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News Bulletin: Northpointe Bank Rolls Out New Loan Products

Federal Housing Administration (FHA), Veteran’s Affairs (VA) and United States Department of Agriculture (USDA/RD) loan products are now eligible for purchase via Best Efforts and Mandatory Delivery for approved Northpointe Bank clients. These program additions will help Northpointe support their client’s product and liquidity needs while continuing to deliver competitive execution and a high touch, efficient operational experience. 

Frequently Asked Questions

1What are the highlights of Northpointe's Agency Conforming Program?
  • Maximum LTVs up to 97%, available for first-time homebuyers or certain refinance loans with eligible Desktop Underwriter® findings
  • Maximum LTVs up to 95%, available for loans underwritten with Desktop Underwriter® or Loan Prospector®
  • Fixed-rate 30-, 20-, 15-, 10-year with flexible terms by month
  • Primary residence, second home & investment property types, including between 5-10 multiple financed properties
  • Attached, detached and site condominium property types
  • No minimum credit score with approve or accept findings
  • No maximum debt-to-income ratio with approve or accept findings
  • Most recent one year transcripts required on all loans
  • Increased price premiums for higher coupon note rates
2What are the highlights of Northpointe's Conforming High Balance Program?
  • Primary residence & second loan home properties
  • Single Family, Modular & PUD property types (manufactured home properties ineligible)
  • Maximum LTV/CLTV: 90%
  • No minimum credit score with approve or accept findings
  • No maximum debt-to-income ratio with approve or accept findings
  • Full appraisal required
  • Most recent one year transcripts required on all loans

Northpointe Bank’s High Balance program will follow Fannie Mae’s guideline changes effective with the December 12, 2015 Desktop Underwriter® update v9.3
3What are the highlights of Northpointe's FHA loan product?
  • DTI based on approve (DU) or accept (LP) automated underwriting findings
  • Manual underwrite is allowed (Min FICO of 640 required)
  • Credit scores down to 620 permitted
  • Credit qualifying and non-credit qualifying streamline refinances permitted
  • Streamlined refinances without an appraisal acceptable

Products Offered:
15 Year Fixed
30 Year Fixed
4What are the highlights of Northpointe's VA loan product?
  • VA Conforming High Balance allowable to $1.5MM
  • Cash out refinances acceptable to 100% LTV
  • No appraisal required on Interest Rate Reduction Loans (IRRRLs)
  • Credit scores down to 620 permitted
  • 60% DTI maximum allowed
  • Manual underwrite is allowed

Products Offered:
15 Year Fixed
30 Year Fixed
15 Year Fixed High Balance
30 Year Fixed High Balance
5What are the highlights of Northpointe's USDA RD loan product?
  • Credit scores down to 620 permitted
  • Manual underwrite is allowed
  • USDA/RD streamline refinance program eligible

Product Offered: 30 Year Fixed
6What types will condominium properties will Northpointe purchase?
In addition to GSE-eligible condominium properties, Northpointe Bank purchases non-warrantable condominium property types including:

  • New and existing condo projects with less than 50% of the units conveyed to primary residence or second home
  • All common elements, including common elements owned by the master association, do not need to be completed and may be subject to additional phasing or additions
  • Projects with commercial and/or retail mix up to 50%
7Which condominium loans can be categorized as "Non-Warrantable"?
  • Loan amounts up to $650,000
  • Loan-to-value ratios up to 85%, LTVs greater than 80% require mortgage insurance
  • Fixed-term Adjustable Rate Mortgages: 3/1, 5/1, 7/1 and 10/1 ARMs
  • Purchase & rate/term refinances
  • Attached & detached, primary residences (1-to-4-units) & second homes (1-unit)
  • Minimum credit score of 720, maximum debt-to-income ratio of 43% and minimum payment reserves of six(6) months
  • Single investor concentration not to exceed 40% of units sold or conveyed
  • Northpointe Bank prior approval underwriting required
  • Best effort and mandatory delivery accepted
8What other loan programs does Northpointe offer?
Negotiated product options can be tailored for client partners, such as renovation lending and Northpointe's Express Funding program.
9Can I underwrite my own loans?
Approved correspondent clients receive delegated underwriting authority.
10What are my delivery options?
Choose between best effort and mandatory, single loan or bulk.

About Our Partnership

CMC provides exclusive offerings and value-added services to mortgage lenders nationwide. Therefore, we work together with Northpointe Bank to bring tangible benefits to CMC’s cooperative membership. Our alliance with Northpointe supports CMC’s ongoing commitment to continue partnering with highly-respected investors.

 

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Have questions? Contact us for more details and information about your Patron-exclusive incentive.

Terri Pope

Vice President > Investor Relations


tpope@capmkts.org
T: 904.373.3286     M: 904.293.9826