| Underwriting Turn Time |
- 24 to 48 hours
- Files requiring exceptions or QC review may take longer. Send appraisal by email in PDF format to your Broker Coordinator
|
| Loan Conditions |
- Send other conditions by email or fax to your Broker Coordinator's fax number (located on the bottom of your Loan Approval) Send in as many conditions as possible all at once.
- Condition review turn time is 24-48 hours
|
| Rate Lock |
- Lock your loan rate online by 3pm Pacific Time or fax your request to 818-757-7068
- Loans must be submitted before locking
- Lock your rate at least 1 day before ordering docs to avoid delays to your loan
|
| Lock Extension |
- ARM Products - .125 to fee for each 7 day extension (14 days max)
- Fixed Products - .25 to fee for each 7 day extension (14 days max)
- Contact your AE prior to your lock expiration date if your loan requires an extension
|
| Ordering Docs |
- The Doc Order Form is online in the document library. It details all of our fees
- Do not submit a Doc Order until the rate is locked
- Once all PTD conditions are signed off, your loan is locked, and we have received your Doc Order, your file will be placed in line for docs. Turn time is 24 hours.
|
| Redraw Fees |
- Partial Redraws are $95/loan
- Full Redraws are $195/loan
|
| Funding Conditions and Cutoff Time
|
- Funding condition turn time is 24 to 48 hours
- Cutoff Time is 12:00 pm. Make sure you have all of your PTF conditions in well before then
|
| Funding into the Month
|
- With the exception of Pay Option ARMs, all loans can fund up until the 7th day of the month with no prior approval.
|
| Hazard Insurance
|
- Evidence of insurance must be signed by agent
- Insured amount: cost of new
- Max deductible is $1,000 or 5% of coverage amount
- 1st & 2nd must include both loan numbers
- Refinance: Must have > 90 days remaining on policy
|
