Pinehurst Product Updates
Recently the mortgage insurance companies have announced curtailments to their published guidelines. These changes, which are applicable to all lenders, will have significant impacts on those loans requiring mortgage insurance.
In response to these MI requirements, Pinehurst will be limiting certain mortgage products and features. These changes impact agency and non-agency products and apply to all markets, declining and non-declining. A summary of the changes is contained within this topic.
Product revisions outlined in this topic apply to ALL Agency Fixed Rate and ARM (Amortizing and Interest-Only) loans with LTVs > 80%, regardless of the property address and declining market status. Revisions outlined in this topic do not apply to the following products and programs: MyCommunity MortgageTM and Home Possible® Products
The Pinehurst Rate Sheet will be updated with a (25.00) adjuster until the system has been programmed to refelct the below changes as ineligible. All of these changes are effective at end of business today and no extensions and/or relocks will be permitted on loans that are affected by these changes.
- Ø Agency Fixed Rate and Amortizing ARM Loans with LTVs > 80% must adhere to the LTV and credit score guidelines outlined below and reflected in the revised product guides, regardless of DU or LP findings.
- Ø For loans with LTVs > 80% the CLTV cannot exceed the LTV.
- Ø Loans with an LTV ≤ 80% are not impacted by these changes. The LTV and minimum FICO is determined by DU or LP findings.
- Ø Flex 97 and Alt 97 have been eliminated
Please see attached page for a new product matrix
Sherlock will be updated shortly with these new changes.
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!!
Pinehurst Product Matrix
Full Amortizing Matrix
Interest Only Matrix