Frequently Asked Questions
Click on one of the commonly asked questions below to see a detailed response for each.
Who is Mandalay?
What is needed when submitting a loan?
Does Mandalay have any Mortgage Insurance (MI)?
What is the maximum rebate with and without a prepayment penalty?
What states do you lend in?
Are your products credit score driven?
What are your seasoning requirements for a refinance (rate and term / cash-out)?
What is the maximum cash-out I can get?
Do you do gift equity?
Would you consider a 1031 exchange?
Do you have reserve requirements?
Do you have source and seasoning requirements?
Do I have to pay off collection accounts / charged off accounts / judgments?
Do you service or sell your loans?
If I refinance with you, will you waive the prepayment penalty on the original loan?
What are the maximum fees I can charge?
Do you consider loans if borrowers are in Consumer Credit Counseling?
How much is it to buy out a prepayment penalty?
What is the maximum NRCC allowable?
What are Mandalay\’s loan fees (1st and 2nd)?
What are your standards of service?
Does Mandalay do stand alone seconds?
On first and second loan combos, does Mandalay pay rebate on both loans?
What are 2/28, 3/27 and 5/25?
How do I order docs?
How do I read my approval?
Does Mandalay do 100% Stated loans to W2 wage earners?