HomeBridge is relaxing the Collateral Desktop Analysis (CDA) requirement on certain Jumbo Program transactions.
Currently, in addition to the appraisal, a CDA is required for all purchase and rate/term refinance transactions with a loan amount of ≤ $1,500,000.
Effective immediately, a CDA is not required for transactions that meet ALL of the following requirements:
- Purchase and rate/term refinance, and
- The loan amount is ≤ $1,500,000, and
- The LTV is 80% or less, and
- The property is located in one of the following states:
A CDA will continue to be required for any transaction that does not meet ALL of the above criteria.
This enhancement is available for new submissions and loans in the pipeline that meet the above requirements and the CDA has not already been ordered.
This information applies to the Jumbo Program only; it does not apply to Jumbo Flex. The Jumbo Program guidelines have been updated with this information and posted on the HomeBridge website at www.HomeBridgeWholesale.com
If you have any questions, please contact your Account Executive.