Two highlights from the Guide are as follows:
- Maximum LTV for ARMS are reduced from 97% to 90% with Desktop Underwriting & from 95% to 90% for Manual Underwriting.
- Minimum credit score requirement is increased from 620 to 640 for manually written loans.
These changes become effective on 10/20/12.
If you are a mortgage banker, mortgage broker, or real estate salesperson; this guide is a must read.