June 22, 2017
Purchase Fee Update
Effective on all loans locked on or after July 7, 2017, AIG Correspondent Lending will increase the Purchase Fee associated with our Jumbo Loan program from $550 per unit to $650 per unit. The Purchase Fee associated with our Conforming Underwriting program will remain unchanged at $550 per loan unit. This memo should be considered an addendum to our Seller’s Guide Section 3.14, and will be added into the Seller’s Guide in a future release.
After a recent internal QC review, we’d like to take this opportunity to remind our customers of our Fraud Report requirements located in our Jumbo Underwriting Guidelines and our Seller’s Guide.
Fraud Report (as defined in the Seller’s Guide Glossary) A rules based report which compares data from multiple databases to assess the level of risk related to an individual or individuals, their background, the loan participants, and the subject collateral.
Jumbo Guidelines Section 1.10 Fraud Reports
All loans purchased by an Approved Buyer must contain a Fraud Report. Each Fraud Report must include all interested parties to the transaction as verified participants. The participants should include, but are not limited to:
• Listing Agent (if applicable)
• Selling Agent (if applicable)
• Loan Originator
Exciting News for Our Conforming Loan Customers
AIG Correspondent Lending has plans to get back into the Conforming Loan Market. We are diligently working out the specifics of this product update, and hope to have an announcement for you soon. This announcement will correspond with an update to our Conforming Underwriting Guidelines. We’ll keep you posted.
Clean Room/Rate Locker System Users
We are excited about our new Vendor relationship, and we appreciate all those who participated in the training class offered by Mtrade earlier this month. We believe the Clean Room provides a better user experience for pricing, locking and uploading your documents and conditions. One benefit you may already be aware of is your company’s ability to act as your own System Administrator. This system no longer requires AIG Correspondent Lending to provide administration support. Each of our customers has an Internal Administrator who can add, delete and update passwords and user accounts at their convenience.
We value our relationship and thank you for your continued business. Please reach out to Shane Larscheid, Vice President of Sales with specific questions related to this announcement