To maintain a level playing field for all lenders participating in Parkhill LoanFax, Inc. mortgage services, the rate quotes must be submitted with the following criteria:

30-day minimum rate and point lock (no float rate)

Total points to include both origination and discount points.


FEES: Should exclude origination and discount points, appraisal & credit report fees, pest inspection, survey, lawyer fees and any other title charges. The total maximum fee(s) collectively charged by the broker and/or lender/investor shall not exceed the combined amount of $1200.00. Said fee(s) shall include, but are not limited to: Administration Fee, Application Fee, Automated Underwriting Service (AUD), Computerized Loan Origination Fee(s) (CLO), Courier Fee(s), Delivery Fee(s), Document Preparation Fee, Document Processing Fee, Document Review Fee, Mortgage Broker Fee, Review Fee, Tax Related Service Fee, Underwriting Fee, Warehouse Fee.

Quotes apply to both purchase and refinance loans, except for jumbo cash out refinance

Conforming quotes are to be priced based on a $417,000 loan amount, jumbo on $450,000. Tiered pricing may apply on loan amounts below $417,000.

80% LTV of SFD and townhouse owner-occupied residences

The 7/1, 5/1 and ARMs are fixed for the initial period and become 1-year ARMs hereafter; these loans amortize in full over 30 years. No negatively amortized programs.

Quotes are "street rate" standard conventional conforming and jumbo loan programs available to all qualified purchasers within your lending region. Non-standard below market rate quotes are not permitted, except under the category "special programs". Said non-standard programs include: first time homebuyers programs, County/State/Federal guaranteed, subsidized or direct loan programs, energy programs, rebate/refund programs from any source, limited family income programs, selected census tract programs or geographically limited areas within your lending area. However, these and other limited loan programs may be quoted under the "Special Programs" heading provided that if rates and points are quoted, an adequate description of the loan program must also be included.

In order to determine quoting compliance, broker and/or lender agrees to promptly provide LoanFax, at LoanFax's request, the broker's and/or lender's own published "street rate" sheet from which the quote was obtained. Broker and/or Lender further agrees, if requested by LoanFax, to provide LoanFax with an unadulterated copy of the investor/wholesale lender's pricing sheet by which the broker and/or lender used to price the retail "street rate" quotes submitted to LoanFax. LoanFax agrees to keep confidential the identity of broker's and/or lender's investor/wholesale lender from other broker and/or lenders.

No pre-payment penalty loans quoted EXCEPT in the special programs category and must be identified as such.

Rates & points quoted must be ones that can be locked in IMMEDIATELY, before loan approval

Lenders must add a minimum margin into the quotes. Short of dictating a certain amount, we highly recommend using .25 as a reasonable level that every lender should be able to live with.