Monday, May 4th. 2009
To all MetLife Approved Brokers
DU Refi Plus with Mortgage Insurance
DU Refi Plus is now available for loans that require Mortgage Insurance!
Product Features include:
- Mortgage Insurance is available up to 105% LTV
- Mortgage Insurance is required only when the LTV of the new loan is > 80% and the existing loan includes MI
- MI coverage for the new loan may remain the same as the coverage for the existing loan regardless of LTV
Mortgage Insurance
- Due to MI Company restrictions, only MLHL serviced loans are eligible when mortgage insurance is required
- If DU feedback indicates that there is no MI on the existing loan, MI is not required on the new loan. If this DU feedback is received, MLHL is not required to document the lack of MI on the existing loan
- MI Insurance must be ordered/transferred from the current MI provider
Underwriting/DU
- Underwriting guidelines for DU Refi Plus with Mortgage Insurance are the same as for the existing DU Refi Plus product; however, MI guidelines may be more restrictive
- DU has been updated to remove "Ineligible" findings for LTV/CLTV/(H)CLTV and credit score
- For loans that were submitted to DU prior to the weekend of May 2, 2009, refer to the previous Loan Product Description
Pricing will be available on Tuesday, May 5, 2009.
See the Loan Product Description for complete program guidelines.
As always subject to change without prior notice and is for
use by MetLife Approved Brokers only
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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