Purchases: Cutoff time for next day signing is:
3:00pm local time
Refinances: Cuttoff time for next day signing is:
12:00pm local time
CURRENT UNDERWRITING DATES:
|Jumbo Submitted On||7/29/2015|
|Purchases Submitted On||7/29/2015|
|Refinances Submitted On||7/29/2015|
(23 July 2015)
All Agency and Government loan programs that are newly locked and completely submitted to PCM between July 23 through July 31 will receive a pricing improvement of 0.250 pts!
- Previously locked loans or previously submitted loans are not eligible.
- Loans that are re-locked are not eligible.
- Jumbo loans are not eligible.
- Both the "lock date" and the "submitted date" must be within the promotion period to be eligible.
Pricing improvement will be manually added to the lock after criteria are met and an updated lock confirmation will be sent.
Contact your PCM Account Executive for more details!
(14 July 2015)
We've updated our Proprietary Jumbo guidelines!
Take a look at a summary of changes below, or view the whole guidelines here.
Summary of changes:
- Modified reserve requirement for high LTV Jumbo to 24 months.
- Added Non-Warrantable Condominium restriction to gifts of equity.
- New section added for life insurance requirements.
- Modified CDA tolerance for High LTV Jumbo.
- Changed LTV/CLTV restriction for PUDs from 80% to 90%.
- Removed subordinate lien restriction for purchase-money transactions in Texas.