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Bulletin: COR 09-389 Update to the SunTrust Ineligible Appraiser and Appraisal Company List |
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Written by Fadwa Knox
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Sunday, 20 December 2009 21:35 |
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December 11, 2009
Information for Correspondent Clients of SunTrust Mortgage, Inc. Correspondent Bulletin
Bulletin: COR 09-389
Update to the SunTrust Ineligible Appraiser and Appraisal Company List
The SunTrust Ineligible Appraiser and Appraisal Company List contain the names of appraisers and appraisal companies who are not eligible to perform appraisal assignments in transactions involving SunTrust Mortgage, Inc., either directly or indirectly. Correspondent clients warrant that no person and/or company on the list is involved in whole or part in the origination of a loan purchased or funded by SunTrust Mortgage, Inc.
The Ineligible Appraiser and Appraisal Company List contains confidential information and is only for use by Correspondent clients of SunTrust Mortgage, Inc. in connection with transactions with SunTrust Mortgage, Inc. Due to the confidential nature of the information contained therein, distribution of the SunTrust Ineligible Appraiser and Appraisal Company List is strictly prohibited. By accessing or using the SunTrust Ineligible Appraiser and Appraisal Company List, the user agrees to indemnify SunTrust Mortgage, Inc. for any loss, damage, or expense resulting from the user’s failure to maintain the confidentiality of the information it contains.
The SunTrust Ineligible Appraiser and Appraisal Company List have been revised to include these updates. To view the current list, please click on the link below:
SunTrust Ineligible Appraiser and Appraisal Company List
Correspondent clients are encouraged to visit SunTrust’s On-Line Seller Guide at www.stmpartners.com for complete up-to-date product and policy guidelines.
Please contact the Resource Center with any questions. SunTrust appreciates your business and your partnership.
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Suntrust FHA Condominium System Change |
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Written by Fadwa Knox
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Sunday, 20 December 2009 21:01 |
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Correspondent Bulletin
Information for Correspondent Clients of SunTrust Mortgage, Inc.
December 11, 2009
Bulletin: COR 09-395
Important Announcement Regarding FHA Condominium System Changes - Effective Immediately
As a result of the new condominium guidelines announced by HUD in Mortgagee Letters 2009-46A and B, and the abolishment of Section 234(c) of the National Housing Act under HERA, effective immediately, it is no longer necessary for FHA condominium loans to be registered, locked, or processed outside of STMPartners. All condominium property types will be approved, underwritten to and insured under Section 203(b) of the Act and 24 CFR 203 of FHA’s Regulations.
Additionally, there has been no change to the applicable ADP codes in FHA Connection, which remains 734 for a fixed rate mortgage secured by a condominium.
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Written by Fadwa Knox
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Sunday, 20 December 2009 20:38 |
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December 17, 2009 Correspondent Bulletin
Information for Correspondent Clients of SunTrust Mortgage, Inc.
Bulletin: COR 09-399
Update to Conventional Loan Programs - Revised Definition for Second Homes; Effective Monday, December 21, 2009
General
In order to mitigate risk of loans being originated as second homes instead of investment properties, the definition of a second home has been revised as shown below for all loans that are traditionally underwritten or underwritten through AUS (DU/DO/LP) underwritten loans. The changes are effective with loans locked on or after Monday, December 21, 2009.
Second Home Definition
• Only one unit properties are allowed,
• The borrower must occupy the property a portion of the year,
• The property must be a reasonable distance from the borrower’s primary residence,
• Typically, the property is located in either a resort or vacation area or, for convenience, in a city where the borrower works when the primary residence is in a distant suburb,
• Second homes not suitable for year-round occupancy may be considered if typical for the area,
• Rental income and expenses on Schedule A of the borrower’s personal tax return(s) must not be significant,
•T he borrower must have exclusive use of the property at all times; management agreements cannot contain blackout dates,
• The property cannot be subject to timeshares or other shared ownership arrangements/agreements,
• The property cannot be subject to rental pool or subject to inclusion in a mandatory rental pool, and
• The property cannot be subject to revenue sharing between owners and the developer or another party
Revised STMPartners Materials
The following product descriptions will be updated in the near future with this information. Until that time, Correspondent clients are encouraged to maintain a copy of this bulletin for immediate reference.
• Agency
• Agency Plus
• The Key Loan
• DU Refi PlusTM
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Suntrust Update to the Mortgage Insurance Guidelines – Incorporation of Previously Announced Updates |
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Written by Fadwa Knox
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Sunday, 20 December 2009 21:13 |
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Correspondent Bulletin
Information for Correspondent Clients of SunTrust Mortgage, Inc.
December 11, 2009
Bulletin: COR 09-392
Update to the Mortgage Insurance Guidelines – Incorporation of Previously Announced Updates
The Mortgage Insurance Section of the On-Line Seller Guide has been updated to reflect the elimination of reduced and lower cost mortgage insurance as previously announced in Correspondent bulletin 09-369.
To view the updated section, please click on the link below:
Section 1.15: Mortgage Insurance Guidelines
This bulletin and the incorporated update render Correspondent bulletin 09-369 obsolete. Correspondent Seller Guide holders should purge this bulletin.
Correspondent clients are encouraged to visit SunTrust’s On-Line Seller Guide at www.stmpartners.com for complete up-to-date product and policy guidelines.
Please contact the Resource Center with any questions. SunTrust appreciates your business and your partnership.
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A GMAC Bank Correspondent Funding Announcement CL09-219 Mortgage Insurance (MI) Guideline Update for Loans submitted to Loan Prospector (LP) |
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Written by Fadwa Knox
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Monday, 23 November 2009 03:54 |
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A GMAC Bank Correspondent Funding Announcement
CL09-219
Mortgage Insurance (MI) Guideline Update for Loans submitted to Loan Prospector (LP)
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| Overview |
GMAC Bank Correspondent Funding (GMACB) Approved Correspondents please note; Reduced Mortgage Insurance, Lowest Cost Mortgage Insurance and Custom Mortgage Insurance are not permitted for loans submitted to Loan Prospector.
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| Effective Date |
These updated guidelines are effective for all loans locked on and after November 16, 2009. Loans locked before November 16, 2009, under the previous guidelines, will be honored.
All loans that have been underwritten by GMAC Bank or an approved contract underwriter must be locked before November 16, 2009. Loan approvals on floats not meeting these new product requirements will become null and void if not locked before November 16, 2009. Loans locked on and after November 16, 2009, must be resubmitted for underwriting approval and will be subject to the updated guidelines. |
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| Action Required |
The GMAC Bank Correspondent Conforming Product Summary will be updated and posted on November 16, 2009. |
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| Questions |
If you have any questions regarding any information in this announcement, please feel free to contact your Sales Director or Client Services.
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