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October
21Oct

HOMES MUST BE LOCATED IN ELIGIBLE RURAL AREAS DEFINED BY USDA

  • 100% financing available
    • LTV is based on appraised value
    • Loan may exceed 100% LTV only to the extent that the excess represent the guarantee fee
    • As permitted within LTV limits, all closing costs may be financed
    • Rate / term refinance may include closing costs up to 100% appraised value plus funding fee
  • Property must be located in an approved rural area - Eligible property types are Single family detached, attached / detached PUDs and Condos
  • Programs available to approved USDA lenders
  • All loans must be GUS approved
  • Minimum loan amount: $40,000 / Maximum loan amount: Governed by maximum allowable income limits
  • 30 Year Fixed Rate only
  • Evidence of Guarantee Fee paid prior to loan purchase
  • CLTV: Secondary / Subordinate financing not allowed
August
8Aug

Conventional or Jumbo transactions that require a Condo Project Manager (CPM) / Full review, CMG Financial will review the project to determine eligibility and ensure the project meets investor guidelines.

To expedite the review process, please ensure packages are complete as per the applicable checklist.

Conventional / Jumbo

The CMG Condo Desk will contact you if additional documentation is needed or upon project approval.

For CMG Loans in Process

CPM/Full reviews may be requested by sending the required Condo documentation per CMG checklist to: condo@cmgfi.com and CC your Correspondent Liaison. Reference CMG Loan #, Borrower last name and type of review needed in the subject line.

The Condo Review Process Takes

  • Approximitely 48 hours for initial review
  • Suspended submissions require an additional 24 hours for a review of updated documentation
  • Fannie Mae exceptions require 3-5 business days
  • If a Fannie Mae consultation is required, the CMG Condo Project review team will provide an expected turn time
  • Upon review, CMG will provide notification of any conditions required

For Proposed Loans Not Yet in Process

CPM / Full reviews may be requested by sending the required Condo documentation per CMG checklist to your Correspondent Liaison and reference "CPM / Full Condo Review" in the subject line and specify this is for a proposed loan not yet in process.

When needed, CMG will submit an exception request to Fannie Mae.

  • Note: An exception waiver is never considered or granted for minimum insurance requirements
5Aug

Additional Highlights

  • Non-warrantable Condos and Condotel
  • Non-permanent Resident Alien
  • Non-occupant Co-Borrower
  • Minimum Credit Score as low as 661
  • Maximum LTV 90% on Primary Purchase and Rate / Term
  • No MI required
  • Maximum loan amount $2mm
  • Maximum Cash-Out $500,000
  • Debt-to-Income Ratios up to 43%
  • Lower reserve requirements than True Jumbo (6200Series) program
  • 5/1, 7/1 and 10/1 ARMs available
  • 30 Year and 15 Year fixed rate available
  • TPO not permitted
  • Non-delegated with Lender requirements to fully underwrite per published non-agency guidelines prior to submission

Primary Residence

  • Purchase, Rate/Term & Cash-Out
  • 1-2 Units for Cash-Out
  • 1-4 Units

Secondary Residence

  • Purchase, Rate/Term & Cash-Out

Investment Property

  • Purchase, Rate/Term & Cash-Out
  • 1-4 Units
July
25Jul

CMG FINANCIAL CORRESPONDENT LENDING
CAN PROVIDE YOU WITH THE ANSWERS YOU NEED.


  • Send your loan scenario requests to CorrScenario@cmgfi.com
  • The desk is available from 8AM-4PM (EST)
  • CMG will respond via email or phone to scenario request within four hours of receipt
  • The Scenario Desk is intended for loans not yet received by CMG. Please contact your Client Liaison for status updates or questions on files already with CMG.
  • Only questions from Seller's underwriters and underwriting managers will be answered. Loan Officers or Account Executives will be referred back to the Sellers Underwriting Manager (or equivalent) to submit scenario requests.
11Jul

DON'T BE THE LAST TO KNOW

Effective communications is key to success. At CMG Financial Correspondent Lending, we make every effort to communicate important information with you as quickly and efficiently as possible. From bulletins to phone calls to emails, we make sure you have the pertinent details in a timely fashion.


QUESTIONS AT YOUR FINGERTIPS?

WE ARE HERE TO SUPPORT YOU.


Scenario Help Desk | corrscenario@cmgfi.com

Desk is available from 8AM-4PM (EST).

CMG will respond via email or phone to scenario within 4 hours of receipt.

Questions to be submitted by Underwriters and Underwriting Managers only.


Condo Approval Desk | condo@cmgfi.com

Conventional or Jumbo transactions that require a Condo Project Manager / Full review, CMG will review the project to determine eligibility and ensure the projects meets investor guidelines. Request by sending the required Condo documentation per CMG checklist. Contact your Correspondent Liaison or National Sales Manager for additional procedures.


TRID Help Desk | trid@cmgfi.com

Contact us with your RESPA / TILA Integrated Disclosure questions.


June
27Jun

Technology is an important resource and support to maintaining a competitive and efficient business. At CMG Financial, our easy-to-use technology gives us the power to serve your needs quickly allowing you to focus on your next big business move.


CHECK OUT OUR CORRESPONDENT WEBSITE

Our CMG Financial Correspondent Lending website cmgfi.com/correspondent offers a complete library of resources. There you will find informational bulletins on regulation changes, new product rolls outs, product guidelines and overlay matrices, and so much more.
(No personal log in is required.)


MANAGE YOUR PIPELINE WITH EASE VIA THE CORRESPONDENT PORTAL

Our Seller Webtrac portal is quick and convenient providing access to your pipeline and all loan level data, viewable in one click. Simple registration with FNMA 3.2 file, no MB size limitation on uploads for loan packages and conditions, and easy to use pricing scenario at your fingertips.


© CMG Financial, All Rights Reserved. CMG Financial is a registered trade name of CMG Mortgage, Inc., NMLS #1820 in most, but not all states. CMG Mortgage Inc. is an equal opportunity lender, licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act No. 4150025. For information about our company, please visit us at www.cmgfi.com. To verify our complete list of state licenses, please visit www.nmlsconsumeraccess.org. For more information on State licenses, please visit http://www.cmgfi.com/corporate/licensing.