ACC/ACBN Interest Only product for 30 year Conforming,

Agency Jumbo & Non-Conforming Loans to 1.5 Million!

Conforming, Agency Jumbo: Purchase R & T, 720 Fico, 70% LTV,  45% DTI, Owner Occupied/Second Home. No Cash-out or Non-owner available.

1. Qualify: 5 year: note rate + 2%, 7 & 10 year: at note rate

2. Pricing & Locking : use Marksman

3. Guidelines: all guidelines are found on Marksman under the Product Search or press the ‘Star’ in the Pricing Search.

4. Underwriting: ACBN Staff underwriters

5. Appraisal: LCI or StreetLinks

Non-Conforming: Purchase R & T, 700 Fico, 45% DTI

LTV: 70% to 650,000

65% to 1 Million

60% to 1.5 Million

     1. Qualify: at note rate

     2. Pricing: Use Marksman

     3. Guidelines: All guidelines are found on Marksman under the Product Search or press the ‘Star’ in the Pricing Search.

     4. Underwriting: Investor Underwriting and subject to their turn-times

     5. Appraisal: LCI (See website for details)

     6. Locking: Locked with Pricing Desk all PTD’s cleared with investor

How Soon Can a Borrower Purchase or Refinance a property (not part of the transaction) after a Short Sale?

Generally speaking a ‘Short Sale or Pre-foreclosure Sale’, Deed in Lieu are all the same according to FNMA: “the sale of a property in lieu of foreclosure, resulting in a payoff of less than the total amount owed, which was pre-approved by the servicer” will qualify for the following.

The current FNMA policy allows for up to 90% LTV Purchase or Refinance on an Owner Occupied loan after a 2 year waiting period. The borrower’s credit will be considered re-established if all of the following are met:

·        The waiting period of two years and related requirements, i.e. BK if applicable, are met.

·        The loan receives a recommendation from DU that is acceptable for delivery to Fannie Mae

·        The borrower has traditional credit as outlined in the Selling Guide, B3-5.3 Traditional Credit History

·        See attached Guidelines

Each file will have to be underwritten on its own merit, but in general a borrower that had a ‘short sale in May 2009 will be eligible to buy or refinance a property this summer! If you have any questions email us back or …

The Register reported 1 home in 6 is ‘underwater’ use these programs and save a loan!

FHLMC< 417,000: Max LTV /CLTV 105%, 620 Fico, No Max DTI if LP approved (P & I increases more than 20% = 45% DTI), Income, Assets & Employment can be Stated Not Verified for Retired, Salaried or Self-employed with Verbal VOE!

FHLMC > 417,000: Max LTV/CLTV 95%, 700 Fico, Max DTI is 45% (if serviced by Chase DTI = Determined by LP) Full Doc (no TPO)

FNMA < 417,000: Max LTV 105%/ Max CLTV 105%, 620 Fico, DTI determined by DU! Non-owner OK!

FNMA > 417,000: Max LTV 105%/ Max CLTV 105%, 620 Fico, DTI determined by DU! Non-owner OK!

1. Pricing: on the ACC/ACBN Pricing Engine: Marksman www.acbnwholesale.com

2. Servicer: Any servicer OK!

3. Guidelines: all guidelines are found on Marksman under the Product Search or press the ‘Star’ in the Pricing Search

4. Underwriting: all loans will be underwritten by the investor and subject to their turn times…currently 3 weeks to close from submission!

5. Appraisal: use the ACC/ACBN approved AMC LCI on www.acbnwholesale.com, values > 1 Million require 1 appraisal & 1 Review

6. Locking: all PTD’s must be cleared and a ‘Clear to Close’ received from the investor

ACC/ACBN has added PHH as a second investor to provide more options for ACC Retail!

Currently most investors will allow Purchase, R & T & Cash-out with 4 or less properties but ACC has two investors on the Marksman Pricing Engine that will allow multiple properties (5-10 total) to one borrower: Flagstar and PHH. Please read the following highlights of the programs:

1-4 encumbered properties:

417,000-801,950:                 80% LTV Purchase, 75% R & T 660 Fico or DU, 1- 4 units. Cash-out: 1 unit 75% LTV. 2-4 70% LTV

625,000:                                 80% LTV Purchase, 75% R & T 1 unit

729,750-1,000,000:    70% LTV Purchase, R & T 1-4 units. Cash-out: 65% LTV

729,750-1,403,400:    65% LTV Purchase, R & T 740 Fico 1-4 units. Cash-out: 65%LTV 1-2 units 740 Fico

5+ encumbered Properties:

417,000-801,950:                 80% LTV Purchase, 75% R & T 740 Fico 1- 4 units. No Cash-out.

625,000:                                 80% LTV Purchase, 75% R & T 1 unit

729,750-1,403,400:    65% LTV Purchase, R & T 740 Fico 1-4 units. No Cash-out.

1. Pricing: on the ACC/ACBN Pricing Engine: Marksman www.acbnwholesale.com and ‘off-sheet’ pricing.

3. Guidelines: all guidelines are found on Marksman under the Product Search or press the ‘Star’ in the Pricing Search

4. Underwriting: all loans will be underwritten by ACC

5. Appraisal: use the ACC/ACBN approved AMC LCI on www.acbnwholesale.com, Review may be required.

6. Locking: Pre-locking allowed for Tier 1, or 30 days at submission or 15 days with PTD Cleared

Use the Cash-out to help your borrower buy more properties and make a Realtor your Friend!

ACC/ACBN has is now a FNMA Direct Seller Servicer! 

What does this mean to you?

1.  Better Pricing!

2.  Fewer Overlays!

3.  ACC/ACBN is now in a different category of Direct Lender!

As we get started ACC/ACBN will begin with Conforming and High Balance Fixed and 5/1 programs along with the

following limited company overlays:

·       Maximum LTV: 80%

·       Minimum Fico: 660

·       No Units

·       Multiple Loans to 1 Borrower (5+): Purchase, Rate & Term Only (No Cash-out)

·       Underwriting: Jen Smith ACC/ACBN Manager of Underwriting

·       Pricing: Off Sheet Pricing (contact pricing desk directly: Erika@acbnonline.com)

·       Locking: Manual lock by pricing desk: Erika@acbnonline.com

ACC ‘turn times’ have continued to be within 24-48 hours from submission when the files are complete and submitted before 3:00PM;

document ‘turn times’ have also been within 24-48 hours.

Please review the ACC/ACBN Lock Policy and lock accordingly.

ACBN Lock Term Requirements (See attached lock policy):

·        15 day term – available for loans with all PTD’s cleared.

·        30 day term – available for loans at submission or at approval.

·        45 day term – loans locked prior to submission.  A submitted file is required within 5 days of the lock date.

·        60 day term – loans locked prior to submission and can now be locked on Marksman.

3.375% (1.170%) 5/1 Fixed 1.4 Million

(65% LTV, 740 Fico Purchase R & T, Chase)

ACC/ACBN has multiple investors and products that provide loans from 2 – 5 Million! 

Pricing for 5/1, 7/1, 10/1 and 30 Year Fixed Rate programs to 2 million:

LTV          Loan Amount

80%             1,000,000

75%             1,500,000

70%             2,000,000

Interest Only Products available at 70% LTV to 1.5 million; loans over 2 million can be calculated and priced on Marksman!

1. Pricing: on the ACC/ACBN Pricing Engine: Marksman www.acbnwholesale.com

2. Guidelines: all guidelines are found on Marksman under the Product Search or press the ‘Star’

3. Appraisal: Must use Investor specified AMC and requirements. (Chase: LSI, GMAC: 2 appraisals)

The following are the ACC FHA Streamline Refinance Guidelines:

·        Must meet FHA tangible benefit requirements

·        6 Months Seasoning Required: All existing loans and any subordinate loans must be seasoned with 6 months of payments from the date of the new FHA case # assignment.

·        Cash Back: Cannot exceed $500

·        Loan must fund and record within the same month the Docs are drawn: FHA connection refi netting authorization must be pulled at the time of case # assignment.

·        3 Fico Scores for each borrower: 640 Fico and a 12 month Mortgage Rating on all mortgages

·        Streamline without Appraisal: is the unpaid principal balance + interest, minus the refund of the old UFMIP, plus new UFMIP but no other cost or fees may be added into the loan amount.

·        Streamline with Appraisal: is principal balance plus interest, minus refund of old UFMIP, plus closing costs, plus prepaid items to establish an escrow account, plus new UFMIP.

·        Discount Points: may not be included in new mortgage.

·        Base Loan Amount: cannot exceed the county limit.

·        Verbal Verification of Employment: to be completed on the day of funding for each borrower.

·        Acceptable Payment History: 12 months “PerML09-32” or length of loan.

·        Maximum LTV/CLTV: 100%

·        Maximum DTI: 48%

·        Owner Occupied Only: no re-occupied investment properties allowed

·        Full and complete 1003

·        LDP/GSA: required

·        Pay-Stubs: or VOE required for each borrower.

·        Appraisal: not required.

·        CAIVRS: not required.

·        3-4 Units: Streamline credit qualify only with 3 months cash reserves, gifts not allowed.

·        Co-Borrowers: can be added on Streamline refi to title and to loan with credit qualifying, co-borrower must occupy.

·        Reduced Fees: $595

 Currently ACC is providing Conforming and Jumbo VA loans as a great option for Purchase transactions for our Retail Customers only.

        The following are the general VA guidelines:

·       100% LTV Purchase to $417,000 to qualified active or retired Military Personnel (DD-214)

·       Jumbo Loans based on Fico and LTV. Example: 660 Fico, 83.73 LTV to 1 Million*

·       1-4 Units OK!

·       No Reserves Required on SFR!

·       4% Seller Contribution OK!

·  VA IRRRL (Streamline) OK!*

·  90% LTV Cash-out to 625,650 with 700 Fico OK!

·       640-700 Fico required based on Loan Amount

·       Loan Terms 15, 20, 25 and 30 Year Fixed

·       Up Front MI Required on all VA Loans

·       No Monthly MI Required!

·       DTI determined by AUS!

·       Pricing: See Marksman, ‘Govt VA’*

·       Guidelines: See Marksman, press ‘star’ after pricing results

·       VA Webinars available!

*ACC is currently only participating in Conforming & Jumbo VA Purchase transactions for our Retail customers, but will be introducing and IRRRL’s in the coming weeks!