Doral Jumbo Arms and Agency Jumbo Discontinuation
Doral Jumbo Arms
Effective with all locks received after Friday November 7, 2008 Guaranteed Rate will no longer be offering the Libor Arms on our Doral Jumbo program. Affected loans must be funded to the borrower no later then November 28, 2008. We will still continue to offer the Jumbo program as a fixed rate only program as well still offer the Libor Arms on our Conforming programs as well.
The temporary loan limits created by Congress are set to expire later this year. Guaranteed Rate is requiring that loans locked under these programs to be funded to the borrower by the following dates: Pinehurst November 14, 2008, Doral, Greyhawk and Torrey Pines December 1st.
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!!