Nations Direct Mortgage

Basic information

QM program

• Conventional
• Home One
• Home Ready
• Home Possible
• FHA
• FHA Streamline
• FHA 203(b)
• FHA 203(h)
• VA
• VA IRRRL
• VA High Balance
• VA Jumbo

Loss payee

NATIONS DIRECT MORTGAGE, LLC C/O Onity Mortgage Corporation, f/k/a PHH Mortgage Corporation ISAOA/ATIMA P.O. Box 5954 Springfield, OH 45501-5954

CPL or subordinate clause

NATIONS DIRECT MORTGAGE, LLC C/O Onity Mortgage Corporation, f/k/a PHH Mortgage Corporation ISAOA/ATIMA P.O. Box 5954 Springfield, OH 45501-5954

Lock policies & fees

Lock policies

Lock extension

Lock cut-off: 3:00pm Non-QM and DPA. 6:00 FHA/VA & Conventional 1st& 2nd Lock Extension: 0.015/ day All Additional Extensions: 0.025/ day Max lock extension request 30 days/ 60 days total

Relock

Relocks are worse case plus the applicable extension fee above. Worse case plus .25% within the initial lock period.

Lock & Shop

No

Lender's niche & overlays

Lender's niche

Soft pulls allowed on government streamlines

550 FICOs on FHA and VA to 90%, 580 to 96.5% FHA, and 100% on VA with 580

Allow manual UW pricing adjustments on FHA/VA

P&L program does not require bank statements to support deposits

Manufactured homes allowed FHA/VA & Conventional

We pay YSP on DSCR loans (we do not disclose to borrower)

Lender's overlays

Minimum FICO 660 on NON-QM

Axis DPA is not allowed in WA

Lender turn time

Initial underwrite (days)

2

CTC conditions review (days)

1

Initial CD (days)

1

Reviews