Carrington Wholesale Lending

Bulletin W13-031 – Update, Conventional Matrix, Conforming DU

April 11, 2013Bulletins

Topic included in Bulletin W13-031:

  • Conventional Conforming DU Matrix has been updated
  • Effective now
  • Updates include:
    • Investment property 85% – the minimum credit score is 680 due to MI guidelines
    • Borrower must make a minimum 5% contribution when gift funds are involved in transaction and LTV>80% and the subject property is a primary residence of 2-4 units
    • Borrower must make a minimum 5% contribution when gift funds are involved in transaction and LTV>80 and the subject property is a second home
  • Updated matrix is posted on the Intranet at Mortgage Services/Mortgage Lending/Policies and Procedures/CMS Product Matrices
  • Wholesale website will be updated

Download: Bulletin – W13-031 (PDF)

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