The FHA Title I and Plus I Home Improvement Loan Programs

The FHA Title I and Plus I Home Improvement Loan Programs - Description

We’re Admirals Bank. Lend for home improvement projects in . all 50 states. Have been offering home improvement loans since 1987. Most widely used Title I lender in America. Strong focus from Bank management on home improvement and renewable energy lending. ID: 743228 Download Presentation

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The FHA Title I and Plus I Home Improvement Loan Programs

We’re Admirals Bank. Lend for home improvement projects in . all 50 states. Have been offering home improvement loans since 1987. Most widely used Title I lender in America. Strong focus from Bank management on home improvement and renewable energy lending.

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The FHA Title I and Plus I Home Improvement Loan Programs




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Presentation on theme: "The FHA Title I and Plus I Home Improvement Loan Programs"— Presentation transcript:

Slide1

The FHA Title I and Plus I Home Improvement Loan Programs

Slide2

We’re Admirals Bank

Lend for home improvement projects in

all 50 states

Have been offering home improvement loans since 1987Most widely used Title I lender in AmericaStrong focus from Bank management on home improvement and renewable energy lendingHome improvement programs customized through market feedbackUnlimited capacity for supportLending centers in Boston and Providence

Slide3

No money down

home improvement solution

Maximum return

on investmentLending options with flexibility and choiceBoth secured and combo secured/unsecured loan options availableNo equity or appraisal neededFlexible terms up to 20 yearsFixed rates

Pay off early with no penaltiesAbility to fund customers down to 640 middle FICO score

Admirals advantages

$50,000

Home Improvement Loan

Slide4

Customer experience is the #1 priority

The

Product Guide

and Contractor Dashboard on the Admirals website (www.admiralsbank.com) are your resources to…Create a great customer experienceAssess your customer as a home improvement loan candidate

Set the stage properlyConvey the value propositionGet an application started

Close more deals and avoid cancellations

Setting yourself up for success

Drive more deals!

Sell more home improvements!

Slide5

Process Guide

Admirals loans can fund as quickly as 11-12 business days after application

Day 1:

Pre-qualification (99% certainty) and loan application (over the phone in 5 minutes)

Day 2-7:

Full approval (closer to 2 if customer submits docs quickly)

Day 8:

Loan closing (regulation requires 7 day review period from initial disclosures)

Day 11: Loan funding (regulation requires 3 day right of rescission period after closing)Use Product Guide to help customer understand which docs they need to gather or simply have your customers contact Admirals directly!

5 minutes!

Slide6

Low payments from day 1, maximum savings

Can still access up to $50,000

For 700+ FICO customers only (640-699 FICO customers still step down the loan)

Introducing…the new Plus I

$25,000 Title I Loan

Borrow $50,000 for Home Improvements

$25,000

Plus I

Loan

=

Slide7

Besides the update to the Plus I loan, we’ve got a lot going on…

Loan Officers available to handle customer inquiries, pre-qualifications and loan applications from:

Monday- Friday: 8:30 AM to 8:00 PM

Saturday: 9:00 AM- 5:00 PMPre-qualify your customers with great certainty over the phoneMore support from the bank…easier sales for youSo, what else is new?

Slide8

HELOCs

Equity requirements normally capped at 80% LTV

Lines of credit can be reduced based on market conditions

Rates often adjustable—payments can rise!Cannot re-amortizeCompetitive landscape

Other

home improvement loans

Lender 1:

Can have large

dealer fees and a waning appetite for new businessLender 2: Short terms, high paymentsLender 3: No re-amortization, no online tools

Admirals is the heavyweight champion!