Carrington Wholesale Lending

Bulletin W1299 – DU Refi Plus Program Updates

October 18, 2012Bulletins

Bulletin W1299 – DU Refi Plus Program Updates

This bulletin highlights upcoming changes to the DU Refi Plus program.

  • Changes are effective with loans Registered or Submitted on Friday, October 19, 2012
  • Maximum LTV has been reduced to 95 % (from 105%)
  • Program is no longer available for 2-4 Unit PUDS
  • Properties in Texas will require a copy of the existing Mortgage or Note to verify that the previous terms are no Section 50(a)(6)
  • Kansas state specific restrictions have been removed
  • When there is secondary financing a copy of the Note is required to document terms
  • Maximum DTI is 50% (previously determined by DU)
  • The maximum combined loan amount is $1,000,000.  The aggregate total on all properties with one Investor/Servicer is $1.5 or a maximum of four (4) financed properties with the same Investor/Servicer, whichever is the lesser.
  • Loans currently in the pipeline that have been underwritten to the existing guidelines must be closed by Friday November 2, 2012
  • Updated program matrix will be posted to the Intranet on Thursday October 18, 2012 by 8:00 AM PST

Download: Bulletin – #W1299 (PDF)

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