Expanded Approval changes and Florida updates
Effective for all locks and extensions received on or after today Thursday October 16, 2008 the Pinehurst Non-Conforming program for Interest only loans in the State of Florida is now subject to these additional restrictions;
- Condominium are no longer allowed
- 2 units are not permitted anymore
- Attached properties (PUD, Townhomes, etc) are restricted to a lesser of current product maximum or 80% LTV/CLTV
Expanded Approval Changes
Effective October 17, 2008 we will be making the following changes to our Torrey Pines programs, affected loans must be closed and funded to the borrower no later then October 31, 2008. Loans that are locked on or after October 17th or close after October 31st will be subject to the new guidelines. Expanded Approval recommendations are no longer permitted on interest-only loan programs, including Flexible 97® and MyCommunityMortgage®. All conforming interest-only loan programs must receive an "Approve/Eligible" or "Accept" recommendation from Desktop Underwriter® (DU®), Loan Prospector® (LP)
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!!