Weekly Product Updates May 4th. - May 8th. 2009

Friday, May 8th. 2009

 

To All MetLife Approved Brokers

 

The following products have been updated: 

 

   

                                              Conforming Generic Fixed and ARMs

                                              Conforming Plus Fixed and ARM

                                              Conforming Plus Temporary 2009

          Effective for loans locked, relocked or extended on or after May 12, 2009 

 

LTV Matrix

• LTV <=80%: Maximum 55% DTI Ratio regardless of AUS approval.  No exceptions allowed.
  (previously, DTI determined by AUS.  DTI remains at 36% for manually underwritten loans.)

 

                                              Conforming Plus Fixed and ARM
                          Effective for applications dated on or after May 12, 2009
          Loans not meeting these guidelines must close/fund/disburse on or before July 1, 2009 

 

LTV Matrix – Fully Amortized Fixed and ARM

• Primary Residence, Purchase and Rate/Term Refinance
  • 1 unit, >75% LTV/CLTV, 700 credit score, allowed on Fixed Rate only
  • 1 unit, <=75% LTV/CLTV, 660 credit score required on Fixed Rate
• Minimum 740 credit score required on the following:
  • 2-4 unit, Primary Residence, Purchase and Rate/Term Refinance
  • 1-4 unit, Primary Residence, Cash-out Refinance
  • Second Home and Investment Property

 

LTV Matrix – Interest Only ARM

• Primary Residence, Purchase and Rate/Term Refinance
  • 75% LTV/CLTV, 680 credit score
• Primary Residence, Cash-out Refinance
  • 75% LTV/CLTV, 740 credit score
• Second Home, Purchase and Rate/Term Refinance
  • 65% LTV/CLTV, 740 credit score

 

                                                  Appraisal

• In addition to the full appraisal, a Field Review is required as follows:
  • If LTV/CLTV is >80% and loan amount is equal to $625,500 OR
  • If LTV/CLTV is >75% and property value is >=$1,000,000
• Condos (attached)
  • Two (2) comparable sales outside of subject’s project are required in addition to the full appraisal

 

                                                  Freddie Mac Relief Refinance
                                                      Effective Immediately

Documentation

• Verification of Employment will not be required if the Principal and Interest payment is not increasing >20%

                                *** Remember loans must currently be serviced by MetLife *** 

 

Third Party Originations

• The Wholesale Eligibility Determination form has been updated to reflect payment history requirements.

 

                                                  All Applicable Products

Mortgage Insurance Matrix

 

Radian (effective May 15, 2009)

• Maximum 41% DTI ratio for all loans (no exceptions)
• Condos:
  • Project must have a minimum of 10 units
  • Minimum of 70% of units (project or legal phase) must have been conveyed or be under contract to primary residence or second home purchasers
• Non-traditional credit is allowed on 1 unit properties only
• Foreclosed properties:
  • Utilities must be turned on when appraisal is performed
• SplitEdge:
  • Pricing and adjustments will increase effective June 15, 2009

 

 

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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