HomeBridge is updating the Simple Access program to include a 10/1 ARM, 10/1 ARM interest-only, and 15 year fixed rate product in addition to the 5/1, 5/1 IO, 7/1, 7/1 IO and 30 year fixed rate currently offered.
The new products are available on all of the Simple Access program options; Full Doc, Bank Statement, and Investor Cash Flow.
Additionally, the following changes have been made for loans submitted on or after September 13th:
- The 7/1 ARM caps will be 2/2/5 (previously 5/2/5)
Important Note: Brokers must use the new 7/1 ARM and 7/1 ARM IO Disclosure with the new 2/2/5 caps for any 7/1 ARM loan submitted on or after September 13th
- The margins for the Full Doc and Bank Statement options will change to:
- Full Doc: 3.500 (previously 3.75)
- Bank Statement: 4.125 (previously 3.75)
The Simple Access guidelines have been updated with this information.
The 7/1 ARM and 7/1 ARM Interest-Only Disclosure has been updated to reflect the cap change and a 10/1 and 10/1 Interest-only ARM Disclosure have been added to the HomeBridge website at www.HomeBridgeWholesale.com under “Simple Access Specific” on the forms page.
The new products are eligible for new submissions and loans currently in the pipeline. Pricing is available on the HomeBridge rate sheet today.
If you have any questions, please contact your Account Executive.