Primary Capital is pleased to announce that effective Monday, July 5th, HVCC appraisal orders will be placed online.

To place the appraisal order:

• Choose the loan in the “My Loans” page of PCM Express
• Under actions, choose “Order an Appraisal”
• Complete the “Appraisal Order Agreement” screen
• Complete the “Appraisal Order” screen

Upon credit card approval and upload of the purchase contract (if applicable), the system will generate a successful order message.

Additionally, an email will be generated and sent to the contact entered at time of loan registration for your records.

A second email will follow with the anticipated delivery date of the appraisal once the appraiser accepts the assignment.

If you have any questions, please contact your Account Executive.

**REMINDER** On all Lock-N-Shop transactions, the property must be provided within 30 days of lock or the lock will be cancelled.

Effective 6/9/2009, any loan not previously locked or submitted will be subject to new DTI requirements. The Maximum DTI on all transactions is 45% regardless of findings. Conventional PCM guides have been updated. All loans currently locked or submitted will be underwritten on previous guidelines.

To support responsible lending practices, Primary Capital will be requiring a BROKER FEE AGREEMENT but obtained at time of loan application for applications taken as of June 12, 2009. This “date of application” will be determined by borrower signature date. State required disclosures or other disclosures currently in use by Primary Capital’s business partners will be accepted as long as:

• The form is signed and dated by the borrower.
• The form is signed and dated by the broker.
• Broker relationship is explained.
• All direct compensation paid by the borrower to the broker is listed as a dollar amount. This may either be a single fee or broken down as separate fees.
• All indirect compensation paid by Primary Capital to the broker is listed as a specific dollar amount.
• The maximum total broker compensation is listed as a specific dollar amount.

If the event that the dollar amount of any compensation increases, a revised disclosure signed by all parties must be received by Primary Capital prior to drawing the closing package.

Please note that this disclosure does not relieve compliance with all federal, state, agency and Primary Capital high cost guidelines.

Click to see the updated BUSINESS PARTNER PROCEDURES, APPRAISAL ORDER FORM, HVCC FEE SCHEDULE and APPRRAISAL DISPUTE REQUEST FORM. (Updated forms can also be found under the “Disclosures/Forms” tab in the HVCC section).

Click HERE to see Primary Capital’s HVCC compliance Policies and Procedures

Click HERE for HVCC Q&A