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Pull Through

To our valued clients, future clients and business partners of AmeriHome Mortgage
As we announced in mid-February, Western Alliance Bank entered into a definitive agreement to purchase AmeriHome Mortgage Company. We are excited to announce that as of today, AmeriHome Mortgage is officially a subsidiary of Western Alliance Bank.
You may be wondering what this means for our valued clients, future clients and the many valued business partners of AmeriHome Mortgage. (more…)
Current Trends
Loan submissions with missing or deficient income, asset, and VOE documentation as required by the AUS have driven up underwriting and operational conditions per loan by 41% and 19%, respectively, since January 2020. The increase in conditions per loan has in turn resulted in a reduction of Funded at First Review results. Specifically, the top 5 file delivery deficiencies we are seeing:- Assets: Missing bank or investment account statements to support required reserves and cash to close
- Assets: Missing Proof of Gift Funds Transfer
- Income: Missing complete set of W2 forms for all borrowers for the correct periods
- Income: Missing Lease Agreements supporting rental income
- Employment: Missing Verbal Verification of Employment for all income sources for every borrower as required by employment type or loan program
Best Practices
To maximize your Funded at First Review score, here are 10 tips for credit package and collateral delivery:- Complete Credit Package Delivery: Deliver all documentation together at initial delivery. Multiple uploads create an opportunity for documentation to end up in the wrong place and/or duplicate versions of documents being delivered.
- Income and Asset Documentation: Make sure that all supporting documentation for income and asset documentation, as required by the AUS, is included in your document set to be delivered to the investor. These missing documents drive additional conditions and delay the loan review process.
- 3.2 Data File: Ensure 3.2 data file is current (re-generated) and aligns with the final AUS and loan documentation prior to file delivery. We often see 3.2 data that does not match the final documentation, which causes the file to be routed for manual review.
- Required Documents Only: Only include documents in the credit package that are required by the investor or the AUS Certificate. Duplicate copies of the LE, CD, and 1003 for example, cause re-work, issuing of additional conditions, and overall delays to the loan review process.
- Multiple Notes: Copies of the Note for a previous loan should be clearly marked as such and provided in the credit package when necessary, e.g., meeting gov’t seasoning requirements, Texas (a)(6), or 2nd lien re-subordinations.
- Tax and Insurance Documentation: Include all property tax and insurance information, including current and renewal/date paid information as applicable, for the Subject property and all other REO. Missing tax and insurance information causes additional conditions and can lead to post-purchase reconciliation issues.
- Complete Credit Package Delivery: Ship complete collateral packages including all required documents in the same package to the Document Custodian. We often see Original Notes, Allonges, and Power of Attorney documents missing or sent in multiple packages. Incomplete/deficient collateral packages can cause purchase delays.
- Disclosures and Regulatory Requirements: Include all applicable federal and state required disclosures, as well as the LCA (Loan Closing Advisor) and UCD (Uniform Closing Dataset) documentation when required by the investor.
- Stacking Order: When required by the Investor, follow the Investor’s recommended stacking order – this will ensure that the Investor’s file indexing, data extraction and pre-purchase review processes will operate at maximum efficiency.
- COVID19:
- To reduce risk of borrower employment status changes, many of our clients are including a final VOE from the day prior to loan closing.
- For Fannie Mae and Freddie Mac Rate and Term Refinance transactions, when using an exterior-only inspection appraisal, make sure to provide evidence showing the loan being refinanced is owned by the provider of the AUS.
COVID-19 Loan Servicing Impacts
Q&A with Eric Varnen

The COVID-19 pandemic has created extraordinary challenges for homeowners across the country. As one of the country’s largest mortgage companies, AmeriHome strives to prepare its customers, employees, and partners to navigate this crisis using the tools available. This special edition of the AmeriHome Angle is devoted to providing you with timely information and helpful resources during this time of uncertainty. (more…)
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