Bulletin W13-109 - Launch of Freddie Mac Relief Refinance - Open Access

Topic included in Bulletin W13-109:

• CMS adds the Freddie Mac Relief Refinance Open Access program to product offerings
• Highlights of the program include:
  • 30,20 and 15 Year Fixed Rate
  • Primary Residence, 1-4 Units, Conforming and Super Conforming loan limits, 135% LTV/CLTV with 660 credit score
  • Primary Residence, 1-4 Units, Conforming and Super Conforming loan limits, 105% LTV/CLTV with 620 credit score
  • Non-Owner Occupied loans up to 105% LTV/CLTV with 660 credit score
  • Maximum DTI is 50%
  • Loans must be submitted through Loan Prospector with a Risk Class of Accept Only
  • Maximum cash back to the borrower is $250
• Program Codes and corresponding LTVs are reflected in the pricing engine
• Program available Tuesday, September 3, 2013
• Intranet Updated with matrix and guidelines

Download: Bulletin - W13-109 (PDF)