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Announcement #2018-112 Jumbo Series H Product Launch

New Penn Financial is pleased to announce that the NPF Jumbo Series H product is now available for Wholesale originations.

The Jumbo Series H product is a continuation of the efforts to expand our offering of Non-Agency products and increase our competitive position.


The new Jumbo Series H offers a full suite of Fixed and ARM Jumbo.

Program Highlights:

  • Fixed Rate terms: 10, 15, 20 & 30
  • ARMs: 5/1, 7/1 & 10/1
  • $1,500,000 maximum loan amount
  • 700 minimum FICO for fixed rate and 720 for ARMs
  • Ratios requirements:
    • 36%/43% for primary residence fixed-rate purchase or rate/term refinance
    • 36%/40% for all other eligible transactions
  • Purchase and rate and term refinance permitted for Primary and Second Homes
  • Cash-out refinance permitted for Primary residence
  • Attached/Detached SFRs and PUDs, Low/Mid/High-Rise Condos and Site Condos (Warrantable)
  • Business use of funds and delayed financing not permitted.

 

Matrix Grid

  • The Jumbo Series H Products have unique eligibility matrix grids. When reviewing the matrix, be sure to check the loan amount, FICO, LTV and Market Class restrictions.
  • The market classification must be established to determine the maximum financing permitted
    • Refer to the Market Class restrictions document on GoNewPenn.com 

 

Appraisal Requirements:

  • Appraisal must be ordered through Clear Capital: https://www.clearcapital.com/new-penn-financial/
  • Brokers will need to request a user name and password by filling out a short form on the landing page before they can start ordering appraisals from the website.
  • Clear Capital will send a welcome email to the broker that includes a link to set up their password.
  • All New Penn brokers will be set up under the New Penn Wholesale account for credit card payments only.
  • The brokers will only have access to view their own appraisal orders.

Additional Requirements

  • Verbal Verification of Employment must be completed. A copy of the VVOE is available on GoNewPenn.com
  • Loans must be submitted to investor for property and appraisal approval prior to closing