Updates to the Simple Access Program

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