Attn: Operations Identifying Undisclosed Liabilities - Conventional Loans Loans
TO: Productions and Operations
FROM: Secondary Marketing Department
DATE: July 15, 2010
SUBJECT: Identifying Undisclosed Liabilities – Conventional Loans
Fannie Mae’s updated Undisclosed Liability Policy requires all existing borrower debts, including those incurred during the loan application process, be disclosed on the initial loan application and included in the borrower qualification.
OCM Bancorp will be implementing the following changes for all new loans effective
July 15, 2010 prior to closing:
• Refreshing credit reports 24 hours prior to closing. Doing so may uncover additional debt or credit inquiries.
• Credit inquiries listed on the credit report should be investigated to determine whether the borrower did in fact open additional debt resulting in repayment obligations. In some cases, it is possible to obtain a direct verification with the creditor associated with the inquiry.
• Run a Mortgage Electronic Registration System (MERS®) report to determine if the borrower has undisclosed liens and/or if another mortgage is being originated.
For more information, please contact your manager.
OCM Bulletin 9.15
Fannie Mae LQO Compliance Solution
OCM Webinar - Lets kick off 2010 in style!
Attend our first live webinar training!
New Loan Programs (like Homepath) - More ways to make money!
Improved Submission and Process Flow - make money easier and faster
Rate Discounts, Fee Discounts, and Increased Commissions - More money in your pocket
WEBINAR TRAINING SCHEDULE
Date: Thursday, January 28th 2010
Time: 5:30 - 6:30 PM PST
Presenter: Douglas Bontemps
Space is limited. Reserve your seat now at: https://www1.gotomeeting.com/register/157030137
Attn: OCM Bancorp NEW DRE Requirements for 2010
Re: Important New License Requirements
The Department of Real Estate (DRE) web site at www.dre.ca.gov contains the most current information on those new license requirements and the effect on your real estates license.
IF YOU CONDUCT RESIDENTIAL OR COMMERCIAL MORTGAGE LOAN ACTIVITIES, NEW LICENSE REQUIREMENTS GO INTO EFFECT JANUARY 1, 2010.
READ FULL NOTICE: Depart of Real Estate New License Requirements
OCM Commercial Division
When it comes to commercial real estate… send it over to our new Commercial Division lead by Bob Heys.
With over 30 years experience in Commerical Real Estate, Bob Heys and OCM Commercial Division provides outstanding service and experience to clients throughout the nation. We can handle all commercial aspects including apartments, office space, industrial building, warehouse, or prime retail space.
Don’t miss out on the commission opportunity, contact Bob Heys at: (714) 474-2968 or email at: bheys@ocmbancorp.com
Be Kind to the Enviornment and our Company!
Go Green! Be Kind to the environment and our Company!
Memo
Appreciation Letter
An Appreciation Letter from a client.
Mr. Aziz:
I would like to take a moment to personally thank your organization for outstanding work on my most recent FHA purchase transaction. The service performed by your team was nothing short of exceptional from top to bottom. In a marketplace where delays and challenges are the norm, I experienced only top-notch professionalism and service. This theme radiates from each and every member of the OCMBancorp team.
Our client was able to close an FHA purchase mortgage inside of their 30 day escrow. They are now happy homeowners who will utilize our services in the future and refer their friends and family.
Please take a moment to recognize the outstanding efforts of Thy Nguyen, Lynda Andrian, Mary Ruiz, Twyla Hankins, and the funding team. They are all professionals and represent your firm in an excellent manner.
Thanks again for your commitment to excellence.
Sincerely:
Casey Forester
Home Valuation Code of Conduct (HVCC)
OCMBC Statement of Adherence to the Code:
In December 2008 the Federal Housing Finance Agency approved the Home Valuation Code of Conduct (HVCC) to be implemented May 1, 2009. The code modifies Fannie Mae and Freddie Mac seller-servicer guidelines to improve the reliability of home appraisals and to restore appraiser independence. The aim of the code is to assure that all parties involved in the mortgage market will receive fair and independent property valuations. OCM Bancorp, Inc. is committed to 100% compliance with the HVCC and will not permit any interaction with the appraiser.
Click Here For More Details and Downloads.
Check your email from Anywhere!
IMPORTANT UPDATES!
Here’s how to check your OCM Bancorp email from anywhere with an internet connection:
1) Go to the web address: http://Webmail.OcmBancorp.com
2) You will then see the following login screen:
3) Type in your computer login (ie. Vinh Nguyen = vnguyen) & your assigned password.
That’s it! All of your emails will be there.
ATTN: Regarding Voicemails / Faxes
Please check and delete your voicemail inbox of any old messeges/faxes. Our Phone system is limited in message/fax space. If your mailbox is full you will not be able to receive voicemails nor faxes.
If you need to save Voicemails/Faxes, You can do so by dragging it to a existing folder in your “Email - Mailbox” or by creating a persoalized folder such as Faxes/Vmails.
If you are still having trouble on your voicemail/faxes or would like assistance. Please call ex. 2967
Event Calendar
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