WHOLESALE RATE SHEET 12/16/2014 8:00 a.m. Borrower Paid Pricing $20,000 to $5,000,000 1-4 Units PORTFOLIO ARMS - REG Z COVERED LOANS HL-LA-03/ 3 Year Fixed HL-LA-05/ 5 Year Fixed Owner Occupied, A+ Credit HL-LA-07/ 7 Year Fixed Owner Occupied, A+ Credit 4.000 (1.750) 4.250 (2.000) 5.125 (2.000) 3.875 3.750 3.625 3.500 3.375 3.250 3.125 3.000 2.875 2.750 (1.625) (1.500) (1.375) (1.250) (1.125) (1.000) (0.750) (0.500) (0.250) 0.000 4.125 4.000 3.875 3.750 3.625 3.500 3.375 3.250 3.125 3.000 (1.750) (1.625) (1.500) (1.375) (1.250) (1.125) (1.000) (0.660) (0.330) 0.000 5.000 4.875 4.750 4.625 4.500 4.375 4.250 4.125 4.000 3.875 (1.875) (1.750) (1.625) (1.500) (1.375) (1.250) (1.125) (1.000) (0.500) 0.000 Caps: 2/2/6 Caps: 2/2/6 Caps: 2/2/6 Margin: 2.500 Margin: Notes: Owner Occupied, A+ Credit 2.500 Reg Z Covered Loans must meet Ability to Repay criteria. Prepayment Penalty: None See Underwriting Matrix for FICO and LTV guideines Borrower Paid Compensation: Max 1.50% inc. processing fee Premium Pricing: May not use to pay broker compensation Lender Paid Compensation : May not use for third party closing costs. Higher Priced Mortgages: If loans meets HPML, call Interest-only: See Underwriting Matrix for qualifying Lock Period: 60 days at submission. 120 days for .50% fee Minimum Rate: Start rate less 1.50%-never less than the margin. 0.598% 1 Year LIBOR Index: Margin: 2.500 Available in Counties of: Alameda, Contra Costa, Los Angeles, Marin, Napa, Orange, Riverside, San Bernardino, San Diego, San Francisco, San Mateo, Santa Barbara, Santa Clara, Sonoma, Ventura Adjustments and Fees PORTFOLIO ARMS - REG Z COVERED LOANS Adjustments: Rate Purchase Special (0.250) Cash out Refi $500,000 or less No Interest-Only Cash out Refi > $500,000 No Interest-Only Interest Only (3 and 5 Year only) See Underwriting Matrix for details Max 75% LTV / CLTV 40 Year Term - No Int Only See Underwriting Matrix for Details A Credit: See Matrix max Ln. amt $2,500,000 Departing Residence - Existing residence retained -75% CLTV See Underwriting Matrix Purchase O/O 80% to $750k Purchase O/O 80% to $1.5 million LTV Margin Fees and Adjustments: (Base 75%) • Borrower may request escrow/impound account 0.125 -5% 0.125 -10% Funding Fee $595; Flood Determination $7; Flood Monitoring $4; Tax Service Fee $65 for 30 Year loans to $1.9M or $93 for 40 Year loans to $1.9M (Call for fee on loans over $1.9M) • Corporations, Partnerships, LLC’s - $250 per entity upfront check required for Legal Review 0.125 • Business Credit Reports $60.00 per business owned 0.250 • There is no loan document fee. A $150.00 document redraw fee applies if documents are redrawn. 0.250 0.250 -5% * Purchase Special also applies to Delayed Purchase transactions. See the Underwriting Matrix for requirements. . Appraisals required before underwriting Reg Z and Non Reg Z Refinance loans. ***New loan files submitted after 3 PM will be processed as being received the following business day. 0.250 Non-Owner Occupied cash-out loans are priced using your lender comp with LBS. 5% 0.125 Non-Owner Occupied maximum cash out amount is $300,000. 5% Business Entities (No add for Trusts) >$3MM O/O only No Interest-Only Cross Collateral Loan Second Home (No Int Only) High Rise Condos 5+ 0.125 0.125 0.125 0.125 Non-owner occupied delayed purch 1.250 Non-owner occupied cash-out 1.750 CLTV 76-90% O/O only Max Ln Amt $1.5 mil See U/W Matrix for guidelines 0.125 Non-Owner Occupied loans may qualify for 3 and 5 year fixed rate products only. -5% Interest Rate Caps are 2 / 2 / 6.25 for the Non-Owner Occupied 3 Year ARM Program. -5% -5% -10% Interest Rate Caps are 3 / 2 / 6.25 for the Non-Owner Occupied 5 Year ARM Program. 0.500 -5% Loan-to-value adjustments are cumulative. 0.500 -10% 0.250 0.125 0.125 PORTFOLIO ARMS - NON OWNER OCCUPIED - NON REG Z COVERED LOANS HL-LA-03 HL-LA-05 A+ Credit 4.750 4.625 4.500 4.375 4.250 Notes: A+ Credit 4.875 4.750 4.625 4.500 4.375 (1.000) (0.750) (0.500) (0.250) 0.000 Prepayment Penalty: A hard prepayment penalty is in effect for the first 18 months of the loan on all Non-Owner Occupied loans. Borrower may pay 20% of the original balance without a penalty. Penalty is six months interest on 80% of the original loan. Max Compensation : 2% including rebate plus maximum $1000. processing, plus third party costs Interest Only - Not available (1.000) (0.750) (0.500) (0.250) 0.000 Lock Period: Locked at submission 60 days for Refi; 60 days for Purchase Minimum Rate: Start Rate less .50% rounded to nearest .125% - never less than the margin. Maximum Loan Amount: $2,500,000 0.598% 1 Year LIBOR Index: Caps: 2/2/6.250 Margin: 3.000 Caps: 3/2/6.250 Margin: 3.000 Available in Counties of: Alameda, Contra Costa, Los Angeles, Marin, Napa, Orange, Riverside, San Bernardino, San Diego, San Francisco, San Mateo, Santa Barbara, Santa Clara, Sonoma, Ventura Adjustments and Fees PORTFOLIO ARMS - NON OWNER OCCUPIED - NON REG Z COVERED LOANS Adjustments: Purchase Special Rate Margin LTV (Base 70%) Appraisals required before underwriting Reg Z and Non Reg Z Refinance Loans • Funding Fee $595; Flood Determination $7; Flood Monitoring $4; (0.375) -5% Cross Collateral Loan 0.250 A Credit 0.250 0.250 Business Entities (No add for trusts) 0.125 0.125 • Purchase Special also applies to Delayed Purchase. See the Underwriting Matrix for other details. • No high rise condos. -5% **Business Credit Reports - $60 per business owned. • There is no loan document fee. A $150 document redraw fee applies if documents are redrawn. Refinance LTV reduction not required on cross collateral loan FOR APPROVED MORTGAGE BROKERS ONLY. NOT INTENDED FOR USE BY GENERAL PUBLIC. APR'S ARE NOT QUOTED. RATES, FEES AND TERMS ARE SUBJECT TO CHANGE WITHOUT NOTICE. LOAN SUBMISSIONS MUST HAVE HARD FILE SENT TO: EMAIL FOR CONDITIONS [email protected] Luther Burbank Savings 1500 Rosecrans Avenue, Suite 320 Manhattan Beach, Ca. 90266 Loan Amount/LTV Minimum Loan Amount: $20,000 Maximum Loan Amount: A+ Credit Owner Occupied is $5,000,000. A+ credit history must have a minimum of five satisfactory credit trades. A minimum of five trade lines must have been established over three years ago. A Credit Loans and Investment Property loans is $2,500,000. Purchase If the seller purchased the property within 12 months, the LTV will be calculated using the lesser of the seller’s acquisition cost or current appraised value. Refinance: LTV will be calculated on properties purchased within 12 months by using the lesser of purchase price or current appraised value. If property was acquired as REO from a lender or servicer, or through a short-sale, within 24 months, the LTV will be based on the lower of acquisition cost or current appraised value. Loan Amount $750,000 $1.50MM $2.50MM $3.0MM $5.0MM Purchase Owner Occupied Minimum Credit Score Requirements 65% LTV 70% LTV 75% LTV 660 660 680 660 660 680 660 660 680 680 680 680 680 720 N/A 80% LTV 700 740 N/A N/A N/A Max CLTV: 80.01%-90% Primary Residence up to $1,500,000 Loan Amount $750,000 $1.50MM $2.50MM $3.0MM $5.0MM Refinance Owner Occupied Minimum Credit Score Requirements 65% LTV 70% LTV 75% LTV 660 660 680 660 660 680 660 660 680 680 680 680 680 720 N/A 80% LTV N/A N/A N/A N/A N/A Cash-out Refinance: ≤ $500,000 -Reduce LTV/CLTV by 5% > $500,000 -Reduce LTV/CLTV by 10% Loan Amount $750,000 $2.0MM $2.50MM $3.0MM $5.0MM Non-Owner 40 Year Mortgage Purchase Minimum Credit Score Requirements 65% LTV 70% LTV 75% LTV 660 660 680 680 680 700 680 700 720 700 720 740 720 740 N/A N/A N/A N/A 80% LTV N/A N/A N/A N/A N/A N/A Max CLTV: 80% Wholesale Rate Sheet Page 2 12/16/2014 Loan Amount/LTV continued Loan Amount $750,000 $2.0MM $2.50MM $3.0MM $5.0MM Non-Owner 40 Year Mortgage Refinance Minimum Credit Score Requirements 65% LTV 70% LTV 75% LTV 660 660 680 660 680 700 680 700 720 700 720 740 720 740 N/A N/A N/A N/A 80% LTV N/A N/A N/A N/A N/A N/A Cash-out Refinance: ≤ $500,000 -Reduce LTV/CLTV by 5% > $500,000 -Reduce LTV/CLTV by 10% 1. Max CLTV 80.01% - 90% up to $1.50MM a. Primary Residence only b. Purchase only c. Interest only option not available d. 30 year maximum amortization, e. Departing residence may not be retained by borrower. 2. Max CLTV = LTV for all other occupancies 3. Departing Residence with existing residence retained: CLTV limited to 75% 4. Interest-only allowed on Primary Residence only. Max loan amount: $3.00MM. Minimum Credit Score 700. Max LTV/CLTV = 75% (3 year and 5 year ARM product only) 5. 40 year amortization term allowed on Primary Residence only. Interest-only not allowed. 6. No Condominiums allowed on 40 Year Mortgage Programs. 7. High Rise Condo allowed for Primary Residence only. Reduce LTV by 10%. Maximum Amortization 30 years. 8. Second Home reduce LTV by 5% 9. Cross Collateral loan reduce LTV by 5% 10. No subordinate financing allowed on Cash-out Refinance transactions. Loan Amount Non-Owner Occupied Minimum Credit Score Requirements 55% LTV 60% LTV 65% LTV 70% LTV 680 680 680 N/A Purchase / Rate and Term Refinance $2.50MM 660 680 CLTV: Not Allowed Cash Out Refinance $2.50MM 660 680 Cash-out Maximum is $300,000 CLTV: Not Allowed Luther Burbank Savings does not make any loans, which are defined, as “high-cost” under Section 32 or any State or locally governed legislation. Luther Burbank Savings reserves the right to amend the requirements set out in this document without providing prior notice. All loans must meet Program Guidelines and Luther Burbank Savings Portfolio Underwriting guidelines. For approved mortgage brokers only. Not intended for use by general public. Wholesale Rate Sheet Page 3 12/16/2014
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