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Changes to CMG MI’s Distressed Markets Policy and List – Effective October 2, 2009
Effective 10/2/09, the following MSAs/MSADs are removed from the CMG MI Distressed Markets List:
- Akron, OH
- Albany-Schenectady-Troy, NY
- Beaumont-Port Arthur, TX
- Brunswick, GA
- Buffalo-Niagara Falls, NY
- Cincinnati-Middletown, OH-KY-IN
- Colorado Springs, CO
- Des Moines-West Des Moines, IA
- Eau Claire, WI
- Erie, PA
- Evansville, IN-KY
- Fairbanks, AK
- Greeley, CO
- Green Bay, WI
- Greenville, NC
- Gulfport-Biloxi, MS
- Indianapolis-Carmel, IN
- Iowa City, IA
- Joplin, MO
- Kansas City, MO-KS
- La Crosse, WI-MN
- Las Cruces, NM
- Macon, GA
- Madison, WI
- Memphis, TN-MS-AR
- Mobile, AL
- Muncie, IN
- New Orleans-Metairie-Kenner, LA
- Oshkosh-Neenah, WI
- Portland-South Portland-Biddeford, ME
- Pueblo, CO
- Reading, PA
- Santa Fe, NM
- Savannah, GA
- Sheboygan, WI
- Sioux City, IA-NE-SD
- Springfield, MO
- St. Cloud, MN
- Syracuse, NY
- Tulsa, OK
- Valdosta, GA
- Warner Robins, GA
- Wilmington, NC
- Yakima, WA
Please read the updated Distressed Markets List – Effective 10/2/09
CMG MI is also updating our Distressed Markets Policy, effective 10/2/09, with the following changes:
- Merged LTV/Loan Amount and Credit Score Guideline Topics:
- Loan Amounts up to $417,000
- Properties located in Arizona, California, Florida, Michigan, and Nevada
- Minimum 720 loan representative credit score
- Properties located in all other states
- Minimum 680 loan representative credit score
- CMG MI will not insure: (not a change, but a reordering of existing items)
- Loan Representative Credit Score of Less Than 680
- Second Homes
- Investment Properties
- 1-unit single family attached and Condominiums in Florida
- 2-4 Unit Properties
- Co-ops
- Manufactured Homes
- Short-Term ARM (3 years or less fixed period)
- Scheduled or Potential Negative Amortization
- Option Payment Mortgages
- Interest Only
- Cash-Out Refinances
- Construction-To-Perm
- Limited Doc Products
- Nontraditional Credit
- Third Party Originations
Please read our updated Distressed Markets Policy.
Please review our Summary of Changes for more details of other 10/2/09 changes.
Please read our Guidelines Comparison for additional information on the 10/2/09 changes or visit www.cmgmi.com/guidelines.
Questions? Please contact your CMG MI Account Executive. |