Maxwell A. Rosa

 

Maxwell “Max” has been helping people with their home financing needs since 2005, where as a Senior Home Lending Officer, he specialized in Upper Manhattan and the Bronx areas.

Having joined Popular Bank’s mortgage team in 2017, he continues to provide residential lending expertise to clients across New York City and collaborate with attorneys, title insurers and other external parties to expedite lending processes.

 

Popular Bank

Home Lending Officer

This will give a brief outline and overview of Popular’s lending platform.

It is best to start with the 3 P’s that Popular holds as the primary pillars when designing our mortgage lending platform.

■ Pricing – Top 3rd Lowest Rates Offered Nationwide

Examples:

-Range 2.75% - 3.25% 30yr Fixed – Rates Fluctuate according to market.

-Range 3.250% - 3.750% 10/1 ARM – Foreign National – Rates Fluctuate to market.

■ Product – $50,000 up to $10Mn with an ability to increase our maximum loan on a case by case basis based on the merits of the client.

► Non-Resident program

►New Construction Condos:
Low Pre-Sale Requirement w/ closing beginning when TCO is issued.
We accept up to 50% of total units instead of most lenders @ 30-35% of total units.

► We have an interest only product that competes directly with all major banks.

► We allow the ownership of the property to be vested in an LLC.

► Our portfolio lending takes a common-sense approach to underwriting clients. This is especially useful for the affluent clients that have complex income. This may be our strongest asset as compared to other lenders.

■ Process – The structure of the Team is such that a dedicated lending associate handles all communications with the clients.

► Our underwriters are in house. Policy exceptions or obstacles can be discussed directly with THE “IN HOUSE“ underwriter to find the quickest solutions.
► We have a private client/bank platform that allows for discounts to the interest rates for clients who have personal banking relations with Popular.
► Pre-Approvals can be accomplished in a matter of 60-90 minutes
► Pre-Approvals can be fully underwritten to provide a credit, income and asset approved commitment that is subject to appraisal and title.
▪ This helps with “no mortgage contingency” transactions o Average turn around for purchase transaction is 45 days. We can close as fast as 30 days if the clients provide a full package in a timely manner.

Foreign Buyer Program Outline:

• Loan Amounts to $2,500,000.00 and beyond on a case by case basis
► 30% down payment to $500,000 loan amount
► 35% down payment from $500,001 to $750,000 loan amount
► 40% down payment from $750,001 to $1Mn loan amount o 45% down payment from $1,000,001 to $1,500,000 loan amount
► 50% down payment from $1,500,001 and beyond

• For second home and investment purpose (investment NRA program is unique)

• Programs are 5/1, 7/1 & 10/1 ARM

• Minimum Loan Amount $100,000.00 • Property types: Condo, Single Family Home, Coop and 2-4 family

• Client needs to have 24 months mortgage payment reserves kept with Popular Bank

The foreign buyer program was designed to compete directly with the programs that exist in the market today and allow for a more streamlined approach.