Weekly Product Update June 1st. - June 5th. ***Note: important change to Refinance (cash-out)***

Friday, June 05, 2009

 

To All Approved MetLife Brokers

 

Weekly Product Updates for the Week of June 1^st – June 5^th

 

 

 

The following products have been updated:

 

***Conforming Generic Fixed and ARMs***

Effective for loans locked, relocked or extended on or after June 9, 2009

LTV Matrix
Refinance (Cash-Out)

• Special Purpose Cash-Out Refinance loans (buy-out of spouse/domestic partner/heir) must follow Cash-Out Refinance guidelines and pricing.
  (previously, treated and priced as a Rate/Term Refinance)

 

Conforming Generic Fixed

Conforming Plus Fixed

Conforming Plus Temporary 2009

Home Possible Fixed

Effective for loans locked, relocked or extended on or after June 9, 2009

Temporary Buydown

• Qualify at note rate
• Guidelines are regardless of AUS approval.  A manual overlay may be required.

 

Conforming Generic ARMs

Conforming Plus 5/1 ARM

Home Possible 5/1 ARM

Effective for loans locked, relocked or extended on or after June 9, 2009

Temporary Buydown

• Qualify at the greater of the note rate or Index + Margin
• Guidelines are regardless of AUS approval.  A manual overlay may be required.

 

DU Refi Plus
*** REMINDER ***

Loans that receive a DU Refi Plus approval, but are not eligible for this product, must be LP or Manually underwritten as a Rate/Term Refinance.  These loans may close under Conforming Generic or Conforming Plus/Conforming Plus Temporary 2009 guidelines and product codes.

 

Subject to change without prior notice and

is for use by MetLife approved brokers only

Check LPD’s via Pronto for updates and additional information

 

 

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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