FSB Closed for These Holidays
Monday Morning Updates
Update for Monday, October 26, 2015
Good Morning! Happy Monday to you! As we enter the home stretch for October’s End of Month, I wanted to remind you that November and December are very short months for closing loans. Please plan accordingly and let us know when we can assist you with your files. Here is our holiday schedule for the next couple of months to assist you in your planning:
FSB Closed for these Holidays:
Veterans Day– November 11 (Weds)
Thanksgiving & Day after Thanksgiving– November 26 & 27 (Thurs & Fri)
Christmas Eve & Christmas Day– December 24 & 25 (Thurs & Fri)
New Year’s Eve & New Year’s Day– December 31 & Jan 1 (Thurs & Fri)
A few important updates from the Operations side:
Windows 10 is not compatible with Mortgagebot at this time. If you are being asked to upgrade to Windows 10, please understand that Mortgagebot has not had the opportunity to resolve this incompatibility issue due to working on TRID compliance needs. If you upgrade to Windows 10 you will not be able to upload documents to the system. This will be resolved as soon as Mortgagebot can resolve all TRID system issues and conflicts.
TRID LE update: per the updated information that was issued last week, the compensation for the LO will be input into the system, but will not show on the printed LE. It is entered into the system to compute proper numbers, but the LE will not show the amounts. The Closing Disclosure will show the compensation amount, however. Please prepare your borrower as that will be the first time they see this information. Mortgagebot LE’s are showing correctly at this time for those that are using our system to disclose out of.
When preparing an LE from our system, please be sure to SAVE your work. Many times the fees are not “sticking” in the system due to the SAVE button not being clicked.
The “How To” will be completed shortly. We are hoping to have this done by this afternoon. A few glitches held us up, but they appear to have been resolved. When this is completed, we will be sending it out to all our customers.
A few important updates from the Underwriting department:
We are being notified by USDA offices that the following information is required on all appraisals:
The appraiser has not noted the distances as required per HUD Handbook 4000.1 and Chapter 12 of the 3555 Handbook. Please see below.
Chapter 12 of the 3555 Handbook:
The well location for individual water supply systems must be measured to
establish the distance from the septic system. Distances must meet the most
aggressive approach of the local and/or State Health Authority codes or HUD
Handbook 4150.2.
HUD HB 4000.1 (p. 161)
The following tables provide the minimum distance required between wells and
sources of pollution for Existing Construction:
Individual Water Supply System for Minimum Property
Requirements for Existing Construction*
1 Property line/10 feet
2 Septic tank/50 feet
3 Drain field/100 feet
4 Septic tank drain field reduced to 75 feet if allowed by local authority
5 If the subject Property line is adjacent to residential Property then local
well distance requirements prevail. If the subject Property is adjacent to
non-residential Property or roadway, there needs to be a separation
distance of at least 10 feet from the property line.
* distance requirements of local authority prevail if greater than stated above
Please have the appraiser revise the report to state the distance between the well, septic & drain field and property line.
If your appraisal does not have this information, we will be conditioning you for this BEFORE it can be sent to USDA.
Turn times are a very consistent 48 hours. If your file is not out of underwriting within 48 hours, please contact your AE.
Did you know?
Have a great day and let us know how we can assist you!
Toni Pierce
Antonia "Toni" Pierce
TPO National Sales Manager/Account Executive
NMLS 329142 / IL License # 031.0029201
815-676-0988 Direct Office
815-676-0990 Office
844-456-0990 Customer Service
815-761-2442 Cell
We are closed Wednesday, November 11th for Veteran’s Day
Toni Pierce
Antonia "Toni" Pierce
TPO National Sales Manager/Account Executive
NMLS 329142 / IL License # 031.0029201
815-676-0988 Direct Office
815-676-0990 Office
844-456-0990 Customer Service
815-761-2442 Cell