Quorum Federal Credit Union

Address: 2500 Westchester Avenue, Ste 113, Purchase, NY 10577

https://partners.quorumfcu.org/

Internal Reviews

(1 review)

Total loans closed with Loan Factory
3

Total loans closed with Loan Factory (past 12 months)
0

Lender overview

Basic information

QM Program

HELOC

Loss Payee

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

CPL or Subordinate Clause

N/A

Lock policies & Fees

Lock Policies

Lock extension

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.

Relock

N/A

Lock & Shop

Lender's niche & Overlays

Lender's Niche

You can earn up to 2% 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.

Renovation HELOC:

LTV based on ARV - up to 90% 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 Self-Employed borrowers! BANK STATEMENTS ALLOWED TO 65% CLTV!!
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 also have program guidelines for:

Non-Owner Occupied/Investment Loans - up to 80%
Bridge Loan HELOC’s - up to 80%
1st Lien Position HELOC’s (Bank Statements allowed!!) if you run into those scenarios.- up to 90% LTV, 45% DTI, No MI! Allows for line amount up to $750K with 65% LTV

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.

Lender's overlays

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.

Lender turn time

Initial underwrite (days)

CTC conditions review (days)

Initial CD (days)

N/A

Review - Quorum Federal Credit Union

5.0

1 Google Reviews

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