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Quorum Federal Credit Union
Quorum Federal Credit Union

Quorum Federal Credit Union

2500 Westchester Avenue, Ste 113, Purchase, NY 10577

https://partners.quorumfcu.org/

Internal Reviews

(1 review)

Total loans closed with Loan Factory
12

Total loans closed with Loan Factory (past 12 months)
2

Lender overview

Basic information

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Hazard Insurance Mortgagee Clause Quorum Federal Credit Union ISAOA, ATIMA c/o Central Loan Administration and Reporting P.O. Box 202028 Florence, South Carolina 29502-2028 Fax: (843) 413-7133 Private Mortgage Insurance Mortgagee Clause Quorum Federal Credit Union ISAOA, ATIMA c/o Central Loan Administration and Reporting P.O. Box 77404 Ewing, New Jersey 08628 Mortgagee Clause for title: Quorum Federal Credit Union, ISAOA ATIMA, 2500 Westchester Avenue, Suite 411, Purchase, NY 10577

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Lock policies & Fees

Lock Policies

Our HELOC's are variable rate loans. We do not lock them. Our HELOC are based on Prime. As Prime moves up/down, so will the borrower's rate and payment. The Margin is a stagnant number that is secured on the date of submission via the current rate matrix.

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Lender's niche & Overlays

You can earn up to 4% Borrower Paid Compensation- BASED ON THE LINE AMOUNT- NO INITIAL DRAW REQUIRED!! No EPO. No Pre-Payment Penalties, No Annual Fees. No Draw Restrictions. No Claw-Backs. All good stuff!

We offer multiple HELOC products: 2nd Lien HELOCS, 1st Lien HELOCS, Investment Property HELOCS, Bridge Loan HELOCS, and Renovation HELOCS. 10 Year, 15 Year, and 20 Year Fixed Rate Seconds. Bank Statement HELOCS for Self-Employed borrowers. Investment Property 1st Lien HELOC Bank Statement.


·         95% CLTV up to $500K!

·         Borrower Paid Comp up to 4% BASED ON THE LINE AMOUNT! NO DRAW REQUIRED!

·         No Early Termination/No Pre-Pay. No Annual Fee.

·         HELOCS up to $750,000.

·         2nd Lien HELOC- AVM to $400,000.

·         Renovation HELOCS- 125% ARV- up to 95% of ARV.

·         Investment Property HELOC’s!!- 1st Lien Position Bank Statement available

·         1st / 2nd Lien position HELOC’s-BANK STATEMENTS FOR SELF-EMPLOYED- 65% to $750K!!

·         Bridge Loan HELOC Available- 1st Lien position.

·         Second homes to 90% CLTV- up to $500K!!

·         10 Year, 15 Year, 20 Year Fixed Rate/Closed End 2nd Mortgages

·         Credit scores as low as 640 allowed to certain CLTV. 

·         Self-Employed borrowers allowed. 

·         Broker Portal for Uploading/Viewing/Milestones

·         Standalone Transactions Allowed! - We Even provide the Closing Services!!

·         100% of Retirement accounts allowed for post-closing reserves.

·         HELOC EXPRESS = 1 Paystub, 1 W2, AVM to $350K, No Assets. WHY NOT???

·         No margin adjustments for CA Properties!

·         $500K Standalone to 95% CLTV- NO DRAW REQUIRED!!! NO ANNUAL FEE!!

·         LAND LOAN???? Yes, we offer them.

Renovation HELOC:

  • LTV based on ARV - up to 95% CLTV
  • ARV up to 125% of current value
  • Borrower is in charge of fund disbursement to the contractor
  • Line amount up to $750,000
  • Perfect for ADU’s
  • We allow for both Simultaneous close and Standalone transactions.
  • Below are snapshots of our pricing matrix found on pages 8-10 of the attached guidelines.


  • We qualify with Prime + Margin, 20 year P&I payment.
  • Debt Ratios allowed are 43%/45% with 720 credit scores (38%/43% if credit scores < 720).
  • Quorum pulls credit on every file. We use our credit report and scores.
  • We are a credit union that requires membership. Quorum takes care of the cost and completion of the membership application for the borrowers. They will need to sign (e-sign allowed).
  • Asset Verification may be required on some based on product matrix. Asset reserves must be from the borrower’s own personal funds. 100% of retirement accounts allowable.
  • Cash reserves requirements are based on lien sizes. Refer for FNMA guides for asset verification calculations for other financed properties.


    • LAND LOANS

    Quorum’s land loan is for residential purposes only with a max acreage of 20. We do not allow AG zoning, Commercial zoning, or Recreational zoning. It must be zoned for Residential 1-4 units. Quorum’s Land Loan is a 10-year Fixed Rate. Our current guidelines reflect that we allow for an LTV up to 80% with a max loan amount of $500,000. We will consider a higher loan amount with a lower CLTV. We would need to run the scenario by our Chief Lending Officer to see if the loan amount and LTV will be allowable.

    BK/Forclosure/Pre-Forclosure/Modification/Deferment/Forbearance overlay- Quorum follows Fannie Mae guidelines for qualifying however, the following overlays would apply if the event occurred is within the last 3 years:
    Max DTI: 34/38%
    Max CLTV: 80%
    FICO: 700
    MAX Loan Amount: $150K
    Minimum Reserves: 12 Months
    Exception may be granted on a case-by-case basis.

    Quorum’s land loan is for residential purposes only with a max acreage of 20. We do not allow AG zoning, Commercial zoning, or Recreational zoning. It must be zoned for Residential 1-4 units.


    Lender turn time

    2

    2

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    Review - Quorum Federal Credit Union

    5.0

    1 Google Reviews

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