HomeBridge is updating the Jumbo program as noted below.
Non-occupant co-borrowers are no longer eligible on the Jumbo program.
This change is effective immediately and applies to loans currently in the pipeline and new submissions.
Collateral Desktop Analysis (CDA) Refer to Bulletin 16-28 for updated CDA policy
A Collateral Desktop Analysis will now be required on all Jumbo appraisals. The cost per CDA is $150. If the transaction type requires two appraisals (purchase transactions with > $2M loan amount or refinance transactions with >$1.5M loan amount) a CDA will be required for each appraisal (i.e. 2 appraisals require 2 CDAs, 1 per appraisal, so a check for $300 is required).
Brokers are required to submit a check, payable to HomeBridge, for $150 or $300, as applicable, to the attention of your Account Manager. Mail checks to:
5 Park Plaza, 10 Floor
Irvine CA 92614
Attn: Account Manager Name
If the CDA value to appraisal value exceeds a 10% tolerance level or the CDA value is “Indeterminate