Bulletin W13-069 - Underwriting Policy

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)