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Important Notices

IMPORTANT NOTICE REGARDING LOAN FILE SUBMISSION --- TAKE NOTE

Effective January 1, 2010 all our broker lending partners are required to deliver their loan submissions via email at newloans@usmfc.com Guidelines on how to submit the loan files are referenced by clicking the Submit Loans button to the left. Loan submissions not delivered to the above referenced email address will not be considered received or accepted per the definition of a loan submission received/accepted per New RESPA Reform Guidelines effective January 1st, 2010 & as a result USMFC is not bound by the broker's GFE. Please contact your AE is you have any questions regarding this policy.

January 1, 2010

NEED TRAINING ON THE NEW GFE?

Click on the NEW GFE TRAINING button under Mortgage Resources on the left for on demand training anytime. Free support materials included!

October 1, 2009

There are important notices effective October 1, 2009 concerning changes to Reg Z & Appraiser Eligibility for FHA loans. See below.

Amendment to Regulation Z 26.35 Regarding “Higher Priced Mortgage Loans” aka HPML.

On July 30, 2008 the Federal Reserve Board (The Board) published a rule amending Regulation Z which implements the Truth in Lending Act & the Home Ownership & Equity Protection Act. The Board published the Final Rule to protect consumers in the mortgage market from unfair, abusive or deceptive lending & servicing practices. The Final Rule is effective for applications taken on or after October 1, 2009. U.S. Mortgage Finance Corp will not originate, purchase or table fund loans that meet the definition of a “Higher Priced Mortgage Loan”.

Higher Priced Mortgage Loan

The Final Rule applies to first mortgages or subordinate liens, purchase money or non purchase money loans secured by the consumer’s principal residence. HPML does not apply to the financing of the initial construction of a dwelling, bridge loans, reverse mortgages or HELOC’s.

A mortgage loan within the parameters described above is considered a Higher Priced Mortgage Loan if the APR exceeds the “average prime offer rate” by more than 1.50% (first liens) or 3.50% (second liens). APR is calculated by Reg Z.

“Average Prime Offer Rate" a definition

Average Prime Offer Rate means the annual percentage rate that is derived from the average interest rates, points & other loan pricing terms offered to consumers by a representative sample of creditors for mortgage transactions that have low risk pricing characteristics. The Board publishes average prime offer rates for a broad range of types of transactions in a table updated at least weekly as well as the methodology The Board uses to derive these rates.

FFIEC table for the ‘average prime offer rate” for fixed rate loans based on maturity is located at the link below:

http://www.ffiec.gov/ratespread/YieldTableFixed.CSV

FFIEC table for the “average prime offer rate” for variable rate loans based on the fixed terms is located at the link below:

http://www.ffiec.gov/ratespread/YieldTableAdjustable.CSV

Please be sure to check the APR on your loans delivered to USMFC against the tables & add the applicable margin to insure their compliance with The Final Rule in Reg Z.

CHANGES TO APPRAISER ELIGIBILITY REQUIREMENTS

Effective October 1, 2009 FHA stopped accepting uncertified appraisers. All appraisers must be state certified (certified residential or certified general). All appraisal received with loan files submitted on or after October 1 must have an appraisal performed by a state certified appraiser. The appraisal assignment field in the Case Number Assignment Screeen of the FHA Connection must be input with an appraiser certified as certified residential or certified general. Make sure the appraisal assignment date is entered accurately in the FHA Connection. A link to a copy of the Mortgagee Letter 2008-39 outlining these changes is below.

Mortgagee Letter 2008-39

We Are Committed To Our Brokers

U.S. Mortgage Finance Corporation remains committed to our broker partners by being a source of stability in a constantly changing market. Our mission is to provide flexible, progressive lending solutions with competitive pricing that offer the opportunity of home ownership to more Americans & allow current homeowners to improve the terms of their current mortgage & financial condition.

U.S. Mortgage Finance Corp is a leader in FHA lending. Unlike many other lenders that are late comers to FHA financing in the last year, FHA loans have been our area of expertise & focus since 1999. Our underwriting and funding teams have decades of experience approving & funding FHA loans. We aim to make the loan process as simple as possible while offering the highest level of customer service. Funding your loan is as important to us as it is to you.

So wheather you need financing for a home purchase, debt consolidation or help with a borrower with less than perfect credit you will find U.S. Mortgage Corporation to be a partner eager to assist you in delivering a broad range of products to fit your customers needs while exceeding your expectations.

Get fast answers

At our website you can find tools available to answer virtually any mortgage question. Trying to decide if now is a good time to refinance? Check out our Refinance Mortgage Calculator. Considering a cash out refinance? Use our Debt Consolidation Mortgage Calculator! Do you have questions concerning credit & credit scoring? Take a look in our Library. Questions about FHA Guidelines? We have the underwriting guides posted right here for you. Need up to date market news? It's right here. Take a few minutes & look around. Here you will find the information to compete & win in todays market place. Welcome!

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U.S. Mortgage Finance Corp.

225 International Circle Suite 102

Hunt Valley, MD 21030

Office Phone: (800) 287-8713

Fax: 410-583-0257

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Mortgage News Daily

All Signs Point to Higher Rates in Week Ahead - 2 hours ago
Posted To: MBS CommentaryNFP has come and gone, let's see where things stand.... The October delivery FNCL 4.0 is -0-09 at 102-15. In the chart below I called attention to a few technical inflection points. The ascending trend channel that helped mortgage rates hit new lows on Wednesday has broken down and FNCL 4.0s have made their way back into the range that moderated price action for the majority of August. The falling knife found support and bounced higher directly in the middle of that range. 10s flagged lower for the entire month of August (all summer really) and are now flagging higher. The 2.625% coupon bearing 10 year TSY note is off its session price lows (98-24) at 99-07 yielding 2.715% (+8.8bps). 10s are the worst spot on the curve followed by 7s (+8.6bps) and the long bond (+7.6bps). Volume was heavy into...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

FHFA Establishes New Housing Goals for GSEs - 4 hours ago
Posted To: MND NewsWireThe Federal Housing Finance Agency (FHFA), conservator of Freddie Mac and Fannie Mae (the Enterprises) has established its final housing goals for the Enterprises in 2010-2011. FHFA is required by the Housing and Economic Recovery Act of 2008 (HERA) to set such goals for targeted segments of the mortgage market The new rules establish three goals for single-family, owner-occupied home purchases; one for low-income families, another for very low-income families, and a third for families living in geographical areas with lower-income populations, areas with high concentrations of minority residents, or federal declared disaster areas. The goal for disaster areas contains a sub-goal to ensure that the needs of lower-income and minority areas are addressed. A goal has also been established for...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

Banks Prefer Cash Buyers in REO Sales; Freddie Mac Streamline Refi Program; Originator Capacity Constraints; Comments on Property Flipping - 4 hours ago
Posted To: Pipeline PressIf there's one thing that an investor will never let any originator off the buyback hook for, it's fraud . Not only that, but the penalties can go far beyond merely buying back the loan, and saying' "My bad." Just in the last few days, Laura-Jean Arvelo and Ronald O'Malley, a New Jersey mortgage broker and former head of the Bergen County Improvement Authority, was indicted by a federal grand jury on charges of preparing fraudulent mortgage applications. Both are charged with wire fraud, bank fraud and loan application fraud in order to take bogus documents and falsified applications to trick lenders into making mortgage loans and benefited from fees they received. Ryan Miller of Missouri was sentenced to more than 12 years in federal prison and pay $6 million in restitution for mortgage fraud...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

Employment Situation Report: -54K Total Job Losses. Private Sector Adds 67k Positions. Bonds Sell - 6 hours ago
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The Day Ahead: August Employment Data to Drive Markets - 7 hours ago
Posted To: MBS CommentaryMarkets are roughly flat Friday morning ahead of the widely anticipated employment report for August, which at 8:30 eastern time is set to show that jobs declined for the third straight month. Ninety minutes before the opening bell, the S&P 500 is down 0.75 to 1,089.00. The 10 year Treasury note is -0-07 at 99-25 yielding 2.65% (+2.5bps) and the October deliver FNCL 4.0 is -0-02 at 102-22. The employment report is anticipated to show that 100,000 jobs were lost last month, though the decline relates to disappearing Census jobs rather than another dip. Still, private payrolls should increase a modest 41,000, according to economists polled by Reuters, and manufacturing jobs should be up by 10,000. “Unfortunately, whatever we see privately probably gets fully offset by other public sector...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.