LenderMAC

Basic information

QM program

• Conventional
• FHA
• FHA Streamline
• VA
• VA IRRRL
• USDA

Loss payee

LenderMac LLC, ISAOA/ATIMA 10550 Camden Drive #B, Cypress, CA 90630

CPL or subordinate clause

N/A

Lock policies & fees

Lock policies

Lock extension

Free extension case by case exception, or15 days for 0.150pt , max of 30 days extension

Relock

Yes, normally at worse pricing with relock fee 0.25. Call for exception to renegotiate

Lock & Shop

No

Lender's niche & overlays

Lender's niche

All Our Non-QM Product Niches: Full Doc, WVOE, P&L, Bank Statement, 1099 & DSCR

~ Loan amounts up to 1 million and LTV up to 75%, NO reserves required

~100% gift fund allowed even for investment, reserves wire directly to escrow

~Only need 30 days asset, 1 mo. bank statement or VOD, NO sourcing large deposits

~Recent purchase without seasoning, rate/term use current market value

~SFR with multiple ADUs & units with multiple ADUs eligible

~Waive minimum tradeline requirement for borrowers with 3 fico scores

~Originate All Doc types NQM investment/business purpose loans without licenses

~Cash out transactions, no cash to hand (net proceeds) limit

~Properties listed for sale withdraw less than 6 months - cash out eligible

Additional for DSCR Program:

~FTHB, first time investor living rent free, no housing history rating required

~Rate/term and cash out, vacant property okay, use 1007 rent for ratio

~Recent purchase cash out, no title seasoning required

~Foreign national and F1 Student Visa eligible

ITIN: Full Doc, WVOE, P&L only, bank statement and 1099  

HELOAN and HELOC: Full Doc, WVOE, P&L, bank statement, 1099 and DSCR

ALL Non-QM Investment/Business Purpose Loans rate lock rebate credit to broker

Lender's overlays

HELOAN & HELOC not available for TX & NY

Lender turn time

Initial underwrite (days)

1

CTC conditions review (days)

1

Initial CD (days)

0

Reviews