• What if the Mortgage Broker Company has moved or changed address?

    Please send a new IRS Form W-9.

    For direct deposit please complete the Authorization Agreement for Automatic Credits (ACH) form.

    For checks:
    • Checks made payable to:
      Address where checks should be mailed:
      Attention:

    Send changes to RLUCorporate@tcfbank.com.

    *Please make sure that your company’s legal address has been updated in the NMLS and Comergence.

  • How can I take an advance on my line of credit?

    You can advance funds on your line of credit by:

    • Using your CommandCredit Visa card (not permitted in Connecticut, Nebraska, and New York). The maximum advance is $10,000.00 or 5 transactions per day, whichever occurs first.
    • Writing a check to yourself from your line of credit using your Command Line checks.
    • You can call TCF Retail Lending at 800-823-5363 to request funds.
  • What can I expect when my company has signed up for Automatic Credits (ACH) for broker compensation?
    Once a new IRS Form W-9 and the Authorization Agreement for Automatic Credits (ACH) form has been completed and submitted to RLUCorporate@tcfbank.com you can expect the following:
    • A penny will be deposited to the account as a test of the automated deposit
    • The designated individual identified on the form will receive an email notification when deposits are made to the account
    • An itemized detailed invoice will be mailed via USPS to the designated address a few days following the deposit
  • How does my company elect to receive compensation?

    Any Mortgage Broker Company that is not currently receiving compensation, and would like to change their status, should provide written notification that Broker Company would like to change their status from non-compensated to compensated (Notification must come from an authorized person at Broker Company.)

    Please send a new IRS Form W-9.

    For direct deposit please complete the Authorization Agreement for Automatic Credits (ACH) form.

    For checks:
    • Checks made payable to:
      Address where checks should be mailed:
      Attention:

    Send changes to RLUCorporate@tcfbank.com.

    *Please make sure that your company’s legal address has been updated in the NMLS and Comergence.

  • What are the income and employment requirements?

    Maximum DTI 45% back end.
    Income Documentation

    • Standard Wages: Most recent pay stub.
    • Seasonal or Tips: 2 years verification.
    • Other W2 Sources: Previous year and YTD check stub.
    • Self-Employed: 2 Years taxes unless DU/LP findings require only 1 year. Does not apply to W-2 income. Business loss will be subtracted from income. Ordinary Business Income allowed for 25% ownership or greater. If joint application, will allow combined ownership to be 25% or greater for the applicants.

    Employment Gap 30 days requires LOE.
    Qualifying Rate ARM Use qualifying payment from 1008 or DU. Provide documentation. Typically 2% above the start rate.
    Qualifying Payment TCF HELOC Use start rate based on CLTV. Amortize TCF Bank HELOC line amount for 30 year term to determine PI payment PLUS add the shock payment (HELOC line amount x .0018).
    Student Loans/Deferred Monthly payments must be included in debt ratios 1% of balance, if deferred.
    Installment Loans May be excluded from DTI with less than or equal to 6 months remaining.
    401K Loans Excluded from DTI when 401K loan balance is less than total 401K vested asset amount. 401K statements are required.
    Co-Signed Loans Included in DTI.
    30 Day Revolving Accounts (no payment showing) Calculate a payment using 4% of the balance.
    Local Taxes and Assessments Info provided on the Title Commitment.
    20% Rule 20% rule for declining income applies to a self-employed and variable income (bonus, commission, etc.). TCF will average income over two periods. However, if current period is declining by more than 20%, TCF will use the lower income.

  • What are the HELOC credit requirements?

    Minimum FICO score Combined first and second loan amount
    FICO used – primary wage earner mid-score
    See pricing guide


    Combined first and second loan amount total exposure:
    • 730+ mid-score to $2,000,000
    • 700 mid-score to $1,250,000
    • 680 mid-score to $1,250,000 (85% max CLTV)
    • 730+ mid-score to $1,275,000 for 2nd homes (85% max CLTV)
    Minimum trade lines
    Minimum of three trade lines (open or closed) combined between all borrowers, with one trade line originated at least three years prior to the Credit Bureau date.

    Housing payment history
    Letter of Explanation required for derogatory mortgage trade lines

    Use proceeds to pay off debt to qualify?
    Yes. Account not required to be closed.

    Purchase
    Cash for debts subject to three day right of rescission

    Credit
    • Bankruptcy: No bankruptcy filing within 7 years. All chapters.
    • Foreclosure: 5 years
    • Short sale/settlement: 5 years
    • Deed-in-lieu: 5 years
    • Collection/judgment: Must be paid off
    • Tax liens: Must be paid for
    • Disputed amounts: Proof of resolution