loanDepot Wholesale - Your First Choice In Renovation Lending

YOUR FIRST CHOICE IN

RENOVATION LENDING

WORK WITH THE BEST IN DELIVERING RENOVATION LENDING SERVICE, TECHNOLOGY & EXPERTISE

PROUD SPONSOR OF IMPROVING HOMES ACROSS AMERICA

WHERE WE LEND CURRENTLY LENDING

FUTURE OPPORTUNITIES

loanDepot Wholesale is licensed to serve mortgage originators

IN

48 STATES

& THE DISTRICT OF COLUMBIA

THE NEW STANDARD IN SERVICE A RENOVATION EXPERIENCE THAT’S BUILT FOR YOU, YOUR PARTNERS, AND THEIR CUSTOMERS.

RENOVATION PROGRAMS THAT EXCEED YOUR CUSTOMERS’ NEEDS AND HELP GROW YOUR BUSINESS.

$350 BILLION FUNDED SINCE 2010 Launched in 2010, loanDepot has funded more than $350 billion in mortgage loans since its founding and currently ranks as the second largest non-bank lender in the country.

loanDepot Wholesale’s Renovation Lending Suite includes a full set of loan programs designed to accommodate both large- and small-scale home improvement and repair projects. Giving you more options for your referral partners and customers to meet their homeownership needs. Flexible solutions that include our FHA 203(k) Limited and FHA 203(k) Standard programs as well as FNMA’s HomeStyle® program.

YOUR LOANDEPOT WHOLESALE RENOVATION SPECIALIST A dedicated loanDepot Wholesale Renovation Specialist is assigned to your loan as soon as the file is sent to Underwriting and is ready to answer any questions you have throughout the entire process— providing exceptional service prior to submission through post-close.

• Our Renovation Specialists act as your liaison, not only with our internal Operations staff, such as the Underwriter and Account Manager, but also communicate directly with Contractors, Consultants, Architects, Inspectors, etc.

• They can also work directly with the Borrower to obtain required forms and clarify construction requirements. We will do as much or as little communicating with others involved in the transaction as you request.

• You will have no post-funding responsibilities with our renovation loans. Our Draw Coordinators handle all post-close communication and disbursements. Get paid at closing and you are on to your next customer, closing more loans.

GENERATE MORE BUYER LEADS WITH OUR MARKETING MATERIALS Your success is our success. We make marketing renovation loans to your customer base informative and stress-free. Access to a full scope of ready-to-use and professionally designed Marketing Materials, Job Aids, Best Practice Documents as well as easy to use Maximum Mortgage Worksheets are all available on our mello® Broker Portal.

AN ACCOUNT EXECUTIVE WHO WORKS FOR YOU Your Account Executive has the expertise, tools, and support to help you structure, market, and originate renovation loans. Consider them your personal Renovation Lending Expert who can guide you through the Renovation Lending journey.

RENOVATION LENDING

YOUR RENOVATION TEAM AT WORK FOR YOU A key component to working with loanDepot Wholesale is the constant communication we maintain with you, our customers. We know how important it is to be in continuous contact with referral partners and customers. Our process, Sales and Operations roles are built to keep you informed from submission to funding.

LOANDEPOT WHOLESALE IS YOUR COMPETITIVE ADVANTAGE While the competition struggles with the complexities of underwriting and closing renovation loans, our team’s reputation for excellent service makes us the right choice for all your Renovation Lending needs.

Our diverse Renovation Lending Suite is ready to serve an array of customers. Our team of dedicated Renovation Specialists and Account Executives are experts when it comes to exceptional customer service and product knowledge.

THE EXPERTISE YOU NEED WITH THE SERVICE YOU CAN RELY ON Loan Originators love working with us and having the strength and stability of an industry leader behind them. Take your Renovation Lending to the next level or learn how to expand your business with our experts. It’s time to work with a lender that has streamlined operations, best in class technology, and pricing that helps you close more loans.

BUILDS EQUITY ELIMINATES OTHER TYPES OF FUNDING

INCREASES PROPERTY VALUE

RENOVATION LENDING BENEFITS PURCHASE OR REFINANCE PROGRAMS

NO “EXTRA FUNDS” REQUIRED IMPROVEMENTS ARE FINANCED INTO THE LOAN

WHAT IS A RENOVATION LOAN? Renovation loans are designed for homebuyers and homeowners that want to rehabilitate, repair, or update a new or currently owned property.

PERSONALIZED HOME IMPROVEMENTS

Includes funds needed to purchase or refinance, funds required for repairs, and related expenses all-in-one loan.

Low down payment requirements put renovation projects within reach for Borrowers who otherwise could not afford them.

BENEFITS OF A RENOVATION LOAN • Renovation loans open up more choices to homebuyers by expanding their search parameters.

• Not every home is move-in ready and many buyers don’t have the extra funds to upgrade or renovate after closing.

• For buyers, home improvements can improve living conditions, comfort, and value of their new home.

• Existing owners can take the next step in creating their dream home through a refinance that combines their improvements.

RENOVATION LENDING

THE RENOVATION LOAN PROCESS SETTING EXPECTATIONS When considering a renovation loan, referral partners and customers need to understand the entire loan process, from submission to post close/project completion.

Renovation loans are different from a typical fixed rate loan, in that the improvements are financed into the loan amount. It is essential to know that the value of these is compared against the total market value of the home after the project is completed.

The following is a typical renovation loan process that can help provide an overview of what to expect.

YOUR LOAN WORKFLOW

SUBMIT TO LDW

LOAN SET-UP APP ACCEPTED

RENOVATION DESK RENOVATION & CONDITIONS APPROVAL

RENOVATION DESK INITIAL REVIEW

UNDERWRITING FINAL APPROVAL

INITIAL UNDERWRITE CLA

ACCOUNT MANAGER

CLOSING PREP

SUBMIT CONDITIONS TO LDW

CLOSING COORDINATOR DOC PREP

FUNDING & CLOSING

IMPROVING AMERICA’S HOMES THROUGH RENOVATION LENDING

OVERVIEW OF RENOVATION PROGRAMS HOMESTYLE® RENOVATION FHA 203(K) LIMITED FHA 203(K) STANDARD

FNMA HOMESTYLE® PROGRAM HIGHLIGHTS

There are two types of HomeStyle® transactions available: • Up to $50,000 in total renovation costs including contingency reserve and any additional fees – Designed for non-structural repairs and allows for two draws • Projects > $50,000 in total renovation cost including contingency reserve and any other expenses – Homes requiring significant renovations, such as structural changes/room additions and allows up to five draws PROGRAM ELIGIBILITY

• Purchase or No Cash-out Refinance • Primary residence, second home, or investment property • Minimum 620 credit score • Conforming and High Balance up to FNMA loan limits

FHA 203(K) STANDARD PROGRAM HIGHLIGHTS

The Standard program is for all projects > $35,000 or homes requiring significant renovations, such as structural changes, room additions, or improvements that make the home uninhabitable during construction.

• $5,000 minimum - no maximum repair amount up to FHA County Limits, based on MMW calculations • Requires a licensed HUD Consultant that manages the entire project; working directly with the Borrower and Contractor(s) • Up to 5 draws as determined by HUD Consultant – no initial draw is allowed • Up to 6 months, PITI can be included in the loan amount if the property is uninhabitable during renovations – also determined by the HUD Consultant

FHA 203(K) LIMITED PROGRAM HIGHLIGHTS

The FHA 203(k) Limited program is designed for non-structural repairs up to a maximum of $35,000 in total renovation costs—this includes the contingency reserve and any additional fees.

• $5,000 –$35,000 repair amount including all other associated costs • The property must be occupied within 15-days of close and be habitable throughout the entire construction project • Self-help (DIY) not allowed, except painting and appliance purchases • Maximum of 2 draws, initial and final

RENOVATION LENDING

PROGRAM ELIGIBILITY F O R F H A 203( K ) S TA N D A R D A N D F H A 203( K ) L I M I T E D P R O G R A M

• • • •

Purchase or No Cash-out Refinance Owner-occupied only Minimum 620 credit score Conforming and High Balance up to FHA loan limits

LOANDEPOT’S DIVERSE WHOLESALE PRODUCT SET In addition to our Renovation Lending products, we also offer a broad range of mortgage loan products—including Conventional, FHA, VA, & Jumbo—that create value for both partners and Borrowers.

We have you covered!

CONSTRUCTION REQUIREMENTS

Avoid Big Box Contractors Stores like The Home Depot,® Lowes,® and Sears® are good sources for appliances, but they will not sign our required agreements.

Allowable Construction Period • FHA 203(k) repairs must start within 30 days of closing and complete within 6 months • HomeStyle® renovations must be completed within 12 months of closing Minimum Renovation Amount • HomeStyle®: No minimum • FHA 203(k): $5K in repairs minimum Appliance Purchases • FHA 203(k): Can be the entire project as long as purchases are > $5K • HomeStyle®: Must be part of a larger overall project

Not a DIY Loan Borrower may complete work on HomeStyle® and FHA 203(k) Standard program IF they are licensed and have experience in that scope of repairs.

No Complete Tear-downs Not intended for the complete tear-down and reconstruction of a dwelling.

Specialized Contractors Up to 3 licensed specialized Contractors allowed, without a General Contractor.

EPA or State Certified Painter/Contractor required for dwellings built before 1978.

RENOVATION LENDING

ANTHONY HSIEH

JEFF WALSH

MIKE KLOTZ

MISTI SNOW

Anthony Hsieh is a lifelong entrepreneur, the chairman, chief executive officer, and founder of loanDepot. He is a national mortgage industry expert and innovator who has successfully navigated through multiple housing and economic cycles spanning 30+ years. He is known for integrity, innovation, and market timing. Anthony launched loanDepot in 2010 with a commitment to responsible lending and customer-first service.

Jeff Walsh is the senior executive vice president, chief revenue officer at loanDepot.

Jeff has been instrumental in transforming the technological development of loan products, production and operations of wholesale lending, and enterprisewide operational systems.

Under Jeff’s leadership, the company’s wholesale channel has become the broker partner of choice for independent licensed loan officers nationwide. Jeff brings with him more than 20 years of experience in mortgage lending.

Michael Klotz leads loanDepot Wholesale’s strategic growth initiatives as Senior Vice President, Sales. In this role, he is responsible for margin management, Sales P&L management, and collaborating with multiple corporate departments to execute key initiatives that span across Sales and Operations. Mike has 30 years of industry experience, with extensive knowledge of Wholesale lending channels.

Misti Snow leads loanDepot Wholesale’s long-term strategic vision as Senior Vice President of Operations.

Having joined loanDepot Wholesale in December 2013, Misti oversees the growth and production of the company’s origination branches, as well as corporate training and development. Misti brings over 20 years of nationwide mortgage experience that spans across retail and wholesale lending platforms with experience in credit, compliance and fulfillment process.

Chairman & CEO

Sr. EVP, Chief Revenue Officer

Senior Vice President, Sales

Senior Vice President, Operations

©2021 loanDepot Wholesale, a division of loanDepot.com, LLC NMLS#174457. All rights reserved. Information contained herein is provided to assist real estate professionals and is not an advertisement to extend consumer credit as defined by section 1026.24 of Regulation Z. loanDepot Wholesale, a division of loanDepot.com, LLC at 2600 Michelson Drive, Suite 1400, Irvine, CA 92612.

NMLS ID 174457 (www.nmlsconsumeraccess.org/)