Wholesale Mortgage Division 1 Wholesale Mortgage Division

Wholesale Mortgage Division

U.S. Bank Wholesale Mortgage Division

A Non-Agency Portfolio Lender

For internal use only and not intended as advertising to any borrower, as defined in Regulation Z. This information is provided to assist Real Estate Brokers and is not a consumer credit advertisement as defined by Regulation Z.


2

Introduction

U.S. Bank is the fifth largest commercial bank in the United States

Assets over $281 billion17.2 million customers 3,015 retail branches54,000 employeesNYSE symbol - USB



3

Overview U.S. Bank Wholesale Mortgage Division is the

wholesale / non-conforming arm of U.S. Bank Loans are all manually underwritten A stable funding source for loans that are held

and serviced in our portfolio A U.S. Bank Account Executive will be assigned

to each mortgage company for training and service



4

Non-Agency Program Highlights Programs available for purchase, refinance and cash-out All loans, first and second position, are non-conforming 90% refinance and purchase* Loan amounts to $1.5 million Simplified pricing structure Home Equity Lines of Credit to 85% Loan to Value* Yield Spread Premium available FICO scores as low as 650 No mortgage insurance at any Loan to Value

*(75% in AZ, CA, FL, MI, NV)



5

Rate Sheet and Program Guidelines


6

Submitting A File New applications must include: certified

U.S. Bank submission form, Fannie Mae 1003 and Title Company Customer Request Form (loans only).

An interactive submission packet is available from your Account Executive.

A Credit Decision will be faxed and emailed within a 24 hour Service Level Agreement

Fax: 800-576-9431 or email: [email protected]



7

Sample Submission Packet Sample Submission PacketU.S. Bank Submission Packet includes: U.S. Bank Application Submission Form, Fannie Mae 1003 and Title Company Customer Request Form (loans only)

Interactive forms available on our website. Contact your U.S. BankAccount Executive for a submission packet (unique to each broker code).


8

Sample Submission Packet - 1003Sample Submission Packet - 1003U.S. Bank Submission Packet includes: U.S. Bank Application Submission Form, Fannie Mae 1003 and Title Company Customer Request Form (loans only)

Interactive forms available on our website. Contact your U.S. BankAccount Executive for a submission packet (unique to each broker code).


9

Credit Decision Notification

Identifies all terms and conditions of your file Use as a cover sheet for faxing or Emailing

conditions to our Underwriting department Underwriting Service Level Agreement is

3-5 business days for initial underwriter review



10

Change Acknowledgement FormChange Acknowledgement Form

- Any change to an application in process requires a completed U.S. Bank Change Acknowledgement Form

- Corresponding increases to settlement charges associated with changes must always be provided

- Yield Spread Premium increase only allowed with loan amount increase

- Any changes to fees after initial submission may result in closing delays or Broker credits back to customer


11

Once all Underwriting conditions are cleared, a Final Approval Notice is issued

Call the closing desk to set closing (Closing date, fees, payoffs and title contact required to schedule loan closing)

1pm cut-off time for next day closings800-803-4212, option #3


Closing Desk and Funding


12

Resources Jill Ties U.S. Bank Consumer Finance

West Regional Sales [email protected]

Rick Ruzzi U.S. Bank Consumer Finance East Regional Sales Manager

[email protected]

www.usbank.com/brokerloans User IDwholesale Passcode quality

Wholesale Mortgage Division 1 Wholesale Mortgage Division

Documents

Transcript of Wholesale Mortgage Division 1 Wholesale Mortgage Division