Mutual of Omaha Mortgage, Inc.
3131 Camino Del Rio North, San Diego, CA 92108
https://moomwholesale.com/
Internal Reviews
(0 reviews)
Total loans closed with Loan Factory
17,896
Total loans closed with Loan Factory (past 12 months)
14,506
Lender overview
Basic information
MORTGAGEE CLAUSE (HOI & TITLE): Mutual of Omaha Mortgage, Inc. Its successors and/or assignees P.O. Box 961292 Fort Worth, TX 76161-0292
MORTGAGEE CLAUSE (HOI & TITLE): Mutual of Omaha Mortgage, Inc. Its successors and/or assignees P.O. Box 961292 Fort Worth, TX 76161-0292
Lock policies & Fees
Lock Policies
2 bps per day on the first 30 days
4 bps per day thereafter
Re-lock: (one time and the loan must meet the following criteria)
• Current lock must be expired for at least 30 days to re-lock at current market in some cases 60 days on jumbo/non-conforming loan
• If re-lock is requested prior to 30-day waiting period, the pricing will be as follows:
o Worse case pricing will apply. Day of lock price will be compared to 10-day current market price, and price will be worse of the two.
o In addition, a .25 bps re-lock fee will apply (all re-locks are for 10 days). There will also be a 2 bps fee applied for the days that the lock was expired up to the date the re-lock is
applied.
o Any additional days past the 10-day re-lock can be applied for 2 bps a day.
Float Down: Loan must be Clear to Close
• Purpose of the renegotiation is to benefit the borrower via a lower rate – the final price to the borrower/THIRD PARTY ORIGINATOR will not increase from the original lock.
• Current market rate must be lower by at least .125% and pricing must be better by at least 50 bps.
• Current market price will be based on 25 rate lock term in Optimal Blue.
• A form is required to submit a loan for renegotiation.
Lender's niche & Overlays
No Minimum Score required for conventional, with LP Accept or DU Approved / Eligible. (Credit score required, just no Minimum)
We are a very aggressively priced VA and Conventional conforming loan amount lender.
We are super selective in who we set up and approve as broker partners, Loan Factory being one. We won’t just set up any account to keep our quality and turn times at excellent levels.
We offer Conventional and Govy loans, along with an FHA DPA program. Conventional, NO minimum credit score with an approved/eligible
We hold ¾ of our servicing, which equates to lower rates for us to pass on-Conforming rates are hard to beat.
TBD approvals
Technology
Goal is to get file in and out in 15 calendar days.
Closer assigned 7 days early to start balancing
CTC and docs 2 days prior to COE
Team/ops/mngt has worked together over 12 years
DPA-Mutual Assist DPA, FHA to 100%, conforming loan limit only
Deep relationships, being VERY selective! Not showing on all loan sifters/pricing engine purposefully to keep turn times with our approved broker partners
VA Underwriters are the best in the country
Mutual Of Omaha Mortgage TPO Overlay Matrix
MINIMUM FICO SCORES:
FHA – o 580 – Approved AUS Findings o 620 – Manual UW (considered with compensating factors) VA -- o 580 – Approved AUS Findings o 620 – Manual UW (considered with compensating factors) o Max 90% LTV on Cash Out USDA – o 580 – Approved GUS o 620 – Manual UW (manual UW for USDA Streamline allowed) o No alternative trades on USDA loans Conventional – o No minimum – Approved AUS Findings o Manual UWs not allowed. SUB- 620 GOVERNMENT OVERLAYS: Two years same job- not just the same line of work 12 months housing payment history, if no mortgage payment history, need canceled checks No gift funds No forbearance allowed in last 12 months No manufactured homes under 620 GENERAL: Follow Agency Guidelines (Freddie Mac, Fannie Mae, FHA/VA) with following overlays. Minimum Property rating of C4 or better. Properties rated as a C5 are not acceptable. CO-OP property type not allowed. Loans with LTV’s greater than 80% require escrows, only CA allowed up to 90% LTV. Closing loans with an active Chapter 13 NOT ALLOWED Extenuating circumstances not allowed/considered. POAs not allowed on cash out refinance. Single-Wide manufactured homes not allowed. Manufactured homes in flood zone not allowed. Maximum loans made to one borrower the lesser of 6 loans or $2,000,000 in total exposure) o If buying multiple investment properties borrower must demonstrate a history of managing rental properties Maximum acreage of 50 acres Non-Owner loans (second homes or investment properties) where borrower does not own primary residence are not allowed. Transcripts are required on all loans. VA Cash out Max LTV 90% We lend in all States except New York & West Virginia VA loan – Max Loan Amount (based on TOTAL loan amount) is capped at $1,500,000. 2/1 and 1/0 Buydowns are allowed for conventional, FHA, VA & USDA loan programs. Buydown must be Seller or Builder financed, no lender financed buydown program available. Minimum Loan Amount $75,000
Lender turn time
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