Subject: FHA Streamline Income/DU -
Tip of the Day
Tip of the day - FHA Streamline Refinances
Do not run the loan through DU. Income is not
to appear on the 1003 or the transmittal. Ratios are not to be
calculated.
HOWEVER, a current paystub should be obtained to
determine if the borrower is employed and if the income appears to be adequate
to pay the loan. The Paystub must be legible and provide enough YTD income to
determine the borrowers current earning.
Assets must be verified with a bank statement or VOD if
funds will be needed to close.
Lisha Lee will
be leaving the office at 1:30 today.
Kristie
Armstrong will be covering her desk.
Turn times are
48 hours on FHA, VA and Conventional
USDA is 72
hours.
Thank You!
Neil Johnson
Gateway Mortgage
Group
National TPO
Operations Manager
4201 N. State Hwy 161
Irving, TX 75038
Office:
972-908-3390 ext. 118
fax# 918-858-8392