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" 

 

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