FAQs
- Will you honor my DU findings that I have already ran?
We will honor the DU findings as long as all data entered was correct based on the 1003 and GFE received, and within the proper time frame.
- What do you consider a declining market?
We have a very detailed list of soft/declining markets within our database. Therefore, please contact your Account Executive with questions.
- Do I have to be licensed in another state in order to do a loan over there?
Yes, the broker office must be licensed in the state with which they are doing a loan for.
- Do I have to be approved to send you a loan?
No, you do not need to be approved in order to send in a loan. However, before docs will be released you must be approved.
- Does Brighten Lending offer training classes?
We do offer training classes and please contact your AE with questions.
- What if I am not FHA approved can I still submit FHA loans to you?
No, per FHA guidelines we cannot allow to process/underwrite any loans for brokers that are not FHA approved.
- Do you require income docs to be submitted with a file?
Yes, we do require that some type of income documentation be provided upon submission of the file.
- Can I lock online?
No we do not allow for online locks. For all pricing and lock information, please contact your Account Executive for questions.
- Can I get credit reports from your website?
Yes, it will be available by 3rd quarter 2008 (pending)Our technology combines the credit reports with our AUS engine. The AUS engine is free to all brokers for use. However, in order to access AUS, it must be done through one of our approved credit vendors with your account.
- What are your jumbo loan limits?
Our max loan amount is $2 million. However, for any loan scenario questions above $1 million, please contact your AE.
- How do I get approved with you?
Please print the Broker Package from the web site, fill out the required information, and finally fax it to the number on the broker package.
- How long does it take to get approved with you?
All broker approvals will be done within 48 hours.
- When can I obtain a login and password?
We can only issue a login and password once you have been approved. Please fill out a broker package and send it in immediately.
- Why can’t I make more then 3.5% total points and fees?
Brighten Lending limits the total compensation for the Broker to 3.5% in order to ensure that both the borrower and broker benefit from Brighten Lending’s competitive pricing. This practice allows us to protect the borrowers from Predatory Lending which occurs when lenders allow "high cost" loans to be originated.
- Can I use my Broker-Owned Escrow?
Yes we do allow for BOEs. However, we will not allow for the BOEs for brokers who have direct or indirect ownership interest in a property acting as a security for the loan, or any business or personal affiliation with, or interest in, any provider of settlement services, including, but not limited to escrow company, credit reporting agency, real estate agency, appraisal service provider or title company. If pertinent to the loan, please disclose this information right away in order to avoid any delays or discrepancies.
- What is the Brighten Lending Mortgagee Clause?
BRIGHTEN LENDING
IT’S SUCCESSORS AND/OR ASSIGNS
11100 VALLEY BLVD. #218, EL MONTE, CA 91731
LOAN NUMBER:
- What is your policy regarding properties that were recently MLS listed?
1 day off MLS listing for O/O Rate & Term Refinance. 90 days for all other transactions.
- What documents do I need to send in order get a Pre-Qual?
We require a submission form, 1008, typed 1003, GFE, Signed Borrower’s Authorization, income documentation (i.e. pay stubs or 1040s) and Title Report. For purchase money transactions, we will require a purchase contract.
Please Note: Brighten Lending will utilize our on-line appraisal evaluation sources. If there is an appraisal discrepancy with the value, we will suspend the file immediately and require a full appraisal report.
Please Note: Brighten Lending will offer “BL AUS” on line (pending). Brokers are encouraged to use AUS for all Pre-Qualifications. There is NO minimum pull through ratio for AUS.
- What documents are required for a full approval?
Brighten Lending will issue a Pre-Approval Condition Sheet. Once we receive all conditions, we will issue a full approval.
Please Note: Brokers are encouraged to submit a full submission the first time. This will allow for a 100% pull through for all pre-quals.
- What is your Lock and Extension policy?
27 days lock will be available after the full file in our registration system. All 12 day locks will be available only after the underwriter issues a “Clear to Close”.
Please Note: Locks that expire on a Holiday will Not roll over to the next business day.
Please Note: Extension of a lock will be available before or on the expiration day.
Please Note: Extension cost: 0.625% in fee for 15 days and 1.00% in fee for 30 days. We can only extend the loan twice and up to 30 days.
Please Note: There will be no grace periods and no free extension allowed!