HELOCs and SHELOCKs
The time period that someone can access the money
What is the draw period?
This is the max LTV for a cashout primary residence
What is 80%
This means to include the closing costs in the loan
What is rolling in closing costs?
The date that HELOC goes live at Tomo
What is November 1st?
These are the fees listed in Section C of a Loan Estimate
What are Services You Can Shop For? Will also accept title fees
These are the 2 investors we'll be offering HELOCs through
Who are Figure and NYFTY
This is the minimum credit score for a cashout refinance
What is 620?
The term used when someone is refinancing to payoff an ex-spouse.
What is equity buyout?
The term used when someone is paying closing costs with their own money
What is paying out of pocket?
This is the term for how long it will take to start saving money on a refinance
What is breakeven time?
This is the most common type of interest rate for a HELOC
What is variable rate?
These are additional assets UW would require in order to be approved (funds not being used for the transaction)
What are reserves?
This means AUS automatically verified and approved the borrower's income
What is reps and warrants?
The term used to describe the extra month held in a escrow account
What is cushion?
These are the 3 questions we should ask at the start of every refi call
What made you inquire out about a potential refinance?" "How long have you been considering a refi?" "What changed recently to make you start looking?
This is the fixed percentage a lender adds to the index rate based on the borrower's specific qualifications
What is the margin?
This is the max LTV on a cashout 3 unit investment property
What is 70%
The term used for when a mortgage (or HELOC) is repaid to soon and the lender has to pay back their commissions
What is EPO?
This is the minimum credit score for NYFTY
600
This is the number of months the borrower will need to pay into escrow at closing, if they are closing in November and next HOI payment is due in March
What is 10?
This is the draw period for NYFTY HELOCs (length of time)
What is 3 years?
This is what ACE standards for
What is Automated Collateral Evaluation?
This is the lien position that NYFTY will allow up to
What is 3rd?
This is the max loan amount NYFTY allows for a AVM
What is $500k?
This is the max DTI for NYFTY
What is 50%