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peter
4634 Posts |
 Posted - 02/19/2008 : 1:28:13 PM
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Following is from Countrywide effective February 15 as per following e-mail
from Countrywide to brokers:
"
In recent years, Countrywide has seen considerable success with the Fast and Easysm product. Originally it was created as a "document-waiver" program for our highest quality borrowers that could provide full income documentation, and soon grew into a broad Countrywide offering.
As Fast & Easy evolved, we expanded from an eApprove/CLUES driven credit decisioning process to providing transparency to our minimum FICOs.
To become more responsive in a rapidly changing environment, we will be returning to an eApprove/CLUES driven credit decisioning process, effective Friday, February 15, 2008:
Guideline Change
Minimum FICO is being removed in favor of a "As Determined by CLUES" message. CLUES will evaluate the layered risks of the loan and render a decision.
It is important to note that loans outside of current guides may still receive a CLUES Accept with the new scorecard if the layered risk is low - even those with FICOs below 680. Other than minimum FICO, all other guidelines (LTV, Loan Amt, etc.) will remain as published in the Loan Program Guides.
Restructuring loans a CLUES "Refer"
Here are possible ways to counter a CLUES "Refer":
Switch to Full/Alt Doc
Switch from Interest-Only to Fully Amortizing
Adding a Co-Borrower to the transaction
Reduce / Eliminate the Second lien in favor of a single lien with Mortgage Insurance
Paying off revolving debt to lower the debt-to-income ratio
Reduce the loan amount and/or LTV if possible
Note: A CLUES Accept is still required on all Fast & Easy transactions. "
Peter
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servicefirst
3420 Posts |
Posted - 02/19/2008 : 4:15:05 PM
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| I'm sorry, a translation please? |
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forsociald
2140 Posts |
Posted - 02/19/2008 : 4:20:26 PM
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quote:
Originally posted by servicefirst
I'm sorry, a translation please?
Same here |
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Vinni100
175 Posts |
Posted - 02/19/2008 : 4:41:14 PM
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| What I am reading here is CW isn't going to limit "Fast and Easy" to the minimum credit score of 720 they notified everyone of a few weeks ago. CLUES could give an accept or approval on a lower score for Fast and Easy. This is better! |
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