Announcement #2018-51 SMARTVEST Updates

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.