Product Development Updates
Your Product Development Team is here for you! We want to ensure our sales teams have an advantage, the Guild Advantage, with more products and resources to help you succeed. As we step into 2023, let’s take a look at our happenings for December. Let’s Go!
December Releases
Symmetry Lending HELOC
Guild has enjoyed working with Symmetry on a referral basis for many years, and we’re thrilled to add a new brokered HELOC option. You can broker Symmetry’s HELOC product on a concurrent piggyback, post close piggyback and standalone HELOC transactions.
Benefits
Symmetry’s Concurrent Piggyback HELOC is perfect for Borrowers wanting to avoid jumbo guidelines or mortgage insurance, or who need increased flexibility with their long-term liquidity planning.
Symmetry’s Post-Close Piggyback is the solution for Borrowers who have down payment funds, but want a HELOC for new home furnishings, immediate upgrades or replenish their cash liquidity. When a HELOC is submitted within 120 days of closing the first mortgage, its treated as a piggyback, rather than a standalone transaction, which provides pricing and UW guidelines of a Concurrent Piggyback.
Symmetry’s Stand-Alone HELOC is a great product for cash-out, debt consolidation, and home improvement without the borrower giving up their current low 1st mortgage rate.
Program Highlights
Concurrent and Post Close HELOCs
Purchase and Refinance Options
Primary and Second Homes
Maximum Line Amounts and CLTV | FICO | DTI
Primary Residence
$750,000 | 80% Max CLTV | 680 Min FICO | 45% Max DTI
$500,000 | 89.99% Max CLTV | 680 Min FICO | 45% Max DTI
Second Home
$500,000 | 85% Max CLTV | 700 Min FICO | 43% Max DTI
Standalone HELOCs
Maximum Line Amounts and CLTV | FICO | DTI
Primary Residence Only
$500,000 | 89.99% Max CLTV | 700 Min FICO | 45% Max DTI
Minimum initial Draw Amount:
Concurrent or Post Close HELOCs:
$25,000 (All States Except AZ, CA, FL, OR, WA)
$50,000 (AZ, CA, FL, OR, WA)
Standalone HELOCs
$50,000 (All States)
Max combined loan amounts between 1st and Symmetry HELOC = $3,000,000
Qualifying HELOC payment = fully-drawn line amount at Start Rate + 2.00%, amortized over 30 Yr term
Loan Term: 10 Year Draw w/ I/O Payments / 20 Year Amortizing Repayment
Fixed home equity loans are not available
Product Resources available in Product Hub – Brokered Loans
Product Marketing is available in GQ – Home Equity Loans
Temporary Buydowns Options Added
We have added even more additional Temporary Buydown Options! We now have Borrower-Paid Temporary Buydowns, offering a 1-0 conventional buydown option allowing borrowers to use their own funds or gift funds to help free up cashflow for the first year.
Benefits
Reduced initial payments with temporarily reduced interest rate for the first year
Predictable payment after year one
Borrowers could receive a gift for the 1-year buydown
Program Highlights
Primary purchase transactions only
1-Unit Properties (including Condos and PUDs, excludes MH)
1-Year borrower-paid temp buydown only
Lender-paid or seller paid is not allowed
Split buydowns are not allowed
The borrower must qualify based on the note rate
2-1 and 3-2-1 buydowns are not eligible with this program
Borrower will pay a .80% Origination Fee to offset the costs of the 1-year buydown
US Bank Jumbo Temporary Buydowns
You can offer your Borrowers 1-0 and 2-1 temporary buydowns to help in rising rate environments to make the borrower’s payments lower for the first year or two, utilizing a seller or lender credit to temporarily buy down the rate.
Benefits
Reduced initial payments with temporarily reduced interest rate
Predictable payment increases based on the structure of the buydown
Temporary buydowns are now available for jumbo loan amounts up to $2M
Program Highlights
Primary purchase transactions only
15, 20 and 30-year conventional buydowns only
1-unit properties only, including Condos and PUDs (no manufactured housing)
Lender or Seller paid, can be split
1-0 and 2-1 buydown options only
Loan amounts up to $2M
LTVs as high as 90% with no MI
Credit scores as low as 680
Max 43% DTI Ratios
Minimum of 10% down payment required
Borrower must qualify based on the note rate
Product Resources available in Product Hub – Temporary Buydowns
Product Marketing is available in GQ’s – Temporary Buydowns
Products that give YOU the Advantage!
You can shine in front of your clients and partners with all of our
great innovative purchase driven programs that Guild has to offer!
Here’s just a few niche programs that give us the Guild Advantage:
- Payment Advantage
- Payment Protection
- Complete Rate
- CashPass
- Bridge Loans
- 3-2-1 Home Plus powered by The Home Depot
- GreenSmart Advantage powered by The Home Depot
- StrongStart – FHA and VA Options
- Lakeview Conventional DPA
- FHLMC BorrowSmart Assistance
- Jumbo and Jumbo AUS Program Options
- Bank Statement Program
- ITIN Mortgage Program
- Interest-Only Options
- Temporary Buydown Options
- Renovation Loans
- Lock & Shop
- LockNow and Sell
- Builder Extended Rate Locks
Product Marketing can be found in GuildQuestions - The Guild Advantage!
Your Product Development Team is here to answer all of your product-related needs, so reach out to us today atProductHelp@guildmortgage.net to create a partnership for your success! Meet the team here.
January Product Trainings
SharePoint Calendar for live trainings
Recorded Product Trainings are now available.
Check out our live and recorded product trainings to see what you might be interested in or need a refresher on! If you have any suggestions on any product trainings you’d like to take, please send us an email toProductHelp@guildmortgage.net!
Lots of new options to check out!