Liaison Lending Solutions
Brokers can connect their clients with First American loans
First American Bank offers a large menu of lending options
The content of this page is for brokers only and is not intended to be viewed as an advertisement of First American Bank products or services.When it comes to borrowing needs, we realize that everyone's circumstances are not the same. That's why First American Bank — with locations in Illinois, Wisconsin and Florida, and $6 billion in assets — offers a diverse choice of lending options. Our Mortgage Broker Channel allows brokers to get their clients competitive rates and favorable terms on home equity, construction and bridge loans.
- 10-year terms
- View current rates
- Variable rate: Interest only payments
- Can be used for a purchase, refinance or stand-alone
- $75 annual fee
- Rate floor of 4.25%
- Lifetime cap of 18%
- Up to $2,500 closing cost credit1 for the borrower if they establish an ACH or AFT for the monthly payments and within the first statement cycle elect electronic statements
- Credit score guidelines (Equifax): Minimum credit score of 660. We use the higher credit score if there are multiple borrowers. Borrowers must have a minimum of two active tradelines, each having a reporting history of at least two years.
- Maximum Loan-to-Value: 80% (Maximum loan-to-value for a condo is 75%)
- Maximum DI: 45%. (If the DI is greater than 40%, the maximum loan-to-value is 75%)
- Calculate First American Bank payment as 1.00% of the line limit
- All properties must be owner occupied and one to four units
Home Equity Lines Terms and Conditions: Applies to owner occupied residence only- The Annual Percentage Rate (APR) is a variable rate based on the highest Prime Rate published in the Money Rates section of The Wall Street Journal on the first business day of the month. Rates subject to change at any time. The minimum APR is 4.25% and the maximum APR is 18%. Monthly payments of interest only will result in a balloon payment. No annual fee for the first year - $75 annual fee thereafter. Costs to satisfy certain prior liens may be assessed. Property insurance is required. Flood hazard insurance may be required. An Early Cancellation Fee of 2.00% of the credit limit, or $500, whichever is less, will apply if the loan is closed within the first 36 months. An Early Cancellation Fee is not applicable when prohibited by state law. Offer is subject to normal credit qualifications.
1UP TO $2,500 IN CLOSING COST CREDIT: Third Party Fees and Charges ranging from $500 to $3,100 may be assessed for HELOCs under $250,000 at closing. If at the time of closing you set up an Automatic Funds Transfer (AFT) or Automatic Clearing House (ACH) to make the monthly payment on your HELOC and within the first statement cycle elect electronic statements, we will pay up to $2,500 of the Third Party Fees and Charges associated with closing on your HELOC, including, but not limited to, appraisal, title, flood, credit report, stamp & tax and recording fees (Third Party Fees and Charges). If at any time during the term of your HELOC you fail to maintain the AFT or ACH or an electronic statement, you agree to repay the Third Party Fees and Charges that we previously paid which will be added to the outstanding balance of your HELOC. If at the time of closing you do not set up an AFT or ACH to make the monthly payment on your HELOC, then you agree to pay the Third Party Fees and Charges at closing. Not available for investment properties or loans that fall outside our standard product, rate, term and underwriting guidelines.
- Terms: Two to 10 years fully amortized; or 10-year balloon with payments amortized over 15 or 20 years
- View current rates
- Can be used for a purchase, refinance or stand alone
- No closing costs2 for the borrower if they establish an ACH or AFT for the monthly payments.
- Not available for loans secured by a first lien position on a dwelling.
- Credit score guidelines (Equifax): Minimum credit score of 660. We use the higher credit score if there are multiple borrowers. Borrowers must have a minimum of two active tradelines, each having a reporting history of at least two years.
- Maximum loan-to-value: 85% (Maximum loan-to-value for a condo is 75%)
- Maximum DI: 45% (If the DI is greater than 40%, the max loan-to-value is 75%)
- All properties must be owner occupied and one to four units
Terms and Conditions: Applies to owner occupied residence only- Rates subject to change without notice. Loan to Value must be less than or equal to 85%. Repayment on 24 month term equals 24 monthly payments of $43.98 per $1,000 borrowed. Subject to credit approval.
2NO CLOSING COST OPTION: If at the time of closing you set up an Automatic Funds Transfer (AFT) or Automatic Clearing House (ACH) to make the monthly payment on your loan, we will pay the fees and charges associated with closing on your loan, including, but not limited to, appraisal, title, flood and recording fees (Third Party Fees and Charges). If at any time during the term of your loan you fail to maintain the AFT or ACH, you agree to repay the Third Party Fees and Charges that we previously paid which may be added to the outstanding balance of your loan. If at the time of closing you do not setup an AFT or ACH to make the monthly payment on your loan, then you agree to pay the Third Party Fees and Charges at closing.
- Maximum term: 12 months
- No maximum loan size
- Borrower pays all costs
- Interest-only monthly payments
- Rate: Prime + 1.50% fixed
- 1.0 points apply (minimum $1,500)
- Maximum loan-to-value: 80%
- Rate: Prime + 2.75% fixed
- 1.5 points apply (minimum $1,500)
- Maximum loan-to-value: 75%
- Credit Score Guidelines (Equifax): Minimum credit score of 660. We use the higher credit score if there are multiple borrowers. Borrowers must have a minimum of two active tradelines, each having a reporting history of at least two years.
- Maximum term: 24 months
- Rate: Prime + 1.00% fixed at closing
- Interest-only monthly payments
- No maximum loan size
- No origination fee
- Borrower pays all costs. Fees charged to the borrower as a result of points, inspection fees and escrow payout fees are inclusive in the APR. Title insurance, recording fees, appraisal fees and release fees are not APR effective.
- Credit score guidelines (Equifax): Minimum credit score of 660; we use the higher credit score if there are multiple borrowers. Borrowers must have a minimum of two active tradelines, each having a reporting history of at least two years.
- Maximum loan-to-value: 80% of the appraised value per plans and specifications on residence and/or first mortgage on construction project.
- Construction must be done using a general contractor and a construction escrow will be established with a title company.
- The general contractor’s statement, construction plans and specifications must be reviewed prior to approval. Payout inspections must be completed by a bank approved inspector.
- Determine the maximum mortgage amount that the applicant can afford by using the Loan Submission Form to analyze the applicant’s debt-to-income ratio.
- Determine if the property is located in a flood zone:
- Complete a FEMA Flood Map Search and provide a copy of the search results (results must include property address and map image)
- Provide a Flood Hazard Determination
- If the application submitted is for a Home Equity Line of Credit, the originator must provide the following items to the applicant:
- Email or fax the following required RESPA items to First American Bank to initiate the application:
- Signed and completed Loan Submission Form
- Signed Applicant’s Authorization
- 1003 (Specific to the terms of the new deal, not the 1st mortgage)
- 1008 (Specific to the terms of the new deal, not the 1st mortgage)
- Income financials
- FEMA Flood Map Search or flood hazard determination
- Email or fax the following items prior to approval:
- Home owners insurance binder
- Copy of current 1st mortgage statement
- Previous appraisal (All appraisals will be reviewed by an approved First American Bank appraiser)
- Purchase agreement (if applicable)
- If it is a simultaneous closing, notify First American Bank of the closing time and location and coordinate the closing with First American Bank.
Nick Seijo
(630) 547-8981 voice and fax
(224) 276-3167 cell
[email protected]
More about Nick Seijo
Cory Venditti
(630) 547-8982 voice and fax
[email protected]
More about Cory Venditti
- Loan Submission Form (with all of the sections completed, all of the questions addressed, and signed and dated by the originator)
- 1003 (with the terms of the second mortgage)
- 1008
- FEMA Flood Map Search or flood hazard determination
- Income verification
- Signed Applicant’s Authorization
