Quorum Federal Credit Union

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Chương trình QM

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Loss payee

Hazard Insurance Mortgagee Clause Quorum Federal Credit Union ISAOA, ATIMA c/o Central Loan Administration and Reporting P.O. Box 202028 Florence, South Carolina 29502-2028 Fax: (843) 413-7133 Private Mortgage Insurance Mortgagee Clause Quorum Federal Credit Union ISAOA, ATIMA c/o Central Loan Administration and Reporting P.O. Box 77404 Ewing, New Jersey 08628 Mortgagee Clause for title: Quorum Federal Credit Union, ISAOA ATIMA, 2500 Westchester Avenue, Suite 411, Purchase, NY 10577

Điều khoản CPL hoặc subordinate

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Chính sách khóa lãi & phí

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Our HELOC's are variable rate loans. We do not lock them. Our HELOC are based on Prime. As Prime moves up/down, so will the borrower's rate and payment. The Margin is a stagnant number that is secured on the date of submission via the current rate matrix.

Khóa lại

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Lock & Shop

Không

Thế mạnh & overlay của lender

Thế mạnh của lender

Allow lender credit to cover BPC.

You can earn up to 4% Borrower Paid Compensation- BASED ON THE LINE AMOUNT- NO INITIAL DRAW REQUIRED!! No EPO. No Pre-Payment Penalties, No Annual Fees. No Draw Restrictions. No Claw-Backs. All good stuff!

We offer multiple HELOC products: 2nd Lien HELOCS, 1st Lien HELOCS, Investment Property HELOCS, Bridge Loan HELOCS, and Renovation HELOCS. 10 Year, 15 Year, and 20 Year Fixed Rate Seconds. Bank Statement HELOCS for Self-Employed borrowers. Investment Property 1st Lien HELOC Bank Statement.

·         95% CLTV up to $500K!

·         Borrower Paid Comp up to 4% BASED ON THE LINE AMOUNT! NO DRAW REQUIRED!

·         No Early Termination/No Pre-Pay. No Annual Fee.

·         HELOCS up to $750,000.

·         2^nd Lien HELOC- AVM to $400,000.

·         Renovation HELOCS- 125% ARV- up to 95% of ARV.

·         Investment Property HELOC’s!!- 1^st Lien Position Bank Statement available

·         1^st / 2^nd Lien position HELOC’s-BANK STATEMENTS FOR SELF-EMPLOYED- 65% to $750K!!

·         Bridge Loan HELOC Available- 1^st Lien position.

·         Second homes to 90% CLTV- up to $500K!!

·         10 Year, 15 Year, 20 Year Fixed Rate/Closed End 2^nd Mortgages

·         Credit scores as low as 640 allowed to certain CLTV. 

·         Self-Employed borrowers allowed. 

·         Broker Portal for Uploading/Viewing/Milestones

·         Standalone Transactions Allowed! - We Even provide the Closing Services!!

·         100% of Retirement accounts allowed for post-closing reserves.

·         HELOC EXPRESS = 1 Paystub, 1 W2, AVM to $400K, No Assets. WHY NOT???

·         No margin adjustments for CA Properties!

·         $500K Standalone to 95% CLTV- NO DRAW REQUIRED!!! NO ANNUAL FEE!!

·         LAND LOAN???? Yes, we offer them.

Renovation HELOC:

• LTV based on ARV - up to 95% CLTV
• ARV up to 125% of current value
• Borrower is in charge of fund disbursement to the contractor
• Line amount up to $750,000
• Perfect for ADU’s
• We allow for both Simultaneous close and Standalone transactions.
• Below are snapshots of our pricing matrix found on pages 8-10 of the attached guidelines.

We qualify with Prime + Margin, 20 year P&I payment.

Debt Ratios allowed are 43%/45% with 720 credit scores (38%/43% if credit scores < 720).

Quorum pulls credit on every file. We use our credit report and scores.

We are a credit union that requires membership. Quorum takes care of the cost and completion of the membership application for the borrowers. They will need to sign (e-sign allowed).

Asset Verification may be required on some based on product matrix. Asset reserves must be from the borrower’s own personal funds. 100% of retirement accounts allowable.

Cash reserves requirements are based on lien sizes. Refer for FNMA guides for asset verification calculations for other financed properties.

LAND LOANS

Quorum’s land loan is for residential purposes only with a max acreage of 20. We do not allow AG zoning, Commercial zoning, or Recreational zoning. It must be zoned for Residential 1-4 units. Quorum’s Land Loan is a 10-year Fixed Rate. Our current guidelines reflect that we allow for an LTV up to 80% with a max loan amount of $500,000. We will consider a higher loan amount with a lower CLTV. We would need to run the scenario by our Chief Lending Officer to see if the loan amount and LTV will be allowable.

Gift fund is allowed on residential land loan

Overlay của lender

BK/Forclosure/Pre-Forclosure/Modification/Deferment/Forbearance overlay- Quorum follows Fannie Mae guidelines for qualifying however, the following overlays would apply if the event occurred is within the last 3 years:
Max DTI: 34/38%
Max CLTV: 80%
FICO: 700
MAX Loan Amount: $150K
Minimum Reserves: 12 Months
Exception may be granted on a case-by-case basis.

Quorum’s land loan is for residential purposes only with a max acreage of 20. We do not allow AG zoning, Commercial zoning, or Recreational zoning. It must be zoned for Residential 1-4 units.

High use oof Unsecured Debt: 

High use of unsecured debt (> 20% of annual income) presents additional risk factors and may result in a decline.

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