TCF HELOC - eprmg.net

1 TCF HELOC Product Profile Page 1 of 4 08/07/2018 Guidelines are Subject to Change TCF HELOC TCF HELOCs are originated and fund in TCF Bank s name. They are eligible for originations when using PRMG s first trust deed products. View PRMG s Product Profiles here. ALLOWABLE ORIGINATION CHANNEL Wholesale (uses information from this Product Profile) Retail (offered via AFS as a brokered out option and information on origination requirements for retail can be found in the Brokered Out section of the Resource Center, or use this link here. Do not use this Product Profile.)

2 IMPORTANT NOTE This product profile is for Wholesale Originations on the TCF HELOC product. For information on Retail Originations of the TCF HELOC product, see the Brokered Out section of the Resource Center, or use this link here. Retail does not use this Product Profile. HELOC is originated by TCF and closes in TCF s name. Loan is done as an accommodation for the broker/borrower and no compensation is paid to broker for the HELOC transaction. PROGRAM SUMMARY This product profile is for wholesale originations, Retail does not use this Product Profile, but instead should , see the Brokered Out section of the Resource Center, or use this link here.

3 A second mortgage loan will not be created by PRMG in the system. After underwriting and approval of the first mortgage, PRMG will submit the HELOC loan to TCF for origination, review and underwriting approval. Loan documents for the HELOC will be generated by TCF and submitted to the closing agent at the same time as the first trust deed loan documents. Loan closing will occur simultaneously. TCF HELOC PROGRAM OVERVIEW All communication with TCF is handled by and through PRMG, broker will not have direct communication with TCF For an overview for the Retail option, see the Brokered Out section of the Resource Center, or use this link here.

4 Retail does not use this Product Profile. TRANSACTION TYPES Purchase Rate/Term Refinance Cash Out Refinance TCF HELOC UNDERWRITING AND PRICING INFORMATION Must meet requirements as outlined by TCF and are subject to change. See following documents for complete information: TCF HELOC Product and Pricing Guide TCF HELOC Credit and Income Guidelines TCF Additional Income Guidelines TCF HELOC Underwriting Grid CREDIT See links above in TCF HELOC Underwriting and Pricing Information section from TCF for actual credit requirements A minimum of three credit bureau trades, with the oldest trade originated at least three years prior to the credit bureau date TCF HELOC Product Profile Page 2 of 4 08/07/2018 Guidelines are Subject to Change Use the tri-merge mid-score from the primary wage earner.

5 Seasoning is based on TCF Application date, which is the date the file is submitted to TCF by PRMG No foreclosure, deed-in-lieu of foreclosure, short sale or "real estate account paid for less than full balance" within the last 5 years. No bankruptcy filing within the last 7 years ADDITIONAL ITEMS OF CLARIFICATION First time homebuyers acceptable, no mortgage housing history required. Non-occupant co-borrowers are not allowed Modular homes are not permitted Amended returns allowed but must meet amended return requirements from associated first trust deed. MCCs allowed but cannot be included as income Contingent liability must be included in the ratios (may not be omitted) Income is determined by TCF, and may differ from calculations for first mortgage If documentation is not provided to show the payments on the student loans or to show that the student loans are in deferment, use 4% of the balance as payment.

6 See TCF Credit and Income Guidelines for requirement if in deferment or Income Based Repayment. QUALIFYING RATIOS See links above in TCF HELOC Underwriting and Pricing Information section for actual qualifying requirements 45% back end DTI TCF will calculate a payment for underwriting purposes at the appropriate qualifying rate amortized over a 30 year term, plus a payment shock of .0018 times the line amount. If the associated first mortgage is an ARM, use the same payment that is used to qualify the first mortgage as the qualifying first mortgage payment for the HELOC TCF HELOC WORKSHEET Worksheet must be completed and submitted with file (must use Excel worksheet, cannot be handwritten): TCF HELOC Worksheet (TCF form 1017) TCF REQUIRED HELOC DISCLOSURES TCF HELOC Application Disclosure TCF HELOC Notice and Authorization (TCF form 765) Florida Properties.

7 TCF HELOC Florida Anti-Coercion Insurance Notice form 1376 GEOGRAPHIC RESTRICTIONS See links above in TCF HELOC Underwriting and Pricing Information section for actual requirements PRMG and Broker must be eligible to originate second mortgages in the state. Due to PRMG licensing, not eligible in Indiana and Michigan. TCF Eligible States: Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Utah, Vermont, Virginia, Washington, Wisconsin, and Wyoming INVESTOR ELIGIBILITY CHECKLIST AND SUBMISSION form This process only applies to wholesale originations.

8 For retail originations, see the Brokered Out section of the Resource Center, or use this link here. Retail does not use this Product Profile. TCF HELOC Product Profile Page 3 of 4 08/07/2018 Guidelines are Subject to Change TCF HELOC Wholesale Review Checklist (TCF 1871) TCF HELOC Wholesale Submission form (TCF 717) INVESTOR ELIGIBILITY REVIEW This process only applies to wholesale originations, for retail originations, see the Brokered Out section of the Resource Center, or use this link here. Retail does not use this Product Profile. Loan should be submitted to TCF as soon loan has received initial underwriting approval and all items required to accept application from TCF submission form are in loan file.

9 All review requests should be sent to TCF HELOC Wholesale Review Checklist (TCF 1871) and TCF HELOC Wholesale Submission form (TCF 717) must be completed and sent to Underwriter's 1003 must be printed directly from FT360 (scanned version not acceptable). The 1003, printed from FT360, and the TCF HELOC Worksheet (TCF 1017) must be included in the email submission to as a first generation (searchable) 1003 and editable excel file must be submitted to investor 1008 and current approval must be uploaded into efolder before submission to Appraisal, (if available - not required for initial submission), in first generation PDF (the version provided from the appraiser to PRMG to determine if it is the correct version you must be able to "search" ( , using Ctrl + F) for text in the document)

10 Must be attached to the email request sent to All documentation required on TCF HELOC Wholesale Review Checklist (TCF 1871) (link above) must be uploaded into efolder prior to submitting request for eligibility review, it does not need to be sent to as it will be downloaded directly from FT360. Typical turn time for review is 4-7 business days from complete file submission, but is subject to change. The first 24 hours is documentation review, and if documentation is missing we will be notified and the 4-7 business days will start at submission of the missing documentation.