Cake Mortgage Corp.

Basic information

QM program

• Conventional
• FHA
• VA

Loss payee

Cake Mortgage Corp, ISAOA / ATIMA 19300 Rinaldi St, P.O. Box 7035 Porter Ranch, CA 91326

CPL or subordinate clause

Cake Mortgage Corp, ISAOA / ATIMA 19300 Rinaldi St, P.O. Box 7035 Porter Ranch, CA 91326

Lock policies & fees

Lock policies

Lock extension

Lock Extension (Agency products only) 5 Days: 12.5 bps * Only 2 Extensions Allowed 10 Days: 25 bps * Only 2 Extensions Allowed

Relock

Re-Lock Fee - Worse Case + .25 bps

Lock & Shop

Yes

Lender's niche & overlays

Lender's niche

Below is just a taste of what we do here at CAKE WHOLESALE.

•  First time home buyer DSCR

• FULL DOC NON QM CAN GO UP TO 55% DTI ON SOME PROGRAMS
• VA/FHA Loans with a minimum FICO score of 500 ( No overlays)
• WVOE up to 80% LTV (No need for proof of deposits, 4506-t, tax returns, pay stubs, or W2's)
• P&L Loans up to 85% LTV for 12 or 24 months (No 4506-t required, no bank statements)
• Bank Statement Programs up to 90% LTV for 12 or 24 months
• DSCR No Ratio Loans ( Less than .7 RATIO)
• DSCR Foreign National
• DSCR as low as 640 Fico also you can use the higher of the 2 applicants credit score
• 1099 (utilizing up to 90% of gross income)
• Fixed 2nd Mortgages with 12-month/24-month bank statements
• ITIN Loans up to 80%
• 5-8 Unit DSCR
• Loans up to 4 Million 

 Notable things within the guide that most of the other brokers utilize are the following

• No housing history FTHB LTV not exceeding 90%. Was able to close an 89% LTV
• For Primary purchase Reserves and down payment can be 100% Gift
• On DSCRs we can use the higher of the 1007 or the current lease provided that the difference is not greater than 20% to make the DSCR ratio work. 
• Cash out seasoning less than 3 months is allowed with restrictions: Borrower acquired the property through an inheritance, or was legally awarded the property through divorce, separation, dissolution of a domestic partnership.

• If 2 or more borrowers, highest mid score will be used between the two.
  
• If property is recently listed for sale, we are able to do a refi on it as long as the property is taken off the market prior to application date (Some programs may have LTV reduction as an overlay and some programs don’t)
  

Allow lender credit to cover BPC for Business Purpose loans only.

Lender's overlays

CAKE-OVERLAYS .pdf

CO, HI, LA, NE, NM, NJ, TX are available for only DSCR and P&L and Bank statement loans as long as investment property.

Lender turn time

Initial underwrite (days)

2

CTC conditions review (days)

2

Initial CD (days)

2

Reviews