  WEBTRAC OFFLINE TODAY AT 5PM EST American Financial Resources, Inc. is currently upgrading our WebTrac loan tracking system. This system will be offline for this planned upgrade starting at 5pm EDT on Tuesday, July 13th. We expect that it will be back up and running within one to two hours. If you are unable to accessWebTrac ™ - Pipeline or do not have access, please contact your Account Executive. We apologize for any inconvenience this may cause.
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Once again, the National Flood Insurance Program will not be reauthorized by Congress by midnight of May 31, 2010. Therefore, the program will experience a hiatus – a period without authority to issue new policies on or after June 1, 2010. As a result, AFR can not close on any loans without a binding flood insurance policy. Purchases – CANNOT close if the property is located in a flood zone unless the policy is bound and a full year has been paid in full.
Refinances – Property must have an existing flood insurance policy in effect, the policy must be of sufficient amount to provide the required coverage for the new loan amount, and that policy’s expiration date must be no sooner than 45 days from the closing date, and the policy must be paid current.
For a copy of the NIFIP guidance bulletin. (download)
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Effective immediately, closing with Timios Inc. is not mandatory, however they will remain an AFR preferred settlement company.
In early March, AFR Wholesale announced our selection of Timios as our exclusive settlement agent for all AFR closings. Maintaining full compliance and integrity with every loan transaction is paramount at American Financial Resources, Inc.
AFR will still give a $250.00 lender credit towards the borrower’s settlement fee if Timios is the selected title and settlement company. The borrower will be responsible for the signing fee of only $150 in non attorney states or up to $250 in states where an attorney is required. These states include Delaware, Georgia, Massachusetts, South Carolina, and West Virginia. The borrower will still be responsible for their normal closing fees such as overnight document expenses and recording charges as well as their own attorney’s fees if they choose to have their own attorney present
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IMPORTANT REMINDER: Pull Case Numbers Prior To April 5, 2010 - On January 21, 2010, HUD issued Mortgagee Letter 2010-02, Increase in Upfront Premiums for FHA Mortgage Insurance. Effective on all case numbers assigned on or after April 5, 2010, the new upfront mortgage insurance premium will increase to 2.25 percent. This policy change will affect all purchase money and refinance transactions, including FHA-to-FHA credit qualifying and non-credit qualifying streamlined refinance transactions. Please note that Monday is the 5th so pull case numbers as soon as possible! It is extremely important that the UFMIP amount is disclosed properly on Block 3 of the GFE. Failure to disclose the correct fee will not constitute a “changed circumstance”. The GFE cannot be revised to reflect the higher premium and will be subject to the 10% tolerance at settlement. For a copy of our Compliance Alert 2010-01 – Increase in Upfront Premiums for FHA Mortgage Insurance On January 21, 2010, HUD issued Mortgagee (click here) If I can be of any assistance to you, please let me know. Jim Melchior (502) 618-0529 jmelchior@afrmortgage.com
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02/03/2010 - We are excited to announce the broadening of our product line with the addition of several new loan programs; they include:
Please visit www.afrwholesale.com today and download our new product matrix for full details.
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