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We are excited to introduce our One Time Close with Modification Construction Program (OTC Modification).
Our OTC Modification program allows borrowers to purchase a lot, build a home, and obtain the permanent financing in one simple package! This program allows our correspondent lenders to offer a great construction product where the LTV is based on the appraised value of the home in most instances, work with builders to generate new business, and sell the loan as a correspondent right after the construction close. There is no need to find interim financing or hold the loan during the construction process. National City will purchase the construction loan and permanent financing at the same time. The program is available for Deluxe, Expanded Criteria, and most Conforming loans.
The One Time Close with Modification Construction Loan is different and more complex than a regular loan. In order to participate in the OTC with Modification Program you must submit for approval with your Regional Manager and be approved by Correspondent Lending. Approval requires completion of an orientation package and successfully passing a test by a representative of your company. We strongly recommend that all staff involved with this program complete the orientation package and test.
To pass the test, no more than five questions can be missed. You will receive your results immediat ely after submitting your test. You must have a valid lender ID number and complete ALL of the information requested on the website to be able to submit your test and receive your results.
Interested Correspondents should contact their Account Executive or Regional Manager for information to be approved for this exciting program or with any questions.
There are no Third Party Originations allowed under the OTC with Modification program at this time.
Further information is available within the One Time Close with Modification Construction Program folder on this website.
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