Close more Loans: Reduced Overlay on Conventional Loans
Dear Licensed Partner,
Sun West is pleased to announce that the Conventional Loan Program guideline has been updated by reducing overlays. Please act now to take advantage of the new guidelines.
The major changes in the guideline include:
- To access the updated guideline for wholesale channel, please click here
- To access the updated guideline for correspondent channel, please click here
- DTI ratio restriction for low credit score has been removed and DTI ratio is now accepted as per DU.
- Property Inspection Waivers are now acceptable per DU feedback message.
- Reserve restriction has been removed for self employed borrowers and will be calculated as per DU.
- Credit Score restriction on Foreclosure, Bankruptcy and other derogatory event has been removed.
- The restriction on Foreclosure, Bankruptcy and other derogatory event on "Seven to Ten Financed Properties - High Balance" has been removed.
- The requirement for 24 months mortgage rating without any late has been reduced to 12 months only.
If you have any questions, please contact your Client Relations Manager at (855) OK-SUNWEST or (855) 657-8693.
|Sun West Mortgage Company, Inc.
18000 Studebaker Road, Suite 200
Cerritos, CA 90703
Phone: (800) 453-7884
This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.