| Broker Approval Application |
Complete the Broker
Application Package |
| Pricing & Eligibility |
Use TITAN to obtain pricing and eligible programs for your loan scenario |
| Minimum Submission Requirement |
- Credit Report
- Signed Borrowers Authorization
- Completed 1003/1008 signed by borrower(s) and loan officer/originator
- Disclosures (GFE/ RESPA / TIL / state specific disclosures
- MCAW/92900A (if FHA loan)
- Any and all additional documentation to ensure that we are reviewing a complete file is STRONGLY encouraged
- All above documents must be submitted electronically to TITAN or faxed using a special fax cover sheet generated by TITAN
|
| Submission Confirmations |
You will receive a notification within TITAN and your Account Executive can confirm receipt of your submission. |
| Licensing |
Both the broker and Atlantic Coast Mortgage Group must be licensed or exempt from licensure in the state where the subject property is located. |
| Underwriting Disposition |
You may track your loan file through the underwriting process in "true time" in TITAN. |
| Underwriting Conditions |
- All conditions must be submitted electronically to TITAN or faxed using a special fax cover sheet generated by TITAN.
- To expedite the review of your file, please send all conditions at the same time.
- Conditions review turn-time is 24-48 hours.
|
| Lock your Rate |
- All rate lock requests must be made in TITAN.
- Once the rate lock is accepted, you will receive an e-mail confirmation.
|
| Lock Extension |
- Add .25 to rate for each 7 day extension (14 day max)
|
| Total net earned by Broker on 1st Mtg |
- Total net earned by Broker on any transaction can not exceed the lesser of 4% or any state specific limitation (including rebate plus any fees due Broker minus any closing costs paid by Broker)
|
| Document Re-Draw |
Document Re-Draw fee is $195.00/loan |
| Prior to funding conditions |
All "prior to funding" conditions must be cleared 48 hours prior to closing |
| Hazard Insurance |
- Evidence of Insurance must be signed by Agent
- Minimum hazard insured amount is greater than 80% of the full replacement of or 100% of all mortgages
- Maximum hazard deductible is the lesser of $1,000.00 or 5% of the policy coverage amount for LTVs greater than 80%. For LTVs 80% or less, a deductible up to 5% of the policy coverage amount is permitted.
- Maximum windstorm or hail deductible is the lesser of $2,000.00 or 2% of the coverage amount. For all other covered losses, the maximum deductible is the greater of $1,000.00 or 1% of the policy's limit.
|
| Mortgage Clause (Hazard & Flood) |
- Atlantic Coast Mortgage Group, Inc, its Successors and/or Assigns
790 E. Broward Blvd. - Suite 302
Fort Lauderdale, FL 33301
|
| Flood Insurance |
- Submit declaration page of policy and proof of payment. If premiums are to be paid through closing, evidence of a binder along with the invoice are required (binders should be for no less than 60 days)
|
