April 2009 - Posts

• Credit Union offering warehouse lines to mortgage bankers?

  This questions was submitted by ACUMA Member Glen Ogden, from Appleton, WI. "I just spent three days in Chicago at the MBA Secondary Conference.  Correspondent mortgage companies are hurting for warehouse lines and most banks are simply not offering them.  The few that are are charging huge fees and rates and churning their lines every thirty days.  The product being offered right now are all agency eligible or FHA insured loans.  I see a real need and a way for our credit union to get some more money out the door. WHat are others doing?" You may post your comment here or email Glen directly at Glen.Ogden@communityfirstcu.org. Thanks again.    Posted Apr 24 2009, 07:28 AM by bdorsa with 1 comment(s) Filed under: Networking is Key to ACUMA Membership

• Revision to Section 32 of Reg Z

  The following question was submitted by ACUMA Member Leslie Creech from Virginia CU in Richmond VA.  Section 32 of Reg Z is changing beginning October 1, 2009.  We will no longer use the Treasuries + 8% test – it will change to the Freddie Mac PMMS +1.5% test.  We have run this test on all loans closed in 2009 and so far 7 loans <would> have failed primarily due to the Loan Level Price Adjustments instituted by the GSE’s.  HUD admitted that Jumbo loans would likely be considered High Cost under this test but our loans are conforming cash-out refinances to members with lower credit scores.  We are afraid that we will not have a choice but to not offer cash-out refinances to those members with less than a 700 credit score. Is anybody else testing?  If Yes, do you have similar results? You may either post your comment here or reply to Leslie at leslie.creech@vacu.org.Thanks again... Posted Apr 20 2009, 10:20 AM by bdorsa with no comments Filed under: Networking is Key to ACUMA Membership

• Servicing Retained Premiums

  The following question was presented by ACUMA Member Phil Poehler, from Prevail CU in Seattle, WA. I am seeking feedback as to methods and accointing procedures to book in our “servicing retained premiums” on loan sales to Fannie Mae?  Any direction you can provide me would be greatly appreciated. You may post a reply here or email Phil directly at PPoehler@prevailcu.com. Thanks again.... Posted Apr 20 2009, 09:10 AM by bdorsa with 2 comment(s) Filed under: Networking is Key to ACUMA Membership

• Appraisal Code of Conduct

  The following question was submitted from ACUMA Member Nathan Lombard from Redstone FCU in Huntsville, AL.   Will most Credit Unions will be able to use the exemption of not having absolute lines of independence due to our limited staff size?  I am trying to determine how we can comply with the Code of Conduct as mandated by Fannie Mae but can’t find a way to ensure that the staff that oversee the appraisal process is appropriately trained and qualified in the area of real estate appraisals.  Anyone that has a working knowledge of real estate operations already work in the department.  How others are complying, short of engaging with an appraisal management company, please share. Please post your reply here to send it directly to NLombard@REDFCU.org. Posted Apr 20 2009, 09:02 AM by bdorsa with 2 comment(s) Filed under: Networking is Key to ACUMA Membership