To all MetLife Approved Brokers
Weekly Product Updates for the Week of June 8th – June 12th
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
- The loan product description will be updated on June 26, 2009
Effective Immediately
Underwriting/DU
- DU Refi Plus Expanded Approvals are allowed on loans currently serviced by MLHL
- Special Feature Code 716 is required
FHA REO
Effective for fully executed sales contracts on or after June 9, 2009
Documentation
Sales Contract
- HUD will pay borrower financing/closing costs up to a maximum of 3% of the purchase price based on the lesser of:
- Lump sum amount per the sales contract, or
- Actual origination fee and financing/closing costs per the HUD-1
Effective Immediately
Loan Amount
- Base loan amount plus financed repair escrow can not exceed 110% of the lesser of the “as is” appraised value or sales price.
Mortgage Insurance
- Base loan amount, financed repair escrow and financed UFMIP can not exceed 110% of the “as is” appraised value.
Bond Loans
Effective Immediately
Downpayment Assistance (DPA) & MCC Approval Guidelines and Procedures
- Regional DPA approval procedures have been updated, and two new checklists are available.
Rita Kama-Kimura
Wholesale Account Representative
(808) 275-8006 direct
(808) 864-0520 cellular
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