What is an AI Powered 5 Day HELOC?

620 Minium FICO
No Appraisal
5,10, 15, and 30 year terms
Primary, Secondary, and Investments are allowed
No closing Costs

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The borrower will need. at minimum, a copy of their valid state issued ID, IRS.gov or ID.me, user IDs for bank accounts, certificates or trust (if applicable), and potentially proof of homeowner’s insurance 





What rates can the borrower expect to see?


• Interest rates are determined by loan components through AI. Currently, there is no rate

sheet to calculate pricing by specific loan qualifications.


• If the borrower is approved, they may receive several offers with differing rates/terms/origination fees

and can select the option that is most suitable for their needs.


What are the closing fees?


One-time origination fee of 1.99% or 2.99% depending on applicant selection (choices vary based on creditworthiness, state of residence, and LTV)

*1.99% origination fee option is not available if property is actively listed for sale


Notary Fee (applicable for states & counties that do not allow for e-notary services)


What loan terms are available?


UDL offers fixed rate loan terms of 5, 10, 15, and 30 years for standalone HELOCs. The HELOC is fully- amortizing throughout the life of the loan, there is no interest-only period.


How is borrower income verified?


UDL’s 5 Day HELOC uses automated or manual income verification methods to support the stated income on all loan applications. Income can be a combination of earnings and/or asset depletion. The borrower will have the option to verify income by their choice of personal bank account data, asset accounts, paystubs, or tax filings.


Can income from a spouse be used for qualifying?


Yes, for the purposes of the standalone HELOC, all states are viewed as Community Property orHomestead except for CT, GA, IN, MA, ME, OR, PA, RI, UT, and VA


The borrower will receive a disclaimer during application (example on next page) to let them know when they may include community or marital income. All household income must come from a legal spouse/domestic partner, and will need to be verified.


What is the maximum Debt-to-Income (DTI) ratio?


The maximum DTI is 50%


Can the borrower use the HELOC to pay off debt to qualify?


No, the HELOC may not be used to pay off debt to qualify.


Can a borrower use the HELOC funds to pay off or refinance an existing HELOC lien?


No, REMN’s standalone HELOC may not be used to payoff or refinance an existing HELOC lien.


What type of homeownerships are available?


Sole ownership, joint, and revocable inter vivos trust* owners are eligible for our standalone HELOC. Any non-fee simple ownership structures including leasehold, ground lease, or co-operative interests are ineligible.

*HELOCs secured by properties held in trust are permissible only in the following states and only if the

borrower provides a trust certification that meets legal requirements: 


Are HELOCS available on subject properties with no lien?


Yes, we can offer a UDL standalone HELOC on a subject property with no lien.

Are solar panels/UCC filings considered a lien when determining the HELOC lien position?


Yes, solar panel financing is considered a lien and may affect the HELOC being in an allowable 1st, 2nd, or 3rd lien position. The UDL HELOC cannot be greater than a 3rd lien position in any instance.


 If there is more than one person on the title of the subject property, does everyone on the title need to be on the loan? (Co-trustor)


Only one owner applies and signs for the loan. However, any and all additional owners on the title are required to sign the mortgage document.


Are Hazard and Flood Insurance required?


If the HELOC is a first lien, the borrower will need to attest that there is adequate hazard insurance and flood insurance if the property is in a FEMA designated high-risk flood zone before closing. The borrower will be required to provide proof of hazard insurance (and flood insurance, if applicable) post-closing.


Are there any ineligible property types?


Yes. Co-ops, commercially zoned real estate, multi-family (5+) real estate, manufactured housing, timeshares, log homes, houseboats, mixed-use properties, duplex, properties larger than 20 acres, and properties located in a disaster area are ineligible. Only Single Family Residences (including townhomes), condos, and PUDs are eligible.


How are property values determined?


An internally pulled AVM will be used to determine the value of the subject property. No rebuttals will be considered.


 How does the draw work?

On our standalone HELOC, borrowers will receive 100% of the HELOC amount. Additional draws are based on the original credit limit approved (loan amount + origination fee). As the borrower begins to pay down their loan, they may be able to redraw up to 100% of their credit limit. Additional draws must be in increments of at least $500, and the total outstanding balance cannot exceed 100% of the credit limit. APR is based on the prime index at the time of the redraw and the fixed margin rate outlined in the HELOC agreement, as well as a Rate Cap and Rate Floor also outlined in the agreement. Credit will not repulled with requested withdrawals.

NOTE: Borrower may pay off or pay down the HELOC balance at any time; however, a new AVM will be run on future draw requests. If the property value has significantly declined, this may impact the borrower’s ability to take out a new draw at that time.



Is there a prepayment penalty?


No, there is no prepayment penalty on our standalone HELOC.


Is it possible to recast after a large payment?


Yes, there is the option to recast a loan after a large payment. An automatic recast after a large payment of 10% or more will be performed. The borrower may also reach out to Customer Service to request an additional recast. There are no fees or limits to number of recasts.

 Click here to prequalify