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AVM Requirement Eliminated on VA IRRRLs with FICO 620 or Greater

Dear Licensed Partner,

Sun West has eliminated the Automated Valuation Model (AVM) requirement on VA IRRRLs with qualifying credit score equal to or greater than 620 with loan submissions effective today, September 12, 2014.

Yes, no more AVM and no more LTV hits for VA IRRRLs with qualifying credit score of 620 or greater.

For loans with the qualifying credit score less than 620, a conventional appraisal (must be ordered through SWMC's vendor order website) or an AVM is required to determine the LTV ratio. AVMs must:

  1. Support a confidence rating match of either high or medium or have a Forecasted Standard Deviation (FSD) of 0.20 or less, and
  2. Be requested through either RELS, CoreLogic, Interthinx, Veros, or Freddie Mac’s Home Valuation Explorer (HVE).

If you have any questions, please contact your Client Relations Manager at (855) OK-SUNWEST or (855) 657-8693.

Sincerely,

Sun West Mortgage Company, Inc.
18000 Studebaker Road, Suite 200
Cerritos, CA 90703
Phone: (800) 453-7884
SW-1: Our New No Overlays Program

 

Equal Housing Opportunity 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.




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