CMG Correspondent Lending is announcing

Priceweaver Mail - Overlay Changes - VA IRRRL
Daily Rates <[email protected]>
Overlay Changes - VA IRRRL
CMG Financial Correspondent Lending <[email protected]>
Reply-To: [email protected]
To: Rates <[email protected]>
Mon, Feb 3, 2014 at 11:30 AM
Bulletin #2014-05
February 3, 2014
Overlay Changes - VA IRRRL
February 10, 2014
CMG Correspondent Lending is announcing
changes to our VA IRRRL Program
Effective on any VA IRRRL loan locked on or after February 10th, 2014:
The following overlays will be in effect:
All transactions will require an AVM at the time of submission
We will allow a maximum LTV to 150%
There will be a price adjustment if the transaction exceeds 125% LTV to 150%
LTV. (See rate sheet for pricing adjustment.)
CMG does not have an exclusionary list for Vendors. Your AVM can be ordered
through any HVCC approved appraisal management company. A 2075 appraisal
will be accepted if an AVM is unavailable.
The Overlay Matrix for this program will be updated on 2/10/14.
It can be accessed on our website at via the
Seller Resources Tab / Overlay Matrix.
Current Overlay Matrices:
Priceweaver Mail - Overlay Changes - VA IRRRL
Please contact your Correspondent Liaison or
Regional Manager with any questions.
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