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
17,923
Total loans closed with Loan Factory (past 12 months)
14,516
Lender overview
Basic information
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.
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.
Lender's niche & Overlays
We offer Borrower Paid Compensation up to 2% based on the line amount. NO DRAW REQUIRED! 2nd Lien HELOC's, Investment Property HELOC's, 1st Lien HELOC- (Bank Statements allowed for self-employed!), Bridge Loan HELOC's.
2nd Lien HELOC's- Allows for a 90% CLTV. Allow For line amounts up to $500K, Allows for credit scores to 660. Allows for DTI up to 45%. No Annual Fees, No Early Termination Fee, No Pre-Payment Penalties. Self-Employed allowed.
Investment Property HELOC's- Allows up to 80% CLTV with line amount up to $250K. Allows for 3-4 units.
1st Lien HELOC- BANK STATEMENTS ALLOWED FOR SELF-EMPLOYED. Allows for LTV's up to 90%. Allows for line amount up to $750K with 65% LTV.
Bridge Loan HELOC- Up to 80% LTV. 1st Lien position. No upfront points. Allows for properties currently listed. We do not include future purchase in DTI calculations.
Lender turn time
2
2
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Review - Quorum Federal Credit Union
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