FHA STREAMLINE
Training
Offered by…
FIRST MORTGAGE CORPORATION
September 11, 2014
Desktop Underwriter is a registered trademark of Fannie Mae. Loan Prospector is a registered trademark of Freddie Mac. This presentation is
a summary and is not complete. This information is for mortgage professionals only and should not be distributed to or used by consumers or
other third-parties. Information is accurate as of the date shown below and is subject to change without notice. 9/11/2014
AGENDA

What is an “FHA Streamline” refinance?

FHA Streamline Refinance Program






Purpose of the Program
Program Guidelines
Origination Process Flow
Pricing
Resources
FMC Support
Understanding FHA Streamlines – How we do it…
What is an
FHA Streamline Refinance?

FHA Streamline Refinances are FHA-to-FHA rate & term refinances designed to
reduce the borrower’s principal and interest payment.

FHA offers the following types of processing:


NO credit qualifying Streamline

Credit qualifying Streamline

Streamline withOUT an appraisal

Streamline with an appraisal
The FHA Streamline refinance option is only available to FHA customers, who have
demonstrated the ability to repay their mortgage, and have verified their income
and assets as part of their original loan.

As a result, these borrowers may qualify to refinance without re-verifying their:
o
Income (Verbal VOE only)
o
Assets (only enough for funds to close if necessary)
o
Credit Rating (Unless doing full credit qualify)
Understanding FHA Streamlines – How we do it…
Purpose and Requirements
Purpose
To lower the monthly P&I on a current FHA-insured mortgage.
Basic
Guidelines

The mortgage must already be a 203(b) FHA-insured mortgage

At time of application, the borrower must have made at least 6 payments on the
FHA-insured mortgage being refinanced

Borrower’s must be current on the loan being refinanced for the month due
PRIOR to the closing month

For mortgage histories < 12 months, all payments must be made within the
month due

For mortgage histories > 12 months, no more than 1x30 late in the preceding 12
months; 0x30 in the previous 3 months from date of application

Cash back to the borrower is not allowed
 Exception – minor adjustments at closing and may not exceed $500

Occupancy of Former Investment Property < 12 months prior to loan application
date is NOT ALLOWED as a Streamline Refinance; must be done as R&T to max
85% LTV
Understanding FHA Streamlines – How we do it…
Net Tangible Benefit
Topic
Description
Net Tangible
Benefit –
Streamline
Refinances
Calculation of Net Tangible Benefit is based on the Principal and
Interest (P&I) and Mortgage Insurance Premium (MIP)

Do not include Taxes and Insurance
Net tangible benefit to the borrower is defined as:
Note:



A 5% reduction to the P&I of the mortgage payment PLUS the
Annual MIP
OR

Refinance from an ARM to a fixed mortgage
Reducing term of the loan in itself is NOT a tangible benefit.
When refinancing to a HYBRID ARM, it may be considered a fixed rate
mortgage
*** See table on next page for clarification ***
Understanding FHA Streamlines – How we do it…
Certifications and Verifications
Topic
Description (SEE FMC OVERLAYS next slide…)
Certifications &
Verifications

FHA allows the use of the abbreviated version of the URLA on
NON-CREDIT QUALIFYING refinances ONLY

See FMC
Overlays on
Next Slide

Assets – Must complete assets section ONLY if assets are needed
to close



Sections IV, V, VI, VIII(a) – VIII(k) are left blank
List on 1003 and provide verification of seasoned assets
Source all large deposits
Additional changes:

Borrower must be current on mortgage being refinanced

12 month mortgage history required

NO fico score required; if provided, must be entered into FHA
Connection and/or may result in counter to full credit qualify

Up to 60 days of interest can be included in the payoff at closing
Understanding FHA Streamlines – How we do it…
Certifications and Verifications
Cont’d…
FMC OVERLAYS
Certifications
&
Verifications

For FMC serviced loans, we will allow the use of the abbreviated version as
stated above.

For non-FMC serviced loans, we require Form 12122L 06/2011 which is a
Certification of Employment addendum just to verify borrower is employed.
 This is done by an FMC employee Prior to Docs
 Borrower employment information is required on 1003

AVM’s required on Manufactured Homes - Effective October 1, 2012
verifying a max LTV of 125%
 Waived for borrower’s who meet the Net Tangible Benefit plus an
additional $150 or more in NTB

Property Inspections required for occupancy – NON FMC NOO loans ONLY
•
Property Inspection to verify property is occupied (not vacant) via a
photo (only) from an outside agency, PLUS
•
Two (2) Current utility bills required with ALL FHA Streamlines
•
A water/trash bill is unacceptable as the main bill

Property must be occupied; vacant properties are not allowed
Understanding FHA Streamlines – How we do it…
Additional Guidelines
• In instances where there is a subordinate lien, the entire secondary lien amount
must be included for the calculation of the CLTV.
o For closed end seconds the original balance is used
o For HELOCs, the full line amount must be considered for maximum financing.
• FHA has implemented other changes to non-credit qualifying streamline
refinance transactions such as a 6 month seasoning requirement to
offset additional risk.
o At least six payments must have been made by the due date as well as 210 days
passed from the closing date of the mortgage to meet the minimum non-qualifying
streamline refinance requirements.
• Note that an appraisal may no longer be obtained in order to finance
additional costs incurred with a NON-credit qualifying streamline
refinance.
o The current loan balance may only be increased by the new MIP.
o BOTH an appraisal and full credit qualifying will be required to increase the
loan balance to include closing costs or prepaid items
Understanding FHA Streamlines – How we do it…
Certifications and Verifications
Topic
Description
Use of
TOTAL
Scorecard
DO NOT use TOTAL Scorecard or DU on Streamline Refinances
Maximum
insurable
amount –
Non-Credit
Qualifying
Streamline
Refinances

The new BASE loan amount cannot exceed the original loan amount with
UFMIP

An Appraisal may no longer be obtained to finance additional costs into the new
loan, beyond the sum of the outstanding principal balance plus new Up-Front
MIP.
 Current loan may only be increased by the new MIP
 Exception allowed if doing a Full Credit qualify only

No Credit Qualifying Streamlines
 Cannot add closing costs, discount items, prepaid items, or other financing
costs to the new loan balance

Full Credit Qualifying Streamlines WITH Appraisal
 Can increase insurable amount beyond outstanding principal balance plus
new UFMIP
 If TOTAL Scorecard is used, the loan must be underwritten and closed as a rate &
term (no cash out) refinance transaction
Understanding FHA Streamlines – How we do it…
Basic Underwriting Guidelines
Minimum
Credit Score
 Program 07: None – follow 4155.1 Chapter 6 Section C & ML 2009-32
 Program FG: Minimum 620*
Credit Report
 FMC does NOT require a credit report (Program ….07 only) except for credit
qualifying streamlines
 If a credit report was pulled, available credit scores must be entered in FHA
Connection. If more than one score is available, you must enter all available
credit scores
Max CLTV
 If subordinate financing is to remain in place, the maximum CLTV allowed is
125%
 For Streamline refinance transactions WITHOUT an appraisal:
 CLTV is based on the original appraised value of the property.
 For Streamline refinance transactions WITH an appraisal:
 CLTV is based on the new appraised value
Understanding FHA Streamlines – How we do it…
Basic UW Guidelines
Chapter 13
 Streamline transactions are not permissible while in a Chapter 13
 Must show history of payments as agreed for a minimum 12 months
PLUS
 Letter from Court stating borrower is OK to enter into a new Mortgage
Obligation
Properties
Included in a
Bankruptcy
 Provide page of Bankruptcy that validates BK was discharged
 Mortgage Credit Rating must show that the credit agency contacted a party at
the current lender for the mortgage being refinanced and verified: “property
was included in a BK and the secured debt was reaffirmed to the lender by
the debtor” and show the phone number and person who verified the
information printed on the mortgage credit rating.
 Borrower to provide, along with the mortgage rating, a most recent 12 month
payment history print-out showing all payments were made within the
required timeframe.
Modifications
 Loans with partial claims such or a Mortgage Modification is NOT ELIGIBLE
for an FHA Streamline refinance???
 OK if clean pay history and cannot exceed original loan amount
Understanding FHA Streamlines – How we do it…
Ineligible Transactions
Ineligible for Streamline Refinance
 Reducing the term of the mortgage

Transactions that include a reduction in the mortgage term must be
underwritten and closed as a rate & term refinance, and NOT as a
Streamline refinance.
 Delinquent mortgages

Delinquent mortgages are NOT eligible for Streamline refinancing until
the loan is brought current.
Understanding FHA Streamlines – How we do it…
No Credit Qualifying
Credit Qualifying
FHA STREAMLINE REFINANCE
Understanding FHA Streamline – How we do it…
‘NO Credit Qualifying’ Streamline

A borrower is eligible for a Streamline Refinance without credit qualifying if:

He/She has owned the property for at least 6 months, and,

The previous borrower(s) received a release of liability at the time of the
assumption
•
Applies to mortgages that do not contain restrictions limiting
assumptions only to creditworthy borrowers.

A Mortgage/Credit only supplement is acceptable to document mortgage history.

A full tri-merge credit report is not required and should not be in the file.

These transactions must be manually underwritten.
 Submission through an AU system (DU/LSC) is prohibited and will result in
“Full Credit Qualify” or ineligible with some investors.

Program Codes:

Use program ending with …07

Program …FG: A minimum 620 credit score applies and may use a
credit supplement to document the credit score only
Understanding FHA Streamlines – How we do it…
‘Credit Qualifying’ Streamline

Credit qualifying must be considered when:

A change in the mortgage term will result in an increase in the mortgage payment
by more than 20%

When deletion of a borrower(s) will trigger the due-on-sale clause

Following the assumption of a mortgage that

Occurred less than 6 months previously, and

Does not contain restrictions (i.e. the due-on-sale clause) limiting
assumptions only to a creditworthy borrower(s)

Following an assumption of a mortgage that

Occurred less than 6 months previously, and

Did not trigger the transferability restriction (the due-on-sale clause) such as
in a property transfer resulting from a divorce decree, or by devise or
descent
Understanding FHA Streamlines – How we do it…
‘Credit Qualifying’ Streamline

The following documentation is needed to determine the borrower is an
acceptable risk:

Verify the borrower’s income and credit report

Verify stable monthly income

Provide a full/tri-merged credit report on all borrowers

Compute the debt-to-income ratios

Determine that the remaining borrower(s) will continue to make the mortgage
payments

Additional documentation may be needed as required by the DE underwriter
Note:
•
The use of a credit qualifying streamline refinance for situations in which the change in
mortgage term will result in an increase in the mortgage payment is only permissible for:
•
Owner Occupied primary residences
•
2nd home meeting HUD 4155.1 4.B.3, and
•
Investment properties owned by government agencies and eligible nonprofit
organizations
Understanding FHA Streamlines – How we do it…
Without an Appraisal
With an Appraisal
FHA STREAMLINE REFINANCE
Understanding FHA Streamline – How we do it…
‘WITHOUT’ an Appraisal
Streamline Refinance WITHOUT appraisal
•
Maximum insurable mortgage amount cannot exceed:
•
The outstanding principal balance
•
plus up to 60 days of interest
•
minus the applicable refund of UFMIP
•
plus the new UFMIP that will be charged on the refinance
•
Calculation above applies only to owner occupied properties.
•
New BASE loan amount cannot exceed the original TOTAL loan amount of
the previous loan (which includes UFMIP)
•
Non-owner occupant properties regardless of how it was originally acquired
may only be refinanced for the outstanding principal balance.
Understanding FHA Streamlines – How we do it…
‘WITHOUT’ an Appraisal
Maximum CLTV (4155.1 3.C.2.f)



If there is an existing subordinate lien on the property, such as a HELOC, the entire lien must
be subordinated at refinance
For the calculation of the CLTV ratio, use the maximum accessible credit limit of the existing
subordinate lien.
If subordinate financing remains in place, the
 Maximum CLTV is 125%, based on the original appraised value of the property per ML
2009-32
Mortgage Term (4155.1 3.C.2.b)

Mortgage term is the lesser of
•
30 years, or
•
The remaining term of the mortgage plus 12 years
Appraisal

At the time the case number is assigned, the “original value” must be obtained from FHA
Connection or ECHO systems for a Streamline Refinance without an appraisal. If FHA does
not provide the “original value” then the LTV ratio must be considered to be less than 90% for
the purpose of determining the term of the annual premium.
2nd Homes & NOO Properties (4155.1 3.C.2.e)


2nd Homes and NOO properties may only be refinanced without an appraisal.
NOO properties may only be refinanced as a No Credit Qualifying refinance
Understanding FHA Streamlines – How we do it…
‘WITH’ an Appraisal
(Full Credit Qualify Only)
Streamline refinance WITH appraisal ( must be FULL Credit Qualifying ONLY)
This program is used when the borrower has built up equity through an increase in the
appraised value and needs to roll in closing costs and pre-paids.
•
Maximum loan amount is the lesser of (ML 2009-32):
•
The existing principal balance
•
•
may include interest charged by the servicing lender when the payoff is not
received on the 1st day of the month, but
may not include delinquent interest, late charges or escrow shortages
•
minus the applicable refund of UFMIP
•
plus closing costs, prepaid items to establish the escrow account and the
new UFMIP that will be charge on the refinance
OR
•
97.75% of the appraised value of the property
•
plus the new UFMIP that will be charged on the refinance
Understanding FHA Streamlines – How we do it…
‘WITH’ an Appraisal
(Full Credit Qualify Only)
 Closing costs and prepaids can be rolled into the loan amount (FULL Credit
qualifying WITH an Appraisal only)
 Prepaid expenses may include
 Per diem interest to the end of the month on the new loan
 Hazard insurance premium deposits
 Monthly mortgage insurance premiums, and
 Any real estate tax deposits needed to establish the escrow account
 Discount points may not be included in the new mortgage. If the borrower
has agreed to pay discount points, verify the borrower has the assets to pay
them along with any other financing costs not included in the new mortgage
amount)
Understanding FHA Streamlines – How we do it…
Payoff Calculation
Cash Back
Adding/Deleting Borrowers
Manufactured Homes
FHA STREAMLINE REFINANCE
Understanding FHA Streamline – How we do it…
‘PAYOFF’ Calculation
Items that can be included in a Streamline Refinance are:

The existing unpaid principal balance

Interest (allowed up to 60 days with FMC)
Items that cannot be included in a Streamline Refinance are:
o
Delinquent Interest
o
Late Charges
o
Escrow shortages
o
Fax fees or other miscellaneous fees shown on the payoff
o
Any other debt including seasoned subordinate liens or money due an exspouse (these should be processed through a regular refinance)
o
Escrow refund
Understanding FHA Streamlines – How we do it…
Cash Back
The borrower can not receive more than $500 cash back on any type of
Streamline Refinance

The borrower can receive cash back above $500 if the exact amount of
the coverage is a refund of the mortgage fee paid in advance of closing
such as an appraisal fee; documentation is needed to support the
borrower paid the fee from his/her own funds
Understanding FHA Streamlines – How we do it…
Borrower(s)
AddingAdding/Deleting
or Deleting Borrowers
Individuals may be ADDED to title without
 A credit worthiness review, AND
 Triggering the due-on-sale clause
Individuals may be DELETED from title, only
 When deletion of a borrower(s) will trigger the due-on-sale clause
 When…


An assumption of a mortgage not containing a due-on-sale clause occurred more than 6
months previously, and
The assumptor can document that he/she has made the mortgage payments during this
interim period, OR
 Following an assumption of a mortgage in which…



The transferability restriction (due-on-sale clause) was not triggered, such as in a property
transfer resulting from a divorce decree, by devise or descent
The assumption or quit-claim of interest occurred more than 6 months previously, and
The remaining owner-occupant can demonstrate that he/she has made the mortgage
payments during this time
 6-Mos cancelled checks required to verify remaining borrower made payments
on their own
Understanding FHA Streamlines – How we do it…
Adding/Deleting Borrower(s)
Cont’d…

Must always be same borrowers as original FHA loan

Only exceptions are in cases of death or divorce



Divorce

Remaining spouse must have been on title by themselves for at least 6
months

Provide a copy of the final Divorce Decree

Provide 6 months cancelled checks proving they’ve been making the
payments on their own
Death

We must have an original death certificate at doc signing

Provide 6 months cancelled checks proving they’ve been making the
payments on their own
In a case where Mom and Dad were co-borrowers with son or daughter and
now want off the loan, a few rules must be observed.

Son or Daughter must income and credit qualify. A fully completed, standard
1003/URLA will be required for this scenario, along with applicable income
documentation (pay stubs, 2 years W2’s, etc.)
Understanding FHA Streamlines – How we do it…
Adding/Deleting Borrower(s)
Cont’d…
Additional Information regarding Title:

When a person gets married and they have a name change, the married
name MUST be validated with a “PASS” through FHA Connection.

This alerts us that the SSA has been notified of the change and has
been updated on their system.

A copy of their SS Card reflecting their married name will also be
required

Vesting from the old loan MUST transfer in the same order on the new FHA
Streamline loan.

Eg., John Smith and Mary Smith, Husband and Wife as Joint
Tenants

New loan must remain in the same order

Make sure the LT, 1003 and FHA Connection ALL MATCH
Understanding FHA Streamlines – How we do it…
Manufactured Homes (Program 07)

No appraisal required with one year seasoning and satisfactory payments for the 12 months prior.

Effective with case assignments pulled on or after 10/1/2012:

An AVM is required reflecting no more than 125% max LTV.

Exceptions:
•
Borrowers with an additional $150 payment reduction above their required Net
Tangible Benefit
•
FMC Portfolio transactions

An appraisal is required if less than one year seasoning to a max 96.50% Maximum LTV/CLTV
with a 660 fico (see Manufactured Matrix for more variations)

Maximum 2 acres (up to 5 allowed – see overlays for details)

No flood zones, No dirt roads

Non-occupying co-borrower not allowed

Credit supplement with most recent 12 months paid as agreed

No late pays
Understanding FHA Streamlines – How we do it…
Other Information
No Cost Refinances
 No cost refinances, in which the lender charges a premium interest rate to defray
borrower’s closing costs and/or prepaid items, are permitted
Withdrawn Condominium Approvals
 If approval of a condominium project has been withdrawn, FHA will insure only
Streamline refinances WITHOUT appraisals for that condominium project
Seven Unit Exemptions
 An eligible investor that has a financial interest in more than seven rental units
may only refinance WITHOUT appraisals
203(k) Loans
 All 203(k) funds must have been disbursed
Buy-down Loans
 All funds must be used or applied to principal balance at time of pay-off
Understanding FHA Streamlines – How we do it…
Sample Steps
The following steps ARE required for streamline refinances

A copy of the original note should be obtained to verify the new loan will have the same
borrowers

LDP/GSA lists must be checked to verify all parties associated with the transaction are not
listed. A CAIVRS is not required.

A streamline authorization number must be obtained from FHA Connection (if credit scores
are available, they must be entered in FHA Connection)

Verify that the loan is current at time of closing

Obtain a 12 month mortgage payment history

Mortgages < 12 month history: The borrower must have made all the mortgage
payments within the month due; the credit report must reflect 0x30 for all payments

Mortgages 12 month history or greater: The borrower must have no more than
1x30x12 and made all mortgage payments within the month due for the 3 months prior
to the date of application

The URLA and HUD addendum to the URLA should be signed by the borrower as part of the
application.
Understanding FHA Streamlines – How we do it…
Additional Information

We require that the current month’s payment be made prior to funding, and not brought to escrow

Any large deposits on Bank Statements/VODs have to be sourced

Borrowers with pension/retirement income must provide award letter

We will not give the borrower any impound credit shown on the demand as credit towards pay off.

If the demand shows an impound credit, we will require a revised demand without the impound
credit.

Any credit from the borrower’s existing impound account must be refunded to the borrower via
check by the existing lien holder in the form of a check; a credit to the loan amount will not be
allowed at closing

Exception allowed for FMC serviced loans
 NOO Streamline Refinance Transactions for outside payoff’s will require 2 utility bills plus a drive-by
inspection – see previous slide
 FMC has amended the Insurance Policy Requirements on refinance transactions to allow for a letter
from the current insurance carrier in the event that the coverage is sufficient for our transaction
Understanding FHA Streamlines – How we do it…
Additional Information

Input the subject property in the REO screen of FirstBase. Input the lien holder and
then complete the OTMIP Refund Screen including old and new case numbers. This
screen affects the Insuring Department and MIP remittance Department.

If there is HOA and additional liens on subject property, indicate that in the “existing”
payment on the 1003 page 2, as well as the “proposed”. Regardless, these additional
costs to live there are not included in the qualifying.

Use the property taxes on the prelim as they are the actual taxes. No need to calculate
1.25% or 2% for new construction.

Review the credit supplement and demand to be sure the next payment due date
match

Get a VOD instead of bank statements if they require funds to close

Include an estimated HUD with the submission package; it’s hard to calculate
funds to close without it in the file

Confirm the original endorsement date on the refi authorization to be sure you’re
using the correct factors
Understanding FHA Streamlines – How we do it…
HOT Buttons

New demand requires return to UW.

FHA frowns upon principal reductions. We cannot resolve a loan
amount error with a principle reduction.

Fund your Streamlines early in the month before the borrowers
payment is processed.

Trying to fund at month end on Streamlines is not working well.
It is bottlenecking at funding and causing delays in both
underwriting and funding at month end.

The borrower will be refunded any over-payment after pay off by the
lender.
Understanding FHA Streamlines – How we do it…
Origination Process – Branch Level
Origination Process - DCM
FHA STREAMLINE REFINANCE
Understanding FHA Streamline – How we do it…
Origination Process
There are two (2) Options available to originating FHA
Streamline Loans at First Mortgage:
Option 1: Branch Level
(Regular FHA Streamline Refinance)
Option 2: Direct Consumer Marketing (DCM)
(No Cost Streamline Refinance)
Understanding FHA Streamlines – How we do it…
ORIGINATION: Option 1
Option 1: Regular FHA Streamline Refinances

Handled at the Branch Level – origination, locking, communication

Rates as published on the FMC rate sheet

Sufficient income must be generated in order to cover all third-party
costs/expenses and branch fees and yield at least one percent (1.0%) of income.

Conditions and other processing requisites of FMC and HUD will be the
responsibility of the originator, processor and branch.

Commissions to the originator for these loans will be calculated and paid
pursuant to the Employment Agreements and Compensation Addendums (as with
all other in-house loans and products)
Understanding FHA Streamlines – How we do it…
ORIGINATION: Option 2
Option 2: Referral to Direct Consumer Marketing

In the event an originator determines that a prospective FHA Streamline
applicant requires an interest rate lower than that available on FMC’s retail rate
sheet in order to yield a premium to cover third-party costs/expenses, branch
fees and at least one percent (1.0%), the following information and supporting
documentation is to be referred to FMC’s Direct Consumer Marketing (DCM)
department:

Contact the DCM department for submission procedures for FHA
Streamline NO-COST
Understanding FHA Streamlines – How we do it…
Pricing an FHA Streamline
Important Cut-off Dates
Sample Forms
Streamline Resources
PRICING
Understanding FHA Streamline – How we do it…
PRICING an FHA Streamline

Interest Rates for the FHA Streamline programs are available on
Page 1 of the FMC rate sheet. Available Programs are:
1.
2.
Program ….07
Program ….FG

For Retail: Go to the FMC website or contact Secondary
Marketing

For Wholesale: Contact your FMC Account Executive or go to
your AE’s website for rates
Understanding FHA Streamlines – How we do it…
RESOURCES

Mortgagee Letters:



ML 2011-11 for upcoming changes effective April 14, 2011
Other Mortgagee letters, go to the HUD website
Handbooks, go to the HUD website

For information on U.S. Department of Housing and Urban
Development, visit: https://www.hud.gov/https://www.hud.gov/ -

For area median home prices:
https://entp.hud.gov/idapp/html/hicostlook.cfm

Forms:




92900-ws Mortgage Credit Analysis Worksheet
FHA Stacking Order
FHA Streamline No Cost Form
FHA Streamline Employment and Income Certification
Understanding FHA Streamlines – How we do it…
FMC SUPPORT
WEB SITE
SUPPORT
TRAININGS
Go to FMC websites for:
 First Mortgage offers FREE
Weekly ONLINE Trainings
1.
RATE SHEET
 See October Training schedule
for upcoming trainings
2.
TRAINING MATERIALS
 Trainings for September, 2014:
3.
GUIDELINES
•
9/4 – FMC Product Overview
4.
FORMS
•
5.
CALCULATORS
9/9 – Access/FirstDOWN
Program
6.
TOOLS
•
9/11 – FHA Streamline Training
7.
MARKETING
FMC Orientation Trainings:
 9/18 – Part 1: Getting Started
 9/19 – Part 2: What you need to
know
 9/23 – Part 3: The 3 C’s
Retail:
Contact Loan Help
Wholesale/Correspondent:
Contact your FMC A/E
For help with your:
•
Scenarios
•
Pricing / Fees
•
Guidelines
•
Loan
Submissions
•
Trainings
Understanding FHA Streamlines – How we do it…
THANK YOU FOR YOUR BUSINESS…
On behalf of First Mortgage, thank you for joining
today’s training and we hope the information
provided will help you build your business!
The main purpose of First Mortgage Corporation’s (FMC) training documents is to assist real estate and mortgage
professionals in developing entry-level competence with loan programs.
While FMC staff, employees, contractors and contributors take care to ensure the accuracy of the content of training
documents, FMC makes no warranties as to the accuracy of the information contained within these materials. Furthermore,
every user of this material uses it understanding that he or she must still conduct his or her own original legal research, analysis
and drafting. In addition, every user must refer to the relevant legislation, case law, administrative guidelines, rules and other
primary sources.
FMC specifically disclaims any liability for any loss or damage any user may suffer as a result of information contained within this
training material.
While the information contained in FMC’s training material addresses guidelines and issues surrounding mortgage programs,
these materials do not constitute legal advice.All non-legal professionals are urged to seek legal advice from a lawyer.
Understanding FHA Streamlines – How we do it…