Lender Updates

It’s essential to stay up-to-date on everything happening within the mortgage industry, and this includes the constantly changing policies, procedures and product offerings of AIME’s Lender Partners. AIME is committed to keeping membership advised of any new lender product offerings and services impacting the wholesale channel as new information is announced and this page will continue to be updated with relevant lender information as it becomes available.

Need assistance signing up with an AIME lending partner? Get connected below.

Thursday, June 17

AFR

NEW refinance option to help you reach more borrowers

AFR now offers a new refinance option* for homeowners with mortgages owned by Fannie Mae! RefiNow™ allows eligible homeowners to refinance an existing Fannie Mae mortgage with a new Fannie Mae loan.

Specially designed to support lower-income borrowers the most, eligibility requirements include a minimum FICO of 620 and annual income at or below 80% of the area median income (AMI).

Fannie Mae is also providing a $500 pass-through credit if an appraisal is required — and waiving the 50 basis point up-front adverse market fee they normally charge, making refinancing more affordable.

Other program highlights include:

·     Limited cash-out refinances available

·     Maximum LTV up to 97%

·     Fixed-rate terms up to 30 years

·     For primary residences only

PRMG

PRMG Launches New Innovative Training Program!

Register for PRMG University, a webinar series featuring MBS Highway’s Barry Habib and Mortgage Champions’ Dale Vermillion, talking through sales leadership and mentorship. Tune in on Thursday, July 1 as Barry and Dale offer brokers tip on training, mindset, and guidance, all through tactical approaches. 

Register for free: http://aimegroup.co/PRMG-webinar

Tuesday, June 15

EPM

CEO Eddy Perez Live Q&A Event

EPM CEO, Eddy Perez, gives his take on life, business and the mortgage industry. The live question and answer session will be held on June 15th at 2pm EST. Limited seating available, register now: http://aimegroup.co/EP-EPM

What will be covered:

LENDING ENVIRONMENT

What are the three big things to watch in the lending environment? Are you ready for the new rules and regulations?

INDUSTRY TRENDS

What are the trending topics? And what is essential within the industry in today’s world.

ANSWERING YOUR QUESTIONS

Do you have a question? We have an answer for you.

Get connected with EPM by emailing us at partnerships@aimegroup.com.

Thursday, June 10

Homepoint

Fannie Mae’s® New RefiNow™ Product: What Brokers Need to Know Webinar

Thursday, June 10 at 3pm ET | Noon PT

Homepoint is hosting a special Elevate LIVE broker event all about RefiNow. Learn how Fannie Mae’s new refinance program makes it easier for eligible low-income borrowers to secure a lower interest rate and decrease their monthly mortgage payments.

Brokers will learn:

  • Who this program will serve
  • How to determine if a borrower is a fit
  • How the product differs from other refinance products in the market
  • How to work with Homepoint to close more RefiNow loans

EPM

FHA 203K Broker Training Webinar

Join the EPM Team Today AT 1 PM EDT to learn about borrowers qualifying for and advantages of FHA 203(K) Renovation Loans.

Monday, June 7

UWM

NOW THROUGH JUNE 20 2021, 11:59PM EDT, UWM IS OFFERING A PRICE MATCH ON CONVENTIONAL PRIMARY RESIDENCE LOANS.

UWM will match Conventional loans for primary residences with 15 competitors on their 30-, 45-, and 60-day locks versus UWM’s 15-, 30- and 45-day locks.

HOW UWM PRICE MATCHING WORKS

In order for you to request a price match you must show:

  1. Same-day pricing screenshot (within 30 minutes of locking with UWM) showing comparison and including the following loan parameters:
    1. Lender Logo
    2. Product and Term (must be conventional)
    3. Occupancy type (must be Primary Residence)
    4. Rate
    5. Lock period
    6. FICO
    7. LTV
    8. CLTV
    9. Escrow Waiver (Y/N)
    10. Loan Amount
    11. State
    12. Purpose (Purchase/Refi)
    13. Refi Purpose (i.e., Cash-Out)
    14. Property Type (Single family residence, condo, etc.)
    15. Date stamp of screen shot
    16. Final Price to Final Price (not including compensation or UW fee waiver)
  2. Their 30-day lock versus UWM 15-day lock OR their 45-day lock versus UWM’s 30-day lock OR their 60-day lock versus UWMs’ 45-day lock
  3. Confirm that you’ve closed a loan in the last 90 days with one of the competitive lenders
  4. Download and fill out the UWM Price Match form

Then, simply send the following to pricematch@uwm.com within 30 minutes of your UWM lock action:

  1. UWM Price Match form
  2. Price quote screenshot

Look for lock confirmation within 2 business days of form submission.

Please note that UWM price match is for initial locks only and does not apply to lock transfers or relocks. Relocks and changes to program, occupancy, or property type will be subject to worst case pricing.

Email us at partnerships@aimegroup.com to get connected!

Friday, June 4

Homepoint

Homepoint has announced that it will start offering Fannie Mae’s new refinance option, RefiNow, on June 07 to make it easier for homeowners to secure a lower rate and save on their monthly mortgage payments.

In addition to RefiNow, Homepoint said it will provide a maximum $500 appraisal credit for borrowers that are not eligible for an appraisal waiver. The company will also waive the 50-basis point adverse market fee for borrowers with loan balances at or below $300,000.

To qualify for RefiNow, borrowers must have:

  • A Fannie Mae-backed mortgage secured by a one-unit, principal residence.
  • A current income at or below 80% of the Area Median Income (AMI) (not the income as of origination of the original loan).
  • Must not have missed a mortgage payment in the past six months, and no more than one missed mortgage payment in the past 12 months.
  • Have a mortgage with a loan-to-value ratio up to 97%, a debt-to-income ratio of 65% or less, and a minimum 620 FICO score (minimum 660 FICO score for manufactured homes).

Thursday, June 3

AFR Wholesale

Revised Decreasing FICO score minimums
• Effective June 7, 2021, AFR is decreasing the minimum FICO score requirement for AUS approved eligible transactions in the following programs and client channels:

  • Program
    • FHA 203(b)
    • FHA 203(b) Repair Escrow
    • FHA 203(h)
    • FHA GNND
    • FHA $100 Down
    • FHA Hawaiian Homelands
    • FHA OTC
    • VA OTC
    • FHA Streamline
    • VA IRRRL
  • Client Channel and Min FICO
    • Broker – 600
    • Correspondent
      • Table Funded – 600
      • Non-Delegated – 600
      • Delegated – 580
    • Corresponded Delegated – 580
    • Broker – 620
    • Correspondent
      • Table Funded – 620
      • Non-Delegated – 620

Wednesday, June 2

AFR Wholesale

Effective immediately, AFR is suspending their Fannie Mae High LTV and Freddie Mac Enhanced Relief refinance programs.

The GSEs are temporarily pausing the purchase of any High LTV or Enhanced Relief refinance mortgages.

Homepoint

Effective today, Homepoint has made changes to the Homepoint Guides. Changes reflect their Correspondent Guide Bulletin and Wholesale Guide Bulletin. These changes may affect loan eligibility parameters.

Tuesday, June 1

Fundloans

This Month Only – Assets Only Price Incentive 

Through the month of June, receive an additional +0.625 LLPA on Montage Prime’s Assets Only loan program option.

Tuesday, May 25

Fundloans

FundLoans has new and exciting program enhancements that include:

  • Improved pricing on Apex Prime, Montage Prime & Spectrum No Ratio
  • Price Non-QM loan amounts up to $7.5m, instantly with Quick Pricer, designed to give an immediate pricing response
  • Foreign National loan program available with Spectrum
  • 60 months Asset Allowance program option
  • Bitcoin assets eligibility

Tuesday, May 18

Plaza Home Mortgage

Plaza introduces it’s Jumbo AUS Program, simplifying documentation requirements. Program highlights:

  • Loan amounts to $2 million
  • Up to 89.9% LTV
  • 680 FICO
  • 15 & 30 Year Fixed
  • Primary, second home or investment property
  • Purchase, Rate/Term, Cash-out
  • SFR, Condo, PUD, Co-op, 2-4 unites
  • Gift funds allowed and reduced reserve requirements

Monday, May 17

EPM

Effective today, EPM is updating the minimum submission list in order for loans to be sent to underwriting. This comes as an effort to streamline and improve operations efficiency.

Friday, May 14

REMN Wholesale

Access REMN’s Simple Access Program, providing borrowers with the expanded flexibility necessary to meet the needs of borrower’s individual circumstances. Simple Access offers five document types: Investor Cash Flow, Asset Qualified, Bank Statement, 1099 Only, and Full Doc.

Wednesday, May 12

CF Wholesale

CF Wholesale launches their VIVA (Verified Income, Verified Assets) program for TBD preapprovals. CF Wholesale underwriters will sign off on income, assets, and credit making it easier to switch from a preapproval to an application once the borrower has the property address.

Tuesday, May 11

Guaranty Home Mortgage

Guaranty Home Mortgage re-adjusted to a new LOS system that features a state-of-the-art TPO portal for brokers. This is set to officially launch in June.

Monday, May 3

Guaranty Home Mortgage

Guaranty Home Mortgage reintroduces it’s Jumbo program. Program features and highlights:

  • First Time Homebuyer Feature (Primary Only)
  • Rate-term guidelines permit payoff of non-purchase seconds with 24-month seasoning
  • Delaying financing considered rate-term and not subject to cash-out limitations
  • Acreage up to 40 acres
  • Max Loan Amount up to $2 million
  • Cash out and seconds homes up to $1.5 million
  • Max cash out is $500,000
  • In-house underwriting with competitive turn times
  • 720 min FICO score

CF Wholesale

CF Wholesale lowered minimum FICO score on government loans to 580.

Friday, April 30

Guaranty Home Mortgage

Guaranty Home Mortgage transitions current client base to new LOS featuring a TPO portal that will launch in late June.

Longbridge Financial

Participate in Longbridge’s new Reverse Made Easy Training Program. This program provides a full suit of turn-key services and support including full loan processing and closing functions, hands-on training and on going education, and ready-to-use customizable, compliant sales and marketing materials.

Fundloans

Fundloans is offering through the month of May an additional +0.50 bps on Montage Prime’s Assets Only loan program option.

Wednesday, April 28

AFR Wholesale

AFR re-instated the One-Time Close Conventional-to-Permanent Financing. In addition to Conventional OTC offerings, their Construction-to-Permanent suite of OTC financing also includes FHA, VA, and USDA. An OTC loan allows the homebuyer to combine financing for home construction, lot purchase/land payoff, and permanent mortgage into a single closing, helping to reduce time, money, and paperwork.

Monday, April 26

Homepoint

Homepoint made pricing easier with updates to the TPO Pricing Policy, effective April 26, 2021.