HomeBridge has replaced Bulletin 13-01 originally issued January 4, 2013 with Bulletin 15-18 to include a new contact representative from Corelogic. Refer to yellow highlights below.
HomeBridge VA IRRRL program AVM requirements are as follows:
- A CoreLogic PASS® AVM is now acceptable on the IRRRL program for conforming and high balance loan amounts. A standard deviation of ≤ 18 must be received. If the standard deviation is > 18, a 2055, from a HomeBridge approved AMC, will be required.
The maximum LTV when using an AVM is 125% (100% for high balance loan amounts).
Brokers are responsible for ordering the AVM and submitting it with the loan. Brokers not currently signed-up with CoreLogic should contact Claudia Dorman at firstname.lastname@example.org to establish an account. Instructions for ordering a CoreLogic PASS® AVM are located on page 2. A sample PASS® AVM is attached as Exhibit A.
When the standard deviation is > 18% the 2055 must be ordered through a HomeBridge approved AMC. To view a list of HomeBridge approved AMCs go to the HomeBridge website at www.homebridgewholesale.com and click on the “Broker Resources