Wholesale Rate Sheet AZ / NV (Lender Paid Comp)

Transcription

1 Wholesale Rate Sheet AZ / NV (Lender Paid Comp) Effective Date: 3/8/2019 Change Summary: Rates down.125 on 3/1, 5/1 and JB15 products Account Executives Contact Info Gina Mcleod, AE - SD/PS Laurie Nilsen, AE - No. CA Yong Lee, AE - LA/OC Michelle Wester, WLA Rebecca Trumble, WLA Leigh Konopka, AE- OC Amanda Simula, AE - PNW Juan Santamaria, WLA Terri Caffery, AE - SD Randy Plankey, AE - SF Jonathan Jacoby, WLA Laurie Hoehn, WLA Laurel Taylor, AE - LA Stephen Molz, AE - SF Joe Garcia, AE - IL Michelle Hedrick, WLA Morgan Howard, WLA Fully Amortizing ARM Products Current Pricing Specials Broker Compensation paid by UB: 1.750% 3/1 ARM (AG3CL) 5/1 ARM (AG5CL) Purchases Reduce Origination fee by $1000 for O/O and 2nd Home Purchases (0.500) (0.500) Product (0.250) (0.250) 3/1 FA & 30yr IO ARM Products /1 FA & 30yr IO ARM Products /1 30yr IO ARM Product /1 FA ARM Product /1 FA & 30yr IO Products Jumbo Fixed Products 7/1 ARM (AG7CL) 10/1 ARM (AG8CL) Refinances (0.500) (0.500) Product (0.250) (0.250) FA & 30yr IO ARM Products Purchase and Refinance 60% LTV Product All Portfolio Products (excl. EOM) State Specials (Applies to all products excl. EOM) Interest Only 30 Year ARM Products Broker Compensation paid by UB: 1.750% State Illinois 3/1 ARM (IG3BL) 5/1 ARM (IG5BL) (0.500) (0.500) Pricing Adjustments (0.250) (0.250) No changes to Max Credit or Fees No margin buyups/downs All adjustments are cumulative Max Credit for all products (excl. EOM): (0.500) Final Rate may be off sheet w/ cumulative adds Description Cost 7/1 ARM (IG7BL) 10/1 ARM (IG8BL) Purchase and Refi 90 days lock UB Points LTV > 75% Interest Only (0.500) (0.500) O/O 2 Units (0.250) (0.250) 2nd / Vacation Home Cash-out Refinances FICO >= 680 & < Conforming Balance (Loan Amount < $350k)* Rate Conforming Balance (Loan Amount >= $350k)* Rate Condos > 75% LTV (excl. detached) Fixed Rate Fully Amortizing Products Broker Compensation paid by UB: 1.750% 15 Year Fixed (JB15L) 30 Year Fixed (JB30L) (0.500) (0.500) (0.250) (0.250) Lender Paid Pricing Options Description 1.750% Broker Comp. Cost UB Points *If loan amount is less than or equal to loan limits below, pricing adjustment will apply Conforming Maximum Loan Amounts 1 Unit 2 Unit 3 Unit 4 Unit $484,350 $620,200 $749,650 $931,600 Lock Information Locking available from 8:00 AM to 6:00 PM PST Loan packages must be received within 20 days from the original lock date. If not, loan will be repriced at higher of pricing. Existing lock expiration date remains unchanged. Packages not ready for docs by end of rate lock expiration will be repriced at higher of. Loans not funded by lock expiration are subject to extension fees. Lock Extension Fees: 7 Days =.125, 15 Days =.25, 30 Days =.375 Multiple extensions allowed Lock Days Purchases: 60 Days Refinances: 60 Days Rate Lock Break Option in rate over current added to points. Must be Borrower Initiated; 50bps Rate Difference; Within 30 Days of Closing; Cannot be Docs Out status; Package must be submitted Fee Information Lender Origination Fee - $ (other required service that the Bank selects): Effective March 1, Credit Report: $25.20 for each individual report and $50.40 for a joint report. Flood Determination: $9.00 Tax Service: $62.00 on loan amount up to $1,999, plus $10.00 for each additional $100,000 Appraisal: Refer to chart below: **Please note that JS30 loans will be charged an additional appraisal review fee. See pg. 6 for details** CA/IL Fees below apply to AZ/NV properties. ARM Information Qualifying Rate (Full AM) 3/1 ARM = Note Rate + 6% 5/1 ARM= Note Rate + 2% 7/1 & 10/1 ARMs = Note Rate Qualifying Rate (Interest Only) 3/1 IO ARMs: Greater of note rate + 6% or the fully-indexed rate (FIR); 5/1 IO ARMs: Greater of the note rate + 2% or the FIR; 7/1 & 10/1 IO ARMs: Greater of the note rate or the FIR rounded to nearest 0.125%. Qualifying Term (Interest Only) 30 Year Term 3/1 ARM 27 years 5/1 ARM 25 years 7/1 ARM 23 years 10/1 ARM 20 years Caps Initial 2.000% Subsequent 2.000% Life 6.000% Index Information 1 Year LIBOR FNMA ARM Margin Second Appraisal Required when: (applies to 1st loan amount or combined UB loan amounts 1 ) Loan Purpose Loan Amount 1 LTV 1 Purchase > $2,500,000 and < $3,000,000 No Cash-Out Refinance > $1,500,000 and < $3,000,000 Cash-Out Refinance > $1,100,000 and < $3,000, Combined Union Bank Loan Amounts- If UB will have more than 1 loan on the property, loan amount refers to the combined loan amounts and the TLTV restrictions noted above apply. If there is an outside 2nd mortgage, 2nd appraisal requirements apply to the 1st mortgage loan amount and LTV. Note: The above guidelines also apply to Portfolio Express Refinances 1 of 6

2 For Union Bank Mortgage Brokers use only. Not intended for distribution to consumers as defined by Section of Regulation Z, which implements the Truth-In-Lending Act. This information is not marketing material. AZ / NV 1ST TD LTV / Loan Amount MATRIX Fully Amortized Fixed and ARM / 30-Year Interest Only ARM Portfolio Products Primary Purchase, Rate&Term Cash Out (excludes Interest Only) Residence Single Unit & 2 Unit Single Unit & 2 Unit LTV / TLTV (1) 70% 75% 80% LTV / TLTV (1) 65% 70% 720 $3,000,000 $3,000,000 $1,100, $2,000,000 $2,000,000 Score 700 $3,000,000 $1,100,000 $1,100,000 Score 700 $2,000,000 $1,100, $1,100,000 $1,100,000 $1,100, $1,100,000 $1,100,000 Second Home Purchase, Rate&Term Cash Out (excludes Interest Only) Single Unit Single Unit LTV / TLTV (1) 60% 65% LTV / TLTV (1) 55% 60% Score 740 $2,000,000 $1,100, $2,000,000 $1,100,000 Score 720 $1,100,000 $1,100, $1,100,000 $1,100,000 (1) Existing subordinate financing allowed behind Fully Amortizing Fixed-Rate and ARMs only. Max TLTV = Max LTV. Portfolio Program Restrictions and Requirements No 40-Year Interest-Only loans No cash-out refinances on 30-Year Interest-Only loans No 3-4 unit properties No investment properties Max 43% DTI (includes 30-Year I/O loans) Minimum 680 credit score (higher score required for certain transactions as noted in Max Loan Amount/LTV/TLTV matrix above) Max 80% LTV Maximum loan amounts as shown in matrix above No new subordinate financing Existing subordinate financing only allowed behind Fully Amortizing Fixed-Rate and ARM loans. No EOM loans No concurrent FlexEquity 2nds Maximum cashout limited to $250,000 Reserve Requirements Primary and 2nd Home Fixed-Rate/Fully Amortizing ARMs Interest-Only ARMs Loan <= $750K 6 months PITI 12 months PITI Loan >$750K<=$1.5M 9 months PITI 12 months PITI Loan >$1.5M<=$2.5M 12 months PITI 18 months PITI Loan >$2.5M 24 months PITI 24 months PITI Departing Residence > 25% Equity 2 months PITI 2 months PITI < 25% Equity 6 months PITI 6 months PITI > 4 Financed Properties If subject property is 2nd Home: 6 months PITI on all other financed Second Home and Investment properties 6 months PITI on all other financed Second Home and Investment properties 2 of 6

3 Wholesale Rate Sheet (Borrower Paid Comp) Effective Date: 3/8/2019 Change Summary: Rates down.125 on 3/1, 5/1 and JB15 products Account Executives Contact Info Gina Mcleod, AE - SD/PS Laurie Nilsen, AE - No. CA Yong Lee, AE - LA/OC Michelle Wester, WLA Rebecca Trumble, WLA Leigh Konopka, AE- OC Amanda Simula, AE - PNW Juan Santamaria, WLA Terri Caffery, AE - SD Randy Plankey, AE - SF Jonathan Jacoby, WLA Laurie Hoehn, WLA Laurel Taylor, AE - LA Stephen Molz, AE - SF Joe Garcia, AE - IL Michelle Hedrick, WLA Morgan Howard, WLA Fully Amortizing ARM Products Current Pricing Specials Broker Compensation paid by Borrower: Up to 2.000% 3/1 ARM (AG3C) 5/1 ARM (AG5C) Purchases Reduce Origination fee by $1000 for O/O and 2nd Home Purchases (0.500) (0.500) Product (0.250) (0.250) 3/1 FA & 30yr IO ARM Products /1 FA & 30yr IO ARM Products /1 30yr IO ARM Product /1 FA ARM Product /1 FA & 30yr IO Products Jumbo Fixed Products 7/1 ARM (AG7C) 10/1 ARM (AG8C) Refinances (0.500) (0.500) Product (0.250) (0.250) FA & 30yr IO ARM Products Purchase and Refinance 60% LTV Product All Portfolio Products (excl. EOM) State Specials (Applies to all products excl. EOM) Interest Only 30 Year ARM Products Broker Compensation paid by Borrower: Up to 2.000% State Illinois 3/1 ARM (IG3B) 5/1 ARM (IG5B) Pricing Adjustments (0.500) (0.500) No changes to Max Credit or Fees (0.250) (0.250) No margin buyups/downs All adjustments are cumulative Max Credit for all products (excl. EOM): (0.500) Final Rate may be off sheet w/ cumulative adds Description Cost Purchase and Refi 90 days lock UB Points 7/1 ARM (IG7B) 10/1 ARM (IG8B) LTV > 75% Interest Only O/O 2 Units (0.500) (0.500) 2nd / Vacation Home (0.250) (0.250) Cash-out Refinances FICO >= 680 & < Conforming Balance (Loan Amount < $350k)* Rate Conforming Balance (Loan Amount >= $350k)* Rate Condos > 75% LTV (excl. detached) Fixed Rate Fully Amortizing Products Broker Compensation paid by Borrower: Up to 2.000% 15 Year Fixed (JB15) 30 Year Fixed (JB30) (0.500) (0.500) (0.250) (0.250) *If loan amount is less than or equal to loan limits below, pricing adjustment will apply Conforming Maximum Loan Amounts 1 Unit 2 Unit 3 Unit 4 Unit $484,350 $620,200 $749,650 $931,600 Lock Information Locking available from 8:00 AM to 6:00 PM PST Loan packages must be received within 20 days from the original lock date. If not, loan will be repriced at higher of pricing. Existing lock expiration date remains unchanged. Packages not ready for docs by end of rate lock expiration will be repriced at higher of. Loans not funded by lock expiration are subject to extension fees. Lock Extension Fees: 7 Days =.125, 15 Days =.25, 30 Days =.375 Multiple extensions allowed Lock Days Purchases: 60 Days Refinances: 60 Days Rate Lock Break Option in rate over current added to points. Must be Borrower Initiated; 50bps Rate Difference; Within 30 Days of Closing; Cannot be Docs Out status; Package must be submitted Fee Information Lender Origination Fee - $ (other required service that the Bank selects): Effective March 1, Credit Report: $25.20 for each individual report and $50.40 for a joint report. Flood Determination: $9.00 Tax Service: $62.00 on loan amount up to $1,999, plus $10.00 for each additional $100,000 Appraisal: Refer to chart below: **Please note that JS30 loans will be charged an additional appraisal review fee. See pg. 4 for details** CA/IL Fees below apply to AZ/NV properties. ARM Information Qualifying Rate (Full AM) 3/1 ARM = Note Rate + 6% 5/1 ARM= Note Rate + 2% 7/1 & 10/1 ARMs = Note Rate Qualifying Rate (Interest Only) 3/1 IO ARMs: Greater of note rate + 6% or the fully-indexed rate (FIR); 5/1 IO ARMs: Greater of the note rate + 2% or the FIR; 7/1 & 10/1 IO ARMs: Greater of the note rate or the FIR rounded to nearest 0.125%. Qualifying Term (Interest Only) 30 Year Term 3/1 ARM 27 years 5/1 ARM 25 years 7/1 ARM 23 years 10/1 ARM 20 years Caps Initial 2.000% Subsequent 2.000% Life 6.000% Index Information 1 Year LIBOR FNMA ARM Margin Second Appraisal Required when: (applies to 1st loan amount or combined UB loan amounts 1 ) Loan Purpose Loan Amount 1 LTV 1 Purchase > $2,500,000 and < $3,000,000 No Cash-Out Refinance > $1,500,000 and < $3,000,000 Cash-Out Refinance > $1,100,000 and < $3,000, Combined Union Bank Loan Amounts- If UB will have more than 1 loan on the property, loan amount refers to the combined loan amounts and the TLTV restrictions noted above apply. If there is an outside 2nd mortgage, 2nd appraisal requirements apply to the 1st mortgage loan amount and LTV. Note: The above guidelines also apply to Portfolio Express Refinances 3 of 6

4 Jumbo Saleable Products Effective Date: 3/8/2019 **Note that pricing is subject to change daily.** Broker Compensation paid by Union Bank: 1.250% Broker Compensation paid by Borrower: up to 2.000% 30 Year Jumbo Fixed (JS30L) 30 Year Jumbo Fixed (JS30) Rate 30 Day 45 Day Rate 30 Day 45 Day (0.250) (0.125) (0.625) (0.500) (0.875) (0.750) (0.250) (0.125) (1.250) (1.125) (0.625) (0.500) (1.625) (1.500) (0.875) (0.750) (1.875) (1.750) Purchases Only Purchases Only Loan Level Pricing Adjustments (All pricing adjustments are cumulative and added to fee) Purchase FICO (0.500) (0.250) (0.125) NA NA NA NA NA (0.750) (0.625) (0.375) (0.125) NA (0.750) (0.750) (0.625) (0.375) (0.250) NA (0.875) (0.875) (0.750) (0.625) (0.375) (0.125) NA (0.875) (0.875) (0.875) (0.750) (0.625) (0.500) (0.375) (1.000) (0.875) (0.875) (0.875) (0.750) (0.625) (0.500) Rate/Term Refinance FICO (0.250) NA NA NA NA NA (0.500) (0.375) (0.125) NA (0.500) (0.500) (0.375) (0.125) NA (0.750) (0.625) (0.500) (0.375) (0.125) NA (0.750) (0.750) (0.625) (0.500) (0.375) (0.250) (0.125) (0.750) (0.750) (0.750) (0.625) (0.500) (0.375) (0.250) Cash-Out Refinance FICO (0.375) (0.250) NA NA NA (0.375) (0.375) (0.250) NA NA NA (0.625) (0.500) (0.375) (0.250) NA NA NA (0.625) (0.625) (0.500) (0.375) (0.250) NA NA NA (0.625) (0.625) (0.625) (0.500) (0.375) NA NA NA Loan Amounts 1,000,000 1,000,001-1,500,000 1,500,001-2,000,000 2,000,001-2,500,000 Property / Occupancy Type 2 Unit 3-4 Units 2nd Home Investment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA State Adjustments NV Special Adjustment 30 yr Fixed, Non CA 30 yr Fixed, CA (0.375) (0.375) (0.375) (0.375) (0.375) (0.375) (0.375) (0.375) (0.250) (0.250) (0.250) (0.250) (0.250) (0.125) No Escrow (Taxes Only) On JS30 program, lender credits, after netting loan level pricing adjustments, will be limited based upon Broker Comp level (see below). Anything in excess of max lender credit will be removed. Broker Compensation 1.25% Max Net Lender Credit (0.125) Loan Amount Range Property Type Min. Loan Amt Max. Loan Amt 1 Unit $453,101 $2,500,000 2 Unit $580,151 $1,500,000 3 Unit $701,251 $1,000,000 4 Unit $871,451 $1,000,000 Standard Origination Fee Structure Lender Origination Fee = $1595 (shown in Section A of LE) No Purchase Promo for Origination Fees Additional Notes and Information Locking allowed Monday - Friday, 9am - 5pm PST Quicklocks not allowed Purchase 30/45 day lock periods available Refinances 45 day lock period only 20, 25, and 30 year terms available Primary Residences, Second Homes, and Investment Properties SFR, PUD, Condo and 2-4 units only - NO Manufactured homes Cash out refinance - 1 Unit primary residences and second homes Minimum FICO 700 Maximum DTI 43% Max loan amount $2,500,000; 1st time buyer max $1,000,000 For Rate Lock Information, refer to Wholesale At-a-Glance - Jumbo Saleable Any loan submitted/locked on or after 01/16/2016, will require a $150 appraisal review fee to be disclosed on all JS30 loans 4 of 6

5 Occupancy Loan Purpose Property Type Max LTV/TLTV Max Loan Amount (1) Minimum Credit Score Owner Occupied Purchase or Rate/Term Refinance (1) Jumbo Saleable Eligibility 1 Unit (3) 2 Units 85% (4) $1,000, % $1,500, % $2,000, % $2,500, % $1,000, % $1,000, % $1,500, % $1,000, % $1,000, Cash Out Refinance (2) 1 Unit (3) 65% $1,500, % $2,000, % $2,500, Units 60% $1,000, Purchase 1 Unit (3) 80% $1,000, Second Home Investment Property (5) Purchase or Rate/Term Refinance Purchase or Rate/Term Refinance 1 Unit (3) Cash Out Refinance (2) 1 Unit (3) 75% $1,000, % $1,500, % $2,000, % $2,500, % $1,000, % $1,500, % $2,000, units (3) 70% $1,500, Cash Out Refinance (2) 1-4 units (3) 60% $1,500, (1) First-time homebuyers are limited to a maximum loan amount of $1,000,000 ($1,500,000 for CA Properties) (2) Cash-out limitation apply. Refer to Broker Glance - Jumbo Saleable (3) Eligible 1-unit property types include SFRs, PUDS, Condos (no manufactured homes) (4) The following requirements apply for LTV/TLTVs > 80%: MI not required Secondary financing not allowed Maximum 36% DTI Non-permanent residents not allowed Gift funds not allowed Minimum loan amount $1 above Fannie Mae High Balance loan limit for the subject County Escrow/impound account required unless prohibited by applicable laws (5) The following apply for investment properties: --Gift funds not allowed -- Transaction must be arm's length -- A Comparable Rent Schedule or Operating Income Statement is required even if rental income is not used to qualify -- First-time homebuyers not allowed 5 of 6

6 Summary of Portfolio Product Rate s (Only applies to Primary and Second Homes) Portfolio Product Purchase (1) Refinance 3/1 Full AM % % 3/1 30yr IO % % 5/1 Full AM % % 5/1 30yr IO % % 7/1 Full AM % % 7/1 30yr IO % % 10/1 Full AM % % 10/1 30yr IO % % Jumbo % Jumbo % (1) Reduce Origination Fee by $1000 for O/O or 2nd Home Purchases. 6 of 6