Pathway To Purchase 2021

Announce Pathway To Purchase

The Arizona Department of Housing (ADOH), in partnership with the Arizona Home Foreclosure Prevention Funding Corporation (AHFPFC), provides down payment assistance to qualified homebuyers purchasing a primary residence in 26 targeted zip codes in 12 Arizona Cities. Pathway assistance is an incentive to purchase in targeted housing markets that have been hardest-hit by foreclosures.

The Pathway to Purchase (P2P) Down Payment Assistance Program provides an attractive 30-year fixed-rate mortgage with a Down Payment Assistance (DPA) second mortgage equal to * 10% of the purchase price. The DPA second mortgage is a five–year forgivable lien against the subject property at a 0% interest rate and no required monthly payments.  The down payment assistance (DPA) can be used toward the down payment and/or closing costs. DPA is only available in conjunction with a P2P first mortgage and is funded by the AHFPFC at the mortgage loan closing.

Program Highlights:

  • Mortgage for the purchase of an Owner occupied, Primary Residences in targeted areas.
  • Borrower(s) Income not to exceed Freddie Mac FHA Advantage ≤ 80% AMI.
  • Purchase Price limit not to exceed $439,860.00.
  • Existing, previously occupied properties only, new construction, including spec homes are not allowed.
  • The DPA provided is 10% of the purchase price * up to a maximum of $20,000.
  • Freddie Mac HFA Advantage mortgage only.
  • The P2P Program is strictly limited to the targeted zip codes in the following cities: (see target area table for specific zip codes).
    • Bull Head City, Casa Grande, Glendale, Green Valley, Kingman, Phoenix, Rio Rico, Sahuarita, Sierra Vista, Tucson, Vail, Yuma.
  • Each borrower must complete a homebuyer education course before closing.

List of banks offering help to customers impacted by the coronavirus

Banks across the country are taking steps to help consumers impacted by the deadly coronavirus.

As of March 19, there are more than 10,000 confirmed cases of the virus in the United States and nearly 230,000 people infected with COVID-19 around the world, according to data provided by John Hopkins University.

As retailers temporarily close up shop and employers cut back on hours, consumers should find out whether their banks are included on the list of those making policy adjustments.

Here’s a running list of decisions some banks have made to support customers with CDs, checking accounts and other types of savings products who are struggling to make ends meet. (This list will be updated on a regular basis as banks make changes to their policies for customers impacted by the coronavirus outbreak. For information on what credit card issuers are doing to help their customers during this crisis, you can check this updated list.)

Summit Funding

Please reach out to the servicing team for the most up-to-date information on forbearance.

Email:  [email protected]

Toll-Free #:  888.850.0021.

Ally Bank

In an email sent on March 18, the online-only bank reminded customers with deposit accounts that they have no minimum balance requirements or monthly service fees to worry about. Ally Bank also said that for the next 120 days, it will not charge savings and money market account holders excessive transaction fees or charge customers for overdrafts. Furthermore, there will be no fees for expedited shipping of checks or debit cards.

Retail banking customers with questions can call Ally Bank customer care 24/7 (1-877-247-2559). On its hub page with information about the coronavirus, Ally Bank encourages customers to download the bank’s mobile app and enroll in online services. There’s also relief for Ally’s auto loan and home loan customers in the form of payment deferrals for up to 120 days, without late fees.

Bank of America

The bank noted that employees are trained to help decide what the right support for an individual customer looks like. A spokesperson for the bank also notes that “As part of our regular practice, we offer assistance to qualifying consumer and small business clients facing hardships, including forbearance with certain fees.”

Account-holders are welcome to contact the bank if they need financial assistance. Through the bank’s Financial Center and ATM locator, you can find out whether the nearest Bank of America facility is open or closed for now. Its page noting the steps they’re taking in light of the spread of the virus also reminds customers that online banking and the Bank of America mobile app are also options.

Capital One

The McLean, Virginia-based bank has a page that’s dedicated to addressing questions and concerns related to the coronavirus. It’s asking customers to reach out if they’re going through a difficult financial situation. The customer support section of their website lists various phone numbers account holders can use depending on the product or account they have.

Effective Monday, March 16, Capital One Cafes nationwide are temporarily closing, the bank’s website says, “due to growing public health concern and in an effort to be proactive.” Branches in certain areas are also temporarily closing.

If you need to access a branch, check online first using the Locations Finder tool to find out if there’s one open near you. In the meantime, the bank recommends using its mobile app and other digital tools. Capital One ATMs, including most of the machines in the cafes and branches that are momentarily unavailable, are still accessible 24/7.


The CEO of Chase consumer banking has a message for customers listed on the bank’s website, noting that it’s donating $50 million to nonprofits to “help address immediate public health needs as well as long-term economic challenges.” The message also recommends that customers reach out to the bank if they need assistance as a result of the coronavirus outbreak.

Effective March 19, Chase is temporarily closing 20 percent of its locations  (1,000 branches). The remaining branches will continue to operate, but will close early. Customers who need branch access should visit the Chase website to find the nearest open location. Otherwise, customers should use the Chase mobile app and its other digital features.


On March 9, Citi agreed for at least 30 days to waive monthly service fees for retail banking customers and waive penalties for early CD withdrawals. These fee waivers and an additional one for remote deposit capture fees are also waived for retail bank small business customers.

Mortgage customers may be eligible for a hardship program and Citi credit card holders may be able to increase their credit lines and benefit from collection forbearance programs. Customers should reach out to the bank to find out if they qualify for assistance.

In its branches, Citi is providing plenty of hand sanitizer and ensuring that workers are aware of health and safety guidelines released by the Centers for Disease Control and Prevention (CDC).

Goldman Sachs

The company announced via email that customers using the online banking platform and lender, known as Marcus, would be allowed to delay making payments for a month. And users with an Apple Credit Card — which is issued by Goldman Sachs — will be able to avoid making payments for the month of March entirely without worrying about accruing any interest.

In addition to offering personal loans, Marcus by Goldman Sachs is an online bank that provides access to high-yield CDs and savings accounts and no-penalty CDs that don’t charge customers for withdrawals beginning seven days after opening an account.


The bank, which is headquartered in Pittsburgh, also has a page dedicated to answering questions customers may have related to the coronavirus. Effective March 20, the bank will close one-quarter of its branches until further notice and leave the rest open, operating mainly in a “drive-up only mode.” Hours for the remaining locations will be reduced and will be open during the week from 10 a.m. to 5 p.m. and from 9 a.m. to 1 p.m. on Saturdays.

Customers who need to visit a branch to access safe deposit boxes or other services not accessible via an ATM, a drive-up window or through the bank’s digital channels can make appointments. A PNC branch locator is available to see which branches remain open.

The bank also says it’s willing to assist account holders experiencing financial hardship and has a customer service phone number listed (1-888-762-2265).


The bank, which formed out of a recent merger between SunTrust and BB&T banks, says on its website that it’s taking extra precautions to ensure the safety of its customers, including disinfecting ATMs, door handles, elevator touchpads and other surfaces that visitors frequently come into contact with at branches. There are also more hand sanitizers available now at the bank.

Other steps taken by the bank include waiving ATM surcharge fees temporarily for consumers and business owners and offering payment relief assistance for customers with credit cards, business loans, and consumer loans. In addition, SunTrust and BB&T consumer credit cardholders can get 5 percent cash back through Apr. 15 when they purchase certain items at pharmacies and grocery stores. There are also phone numbers listed on the Truist website that retail and business clients can call.

On Mar. 17, the Truist Financial Corp. pledged that it intends to donate $25 million through its Truist Cares initiative to provide aid and supplies to clients, employees, and communities across the U.S. impacted by the coronavirus. Through the Truist Charitable Fund, a $1 million donation is immediately going to the CDC Foundation and Johns Hopkins Medicine. Through the Truist Foundation, a $3 million donation will be given to United Way organizations that support local communities.

U.S. Bank

Customers of U.S. Bank will also find a message from the CEO on the bank’s website. It outlines what the bank has done to protect its clients and retail bank customers, like providing extra hand sanitizer, wipes and spray in branches.

On March 13, U.S. Bank temporarily lowered costs for borrowers interested in personal loans and the bank’s Simple Loan product, which has been touted as a payday loan alternative for low-income Americans who need access to small-dollar credit options. Customers are also reminded that they can use the bank’s digital capabilities to bank at home.

Wells Fargo

Customers of Wells Fargo also have a hub page to access for all updates regarding the coronavirus. Wells Fargo lists a phone number (1-800-869-3557) account holders can call if they need financial assistance and want to discuss their options.

The bank is encouraging account holders to use Wells Fargo’s digital tools, but branches and contact centers are still open.

The Wells Fargo Foundation has agreed to donate up to $6.25 million to public health aid efforts being made abroad and here in the U.S. It will also soon donate up to $5 million to support local communities.

TD Bank

The Cherry Hill, New Jersey-based bank has a list of bank stores on its website that are temporarily closed. It also says that it is reducing hours at some locations and sending hand sanitizing kits as needed.

Account-holders facing financial hardship due to the coronavirus should call customer service (1-888-751-9000), which is available 24/7. Customers who cannot visit a physical location are being directed to TD Bank’s online and mobile banking platforms. They can also stop by ATMs to make withdrawals and deposits.

Fifth Third Bank

Consumers experiencing financial difficulties as a result of the coronavirus should contact Fifth Third to find out whether they qualify for any of the hardship and payment loan assistance listed on the bank’s website, such as the vehicle and credit card payment deferral programs. Payment forbearance is available for Fifth Third mortgage and home equity loan customers. There are phone numbers listed to get in touch with representatives (800-972-3030) and a dedicated hardship assistance line (866-601-6391).

There’s a fee waiver program, too, that will ensure that Fifth Third consumers and small business owners with deposit accounts won’t be charged any fees for up to 90 days. Foreclosure actions on residential properties and repossessions of vehicles will also cease for the next 60 days.

Customers can check the branch and ATM locator to get the status of their nearest Fifth Third facility. Within the branches, the staff is using cleaning procedures recommended by the CDC.


Customers of the regional bank based in Birmingham, Alabama should contact a representative to find out whether they qualify for any assistance the bank is providing.

CDs opened before March 1 can be withdrawn without penalty upon request. A number is listed (1-844-222-3862) for customers who might benefit from a line of credit, credit card or loan payment extension or deferral. Upon request, BBVA is also waiving and refunding ATM fees charged by out-of-network banks and ATMs. The existing offers only apply through April 17, but this end date may be extended if needed.

BBVA advises that customers use this tool to check the status of their local branch or ATM. Branches are being kept clean and supplied with latex gloves for the banking staff and hand sanitizing stations for customers.

If you should have any questions feel free to contact us (520) 495-0222

CFPB investigates Zillow’s Co-Marketing Program: What Agents Should Know


The CFPB’s recent action against Zillow speaks volumes about the mortgage industry’s regulatory atmosphere when it comes to advertising compliance. With costly fines and other serious penalties for marketing rule breakers, loan officers and their business partners can’t afford to ignore the signs of the times.

To help you navigate this arena with confidence, we have gathered the following information detailing the most common compliance blunders they encounter, with 3 ideas on how you can avoid potentially disastrous mistakes.

Always split payment, and show proof

All co-marketing material/expenses must be split based on pro-rata share, and be documented. This means if I pay for half of a co-marketing flier with you, the flier needs to show both of us, with an equal share of the marketing space. You also need to retain copies of checks, co-op forms, etc. when marketing with another person.

Get use to the verbiage

Unfortunately, mortgage compliance can take the fun and elegance out of marketing. We cannot boast about having the best rates or guarantee to close a loan within a set number of days. If your referral partner is engaged in these kinds of promises, it could be best to have a conversation with them, or if need be, steer clear of them altogether since this kind of rhetoric is inviting trouble.

Get use to the disclaimers

Our disclaimers are required by law. We know how ugly some of the long regulatory verbiages can be, or how picky marketing materials have to be to avoid triggering massive disclosures. However, as frustrating as these can be, there is no room for flexibility. The disclosures have to be there to protect everyone involved. If we don’t include these on our advertisements, it will be a serious reason for concern.

If you have questions about our industry, please let us know. We’d be happy to assist you in any way we can! The Polder Group at Summit Funding


With tax season in full swing, many of your clients are working to collect, organize and file their 2016 tax returns. Because final tax information must be received before final loan approval, tax season is an important time in the mortgage industry. Here are some potential delays in closing during tax season:

Delays in Closing during Tax Season

After April 18, 2017, the previous year’s tax returns are required and lenders must have a copy of their transcripts or their filed extension in order to close their loan.

The closer we get to the tax deadline, the slower requests are returned by the IRS because of the high demand. This can delay closing for those borrowers that do not keep records of their taxes or are filing their taxes too close to their closing date.

Requesting Previous Tax Returns

During this tax season, many home closings are subject to delay because clients may not have their most recent tax returns on file. Requesting previous years’ tax returns electronically will help speed up the process and allow for a smoother closing when the client is purchasing a home this season.

 Filing Electronically

Filing electronic tax returns with the IRS may be able to help your clients accelerate the documentation process considerably when buying a home in 2017. For buyers hoping to use their 2016 income to qualify, filing their taxes electronically allows lenders to verify their transcripts much sooner; qualifying them with their most recent income.

If you have clients actively looking for homes, please give us a call so we can figure out if their latest tax returns will be required to qualify. We are happy to help our referral partners proactively account for any IRS tax return delays when writing the purchase contract. We would also love to help educate your clients on the timeline of the loan process. Please don’t hesitate to give The Polder Group a call!

Tucson P2P Program


Tucson P2P Program

Good afternoon,

The IDAs of Tucson/Pima would like to thank you for originating a very successful Tucson P2P program!  As of this afternoon, the program has been fully originated.

So what does this mean?  No new reservations will be accepted in the program.  No additional funds will be made available. And a waitlist will not be created.  If you have reserved funds it is extremely important to follow the program timeline.  There is no guarantee that if a loan cancels that it can be reinstated.  Loans must be Underwriter Certified within 25 days of reservation.  And loans must be purchased by US Bank within 70 days of reservation.

As a reminder, the Homebuyer’s Solution Program is continuously funded and still available.


Thank you,



Other Great Programs Available

Call or Text us Today To Get Started: (520) 495-0222

FHA Lowers MIP Rate Which Could Boost Home Sale

In a letter from the U.S. Department of Housing and Urban Development (HUD), dated January 9, 2017, HUD has announced the reduction of annual Mortgage Insurance Premium (MIP) rates for homes closed on or after January 27, 2017. This will save borrowers money on their monthly payments which can lead to bigger savings and better financial well-being for homeowners. It will also allow for more families to get into the home of their dreams.

How does FHA Mortgage Insurance Work?

When a borrower applies for an FHA loan, they are able to make a down payment of as low as 3.5% of the home’s purchase price. For any loan in which the borrower cannot put a full 20% down payment, they are required to pay mortgage insurance, which is generally added to their monthly mortgage payment.

Since FHA loans are insured and backed by the US Government, the mortgage insurance paid by the borrower will reimburse the lender in the event that the borrower cannot make their monthly payment and go into default.

FHA Passes Down Mortgage Insurance Savings

The money which borrowers pay towards their mortgage insurance goes into FHA’s Mutual Mortgage Insurance Fund (MMIF), a pool of funds designed to aid lenders in the event of another housing market crash. According to HUD officials, the MMIF has grown in value significantly since 2012, by $44 billion, as evidence of an increase in quality lending and a decrease in borrowers defaulting on their loans.

Therefore, due to the increased pool of funds in the MMIF, HUD has chosen to reduce the annual MIP rates, lowering its annual rate by 25 basis points, or 0.25%. This will lower the typical FHA house payment by an average of $500 per year in 2017. That’s more than $41 per month for the average borrower! Homeowners taking out larger loans will see even larger savings.

Here is a chart from the official policy change letter by HUD, showing current annual MIP as well as the new reduced premiums which will soon take effect.

Who Will this Effect?

This new FHA discount on MIP affects all FHA Title II forward mortgage programs, with terms greater than 15 years and closing on or after January 27, 2017. This new change will not affect Single Family forward streamline refinances which were endorsed on or before May 31, 2009. It will also not affect Section 247 mortgages (Hawaiian Homelands).

Going Forward

Now that the cost of an FHA loan is going down, more borrowers and their families should be able to qualify for an FHA loan. This could incentivize more first-time homebuyers to enter the housing market.

If you or your clients have questions about how this may affect their home loan, or if they are interested in taking advantage of the new lower MIP, give The Polder Group at Summit Funding a call. We would love to help!

New Year’s Financial Resolution 2017


The New Year is here! And with it, comes a chance for everyone to make a fresh start. An important change that many people make in this season is one which will improve their financial situation. Everyone should set at least one financial goal in 2017 to keep them on track with specific and tangible objectives.

New Year’s Financial Resolution

In Fidelity’s 2017 New Year Financial Resolutions Study, they found that out of the people who were “successful at keeping their financial resolution, 66% also said they were in a better financial situation than last year, compared to 38% of those who didn’t come as close to achieving their resolution.” Setting financial goals can make a difference for anyone committed to their future financial success.

Financial goals may include:

  • Paying off debt
  • Saving for retirement
  • Building an emergency fund

In a time where interest rates are low, and housing prices are high, refinancing can help pay off debt, or kick-start retirement saving or an emergency fund.

Term and Rate Refinance

A term and rate refinance will allow the borrower to refinance only the term and the rate of their mortgage. This refinance replaces the loan terms with a new interest rate and payment term. This could significantly lower monthly payments, allowing borrowers to save money over the long term.

Cash-Out Refinance

With cash-out refinancing, the mortgage is refinanced for more than is currently owed, and the borrower pockets the difference. They then make mortgage payments on the new loan amount. With this option, the borrower can pay off large amounts of credit card/car/student loan debt, or they could place a lump sum in retirement or an emergency fund for savings.

If used wisely, a home loan refinance could use home equity to lead borrowers to a more stable financial future. If you know of clients who are considering a home loan refinance, give The Polder Group at Summit Funding a call! We would love to reach out to them.

Bloomberg Ranks Tucson #3 Fastest Job Growth

The Tucson area could see job growth double this year from 2015 levels, signaling Tucson’s grand come back.

Bloomberg Markets has ranked Tucson #3 Metros with Fastest Job Growth. This is huge for our city and the real estate market!!

Jed Kolko, an economist who specializes in U.S. cities and the future of work, points out that mid-sized cities, such as Tucson, Arizona and Seattle, Washington, continue to see fast growth, but the San Francisco Bay area has fallen out of the top 10.

Check out Bloomberg Article Below: