Mortgage Blog

For the past a few years, this lender has very
repuation except it has very good rates. But we
were still very reluctant to submit the loans to
this lender because of its super strict underwriting
guidelines.

Thing changed recently, for the good.
1)They will watch the rate expiration for us now.
If the loan rate expires soon, it will help us
rush to close.

2)They still request more documents than other lenders.
But more reasonable now. And we can work out those
conditions.

3)Turn around time is much faster now. Loan approval
is only one day. Condtions can be reviewed witin 24 hours.
Not like before, we had to wait up to 72 hours.

But we still have the following which the borrowers
do not like:
1)Impound rate is 0.125% or 0.25% better than non-impound.

2)All pages of tax returns needed if you have a rental,
business, ETF purchase etc.

3)HELOC is calculated as 1% of loan amount as the monthly debt.
(200k limit --> Monthly debt $2000).

4)Rental income can not be used to qualify the loans if the
purchase within 2 years.

5)Loans can not closed if the property does not have any
permit for the additions. Or the condo project not completed
yet.

But due to the changes for the better from this lender,
I will recommend my borrowers to take advantage of the
low rates from this lender. And will close more loans
with them this year. So far in 2011, I closed around 20
loans with them, non loans failed except the value problems.