Carrington Wholesale Lending

Bulletin W13-030 – Update, Jumbo Matrix

April 11, 2013Bulletins

Topic included in Bulletin W13-030:

  • Jumbo Matrix has been updated and is effective now
  • Updates include:
    • Amended the minimum tradeline requirements:
      • All qualifying Borrowers must meet the minimum tradeline requirements. A minimum of 3 open tradelines each rated for 36 months. All 3 trades must have activity within the last 6 months. This is defined by the date of the last activity on the account to the current report date. Authorized User Accounts cannot be used to satisfy the 3 active tradeline requirements.
      • No major adverse credit within the last 24 months on revolving or installment accounts.
      • No Consumer Credit Counseling allowed regardless of age.
      • Borrower must provide a letter of explanation for all inquiries with the last 90 days and all adverse credit.
      • Borrower with extensive closed tradelines are acceptable provided the following exists:
      • At least one open tradeline with a minimum of 12 months reporting history
      • Borrower has an established credit history of at least 10 years
      • No adverse credit in the previous 24 months (adverse credit is defined as 90 days and greater)
    • Amended the reserve requirements:
      • Borrowers with more than two (2) financed properties require the greater of 18 months reserves or six (6) months reserves for each additional financed property in addition to the reserve requirement for the subject property.
      • Updated matrix is posted on the Intranet at, Mortgage Services/Mortgage Lending/Policies and Guidelines/CMS Product Matrices
  • The website will be updated

Download: Bulletin – W13-030 (PDF)

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