Per Laura - Symmetry & Quorum HELOCs do NOT require a loan in FT360...similiar to TCF data entry.
From: Lara Rausch <lrausch@PRMG.NET>
Sent: Tuesday, May 5, 2020 12:21 PM
Subject: RE: TCF HELOCs Suspended by TCF
I wanted to advise that Quorum Federal Credit Union is another outlet for HELOCs as well for the retail channel. See below for contact information. Additionally, I wanted to clarify that TCF indicated that any loans already submitted will be allowed to continue in the pipeline.
Quorum Federal Credit Union:
From: Lara Rausch
Sent: Tuesday, May 5, 2020 8:59 AM
Subject: TCF HELOCs Suspended by TCF
We have been advised that TCF is suspending applications for the retail channel effective today, May 5, 2020. They suspended applications for the wholesale channel as of 4/30/20.
As a reminder, for retail, we do currently have a relationship with Symmetry Lending, who also offers HELOCs. Please note, in this market their offering might have changed, so please reach out to them for any additional information. They are approved in limited states, so you will want to confirm with them as to where it is offered.
Thank you to those who were able to join us for the training for Symmetry HELOCs for Wholesale/Non-Delegated Correspondent.
Attached is the handout, and if you would like to view the training again, you access the recording here: https://register.gotowebinar.com/recording/4924368840886008579 As a reminder, this is guidance is for Wholesale/Non-Delegated Correspondent Only. For Retail, you will continue to handle this product the same way you have previously.
Here was Symmetry’s response to how they fund on a wet funding state: On a purchase we would prefund and then not authorize disbursement on funds until all funding conditions are cleared. We generally send the wire the day before closing or the morning of funding.
V.P. of Products and Training
* Email: lrausch@PRMG.NET
( Direct: 951-547-6304
Branch ID 000