The MemberClose LGP Program allows your credit union to make more home equity loans without taking on more risk. Stop turning down qualified members strictly because they do not meet the LTV requirements of your lending program.
|Eligible Loan Types||- Fixed & HELOC|
- Home Improvement
- Purchase Money 2nd
|Maximum Loan Amount||$250,000|
|Max Term Closed End||20 Years|
|Max Term Open End||10 Year/10 Year|
|DTI Closed End||45%|
|DTI Open End||40%|
|Lien Position||1st or 2nd|
|Property Valuation||Through MemberClose|
|Insure Lien Position||Through MemberClose|
|Loan Reporting||Excel Spreadsheet|
|Premium Payment||Monthly ACH|
This document is intended to provide a broad overview of the MemberClose Loan Guarantee Program. Please refer to the actual Policy for all terms and conditions. The program is made available exclusively to credit unions participating in MemberClose.