cassie701
1359 Posts |
 Posted - 03/27/2008 : 6:00:22 PM
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Product Memo: PW-08-010
Date: March 31, 2008
To: Wachovia Mortgage – Wholesale Lending
Subject: Jumbo Product Changes
Affected Products: Jumbo Fixed Rate, Jumbo LIBOR ARM, and Jumbo Extra LIBOR ARM Products
Effective Date: Monday, March 31, 2008
Jumbo Fixed Rate and Jumbo LIBOR ARM Product Changes:
Please note that there were multiple LTV/CLTV, Loan Purpose, Property Type, Occupancy, Credit Score requirement changes. See attached Max LTV/CLTV Tables for detailed changes.
Key Highlights:
Ř Full/Alt - $650,000 loan tier
§ Max LTV/CLTV reduced to 90% for 1 Unit O/O Purchase Money and Limited Cash-out Refinance with a Min 680 FICO.
§ Max LTV/CLTV reduced to 75% for 1 Unit O/O Cash-out Refinance with a Min 680 FICO.
§ Max LTV/CLTV reduced to 80% for 1 Unit SH Purchase Money and Limited Cash-out Refinance with a Min 680 FICO.
§ Max LTV/CLTV reduced to 70% for 1 Unit SH Cash-out Refinance with a Min 680 FICO.
Ř Full/Alt - $1,000,000 loan tier
§ Max LTV/CLTV reduced to 80/90% for 1-2 Unit O/O Purchase Money and Limited Cash-out Refinance with a Min 680 FICO.
§ Max LTV/CLTV reduced to 70/90% for 3-4 Unit O/O Purchase Money and Limited Cash-out Refinance with a Min 720 FICO.
§ Max LTV/CLTV reduced to 75% for 1-2 Unit O/O Cash-out Refinance with a Min 700 FICO.
§ Max LTV/CLTV reduced to 70% for 3-4 Unit O/O Cash-out Refinance with a Min 700 FICO.
§ Max LTV/CLTV reduced to 75/80% for 1 Unit SH Purchase Money and Limited Cash-out Refinance with a Min 680 FICO.
§ Max LTV/CLTV reduced to 60/80% for 1 Unit SH Cash-out Refinance with a Min 700 FICO.
Ř Full/Alt - $1,500,000 loan tier
§ Min FICO increased to 700 for 75/80% LTV/CLTV for 1-2 Unit O/O Purchase and Limited Cash-out Refinance.
§ Max LTV/CLTV reduced to 65% for 1-2 Unit O/O Cash-out Refinance with a Min 700 FICO.
§ Min FICO increased to 700 for 70/80% LTV/CLTV for 1 Unit SH Purchase and Limited Cash-out Refinance.
Ř Full/Alt - $2,000,000 loan tier
§ Min FICO increased to 700 for 70/75% LTV/CLTV for 1-2 Unit O/O Purchase and Limited Cash-out Refinance.
§ Max LTV/CLTV reduced to 65/65% for 1-2 Unit O/O Cash-out Refinance with Min 700 FICO.
§ Min FICO increased to 700 for 65/70% LTV/CLTV for 1 Unit SH Purchase and Limited Cash-out Refinance.
§ The maximum DTI has been reduced to 45%.
Jumbo “Extra” LIBOR ARM Product Changes:
The Wholesale Lending Jumbo “Extra” LIBOR ARM Products will be Discontinued.
Effective: Monday, March 31, 2008 - No new locks will be accepted for the following product codes:
· 0923 – 3/1 Yr Jumbo Extra LIBOR ARM
· 0933 - 3/1 Yr Jumbo Extra LIBOR ARM, Interest Only
· 0924 - 5/1 Yr Jumbo Extra LIBOR ARM
· 0934 - 5/1 Yr Jumbo Extra LIBOR ARM, Interest Only
· 0925 - 7/1 Yr Jumbo Extra LIBOR ARM
· 0935 - 7/1 Yr Jumbo Extra LIBOR ARM, Interest Only
No new locks will be accepted for the previous guidelines on Monday March 31, 2008. Loans in pipeline not locked prior to 11:59 EST on Sunday March 30, 2008 will be subject to the new guidelines. All loans locked prior to the effective date will be honored under the previous guidelines. If the loan does not close and fund by the lock expiration date no extensions will be granted. New terms must be negotiated and the original terms may not be available.
System Changes:
· INSITE: All changes are programmed within Insite and will be effective Monday, March 31, 2008.
· CDU: All changes are programmed within CDU and will be effective Monday, March 31, 2008.
· Powerlender: Initially, these changes will not be programmed within Powerlender. This system implementation will occur at a later date, once the currently locked pipeline of loans has closed. We will require the assistance of Sales and the Service Center support staff to ensure that loans outside of the new guidelines are not allowed to close.
For system updates or related issues please refer to your channel’s origination system release notes posted within the Archive of Memos:
Wholesale Lending: PowerLender System Updates
· PUGO: The revised Jumbo Fixed Rate and Jumbo LIBOR ARM Product Profiles will be posted to PUGO on Monday, March 31, 2008.
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