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January 3rd, 2012 4:27 PM

DU Refi Plus Enhancements

As specified in Announcement SEL-2011-12, the HARP program has been extended. The following enhancements will be made in DU to expand eligibility.

Maximum LTV Ratios and Eligible Products

As stated in Announcement SEL-2011-12, the maximum LTV ratio for DU Refi Plus loan casefiles is being removed for DU Refi Plus fixed-rate mortgages with terms up to 30 years, and there will continue to be no limits on the CLTV or HCLTV ratios. The maximum LTV ratio limits for all occupancy and property types are: No maximum LTV ratio for fixed-rate mortgage loan casefiles with terms up to 30 years.

A maximum LTV ratio of 105% for fixed-rate mortgage loan casefiles with terms greater than 30 years up to 40 years, and for adjustable rate mortgage loan casefiles with initial fixed periods greater than or equal to five years and terms up to 40 years (as permitted by the ARM plan).

Borrower Benefit Requirement

Announcement SEL-2011-12 updated the borrower benefit criteria to also include a reduction in the interest

rate or a reduction in the loan amortization term as eligible borrower benefits. The DU message that reminds

lenders of the borrower benefit requirement will be updated to reflect this change.

DU Refi Plus Property Fieldwork Waiver

The property risk assessment that determines eligibility for the DU Refi Plus property fieldwork waiver will be updated to further increase the number of loan casefiles that are considered for the DU Refi Plus property fieldwork waiver.

Posted by Aaron Walker on January 3rd, 2012 4:27 PMPost a Comment (0)
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