As a followup to one of our blogs a few weeks back...
Since David Letterman and SportsCenter have found their groove with a daily Top 10, here's my attempt. With HR 5981 passing through Congress with an effective date now set for October (originally September 7) all lenders will need to update their process flow for all FHA loans.
UFMIP and annual premiums will be updated in just over a month. What's your next move? Here's our Top 10:
1. Updating your LOS (using its full potential) SO IMPORTANT!
2. Training for all staff members - not just sales
3. New QC review protocol - LIMIT YOUR RISK
4. Updating disclosures
5. Informing clients
6. Book a trip to Vegas...ok I'm just making sure you're still paying attention
7. GFE, closing costs and re-disclosing
8. Effects on purchase business
9. Case number expirations and transfers
10. And don't forget integrating accounting, remittance, and servicing
I know, it's not the sexiest laundry list but taking care of these updates swiftly and smoothly is extremely important.