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.