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

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)