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?
Yes. Broker/Partner need to be approved before loan submission.
- 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 full income documentation per AUS finding be provided upon submission of the file. In addition; we will need 4506T with IRS result print out. The file will be suspend immediately and without any further consideration if without 4506T and IRS Tax transcript in the submission.
- 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?
No. We can always re-issue your credit report if you use our preferred credit vendors.
- What are your jumbo loan limits?
Our max loan amount is $2 million. However, for any loan scenario questions above Agency High Balance, we need to submit to Investor underwrite currently 4 full business days turn time.
- 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?
If broker/partner set up with our preferred credit vendor; approvals will be done within 24 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?
No.
- 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. 180 days for all other transactions.
- What documents do I need to send in order get a Pre-Qual?
We do not offer Pre-Qaul for Conventional loans. For FHA Pre-Qual; please see our FHA Procedures under Priority Partner.
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 need 4506T with IRS result print out. The file will be suspend immediately and without any further consideration if without 4506T and / or IRS Tax transcript in the submission.
- 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?
27/25 days lock will be available after the full file in our registration system and underwriter approved the loan without any purchase contract, property inspection and appraisal issues. All 12/10 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!