Well, today I emailed my Account REP at JP Morgan Chase, to let him know that we are STILL ALIVE & WELL! I asked him if there have been any changes I need to be aware of, or pitfalls..etc...regarding USDA LOANS, and the "as improved" product, ...and this was his response! (see below)
My most EXCELLENT Partners!
"The biggest change on Chase's end is that we now pull a tri merge credit report and use that for the underwriting of the loan."
"You may want to begin using Equifax for your credit reports on GRH loans with Chase to avoid there being any significant differences on FICO scores."
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Just food for thought folks! Also, we received this word of warning from the USDA today!
May 27, 2009
Record High Volume May Impact Approval Turnaround
Rural Development has an on-going commitment to the success of the Single Family Housing Guaranteed Program (SFHGLP). Rural Development state and field offices embrace the importance of assisting lenders in expediting all requests for loan approvals (Conditional Commitments) and Loan Note Guarantees in a timely and accurate manner. Recognizing many Rural Development state and field offices are encountering record high volume of new loan activity, delivery of new loan approvals within the standard 48-hour turnaround time may not be met by Rural Development in all cases. Rural Development staff must review each loan commitment request to determine eligibility for the SFHGLP as part of the quality control process. Rural Development staff must also issue final Loan Note Guarantees on these same files after loan closing, upon receipt of the Lender's closing package.
Lenders are asked to take note of this possible delay in loan approvals and should plan accordingly when scheduling loan closings and executing interest rate locks. In order to meet the closing date of your transaction, we ask that you please send your complete application packages to Rural Development as far in advance of the anticipated closing date as is possible. Late submissions of application packages may place your tentative closing dates in jeopardy during this time of high demand for the program.
Click HERE to understand how USDA loans work!
Again, these are great loans! Laying out expectations seems to be the key!
As always, I encourage questions, comments, suggestions and conerns! 608-592-2227 Subscribe to my blog by clicking on the icon below!
Thanks!
Darin@osmwi.com
Proudly Serving the entire State of Wisconsin since 2003
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