Q: What is portfolio lending?
A: Portfolio mortgage lending provides financing solutions to help those who do not qualify for the well-known traditional loan programs such as Fannie Mae, Freddie Mac, and the FHA. Therefore, portfolio loans offer greater flexibility to those with unique situations, which may or may not have contributed to their loan being denied per conventional market standard guidelines. As a portfolio lender, Eastern Savings Bank offers flexible, in-house underwriting with direct communication throughout every step of the process - and best of all - when your loan closes with us, we maintain the servicing; in other words, we don't sell your loan!
Q: What is the application process for portfolio lending?
A: Here is a summary of what you can expect from the flow of your loan file.
Your file will be sent to processing
You will receive certain required loan disclosures
We will collect the fee for your appraisal(s) and promptly order your appraisal report(s)
We will provide you with a list of required documents/conditions
After satisfactory review of your loan documentation/conditions, your file will be submitted to underwriting
Your loan will be conditionally approved by underwriting
We will provide you with a final list of any outstanding or additional documentation/conditions
After satisfactory review of these conditions, your loan will be submitted to underwriting for final approval
Your loan will be approved and your closing will be scheduled
Q: In which states does Eastern Savings Bank provide portfolio mortgage lending products?
A: We currently lend in the Mid-Atlantic market of Maryland, New York, New Jersey, Pennsylvania, and Delaware.
Q: How do I reset my password?
A: If at any point the borrower or co-borrower forgets their username or password, they can click the Forgot Username? or Forgot Password? links from the login page.
Q: What are the rates at Eastern Savings Bank?
A: Because we offer financing solutions to help clients with unique situations, each loan scenario will be very different due to one or many factors involved (and not all factors being within yours or the Bank's control). As a result, our rates will vary and are subject to change. To see what you can expect based on some of your personal factors, speak to a loan specialist today: 800.787.LOAN.
Q: What If the borrower and co-borrower share the same email address ?
A: They will still need to create individual accounts. For each request they will receive only one email. They will both use the same link, but log in with their individual username and password.
Still have questions? Speak to someone in our Loan Origination division today.