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.
AIME Lender Partners Honoring 2023 Conforming Loan Limit Values Now
Several of AIME’s lender partners are honoring the new conforming loan limit values before Jan 1, 2023.
As of today, UWM, Homepoint, EPM, Change Wholesale, Citizens, Flagstar Bank, Guaranty, JMAC, Plaza, Power TPO, PRMG, and Windsor are all honoring these values.
HELOCs Now Available through Homepoint
Homepoint has officially made a new HELOC product available for broker partners. It’s a 100% digital experience from application to closing, and Homepoint can provide same-day approval and funding within five days. Additionally, there are no pre-payment penalties.
The Loan Store announces new Bank Statement Loan
This loan is designed for your business owner and self-employed borrowers. For purchase & refinance transactions. General Eligibility Requirements: Primary, Second & Investment Properties Loan Amount: MIN $175k – Max $3M Max Cash Out: $500k Appraisal Transfers Allowed
AFR Suspends OTC on Certain Loan Options
AFR has suspended new submissions of site-built projects using FHA and Conventional one-time close financing. Loans that are locked and were previously submitted are not impacted. AFR will continue to accept site-built registrations using VA and USDA One Time Close loan options.
Windsor Mortgage Launches New Government Loan Expansions
Making more options available to more borrowers. From lower credit guidelines to manual underwriting, Windsor has solutions for every client.
Plaza Home Mortgage Announces New Buydown Option for Brokers
Plaza is offering 2-1 and 1-0 seller-paid buydowns on Fannie Mae, Freddie Mac, FHA, VA, and USDA fixed rate programs! Using a buydown reduces the borrower’s monthly payment for the first one or two years, giving them more affordable payments.
Plaza Home Mortgage Announces New Jumbo AUS 3
Now you can offer your borrowers flexibility with 7/6 or 10/6 hybrid ARMs with Plaza’s newest Jumbo: Jumbo AUS 3!
Loan amounts start at $400k and go up to $2M. Agency eligible loan amounts may qualify. Up to $1,250,000 for FTB. Purchase, Rate/Term, Cash-out, FICOs from 700.
NextUs Lending Introduces New HELOAN Program
HELOAN, a 2nd mortgage program for QM, NonQM, and N/O/O Borrowers! HELOAN is designed to give homeowners access to the built-up equity in their homes, while preserving their low-rate 1st mortgage. Borrowers can qualify using Full-Doc or Bank Statements with loan amounts up to 350k.
FundLoans Raises LTV Max on Two Products
Fundloans has brought back 90% LTV on their APEX and Montage programs.
EPM Launches New Empowered DPA Program
EPM’s Empowered DPA is here to provide down payment assistance to qualified Borrowers in the form of a grant – with no repayment. The home must be 1–2-unit and the Primary residence for the Borrower. Empowered DPA is currently available for all states except Washington
Homepoint Offering New Pricing Bonus
Effective now, Homepoint is offering a new affordable lending pricing bonus. This can be used for: purchase, primary residence, standard balance, conforming conventional (excludes HomeReady & HomePossible), and property located in certain zip codes.
Amerisave Launching New LOS
Amerisave is launching FUEL LOS on September 6, 2022. This will be a no-cost new origination system to reduce brokers’ costs in a tight market.
Flagstar Bank Expands Product Offerings
New Products include:
- Stand-alone HELOC with a minimum 680 score and I/O options
- Jumbo One-Close construction product, which now offers ARMs and higher loan limits up to $3 million.
- Advantage Non-QM product which includes ARM options, LTVs up to 90%, loan limits from $100,000 to $3 million, and more flexible guidelines including a higher DTI up to 55%.
- Coming Soon – Bank Statements!
JMAC Announces New Jumbo ARMs
Available in 5/6, 7/6, and 10/6 terms, these Jumbo ARMs go up to $4M, are available for primary and second homes, and require a min FICO of 700. Learn more in AMP!
Guaranty Home Mortgage Announces Lock & Shop and TBD UW
GHMC has announced TBD & UW locks are accepted on all products, except jumbos. No upfront fees for 90 days or less, and lock periods are up to 180 days.
Guaranty Home Mortgage Announces Fico Changes for VA Loans
GHMC announces they are allowing VA loans with FICO scores down to 600.
AFR Announces Power Approval Program
Borrowers who use the Power Approval program benefit from a contract addendum that ensures AFR’s program partner will buy the house if the buyer is unable to close due to a covered mortgage issue, eliminating the customary financing contingency. This program is available in all states except Hawaii.
REMN Wholesale Launches 5-Day HELOC Program
REMN Wholesale now offers the REMN 5 Day HELOC: a standalone Home Equity Line of Credit that is available in 1st, 2nd, or 3rd lien positions. Some product highlights are as follows:
- Online application is fast and easy
- Full draw is taken at closing with no prepayment penalties applied
- Re-draws may be taken in minimum increments of $500, up to the full line amount
- No in-person appraisal
AmeriSave Wholesale Announces Two New Products
Amerisave Wholesale has launched a Manufactured Housing product for FHA & VA. This product has Full LTV, FICO, and guidelines available, with no additional overlays for stick-built homes. In addition, AmeriSave Wholesale also has announced that HomeReady by FNMA is available for low to moderate income, first-time or repeat home buyers with limited cash for down payments, and credit scores >620. Both of these products are now live.
JMAC Adds Three New States to Their Repertoire
JMAC is now serving the states of New Hampshire, Delaware, and Washington D. C. with their suite of conforming and non-QM products.
Windsor Mortgage Solutions Announces Manufactured Homes
Overlays for this new program include a min 640 FICO and max DTI of 50%, and are available on FHA and VA loans, but not USDA. Investment properties and lease-hold properties also do not qualify.
The Loan Store is now Offering TBDs
The Loan Store’s TBD product will have a pre-approval letter issued in 1 business day and will be based on income, assets, and credit. The LE will be issued after a completed loan application is submitted.
Flagstar Bank Announces New Products and Product Enhancements
Flagstar Bank has announced a Stand-alone HELOC product, allowing consumers to draw HELOC funds as needed. They also announced a new Non-QM product, along with Jumbo OTC, available for ARMs as well. Enhancements to their doctor loan product were also announced. Head over to the AIME Member Portal to learn more!
The Loan Store VA Programs are Now Live!
The Loan Store has officially launched its suite of VA Programs! This includes Purchase, Cashout, and IRRRL, along with fixed rate terms of 15, 20, 25 & 30 Years and a high balance 30-year fixed. 100% financing in most circumstances and no MI.
Citizens Announces New Rate Reservation Lock Program
This program is designed for borrowers that want to lock in an interest rate while still searching for the home of their dreams, so a property address is NOT required at the time of lock.
FundLoans Announces ASPIRE (Bank Statement and Full Doc 2nd Mortgage) Program
Set to launch August 1st, product details include:
- $250,000 to $1,000,000 loan amounts
- Cash out
- Up to 85% LTV
- 680+ score
- O/O, 2nd home, or investment property
- 10, 15, 20 or 30 year term
- 10 yr I/O available on 30 yr
AmeriSave Wholesale Announces New AUSSIE Enhancements
Effective July 5th, AWMS has enhanced the Aussie Loan Manager by creating 3 distinct views to the tool:
- Broker Action Items
- Items needed for Conditional Approval
- Items needed for Final Approval.
Through this enhanced tool, brokers have complete transparency into everything outstanding on their loan at all times in real-time and can control the outcome by partnering with their AUSSIE AI technology to fulfill any condition or item needed at any time during the loan. AUSSIE AI puts control and speed at the brokers’ fingertips.
JMAC Announces New Product Overlays with Lowered FICOs and Greater Product Accessibility
JMAC has lowered the minimum FICO for their FHA products to 580, and also made manufactured homes available on their FHA and VA Products. Their DSCR and Zuma Alt Doc programs now both are available for condo hotels, and DCSR also supports foreign nationals.
The Loan Store Expands Footprint into Two New States
The Loan Store products and services are now available to brokers in both Idaho and South Carolina!
Windsor Raises Max Loan Amount of Simple Bridge Loan Program
Windsor has raised the max loan amount on their Simple Bridge Loan program from $250,000 to $500,000. For loan amounts $250,001-$500,000, the following applies;
- $250,001-$500,000 maximum loan amount
- $1,000 origination fee
- Maximum CLTV of 80%
- Short-term balloon with interest-only monthly payments
- Option to renew for a $2,000 fee
- Associated closing costs can be rolled into the bridge and paid out of loan proceeds
Guaranty Home Mortgage Corporation Announces GConnectTPO Portal
Their new user-friendly, high-tech, high-touch GConnectTPO Portal is here! Price scenarios, lock loans, and manage your pipeline with ease. GConnect now allows simultaneous DUAL AUS runs, saving time, reducing documentation, and moving your loans to closing faster.
UWM Announces “Game On” Pricing
UWM has announced their “Game On” pricing, in which they have dropped rates across the board by 50-100bps. This is a growth from their Compete & Beat program, and now brokers will have access to these reduced rates on all UWM conventional, government, Elite, and jumbo products (minimum borrower FICO of 620 or higher).
REMN Wholesale Reduces FICO Requirements
REMN Wholesale reduced the minimum FICO requirement from 700 to 660 for PLATINUM GOVERNMENT LOAN submissions.
Plaza Home Mortgage Offers New Jumbo Preferred Program
Plaza Home Mortgage has added a new Jumbo Preferred Program that features both fixed and adjustable rate mortgages (ARM), competitive rates and loan amounts up to $3 million.
Plaza’s program can be used for primary, second home and investment properties and single family, 2-4 unit and condominiums. Borrowers can have DTIs up to 43% and FICOs to 700 (fixed) and 720 (ARM). The program is available through Plaza’s Wholesale channel.
Change Wholesale Releases New Guideline Updates
Change Wholesale’s Community, EZ Prime, and Investor products have received the following guideline changes:
- FICO Beginning at 660
- Up to 70% LTV Purchase / Rate & Term Refi
- Reserves from 12 months
- LTV up to 70% on Purchase / Rate & Term Refi
- LTV up to 60% on Cash-Out Refi
- LTV up to 75% for purchase and 65% for cash-out (REMOVED “DSCR>= 100%”)
- REMOVED “LTVs <= 60% require 3 months reserves”
Windsor Integrates into the ARIVE Platform
Windsor Mortgage is excited to announce the partnership with ARIVE that allows brokers direct access to their pricing and products without having to go into their portal. The integration will allow for direct input of the 3.4 file into Windsor’s portal without exporting from the broker’s LOS.
AmeriSave launches Ask Aussie 2.0
AmeriSave Wholesale Mortgage Solutions (AWMS) is excited about the launch of Ask Aussie 2.0, our updated artificial intelligence platform where brokers can search for answers with a simple navigation bar, chat live with an UW teammate, or talk live on our 833-4-AUSSIE Hotline to talk scenarios, exceptions, guideline interpretation, and process questions. Ask Aussie 2.0 is available at AWMS External | Ask Aussie (capacity.com)
Homepoint Releases New Products and Technologic Enhancements
- Larger product menu. Homepoint has rolled out new products, including Jumbo AUS, TBD Locks, and extended lock terms, 5/7/10-year ARMs and Jumbo ARMs.
- Innovative solutions. Homepoint announces New Build to help brokers build strong referral pipelines with homebuilders, creating opportunities for a sustained referral pipeline, and Homepoint Cash Compete to make their broker partners the go-to source to help homebuyers and real estate agents win deals.
- Enhanced back-office technology. They’ve created a more efficient underwriting process that requires fewer human touches and has led to consistent 1-day turn times.
UWM announces UWM Boost
Boost is a brand-new marketplace from UWM that offers you access to tools and resources designed to support your business growth. With a level of speed and support that’s completely new to the industry, Boost will help connect you with borrowers and real estate professionals!
AmeriSave Wholesale Mortgage Solutions releases AUSSIE’s New Tech Enhancements
- The launch of an Audit Package is now live in the portal
- A Lock Extension to extend online until midnight. The lock confirmation will update automatically!
- Reissue Credit for in-process loans. I’ve made this function available until your file reaches Approved Status.
Plaza Home Mortgage Launches USDA Renovation Program
The USDA Renovation program is now available through Plaza Home Mortgage®! It’s the perfect opportunity for your USDA-eligible borrowers to buy and renovate their dream home.
USDA Renovation through Plaza has:
- 620 min FICO
- Up to 100% financing for qualified buyers
- Opportunity to purchase a USDA-eligible single family residence, and finance the renovations
AmeriSave Wholesale Announces Pricing Specials on Conventional, High Balance, FHA, and VA.
AmeriSave Wholesale has announced the following pricing specials on Conventional, High Balance, FHA, and VA loans:
- Conventional Regular Balance Primary & 2nd Homes +.25%
- Conventional Regular Balance Primary & 2nd Homes +.25%
- Conventional Regular and High Balance Investment Properties +.125%
- FHA 620-679 FICO +.25%
- VA 620-679 FICO +.25%
These pricing specials are valid through Rate Sheet delivery on May 23rd – head to brokersarebetter.com to get connected with AmeriSave Wholesale today!
First Look Appraisals launched new solution ClearTrack
First Look Appraisals has rolled out ClearTrack, a new solution that provides every mortgage broker full transparency and visibility into every appraisal order. ClearTrack was 100% designed by broker feedback and has features that include real-time progression of the number of assignment and scheduling attempts, the appraiser’s opinion of value upon initial submission, and key insights into the quality control review process.
Laura Brandao joins EPM as Chief Growth Officer
Laura Brandao brings her wealth of knowledge and industry experience to EPM as their new Chief Growth officer, as well as becoming the CEO of a newly formed division of EPM, Lighthouse Lending Capital.
RCN introduces 100% Financing Fix & Flip Program for Qualified Investors
100% Financing Fix & Flip Program for Qualified Investors. Investors with 30+ qualified experience in the last 3 years can now take advantage of RCN Capital’s 100% fix & flip financing program which offers 100% loan-to-cost (LTC), capped at 80% ARV. This program is available for non-owner occupied 1-4 family properties, condos and townhome and project renovations have been identified as “light rehab” with a maximum budget of $150k.
AFR announced eCash Home Financing Programs
American Financial Resources, Inc. (AFR) is pleased to announce its newest program, eCASH Home Financing, which aims to give borrowers the buying power of an essentially all-cash offer in today’s competitive market and help create equal opportunity for traditional and first-time homebuyers currently searching for their dream home. The program is initially available for brokers via AFR Wholesale and realtors and consumers via eLEND in New Jersey, Florida, and Texas, with plans to expand nationwide.
New Updates to AUSSIE by AmeriSave Wholesale Mortgage Solutions
Based on feedback from their broker partners, AmeriSave Wholesale Mortgage Solutions has announced new improvements and updates to AUSSIE AI, including AUSsome new Conditional Approval Doc, Upgraded AUSSIE Loan Manager, Two Way AMC Appraisal Communication, Guaranteed Appraisal Fee overage coverage, Escrow/Settlement Agent Screen, and Significant Jumbo Pricing improvement.
Thursday, December 16
Plaza Home Mortgage Jumbo AUS 1
Plaza Home Mortgage® just elevated their Jumbo lending options to make them even better! Plaza has two Jumbo AUS programs that use agency AUS findings for streamlined documentation requirements, go to 89.9% LTV, DTIs to 45% and minimum FICOs to 680. And their Jumbo AUS 1 program now has loan amounts to $3 million and allows co-ops. Be sure to check out both their Jumbo options, Jumbo AUS 1 and Jumbo AUS 2.
Wednesday, December 1
County Loan Limits
All AIME lenders that have not already started accepting the 2022 County Loan Limits will start Wednesday, December 1st.
Tuesday, November 20
PRMG 2022 Loan Limits on FHA, VA, and USDA Products
PRMG will accept the new loan limits on government products effective January 1, 2022. See each section below for specific requirements by product type. It has not yet been announced when AUS systems will be updated to reflect the new limits.
FHA announced today, November 30, 2021 in Mortgagee Letter 2021-28 that the low-cost and high-cost county limits have increased effective with case numbers assigned on or after January 1, 2022. Loan limits are county-specific. The low-cost areas mortgage limits have increased to:
- One-unit: $420,680
- Two-unit: $538,650
- Three-unit: $651,050
- Four-unit: $809,150
High-cost areas are also county-specific and the highest limits, excluding Hawaii and Alaska, are:
- One-unit: $970,800
- Two-unit: $1,243,050
- Three-unit: $1,502,475
- Four-unit: $1,867,275
With the The Blue Water Navy Vietnam Veterans Act of 2019, VA removed the conforming loan limit cap on guarantees for Veterans with full entitlement. For Veterans who have previously used entitlement and the entitlement has not been restored, the maximum amount of guaranty entitlement available to the Veteran (for a loan above $144,000) is 25 percent of the conforming loan limit reduced by the amount of entitlement previously used (not restored) by the Veteran. The new guaranty requirements apply for loans closed on or after January 1, 2022.
For all loans locked on or after January 1, 2022, the max loan amount will be the 2022 conforming high balance limit.
Tuesday, November 16
Plaza Home Mortgage
Jumbo AUS 2
Designed to help you offer the best price, and find just the right program option for your Jumbo borrower. Like our original Jumbo AUS, (now called Jumbo AUS 1) Jumbo AUS 2 leverages Agency AUS findings for streamlined documentation requirements, has DTIs to 45% and minimum FICOs to 680.
Jumbo AUS 2 also offers:
- Loan amounts to $2.5 million
- LTV to 89.9%
- FICO to 680 [720 for self-employed]
- DTI to 45%
- New term options: 25- and 20-year Fixed rate
- First time homebuyers eligible to max LTV
- Property up to 40 acres
- Texas cash-out and Co-ops eligible
Monday, November 15
Princeton Wholesale USDA
Terms and Fees
- Maximum Loan Amount: 100% Appraised Value PLUS Upfront Guarantee Fee (101% financing)
- Loan Fees: 1) Upfront Guarantee Fee = 1.00%, 2) Technology Fee = $25; Annual Fee = 0.35% UPB
- Interest Rate: 30-year fixed rate term negotiated between the applicant and lender. No cap on rate.
- Seller/Interested Party Contributions: Allowable up to 6% of sales price. No limit on gift funds.
- Types: Purchase, Build, Refinance, Streamline Refinance
- Participating Lenders earn Community Reinvestment Act (CRA) credit
- Occupancy: Must agree to personally occupy home within 60 days of loan closing
- Citizenship: Must be a U.S. citizen, U.S. non-citizen national, or qualified alien
- Assets: Must be unable to obtain conventional financing with no PMI and a 30-year fixed rate term
- Suspension or Debarment: Lender will verify eligibility through the System for Award Management (sam.gov)S
- Not limited to First Time Home Buyers
- Annual Income: Income of ALL adult household members must be below the Moderate limit [115% of the county median household income (MHI)].
- Adjusted Annual Income: Eligible deductions—$480 per eligible dependent, $400 elderly household; eligible childcare, elderly medical, and disability expenses
- Repayment Income: Stable and dependable income of the applicants who will sign the note; Co-signers not permitted; Non-taxed repayment income may be grossed-up by 25%
- Repayment Ability (Ratios): 29% PITI and 41% TD (flexible with compensating factors)
- GUS “Accept” = no waiver required; GUS “Refer” or “Refer with Caution” = waiver required
- Credit Score: 620
- GUS “Accept”: Credit score validation not required; Streamlined documentation submission
- GUS “Refer” or “Refer with Caution”: Credit score validation required (at least 1 applicant must have 2 tradelines with a 12-month history); Full documentation submission
- Non-Traditional Credit: Acceptable for applicants without a usable score; 2 trade references when 1 is a verification of rent or mortgage, 3 trade references if no verification of rent or mortgage
- Eligible Area: Must be located within a rural area
- Property Types: Single Family Existing, New Construction, Condos, PUDs, Modular, and some Manufactured
- Site Size: No acreage limit. Site size must be typical for the area and have no land or buildings principally utilized for income producing purposes
- Inspection: Existing homes must meet HUD Handbook 4000.1 requirements; Safe water test required for private wells; Well and/or septic inspection if required by appraiser, inspector, or lender
- Construction-to-Permanent: Short-term construction loan & long-term permanent mortgage in a single close loan. Loan Note Guarantee issued/realtor paid before construction begins.
Friday, September 3
Insignia Jumbo Prime Program
FundLoans’ Insignia suite of Jumbo Prime programs lets you offer up to $3MM on primary, second home, and investment properties. Credit scores starting at 700 and Cash-out available up to 80% LTV.
Thursday, September 2
Simple Access Non-QM Program for Foreign Nationals
- Asset Qualifier and Investor Cash Flow products are elgible
- LTV as High as 75%
- Credit Score as low as 660 (borrowers without a US credit score are elgible)
- Loan amounts as high as $2,500,000
- Purchase, Rate and Term Refinance, or Cash Out Refinance
- 1 Unit Second Homes and 1-4 Unit Investment Properities
- Foreign liabilities do not need to be documented or included in the underwriting analysis of the file
Monday, August 30
Fundloans Program Updates
- 40-Year Fixed Fully Amortized rate options on Montage and Apex
- New and Improved LLPAs for Montage
- New and Improved LLPAs for Apex
- +0.250 LLPA incentive for Spectrum
- 4 and 5 Year PPP options on Montage and Apex
Wednesday, August 11
Homepoint has made changes to the Homepoint Wholesale Guide effective August 16, 2021. These changes may affect loan eligibility parameters.
- Agency Program
- Agency Ineligible Transactions
- Agency Assets & Credits
- Asset Documentation
- Personal Gifts
- Agency Low Income Refinance
- Low Income Refinance – Loan Qualification
- FHA Program
- FHA Borrower Eligibility
- Ineligible Transactions
- FHA Streamline Refinance
- VA Program
- Ineligible Transactions
- Manual Underwriting
- Credit History
- USDA Program
- USDA Eligibility Matrices
- USDA Ineligible Transactions
- USDA Submission to Rural Development
- Debt Ratio Waivers
- Appraisals & Collateral
- Property & Transaction Eligibility
- Ineligible Properties
- Ineligible Transactions
- Manufactured Homes
- Appraisal Topics
- Underwriting: Property & Transaction Eligibility
- Restrictions on Collateral
- Escrow/Impound Requirements
- Non-Delegated & Purchasing
- Property Taxes & Escrow Reserves
Monday, August 2
Homepoint Announces New Service Model to Assist Mortgage Brokers in Today’s Purchase Market
In the month of July, Homepoint unveiled its Homepoint Amplify program, a new service model that will unite the wholesale channel’s need for localized support with Homepoint’s national portfolio to allow a mortgage broker to deliver a quicker, more personalized client experience in the current purchase-centric mortgage environment.
Under the Homepoint Amplify service model, it will form six regional support teams aligned with Homepoint’s operational areas across the country—Northeast, Northwest, Central, South, Southeast, and Southwest. Each region will feature specialized teams of underwriter closers, loan coordinators, and loan funders paired up with account executives that already service broker partners in each regional area.
The regional operational structure of the Homepoint Amplify service model will provide brokers with a streamlined partnership arrangement with personalized specialists meant to create a more collaborative business structure similar to that of smaller mortgage lenders while also providing brokers with all the technology, resources, and capabilities of a large lender.
Thursday, July 29
Fundloans Announces New Program Enhancements
Fundloans has unveiled the following enhancements which include:
- +0.250 LLPA incentive for Montage Purchase
- +0.250 LLPA incentive for Apex Purchase
- +0.250 LLPA incentive for Spectrum
- 48-hour turn times on submissions
Fundloans is also offering a new Insignia Jumbo A program which includes up to $3MM, 30 and 15-year fixed and ARM terms available, and starts with FICO scores from 700.
Friday, July 23
Guaranty Home Mortgage
Guaranty Home Mortgage Unveils G Lead, Its New Lender Partner Referral Program
Guaranty Home Mortgage’s Latest product offering will optimize the value in assisting its TPO partners to develop strong relationships with their borrowers.
By using predictive analysis tools, G Lead will identify borrowers serviced by Guaranty that could benefit from a refinance. These details are being shared with the originating TPO Partner so they can continue to maintain and grow their relationship with the borrower.
Thursday, July 22
PRMG Removing the Loan Level Pricing Adjustment On All New Locks And New Price Quotes
Based on the FHFA’s decision that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee of 50bps for loan deliveries on August 1, 2021, PRMG has announced it will be immediately removing the LLPA on all new locks and new price quotes.
PRMG states this policy does not necessarily extend to previously locked loans, because these loans are tied to a delivery date, the process to waive the adverse market fee involves a more complicated process.
For loans where a closing disclosure has been ordered or issued, the lock will remain as is with the AMF in place. For loans locked, where the closing disclosure is not in play the AMF is not going to change unless one makes the decision to adjust the lock with PRMG’s pricing team to confirm the timeline of the specific transaction.
Tuesday, July 20
EPM To Host Q & A Webinar On the FHA 203(K) Process With Vince Nepolitan Wednesday, August 4th
Register for EPM’s Q & A Webinar discussion of FHA 203(K) Rehab Mortgage Insurance Loan Program featuring Vince Nepolitan, National Renovation Sales Manager at EPM.
Section 203(k) insurance enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home.
Tune in on Wednesday, August 4th as Vince offers brokers tips and guidance, all through the 203(K) policy and procedure process.
Register for free: https://aimegroup.co/FHA-QA
Friday, July 16
Homepoint CEO Celebrates National Mortgage Brokers Day And Discusses Real Estate-Related Questions With Independent Mortgage Brokers
Homepoint CEO Phil Shoemaker spoke with the Wealth Solutions Report in support of National Mortgage Brokers Day in order to discuss the benefits of working with independent mortgage brokers.
The questions aligned with many of the top real estate questions from the financial advisors seeking expertise from mortgage brokers throughout the United States. Questions included a discussion about the current market environment and interest rates, price ranges, investment properties, and many other important topics impacting the current marketplace.
The interview is a part of an effort by Homepoint to drive awareness and support for the independent mortgage broker community. National Mortgage Brokers Day is to be celebrated this Sunday, July 18th and will bring together AIME members, lender sponsors, and vendor partners in recognition of their collaborative goal to grow the wholesale channel.
Tuesday, July 13
RCN Capital Opens New Office In North Carolina
AIME sponsor RCN Capital has opened its new office in Charlotte, North Carolina, in support of the company’s continuing expansion plans.
The new office joins RCN’s already established corporate office in South Windsor, Connecticut and represents the company’s first step in growing its nationwide operations.
RCN is on pace to pass $1.1 billion in loan originations this year and the company recently originated its 10,000 loans totaling over $2 billion in volume.
Thursday, July 8
DPA Advantage Offering a No Money Down Solution For Borrowers
In addition to providing down payment assistance in the form of a grant equal to either 2% or 3.5% of the home price on eligible FHA purchases (including OTC and many Renovation loans), AFR’S DPA Advantage program is now offering a no money down option.
This 3.5% grant is able to offer a “no money down” solution, by adding an additional 3% toward closing costs as a lender credit. Borrowers who do not need a “no money down solution” can be offered a lower interest rate.
What is the DPA Advantage?
AFR’s DPA Advantage is designed to provide down payment assistance to a wide variety of eligible borrowers, like first-time homebuyers, borrowers whose income is equal to or less than 140% of median area income, as well as educators, first responders, and medical personnel.
Additional DPA Advantage benefits include:
· A completely forgivable grant
· No second lien on the property
· No repayment required
· AFR coordination of application, approval, and wiring of funds
Tuesday, June 29
RCN Capital recently reduced rates across all of its loan programs. Here are the updated program details:
Ground-Up Construction Loans
- Term: 18 Months
- Rates: Starting at 8.25%
- Loan Size: $50k- $3M
- Up to 75% of Initial Advance; Up to 90% Total Loan-to-Cost
Short-Term Fix & Flip Loans
- Term: 12 Months
- Rates: Starting at 7.49%
- Loan Size: $50k- $2M
- Up to 90% of Purchase Price + 100% of Renovation Costs;
- Not to Exceed 75% of the After-Repair Value
Short-Term Rental Loans
- Term: 24 Months (12-Month Extension Option)
- Rates: Starting at 7.49%
- Loan Size: $50k- $2M
- Purchase: The Lesser of Up to 80% of the As-Is Value or Up to 80% Loan-to-Cost
- Refinance: Up to 70% of the As-Is Value
- Cash-Out: Up to 65% of the As-Is Value
Long-Term Rental Loans
- Term: 30 Years
- Rates: Starting at 3.49%
- Loan Size: $50k- $2M
- Purchase: The Lesser of Up to 80% of the As-Is Value or Up to 80% Loan-to-Cost
- Refinance: Up to 80% of the As-Is Value
- Cash-Out: Up to 75% of the As-Is Value
Homepoint has made changes to the Homepoint Guides Bulletin effective June 30, 2021.
Changes may affect loan eligibility parameters; below you will find updates to loan eligibility standards to various products.
- Fannie Mae
- Freddie Mac
The Agencies have let many of the documentation and/or eligibility flexibilities established last year expire. Remaining temporary requirements include:
- Documentation for income and assets must be within 60-days of the note date
- Value and use of market-based assets may be restricted
- Self-employment may need extra documentation to support stability and receipt as current Income
- Borrowers that took forbearance protection generally must have resolved and exited forbearance to qualify for new financing
Review the full COVID-19 Policy At-A-Glance to verify the complete requirements that remain by loan program.
Tuesday, June 22
One Week Left – Assets Only Pricing Incentive
Receive an additional +0.625 LLPA on Montage Prime’s Assets Only loan program option. You will not want to miss out on this unique opportunity to provide a superior product to prospective consumers.
Thursday, June 17
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 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 tips on training, mindset, and guidance, all through tactical approaches.
Register for free: http://aimegroup.co/PRMG-webinar
Tuesday, June 15
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:
What are the three big things to watch in the lending environment? Are you ready for the new rules and regulations?
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 email@example.com.
Thursday, June 10
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
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
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:
- Same-day pricing screenshot (within 30 minutes of locking with UWM) showing comparison and including the following loan parameters:
- Lender Logo
- Product and Term (must be conventional)
- Occupancy type (must be Primary Residence)
- Lock period
- Escrow Waiver (Y/N)
- Loan Amount
- Purpose (Purchase/Refi)
- Refi Purpose (i.e., Cash-Out)
- Property Type (Single family residence, condo, etc.)
- Date stamp of screen shot
- Final Price to Final Price (not including compensation or UW fee waiver)
- 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
- Confirm that you’ve closed a loan in the last 90 days with one of the competitive lenders
- Download and fill out the UWM Price Match form
Then, simply send the following to firstname.lastname@example.org within 30 minutes of your UWM lock action:
- UWM Price Match form
- 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 email@example.com to get connected!
Friday, June 4
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
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:
- 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
- Table Funded – 600
- Non-Delegated – 600
- Delegated – 580
- Corresponded Delegated – 580
- Broker – 620
- Table Funded – 620
- Non-Delegated – 620
Wednesday, June 2
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.
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
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 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
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
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 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 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.
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 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 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 made pricing easier with updates to the TPO Pricing Policy, effective April 26, 2021.