Pylon Lending

Basic information

QM program

• Conventional
• Home Ready
• Home Possible

Loss payee

Pylon Lending, ISAOA 215 Park Avenue South, Floor 11 New York, NY 10003

CPL or subordinate clause

Pylon Lending, ISAOA 215 Park Avenue South, Floor 11 New York, NY 10003

Lock policies & fees

Lock policies

Lock extension

Extensions typically cost between 0.01% to 0.02% (1–2 basis points) per day. Extensions must generally be requested before the current lock expires. If it expires, the file usually moves to "Relock" status.

Relock

Worse-Case Pricing The system compares the original locked price against the current market price. You will receive whichever is lower (more expensive), plus a relock fee (typically 0.125% to 0.25%). Cooling Period: Most Pylon products require a 30-to-60-day "waiting period" of being unlocked before you can lock at "Current Market" rates again without a penalty.

Lock & Shop

Yes

Lender's niche & overlays

Lender's niche

Pylon AI Support Tool 

https://pylonlending.support.site/

For any loan-specific questions, please submit a ticket to Pylon using the support site. This ensures your request is routed to the appropriate Account Manager and gives you visibility into the status of your request.

Intelligent, real-time underwriting

Direct access to Wall Street rates

Modern support tooling for LOs

Automated, always-on compliance

Pixel-perfect borrower origination experiences

Lender's overlays

Eligible for Pylon?

• Eligible FICO: 650+ credit score

• Eligible Income Types:

• W2 income

• Schedule C Self-Employed Income

• Bonus, Commission, OT, Tip income with 2-year history

• Rental income only for:

• Departing primary residences converting to Investment (lease agreement + 1007 required)

• Investment Property purchase with documented rental history (1007 required)

• Rental Income reported on Schedule E

• Eligible Loan Types: 

• Conventional loans—including HomeReady, Home Possible, and Family Opportunity Mortgage programs—are available with fixed-rate terms only. However, Pylon does not offer HomeReady or Home Possible with a 15-year or 20-year fixed term

• Jumbo (QM only), Fixed & ARM

• Purchase or Refinance (no TBD/Pre-Approvals at this time)

• Primary, Second Homes, and Investment Properties

• See list of eligible states in Marketplace (Pylon Lender profile)

Reference: https://pylonlending.support.site/article/pylons-buybox-overview

Not Currently Eligible for Pylon:

• Self-employed income reported on Business Returns or K1s

• Asset depletion, Social Security income, Pension income, 401k / IRA distributions, Military allowances, Alimony/Child Support Income, Disability Income

• FHA or VA loans

• Piggyback loans or loans with DPA 2nds

• Temporary buydowns

• Upfront or split PMI premiums

 

Lender turn time

Initial underwrite (days)

1

CTC conditions review (days)

2

Initial CD (days)

1

Reviews