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Regions Correspondent Lending
PROGRAM DESCRIPTIONS
Regions SMART Solutions ℠ 3/3 ARM - 3 year ARM, 30 year maximum amortization with option to adjust every 3 years.
Regions SMART Solutions ℠ 5/5 ARM - 5 year ARM, 30 year maximum amortization with option to adjust every 5 years.
Regions SMART Solutions ℠ 10/5 ARM - 10 year ARM, 30 year maximum amortization with option to adjust every 5 years.
Regions SMART Solutions ℠ Fixed Rate - Fixed rate program, max term 30 years.
ORIGINATION SPECIALIST
601-554-2109
PAM BLUE
pam.blue@regions.com
GENIKA GRIFFIN
genika.griffin@regions.com
For more information about our company and products, contact one of our Account Executives
THIS INFORMATION IS TO BE PROVIDED EXCLUSIVELY TO MORTGAGE PROFESSIONALS AND IS NOT INTENDED FOR PUBLIC USE
CREDIT SCORE: (No Deviation)
MAXIMUM LTV:
BASE INTEREST RATE (BASED ON A 5/5 ARM):
790+
89% LTV
3.500%
789-760
89% LTV
3.625%
759-710
80% LTV
3.750%
709-690
80% LTV
4.000%
689-680
80% LTV
4.250%
If loan is under $50,000 add .5%
LTV > 60% & <= 70% - subtract .125%
LTV <= 60% - subtract .25%
N/A if max LTV is 70% or below per product guidelines
Investment Property - add 1.5%
710 score required
15 yr max term (20 yr with $50,000 equity/down payment)
If additional collateral (primary/2nd home) up to 30 yr term - add .5% only
Using non-occupying co-borrower credit score:
20 yr max term, Max LTV 80%, add 2%
Land Loans - add 2% 710 score required
Raw Land (10+ acres) - Max LTV 50%
Investment
property not
available
Investment
property not
available
Land not
available
Land not
available
Land not
available
601-554-2235
barbara.dawson@regions.com
KIM COOPER
Alabama, Georgia, North Carolina, South Carolina & Virginia
kim.cooper@regions.com
601-549-5927
OTHER AREAS CONTACT:
TOM BROCK
601-554-2030
thomas.brock@regions.com
ANITA BROWN
Plan 3, subtract .25%
601-554-2092
anita.brown@regions.com
Plan 5, add 1.00% to waive first adjustment (10/5 ARM)
Primary Residence ONLY - Reduce max term to 25 years
N/A for Loan Amounts above $375,000
Rate Adjustments for Equity or Down payment $15,000 +:
Credit Score Subtract
Credit Score
Subtract
680 - 689
- .375%
690 - 709
- .125%
Regions Correspondent Lending Fees
Rate
Rate
adjustment not adjustment
not available
available
Rate
adjustment
not available
Rate
adjustment
not available
Escrow Waiver - add .25%
TOTAL ADJUSTED PAR INTEREST RATE:
Service Release Premium: .125% to rate per .25% SRP
Maximum SRP 1.5%
N/A for Land, Investment Property or No score/No
derogatory credit
TOTAL ADJUSTED INTEREST RATE:
(MAXIMUM RATE 10.00%)
11/13/2014
601-554-2338
ACCOUNT EXECUTIVE
BROOKE JOYNER
Florida (Central/South), Iowa, Illinois, Indiana, Kentucky,
Missouri & Tennessee
brooke.joyner@regions.com
866-674-0415
866-674-0415
Investment
JIM LUCK
property not
Arkansas, Colorado, Florida (Panhandle),
available
Louisiana, Mississippi, Texas & Utah
james.luck@regions.com
866-331-0701
Condo Loans Add: Warrantable- 0%, Non-Warrantable- .125%,
Condotels - .250%
Fixed Rate
10 Yr. - add .625%
15 Yr. - add .75%
20 Yr.-add 3.00
30 Yr.-add 3.25
Loan Amt > $650,000 & < $1,250,000 - Add .375%
Loan Amt >= $1,250,000 & <= $2,000,000 - Add .625%
Rate Lock
30 days
45 days
60 days
ZELDA PITTMAN
zelda.pittman@regions.com
No Score & No
Derogatory Credit
20 Yr. Max. Term BARBARA DAWSON
75% LTV
6.375%
601-554-2396
Fee
Free
0.125
0.250
SRP
not available
Rate Extension
1 day
15 days
30 days at once
Fee
no charge (only 1 allowed)
0.250
0.500
2nd extension
0.375
Rates can only be extended if rate has not
expired. Max of 2 extensions allowed not to
exceed total of 30 days. Once rate expires,
loan can be relocked 30 days at worst case
of original pricing or current pricing.
Regions Processing Fee (Correspondent)
$700.00
Tax Service Fee
$74.00
Flood Certification Fee
$7.50
Texas Attorney Doc Review Fee Purchase: $180 Refi: $100
(HUD line 808)
Fees are limited to the max allowed per QM points & fees
excluding SRP & $700 fee to Regions
LOAN SUBMISSION REQUIREMENTS
Loan Submission Cover Letter and Checklist
Application (Initial and Final - MUST be complete in detail)
Tri-merge Credit Report
Truth-in-Lending and Good Faith Estimate
GFE & Cost Estimate Worsheet (breakdown of fees)
Patriot Act Disclosure with a legible UN-EXPIRED photo id
Required Regions Disclosures (see submission package)
Verification of Income and Assets
Color Appraisal with six interior photos
Sales Contract (if applicable)
Signed and Completed 4506-T
Most Recent 2 years' Tax Transcripts (Correspondents)
Condos: Master Policy evidencing 100% Replacement Coverage
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Regions Correspondent Lending
ALL LOANS
LTV / CREDIT SCORE REQUIREMENTS
CASH-OUT LOANS
No prepayment penalty
Verification of income and assets (full doc) required on all products
Rate/Term/LTV based on highest middle credit score of all applicants
with reasonable income
Up to 100% LTV with pledge account on deposit with Regions
All ARM loans-Applicant must qualify on Note rate plus 2%
TERMS
Primary Residences and Second Homes: up to 30 years
Investment: < $50,000 down payment/equity = 15 years
>= $50,000 down payment/equity = 20 years
Primary or Second Homes as additional collateral for life of loan = up to 30 years
No Score / No Derogatory Credit: up to 20 years
DOWN PAYMENT REQUIREMENTS
Investment Property:
<= 15 years: 30% down payment requirement
20 years: $50,000 equity or down payment
30 years: Primary or Second Home as additional collateral for life of loan
The applicable LTV reduction will apply to all properties
Detailed letter explaining the reason for the cash-out
Cash-out not allowed on investment property with or without add'l collateral
located in a declining market
CONDOS
Every effort should be made for comps to be in the subject project
2 of 6 interior photos should be full kitchen view and balcony view
Purchases are limited to 80% LTV; cash-out refis are limited to 70%
LTV limited to 60% if any of the following apply:
The unit is 500 to 749 square feet (excluding balcony)
The unit doesn't have full kitchen (full size refrigerator, stove/oven and sink)
Condos are considered ineligible if ANY of the following apply:
The property is managed by a national hotel chain
The unit is required to participate in a rental pool
The complex contains timeshare or fractional units or is in active litigation
The project has less than 80% SOLD and 40% CLOSED*
The unit is less than 500 square feet (excluding balcony)*
The developer has control of the Homeowner's Association*
*Conditions reviewed on a case-by-case basis if low LTV or add'l collateral
89% NO MI PROGRAM
SECOND HOMES
Minimum credit score of 760 required
Primary Residence and second home only (excluding condos)
Purchase or Rate/term only
Max loan amount > 80% is $650,000
If borrower owns other property in area and no additional collateral used,
investment rules will apply (considered case-by-case)
Max properties financed including subject limited to 4 (includes primary residence)
INVESTMENT PROPERTY
DOCUMENTED INCOME / DOCUMENTED ASSETS
4506-T required at closing
Tax Transcripts for 2 years
Verified assets: VOD or 2 consecutive months bank statements required
Self-employed: Most recent two years Federal tax returns with all W-2s
Salaried or hourly: VOE or paystubs with min. 30 days YTD earnings & 2 yrs W-2s
CREDIT STANDARDS
Maximum DTI: 41%
DTI Exceptions:
Primary: 47% with 25% of loan amount in liquid reserves
Primary: 50% with 50% of loan amount in liquid reserves
Second Home: 45% with 25% of loan amount in liquid reserves
Investment: No exceptions
Mortgage/rental history 0x30 in previous 12 months & 0x60 in the prev 24 months
Bankruptcies must be discharged 2 years with no late pays or derogatory credit
during the 2 years. Minimum 3 active tradelines re-established with 2 year history.
Borrowers with a foreclosure in the past 3 years are not eligible
SECOND LIENS
Institutional second liens: No restrictions in most cases
Seller held second lien: Maximum term 20 years; LTV limited to 70%
Gifts of equity and gift funds are considered on a case-by-case basis
Minimum credit score of 710 required
Purchase or Rate/Term only
Maximum DTI is 41%
Cash-out not allowed on investment property with or without additional collateral
Max properties financed including subject limited to 4 (includes primary residence)
LAND LOANS
Minimum credit score of 710 required
Term is limited to 15 years
Land loans require 10+ acres (only rural/agricultural land)
LTV limited to 50% (higher LTV possible with additional collateral with sufficient
lendable equity)
Max properties financed including subject limited to 4 (includes primary residence)
HOUSE WITH ACREAGE
The LTV of a house and 25 acres will be based on credit score
Remainder of acreage in excess of the house & 25 acres will be at 50% LTV
(65% LTV allowed with 710+ credit score if contiguous)
5% LTV reduction will be applied to all properties located in these areas
(see Declining Market list for counties in declining market)
SELLER CONTRIBUTIONS
Primary or Second Home
Primary or Second Home
Investment Property
75% LTV or below
75.01 to 89% LTV
All LTVs
9% max
6% max
2% max
MARGINS, INDEXES AND RATE CAPS
Life Cap
Floor
Min. 2%*
2.00%
2.00%
6.00%
2.00%
60 Day FNMA REQ. NET YIELD
Regions SMART Solutions ℠ 10/5 ARM
Min. 2%*
*How to calculate margin: Initial rate minus index (rounded to the nearest 0.125, minimum margin of 2%)
6.00%
6.00%
6.00%
2.00%
Regions SMART Solutions ℠ 3/3 & 5/5 ARM
11/13/2014
100%
90%
90%
$650,000
$1,250,000
$2,000,000
760
680
680
Owner Occupied (Cash Out Refinance)
Fully Amortized
LTV
CLTV
Loan Amt Score
Max C/O
80%
80%
70%
100%
90%
90%
$650,000
$1,250,000
$2,000,000
760
680
680
$350,000
$500,000
$500,000
Second Home (Purchase & Rate/Term)
Fully Amortized
LTV
CLTV
Loan Amt Score
89%
80%
75%
70%
95%
N/A
85%
85%
$650,000
$650,000
$1,250,000
$2,000,000
760
710
710
680
Second Home (Cash Out Refinance)
Fully AmortIzed
LTV
CLTV
Loan Amt Score
Max C/O
75%
85%
$1,250,000
710
$500,000
70%
85%
$2,000,000
680
$500,000
Investment (Purchase & Rate Term Only)
Fully Amortized
LTV
CLTV
Loan Amt Score
70%
65%
N/A
80%
$650,000
$1,000,000
710
710
Regions will lend in the following states:
In addition to the three comps provided, the two most recent sales in the condo
project should be part of the appraisal.
Product
89%
80%
70%
DECLINING MARKETS
APPRAISALS
Appraisal with color photos required (minimum of 6 interior photos required)
Appraisal must be compliant with Interagency Appraisal Guidelines (IAG) &
Reg B is required; E-mail in PDF format to your Origination Specialist
Condos: If comps are not in subject complex, an explanation is required.
Owner Occupied (Purchase & Rate/Term)
Fully Amortized
LTV
CLTV
Loan Amt Score
Index
60 Day FNMA REQ. NET YIELD
Margin
1st Change Periodic Cap
Alabama
Arkansas
Colorado
Florida*
Georgia
Illinois**
Louisiana
Mississippi
Missouri
North Carolina
Oklahoma
South Carolina
Indiana
Iowa
Kansas
Kentucky
Tennessee
Texas
Utah
Virginia
*Broward and Dade counties excluded
**Cook, Kane, Will, and Peoria counties excluded
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