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					                                                                                                    CORRESPONDENTLENDING
                                                                                                            ANNOUNCEMENT
 

Lending Brief #11-09
May 17, 2011
Attention: All Correspondent Lending Partners
CC: Brian Robinett, Dennis Kuncas, Jim Wojton, Rick Carlson
 
Clarifications: DU Refi Plus

Kinecta has made the following clarifications to the DU Refi Plus product guidelines that will be effective May 18,
2011.


DU Refi Plus

      •      If the subject property was a HomePath mortgage loan, it is not eligible for the DU Refi Plus program
      •      Existing subordinate financing must re-subordinate:
                  o Ineligible subordinate financing: “Wrap-around” terms combining indebtedness of the 1st
                      mortgage and the subordinate mortgage.
      •      Seasoning addition:
                  o Any refinance of a short-term refinance mortgage loan within six months will not be considered
                      a cash-out transaction.
                               This includes consolidations of a 1st mortgage with a non-purchase money subordinate
                               mortgage.
      •      Refer to the Eligibility Matrix for further detail


If you have any questions regarding the above information, please contact your Account Executive.




Information is intended for Mortgage Professionals only and not intended for consumer use as defined by Section 226.2 of Regulation Z, which implements the
 Truth-In-Lending Act. The guidelines are subject to change without notice and are subject to Kinecta Federal Credit Union underwriting guidelines and all applicable
 federal and state rules and regulations.

 

				
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