Recreational Marine Program Pricing Guidelines (effective for July 1, 2017)

Transcription

1 Recreational Marine Program Pricing Guidelines (effective for July 1, 2017) Specialized Lending: ext Program Manger: Eric Craig (W) ext (C) (F) Tier 1 Tier 2 Tier 3 Score Greater than Max DTI 45% 45% 40% Max PTI 15% 15% 10% Advance / LTV Greater than $300,001 $75,001 to $300,000 $75,000 or Less < 80% 81% - 90% > 91 % < 80% 81% - 90% > 91 % < 80% 81% - 90% > 91 % 4.24% 4.49% 4.74% 4.99% 5.24% 5.49% 6.24% N/A N/A 4.49% 4.74% 4.99% 5.24% 5.49% 5.74% 6.49% N/A N/A 4.99% 5.24% 5.49% 5.74% 5.99% 6.24% 6.99% N/A N/A Rates Valid For 30 Days from Approval Notice Date (Pre-ordered boats subject to rate changes) Credit Approval Valid for 60 Days from Approval Notice Date New Boat Advance Rate is based upon 130% of Net Manufactures Invoice (new is the current or prior model year if the vessel has never been titled or documented) Minimum Term 60 months 2.0% Participation to a Maximum of $20,000 Primary Earner's score will determine the score used for pricing above Used Boat Advance Rate will be based solely upon the Lender's Valuation All Exceptions to above guidelines will be priced on a case by case basis Term plus Vessel Age exceeding 30 years subject to exception pricing Vessels in excess of 27 feet require USCG Documentation (recreational endorsement only) USALLIANCE will not finance Vessels with a Salvaged Title or Insurer in the Title Chain Vessels held in an LLC must be pre-approved by Lender Custom Build Vessels, not typically represented in BUC, NADA, or ABOS, will be priced on a case by case basis as an exception Add 150 Basis Points to the calculated Rate for High Performance, Houseboats and Steel Hull Vessels (collateral classification determined by lender) with a Minimum Rate of 5.99% and Max LTV of 80% Borrower(s) must qualify for USALLIANCE Membership NAMS or SAMS Survey required for all Pre-Owned Vessels older than 3 model years and/or greater than $75,000 Max Term for any Vessel is 240 month or 180 months for vessels that do not have living quarters, a head, and galley All Marine Loans must meet USALLIANCE "Boat Loan Closing Requirements", "Insurance Requirements" and "Survey Requirements" Borrower's with prior bankruptcies, loan settlements, short-sales or foreclosures will be priced on a case by case basis as an exception 100% Participation Chargeback for any Payoff or Event of Default within 180 days of funding. Participation paid for refinancing of USALLIANCE exposure is discretionary

2 USALLIANCE Specialized Underwriting Requirements All Applicants: Completed and signed Loan Application for all applicants and persons having ownership in the asset. Legible copies of each applicant s Driver s License or Passport Completed, signed and dated Personal Financial Statement (not older than 60 days) Bank and Brokerage Statements supporting liquid assets as disclosed on the PFS (not older than 30 days) Copies of recent Bank Statements and Brokerage Account (not older than 60 days). Two most recent Personal Tax Returns for each applicant (include all schedules: A through E and all K- 1 s) Two most recent Paystubs (not older than 30 days) Include most recent W2(s) where current year personal tax return has yet to be filed Self-Employed Applicants: Two (2) years Corporate Returns (1120, 1065 or 1120S - include all K1s where applicable) Current Balance Sheet and Profit and Loss Statement (not older than 90 days) Brief description and history of the business(s) Additional Items Required: Existing Vessel Survey (Pre-Owned) Aircraft VREF Reference Guide Valuation (Pre-Owned) Manufacturer s Invoice (New Vessels, New Aircraft and New RV s) Clearwater, Florida Location: US Highway 19 North, Suite 103 Clearwater, Florida Rye New York, Location (USALLIANCE Corporate Headquarters): 411 Theodore Fremd Ave Suite 350 Rye, New York Contact Information T: (800) Ext F: (813) E: SpecializedLending@USALLIANCE.org 1

3 Required for all USALLIANCE Boat Loans MARINE LOAN CLOSING REQUIREMENTS Signed and dated the USALLIANCE LOANLINER Loan, Security and Disclosure Agreement * Signed and dated Purchase Agreement, Bill of Sale, or Brokerage Agreement * Evidence of Down Payment (Check, Wire or Title Transfer (if applicable)) cashier s checks, not noting remitting party, and credit card receipts for more than 5% of the down payment are not acceptable without prior approval Completed USALLIANCE Boat Loan Information Form Certificate of Insurance or Insurance Binder (see USALLIANCE Marine Insurance Requirements Form) * An enlarged legible copy of each borrower s Valid Driver License (required with underwriting) Signed and dated USALLIANCE Membership Application (please ensure that the appropriate Qualification for Membership for each borrower is selected) Signed and dated USALLIANCE Express Application If applicable completed Balloon Disclosure Statement For vessels over 27 feet in length: Signed and dated the USALLIANCE Preferred Ships Mortgage UCC Filing for all outboard motors, tender motors and trailers not otherwise titled USCG Application For Initial, Exchange, or Replacement of Certificate Of Documentation; Re-documentation (CG 1258) USCG General Index or Abstract of Title (CG 1332) if applicable USCG Bill of Sale (CG 1340) MSO (Manufacture Statement of Origin) and Builder s Certification/First Transfer of Title (CG 1261) if New For vessels under 27 feet in length: State Title Application for vessel (if applicable), all outboard motors (if applicable), and trailer UCC Filing for vessel (if applicable), all outboard motors and trailers not otherwise titled Copy of Certificate of Title for used vessels Completed Trailer Acknowledgement Form (where no Trailer is being secured as a part of the transaction) Additional Items: Evidence of Florida Stamp Tax Collection and Remittance (all Florida based loans) Trade evidence (front and back of trade title or the Certification of Documentation for the trade or Bill of sale) * Please validate the vessel HIN number, motor serial numbers and trailer identification number USAlliance Credit Score Disclosure and USAlliance Adverse Action Notification are required to be presented to the member but do not need to be returned with the funding package Source must use a pre-approved Marine Documentation Services Company MARINE LOAN CLOSING REQUIREMENTS docx USAlliance Federal Credit Union is doing business as USALLIANCE Financial

4 Marine Loan Insurance Requirements General Endorsements and Notice: Insurance shall be placed with companies, underwriters, associations, clubs or underwriting funds having an A.M. Best rating of not less than B. Lienholder with Loss Payee endorsement: USAlliance Federal Credit Union ISAOA PO Box 5517 Towson, MD USALLIANCE requires a minimum of 30 Days Cancellation notice with the policy. The Insurance Binder must start on or before the funding date. The preferable form of evidence for property insurance is ACORD 27. Coverage(s): Property or Hull and Machinery coverage is required for an agreed amount equal to or greater than the note amount. Actual Cash Value (ACV) policy not acceptable. Deductibles may not exceed 2% of the Property or Hull and Machinery coverage. Breach of Warranty is required for all loans in excess of $1.0 million. Coverage must be equal to or greater than the note amount. Liability Coverage is required as per state statute where applicable. Trailers and outboard engines must be identified with serialized detail on the insurance binder. These insurance requirements are for pleasure boats only. All exceptions require USALLIANCE approval. USAlliance Federal Credit Union is doing business as USALLIANCE Financial

5 MARINE LOAN SURVEY REQUIREMENTS All surveys must meet the following requirements: A Marine Survey is required for all vessels in excess of three (3) years of age (unless financing less than $75,000) which includes in-water and out-of-water review The surveyor must be an active member in good standing with either the National Association of Marine Surveyors (NAMS) or Society of Accredited Marine Surveyors (SAMS), The Survey must be prepared for the benefit our borrower(s) and valued in an As Is condition, The survey must include a complete set of color photos, including images of living quarters, engine room, galley, head, and the vessel s transom with current vessel name, The survey must include a legible image, etching, or rubbing of the Hull Identification Number (HIN), The survey must include all motor/engine detail including the serial number, hours and horse power of each engine, The survey must include a statement of condition, a statement of valuation and include a list of recommended repairs (if any), The survey must include the surveyor s certification, For vessels less than of $75,000 (finance amount) USAlliance will not require a survey (exceptions will include vessels in excess of 15 years of age, or deemed to be custom built as defined by USAlliance) or haul out of unit, For vessels in excess of $250,000 (finance amount) USAlliance will require a sea trial with the survey. MARINE LOAN SURVEY REQUIREMENTS docx USAlliance Federal Credit Union is doing business as USALLIANCE Financial

6 Additional Applicant Information: MARINE LOAN INFORMATION FORM Application Number: Primary Borrower Last Name: Home Phone Cell Phone Work Phone Borrower: Co-Borrower: Summer Mooring or Storage Information: Marina Name: Office Phone: Address: City, State, Zip Winter Mooring or Storage Information: Marina Name: Office Phone: Address: City, State, Zip 1st Personal Reference (not living with borrower(s)): Full Name: Phone Number: Relationship : 2nd Personal Reference (not living with borrower(s)): Full Name: Phone Number Relationship : Prior Boating Experience: Year, Make, Model: Years Owned: Length Over All: Financed: Yes No Institution: USAlliance Federal Credit Union is doing business as USALLIANCE Financial

7 MARINE DOCUMENT REQUEST FORM Please complete and send to Member Information: Application # Borrower Name Co-Borrower Name SS# SS# DOB DOB Vessel Name: Note Date: Date Documents Needed: Summer Mooring: Winter Mooring: Model Year: Builder: HIN: Official #: Model: Hailing Port: LOA: Beam: Depth: Engine Information (outboard motors only) 1 Make / HP / Year Serial # 2 Make / HP / Year Serial # 3 Make / HP / Year Serial # 4 Make / HP / Year Serial # Tender (Dinghy) information (if required): Make/Model Serial # Engine Make / Year Serial # Trailer information: Make / Year ID or Serial # Size or Length # of Axels FINAL DEAL STRUCTURE Purchase Price Trade Allowance Trade Pay Off Tax Title & Tag Down Payment (Cash) Net Loan Amount Rate Term (months) Balloon (month) Documentation Services Company Used: Other Notes: Net Loan Amount is disbursed to USALLIANCE approved source with ABA Routing and Account Number on file. USAlliance Federal Credit Union is doing business as USALLIANCE Financial

8 Specialized Lending - Common Lien Codes ***USALLIANCE Financial requires electronic title in applicable states*** The common lien filing codes for USAlliance in the respective states are as follows: Paper titles: New Jersey: New Hampshire 2562 Electronic titles: Arizona California EFF Colorado E Florida Georgia Maryland 2218 Massachusetts C10977 Nebraska Nevada US0001 New York North Carolina Pennsylvania Ohio E02114 Wisconsin Louisiana ERUA Texas South Carolina Idaho Iowa Virginia ALF02 EIN for states with non-electronic titles: USAlliance Federal Credit union is doing business as USALLIANCE Financial