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CMG FINANCIAL
CORRESPONDENT LENDING
New 600 Series Non-Agency
Expanded Product and Update
3160 Crow Canyon Road, Suite 400, San Ramon, CA. 94583 | 925.983.3000 | NMLS #1820 | www.cmgfi.com
© 2015 CMG Financial, All Rights Reserved. CMG Financial is a registered trade name of CMG Mortgage, Inc., NMLS #1820 in most, but not all
states. CMG Mortgage, Inc. is an equal opportunity lender, licensed by the Department of Business Oversight under the California Residential
Mortgage Lending Act No. 4150025, California Finance Lenders Law No. 6053674. Offer of credit is subject to credit approval. For information about
our company, please visit us at www.cmgfi.com. To verify our complete list of state licenses, please visit www.nmlsconsumeraccess.org. For more
information on State licenses, please visit www.cmgfi.com/licensing.php. Not intended to serve as a business solicitation for residents in
Massachusetts and New York.
Non Agency Expanded Highlights:
http://docs.cmgfi.com/guidelines/CMG-600-Series-Non-Agency-Expanded.pdf
Product Terms / Codes:
Non-Warrantable Condos will
require use of specific product
codes:
Eligible Borrowers:
Occupancy:
•  630-EXP 30-Year Fixed
•  605-EXP 5/1 ARM
•  607-EXP 7/1 ARM
•  630-EXPNWC 30-Year Fixed
•  605-EXPNWC 5/1 ARM
•  607-EXPNWC 7/1 ARM
Note: All products are fully amortizing.
US Citizens, Permanent Resident Alien, Non-Permanent Resident Alien, Foreign
Nationals
Primary & Second Homes
Minimum Loan Amount:
$100,000
Maximum Loan Amount:
Up to $1,500,000. Refer to Product Matrix for restrictions.
Credit Standards:
•  FICO minimums as low as 640. Note: Credit requirements may be less restrictive than
Non Agency Jumbo (i.e., 3 trades for 12 months vs 24 months). Refer to guidelines for
full requirements.
•  Bankruptcy/Foreclosure/Short Sale – none in past 4 years. Note: Adverse Credit
Expanded compared to Non Agency Jumbo – shorter waiting period of 4 yrs
(bk, f/c, short sale, deed-in-lieu) vs the Non Agency Jumbo (7 years).
•  Mortgage history – 0x30 in past 12, 1x30 in 13-24 months
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Non Agency Expanded Highlights: (continued)
Debt-to-Income Ratios:
•  Maximum DTI 50%. Note, when > 43 DTI the following apply:
o  Additional Reserves required
o  Minimum residual income levels
o  Available to US Citizens, Permanent
•  Limits on certain borrowers, property types apply
Asset Depletion:
Property Types:
May be used as qualifying income, in total or to partially supplement other income;
refer to guidelines for specific eligibility requirements.
•  Allows for Non Warrantable Condos.
Note: Non Warrantable condos with loan amounts from $100,000 to $417,000
will now be eligible on this product line instead of the existing Non Agency
Jumbo. Over $417,000 must continue to qualify under Non Agency Jumbo
eligibility criteria.
•  Condotels permitted.
•  For other eligible property types refer to guidelines.
•  Up to 7 financed properties permitted (Non Agency Jumbo restricts to 4)
•  1-2 Unit Properties Eligible in New York under both Expanded and Jumbo
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Non Agency Expanded Matrix
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Non Agency Jumbo Product Updates:
http://docs.cmgfi.com/guidelines/CMG-600-Series-Non-Agency-Jumbo.pdf
Product Terms / Codes:
Summary:
Will remain as is
•  Non warrantable condos have a minimum loan amount of
$417,001 (Loan amounts from $100,000 - $417,000 are available
on the “Expanded” product.)
•  Condotels are no longer eligible on this product. However,
Condotels are available on the “Expanded” product.
•  Asset Depletion is no longer permitted. However, this is now an
option on the “Expanded” product.
An Investor People Are Talking About
“ I wanted to take the time to let you know that your company is an absolute pleasure to work with and the
CMG team you have provided me with is a HUGE asset to our company! Thank you for working so hard on
every loan and being extremely responsive & attentive to all our loan files. You being on top of our pipeline
makes our lives that much easier. “
-MERIDIAN BANK
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Non Agency Expanded Matrix
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Non Agency 600 Series
Loan Submission Process
Prior to submitting a loan, please register it and generate a CMG loan number by importing the FNMA 3.2 file to Webtrac.
Although Non-Agency loans are non-delegated, CMG requires the Correspondent Lender to fully underwrite the loan per published,
non-agency guidelines to ensure eligibility before submission to CMG.
The Correspondent Lender will have the option to submit the appraisal prior to submission of the full credit package or it may be
submitted concurrently with the credit package.
Please email the PDF color appraisal to: [email protected] and CC your Correspondent Liaison (Indicate the CMG loan #
assigned to this property in the subject line of the email). The appraisal review process takes approximately 5-6 business days.
Upon the completed appraisal review, CMG will notify the seller of any conditions required for final appraisal approval.
•  Note that loans submitted under the 600 Series Non Warrantable Condo program requires submission to the CMG
Condo Desk for review: Condo Desk Procedure
When the credit file is complete and ready for review, upload a full loan package for underwriting by CMG and include the
underwriter’s loan decision. Please use the Non-Agency Loan Submission Form (see attached) when uploading the file.
The CMG underwriting review will be subject to posted turn times. A condition list will also be issued when underwriting is complete.
If an exception is needed, the Correspondent Lender’s contact person will be notified and additional documentation may be
required. Exception turn times will be communicated depending on complexity of the exception required.
Submit all credit conditions. After all credit conditions are cleared, the Correspondent Lender will fund the loan and submit the
completed funding package for purchase review. When all final conditions are received and cleared, the file will be cleared and
queued for purchase.
Your designated Correspondent Liaison will provide updates throughout the process.
Thank you for choosing CMG Financial Correspondent Lending.
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Experience Extraordinary © 2015 CMG Financial, All Rights Reserved. CMG Financial is a registered trade name of CMG Mortgage, Inc., NMLS #1820 in most, but not all states. CMG Mortgage, Inc. is an equal opportunity lender, licensed by the Department
of Business Oversight under the California Residential Mortgage Lending Act No. 4150025, California Finance Lenders Law No. 6053674. Offer of credit is subject to credit approval. For information about our company, please visit us
at www.cmgfi.com. To verify our complete list of state licenses, please visit www.nmlsconsumeraccess.org. For more information on State licenses, please visit www.cmgfi.com/licensing.php. Not intended to serve as a business
solicitation for residents in Massachusetts and New York.
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