Homebridge will begin offering a prepayment penalty option, with a pricing improvement, on the Investor Cash Flow (ICF) option of Simple Access. This new option will be available for ICF loans currently in the pipeline and ICF loans submitted on or after March 10, 2020.
The following applies to the prepayment penalty option:
- Eligible on the Investor Cash Flow option of Simple Access only
- Only eligible for properties located in one of the states listed below:
- New York, and
- A 1 year, 2 year, and 3 year prepay is available
- The prepayment penalty applies when:
- There is a full prepayment, or
- Any payment within the preceding 12 months exceeds 20% of the original principal loan amount
- The prepayment charge will equal 2.5% of the amount of the prepayment that exceeds 20% of the original principal loan amount
- LLPAs are determined by the length of the prepayment period:
- 12 Months: 2500
- 24 Months: 5000
- 36 Months: 2500
Broker/Emerging Banker Requirements in P.A.T.H.
PATH will default to “No Prepayment