The final rules are effective April 1, 2011, to provide lenders and originators time to develop new business models, implement necessary changes to their systems, and train personnel.
The final rules, which apply to closed-end loans secured by a consumer's dwelling, will:
The final rule applies to loan originators, which are defined to include mortgage brokers, including mortgage broker companies that close loans in their own names in table-funded transactions, and employees of creditors that originate loans (e.g., loan officers). Thus, creditors are excluded from the definition of a loan originator when they do not use table funding, whether they are a depository institution or a non-depository mortgage company, but employees of such entities are loan originators.
The rule requires creditors and other persons who compensate loan originators to retain records for at least two years after a mortgage transaction is consummated.
Originator compensation can't vary based on terms of the loan like a higher ARM margin but loan level risk-based price adjusters are still in play. This prohibition does not apply to payments that consumers make directly to a loan originator (origination fee). However, if the loan originator receives payments directly from the consumer, the loan originator is prohibited from also receiving compensation from any other party in connection with that transaction.
***This last line almost makes it sound like if we collect "up front" origination we cannot also get "back end" compensation from the lender... It will be interesting to see how the lenders interpret this crap.
Hello America, my name is Ronell D. Moore. I enjoy my job, because I truly enjoy helping people. Think about it, how many people can really say that. When you reduce a friends(clients) outgo any where from $100 to 97% LTV. What about when a person wants to go into business? I am still here to help you in your SBA financing needs. How about a couple years ago you had to take a Hard Money Loan? Call me I can/will almost every-time be able to cut it in half. If you looking to a home? Sorry I can't write your contract, LOL. However I can send you to a sight, to find HOMES. This is a great sight for 1st time home buyers as well as investors. That's right, I said investors!!!! What if you were only required to have a 620/660 credit score? No MI or Appraisal, 2% concessions for investors and 6% for primary residence. Would you/could you maybe, will you give me a call?
The Patriot Express Program is designed for small businesses that are 51 percent or more owned/controlled by veterans or members of the military community.
About the Program
| Maximum Loan Amount: |
$500,000 |
| Maximum SBA Guaranty %: | Follows SBA standard 7(a) guarantee percentages |
| Interest Rate: | Rate may be fixed or variable; lenders and borrowers can negotiate interest rate, but lenders may not charge more than 2.25 % over prime rate for loans of less than seven years and 2.75 % over prime for loans greater than seven years; lenders may charge 1 % more for loans of $50,000 or less and 2 % more for loans of $25,000 or less. |
| Eligibility Decision: |
Must meet standard SBA 7(a) loan eligibility and must be 51 % or more owned/controlled by:
|
| Revolving Lines of Credit: | Up to seven years with maturity extensions permitted at the outset. |
| SBA Turnaround Time | Within 36 hours |
| Forms: | Streamlined: Lender primarily uses own forms and procedures. |
| Collateral: | Lenders are not required to take collateral for loans up to $25,000; may use their existing collateral policy for loans over $25,000 up to $350,000, but must take available collateral for loans greater than $350,000. |
| Credit Decision | By lender. |
| Purchase | May request expedited SBA purchase on small loans or in situations where liquidation may be delayed. |
(Only FNMA REO's are eligible for Homepath)
-Purchase Transactions Only -Single Family Attached, Detached, Condo's, and PUDS
-Owner occupied, Second Homes, and Investment Allowed
-Up to 97% financing available on primary residences
-Up to 90% available for second homes and investment properties
-NO APPRAISAL REQUIRED, ltv based on sales price
-NO MI REQUIRED regardless of LTV (price adjustments will apply if LTV is greater than 80%)
HOMEPATH PROGRAM HIGHLIGHTS
(Only FNMA REO's are eligible for Homepath)
-Purchase Transactions Only -Single Family Attached, Detached, Condo's, and PUDS
-Owner occupied, Second Homes, and Investment Allowed
-Up to 97% financing available on primary residences
-Up to 90% available for second homes and investment properties
-Minimum Credit Scores:
- 620 for up to 80% LTV
- 660 for greater than 80%
-NO APPRAISAL REQUIRED, ltv based on sales price
-NO MI REQUIRED regardless of LTV (price adjustments will apply if LTV is greater than 80%)
-DU Approve/Eligible is required
-Down Payment Sources included: borrowers funds, a gift, or a grant from a non-profit agency
-No extended locks are available
- 6% seller contributions allowed for primary residences and second homes, 2% for investment properties *Note: Anticipate longer processing times as the file must be sent to the investor for prior approval.
TM Holdings Group is a Commercial Mortgage Brokerage firm providing funding for all commercial property types. Specializing in Gas Stations and C-Stores.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2012 ActiveRain Corp. All Rights Reserved
