Information
About lender
Arc Home LLC is a residential mortgage lending company offering a set of standard and specialized mortgage solutions at competitive prices. Besides providing all the products and services that traditional lending agencies offer, the institution features a proprietary series of Non-QM (non-qualified mortgage) products. Through its Arc Access products, this lender attends to the specific needs of its clients, thus filling a previously existing gap in the market.
On top of that, the company also provides a range of classic residential mortgage services.
Among them is the primary purchase or refinancing service, including a conventional loan that applies to those who wish to refinance or get their primary home.
Arc Home was founded in 2016 in the United States with the purpose of acting as a residential management entity and lender throughout the country in a variety of different market segments, such as the wholesale, retail, and correspondent segments.
The company was founded to meet the market's need for a lender that would provide a wide range of credit products, with the ability to satisfy all types of borrowers that existed.
Today, the company is licensed to issue mortgages nationwide except for Hawaii and Nevada. It also conducts functions under different titles, such as Arc Home Loans, Arc Home LLC, and the trade name WEI Mortgage. Arc Home also banks for the New York State Department of Financial Services and holds a NY Exempt registration.
Pros and cons
Pros
- Offers a combination of standard services and specialized products. An Arc Home customer is fortunate to have access to personalized support through the Non-QM products that the entity provides to help them get the mortgage solutions they need.
- Fast and effective closings on competitive interest rates.
- Operates across a broad plane, across almost the entire territory of the United States. It takes a tailored, cordial approach to its clients with its highly qualified team.
Cons
- The company does not have the required license to operate as a mortgage lender in Hawaii and Nevada.
Interest rates, terms, commissions, and penalties vary based on what service the applicant is seeking to receive.
Terms and conditions
The credit organization offers the following loans:
- Conventional loans
- VA loan
- FHA Loan (The Federal Housing Administration/Federal Housing Administration)
- USDA Loan (US Department of Agriculture).
The entity also offers mortgage solutions for such special situations as:
- Self-Employed Borrowers
- Less than perfect credit
- High Balance Loans.
Regarding the types of houses, an ARC Home client gets the choice between a primary or investment home.
- Primary Purchase or Refinancing. Arc Home is one of the most popular residential mortgage loan alternatives. It applies to those in the market for a house they envisage as their main home. It is the ideal option for those clients who wish to refinance their primary home loan with an eye to reducing their interest rate, their payment terms, their monthly payments, or taking advantage of home equity. This solution can mean substantial savings while the loan is in effect. Buyers can also consider the USDA Rural and Suburban Loan, featuring the possibility of a 0% down payment, either to purchase or refinance a property in participating USDA areas.
- VA Loan (Department of Veterans Affairs). This product applies to active or retired military borrowers as well as surviving spouses. This option represents a very beneficial solution since it eliminates the requirement to pay a deposit to purchase a home. Meanwhile, Flagstar Bank helps service already issued VA and FHA loans for Wei Mortgage. Additionally, unlike what happens with conventional loans, such as the FHA loan, in the case of the VA loan, the future owners do not have to cover any mortgage insurance, even if their initial payment is $0. On the other hand, the requirements in applying for this loan are very flexible compared to traditional loans. VA borrowers don't need to have a perfect credit score. As a bonus, interest rates and closing costs are lower than other types of mortgages. As per the refinancing of a VA loan, this is done in an agile way with a quick closing process.
Funding a loan
Arc Home funds loans only in the event the due date for the first payment has not yet arrived and pays on the first of the following month for scheduled balance loans over the 1st-15th of the month and the first of the second following month for loans issued after the 15th of the current month.
If the loan is purchased less than 15 days before the next payment due date, Arc Home will amortize one more payment. After the funding documents are approved, a process occurs in which ARC Home wires the agreed funds based on a Bailee letter, and ARC Home purchases the loan by 4 pm EST on the loan purchase date.
