|
BULLETIN
| TO: |
All Correspondents |
| FROM: |
Andrew J. McRill, Secondary Marketing Operations
Manager |
| DATE: |
June 22, 2006 |
| RE: |
Deluxe and Expanded Criteria (Fixed and ARM), National Second, and Home Quick
Pricing Updates |
National City Mortgage Correspondent Lending is pleased to announce price adjustment
changes on Deluxe and Expanded Criteria (Fixed and ARM products), as well as the National Second program and Home Quick process. Some of the enhanced price
adjustments will be effective on Friday June 23rd, and the remainder will occur on Monday June
26th as outlined below:
|
Deluxe Fixed & ARM'S Price Adjustments |
Effective June 26, 2006 |
Prior to June 26, 2006 |
| |
ADD/(SUBTRACT) |
ADD/(SUBTRACT) |
LOAN AMT
>$1,000,000<=$1,500,000 |
(0.125) |
(0.375) |
Expanded Criteria Fixed
& ARM'S
Price
Adjustments |
Effective June 26, 2006 |
Prior to June 26, 2006 |
| |
ADD/(SUBTRACT) |
ADD/(SUBTRACT) |
LOAN AMT
$650,001<=$1,000,000 |
0.000 |
(0.375) |
LOAN AMT
$1,000,001<=$1,500,000 |
(0.375) |
(0.750) |
|
LTV 85.01 - 90% (MI AS REQ) |
0.000 |
(0.250) |
|
LTV 90.01 - 95% (MI AS REQ) |
(0.500) |
(1.000) |
|
LTV > 95% (MI AS REQ) |
(1.000) |
(1.500) |
|
INVESTMENT PROPERTY |
(1.000) |
(0.750) |
|
SISA |
(0.375) |
(0.500) |
| |
Effective June 23, 2006 |
Prior to June 23, 2006 |
FOREIGN NATIONAL W/ NO
FICO (EC ARMS ONLY) |
(2.000) |
N/A |
National Second
Price Adjustments |
Effective June 26, 2006 |
Prior to June 26, 2006 |
| |
ADD/(SUBTRACT) |
ADD/(SUBTRACT) |
LOAN AMT>=50K AND
FICO>=720
AND CLTV>=90 (must meet all criteria) |
0.750 |
N/A |
|
LOAN AMT < 25K |
(0.750) |
N/A |
Additionally,
Improve
your price for a limited time on the recently released Home Quick process for FICO's up to 719 effective Friday June 23rd
!
Please direct any pricing questions to the Commitment Desk at (888) 866-3237,
Option 1.
If you have any questions regarding guideline changes, please contact your Account
Executive, Operations Account Coordinator, or the Underwriting Department at 888-866-3237.
Thank you for the continued business!
|
