The most frequent loan purchase suspense trends seen this month are:
Proof of MI activation is missing from the purchase file
MERS registrations/transfers have incorrect spelling of borrower(s) names, property county is incorrect, etc.
Transfers of TOS/TOB COMBO are not occurring within the required MERS timetables
Escrow discrepancies: the Initial Escrow Disclosure, final CD, and the borrower's monthly taxes, insurance, and MI portion of the PITI must agree exactly. Another discrepancy is when the actual FHA MI is calculated at the wrong percentage required. While everything might agree, it is still wrong if the monthly MI calculation is wrong.
Amendments to the Sales Contracts that change terms, agreed upon repairs, sales price, etc. after the appraisal has been completed, and no update provided by the appraiser reflecting the correct final sales price, seller concessions, etc.
Help Former Customers Win Big in AHFA's "Your Home. Your Story." Selfie Contest
On June 1, AHFA will launch this year's selfie contest to celebrate National Homeownership Month. The contest is open to anyone who has used an AHFA program to buy their home (or who closes on a home in June using an AHFA program).
A $500, $250, and a $100 gift card are up for grabs!
Be sure to tell your former customers about the contest, and watch for full details coming soon to www.AHFA.comand AHFA's social media channels.