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Effective July 6, 2010 – CMG MI Removes More MSAs/MSADs from the Distressed Markets List
Effective 7/6/10, CMG MI is pleased to announce that we have removed more MSAs/MSADs from the Distressed Markets List, in view of improving housing markets nationwide. Thirteen MSAs/MSADs have been removed from the states of Arizona, Florida and Michigan, 9 removed from the state of California, one additional MSA removed from Virginia/West Virginia, and 9 Micropolitan Areas removed from California.
To determine if a property is subject to the CMG MI Distressed Markets Policy, please visit the CMG MI ZipMap at http://www.cmgmi.com/map.
Please review Credit Risk Bulletin #6-10 for more details of the 7/6/10 changes.
The following should be noted:
- Changes supersede previously issued CMG MI approved program variations
- Changes apply regardless of submission channel to CMG MI
- Changes apply regardless of any Automated Underwriting System (AUS) recommendation or decision
Changes to Distressed Markets List – Effective 7/6/10
Effective 7/6/10, CMG MI is pleased to announce that significant MSAs/MSADs changes have been made to our Distressed Markets List. Thirteen MSAs/MSADs have been removed from the states of Arizona, Florida, and Michigan, 9 removed from the state of California, 1 removed from Virginia/West Virginia, and 9 Micropolitan Areas removed from California, as follows:
- As a result of market condition score improvements, the following 32 MSAs/MSADs and Micropolitan Areas have been removed from the CMG MI Distressed Markets List:
- MSAs/MSADs:
- Phoenix-Mesa-Glendale, AZ
- Yuma, AZ
- Bishop, CA (Micropolitan Area)
- Clearlake, CA (Micropolitan Area)
- Crescent City, CA (Micropolitan Area)
- Eureka-Arcata-Fortuna, CA (Micropolitan Area)
- Vallejo-Fairfield, CA
- Los Angeles-Long Beach-Glendale, CA (MSAD)
- Madera-Chowchilla, CA
- Merced, CA
- Modesto, CA
- Phoenix Lake-Cedar Ridge, CA (Micropolitan Area)
- Red Bluff, CA (Micropolitan Area)
- Riverside-San Bernardino-Ontario, CA
- Sacramento--Arden-Arcade--Roseville, CA
- Salinas, CA
- Stockton, CA
- Susanville, CA (Micropolitan Area)
- Truckee-Grass Valley, CA (Micropolitan Area)
- Ukiah, CA (Micropolitan Area)
- Gainesville, FL
- Pensacola-Ferry Pass-Brent, FL
- Tallahassee, FL
- Ann Arbor, MI
- Battle Creek, MI
- Bay City, MI
- Grand Rapids-Wyoming, MI
- Holland-Grand Haven, MI
- Kalamazoo-Portage, MI
- Lansing-East Lansing, MI
- Niles-Benton Harbor, MI
- Winchester, VA-WV
- The following MSAs/MSADs will be subject to CMG MI’s Distressed Markets Policy:
Please review CMG MI's List for more details.
To determine if a property is subject to the CMG MI Distressed Markets Policy, please visit the CMG MI ZipMap at www.cmgmi.com/map. Additional information regarding the CMG MI Distressed Markets Policy is available at: www.cmgmi.com/distressed_markets.
The above is only a summary of the guideline changes effective July 6, 2010. Complete CMG MI program guidelines are available at: www.cmgmi.com/guidelines.
Questions? Please contact your CMG MI Account Executive. |