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Bulletin W13-069 - Underwriting Policy

July 8, 2013

Topic included in Bulletin W13-069:

  • VA IRRRL Ordering Procedures provides instructions on how to order Automated Valuation Module (AVM) on VA IRRRL loans that require an AVM
  • CMS requires an AVM to be generated on every IRRRL with a loan amount <$417,000
  • ValuePoint4 (VP4) product from CoreLogic is the only CMS approved AVM option
  • CMS will rely on the value as stated on the VP4 for qualification purposes
  • Directions provided in procedure in the event that the VP4 shows “not available in this county” or “failure”
  • CMS will no longer be responsible for ordering the 2055 on behalf of the Broker
  • Procedure published on the Intranet

Download: Bulletin - W13-069 (PDF)

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Equal Housing Opportunity An Equal Housing Opportunity Lender. Copyright 2007 - 2024 . Carrington Mortgage Services, LLC headquartered at 1600 South Douglass Road, Suites 110 & 200-A, Anaheim, CA 92806. NMLS ID # 2600. Toll Free # 800-561-4567. All rights reserved. Restrictions may apply. All loans are subject to credit, underwriting and property approval guidelines.  Nationwide Mortgage Licensing System (NMLS) Consumer Access Web Site: www.nmlsconsumeraccess.com.

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Government Agency Approval | FHA Non-Supervised Mortgage Approval #: 24751-0000-5 | VA Automatic Lender Approval #: 902324-00-00

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