What's New?

NEW Calyx Point Download


You can now use Calyx Point for your own input of borrower information. If you do not have a copy we have a Free downloadable copy availabel see the Calyx Point tab under miscellaneous tab in the menu bar. Once you have completed the 1003 in Point then you can simply Export it and attach to an email.




Can I use cell phone pictures of documents?


NO! Please do not send processing cell phone pictures or pictures from any other camera. We can only use scanned documents to process a loan.




Current General Guidelines


FHA 620 Fico & above Cash Out Available Max DTI 50%

680 Fico & above Cash Out No DTI Restriction No Cash Out Restriction

Agency Loans Cash Out including second and investment properties no restrictions

Jumbo Excellent Pricing 5/1 & 10/1 better than agency for high balance loans




Jumbo Cash Out Matrix





Do we finance Mobile Homes?


As long as the mobile home is affixed to the permanent foundation it would be considered a manufactured home and would then be ok.

HOWEVER, please note that the home would have to be assessed for taxes as a Manufactured home and not a mobile home. If it is still assessed as a mobile home we would not be able to do it.




When can I lock my loan?


You must have submitted a full loan package and have it accepted by underwriting then you can lock once your loan numner is assigned in prolender.




What is the current down payment required for Jumbo loans?


We can go to 90% on Jumbo so 10% down.




Vision One Loan Fees


Conv. and FHA

$1495 Underwriting

$895 Processing

$ 195 Compliance fee (this can not be charged on loan unless included in origination)

Streamline:

$1495 Underwriting




Loan Submission Requirements


  1. Completed legible submission form
  2. Completed and signed submission form addendum
  3. Completed 1003……..all sections
  4. Credit report with current home address
  5. Mortgage statement of all properties owned
  6. Evidence of insurance on all properties owned
  7. Current color photo ID, Dr Lic, Green Card, etc.
  8. Current paystubs consecutive for 30 days
  9. VOE’s are not necessary but very helpful
  10. 2 Years W2s/1099
  11. 2 Years tax returns, personal, corporations, partnerships
  12. 2 Months most recent bank statements with large deposits sourced
  13. Current retirement account statements
  14. Purchase contract with required counters and addendums
  15. Emd receipt and copy of check
  16. Escrow Instructions
  17. Preliminary Title report
  18. Property Profile for all properties owned
  19. USPS look up for subject properties
  20. Borrowers signed authorization dated same day as credit report
  21. 3.2 Point file or LO number in origination




What Lenders is Center Point Mortgage broker approved with?


See Mortgage Documents, there is a download of those lenders, note it is updated as we add them. https://www.resourcehub.biz/broker-lines




Covid 19 Mortgage Forebearance


So FHA is out of the question. Conventional would need to be caught up and then make three scheduled payments - not ahead but as scheduled and then they could apply.

FHA just announced that if a borrower has their mortgage or any non-mortgage debt in forbearance it automatically deems them ineligible.

Conventional: borrower would need to catch up on all three payments and then make 3 consecutive scheduled payments in order to qualify. Please note that these guidelines are constantly changing




Jumbo Loans Temporaryily suspended


Vision One is no longer accepting Jumbo Loan applications. Additionally, any CALHFA loan must have upper management approval prior to submission.




New Loan Lock Requirements


Vision One Underwriting Updates Due to current turn times we are now requiring that ALL locks be requested at 40 days regardless of when you choose to lock your loan i.e. at submission or initial approval. If your lock is not requested at 40 days we will reject the request and require you to reprocess the lock.




New DU Requirements & Pre-Approvals


Every loan submitted to underwriting from today 9/10/2020 will have a DU report processed. Any loans failing to return an a DU Eligiable will be rejected and you will be notified. All requests for a Loan Pre-Approval will have a DU report processed prior to sending out a Pre-Approval. In order to receive a DU Pre-Approval the following items must be sent to processing. Completed 1003……..all sections Credit report with current home address Mortgage statement of all properties owned Current paystubs consecutive for 30 days 2 Years W2s/1099 2 Years tax returns, personal, corporations, partnerships Current retirement account statements NOTE: additional items may be requested depending on the loan scenario. Loan Pre-Qualifications only require a credit report and income documents, no DU will be processed. USPS look up for subject properties Borrowers signed authorization dated same day as credit report 3.2 Point file or LO number in origination