COVID-19 Mortgage Guideline and product changes

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For broker use only. Not to be distributed to consumers.

We continue to live and work during unprecedented times, where nothing is business as usual. In order to continue to serve your needs, we are making the following changes effective Monday, May 4, 2020.

• 1. Suspending the following channels:

     1. • Standalone transactions

        • Handoff/referral standalones

  2. Credit score changes:

     1. • Increasing the minimum broker tri-merged FICO to 720.

  3. Reducing the maximum combined loan-to-value ratio on piggybacks to 85%.

  4. Reducing the maximum combined loan-to-value ratio on delayed piggybacks to 80%.

Applications must be complete and submitted before Friday, May 1, 2020 at 5 p.m. (ET) to be considered accepted prior to the effective date.

• Files that do not include the required documents for submission are not considered received for the purpose of this change. A submission will not be considered received until all documents have been received by TCF.

• Complete applications, which include all required submission documentation, in the pipeline prior to May 1 at 5 p.m. (EDT) are not affected by these changes.

These are temporary changes but will be in effect indefinitely. We are committed to your success and helping you adapt to this new normal. We will continue to be flexible and make adjustments to our policies as the current environment stabilizes.

If you have any questions or would like additional information, please contact me directly. 949-244-1880