We are NOT in a declining market!

O.K. so maybe this is over a month old, but it is still a light on the horizon that buyers should make note of!

From Taylor Bean and Whitaker, a national lender/underwriter:

Effective Monday June 23, 2008 TB&W has revised our Declining Market Zip Code Database. TB&W did a cross-comparison of the four major MI Companies, and was able to eliminate several large metro areas that were previously considered declining market and added some other areas within existing expanded declining markets that were previously considered non-declining.

In essence, our previous revision had approximately 8500 zip codes listed in declining market. The new list has approximately 6700 zip codes in declining market. The major areas that are benefiting from this change are; Boston metro, Ohio, and Denver metro, as well as several smaller areas. Some non-metro areas of Florida have been added to the list due to the majority (in most cases all) of the MI Companies imposing such restrictions.

Any loan that was previously considered declining, and has not yet closed, is eligible to take advantage of the new guidelines if desired and all other program guidelines are met, including having a verifiable MI Cert in the file prior to closing. Any loan that previously was not considered declining, but is now listed, must have a verifiable MI Cert in the file prior to closing. If a verifiable MI Cert is not attainable the LTV/TLTV restrictions for declining market must be applied.

The Zip Code Search file, Scenario Pricer, and DataSentry have all been updated with the new database.

Please direct questions to TB&W Management, Account Executive, or Client Services

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