
Posted - 05/30/2008 : 4:30:40 PM
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I got a memo today that says differently-
"All loans currently approved using the 5.7 version will be re-run and must be re-approved with the 7.0 upgrade. An exception will be made for all loans currently in docs or funding. " |
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slants
4274 Posts |
Posted - 05/30/2008 : 4:31:19 PM
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bbbbenny, deadline is lender specific. Here is Citi's bulletin:
DU VERSION 5.7
• All loans submitted under DU Version 5.7 must be registered with CitiMortgage no later than June 6,
2008.
• All loans submitted under DU Version 5.7 must be delivered to CitiMortgage no later than June 13, 2008.
• All loans submitted under DU Version 5.7 must be closed no later than August 31, 2008.
• All Brokers are urged to ensure these loans close by July 31, 2008, as they all will be subject to updates
and resubmission to Version 7.0 after July 31, 2008. |
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bbbbenny
231 Posts |
Posted - 05/30/2008 : 4:34:33 PM
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quote:
Originally posted by lucky1s
I got a memo today that says differently-
"All loans currently approved using the 5.7 version will be re-run and must be re-approved with the 7.0 upgrade. An exception will be made for all loans currently in docs or funding. "
Is that from Fannie or a lender? I'm going by what my Fannie rep told me directly. As long as we have our 5.7 casefile id prior to 6/1, our findings or any subsequent reruns will be under 5.7 and will be honored. I guess a lender could decide to override this like anything else. |
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bbbbenny
231 Posts |
Posted - 05/30/2008 : 4:39:12 PM
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quote:
Originally posted by slants
bbbbenny, deadline is lender specific. Here is Citi's bulletin:
DU VERSION 5.7
• All loans submitted under DU Version 5.7 must be registered with CitiMortgage no later than June 6,
2008.
• All loans submitted under DU Version 5.7 must be delivered to CitiMortgage no later than June 13, 2008.
• All loans submitted under DU Version 5.7 must be closed no later than August 31, 2008.
• All Brokers are urged to ensure these loans close by July 31, 2008, as they all will be subject to updates
and resubmission to Version 7.0 after July 31, 2008.
Thanks slants-there it is. Looks like your choices will be limited the longer you wait. |
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velecico
3991 Posts |
Posted - 06/08/2008 : 3:32:46 PM
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Well , I finally locked it on Friday , was making 3 Pts , now I am down to 1 , dammm !!! |
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