Product Release: Freddie Mac Relief Refinance

Thursday, April 30th, 2009

 

To all MetLife Approved Brokers

 

 

                                                  Freddie Mac Relief Refinance 

 

Introducing Freddie Mac’s Relief Refinance program!  Relief Refinance allows borrowers who are current on their existing Freddie Mac owned mortgage to refinance up to 105% LTV.  The existing loan must be serviced by MetLife Home Loans.

 

Product Features include:

• Mortgage Insurance is not required on new Relief Refi loans if there is no MI on the existing loan
• LTV’s up to 105%.  No CLTV or (H)CLTV restriction
• Streamlined documentation
• 1-4 unit Primary Residence and Investment Property, and 1 unit Second Home
• Loan amounts up to the Temporary 2009 limits
• Only three (3) months seasoning required
• Condo approvals are not required
• Wholesale originations are allowed

 

Additional highlights of the Relief Refinance program:

 

Appraisal

• For some one (1) unit properties, a Home Value Estimate (HVE) may be available for use in lieu of an appraisal:
  • The HVE data will be available in Home Loan View
  • The following minimum requirements must be met:
    • The Forecast Standard Deviation (FSD) must be <=.20
    • The Confidence Score must be High (H) or Medium (M)
• When the HVE is not available or acceptable, a full appraisal is required

 

Mortgage Insurance

• Mortgage Insurance is not required on the Relief Refinance loan if:
  • The LTV of the new loan is <=80%; or
  • The existing loan does not currently have MI
• Mortgage Insurance is required when the LTV of the new loan is >80% and the existing loan has MI
• Homeloanview.com will provide current MI status for the existing loan

 

Underwriting/Manual

• Manual Underwriting is required on all loans
• 0x30 payment history for 12 months (or the life of the loan if less than 12 months) on existing mortgage
• If new Principal and Interest payment is increasing by >20%, the following underwriting guidelines apply in addition to the required payment history:
  • Minimum 620 credit score
  • Maximum 45% DTI Ratio
  • Income verification required

 

See the Loan Product Description for complete program guidelines

 

Rita Kama-Kimura

Wholesale Account Representative

Metlife Home Loans

(808) 275-8006 Direct       

(808) 864-0520 Cell

(800) 499-0488 Toll free

E-Mail:  rkkimura@metlifehomeloans.com

 

To maximum communication it's wise to "Reply to All" 

Confidentiality notice:
This e-mail message, including any attachments, may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee or agent responsible for delivery
of this message to the intended recipient(s), you are hereby notified that any dissemination,
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in error, please immediately notify the sender and delete this e-mail message from your computer.

MetLife Home Loans - Hawaii Wholesale Rates

W

If you NO LONGER desire to receive these Rates, please REPLY with UNSUBSCRIBE in the subject.

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information. If you are not the intended recipient(s), or the employee or agent responsible for delivery
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in error, please immediately notify the sender and delete this e-mail message from your computer.

Freddie Relief Refinance and HVCC/Pronto Progress

 April 29th, 2009

To All MetLife Approved Brokers

 

 

"Freddie Relief Refinance"

 

Tomorrow, Thursday, April 30th. pricing for the

"Freddie Relief Refinance"

will be reflected on our daily published rate sheets.

 

Product Guidelines (LPD) will be available shortly thereafter ... I hope!  

 

HVCC Via Pronto

 

You will notice on your Pronto Pipeline screen, the following are now available:

Appraisal Order Status

Order Appraisal

*** Upload Documents ... now available for uploading DROA/Sales Contract if applic.

 

Remember information/instructions for ordering appraisals available

via Pronto under "Training/Mtg. Tools".

 

Be sure your current loan applications are properly signed and dated

(see Pronto Home Page for guidance)

 

Rita L. Kama-Kimura

Wholesale Account Representative

(808)  275-8006   direct

(808)  864-0520   cellular

  

Confidentiality notice:
This e-mail message, including any attachments, may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee or agent responsible for delivery
of this message to the intended recipient(s), you are hereby notified that any dissemination,
distribution, or copying of this e-mail message is strictly prohibited. If you have received this message
in error, please immediately notify the sender and delete this e-mail message from your computer.

MetLife Home Loans - Hawaii Wholesale Rates

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If you NO LONGER desire to receive these Rates, please REPLY with UNSUBSCRIBE in the subject.

Confidentiality notice:
This e-mail message, including any attachments, may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee or agent responsible for delivery
of this message to the intended recipient(s), you are hereby notified that any dissemination,
distribution, or copying of this e-mail message is strictly prohibited. If you have received this message
in error, please immediately notify the sender and delete this e-mail message from your computer.

MetLife Home Loans - Hawaii Wholesale Rates

W

If you NO LONGER desire to receive these Rates, please REPLY with UNSUBSCRIBE in the subject.

Confidentiality notice:
This e-mail message, including any attachments, may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee or agent responsible for delivery
of this message to the intended recipient(s), you are hereby notified that any dissemination,
distribution, or copying of this e-mail message is strictly prohibited. If you have received this message
in error, please immediately notify the sender and delete this e-mail message from your computer.

MetLife Home Loans - Hawaii Wholesale Rates

W

If you NO LONGER desire to receive these Rates, please REPLY with UNSUBSCRIBE in the subject.

Confidentiality notice:
This e-mail message, including any attachments, may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee or agent responsible for delivery
of this message to the intended recipient(s), you are hereby notified that any dissemination,
distribution, or copying of this e-mail message is strictly prohibited. If you have received this message
in error, please immediately notify the sender and delete this e-mail message from your computer.

MetLife Home Loans - Hawaii Wholesale Rates

W

If you NO LONGER desire to receive these Rates, please REPLY with UNSUBSCRIBE in the subject.

Confidentiality notice:
This e-mail message, including any attachments, may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee or agent responsible for delivery
of this message to the intended recipient(s), you are hereby notified that any dissemination,
distribution, or copying of this e-mail message is strictly prohibited. If you have received this message
in error, please immediately notify the sender and delete this e-mail message from your computer.

MetLife Home Loans - Hawaii Wholesale Rates

W

If you NO LONGER desire to receive these Rates, please REPLY with UNSUBSCRIBE in the subject.

Confidentiality notice:
This e-mail message, including any attachments, may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee or agent responsible for delivery
of this message to the intended recipient(s), you are hereby notified that any dissemination,
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in error, please immediately notify the sender and delete this e-mail message from your computer.

Weekly Product Updates April 20 - April 24, 2009

Friday, April 24th, 2009

 

To All MetLife Approved Brokers  

 

 

The following products have been updated:

 

 

 

Conforming Generic Fixed and ARMs

Effective for loans locked, relocked or extended on or after May 1, 2009.   

 Loans not meeting these guidelines must close/fund/disburse on or before May 29, 2009.

Underwriting/Manual 

• Overriding an LP A- (Caution) 
  • 12 months canceled checks are required evidencing no more than 1x30 or 0x60 on seller held mortgages or any mortgage not verified on the credit report

          (new) 

 

USDA

Effective Immediately

GRH Conditional Commitment

• Additional funds have been allocated for Fiscal Year 2009 that includes refinance transactions.
• The restriction prohibiting refinance transactions has removed.
  
  

Underwriting/Manual
Income

• USDA has restructured the Median (Moderate) Income Limits from eight tiers to two tiers.

• The new two tier structure is available under "All States" on the website.

• Updates for the individual states are not finalized.

• The additional income percentage that must be added for larger households will remain the same

 

 

Rita Kama-Kimura

Wholesale Account Representative

Metlife Home Loans

(808) 275-8006 Direct       

(808) 864-0520 Cell

(800) 499-0488 Toll free

E-Mail:  rkkimura@metlifehomeloans.com

 

To maximum communication it's wise to "Reply to All" 

 

 

 

Confidentiality notice:
This e-mail message, including any attachments, may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee or agent responsible for delivery
of this message to the intended recipient(s), you are hereby notified that any dissemination,
distribution, or copying of this e-mail message is strictly prohibited. If you have received this message
in error, please immediately notify the sender and delete this e-mail message from your computer.

HVCC Time Frames

Friday, April 24, 2009

 

To All Approved MetLife Brokers

 

Time Frame for Impending HVCC Implementation

 

Effective with applications signed by borrower(s) on or after May 1^st, 2009

 

◊     Broker must submit a request to order appraisal via Pronto.  (This also applies

       if applicable to any second appraisal required per the loan product description)

       Broker may not directly order the appraisal.

 

            ▪   Loans received prior to May 1^st, 2009 that fund on or after May 1, 2009:

If the application was NOT signed and dated by all of the borrowers prior to May 1, 2009, a HVCC compliant appraisal with MetLife Home Loans (MLHL) as the client will be required.

 

            ▪   Loans received between May 1 and May 31, 2009:

            If application is signed and dated by all of the borrowers prior to May 1, 2009 and the underwriter determines that the application was truly taken prior to May 1, based on other documentation in the loan file, a non-HVCC compliant appraisal may be accepted.  If the underwriter determines that the application was taken May 1 or after, (again based on documentation in submission file) underwriter will condition for a HVCC compliant appraisal with MLHL.           

 

            ▪   Loans received on or after June 1, 2009:

            Regardless of when the borrower(s) signed and dated the application, a HVCC compliant appraisal with MLHL will be required.

 

◊     HVCC applies to all conventional loans (VA, FHA and USDA will continue to

       be ordered per the LPD)

 

Additional information/changes will be sent out as available.

Which means this is for use by MetLife Approved Brokers only

and is subject to change without prior notice.

 

Rita L. Kama-Kimura

Wholesale Account Representative

(808) 275-8006   direct

(808) 864-0520   mobile

 

To maximum communication it's wise to "Reply to All" 

 

Confidentiality notice:
This e-mail message, including any attachments, may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee or agent responsible for delivery
of this message to the intended recipient(s), you are hereby notified that any dissemination,
distribution, or copying of this e-mail message is strictly prohibited. If you have received this message
in error, please immediately notify the sender and delete this e-mail message from your computer.

HVCC *** Bankoh Subordinations *** High LTV Loans ***

April 24th. 2009

 

To All MetLife Approved Brokers

 

Regarding Various Issues

 

 

Please note that "HVCC Training Material" is now available on Pronto

under "Training/Mortgage Tools"

Quite user friendly ... encourage everyone to review as soon as possible

 

Bankoh Subordinations

as someone of you have already discovered Bankoh will only accept subordination request from the New 1st. Lien Lender,

Broker will still need to prepare Subordination Request Package and

should include in the loan submission file to MetLife

(similar to the process for MCC's) 

 

We are finding it even more challenging to obtain

MI for High LTV Loans ... with that in mind, until further notice

New High LTV submissions must fall into the following categories:

DU Refi Plus

FHA

VA 

and USDA 

 

Aloha to all and TGIF ...

Rita Kama-Kimura

Wholesale Account Representative

(808) 275-8006   direct

(808) 864-0520   cellular

 

To maximum communication it's wise to "Reply to All" 

 

Confidentiality notice:
This e-mail message, including any attachments, may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee or agent responsible for delivery
of this message to the intended recipient(s), you are hereby notified that any dissemination,
distribution, or copying of this e-mail message is strictly prohibited. If you have received this message
in error, please immediately notify the sender and delete this e-mail message from your computer.

MetLife Home Loans - Hawaii Wholesale Rates

W

If you NO LONGER desire to receive these Rates, please REPLY with UNSUBSCRIBE in the subject.

Confidentiality notice:
This e-mail message, including any attachments, may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee or agent responsible for delivery
of this message to the intended recipient(s), you are hereby notified that any dissemination,
distribution, or copying of this e-mail message is strictly prohibited. If you have received this message
in error, please immediately notify the sender and delete this e-mail message from your computer.