RMIC is modifying the naming convention and definitions used to classify housing markets to reflect the relative strength of multiple economic factors that influence the performance of its insured loans. Additionally, RMIC has updated its Market Classification list for the third quarter. RMIC is also announcing an expansion to its maximum DTI ratio to 45%, an adjustment to maximum seller contributions in certain markets, and a restriction on second homes to borrowers with a previous foreclosure. Finally, RMIC is providing a reminder that the Easy IQ2 program will be retired at the end of this month.
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