Good morning Superstars. Just got off the phone with United Guaranty and had a discussion regarding HAFA. I just want to make sure everyone who is doing HAFA take some time prior to initiating and do a FULL and THOROUGH discovery.
A lot of time we will just assume that the client fits the guidelines and submit however we don't check if there is MI and if the MI company even participates. This will lead you to being 4 months deep only to get an approval from the lender but a denial from the MI. Please DON"T ASSUME the lender will tell you if the MI company participates.
Also even if you have MI they have there own set of guidelines with HAFA above the normal ones. For example United Guaranty will deny a HAFA if the borrower has multiple properties even if they are attempting a short sale HAFA with there primary!!
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@Cesar a lot of times you can call customer service not ss dept and in conversation ask "do you see MI on this acct?" most of the time they will tell you and if there is ask who.
Thank you for your food for thoughts.
I thought you just have to verify if the investor of the 1st lien participates in HAFA.
How can you find out who is the MI if any?
Thanks again.