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Frequently Asked Questions  
     

How can I get a broker package/am I still approved?
The turnover currently going on in the market has made us rethink our approval process. We no longer send out our broker package without having a conditionally approved loan. Once your loan is conditionally approved the underwriter will send you out a broker package. If you have been previously approved by LUXMAC but have not closed a loan in the last 12 months you will have to update your approval file.
The purpose of this is to allow LUXMAC to concentrate on approving mortgages and not reviewing broker packages without an approved loan. This also enables brokers to submit before having to go through the approval process. The approval process takes 2-3 days.

Where are LUXMAC's rate sheets?
There are several reasons why we do not send out rate sheets. As a custom mortgage platform we feel it necessary to discuss all deals and price them individually. Another is the unpredictable market. A rate quote can be easily be obtained by emailing fcronin@luxmac.com

What are your LTV's/Where are the Guidelines?
Again we do not publish these. As a custom mortgage platform we understand the deals we are looking for. We do not believe borrower's fit in a box. Each deal is looked at individually. We look beyond a borrower's financial profile, assets, income and credit, we look at type of business, successful history in business and how successful of a borrower we are dealing with (these are just a few of the internal issues we discuss).
Our LTV's are based on a borrower's liquidity. LUXMAC can determine if a borrower should deserve a higher LTV without the necessary assets.

Credit Scores?
LUXMAC is not a fico score driven company. We look for strong credit. If a borrower has a 660 but personally signs for all corporate debt (for their expanding company) that is continually paid on time: what makes them less likely to default on their mortgage: compared to an individual with a 720 that has a job in a declining industry? That is our line of thinking.

Turn Times?
3 Days for approval, (1003, 1008, Credit, Assets and Income submitted), 48 hours to review conditions. Closing is 4-5 business days.