Various Guideline and Pricing Changes
Doral Pricing Changes
Effective for all new locks and relocks submitted on or after August 18th, 2008, the Doral rate sheet for Agency Fixed Rate FICO/LTV grid is being expanded. Their will be a new row for FICO scores between 700-719 with terms greater than 15 years. See below grid for a snapshot of the new adjusters
| AGENCY FIXED & ARM FICO/LTV (>15 yr. Term) | ||||
| LTV | <=60% | 60.01-70% | 70.01-80% | 80.01-95% |
| 720+ | 0.25 | 0.000 | 0.000 | 0.000 |
| 700-719 | 0.25 | (0.500) | (0.500) | (0.500) |
| 680-699 | 0.00 | (0.500) | (0.500) | (0.500) |
| 660-679 | 0.00 | (0.500) | (1.250) | (1.250) |
| 640-659 | 0.00 | (0.500) | (1.750) | (1.750) |
| 620-639 | 0.00 | (0.750) | (2.500) | (2.500) |
| <620 | 0.00 | (0.750) | (2.750) | (2.750) |
Extension fees will also be revised to following amounts for all new extension requests received on or after August 18th, 2008
| Days | Cost |
| 5 | .075 |
| 10 | .150 |
| 15 | .225 |
| 20 | .300 |
| 25 | .375 |
| 30 | .450 |
Effective on August 18th, 2008 the maximum DTI on loans with Lender Paid MI will now be restricted to 55% regardless of the AUS findings. All loans that will be affected this change in guidelines must be funded to the borrower by August 25th, 2008.
Affordable lending programs (MyCommunity and Home Possible) are no longer will be eligible for the following loan terms; 40 year fixed rate, 7/1 and 10/1 Arms. Loans that are currently locked on these programs must fund to the borrower within their original lock period as no extensions or relocks will be granted.
Condominium in Florida will no longer be eligible for loan transactions with LTV's greater than 80% LTV effective August 18th, 2008. Loans that are currently locked on these programs must fund to the borrower within their original lock period as no extensions or relocks will be granted.
Pinehurst Guideline Changes
Non-Agency loans that utilize any of the following options will no longer are eligible for locking or after Thursday August 13th, 2008; Second Home, Investment Property or 40 year term.
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!!