DYK.... when you refinance a loan
attempting to streamline,
if you are reducing term, i.e. 30yr-15yr the borrower must now
credit qualify
See pg. 2 last paragraph (Mortgagee
Letter 2009-32):
Reduction in Term: For transactions that include a reduction
in the mortgage term, that loan must be underwritten and closed as a rate and
term (no cash-out) refinance transaction.
Happy Selling!
Justin Perry
Sr. Underwriter
Gateway Mortgage Group
1255 W. 15th Street| Ste. 540|
972-908-3390 ext. 125| 918-392-8349 eFax
3/10/2010
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