The Money House, Inc.

Basic information

QM program

• Conventional
• FHA
• VA
• USDA
• FHA Streamline
• FHA 203(k)
• FHA DBA
• VA IRRRL

Loss payee

Mortgagee Clause: The Money House, Inc. ISAOA/ATIMA 8751 Commodity Circle, Suite 17 Orlando, FL 32819 Loan #

CPL or subordinate clause

The Money House, Inc. ISAOA/ATIMA 8751 Commodity Circle, Suite 17 Orlando, FL 32819 Loan #

Lock policies & fees

Lock policies

Lock extension

HUD HECMs have Principal Limit Lock Protection once a borrower signs the application package. The product is a monthly adjustable so there is no forward locking. the interest rate and YSP (which is in addition to the origination fee) is locked in the day closing documents are prepared and is based on the current price sheet that day.

Relock

PL Lock can be extended an additional 120 days

Lock & Shop

No

Lender's niche & overlays

Lender's niche

We follow HUD's 4000.1 handbook as it relates to the HUD HECM.  We are a Direct, Reverse Mortgage Wholesale Lender.  The HECM adjustable is exempt from TRID, QM and the LO Comp Rule so both origination and YSP can be earned on the same file

Allow lender credit to cover BPC for HECM products only.

Lender's overlays

We don't allow single wide Mobile Home

Lender turn time

Initial underwrite (days)

1

CTC conditions review (days)

1

Initial CD (days)

1

Reviews