Doral Product Updates
Rate's Doral Product line will be undergoing several changes effective for all locks and/or submissions received after close of business on Friday May 23, 2008. The changes will affect the following areas: Properties listed for Sale, Limited Condo Reviews, and number of financed properties.
Properties listed for Sale
For all occupancy types:
- If the subject property is currently listed for sale the loan is not eligible for a rate/term refinance or a cash-out refinance on the Doral Programs.
- Properties that were listed for sale within the past 90 days are eligible for a rate/term refinance only.
- For properties that have been off the market and not listed for sale within the past 90 days, rate/term refinance or cash-out refinance opportunities continue to be available.
- Every effort must be made to verify the property is no longer listed for sale. This policy does not apply to the refinance of a property that was recently purchased within the past 90 days.
Limited Condo Reviews
Maximum CLTV for a Second Home to receive a limited review approval is now being reduced from 80% to 75%. Loans affected by this change must be funded by May 30th, 2008 otherwise the loan must follow the new restrictions set to take at close of business on Friday May 23, 2008.
Number of Financed Properties
When the subject property is a Primary Residence transaction, there is no limit on the number of properties owned. If the subject property is a Second Home or Investment property having more than four financed properties the loan must be funded by May 30th, 2008 otherwise the loan must follow the new restrictions set to take at close of business on Friday May 23, 2008.
Please feel free to contact your VP of Wholesale Lending or the Commitment Desk for further clarification if needed.
Thank you for your continued business!!