20 January 2012
Annoucement: Appraisal Board Fee Schedule 2012
On February 1, 2012, Primary Capital's new Appraisal Board Fee Schedule will go into effect. Click HERE to view the Fee Schedule.
Please note, PCM retains none of these fees and is required to comply with the median fees in a geographical area, per Dodd Frank below...
Section 42(f)(1) Requirement to Provide Customary and Reasonable Compensation to Fee Appraisers.
Section 226.42(f)(1) requires that, in any covered transaction (defined in ยง 226.42(b)(1)), the creditor and its agents must compensate a fee appraiser for performing appraisal services at a rate that is customary and reasonable for comparable appraisal services performed in the geographic market of the property being appraised.
18 January 2012
Annoucement: DU Refi Plus
Please review the new pricing adjustments and appraisal waiver fee listed below for the DU Refi Plus program.
NEW PRICING ADJUSTMENTS:
- NOO & Second Home allowed with FICO of 680 & above
- 20 Year & below cap is 0.000 as long as LTV is over 80.00
- Owner Occupied: Cap is 0.50 for LTV over 80.00
- Owner Occupied: Cap is 1.75 for LTV below 80.00
- NOO & Second Home cap is 1.75 for all LTV's
THESE 2 ADJUSTMENTS ARE NOT COUNTED IN CAP:
- FICO 620-679 0.250
- FICO 680-739 0.125
NOTE: If DU states an appraisal is not required, then PCM will not require an appraisal. The agency pass through charge for the Appraisal Waiver fee is $75.00, which will need to be collected at time of closing.
5 January 2012
Annoucement: Update to Float Down policy
We've made a slight change to our FLOAT DOWN policy. The lock policy guide has been updated to include the following language:
Float Downs must be executed before the final 5 days of lock expiration.
[Note: This policy has always required that the Float Down be executed prior to the last 5 days before closing. Therefore, this change will only affect loans that are not locked for the proper time frame up front].
FLOAT DOWN GUIDELINES:
- Based on 30 day pricing
- Eligible on purchase transactions ONLY
- Must be executed within 30 days of closing and cannot be within the last 5 days before closing
- Premium cannot increase from initial lock
- Must lower interest rate by at least 0.125%
- Expiration date will not change from initial loan unless initial expiration is over 30 days from day of float down
Please contact your PCM Account Executive with questions.
27 September 2011
Annoucement: Float Down Adjustment
As you've probably heard by now, we have revamped our program guidelines to make improvements across the board. While analyzing our products and comparing ourselves to the rest of the market, we've discovered a necessary modification to our popular Float Down policy. Don't worry...no changes will be made on the Float Down loan eligibility or pricing. However, the expiration date will be adjusted.
Effective October 1, 2011, the expiration date on the Float Down will stay the same as the expiration date on the original lock. The only exception will be on loans that have an expiration date that is more than 30 days away, and in that case, the new expiration will be 30 days from the day the Float Down is executed.
FLOAT DOWN GUIDELINES:
1. Based on 30 day pricing
2. Eligible on purchase transactions ONLY
3. Must be executed within 30 days of closing and cannot be within last 5 days before closing
4. Premium cannot increase from initial lock
5. Must lower interest rate by at least 0.125%
6. Expiration date will not change from initial lock unless initial expiration is over 30 days from day of float down
Please contact your PCM Account Executive with questions.
30 August 2011
Fee Change: Effective 1 September 2011
Effective on all loans locked 9/1/2011 and after, the Primary Capital Admin Fee will be changed to $870.00 on Broker transactions and $770.00 on Tier 1 Correspondent transactions. The Tier 2 Correspondent and Tier 3 Correspondent Admin Fee will not be changed.
Please contact your PCM Account Executive with questions.