Please open the following documents to get RMC’s policy in regards to the new GFE (RESPA/ Regulation X) requirements and sample documents/disclosures.

Please open the following document to get the RMC policy in regards to the new Mortgage Disclosure Improvement Act and Truth In Lending Changes.

We specialize in fixed rate FHA, VA, and RD products. We currently do not offer any Conventional FNMA/FHLMC loans through wholesale. MSHDA loans are also not offered through wholesale.

• FHA
  • Purchases (Including the HUD $100 down program)
  • Refinances (Cash Out and Rate and Term)
  • Streamlines (With and Without Appraisals)
  • We currently do not offer 203(k) loans at this time

• VA
  • Purchases (Including the HUD $100 down program)
  • Refinances (Cash Out and Rate and Term)
  • We currently do not offer VA IRR (Interest Rate Reduction) loans

• RD
  • Purchases (Bank Owned and Individual Owned
  • Refinances (Rate and Term only)

We currently cannot accept any loans secured by Manufactured housing (single or doublewides).

We can lend on a true Modular home. The best way to decipher if a property is a true Modular is by the color of the serial tag. Red is manufactured. Blue is Modular.

Effective May 4th, 2009, ALL loan programs require a Minimum 620 middle FICO score (including *FHA Streamline Refinances). This is based on the Lowest Mid Score for multiple borrowers. *If FHA Streamline refinance is paying off an existing Bank of America or Countrywide lien, there is no minimum FICO score required. FICO Scores are still required for pricing.

Please click here to see a list of required disclosures we offer as a courtesy. Check back often as the site is updated frequently. Always follow updated Mortgagee letters and guidelines when trying to find the most recent updated disclosures. We will do our best to keep these documents as up to date as possible but with ever changing guidelines we cannot guarantee ALL required documents will be on the website.

Yes. We can lend on attached, detached, site condo’s etc. If the Condominium project is not currently FHA approved, a Spot Loan approval will be required. Please send in a complete Condo Spot Loan Checklist along with the Master Deeds and By Laws.

Effective June 19th, 2009 with Mortgagee Letter 2009-19, Site Condo’s no longer require Spot Loan approvals. The appraisal still needs to be on a Condo form (1073).

We follow FHA/VA/RD guidelines for maximum debt ratios. Layered risk and DU status will also be taken into account when approving/denying ratios.

When logged into the Broker Website, click Rate Lock link from toolbar on left hand side. Log in using your Rate Lock/Pricing username and password (this will be different from your Broker Website login). To start a new prospect, click on the New Search tab. You can either upload a 3.2 (.fnm) file or begin typing in the loan information. When all required fields are complete click the submit button. Select a product name to show available rates, lock periods, and price. Click on the appropriate lock price you wish to select- this will pull up an additional screen to capture any remaining loan information. Click Request Lock button to submit your lock request to Secondary. You will receive an email confirmation when your lock has been accepted. Please check your pipeline in the Broker Website for lock expiration dates and lock details. You can also save a pricing scenario as a prospect at any time. Simply click Save as Prospect. This lock will then show up under your pipeline tab in the pricing system until you lock the loan.

When logged into the Broker Website, click on Lock Extension/ Re-lock from the toolbar on the left.

You must read and acknowledge the Interest Rate & Program Guarantee Policy and hit continue. Please fill out the form completely. Select the appropriate Lock Extension period and hit continue.

When logged into the Broker Website, click on Lock Extension/ Re-lock link from the toolbar on the left.

You must read and acknowledge the Interest Rate & Program Guarantee Policy and hit continue. Please fill out the form completely. Select the appropriate Re-Lock period and hit continue.

From the main homepage, www.rmcwholesale.com , click on New Broker Package from the toolbar on the left. Please complete all contact information requested then click the Request Package button. You will be directed to open a link to the PDF labeled Wholesale Lending Application Package. The package must be complete and signed in its entirety and returned to Ken Panosian, Vice President, fax: 248-658-2520. Upon receipt of the package RMC Wholesale will perform background checks, run compare ratios, etc. You will be notified either by Ken or by your Account Executive when the review of your broker application has been completed. Loans cannot be submitted until broker package has been approved.

Our current product line of FHA, RD and VA do not fall under any requirement to use HVCC. However, there are new appraisal requirements applicable on FHA, VA and RD loans. Please see Mortgagee Letter 2009-09 regarding the 1004MC (Market Conditions Addendum) and Declining Markets.

When logged into the Broker Website, click on 1003 Import from the toolbar on the left. You will need to upload a 3.2 file (aka Fannie Mae file, Flat file, .fnm, etc). After browsing for the flat file you will be asked to complete a submission form- there is no need to print this form, it will automatically be emailed to the appropriate box. After receipt of your 3.2 file and submission form, our Loan Coordinators will accept your upload and the loan will be visible in your pipeline. There may be a slight delay since this is a manual step on our end. If a 1003 (3.2) is submitted after 5:30pm (EST), it will be visible in your pipeline the following business day. You will receive an email confirmation when your loan number has been created.

When you are ready to submit the package, please click the Imaging link from the toolbar on the left. Your most recent 1003 (3.2) upload will always be the last loan in the list. Please select the loan number that corresponds to the submission. In this screen you will be able to upload the submission, appraisal, findings, etc. Please submit all packages in PDF format. We require 2 separate PDF files for submission. These are labeled as Submission Right and Submission Left. Please click the links provided within the Imaging screen for left and right document submission checklists. If you are submitting an Appraisal with your initial package please upload this as a separate file under Appraisal. Browse for your PDF files and select the appropriate document description from the drop down menu. These documents will be visible instantly in the Imaging section. This is a great tool for you to ensure the file has been received. You can also view what documentation you have (or have not) submitted. All submitted documentation will be available for viewing in this screen throughout the loan process.

If you are unable to submit your file via PDF please contact your Account Executive for alternative solutions.

After receiving your Conditional Approval from an RMC Wholesale Underwriter you may begin submitting conditions. When logged into the Broker Website, click the Imaging link from the toolbar on the left. Click on the corresponding loan number associated with the file you wish to submit conditions for. We require conditions to be submitted in 2 separate PDF files. These are labeled as Conditions Right and Conditions Left. Please click the links provided within the Imaging screen for left and right document submission checklists. Browse for your PDF files and select the appropriate document description from the drop down menu. These documents will be visible instantly in the Imaging section. If you are submitting an Appraisal with your conditions, please upload this as a separate file under Appraisal. If you are submitting a revised or updated Appraisal, still select the Appraisal document description. You can upload more than 1 Appraisal per file. If a 2nd Appraisal has been required, please upload as Appraisal 2.

When a file is Cleared to Close, a Closing Request form will be emailed to you with the CTC. Please verify all information on the form and make any necessary corrections. The closing costs are generated based on your initial signed GFE and TIL. Any increase or addition to fees, rate, loan amount, etc will cause the file to go back to underwriting. Re-disclosure may be required per new MDIA and TILA guideline effective July 30th, 2009. While logged into the Broker Website, click the Imaging link from the toolbar on the left. In PDF format, upload the complete and accurate Closing Request form, any applicable invoices, title co fees and wire instructions.

You will receive an email when your closing date/time has been confirmed.

Please allow for 24 hours between Closing Request and Document Preparation date. RMC reserves the right to perform an internal audit on all files prior to closing. During this time a re-verification of employment will be performed as well as quality control checks.

We do not require an appraiser to be approved with RMC. Our investors do have appraiser databases we must check the appraisals against. If an appraiser is on a watch list with any of our investors, there may be an additional appraisal required.

Ross Mortgage Corporation, ISAOA
27862 Woodward Ave
Royal Oak, MI 48067
FHA #: 2148900000
VA #: 7460630000

There is no maximum but the lot size must be typical for the area and comparables must be within a reasonable distance and similar in size.

Helpful TIPS:

• Unmarried borrowers will require separate signed 1003/92900A/GFE/TIL and separate Credit Reports, but the rest of the disclosures can be signed jointly
• Make sure that all file documents are clear legible copies
• Include a cover letter to explain the file especially if there is anything unusual (job gaps, income, etc.)