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" 

 

 

 

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