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Underwriting Turn Times
Currently Working on... FHA CONV COND
Files Received:

7/27

7/26

 48 hrs
Last updated: 7/30/2010 4:38:51 PM
 
 

07/16/10: NMLS Licensing Requirements
06/29/10: Rescission Pd - Legal Holidays
06/29/10: USDA RD Update
06/01/10: National Flood Ins. Program
05/19/10: Funding for USDA RD Program
 
 
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  • WEBSITE
    • How do I sign up to utilize the web site?
      • Click on the Broker Signup menu option and then select Request Web Access menu option. On this page, click on the Michigan Mutual Website bar to open up the form. Click on the button to Add/Remove a user. In the first box, make sure to select Add and then complete the rest of the table fields. When you are finished, submit your request by clicking the send button. Client relations will contact you by email when this is complete.
    • How do I access rates on your site?
      • For the latest ratesheet or archived rate sheets, click the Rates option under the Rates/Guidelines menu option.
    • Is there a maximum limit of users I can set up on the web site?
      • Please limit your web user access requests to only those individuals who actually need to use the website for uploading documents, viewing the pipeline, rate locking loans or scheduling a closing.
    • Am I able to lock my loan and check status online?
      • Yes - these Broker tools require you to login on the top left of the home page. Once you are signed in, you will see a Broker Tools menu with these options included.
    • How do I remove an employee's access to the web site?
      • Click on the Broker Signup menu option and then select Request Web Access menu option. On this page, click on the Michigan Mutual Website bar to open up the form. Click on the button to Add/Remove a user. In the first box, make sure to select Remove and then complete the rest of the table fields. When you are finished, submit your request by clicking the send button. Client relations will contact you by email when this is complete.
    • The website is not accepting my log on or passwords?
      • Click on the Login Problems? link in the Broker Login box on the top left of our home page. This will open up an email to clientrelations@michgianmutual.com. Please describe the problem you are having and make sure to include the user ID you are attempting to use. Client Relations will contact you for assistance. If you are not able to email, please contact client relations at 866 218 2411.
    • The web site is down.
      • Please be patient. We will try to have the website operational as soon as possible. Sorry for the inconvenience.
    • How do I submit a loan?
      • Click on the Resources menu option and then select the How To menu option. Select the 1003 upload (Submit Loans) menu option. This will open up a pdf document describing the steps to submit a loan to Michigan Mutual.
    • How do I upload a loan to the website?
      • Click on the Resources menu option and then select the How To menu option. Select the 1003 upload (Submit Loans) menu option. This will open up a pdf document describing the steps to submit a loan to Michigan Mutual.
    • How do I obtain eMagic sponsorship?
      • Click on the Broker Signup menu option and then select Request Web Access menu option. On this page, click on the AUS/AUTOMATED UNDERWRITING/eMAGIC bar to open up the form which will display the information you need to gain access to eMagic or Desktop Originator. If you have any questions, please contact our client relations department by email (clientrelations@michiganmutual.com) or by phone 866 218 2411.
  • UNDERWRITING
    • Do you underwrite condominiums for FHA on a "Spot Loan" basis?
    • The subject property is a "Site Condominium" (detached condominium/single family residence). Does FHA differentiate between Site Condominiums and Condominiums?
      • FHA does not differentiate between Site Condominiums and Condominiums. They are treated the same for underwriting purposes. In addition the appraisal must be completed on the Individual Condominium Unit Appraisal Report (Fannie Mae Form 1073).
    • How do I obtain FHA approval for entire condominium project?
      • Condominium legal documents (By Laws, Master Deed, etc.) are required. Please submit complete documents to MMI for review. In turn MMI will submit the package to HUD for approval. Please allow 1-3 weeks for approval. The following documents are required for condominium project approval: By-Laws, Master Deed, Condominium Checklist completed by the HOA (Click here for an FHA condo checklist). Master Insurance ($1mil fidelity bond coverage), Current Budget (showing positive or balanced).
    • What does FHA Consider New Construction?
      • New Construction is defined as a subject property that is less than one year old, whether or not it has been previously occupied. One year is measured from the date of the final certificate of occupancy to the date of application.
    • What is required documentation for FHA New Construction?
    • Why did the FHA Underwriter request the appraiser to provide side photos?
      • FHA Single Family guidelines require the Appraiser to take a picture of the front and rear of the subject property from oblique angles so as to include the sides as well as the front and rear of the property and all buildings on the subject property having contributory value.
    • Do I need to obtain Well and Septic Inspections?
      • A Well (individual water system) test (or inspection) is only required if mandated by state of local jurisdiction; if there is knowledge that well water may be contaminated; when the water supply relies upon a water purification system due to presence of contaminants; or when there is evidence of: Corrosion of pipes (plumbing), Areas of intensive agriculture within ¼ mile, Coal mining or gas drilling operations within ¼ mile, Dump, junkyard, landfill, factory, gas station, or dry cleaning operation within ¼ mile, Unusually objectionable taste, smell or appearance of well water, A Septic test (or inspection) is only required if evidence of system failure, if mandated by state of local jurisdiction, if customary to the area, or at the lender's discretion.
    • Does MMI lend on manufactured homes?
      • MMI does not lend on manufactured homes however we do lend on modular homes.
  • GENERAL
    • What is your Mortgagee Clause?
      • Michigan Mutual, Inc., ISAOA
        30300 Telegraph Road, Suite 185
        Bingham Farms, MI 48025