Carrington Wholesale Lending

Bulletin W1314 – Updates on FHA, FHA Streamline and DU Refi Plus

November 30, 2012Bulletins

Attached is a bulletin regarding updates to the FHA, FHA Streamline and DU Refi Plus programs.

  • FHA Guidelines have been updated to state that requirements from one loan program to another are described in the applicable product matrices
  • Clarification has been provided on FHA Streamline loans regarding:
    • Current 30-day bank statement, reflecting beginning and ending balances, is acceptable.  All large deposits and/or questionable deposits need to be sourced and seasoned
    • If the credit report reflects a bankruptcy, pre-foreclosure/foreclosure, or short sale, standard FHA credit requirements apply
    • Loans with modification, pre-foreclosure/foreclosure, NOD on the subject property are not eligible for CMS financing  
  • DU Refi Plus loans, clarification is provided regarding requirements for a Property Fieldwork Wavier.
  • Guidelines posted to Intranet
  • Guidelines and matrices will be posted to the Intranet on November 30, 2012 at 9:00 AM PST

Download: Bulletin – #W1314 (PDF)

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