October 3, 2017

REMN Wholesale is pleased to offer a Home Equity Line of Credit (HELOC) second lien available through TCF Bank.  TCF HELOCs are originated and fund in TCF Banks name.  They are eligible for Broker originations when using REMN Wholesale’s first mortgage loans.

Highlights include:

  • One loan application for first mortgage to be submitted to REMN Wholesale
    • REMN submits the HELOC loan to TCF for origination, underwriting approval and clear to close
    • REMN coordinates with the settlement agent and TCF to request the TCF closing documents for the HELOC when the closing for the first mortgage is scheduled
    • TCF generates closing documents and submits to the settlement agent for simultaneous closing
    • TCF closing documents are valid for seven (7) calendar days
    • All communication with TCF is handled by REMN, broker will not have direct communication with TCF
  • Eligible for Purchase, Rate/Term Refinance and Cash-Out Refinance
  • Primary Residence, SFR, PUD, Condo, 2 unit:
    • Max CLTV 89.99% for HELOCs $5,000 to $350,000
    • Max CLTV 85.00% for HELOCs > $350,000 to $500,000
    • Max combined liens to $1.5M with 730 fico
    • Max combined liens to $750,000 with 700 fico
  • Second Home, single family only:
    • Max CLTV 85.00% for HELOCs $5,000 to $250,000
    • Max combined liens to $1.275M with 730 fico
  • 30 year term
    • 10 year draw period with I/O payments
    • 20 year repayment period
  • Rate uses current prime rate, plus margin from 0.99% to 1.99%
  • Qualifying payment:
    • Fully amortizing payment using rate of Prime + margin, PLUS
    • Payment shock qualifying payment of total line times 0.0018
  • Approvals and pricing are good for 30 days from the date of TCF approval
  • Max TCF DTI Ratios of 38.00% / 45.00% (No exceptions on either ratio)
  • No Foreclosure, deed-in-lieu, short sale or “real estate account paid for less than full balance” within the last five (5) years.
  • No bankruptcy filing within the last eight (8) years
  • TCF uses same appraisal as first mortgage, subject to a TCF desk review
  • Single title commitment allowed up to HELOC line amount up to $250,000
  • Borrower pays TCF loan origination charge of $295 and third party settlement charges;
    • Origination fee is charged against the line, and a net wire is sent to closing
    • Annual maintenance fee of $75 is collected with the first statement
  • Use the tri-merge mid score from the primary wage earner
  • Not eligible for Emerging Banker loan submissions
  • Eligible in all states except: AK, HI, LA, MS, OK, TX, WV

For additional information, please contact your Account Executive.