Weekly Product Updates May 11th. - May 15th. 2009

Friday, May 15th. 2009

 

To All MetLife Approved Brokers

 

The following products have been updated:

 

                                                       

                                                          Conforming Plus Fixed and ARM

                                                         Conforming Plus Temporary 2009

                                                                 Effective Immediately
LTV Matrix

• Primary Residence Cash-out Refinance

• Maximum cash-out limits no longer apply

• For Conforming Plus Fixed and ARM only, cash-out limits continue to apply to Primary Residence Cash-out Refinance transactions that do not meet the more restrictive guidelines announced on May 8, 2009

 

                                                                         DU Refi Plus

                                                                Effective Immediately
Refinance (Rate/Term)

• Fannie Mae will no longer require confirmation that the subject property is not listed for sale
  • The Refinance Affidavit will continue to be required; however information regarding property listing may be disregarded 

 

Term

• The term for the DU Refi Plus loan may extend beyond the original term of the existing loan if the longer amortization results in a decrease to the principal and interest payment

 

 

                                                                  FHA Fixed and ARMs

                                                                 Effective Immediately
Underwriting/Manual

• FHA has released updated versions of two handbooks:

• 4155.1 Mortgage Credit Analysis for Mortgage Insurance, One to Four Family Property
• 4155.2 Lender's Guide to Single Family Mortgage Insurance Processing

• The new handbooks have consolidated information from several handbooks, and incorporated all Mortgagee Letter updates through ML 2009-09

• Mortgage Letters will supercede any errors found in the new handbooks

• FHA will continue to use Mortgagee Letters to announce policy updates, and the handbooks will be updated on the effective date of the policy change

• Mortgagee Letters will be posted on the FHA portal under "Updates" along with links to the impacted area(s) of the handbooks

• The new handbooks are available for use at FHA.gov

 

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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