Oval Mortgage

Basic information

QM program

• VA
• VA IRRRL

Loss payee

OVAL Mortgage ISAOA/ATIMA 320 N SALEM ST, STE 300, APEX, NC 27502

CPL or subordinate clause

N/A

Lock policies & fees

Lock policies

Lock extension

.02% (2bps) per day

Relock

N/A

Lock & Shop

No

Lender's niche & overlays

Lender's niche

1. Quick 48-72hr turn-times
1. Gets your veterans in their homes quicker
2. Minimum credit score

1. 550 with AUS approval
2. 580 for manual UW
2. Charge up to 2.0% when going BPC, when you have seller concessions or lender credits to cover the amount over 1%!
3. Manual underwrites

1. Max of 55% DTI, depending on credit scores
2. No pricing hits for a manual UW!
3. Common sense underwriting, using the flexibilities that VA allows 

5. TBD underwrites – manual UW or AUS approval, with the same quick UW times
1. For borrowers that may be in unique situations, have variable sources of income, or have had some credit challenges in the past, find out if they can get approved BEFORE they fall in love with a home, get under contract, pay for an inspection, pay for an appraisal, only to then be told they don’t qualify
6. All of our UW’s have been through the VettedVA LAPP/SAR training, which is some of the toughest VA training
1. Common sense underwriting and they will actively work with you to approve your loans
7. No DTI limit with AUS approval
8. VA Joint Loans
9. Veterans with a 100% disability rating and are in a state that allows full property tax exemption, we will allow tax escrows to not be collected or included in their DTI
10. IRRRL’s – only a soft credit pull is needed, as well as no AVM or appraisal required
1. Only a verbal verification of employment is required
2. No pricing hits for a NOO IRRRL!
11. ME!! – 20yrs as an originator, with 80% of my volume being VA loans, I’m capable and proficient with helping you and your team put loans together
1. Readily available to talk through scenarios
2. I know what it’s like to be in your shoes, so when I give you an answer, I’m verifying that the answer I give you is correct

Lender's overlays

OVAL Overlays

❖ Minimum credit score: ➢ 550 with AUS approval ➢ 580 for manual UW ❖ Manual Underwrite Overlays ➢ DTI at 50% or less: ▪ 120% of residual income requirement ▪ No derogatory credit within the past 12 months ▪ Payment Shock less than 150% of current housing. ➢ DTI 50.01% - 55%: ▪ 150% of residual income requirement ▪ No derogatory credit within the past 12 months ▪ Payment Shock less than 150% of current housing. ▪ 2-3 Months reserves ❖ Ineligible loans: ➢ VA One-Time Close Construction loans ➢ VA Renovation loans ➢ EEM ➢ MCC or DPA Loan Programs ➢ Single Wide Manufactured Housing ❖ Maximum Loan Amount of $2MM ❖ BPC ➢ Max charge of 2.00% ➢ Must have seller concessions and/or lender credits to cover charges over 1.00%

Lender turn time

Initial underwrite (days)

2

CTC conditions review (days)

2

Initial CD (days)

1

Reviews