Doral Guideline Changes and VOE changes
Effective with all locks received after Friday November 14, 2008 Guaranteed Rate will no longer be offering the Doral Jumbo Fixed program. All Doral Jumbo loans must be funded to the borrower no later then November 28, 2008.
Doral Freddie Mac Loans
Effective for all new locks received after Friday November 14, 2008 we will be making the following changes to loans underwritten to Loan Prospector. The changes will have to be manually accounted for by both Underwriting and the Broke as LP will not be updated until sometime in 2009.
- The 40-year Fixed Rate product is no longer eligible using Loan Prospector. The 40-year Fixed Rate is still eligible however under Freddie Mac Home Possible only
- 2-Unit properties are now subject to the same LTV/CLTV parameters that are available for 3-4 unit properties
- Second homes are limited to 85% for purchase and rate/term refinances and 75% for cash out (65% for I/O ARMs). The LTVs for fully amortizing products with subordinate financing is being reduced 5% to make them consistent with the interest only parameters.
- 1-Unit Investment properties are limited to 75% CLTV/HCLTV for rate/term refinances and cash out refinances.
- Maximum DTI is now 45%
- Accept Plus documentation classification is being discontinued. Loans submitted for purchase must follow the documentation requirements of the most recent LP Feedback Certificate, regardless of original classification
- Limited Condo Reviews: Separate LTV/CLTV guidelines have been established for Limited Review LP and/or Freddie Mac salable loans in the State of Florida as follows: Primary Residence: 75/75; Second Home: 70/70; Investor Property: N/A.
VOEs (all Programs)
Due to additional compliance review, verbal verification of employment (VOE) will expire 5 days from verification date. Therefore all VOEs must be completed within 5 days before closing.
Please feel free to contact your VP of Wholesale Lending or the Underwriting Department for further clarification if needed.
Thank you for your continued business!!