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

 

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