TCF Bullet Points Info -Updated January 1, 2014 !!This is a reference tool only. Rates and Product Guidelines are subject to change without notice!! ERIC MOYA- TCF Bank Business Development Mngr. (720) 202-9843 firstname.lastname@example.org Email Submissions to email@example.com OWNER OCCUPIED ONLY– no second homes; non owner or non-owner occupants Single family homes/condos and O/O duplexes OK. No triplexes or fourplexes. No I/O’s –OK behind amortized ARMS –TCF qualifies at First Lender’s Qualifying Rate. Borrower cannot have more than 6 “non subject” properties – rentals or second home Max 89.99% CLTV -Max combined liens not greater than $750,000 For combined liens>$750K - 85.00% CLTV to $1.275 Mil combined liens. Same pricing for Purchase, R/T Refi or Cash Out. 80.00% CLTV or below 80.01% CLTV to 89.99% Prime + 1.49% = 4.74% (start rate based on Prime@3.25%) Prime + 1.99% = 5.24% (start rate based on Prime@3.25%) HELOC Terms-10 year I/O draw period; 20 year repay period; 18% Life cap $75 annual maintenance fee included with first statement. No min credit advance or min balance required. TCF Fees: Flood $7.00; Credit $1.75; Appraisal Scoring $46.00; Desk Review-range from $175-$250.00; TCF Bank Processing Fee $25.00; The Work Number (only if TCF must contact for verbal VOE) $14.70. TCF wires a net check; we deduct our fees from the HELOC. If you get a HELOC with no initial draw, we will collect fees with first statement. TCF will use your appraisal, subject to a TCF ordered Desk Review. Appraisal cannot be > 90 days old at time the AMC performs the Desk Review. Desk Reviews ordered on all loans regardless of CLTV; turn time is 3-5 business days. No Title Insurance required for Simo HELOCs with line of $250,000 or less. If Simo HELOC exceeds $250K, must get a Jr. Lien or Flag Policy covering full HELOC. All Stand Alone’s require Title Insurance-Junior Lien or Flag covering full HELOC TCF will only allow Stand Alone’s submitted within 90 days of first mortgage closing . Credit Score – TCF only focuses on one score! Primary Borrower (most income) Mid Score of at least 700 (720 for AZ). No minimum score for CoBorrower. Max Ratios of 38.00/45.00 Cannot exceed either of these max ratios! How we Qualify: 30 year P & I@HELOC Start Rate (4.74% or 5.24%) plus Payment Shock Factor of .0018 x the line amount ($180 on a $100K HELOC) TCF Worksheet – Total Line Payment, enter amortized HELOC payment (30 yr P & I at start rate). In the TCF Rate box, enter 5.24% (CLTVs > 80.00) or 4.74%. Worksheet will calculate the Payment Shock factor and build it into the Qualifying Ratios. Worksheet required in all submission packages.