What is a chum number?
CHUM stands for "Computerized Homes Underwriting Management." This is the system the FHA uses to automate the mortgage application process from assignment of the case number to endorsement. Sorry, the video player failed to load. (Error Code: 100013) The CHUM number, or case number, is assigned to property addresses.
What is the difference between CLAS and Chums?
CHUMS checks the underwriter against the Credit Alert Interactive Voice Response System (CAIVRS) file. Once approved, CLAS sends an Underwriter Update Report with the underwriters CHUMS identification number to the lender, and the underwriter is officially certified.
How will the data be retrieved from CHUMS?
How will the data be retrieved (e.g., will it be retrieved by a personal identifier such as name, social security number, address, telephone number or some other identifier that is unique to an individual)? CHUMS users most often retrieved data by FHA Case Number. However, when necessary, data can be accessed by personal identifiers.
How do I re-certify my Chums ID?
There is no "re-certification" process specifically. Once you have your CHUMS ID it stays with you for life. However, if you have not underwritten any FHA files in some time, you may want to re-acquaint yourself with the guidelines and/or go through a company training program to refresh your knowledge before jumping back into it.
What does FHA chums stand for?
CHUMS: HUD's Computerized Homes Underwriting Management System used for processing single family mortgage insurance applications from initial receipt through endorsement.
How do I get DE or chums?
You have to work for a lender that is FHA/VA approved. You underwrite government files that are then checked by a senior underwriter that works for that same lender. Once you are good at underwriting the government files, the lender will get you a CHUMS number which will be your approval.
How do I get de endorsement?
To obtain DE approval, a lender must demonstrate it has the qualifications, experience, and expertise to underwrite mortgage loans that satisfy FHA requirements. To maintain approval, a lender must consistently underwrite and close loans that meet all FHA requirements.
How do I add an underwriter to my FHA?
The new lender must have the FHA-assigned ID of the underwriter. The underwriter's record is located by going to the Underwriter Registry Request, selecting Update Underwriter Employment from the Select Action drop-down list (Figure 1) and entering the Underwriter ID of the underwriter (Figure 3).
What does the DE program allow?
The DE program enables FHA-approved lenders to underwrite mortgages for insurance without prior HUD review, speeding approval times.
How long is the FHA underwriting process?
An FHA loan can stay in the underwriting stage anywhere from two to six weeks, depending on how many issues come up. If you get a superstar underwriter, your file might clear his desk in a week or less.
What does a DE underwriter do?
What is a DE underwriter? A DE underwriter has direct endorsement qualifications from the Department of Housing and Urban Development (HUD) and can underwrite and approve government-insured loans. Certification enables underwriters to review a wide range of loans and manage the volatile rates most lenders experience.
How do you become a VA underwriter?
at least 3 years experience in processing, pre-underwriting or underwriting mortgage loans, and. at least 1 year of the most recent 3 years must have included making underwriting decisions on VA loans, or. a current AMP (Accredited Mortgage Professional) designation from the Mortgage Bankers Association (MBA), or.
What is a Lapp underwriter?
"LAPP/SAR Underwriter Training" is an in-depth, instructor-led online program that will help you become familiar with the duties of a VA LAPP/SAR,recognize the requirements and processes for ordering and reviewing appraisals, and delivering Notices of Value (NOV) to the veteran borrower.
What is an FHA underwriter?
As an FHA underwriter, you assess loan applications for FHA-insured mortgages. Your duties include collecting information about the loan package and evaluating the financial records of the applicant. You then decide whether to approve or deny the application, and you document your reasons for making your decision.
How do I insure an FHA loan?
When you get a mortgage loan insured by FHA, you have to pay an up-front insurance premium, which can be included in the loan you get through a lender. You will also have to pay a monthly insurance premium that is added to the regular mortgage payment.
What are the FHA underwriting guidelines?
Important FHA Guidelines for BorrowersFICO® score at least 580 = 3.5% down payment.FICO® score between 500 and 579 = 10% down payment.MIP (Mortgage Insurance Premium ) is required.Debt-to-Income Ratio < 43%.The home must be the borrower's primary residence.Borrower must have steady income and proof of employment.
Is FHA underwriting automated?
FHA TOTAL is accessed through an automated underwriting system, and it ensures that FHA loan applicants are evaluated by the same scoring process and enhances FHA's ability to assess and manage risk.
Can an underwriter deny a FHA loan?
It is here where the borrower's credentials are heavily scrutinized to ensure that they are a good risk for the lender. While the underwriting criteria of an FHA loan may be more borrower-friendly than a conventional loan, there are still matters that can lead to an underwriter denying the loan.
Can a loan officer influence underwriting?
The underwriter's unbiased opinion is important in every loan transaction and to the integrity of the overall mortgage industry. While the underwriter and loan officer can be located in the same office, the loan officer may not attempt to influence the underwriter's decision.
Is FHA underwriting strict?
FHA loans can get rejected in the underwriting stage for various reasons. It might be that the borrower's credit score is too low, the debt-to-income ratio is too high, or the property fails to meet minimum requirements. Those are just a few of the reasons why an FHA loan might be rejected in the underwriting stage.
What is a CHUM number?
The CHUM number, or case number, is assigned to property addresses. Users request a case number in order to identify and follow their mortgage application.
What does CHUM stand for in mortgage?
CHUM stands for "Computerized Homes Underwriting Management." This is the system the FHA uses to automate the mortgage application process from assignment of the case number to endorsement.
What is CHUM mortgage insurance?
The Federal Housing Administration, a division of the Department of Housing and Urban Development (HUD), provides mortgage insurance for qualified borrowers. CHUM is the computerized system the FHA uses to track applications for single family mortgages. Advertisement.
How does a lender submit information to HUD?
The lender will submit the information to HUD through the Computerized Homes Underwriting Management System (CHUMS) using the Lender Access System (CLAS).
Can you recertify your CHUMS ID?
There is no "re-certification" process specifically . Once you have your CHUMS ID it stays with you for life. However, if you have not underwritten any FHA files in some time, you may want to re-acquaint yourself with the guidelines and/or go through a company training program to refresh your knowledge before jumping back into it.
Where is HUD's headquarters?
Later in 1996, HUD began the process of consolidating all of its single family loan origination operations from the 81 Field Offices into the current four Homeownership Centers (Philadelphia, Atlanta, Denver and Santa Ana) – with a Headquarters office in Washington D.C.
Does a DE number stay with you?
It is important to note that, once this DE number has been assigned to an individual, their number will remain with them their entire career – even if they terminate employment with the Firm that registered them.
What is the order of the underwriter's name?
Underwriter Name: Type the underwriter's last name, first name, and middle initial in that order. Last and first names must be separated by a comma. Middle initial is optional.
How to type underwriter ID?
Underwriter ID: Type the four-character FHA-assigned identification number issued to the underwriter. Underwriter Name: Type the underwriter's last name or full name. If entering the underwriter's full name, type last name, first name, and middle initial in that order. Last and first names must be separated by a comma.
Appraisal Information Submitted via EAD or FHA Catalyst Portal
For appraisal report information submitted via the Electronic Appraisal Delivery (EAD) portal, the Appraisal Logging Update page is automatically pre-filled with the information submitted. However, the information should be reviewed.
Appraisal Information Entered Directly via Appraisal Logging
Obtain information for processing Appraisal Logging from the Appraisal Report. The basic procedure is:
Getting Case Information
On the Appraisal Logging page, enter the case number assigned to the mortgage loan in the FHA Case Number field.
Viewing the Electronic Appraisal Document
If the case has an electronic appraisal document, the View Electronic Appraisal link is displayed on the upper part of the Appraisal Logging Update and Appraisal Logging Results pages.
Compare Addresses
If the Appraisal Logging Update page is populated with appraisal information from the EAD or FHA Catalyst portal, the Appraisal Logging Update page initially displays two addresses: existing Address in CHUMS and the EAD Address or FHA Catalyst Address in the electronic appraisal report submitted. Compare the two addresses.
Entering or Editing the Appraisal Report Information
Enter or edit the Appraisal Report information in the following sections of the Appraisal Logging Update page: Property Information, Neighborhood Fields, Site Fields, Physical Characteristic Fields , Property Title/Rights Fields, Prior Sale Information, Reconciliation Fields, HECM Information, User Certification, and Presidentially Declared Major Disaster Area..
Extending the Validity Period of the Appraisal
An appraisal update can be performed if the initial appraisal has not expired. The updated appraisal is valid for a period of 240 days from the effective date of the initial appraisal being updated. The Appraisal Update and/or Completion Report, Fannie Mae Form 1004D, Freddie Mac Form 422 is completed by the appraiser.