LIEB BLOG

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Showing posts with label Mortgage Industry. Show all posts
Showing posts with label Mortgage Industry. Show all posts

Thursday, September 12, 2013

Seats Still Available - Mortgage Mania (Free CE in Hauppauge NY)


Mortgage Mania

It's time to learn the secrets in order to qualify for a mortgage. This seminar will begin with the basics, discussing everything from the definition of a mortgage to types of mortgages. You will learn who the players are at the bank and how their respective roles impact your deal. We will discuss the differences between a prequalification and a commitment and how to close your deal smoothly under the Real Estate Settlement Procedures Act. You will learn secrets that occur behind the scenes at the banks and how to navigate through issues with income, assets, credit scores, CO's, and open permits. This course will enable you to weed-out high-risk clients and to advise average credit score clients on structuring their applications to get approved. Let's prevent mortgage contingency clauses from killing our deals.

Hours: 3
Location: Hauppauge, NY
Date: 10/09/13
Instructor: Andrew Lieb, Esq., MPH
Price: Free + Dinner Included
Class Sponsor: Citibank

ADVANCED ONLINE ENROLLMENT REQUIRED. 

VISIT

Friday, August 23, 2013

Short Sales & Deeds in Lieu added to Hope LoanPort

In offering their organized and systematic portal from modifications to Deeds in Lieu and Short Sales hopefully homeowners will realize increased success.

Today, our firm received this email:
------------

Hello Hope LoanPort Partners,
We have responded to request from portal users by adding a robust processing platform for liquidation workouts, intended to match our existing functionality for retention workouts.  Such a liquidation portal requires significant development to not only allow for short sales and deeds in lieu as workout types, but also include system availability for liquidation-specific documents, statuses, and data fields.

We released a pilot program of the liquidation case type back in the spring.  We are now proceeding with a release of the Liquidation functionality for all registered housing counselors and authorized third-party representatives.  Effective with our upcoming system release on August 30, all counselors registered with the portal will have access to submit Liquidation cases.  This functionality will be limited to those select servicers who will be accepting these cases.

Participating Servicers: Select Portfolio Services; Nationstar; M&T Bank; Caliber; LoanCare; RCS; HSBC; Ocwen; Resurgent; Bayview

When processing a Liquidations case, users will need to be familiar with the enhancements to HLP, such as:

New Case Type: Liquidation
New Case Statuses: Property Listed, Offer Tendered, Short Sale Approved, Short Sale Denied, Offer Rejected, etc. (See PDF for full list*)
New Document Types: Listing Agreement, Appraisal, BPO, etc. (See PDF for full list*)
New Data Fields: Seller Realtor Name, List Price, Closing Date, Title Company, etc. (See PDF for full list*)
*A PDF overview of all items and can be viewed from this link.

We will be issuing system Release Notes in advance of the anticipated go-live date of August 30.

If you would like to request additional training on the liquidation case type, please contact Nora Conklin, Hope LoanPort Project Coordinator, at nconklin@hopeloanportal.org.
Sincerely,
Samantha Sue Friedman - Director of Product Development & Delivery
sfriedman@hopeloanportal.org
www.hopeloanportal.org

Thursday, August 01, 2013

Attempting to modify 2nd mortgage? Read Supplemental Directive 13-05

2nd Mortgage Modifications - Supplemental Directive 13-05

Treasury just issued Supplemental Directive 13-05, which addresses the scenario of "when a borrower’s first lien is modified under HAMP and the servicer of the corresponding second lien is a 2MP participant, the 2MP servicer must offer to modify or extinguish the borrower’s second lien according to a defined protocol".

Specifically, this Directive addresses the following topics:
  • Matching Second Liens to First Lien GSE Standard Modifications
  • Dodd-Frank Certification Requirement for 2MP
  • Incorporating HFA Payments into the NPV Result for HAMP Tier 2
  • Handbook Mapping Clean-Up
So, if you or your client is attempting to modify a second mortgage, read this directive as its the roadmap to success.

Tuesday, July 09, 2013

Mortgage Rules Readiness Guide - Get to know the new rules of lending

The Consumer Financial Protection Bureau just published its 2013 CFPB Dodd-Frank Mortgage Rules readiness Guide.

This Guide should serve as the basis for banks' / financial institutions' internal compliance system. It includes information concerning the following topics:

  1. Ability-to-Repay and Qualified Mortgage Standards (Regulation Z)
  2. Escrow Requirements under Truth in Lending Act (Regulation Z)
  3. High-Cost Mortgage and Homeownership Counseling (Regulation Z) (Regulation X)
  4. Mortgage Servicing Rules (RESPA) (Regulation X) (TILA) (Regulation Z)
  5. ECOA Appraisals for Higher-Priced Mortgage Loans (Regulation B)
  6. TILA Appraisals for Higher-Priced Mortgage Loans (Regulation Z)
  7. Loan Originator Compensation Requirements (Regulation Z)
Get to know these rules as they all become effective in January of 2014. 

Monday, June 17, 2013

Making Home Affordable Program extended to 12/31/2015

Pursuant to Supplemental Directive 13-04 of this month, the Making Home Affordable Program, including HAFA (short sales) and HAMP (mortgage mods), is extended through the end of 2015.

Additionally, Supplemental Directive 13-04 simplifies the income documentation requirements under HAMP, by modifications to the rules concerning Form 4506-T; Benefit Income; Verification of Monthly Gross Expenses; Wage or Salary Income; Self Employment Income; Rental Income; and Alimony, Separation Maintenance and Child Support.

To illustrate, now the requirement that a servicer must verify monthly gross expenses is removed and a servicer may just rely on a borrowers stated expenses. With respect to the other categories, the Supplemental Directive enables the servicer to "verify such income in accordance with the [...] documentation the servicer relies on when modifying loans held in its own portfolio..."

The extension is certainly welcomed as the foreclosure crisis is far from over. Also, these new rules are smart as they simplify an unnecessarily complex process, which has resulted in both lenders and borrowers being frozen in time when seeking to follow the rules. Instead, its expected that more decisions will be made whether to modify a loan based upon these changes.

Thursday, June 06, 2013

Credit Score and Old Credit Cards

We are often questioned about our advice at our Mortgage Mania class that its okay to cancel old credit cards. People say - Lieb you are wrong.

Well here is a Business Insider article by John Ulzheimer of SmartCredit.com that seems to agree with us. Have a read and decide for yourselves.

Wednesday, May 01, 2013

Mortgage Foreclosure Alert: New Making Home Affordable Program Handbook Released - Version 4.2


To access the new Handbook for MHA, inclusive of HAMP and HAFA, click here. While reviewing the Handbook you should be aware of the case of Flagstar Bank v. Walker wherein the Court held that the statutory good faith standard for a CPLR 3408 Foreclosure Settlement Conference is compliance with the Handbook. To review the case, click here.

This Handbook is the rules for banks / servicers to modify mortgages, so pay careful attention to detail and make sure that they comply.

Friday, April 19, 2013

The Check's in the Mail: Settlements for Wrongful Foreclosures

Some information on foreclosure defendants receiving money in the mail, which is being shared by an Assistant Case Manager at Lieb at Law, P.C., Laura Palermo:     


Recently a few clients received a check from their current or former mortgage lender. Perplexed by this, my clients were a bit hesitant to run down to the bank to cash it. They asked “what is this for?” and “are there terms attached to this check I should know about?”

I directed them to a deal struckback in January of this year between Fannie Mae and the ten major banks to settle allegations that the banks had wrongfully foreclosed on thousands of homeowners between 2009 and 2010. The result of the deal was an $8.5 billion settlement which was to be allocated among the homeowners (or now former homeowners) who were wrongfully or prematurely foreclosed on or denied a loan modification resulting in foreclosure. The foreclosures which are considered as wrongful include those which were “robo-signed” or automatically entered into foreclosure proceedings without proper review for work out options such as modification, deed-in-lieu, or short sale.

The settlement amounts range anywhere from $100 to $125,000 per qualifying person. The settlement is thought to be disbursed among hundreds of thousands of people. There is no way in which to apply to be a part of the payout, the recipients of the settlement are to be determined by the banks. The settlement has been criticized by many for being too soft on the banks as it releases them from their responsibility for these foreclosures for a relatively low price.

The first wave of checks were mailed out this week, so if you fit the description of a person who was wrongfully foreclosed on or attempted to be foreclosed on between 2009 and 2010, and you find yourself with a check in hand from your former or current mortgage lender, go ahead and cash it, there are no special terms attached to it, it is simply your pay out from a billion dollar settlement you probably didn’t know you were a part of.

I’ll leave you off with some advice from my Grandma: “Don’t spend it all in one place!”


Mortgage Contingency Clauses - Deal Killers Follow-Up

Last evening, Lieb School came back to Newsday to start out 2013 lineup of courses. The first topic up was Deal Killers, which is my favorite course of all of our 15 licensed courses offered in our Course Catalog.

A large section of Deal Killers is devoted to not letting your deal die through understanding mortgage contingency clauses and how real estate agents should negotiate the shift of risk from the buyer to the seller when such a clause is added.

While discussing the topic last evening, we addressed a mortgage denial and explained the burdens of good faith and diligent efforts on a buyer. Next, we explained that even if  a buyer engages in some breach of the clause in bad faith, they may still prevail in cancelling the contract and having their down-payment returned if their breach is not the basis upon which the denial occurred.

To illustrate, I suggest our readers review the recent Appellate Division case of Ettienne v. Hochman where this precise scenario unfolded just this month. Therein the contract called for the buyer to apply for a "no-income-check mortgage", which the buyers failed to do and it seemed as if they were in breach. However, the Court looked to their basis of denial and found that "it would have been futile for them to additionally apply for a no-income-check mortgage" because they were denied based upon "their credit history" and not the type of mortgage applied for.

The takeaway for our readers is that while it matters that the buyer applies for precisely the mortgage called for in the contract of sale, a breach may not result in the buyer sacrificing his down-payment (assuming it is the liquidated damages for breach), if the buyer's failure to apply for the precise mortgage is unrelated to the basis for denial.

This case illustrates the exception to the rule where one would ordinarily have to follow the terms of the contract to the letter to be in compliance.

Wednesday, April 10, 2013

Ability-to-Repay and Qualified Mortgage Guide Issued by CFPB

Today, the Consumer Financial Protection Bureau (CFPB) issued a Small Entity Compliance Guide to the new Ability-to-Repay regulations, which are scheduled to commence effectiveness on January 10, 2014.

To remind our readers, the Ability-to-Repay regulations require loan originators to "make a reasonable, good-faith determination before or when [they] consummate a mortgage loan that the consumer has a reasonable ability to repay the loan, considering such factors as the consumer’s income or assets and employment status (if relied on) against:

  • The mortgage loan payment
  • Ongoing expenses related to the mortgage loan or the property that secures it, such as property taxes and insurance you require the consumer to buy
  • Payments on simultaneous loans that are secured by the same property
  • Other debt obligations, alimony, and child-support payments"

As stated within the Guide: "The purpose of this guide is to provide an easy-to-use summary of the ATR/QM rule."

Remember, ATR stands for Ability-to-Repay and QM stands for Qualified Mortgages.

So, real estate professionals, you should know that lenders will have to independently verify a borrower's Ability-to-Repay starting in January of next year and you should start now to become familiar with these new rules to effectively represent your clients. This Guide is a great starting place.

Monday, April 08, 2013

Freddie Mac Streamlined Modification


Some information on Freddie Mac's Streamlined Modification program by an Assistant Case Manager at Lieb at Law, P.C., Laura Palermo:     

           As of July 1, 2013 Freddie Mac is going to temporarily offer a new type of mortgage modification called a Streamlined Modification. The Streamlined Modification differs from the Standard Modification by way of the application process. Traditionally a delinquent mortgage holder (a.k.a. “borrower”) would have to endure a drawn-out review process which requires the borrower to submit a Borrower Response Packet which includes financial documentation and proof that they are/were experiencing a hardship. During this process the lender may request any and all documents which they feel is necessary for proof that the borrower encountered a hardship and now is able to afford a loan modification should one be granted. The modification application process can be daunting depending on the lender and the elements of the borrower’s situation.

            The Streamlined Modification does NOT require the borrower to submit a Borrower Response Packet; meaning that the lender no longer has to verify the borrower’s income or hardship.  Similar to the Standard Modification, if the borrower is eligible, the borrower will be required to successfully complete a trial period of at least three months prior to being offered a permanent modification, which will be subject to the same terms as defined for the Standard Modification.

            The eligibility requirements for the Streamlined Modification are as follows:

1.      Mortgage must be a first-lien which is owned, securitized, or guaranteed by Freddie Mac.
2.      The pre-modified mark-to-market loan-to-value (MTMLTV) ratio (gross unpaid principal balance of the current loan, including any principal forbearance as a result of a prior modification, divided by the property value) must be greater than or equal to 80 percent.
3.      Mortgage must be obtained at least 12 months prior to modification.
4.      Borrower must occupy the property as their primary residence
5.      Borrower must be at least 90, but not more than 720 days delinquent on their mortgage payment.

While this does sound like a great alternative to the Standard Modification it can be a risky move on Freddie Mac’s part. For example, the Streamlined Modification review guidelines (i.e. no verification of income necessary) are very similar to a previously common practice by lenders and servicers called a “blind modification”. The blind modifications granted borrowers with a refinance or modification without ever reviewing their finances. For some borrowers it worked wonderfully, while for others they could still not afford their payments and then would find themselves again in default with no further options for modification.

Despite the potential risk, I have high hopes for the Streamlined Modification program as it will present many delinquent borrowers with the opportunity to bring their mortgage current and out of delinquency without having to incur as many fees. Also, this may present many borrowers who are ineligible for Standard Modification due to their inability to prove hardship or verify their income to keep their homes.  For further information on the new program check out Freddie Mac’s news brief, click here

Saturday, April 06, 2013

Consumer Financial Protection Bureau - Regulation Update Signup Available

At our course at Chase Plaza this past Friday, 4/5/13, on Mortgage Mania we referenced the Consumer Financial Protection Bureau (CFPB) and its increasing function of regulating mortgages under the Conforming Loan Limit.

To receive the latest and greatest regulatory updates, each real estate professional should sign-up for email updates on their site, by clicking here.

The best way to add value to your clients is being in the know. So, sign-up NOW!!!

Mortgage Modifications - Supplemental Directive 13-02

On Friday, 4/5/13, Treasury issued new directives to the mortgage modification process.

To read the Supplemental Directive, click here.

Of note in this directive was a change in the categories for denial that give rise to a servicer's (lender's) inability to conduct a foreclosure sale following a denial. To clarify, a servicer cannot conduct a sale within 30 calendar days of a Non-Approval Notice to theoretically give the borrower an opportunity to correct their submission. The traditional five categories for Non-approval were:
(1) ineligible mortgage, (2) ineligible property, (3) offer not accepted by borrower/request withdrawn, (4) previously modified under HAMP Tier 2, and (5) borrower not a natural person.

However, what does ineligible mortgage or ineligible property really mean?

To clarify this confusion this directive deletes these categories and replaces them with the following clear reasons for denial of a modification:
(1) loan originated after January 1, 2009, not a first lien, or unpaid principal balance above program

limit, (2) loan paid off, or charged off and borrower released from liability for repayment, (3)
property condemned or more than four dwelling units, (4) loan subject to involuntary transfer to
a non-participant,

This change is another step in improving the Making Homes Affordable Program. By providing clearer understandings to borrowers and lenders for the framework to achieve a mortgage workout, the parties can intelligently negotiate a resolution.

Tuesday, April 02, 2013

Mortgage Modifications: Introducing The Hope Loan Port


Some information on a great new system for mortgage modifications which is being shared by an Assistant Case Manager at Lieb at Law, P.C., Laura Palermo:            

            Applying for a loan modification can be a very frustrating and trying process. For some people it can take years for their application to be properly reviewed and decided on. That’s why I was delighted to hear about the new platform in use by many of the big Lenders, the Hope Loan Port. I learned about the new system while trying to submit a loan modification application to Bank of America on behalf of one of my clients. I was informed by the lender that they are no longer accepting third party submissions via fax and instead, the new preferred method is the Hope Loan Port.

            Upon visiting the Hope Loan Port website ( https://www.hopeloanportal.org/ ) I learned that the website has been created as a “neutral, national, non-profit, e-commerce platform” as a way to provide more transparency and productivity to the process of foreclosure alternative review (i.e. loan modification, short sale, or deed in lieu).

            In order to access and use the Port you must first register as a Counseling Agency.  There are two types of counseling agencies that can register for this platform, the government sponsored not-for-profit agencies which are affiliates of the National Foreclosure Mitigation Counseling Program, and there are for profit counseling agencies, such as law firms. The registration requires you provide your company information and designate one person from your company to be the contact person. The contact person is in charge of managing and maintaining user profiles and the account. After submitting the company and contact information you must agree to the terms and conditions of the site, and then wait for verification.

            About 24 hours after submitting the information we received an e-mail stating that our company was verified by the Port along with our login information minus our password which was supposed to arrive in a subsequent e-mail. We waited for two days and still did not receive our password. I contacted the website by using their “Contact Us” tab and submitting an e-mail requesting the password information be re-sent. Finally, a few hours later I received the password and was able to log in to the actual portal.

            In order to submit a case you must first input information about the Borrowers, the first step requires you to disclose the loan information including the loan number, borrower names, and property address. The second step requires you to disclose financial information including gross and net income, rent, unemployment, monthly expenses etc. From there, you enter the information found on the Request for Mortgage Assistance (RMA) including if borrower would like to sell or keep the property, if the property is listed for sale, if the property is owner occupied, reason for hardship etc. After completing this information you must then upload the supporting documents including the signed and dated RMA, bank statements, pay stubs, profit and loss statement, 4506-T, rental income information, and any other supporting documents based on the Borrower’s situation. Upon submission the Lender gains access and then can review the file and inform you via the portal of information or documents still needed. The Counselor is able to view the pending status and communicate with Lender throughout the review process.
            The website is not entirely user-friendly but they do offer and encourage training webinars.  It still has its glitches to work out as well but overall I feel this is a step in the right direction for the modification application process. Many Borrowers and counselors who have applied for a modification can tell you that it is by no means an easy process. Much of the time spent on the modification application is wrapped up in the submission and re-submission of documents and following up with the Lender to ensure receipt and review of those documents. It is my hope that the Hope Loan Port will eliminate a lot of this back and forth and will also de-mystify the process by creating and maintaining more transparency during the application review.  

            I am interested to see how they will further adapt the website to be more user/Borrower friendly. At this point in time only Counseling Agencies and the Mortgage Lenders or Insurers may access and use the portal. I am curious to see if eventually they will develop an access point for Borrowers so they may submit their modification application online on their own. 

Laura Palermo will keep us in the loop as this program gets perfected, but in the interim, this is an exciting new program that will hopefully help to organize the chaos now existing in the loan modification process. Go check it out!

Friday, January 11, 2013

Ability to Repay Factors & Regulation Z Amendment Text

The Ability to Repay amendment will only become effective on January 10, 2014 so we have almost a year to prepare. Yet, its time to start studying as the entire mortgage industry has changed as a result of the Ability to Repay amendment to Regulation Z.

The Regulation's Text can be read by clicking here.

The Preamble's Text can be read by clicking here.

The regulation lays out 8 factors for a creditor to consider in making an Ability to Repay analysis, including:

  1. Current or reasonably expected income or assets; 
  2. Current employment status;
  3. The monthly payment on the covered transaction; 
  4. The monthly payment on any simultaneous loan; 
  5. The monthly payment for mortgage-related obligations; 
  6. Current debt obligations, alimony, and child support; 
  7. The monthly debt-to-income ratio or residual income; and 
  8. Credit history. 
Additionally, these factors must be verified by use of reasonably reliable third-party records. 

Further analysis of the Regulation will be available on this blog in the days and months to come.

Thursday, January 10, 2013

Major changes in Mortgages just announced - Welcome Qualified Mortgages

The Consumer Financial Protection Bureau (CFPB) just announced major changes in mortgage lending.

This is MAJOR, read carefully.

The main components of these rules are as follows:

  1. Ability to Repay of borrowers burden is placed on lenders who must verify financial information supplied by borrowers and can no longer offer teaser rates to qualify a borrower & charge more in time. This will likely be the end of "no doc" & "interest only" loans.
  2. Qualified Mortgages (QM) have been defined & are presumed to be in compliance. These QMs limit upfront points and fees used to compensate loan originators; cannot exceed 30 years; cannot be interest-only; cannot offer negative-amortization payments; and must have debt-to-income ratios <=43%.

The CFPB issued its rules pursuant to the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.

To read a fact sheet explaining the new rule, click here.
To read the last summary of the proposal while it remained a proposal, click here.

All real estate professions, such as agents; attorneys; architects; title, etc. should become familiar with these rules as they will impact the ability to borrower and therefore your industry.

Mortgage brokers and bankers, start studying.

At Lieb School, our take is that this is what the public wanted following the great recession. Many borrowers  have blamed their lender time and time again for making a loan that the lender new could not be repaid. These rules will greatly limit this problem in the future. However, its always said to be careful what you wish for. Now, you actually need to be able to afford a house you think you deserve.

Tuesday, January 08, 2013

Bank of America and Fannie Mae Settle


Bank of America has agreed to settle claims brought against it by the United States. The charges claimed against Bank of America include allegations that the corporation, and its subsidiary, Countrywide Financial Corp., improperly sold the government entity, Fannie Mae, mortgages which later became delinquent.
            
The issue began in 2008 before the financial crisis when Bank of America bought Countrywide, a lender known for granting precarious loans. Bank of America was first applauded for this as they were viewed as eliminating a negative actor from the mortgage market.  However, things went sour when Bank of America began selling off the risky defaulted loans it had acquired from Countrywide to Fannie Mae in order to make a profit. Loans which Fannie Mae says never should have been sold due to their risky and insecure nature. 

The settlement has Bank of America paying $3.6 billion to buy back $6.75 billion of loans which Countrywide sold to Fannie Mae from January of 2000 through December of 2008. 

To read the Press Release from Fannie Mae, click here

To read the settlement, click here.


Friday, January 04, 2013

Mortgage Forgiveness Debt Relief Act Extended to 1/1/14


Great News!

Congress has extended The Mortgage Forgiveness Debt Relief Act of 2007 through January 1, 2014 by way of The American Taxpayer Relief Act of 2012 (more popularly known by the fear inducing name of The Fiscal Cliff Bill).

If you recall, The Mortgage Forgiveness Debt Relief Act made it so taxpayers did not have to report income gained from debt forgiveness on their principal residence should the debt be reduced by mortgage restructuring or in connection with a foreclosure.

The fate of the Act was in limbo for a while as it was set to expire on December 31, 2012 with no word as to if it would be renewed.

Here’s the provision from The American Taxpayer Relief Act of 2012 extending the Mortgage Forgiveness Debt Relief Act for another year:

“SEC. 202. EXTENSION OF EXCLUSION FROM GROSS INCOME OF DISCHARGE OF QUALIFIED PRINCIPAL RESIDENCE INDEBTEDNESS.
 (a) IN GENERAL.—Subparagraph (E) of section 108(a)(1) is amended by striking ‘‘January 1, 2013’’ and  inserting ‘‘January 1, 2014’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to indebtedness discharged after December 31, 2012. "

To review the full Bill, click here

To review the White House's Press Release announcing the signing of the Bill into law, click here

Wednesday, December 19, 2012

Mortgage Lender Complaints - The 5 Worst according to Business Insider

Bank of America wins as the worst with 27% of all complaints directed at them. Next in line is Wells Fargo, followed by Chase, then Citi, and rounding out the top 5 is Ocwen.

To read a great article in Business Insider giving the specific statistics and some analysis, click here.

Business Insider based its information from data collected by the Consumer Financial Protection Bureau. To visit CFPB, click here.

Wednesday, November 28, 2012

Citi's HomeRun Mortgage Program & Deal Killers: Don't Let your Deal Die


Last evening, we instructed our continuing education course, Deal Killers: Don't let your deal die, at Briarcliffe College in Patchogue. 




During the course we received many questions from students about what alternatives there were to FHA funding to help SAVE a deal for a highly leveraged transaction. Our friends at Citi suggested the HomeRun program.

Here are the details: 


WHAT IS HOMERUN?

HomeRun is Citi’s exclusive portfolio Program that has no mortgage insurance and no price ups. It is designed as a responsible financing solution to meet the needs of the low-and moderate-income (LMI) borrower. It provides the stability of a fixed rate, the flexibility of lower down payment options, and the added borrower protection of a relationship with a nonprofit housing organization committed to helping the borrower stay on track with payments. Fannie Mae Community Lending guidelines apply except as modified by the Mortgage Policy Manual (MPM) Fact Sheet.


  • 97% LTV financing
  • 3% seller contribution toward closing costs and prepaids on CLTVs greater than 90%, 6% on CLTVs 90% or less
  • Minimum FICO score is 640
  • Non-traditional credit is allowed with insufficient credit history and no FICO score
  • No mortgage insurance
  • Available to returning and first time homebuyers as well as existing Citi customers

Additionally, Citi has provided access to the Federal Financial Institutions Examination Council's Geocoding System that they discussed last evening. Click here to learn more.