January 13, 2016
Product Update 16-03
Improved Diamond Jumbo Product Released!
PRMG is pleased to announce the release of a new and improved Diamond
Jumbo product. Please refer to the actual product profile for additional
information.
Diamond Jumbo
• Improved pricing of between 35-100 bps (varying by loan scenario,
LLPAs, etc.)
• Loan amounts to $2.5 million (previously $2 million)
• $2 million to 80% LTV (previously $1.5 million)
• Cash out to 80% LTV (previously 65% LTV)
• First time homebuyers to $1.25 million (previously $1 million)
• ARM Products now available (previously Fixed only)
• 1-4 units properties now allowed (previously 1-2 unit only)
One important change to note with this new product is that the appraisal must be
ordered through an AMC and if the appraisal is ordered through PRMG’s standard
appraisal ordering system, there must be a note in the order instructions to “Order
through AMC”. Otherwise, the appraisal department will assign it to an appraiser
on our panel and the appraisal will not be eligible. Therefore, if you have a
Diamond loan in process that was not ordered through an AMC, you will want to
look at switching to another jumbo (such as the Platinum) to utilize the existing
appraisal.
Please note, all loans using prior guidelines (locked on or before Tuesday,
January 12, 2016) must fund no later than Friday, February 12, 2016.
Please feel free to contact your Account Executive with any questions.
This change is effective immediately.
The updates have been posted.