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Manhattan Updates Effective for Loans Registered
On or After 6/15/2017

  1. Reserves: For Loan Amounts <= $1 million and DTI <= 35%, we have lowered the reserve requirement to 6 months. For any loan amounts <= $1 million and DTI > 35%, the current requirement of 9 months is still applicable
  2. Appraisals: For Loan Amounts <= $1.5 million on purchase and rate/term refinances (in all states except for Florida), we will require 1 full appraisal. Florida will continue with the current requirement of 2 appraisals for loan amounts > $1 million
    •  A CDA and/or field review, as applicable, which meets valuation thresholds, will
        still be required to be in the file
  3. LTV Adjustors: Removing the LTV adjustors for Nevada and Arizona. Florida’s current LTV adjustor of 5.0 will still apply

For more details on Manhattan please see the product guidelines.