Weekly Product Update July 20 - July 24th, 2009

 

See attached for printable copy.

 

 

Friday, July 24, 2009

 

To All MetLife Approved Brokers

 

Weekly Product Updates for the Week of July 20th – July 24th

 

 

Conforming Generic Fixed and ARMs

Flex 97 Fixed and ARM

My Community Fixed and ARMs

Effective for loans locked, relocked or extended after July 31, 2009.

Loans not meeting these guidelines must close/fund/disburse on or before October 2, 2009.

Appraisal

• Fannie Mae appraisal form 2075 (Desktop Underwriter Property Inspection Report) is no longer allowed regardless of DU feedback
  • Form 2075 will continue to be allowed on DU Refi Plus

Underwriting/DU

• Appraisal overlay required regardless of DU approval

 

Home Possible® 97 Fixed and ARMs

Effective Immediately

Appraisal

• A full appraisal (form 1004) is required. Loan Prospector feedback will no longer include the form 2070 option.

DU Refi Plus

• HomeLoanView has been updated as follows:
  • Loans with Full or Partial Recourse and loans with Pool Insurance will now be reflected as “eligible”
    • See Product Update JUN09-043 dated June 26, 2009 for details
  • Loans with LPMI will be reflected as “ineligible”.

 FHA Fixed and ARMs

Effective Immediately

Construction / Perm

New Construction

 

• A new checklist that provides document requirements for new construction >1 year old is available.
• The following documents are not required for property >1 year old and can be removed from the closing package:
  • Builder Certification (HUD-92541)
  • Builder Warranty of Completion of Construction (HUD-92544)

 All Applicable Products

Reminder

• Effective for ALL (Conventional, FHA, VA, USDA, and Portfolio) applications dated on or after September 1, 2009, both of the following apply:
  • IRS 4506-T must be completed and signed by all borrowers at application AND processed prior to final approval. Underwriter must use the transcripts to validate the income documentation provided by the borrower. The IRS 4506-T transcripts as well as any subsequent documentation and/or explanations must be retained in the loan file and scanned.
  • IRS 4506-T must be completed and signed by all borrowers at loan closing.

 All Applicable Products

Mortgage Insurance Matrix

Clarification

• MI Company guidelines for condo presales apply regardless of condo approval type.  The MI Matrix has been updated to reflect the following presale requirements:
  • MGIC:  51% of the units in the project or legal phase must be sold and conveyed to primary residence or second home buyers. Properties under contract may not be included.
  • Radian:  70% of the units in the project or legal phase must have been sold or have executed sales contracts to primary residence or second home buyers.
  • RMIC:  70% of the units in the legal phase and all prior legal phases must have been sold or have executed sales contracts to primary residence or second home buyers.
  • United Guaranty:  70% of the units in the project or legal phase must have been sold to primary residence or second home buyers.  Properties under contract may not be included.

Remember our July Purchase Special ...

All Purchases locked in the month of July, reduce pricing by .500!

Rita Kama-Kimura

Wholesale Account Representative

(808)  275-8006   direct

(808)  864-0520   cellular

 

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

 

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