Quorum Federal Credit Union
2500 Westchester Avenue, Ste 113, Purchase, NY 10577
https://partners.quorumfcu.org/
Internal Reviews
(1 review)
Total loans closed with Loan Factory
18,046
Total loans closed with Loan Factory (past 12 months)
14,595
Lender overview
Basic information
Hazard Insurance Mortgagee Clause Quorum Federal Credit Union ISAOA, ATIMA c/o Central Loan Administration and Reporting P.O. Box 202028 Florence, South Carolina 29502-2028 Fax: (843) 413-7133 Private Mortgage Insurance Mortgagee Clause Quorum Federal Credit Union ISAOA, ATIMA c/o Central Loan Administration and Reporting P.O. Box 77404 Ewing, New Jersey 08628 Mortgagee Clause for title: Quorum Federal Credit Union, ISAOA ATIMA, 2500 Westchester Avenue, Suite 411, Purchase, NY 10577
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Lock policies & Fees
Lock Policies
Our HELOC's are variable rate loans. We do not lock them. Our HELOC are based on Prime. As Prime moves up/down, so will the borrower's rate and payment. The Margin is a stagnant number that is secured on the date of submission via the current rate matrix.
Our HELOC's are variable rate loans. We do not lock them. Our HELOC are based on Prime. As Prime moves up/down, so will the borrower's rate and payment. The Margin is a stagnant number that is secured on the date of submission via the current rate matrix.
Lender's niche & Overlays
You can earn up to 2% Borrower Paid Compensation- BASED ON THE LINE AMOUNT- NO INITIAL DRAW REQUIRED!! No EPO. No Pre-Payment Penalties, No Annual Fees. No Draw Restrictions. No Claw-Backs. All good stuff!
We offer multiple HELOC products: 2nd Lien HELOCS, 1st Lien HELOCS, Investment Property HELOCS, Bridge Loan HELOCS, and Renovation HELOCS. 10 Year, 15 Year, and 20 Year Fixed Rate Seconds. Bank Statement HELOCS for Self-Employed borrowers. Investment Property 1st Lien HELOC Bank Statement.
Renovation HELOC:
- LTV based on ARV - up to 90% CLTV
- ARV up to 125% of current value
- Borrower is in charge of fund disbursement to the contractor
- Line amount up to $750,000
- Perfect for ADU’s
- We allow for Self-Employed borrowers! BANK STATEMENTS ALLOWED TO 65% CLTV!!
- We allow for both Simultaneous close and Standalone transactions.
- Below are snapshots of our pricing matrix found on pages 8-10 of the attached guidelines.
We also have program guidelines for:
- Non-Owner Occupied/Investment Loans - up to 80%
- Bridge Loan HELOC’s - up to 80%
- 1st Lien Position HELOC’s (Bank Statements allowed!!) if you run into those scenarios.- up to 90% LTV, 45% DTI, No MI! Allows for line amount up to $750K with 65% LTV
BK/Forclosure/Pre-Forclosure/Modification/Deferment/Forbearance overlay- Quorum follows Fannie Mae guidelines for qualifying however, the following overlays would apply if the event occurred is within the last 3 years:
Max DTI: 34/38%
Max CLTV: 80%
FICO: 700
MAX Loan Amount: $150K
Minimum Reserves: 12 Months
Exception may be granted on a case-by-case basis.
Lender turn time
2
2
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