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