WCS

http://www.wcswholesale.com

Tim McGraw

Timothy.McGraw@WCSLending.com

312.869.2424 Direct

888.456.2097 efax

951 Yamato Rd. Suite 150

 

 

  • Aggressive underwriting—VIRTUALLY NO U/W OVERLAYS OVER THE DU/LP/GUS

 

Our Pricing

  • Maximize your earnings with up to 4.0% YSP Lender Paid Compensation
  • Unlimited Borrower Paid Compensation up to state high cost or Section 32

 


FHA – USDA – VA  w/ 620 Score


No Max DTI w/ AUS Approval on JUMBO

NO MAX DTI on VA w/ 620 Score & AUS Approval

>620 Score + USDA approval = No overlays

>620 Score + AUS Approval = Up to 50 DTI

>640 + AUS approval = NO MAX DTI

Use 85% of Market rents on 2-4 Units fthb ok!

FHA HIGHLIGHTSFHA – 24-48 Hour Approvals!!!FHA – 620 MIN FICO for PURCH, RT, C/O

FHA – 640 FOR JUMBO

FHA – Transfer appraisals from ANY lender

FHA – No DTI Limit with AUS approval & FICO > 640 (no DTI Overlay – Unlimited DTI w/ Approved/Eligible)—46.99/56.99% RATIOS OK!! REGARDLESS OF LOAN AMOUNT

FHA – COLLECTIONS > 12 MOS OLD DO NOT NEED TO BE PAID OFF (cannot be housing or student loan collections)

FHA – MAX DTI for 620 – 639 FICOs is 50% on Back Ratio – No Front cap w/ AUS Approval

FHA – Up to 3×30 Mtg History w/ AUS Approval for RT  & Purch

FHA – Use 85% of Market Rents on 2-4 Units. FTHB OK!

 

 

 

 

 

 

 

USDA HIGHLIGHTSUSDA – 24-48 Hour Approvals!!!USDA – Min 620 FICO

USDA – 640+ SCORES—NO OVERLAYS

USDA – 640+ NO TRADES/ALT TRADES ACCEPTED

USDA – 620-639 – REFERS OK

USDA – 640+ NO RENT / NO VOR

USDA – NO FICO’s OK!

USDA – NO TITLE SEASONING

USDA – ORDER YOUR OWN APPRAISAL THROUGH ANY AMC!!!

USDA – MAX LOAN AMOUNT $417K — 102% LTV OF APPRAISED VALUE

USDA – 640+ NO COLLECTIONS PAID, NO MI, NO ASSET VERIFICATION, NO RESERVES

USDA – GIFT FUNDS ALLOWED IF NEEDED — MAX 6% SELLER CONCESSION ALLOWED

USDA – RATIOS UP TO 42/50 W/ 640+ SCORE AND GUS APPROVAL w/ Comp Factors

USDA – 620-639 REFERS MAX DTI APPROX. 29/41

 

VA HIGHLIGHTSVA – 24-48 Hour Approvals!!!VA – Min 620 FICO

VA -  100% FINANCING IN 48 STATES INCLUDING ALASKA & HAWAII!!!

VA – 620+ SCORES ALL PURCHASES

VA – 620+ SCORES < $417k REFIS

VA – 640+ SCORES ON IRRL’S (VA STREAMLINE)

VA – 640+ SCORES ON > $417K REFI’S

VA – NO SELLER TITLE SEASONING!!!

VA – UP TO 6% SELLER CONCESSIONS

VA – 90% MAX LTV ON C/O REFI’S

VA – 30 DAYS OFF MLS FOR ALL REFI’S

VA – IRRL’S ONLY DRIVE BY APPRAISAL REQUIRED

VA – COLLECTIONS > 12 MOS OLD DO NOT NEED TO BE PAID OFF (unless housing or student loan)

VA – UNLIMITED DTI W/ APPROVED ELIGIBLE (otherwise manual u/w w/ 41% max DTI OR 120% residual income)

VA – UP TO 2X30 OK – W/ APPROVED/ELIGIBLE FOR RT, C/O, PURCHASES

 

 

 

 

Submission instructions

  • Login @ www.wcswholesale.com
  • Click on Pipeline Search & Loan Locks
  • Type in borrowers last name and Submit (or just go to Full Pipeline and scroll through it)
  • Click on Borrower name in the list ONCE and click on DOCUMENT CENTER
  • In the Section under Heading : COMPLETE UNDERWRITING FILE – Click on Browse, find your scanned in file on your hard drive and click on it, then click UPLOAD
  • Be sure to wait until file is done uploading – on a slow internet connection or with a large file this can take 5 or more minutes – watch the green status bar at the bottom of the page to see if it is still uploading
  • When File is done uploading – you will see it listed with a time stamp in the page
  • Click on SUBMIT TO UNDERWRITING at bottom of screen
  • Confirm contacts and Click Submit

 

$895 u/w fee – Underwriting Fee is $895 – no other fees

 

Appraisal:

APPROVED AMC’s

Appraisal Guarantee

http://www.appraisalguarantee.com

Steve Bettinger 

Appraisal Guarantee

Tel: (855) 248-2726 or (855) A-Guarantee

Fax: (561) 431.3112

______________________________________________________________________________________

Nationwide
856-258-6977

Andy
National Coverage Area—

Areas where they have the most coverage:

NY, NJ, CA, MD, VA, FL, WA, IL, MA, CT, HI , AK

_______________________________________________________________________________________________________

AppraiserVendor.com
888-418-2676

Contact

JohnCulbertson—mobile—317-513-9492
jculbertson@appraiservendor.com

National Coverage Area—

Areas where they have the most coverage:

CA, IN, OH, MI, FL, GA, AL, SC, LA, IL, NE, KS, IA,

_______________________________________________________________________________________________________________

Dart Appraisals
561-337-5888
Contact: Bill
bcannova@dartappraisal.com

Not National Coverage Area—but they have good coverage in the below states:

FL, TX, IL, GA, PA, OH, NC, VA, CO, MO, IN, SC, TN,
 
_______________________________________________________________________________________________________________________________________
Norman Hubbard
914-997-1484
Contact: Meghan or Ken
Order-status@normanhubbard.com

Regional Coverage Area—only order if in these states below

NY, NJ, PA, CT, FL, VA, MD

 – FOR FHA – You can order USDA appraisal through any AMC of your choice

 

We accept transferred Appraisals from ANY lenderAppraisal order instructions:

 

  1. 1.       LOGIN @ http://www.wcswholesale.com/
  2. 2.       Go to Pipeline Search
  3. 3.       Enter Borrowers last name & hit Submit
  4. 4.       Click on loan and select DOCUMENT CENTER
  5. 5.       Upload completed appraisal request form under “Appraisal Request” Tab.
  6. 6.       Include FHA connection case number.
  7. 7.       Include completed credit card pmt request form.
  8. 8.       Included Purchase Contract on all purchase deals. 

UW guideline Guidelines
Important docs:

Changed Circumstance


Down Payment Assistance Programs 

In order to meet WCS lending guidelines any down payment assistance (DPA) program must meet the following criteria.
1) Program may not allow for any resale restrictions.
2) Program may not have any borrower restrictions other than low to moderate income or geographical restrictions.
3) Any program with a low to moderate income restriction must have their own approval process and issue a second mortgage approval clearly identifying that the borrower meets the programs income restrictions.
4) Program may not allow for any limitations on lenders fees points or rate.
5) Program may not allow for any lender guarantee commitment or submitted documentation other than the standard underwriting approval.
6) Program may not allow for any acceleration of note/deed.
7) Program must not require the lender to be an “approved lender” with the DPA.
8) Funds from the program must come from the city or state or federal government and can in no way be part of a seller funded contribution.