Published on April 21, 2022
Written by The Servion Group
If you want to learn more about the different partnership channels offered by Servion mortgage, you can find it here.
Question: I believe the current FHA case number is expiring soon. I’m not sure how to make sure it is still active and not expired. How does this work?
Answer: FHA case numbers automatically expire and get cancelled after six months if one of the following is not performed as a last action:
Question: This file is cleared to close, but we need to decrease the loan amount. Do we need a change of circumstances and how long until we can get an updated clear-to-close?
Answer: If a file is cleared to close and the loan amount is decreased, the partner does not need to provide a change of circumstances. They also do not need an updated clear-to-close. However, if the loan amount were to increase, then we would need a change of circumstances and an updated clear to close. Updating an already existing clear-to-close does not follow our normal 1 business day turn time, it can take longer.
Question: I see there is a new Portfolio Agreement that allows us to mark if mortgage insurance is being waived. In what scenario does Fannie Mae let us waive mortgage insurance on a loan with LTV greater than 80%?
Answer: Fannie Mae will not purchase a loan that waives mortgage insurance on a loan with LTV greater than 80%. The only time mortgage insurance can be waived, is when it is a non-saleable portfolio and the lender chooses to waive it for whatever reason they deem fit.
If you are a correspondent partner and have any questions at all, feel free to contact your account executive or send an email to email@example.com.