Bulletin W13-092 - Update, Conventional Conforming DU

Topic included in Bulletin W13-092:

• Conventional Conforming DU guidelines and matrix have been updated
• Updates include:
  • Clarification provided on minimum borrower contribution on 97% LTV loans for primary residences
• Delayed Financing is now allowed on Cash-Out transactions purchased within the previous six (6) months
• Gift of Equity requires borrower to meet minimum down payment from their own funds
• Reduced Mortgage Insurance (MI) coverage is not allowed regardless of AUS findings. Standard MI coverage is always required.
• The Lending Guide has been updated in the following areas:
  • Disputed Accounts
  • Delayed Financing
• Updates are effective Monday, August 5, 2013

Download: Bulletin - W13-092 (PDF)