Announcements Weekly Turn Times - Effective for Aug 1 - Aug 5
Announcement # 1- HomeReady Launched 07-19-16
Cutoff Dates: Last Day For Closing This Month Cutoff Date
See page 3 of our rate sheet for HomeReady LLPA caps. Pricing is unavailable in MORRIS. Last day to acknowledge CD (refi)
Please price according to rate sheet or contact your AE. Thank you. Last day to sign to fund and record (refi)
Loan Registration Turn Times
Announcement # 2- Only 45 Day locks are available on Advance Locks!
Purchase 2 days
Effective 7-08-16, all advance locks must be for 45 days. Refinance 2 days
Underwriting Turn Times Turn Times
Purchase Transactions: Initial u/w * Condition u/w
Announcement # 3- 50bps High Balance Fixed Purchase Special
Conventional 2 - 4 days 4 days
Effective 7-01-16, we are offering a 0.50% improvement to price on High Balance Jumbo Platinum & Gold 2 - 4 days 4 days
fixed purchase loans. Jumbo Port 406 & 407 2 - 4 days 4 days
Rate Sheet Index
FHA purchase 1 - 2 days 1 - 2 days
FNMA (Gold) Pg. 2
FNMA (Gold) LLPA's Pg. 3 Refinance Transactions: Initial u/w * Condition u/w
FHLMC (Standard) Pg. 4 Conventional 5 days 6 days
FHLMC (Standard) LLPA's Pg. 5 Jumbo Platinum & Gold 5 days 6 days
Gold Jumbo Fixed & ARM's Pg. 6 Jumbo Port 406 & 407 5 days 6 days
Gold Jumbo Plus Fixed - Non-QM Pg. 7
FHA refi/streamline 1 - 2 days 1 - 2 days
FHA Pg. 8 * Condition u/w includes processing time!
Jumbo Portfolio 5/1 Arm Pg. 9
Loans in NOI status: condition / re-underwrite review: 4-5 days (purchase and refi)
Jumbo Portfolio 7/1 Arm
Home Equity Line of Credit
CD, Docs & Funding Turn Times
AE Contact Info
Docs (CD to Escrow) 2 days
Funding 2 days
Lock Extension Fees & Notes:
Minimum Loan amount $125,000 for all terms and products MORRIS Support:
GOLD & Standard: 1st extension 0.015/day - 20 day max; 2nd extension is 0.03/day - 10 day max; Max 2 extensions
Send request on lock form to [email protected]
montbank.com before 4:00PM PT on day of expiration. Same Day Submission cutoff time is 2:00PM PST.
All Jumbo extensions: 5 days + 0.10; 10 days + 0.20; 15 days + 0.30; 20 days +0.40; 30 days (MAX) 0.60
Signed Documents sent back to Livermore Loan Center
Gold Jumbo extension: Submit lock form to [email protected]
PT on day of expiration.
2580B Shea Center Drive, Livermore, CA 94551
No relocks allowed on any JUMBO program.Gold Jumbo cutoff time 4:00PM for new locks
Cutoff time for new Jumbo locks(previously submitted): Gold Jumbo 4:00PM PT
All Jumbo locks must be credit approval prior to lock, effective 02-16-16
Lender Origination fees for LE: Delivery Fee $ 25, Document
Preparation Fee $ 125, Underwriting Fee $800 = $ 950
All FHA extensions: 0.02/day - 30 day max. Min extension is 5 days.
FHA Origination Fees for LE: Delivery Fee $ 25, Document
All FHA relocks: 36bps/ 15days; 66bps/ 30days - 30 day max.
Preparation Fee $ 50, Underwriting Fee $ 395 = $ 470
Jumbo Port 5/1 & 7/1 program 406/407 Lock Eligibility: * All Loans, Section B of LE: Flood $5.25, Tax $60
Loans that fit guidelines and are < $1M are lock eligible upon receipt of file submission.
Loans > $1M or loans that require a guideline exception must have an 'Approval to Process' to be lock eligible
FNMA - Gold Only (Niche) Scenarios: Loss Payee Clause:
* Using 2nd job income @ job < 2 Yrs but > 1 Yr * C5 appraisal condition rating
Fremont Bank 39150 Fremont Blvd.
* > 6 financed properties when subject is investment or 2nd home
ISAOA Fremont, CA 94538
P.O. Box 7295
FHLMC - Standard Only (Niche) Scenarios: Fremont, CA 94537-7295
* Unpermitted Accessory Unit * Debt to be paid off to qualify that cannot be closed
* DTI > 45% + LP Approval For rate lock policy click on: Lock Policy
For underwriting guidelines click on: Guidelines
Pricing subject to change without notice - NO OFF SHEET PRICING
Intended for approved Mortgage Brokers use only and not for consumer use or for public distribution. The terms and programs are subject to change without notice.
Please refer to our website or contact us for current information.