Weekly Product Update June 22nd. - June 26th. 2009

 Friday, June 26^th. 2009

 

To All MetLife Approved Brokers

 

The following products have been updated:

 

DU Refi Plus

***REMINDER***

Effective with loan applications signed and dated by borrower on or after July 1, 2009. 

Regardless of application date, loans that do not meet the new guidelines

must be submitted to DU prior to July 1, 2009.

Loan Amount

• Incidental cash back to the borrower at closing may not exceed $250
• Cash back in excess of $250 must be applied as a principal reduction on the new loan
• DU will be updated the weekend of June 27, 2009
  • Effective with the DU update, loans that are submitted to DU with >$250 cash back reflected in Details of Transaction will not be underwritten as a DU Refi Plus

 

 

Conforming Generic LPMI (Tax Option)

Mortgage Insurance certificates for loans that do not meet the following guidelines

must be issued prior to July 1, 2009

LTV Matrix

• Minimum 700 credit score for properties located in Non-Restricted and Tier One Restricted Markets

(previously, 680 credit score)

• Maximum 90% LTV and minimum 720 credit score required for properties in Tier Two Restricted Markets

(previously, 720 in Restricted States only)

 

 

Declining Markets

• Guidelines have been revised to reflect MGIC’s new Tier One and Tier Two Restricted Markets.
  • See MI Matrix and MGIC website for additional information.

 

 

All Applicable Products

Mortgage Insurance Matrix

RMIC (effective September 1, 2009)

 

RMIC has issued the following clarifications to the June 19, 2009 announcement regarding 4506-T requirements.  The MI Matrix has been updated to reflect the revised policy.

• The 4506-T is required only on borrowers whose income is used to qualify
• The 4506-T must cover the most recent one (1) year tax returns
• Prior to closing, the 4506-T transcript for the most recent one (1) year must be obtained from the IRS (or designee) and used to validate the income documentation provided by the borrower(s).
  • If the tax return transcripts do not support the income documentation provided and the discrepancies cannot be adequately explained and documented, the loan is ineligible for insurance.

Rita Kama-Kimura

Wholesale Account Representative

(808)  275-8006   direct

(808)  864-0520   cellular

 

 To maximize communication it's wise to "Reply to All"

 

Confidentiality notice:
This e-mail message, including any attachments, may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee or agent responsible for delivery
of this message to the intended recipient(s), you are hereby notified that any dissemination,
distribution, or copying of this e-mail message is strictly prohibited. If you have received this message
in error, please immediately notify the sender and delete this e-mail message from your computer.