The Arc Underwriting Guide was updated within the New York Subprime topic for the Correspondent Access, Edge, and Elite programs. The change is effective for Correspondent loans registered on or after February 12, 2024. The previous announcement erroneously indicated New York Subprime as eligible in ALL channels; the highlighted content signifies a revision from the original communication.
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Access, Edge & Elite |
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Topic |
Previous Guideline |
New Guideline |
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New York Subprime Home Loans
(Access, Edge, Elite) |
Arc Home abides by all NY state statutes. Loans originated under the Edge, Access or Elite products may not be considered “Subprime Home Loan” under New York Banking Law. |
Wholesale Arc Home abides by all NY state statutes. Loans originated under the Edge, Access or Elite products may not be considered “Subprime Home Loan” under New York Banking Law.
Delegated and Non-Delegated Correspondent Arc Home does not purchase loans subject to the Home Ownership and Equity Protection Act of 1994 (HOEPA), also known as “federal high-cost” mortgages. Arc Home does not purchase mortgage loans that meet the definition of “high cost,” “high risk,” “covered,” “subprime,” or any similar designation under state or local law. Arc Home will purchase loans originated under the Edge, Access or Elite products that comply with N.Y. Banking Law § 6-M (New York Subprime). Arc Home abides by all NY state statutes. |
The revised Arc Guideline Update Summary, which provides a side-by-side comparison of the guideline changes, will be published on the website soon. The updated Arc Underwriting Guide is available within the SPARC 2.0 portal HERE. As a reminder, the program matrices are available on the Arc Home website (HERE).