|
BULLETIN
| TO: |
All Correspondents |
| FROM: |
Arleen Z. Toocheck, Risk Manager |
| DATE: |
September 20, 2006 |
| RE: |
***NEW PRODUCTS - NATIONAL CITY MORTGAGE CORRESPONDENT
LENDING*** |
We are excited to introduce our new conventional renovation programs,
HomeStyle Mortgage and Renovation Mortgage! These are two brand new products that are being added to National City Mortgage's Correspondent
menu. They will be available effective Thursday, September 21,2006.
Our conventional renovation programs are a perfect compliment to our One Time Close products.
They allow National City to offer the most complete line of Correspondent products for the homeowner who is looking to build their new home or remodel their existing
residence.
Program Highlights
- Allows a borrower to purchase or refinance an existing home and include the cost of the improvements in the loan amount.
- Loan amount is based on the completed value of the property.
- All improvements are required to be permanently affixed to the home and should add value to the property
- The loan is a fully disbursed first mortgage at closing, so there are no modifications or second closings after the project is complete.
- Borrowers make full PITI payments after closing
- Borrowers have up to 6 months to complete their renovations.
- Conforming sized loan amounts.
- Run through DU/LP.
Pricing will be displayed on our standard daily rat e sheets under Conv
Renovation.
All guidelines and information on these programs is located on our Correspondent Web site
in the program guidelines folder under Conventional Renovation Mortgage. Please see specific underwriting guidelines for details on these programs.
Interested Correspondents should contact their Account Executive or Regional Manager for
information on these exciting new programs or with any questions.
Further information is available at www.ncmexpress.com
|
