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