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Announcement #2018-51 SMARTVEST Updates

Announcement 2018-51

Date: August 21, 2018

SMARTVEST Updates

Eligible Channels

  • Retail
  • Call Center
  • Shelter/Shelter JV
  • Wholesale
  • Correspondent

SMARTVEST Updates

New Penn Financial has updated the SMARTVEST product for improved financing options with the following enhancements. 

SMARTVEST

 

Section

                                            

                                                   Change Summary

1.1 Program Summary

Updated to reflect definition of experienced investor to reflect an individual who has a minimum of twelve (12) or more months with ownership and management of residential or commercial real estate

2.3 ARM Adjustments

Updated margin to 4.75% down from 5.99% for new locks on or after August 21, 2018

3.2 Eligible Borrower

Updated to reflect definition of experienced investor as noted in section 1.1 above

 

 

 

7.5 Cash-Reserves

Added allowance for waiver of reserves for rate and term refinances when certain requirements have been met

·         Loan amount is < $650,000

·         Mortgage history is 0X30X24 or since inception if owned between 12-24 months

·         New payment on subject property will be less than current

·         Borrower does not have a prior foreclosure, bankruptcy, short-sale or deed-in-lieu

8.12 Pre-Payment Penalty

Pre-payment penalty buyout has been reduced for all locks on or after August 21, 2018.  Refer to rate sheet for applicable pricing. 

Please refer to the New Penn Financial National Correspondent Division’s Product Matrices for specific details.