Emet Mortgage

Basic information

QM program

• Conventional
• Home Ready
• Home Possible
• FHA
• FHA Streamline

Loss payee

EMET MORTGAGE, A CALIFORNIA CORPORATION ISAOA/ATIMA 2601 SATURN ST. SUITE 200 BREA, CA 92821

CPL or subordinate clause

EMET MORTGAGE, A CALIFORNIA CORPORATION ISAOA/ATIMA 2601 SATURN ST. SUITE 200 BREA, CA 92821

Lock policies & fees

Lock policies

Lock extension

All rate lock extensions require a written request via email to the Lock Desk at lock@emetmortgage.com. The subject line of the email must contain the borrower name, loan number, and Rate Lock Extension Request. Conforming and FHA locks may be extended up to 3 times/30 days at a cost of 3 bps per day, while Non-Agency Jumbo and Non-QM locks may be extended up to 2 times/30 days in increments of 5 days (0.125%/5 days). The extensions cannot be greater than 30 days combined. Additional extensions may be granted on a case-by-case basis depending on market conditions. If an extension request is received and the extended loan will expire on a weekend or holiday, the Lock Desk will require the appropriate additional days at cost. Lock extension fees are cumulative. Conforming and FHA locks may be extended up to 3 times/30 days at a cost of 3 bps per day. If an extension request is received and the extended loan will expire on a weekend or holiday, the Lock Desk will require the appropriate additional days at cost. EXTENSIONS FOR NON-AGENCY JUMBO AND NON-QM: 5 days: 0.125% / 10 days: 0.250% / 15 days: 0.375% (up to 2 times/30 days). Lock extension fees are cumulative.

Relock

All expired locks require a written re-lock request via email to the Lock Desk at lock@emetmortgage.com. The subject line of the email must contain the borrower name, loan number, and Expired Rate Lock Request. Locks expiring on a Saturday, Sunday, or a holiday will be rolled the next business day. The loan that is expired or cancelled less than 30 days, priced at current market or original lock price, whichever is worse-case pricing plus 25 basis points. The term for a re-lock is 15 days. If the lock expiration date is greater than 30 days/45 days(non-qm), then the loan may be relocked at current market pricing. No relock fee will apply and all previous extension costs and concessions will be cleared out.

Lock & Shop

No

Lender's niche & overlays

Lender's niche

On NON-QM products allow:

For loan files with multiple borrowers, the borrower with the higher monthly income is considered the primary borrower and their credit score can be used as the Qualifying Credit Score. When both borrowers are self-employed and jointly own the business, use the highest score amongst the borrowers as the Qualifying Credit Score.

If the primary borrower has three (3) credit scores, the minimum tradeline requirement is waived.

100% Gift Allowed.

DSCR - First‐Time Homebuyer is allowed; Non‐Arm’s Length Transactions allowed

Transferred Appraisal: Allowed

Lender's overlays

Any exception requests will require an appraisal report and the loan to be registered before they can be reviewed.

Lender turn time

Initial underwrite (days)

2

CTC conditions review (days)

1

Initial CD (days)

1

Reviews