TBW - FURTHER DELAYS!

April 9th, 2009 2:43 PM

After reviewing our agreements with Mortgage Insurance companies and their extended underwriting guidelines, TB&W has decided to provide a comprehensive reference of Mortgage Insurance Requirements in their entirety.  This resulted in a Quick Reference Guide specific to all conventional and non-conforming Mortgage Insurance Requirements, where all mortgage insurance guidelines are provided.  Any mortgage insurance guidelines currently posted on product profiles or credit policy manuals will be removed.  The new Mortgage Insurance Requirements reference guide is posted on client websites on the Products Page.  These guidelines are in addition to standard published product guidelines required by TBW or Fannie/Freddie.  Please refer to the applicable Product Profile and/or Credit Policy Manual for standard guidelines.  Product Profiles will be updated shortly to reflect these changes.   These guidelines will be required to be followed on all mortgage insurance certificates that TB&W is responsible for requesting.  This means that any entity that falls under Third Party Origination and/or where TB&W has any involvement in the process of underwriting, closing or funding, these mortgage insurance requirements must be followed.  TB&W will only allow a delegated correspondent to obtain their own mortgage insurance certificate when that correspondent originates, underwrites, closes and funds in their own name and has an established relationship with a national Mortgage Insurance company.    These established guidelines are effective immediately for any mortgage submitted to an MI company for review on or after the date of this announcement, as we will be unable to obtain any MI certificate exceeding these new guidelines, regardless of submission date or underwriting approval.  TB&W will not submit a loan for request of mortgage insurance until all Prior to Doc / Prior to Close conditions have been satisfied and cleared by the underwriter.  The approval process with the mortgage insurance companies may take several days.  Therefore, it is necessary that appropriate time be allotted for this process to be completed prior to closing.

Please direct questions to TB&W Management, Account Executive, or Client Services.  Thank you.

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