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