Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Jim McMannis who wrote (169288)	12/5/2008 12:51:38 PM
From: Broken_Clock	Respond to of 306849

Hey, lookie at at this. Somehow some common sense slipped past the idiots in DC. -g- Type: Added/Removed Programs Description: Both Fannie Mae and Freddie Mac have announced their exit from the Stated Income market, therefore, the following discontinuations are being made: * Loan Prospector Accept Plus - The Accept Plus documentation level in Loan Prospector will be eliminated with the LP update scheduled for this weekend (12/6-7/08). All loans containing an Accept Plus finding issued before this change must be registered and locked with BSI no later than December 04, 2008 and purchased by January 9, 2009, regardless of actual documentation used. Loans resubmitted to LP after the scheduled update of LP will not receive an Accept Plus documentation level and the new documentation criteria must be followed DU Verbal VOE: The Desktop Underwriter income documentation option of obtaining a Verbal VOE as the only verification of income will be eliminated with the DU update to DU 7.1 scheduled for next weekend (12/13-14/08). All loans containing an income documentation option of a Verbal VOE must be registered and locked with blue saphire inc no later thanDecember 04, 2008 and purchased by February 6, 2009. DU 7.0 loans with a Verbal VOE option and resubmitted to DU after the DU update may continue to receive the Verbal VOE option however it will not be accepted by BSI after 12/04/2008. Income must be documented and verified in addition to providing a verbal VOE to validate the borrower’s employment within 30 days of closing. Manual Sections Affected: 406 Desktop Underwriter, 407 Loan Prospector