Towne Mortgage Company

Basic information

QM program

• Conventional
• Home One
• Home Ready
• Home Possible
• Home Style (Fannie Renovation)
• FHA
• FHA Streamline
• FHA 203(k)
• VA
• VA IRRRL
• USDA

Loss payee

Towne Mortgage Company ISAOA, ATIMA PO Box 7063 Troy, MI 48007-7063

CPL or subordinate clause

Mortgagee Clause: HOI, Flood, CPL & Title Towne Mortgage Company ISAOA, ATIMA P.O. Box 7063 Troy, MI 48007-7063 Attn: Insurance Dept.

Lock policies & fees

Lock policies

Lock extension

1 Day Extension = 2bps 7 Day Extension= 12.5bps 15 Day Extension = 25bps 30 Day Extension = 50bps ET by emailing secondary@Townemortgage.com or calling (248) 247-1800, Ext. 1407.

Relock

Expired/Denied/Cancelled/Withdrawn (“expired”) loan less than 30 days Re Lock:(After 30 days loan is considered a new lock) When a rate lock expires, Towne will re-price the loan based on the WORST CASE of the following: - Pricing from original lock date, less retroactively accrued extension fees; or - Pricing from the current day, using the same lock day period as the original.

Lock & Shop

No

Lender's niche & overlays

Lender's niche

Difficult Loans- Experienced Underwriters- if there is a way to close a loan, WE FIND IT!

Manual Underwrites- FHA, VA, and USDA

Full TBD Underwrites- Full conditional approval- then just add signed docs and contract!

No Score Loans- We can close them!

Renovation Loans – FHA 203(k), Conventional Homestyle and Choicereno

FHA DPA Program – 3.5% Down Payment Assistance & competitive price that covers comp

Home Affordable- Homeready, Homepossible, and Borrowsmart products

Government Loans – 500 minimum score FHA, Incredible VA and USDA pricing

Conventional Loans – No minimum score- AUS approval is all we need

Manufactured & Modular Home Loans

Community Lending – Affordable housing programs

Wholesale & Correspondent Lending – Broker partnerships

Lender's overlays

None    

Lender turn time

Initial underwrite (days)

2

CTC conditions review (days)

2

Initial CD (days)

2

Reviews