Issue 014 August 2008 TheNicheReport.com
Get there faster.
Fast. Flexible. Fair. See our ad on page 7
13
Mortgage Marketing Is anything working?
Short 16 The Refinance Find success in this growing niche
21 Learning to Sell Find out who you are and then capitalize on those talents.
of the 24 Future Mortgage Broker II What can a mortgage broker do to survive?
Visit us online at www.YSPloans.com
COMMERCIAL LENDER NEEDS COMMERCIAL BROKERS & CORRESPONDENTS • • • • • • • •
4% Yield Spread Premium for Correspondents and 3% for Brokers. Par Lender Commercial loans from $250,000 to $15,000,000 Church loans from $50,000 to $30,000,000 (love them) First trust loans and second trust loans LTVs up to 85% CLTVs up to 90% View current rates online and apply to become a correspondent at www.ysploans.com
Recent Transactions: Multifamily Purchase/ YSP Commission
Auto Repair Refinance/ YSP Commission
Hotel Refinance/ YSP Commission
$27,000
$21,450
$54,844
Initial Fixed Term Adjustable 5 Years 10 Years
Max Loan Amount Max LTV
Max CLTV
*Max Maturity
Minimum Credit
Acceptable Markets Minimum DSC
Owner Occupied
Multi-Use Rate 5.00% 7.30% 7.56% Investor
Special Use
85%
75%
$8,000,000
$15,000,000
90%
90%
85%
Special Use Rate 5.25% 7.80% 8.06%
Hotel Rate 5.25% 8.05% 8.31% Hotel
$8,000,000
$30,000,000
85%
85%
90%
75%
30 yrs
25 yrs
25 yrs
urban/suburban
urban/suburban
urban/suburban
>20,000 population
1.20X
600
1.20X
Church
$8,000,000
30 yrs 600
Church Rate 5.50% 5.99% 6.25%
600
1.30X
80%
Multifamily Rate N/A 7.54% 7.83% Multifamily
$15,000,000 80% 80%
30 yrs
30 yrs
all markets
>50,000 population
600
no credit check
1/35X
.80X
600
1.20X
Rates, terms, and conditions subject to change without notice. This does not represent an offer to enter into a loan with Griffin Capital Funding
Eligible Property Types: Mulitifamily, Office, Retail, Warehouse, Light Industrial, Mixed Use, Owner Occupied Construction, Churches, Bowling Alley, Movie Theater and most other property types. We Do Not Lend On: Farming or agricultural property, Raw land, Housing developments, Construction loans for investment properties, Mining, Mobile homes, RV parks and Gentlemen clubs. ** We are actively seeking experience commercial mortgage companies that would like to offer our products on a wholesale basis to other mortgage professionals or retail customers. Please visit us online or call (540) 548-1001 ext 4 for the wholesale division.
Griffin Capital Funding | 1135 Heatherstone Drive
Fredericksburg, VA 22407
R
F
G
Remington Financial Group, Inc.
RFG has secured
billions
in commercial financing since our inception in 1993.
RemingtonFinancialClosings.com 480.905.3239 www.remingtonfg.com apply@remingtonfg.com
Remington Financial Group, Inc. | 8761 East Bell Road Suite 103 Scottsdale, AZ 85260 | Š 2008 Remington Financial Group, Inc.
"3.T UP ')"
-FBET 4BWF VQ UP PO ZPVS PSEFS $BMM GPS EFUBJMT 4QFDJĐD "EKVTUNFOU 1FSJPET .PSUHBHF "NPVOU 3BOHFT -57T .BSLFU 7BMVFT
"MTP BWBJMBCMF
7" ')"
4USFBNMJOF MFBET
XXX ENBMFBET DPN
CONTENTS
16
Issue 014
August 2008
The Short Refinance Find success in this growing niche. LOREN GINGERICH
founder and owner of Wizard Lending LLC
NICHE REPORTS PRIME
pg 34
ALT–A
pg 35
NONPRIME
pg 35
HARD MONEY
pg 36
COMMERCIAL
pg 39
CONSTRUCTION/REHAB pg 41 DOWN PAYMENT ASSIST. pg 42 REVERSE MORTGAGES
pg 42
FOUNDER & PRESIDENT Robert Pegg robert@nichereportonline.com
13 21 24
Mortgage Marketing Raymond Bartreau president of Best Rate referrals Is anything working?
Learning to Sell Dan Sullivan vice president of sales for velma.com Find out who you are and then capitalize on those talents.
The Student Housing Niche Tim Bradley senior associate at BlueStone Real Estate Capital A+ opportunity in a tight market.
6
30
August 2008
tom ninness Vice President/Regional Production Manager for Cherry Creek Mortgage Learn to deliver what you promise.
Center Stage with TrainingPro the niche report The National Leader in Mortgage Education.
Future of the Mortgage Broker II george h. marentis, j.d. President / ceo of compliance made simple, llc What can a mortgage broker do to survive?
26
28
Positioning Yourself for a Successful Sales Call
DEPARTMENTS
09 10 32 44
CO-FOUNDER & PRESIDENT David Pegg david@nichereportonline.com EDITORIAL / CONTENT MANAGER Kristen Moser kristen@nichereportonline.com ACCOUNTING MANAGER Shawna Ingram shawna@nichereportonline.com sales manager Mark Moulton mark@nichereportonline.com Production Mananger Henry Suchman henry@nichereportonline.com Production Assistant Dawn Exner dawn@nichereportonline.com
NOTE FROM THE FOUNDER
ADVISORY BOARD Aaron Krowne President and CEO, IEHI, Inc.
CALENDAR OF EVENTS
COLUMNISTS George H. Marentis, J.D. Stewart Mednick
TIP OF THE MONTH LENDER & RESOURCE DIRECTORY
CONTRIBUTING AUTHORS Raymond Bartreau Tim Bradley Loren Gingerich Tom Ninness Dan Sullivan
NON-OWNER/INVESTMENT STATED/STATED
Fast. Flexible. Fair.
r 4ĎĺIJ %ÄŽĹˆ "ĽĽŀğńĎĚ )ÄźĹƒĹ€ $ĚğŠĜĝĴ r /Äź *ĝİğĺIJ 3Ä˛ÄżĹƒÄśĹ€Ä˛ÄşÄ˛ÄťĹ‚Ĺ "ĚĚ $ŀIJĹĜł $ğĝŠĜĹIJŀIJĹ r "ĚĚ 1Ĺ€ÄźÄ˝Ä˛Ĺ€Ĺ‚Ĺˆ 5ĹˆÄ˝Ä˛Ĺ "ÄťĹˆ $ğĝĹĜłĜğĝ r -ğĎĝŠłğ *ÄťÄąÄśĹ„ÄśĹƒÄŽÄšĹ Ĺ‚Ĺ€ĹƒĹ Ĺ‚Ĺ --$ Ĺ r %ÄśĹ Ä°ÄźĹƒÄťĹ‚Ä˛Äą 1ŀĜİĜĝĴ ijğŀ 4ľğŀł 5IJŀĺ $PNQMFUF 1BDLBHF $PPQFSBUJWF &TDSPX
Specializing in the immediate funding of loans to borrowers with cash down or existing real estate equity. /P 4PVSDF PS 4FBTPOJOH 3FRVJSFE
206-362-4444 RAW LAND LAND DEVELOPMENT AGRICULTURAL CONSTRUCTION CONSTRUCTION FINISH-UP REHAB MOBILE HOME LISTED PROPERTIES
Lending in Washington, Oregon, and Idaho
Published monthly by BODA Publishing, LLC 6016 Alderdale Place, Haymarket, VA 20169 Phone: 540.657.2632 Fax: 703.991.2362 Email: info@nichereportonline.com www.TheNicheReport.com
SUBSCRIPTIONS This publication is intended for real estate finance professionals. If you are a mortgage broker, lender, loan officer and you do not currently receive The Niche Report, please send your name, company name, and address to subscriptions@nichereportonline.com. To opt-out of receiving The Niche Report, please send your request, including name, company name, and address to opt-out@nichereportonline.com.
ADVERTISEMENTS To inquire about advertising in The Niche Report, please call 540.657.2632, or send an email to ads@nichereportonline.com. Visit our website, www.TheNicheReport.com to download a copy of our Media Kit.
EDITORIALS / ARTICLES To submit an article for consideration in The Niche Report, please send an email to kristen@nichereportonline.com or call 540.657.2632. We are interested in original writings relevant to mortgage brokers and other real estate finance professionals. If you have a comment or question about an article or editorial published in The Niche Report, or if you have a suggestion for a topic you would like to see featured in a future issue, please send an email to kristen@nichereportonline.com.
USE OUR CASH & CLOSE YOUR DEAL SEASONED PROOF OF FUNDS & ESCROW DEPOSITS
$100K TO $5 BILLION DIRECT! FAST CLOSING! WORLDWIDE! BROKERS PROTECTED!
THE NICHE REPORT POLICY The information and opinions expressed by contributing authors and advertisers within The Niche Report do not necessarily reflect those of BODA Publishing, LLC employees and should not be considered as endorsed or recommended by BODA Publishing, LLC.
&
Have teamed up to bring you
The Seasoned Funds Company Inc. CALL: (877) 226-6260 WWW.POFSOS.COM & WWW.ASTERCAPITAL.COM
Get your business in front of 100,000 industry visitors daily!
To join, call:
540-657-2632
NOTE FROM THE FOUNDER
This month we decided to open up this spot to Aaron Krowne, Founder of MLImplode.com. As you may have seen over the past few weeks, Aaron has been interviewed by several mainstream news media outlets about his company and his views on the current and future mortgage markets. Aaron and his team certainly have their collective finger on the pulse of the mortgage industry and we welcome his insight below to The Niche Report. A year and a half on from when we at ML-Implode helped break the story about the housing market crisis, the financial sector remains in turmoil. As we predicted, the economy is tipping into recession. Many fundamental questions about how the market will repair itself and function going forward, and what the new public policies will be, remain unanswered. We don't pretend to have all, or even many of the answers to these questions, but I'll share a little bit below about a few things we think we have figured out. The first is that the crisis isn't over. Indeed, while it seems we have passed the "hump" in the big wave of subprime ARM resets, most of the Pay Option ARM problem has not been dealt with. Contrary to early predictions that placed the brunt of this problem out in 2010 or 2011, recent modeling suggests that the peak may come as early as winter 2009 and last for nearly a year (at a level of $8B/mo in resets or higher). This is due to borrowers hitting negative amortization ceilings early, which follows logically from the near-maximal use of neg-am clauses out there in the market. In addition, there remains the large background problem of income curtailment as recession-driven job loss and cutbacks begin to gain steam. Headline unemployment nationwide recently reached 5.5%, and California startled observers by leaping suddenly to almost 7%. Unfortunately, this appears to be just the beginning of this trend for the current economic cycle. Finally, mass loan workout initiatives such as Hope Now seem to be falling short on the promise of providing longterm solutions -- figures recently out suggest that as many as 40% of these workouts have already re-entered default (because most did not involve principal or interest reduction). In light of all this, one thing we can say almost for sure is that the burgeoning field of loan modifications is likely to continue to be a "hot area" for the mortgage industry, if not a critical one for the health of the housing market and the economy. We believe loan modifications also properly direct the consequences of bubble home price appreciation towards the originators and bank investors that fuelled the phenomenon. At ML-Implode we have joined up with the folks at Green Credit Solutions to bring best-in-class loan modification services to the public. In addition to retail leads, we have connected many brokers to GCS to handle their critically needed loan workouts for clients. And we have also helped place staff doing loan mods full time to handle the acute capacity shortfall presently -- a need that seems likely to rise over the coming years, as discussed above. So we think loan modifications as an integral tool in the mortgage origination sector is one of the most constructive ways to handle the challenges in the market today, and hope you all will consider becoming involved. Aaron Krowne
TheNicheReport.com
9
CALENDAR OF EVENTS
Upcoming Key Dates & Events: august & september August 2008 S M T W T
F
S
1
2
3
4
5
6
7
8
9
AUGUST 14
SEPTEMBER 14
Qtr. Metro Home Prices/State Resales released by the NAR.
MBA’s Regulatory Conference at JW Marriott Hotel in Washington, DC. Visit www.mbaa.org for details.
10 11 12 13 14 15 16
AUGUST 20
17 18 19 20 21 22 23
Commercial Leading Indicator released by the NAR.
SEPTEMBER 15
31
AUGUST 22
SEPTEMBER 2008 S M T W T
F
S
1
2
5
6
NAMB/Southeast Second Annual Regional Conference, New Orleans, LA. Visit www. namb.org for details.
MBA’s Regulatory Conference at JW Marriott Hotel in Washington, DC. Visit www.mbaa.org for details.
7
8
9 10 11 12 13
24 25 26 27 28 29 30
3
4
14 15 16 17 18 19 20
AUGUST 23
28 29 30
NAMB/Southeast Second Annual Regional Conference, New Orleans, LA. Visit www. namb.org for details.
AUGUST 6
AUGUST 24
CAMB Annual Convention & Grand Exposition, Sacramento, CA. Visit www.cambweb.org for details.
NAMB/Southeast Second Annual Regional Conference, New Orleans, LA. Visit www. namb.org for details.
AUGUST 7
AUGUST 25
CAMB Annual Convention & Grand Exposition, Sacramento, CA. Visit www.cambweb.org for details.
NAMB/Southeast Second Annual Regional Conference, New Orleans, LA. Visit www. namb.org for details.
Housing Forecast/Pending Home Sales Index released by the NAR.
July Existing-Home sales released by the NAR.
AUGUST 8
SEPTEMBER 9
CAMB Annual Convention & Grand Exposition, Sacramento, CA. Visit www.cambweb.org for details.
Housing Forecast / Pending Home Sales Index released by the NAR.
21 22 23 24 25 26 27
SEPTEMBER 16 MBA’s Regulatory Conference at JW Marriott Hotel in Washington, DC. Visit www.mbaa.org for details.
SEPTEMBER 17 Commercial Real Estate Market Forecast released by the NAR.
September 19
AUGUST 9 CAMB Annual Convention & Grand Exposition, Sacramento, CA. Visit www.cambweb.org for details. 10
August 2008
NABMB's Wholesale Lending & Education Fair 2008 at the Hilton Garden Inn, Greenbelt, MD. Visit www.nabmb.org for details.
SEPTEMBER 24 August Existing-Home Sales released by the NAR.
SEPTEMBER 11-12
SEPTEMBER 25–26
MBA’s Quality Assurance Conference at La Costa Resort and Spa in Carlsbad, CA. Visit www.mbaa.org for details.
WAMB 2008 Northwest Wholesale Lenders Conference & Expo at the Maydenbauer Center, Bellevue, WA. Visit www.wamb.org for details.
We’ll help you put the pieces together.
Hard Money Loans from $100,000 to $1,500,000 • Minimum Credit 400 • No up front fees
• No seasoning • 48 hour closing
Lending Territory includes DE, MD, DC, VA, NC, SC, GA and FL. ALL LOANS FOR BUSINESS OR INVESTMENT PURPOSES ONLY For an immediate online approval and commitment letter, go to WWW.FMV1.COM and fill out our loan qualifier. 6019 Tower Court, Alexandria, VA 22304 Phone: 703-823-6800 or 866-902-FMV1 (3681) Fax: 703-997-2499 Paul Fogle or Art Bennett First Mount Vernon is a privately-owned, equity-based lender which specializes in lending to borrowers who can’t secure funding from traditional financing sources. Loans typically funded within two business days upon receipt of completed package. First Mount Vernon does not make consumer loans. Financing is for business or investment purposes only, secured by real property.
MORTGAGE MARKETING! Is anything working? BY RAYMOND BARTREAU
T
he answer is YES! Figuring it out can be the hard part. Being an owner of one of the largest mortgage marketing firms, I can tell you first hand what I see working for my clients and what is not.
With referrals running out and the industry full of uproar and uncertainty, you must understand that at some point in the chaos you will have to start marketing yourself to survive the storm. When starting any marketing campaign, you need to take into account the consumers’ point of view. We all see “For Sale” signs up everywhere, news stories about record high foreclosures, and home value’s dropping, etc. The point is that with all the negative publicity on TV, radio, online, and word of mouth, it builds fear in any consumer who is considering making a financial move on their home. It is causing an extra ‘barrier’ you need to break through when trying to reach these people. There are very few ways to break this barrier so I want to share with you how our clients are doing it to stay alive in these tough times. In the last 5 years, I have seen every marketing avenue that has worked and those that have not. In today’s market, there are various marketing methods that no longer produce high responses such as TV, radio, billboards, voice broadcasting, email marketing, and even the good internet lead providers quality has dropped off. It is getting rough and finding the right marketing avenue can be tough. In the last 8 -12 months, things have gotten so bad
for the industry that we have started tracking every campaign we do for each client to see what is working and where. First things first; stay away from states that have bad home value issues. Once you find your target areas you can now focus on the states that are worth your time to work in. Lately, we have been seeing the following marketing options working… Direct Mail – With less and less loan officers and brokers left in our industry the amount of saturation has dropped from a mail standpoint. The less mail a person gets the higher chance they have of reading your mailer. The thing that many don’t understand with mail is that there are many factors…..the print, the envelope, the mailing list, and date of drop. For most, it can be very costly to learn and if you haven’t tried mail you should seek a company that does the whole thing form A to Z. The list is the most important part of any mail piece. There is nothing worse than paying for a mailer that hits the wrong people. Having a data broker create a filtered list for you can be very helpful. Once you have the right list, make sure your letter has good content and grabs the reader’s attention. Most mail houses have graphic artists to assist you with this. Once the letters are dropped, make sure you are there to answer the phone. Each call costs money and each one you miss could cost you even more. Mail has always been hit or miss, however, responses have gone up over the last few months due to less saturation. Telemarketing – My favorite form of marketing. The best advice I can give to any LO or Broker is to TheNicheReport.com
13
go back to the basics. Sure, telemarketing is not the most fun thing to do and you get hung up on along with dealing with rude people over the phone. BUT IT WORKS! I still have most of my clients generating their own leads doing this method for 2-3 hrs per night. It’s cheap, and only costs you your time. If you’re not the type to do the cold calling yourself, hire a telemarketer to do it for you. You know that if you make X amount of calls you will talk to X amount of people and you will get at least X amount of deals per month. Of course, the right scripts and list are very important to your success, just like in direct mail. At least with telemarketing it is much harder for a home owner to hang up on a live person thus making it easier for you to be personable and break through that ‘exterior’ we were talking about. In the end no matter what you do, try to do as much of it in-house and try to be very specific about who you are targeting. The shotgun approach is definitely not working. You have to target your market using filtering that can be provided by many data brokers. Reach them the best way you can (to get through that ‘exterior’) and do that form of marketing consistently. Remember, the referral and social networking days are pretty much over. In today’s market, it will either cost you hard work, time, money or all of the above to consistently make money. Raymond Bartreau is the President of Best Rate Referrals and a nationally recognized marketing consultant. For more marketing tips and techniques please visit Bartreau’s blog at www.loanofficerconsultant.com. You can also visit Bartreau’s homepage at www.bestratereferrals.com.
#!. 9/5 /&&%2 &(! You can with us
%XPERIENCED ,OAN /FFICERS !ND "RANCHES 7ANTED #/--)33)/. 30,)4 ,OAN /FFICERS 0!)$ 7)4(). (/523 OF FUNDING /NLY A ADMINISTRATION FEE PER FILE ,OAN ORIGINATION SOFTWARE PROVIDED AT NO CHARGE BY ,OAN!CE WWW LOANACE COM ,ICENSED IN STATES
#ONTACT -!44 3)--/.3
MATT AMERICAONEFINANCE COM
X
LOAN OFFICERS
We originate commercial loans in all 50 states as well as FHA and Residential Loans in CA, NV, OR and AZ. SIGN-ON BONUS based on experience/licensed.
For QualiďŹ ed Candidates: • BeneďŹ ts Package • XLNT Commission Structure Fax resĂşme (888) 450-7907 or call John Miller (800) 530-2489 ext. 301 or email to hr@citylightsďŹ nancial.com
WWW AMERICAONEFINANCE NET
Is your website helping you get ahead? If you’ve been wondering how to get ahead despite market declinF .PSUHBHF 94JUFT BSF UIF BOTXFS XSites give you the tools you need to take advantage of online shoppers. And with two levels available, our free Originator level and our Office level, you can choose the XSite that will help your business the most.
Here are a few things you’ll love whichever level you choose: t Intuitive online 1003
t Blogging tools
t Search engine optimization tools
t Lead capture forms
t Professionally designed themes t Easy Wizard works like a word-processor so you can edit your own pages in real time and never wait on a webmaster
t Professional e-mail address on your own domain (.com) t Free product updates, including new features t 24 x 7 x 365 live, expert tech support 03*(*/"503 94*5&
Visit www.MortgageXSites.com to learn more about Office and Originator level XSites
'3&&
0''*$& -&7&94*5&
0OMZ
$499
Get an entire year!
MORE OF OUR TRUSTED, MONEYďšşMAKING MORTGAGE SOLUTIONS:
SUREDOCS
XSELLERATE
FLEXAPP 1003
DAILY RATE LOCK PLUGIN
GET SIGNATURES INSTANTLY AND REDUCE YOUR EXPENSES
AUTOMATED, TARGETED ADS SO YOU CAN TAP INTO NICHES
ONLINE 1003 THAT MANAGES YOUR LOAN PROCESS
EXPERT FLOAT/LOCK ADVICE SENT DAILY WITH YOUR BRANDING
www.alamode.com t Ź Ź"-".0%& AD CODE: MANRXSME0808 a la mode and its products are trademarks or registered trademarks of a la mode, inc. Other brand and product names are trademarks or registered trademarks of their respective owners. All prices, terms, policies and other items are subject to change without notice. Copyright Š 2008 a la mode, inc.
The Short-Refinance Find success in this growing niche. by loren gingerich
A
short-refi (short-refinance) has been around for quite a few years. Until its recent exposure, it has been said to be one of the industry’s best kept secrets. It is not common knowledge that a lien holder will accept a short-payoff of the current loan, while allowing borrowers to keep their property and refinance with a new lender. But, that is exactly what can be accomplished with some lien holders and a properly negotiated short-refi offer. You will notice that I said some and not all lien holders. This is because the final decision to accept a short-refi offer is completely in the hands of the investor on that particular mortgage. This is also true with short-sales or loan modifications. There is absolutely no company out there that can guarantee a short-refi, short-sale or loan modification will be accepted. That is one thing that the property owner should keep in mind and acknowledge upfront when hiring a third-party to perform any of these solutions. In getting short-refis completed, our company can say that we do have a 70% success
rate, which gives our clients far better odds than most.
A short-refi can be done for property owners in a lot of different situations, which is a far better alternative than what has been available to them in the past. That is exactly what we are offering them, an alternative. A short-refi can obviously help a client that is facing foreclosure, but the bigger picture is that it can also work for those that are upside down on their mortgage or have an ARM getting ready to adjust. The client does not need to be behind on payments to qualify for a short-refi. There are many property owners that owe more than the current market value of the home and are paying on time. These people can be helped also. It is a little easier to get the process moving when the homeowner is behind on payments, but it is not necessary. Most lenders give priority to those that are behind or closer to a foreclosure, than those who are not. Since fall of 2007, lenders have been taking longer than usual to process a short-pay offer, whether it is a short-refi or a short-sale. Lately, it has been taking a minimum of 45 days and up to 90 days to complete the process, with some exceptions taking even longer. Since last fall, lenders are becoming severely backlogged with these types of files along with foreclosures and trying to handle the increasing workflow with the same staff they used a year ago. Some lenders have disappeared in the past year, while others have downsized drastically to stay afloat, which has definitely not helped the situation. In the past, the only alternative that a homeowner facing foreclosure has had is bankruptcy or the foreclosure itself. A lot of brokers have sent their clientsin this direction mainly because they knew of no other option. Lately, loan modifications have come into the limelight, but that still isn’t the best solution for most homeowners. Don’t get me wrong, a loan modification is a far better choice than a foreclosure or bankruptcy, but a short-refi still outweighs the benefits of a loan modification. That is why for our clients, we offer the lender a short-refi offer first and if for any reason it is not successful, we then offer to negotiate a loan modification for the client, at their request. A short-refi can basically create equity in a property, seemingly out of thin air. It corrects the mortgage to the current market value, eliminating an upside-down loan. A loan modification can keep the homeowner’s interest rate down
to a comfortable level and usually put them into a fixed rate loan, while also placing any arrearages back into the loan. But with a loan modification, if the property is upside-down or close to it, by the time arrearages are placed back into the loan, it will be in worse shape than before. This is fine, if the homeowner’s intentions are to keep the property long enough for the market to turn around. The main purpose of a short-refi or a loan modification is that the home owner is allowed to stay in their home, which is the ultimate goal. Also, with a lot of homeowners realizing that their property is not worth nearly what they owe on it, several of them have opted to just walk away. A short-refi gives homeowners hope, that they can relieve themselves of an upsidedown burden, in some cases can save the property from foreclosure. This keeps them in their home, gives them a peace of mind, and allows them to get on with their lives. The reason a short-refi can be successful, is because lenders truly do not want a property back as an REO (real estate owned). If a property goes to foreclosure, in most markets, the lender is getting the property back and that is not what the lender wants. When a lender gets an REO, there is a lot of responsibility for the lender that comes with it. These include costly items, such as maintenance on the property, property taxes, clean-up crews and hiring a real estate agent to sell the property. It can cost a lender tens of thousands of dollars to get rid of a property once it has been foreclosed. Lenders are not in the business of taking care of properties. They are in the business of lending money. Therefore, lenders are willing to do some outrageous deals to avoid obtaining another REO. Second lien holders, on the other hand, are usually willing to settle for pennies on the dollar, because they know if a property does go to foreclosure, a high percentage of them are going back to the first lien holder, which in turn leaves the junior lien holders with absolutely nothing. I started my company negotiating short-refi’s because I have been there myself. A couple years ago I found my own family facing foreclosure. Seemingly, we had no where to turn and the thought of loosing our home was weighing heavy on my mind. For months, I tried anything and everything to avoid foreclosure and save our home. I definitely ran into a lot of dead TheNicheReport.com
17
CreditPlus and Ariston offer mortgage originators a full suite of tools—including credit, appraisal, title and settlement—that help our lender partners reduce overall risk. Our multi-point quality control process, coupled with a customized service model that incorporates your underwriting and risk credit guidelines, takes the gamble out of mortgage origination. Ariston offers a selection of full title insurance policies, as well as property reports (O&E reports) and home equity products. We bundle together the best products from around the industry to offer exactly the solution you need.
FHA-Accepted PRBC Non-Traditional Credit Reports PRBC ReportsSM contain trade line data on rent, mortgage, utility, phone, insurance, childcare, and other recurring bill payments that are not commonly reported to the traditional credit bureaus. creditplus_banker_ad.indd 1
Solutions For Purchase Money, Refinance and Home Equity Transactions: t t t t t t
Deed Reports (Legal and Vesting) Credit-Based Home Equity Product Loss Mitigation technology Full ALTA Title Insurance Streamline Refinance Product Property/Title/ O&E Reports
For More Information:
1.800.258.3488
email: nichereport@creditplus.com | www.creditplus.com
6/12/2008 2:22:50 PM
ends and empty promises. The short-sale scam artists seemed to be coming out of the woodwork. Shortsales are definitely another decent alternative for those willing to give up their home and if done properly, can benefit all involved. But the companies that start calling as soon as an NOD hits public knowledge and demand that the homeowners sign quit claim deeds are the ones that make me leery. Some of the brokers I ran into had me paying off large debts (mainly old medical bills) to increase my FICO score, which in the long run, didn’t do a thing for me. The way I see it now, I was throwing away money that I could have put to better use. I got lucky, in the sense that the negotiator at the lender that was foreclosing on us, actually cared about our situation and ended up offering us a short-refi option. He taught me the ins and outs of a short-refi, including what they were looking for and what they were not. I was at 100% LTV on my own property and ended up completing a short-refi at under 65% LTV. It wasn’t until last summer, after speaking with several brokers, that I realized how important a short-refi could be to so many people. In speaking to other brokers and hearing of their client’s situations, we decided to create a company to help both the client and the brokers, by negotiating short-refi’s. Over the past year, we have networked with several brokers throughout the United States. When a broker has a client that is in need of a short-refi negotiation, these brokers turn the client on to our services. If the client decides to sign up, we work with the client and the broker to negotiate a short-refi. Once the short-refi is successful, we then turn the client back over to the broker, to complete and fund the new loan. It ends up being a win-win-win situation. We gain a client, the client gets to keep their home and the broker ends up with a deal they can actually fund. We have also started working with brokers that want to become an agent for our company, where we teach them the entire process of a short-refi negotiation and we supply them with leads. If you would like more information on short-refi’s or if you are interested in becoming part of our team, please visit our website at www.short-refi.com or feel free to call us at (319) 248-9543. Loren Gingerich is the founder and owner of Wizard Lending LLC, dba: www.short-refi.com.
Hard money for hard times.
Let’s face it; things aren’t looking so good right now. In uncertain times like these, your clients need guidance, expertise and experience more than ever. A hard money commercial loan may be the ideal way for your clients to seize an opportunity or solve a problem. Despite these difficult market conditions, Avatar is financially stable and has plenty of capacity to fund commercial loans from $1,000,000 to $20,000,000+. So if you’re ready to deal, we’re ready to listen. Call us today at 888.896.0083 to discuss your loan or visit www.avatarfinancial.com for more information.
A different kind of loan. A different kind of lender.
LEARNING TO SELL Find out who you are and then capitalize on those talents. BY DAN SULLIVAN
R
emember the “good times” in this industry? Remember when getting a loan was as easy as picking up the phone faster than the other Loan Officers in your group? Now, most of the other LO’s in your office are not even in the industry and the phone is dead. The days when the phone rang off the hook with borrowers calling, literally begging you to help them with the refinance or purchase of their home, are in the past.
Have you noticed the one loan officer in your office or across town who is incredibly busy in this market? Have you stopped to ask yourself why that loan officer is getting business and you are not? Chances are, he or she does not think of himself or herself as a Loan Officer, but rather as a sales person. Chances are, that person is a talented sales person. Learning sales as a skill is tough. Selling, according to my friend Tom Ward at Majestic Consulting, is “The ability to get somebody to do something that, if left up to that person, would not otherwise get done.” It’s learning to ask leading questions, knowing when to talk and when to be quiet, and molding conversations to help people to adopt your opinions as their own. I have a secret that I have shared with very few people in my life. After more than 21 years in sales, most of it in the mortgage industry, I have to confess that I’m not a salesman. My former colleagues and employers may find this an interesting and even confusing confession. I have enough awards to fill a wall and have achieved Platinum and President Sales status at numer-
ous companies. So how did I do it? My senior year of college, I went home during spring break and had the opportunity to play golf with my father and two of his friends. That day, I lost to a man who only had one arm. He had learned to play golf after losing his right arm in an accident years before. He adapted. Sales skills can be learned, but true sales ability is a talent. I can teach my son to play golf but he needs true talent from within to ever make it to the PGA. Similarly, I will never have true sales talent; I just wasn’t born with it. Knowing that I would never be a talented salesman, I taught myself to be successful with only half of the skills possessed by the top sales people. I used my skills in building relationships and became one of the top sales people in two national firms, Norwest Mortgage and Countrywide. Along the way, I also helped a local title company grow from the number six company in a market of six companies to number two. I helped bring my company, Velma, from a start up to a nationally recognized mortgage marketing firm. My model for success starts with building relationships with referral partners, Realtors, CPA’s, Financial Advisors, friends, and family. Here are three important human traits to never forget: 1) People love to do business with friends, 2) people love to help others achieve success and 3) the borrower will tell you anything you ask at the loan application if you ask it correctly. Knowing these three traits, I went out and searched for people with whom I personally connected; people I would like to have as friends. How many potential referral partners are there in your community? TheNicheReport.com
21
Why are you chasing after Realtors who you would not invite to your home for dinner? Stop thinking of the Realtor or CPA as targets and start thinking about them as friends and find ways to become friends. An easy way to become friends with somebody you just met is to find a common ground. If you visit his or her office, use every opportunity to check out what’s on the walls and their desk. If there is a photo of children, ask about them. Encourage thenew found friend to talk about the children. What are their ages? What do they like? Talk about your children. Is there a bowling trophy? Is there a photo of the elk they killed last year? Is there a picture of his or her classic car? Is there a photo of a sunset over the beach? Find the common ground. However, be careful you do not say you are a great hunter and bagged several elk. You might find your relationship going away when your new found buddy finds out you have never hunted before. What about your own office; what story does it tell of you? My office was my stage. On the wall next
22
August 2008
to my desk, I hung ten photos each one carefully chosen. I had a photo of my dog at the top of a high wilderness mountain, a photo of my children, a photoof a village in Greece I had visited, and several others I had taken over the years. When clients sat at my desk, they would comment on one of the photos, and our common bond was found. On the opposite wall I hung some of my awards which gave me credibility. On the credenza behind my desk, I had about twentythree ring binders labeled “Underwriting Guidelines” that I found in the storeroom. These provided me with an appearance of knowledge to the people sitting across from me. Mortgage professionals have an edge on relationship building with clients that few sales professionals possess. Few sales professions allow you to learn so much about your clients in such a short period of time. From the information on the loan application, you learn much more about your borrower than the Realtor, the CPA, or even the Financial Advisor would know.
Finally, human trait number three; the borrower will tell you anything you ask at the loan application if you ask it correctly, seriously! The loan application can give you all the ammunition you need to effectively market to your borrower for the rest of your career. Ask your customer about his or her car. If the customer owns a 1990 minivan, then money may need to be borrowed in the near future to replace it. Ask about the customer’s children and their ages. There may be borrowing needs in the near future when the children go to college. What are the customer’s goals? When would he or she like to retire? Does the customer see his or her income rising in the next five years and if so by how much? How long will the customer live in his or her current home? These are all questions that should be asked at every customer’s loan application. Write the answers down and build a follow up system based on the customer’s answers. Do you want to be a super ninja marketing hero? Ask their children’s birthdates and what month they were married. If you send their children birthday cards and remember their wedding anniversary, they will think you are one of their best friends. People love to see you succeed. Build your relationships and then leverage those relationships on a consistent basis. Ask the Realtor if they know other Realtors in his or her office with whom you should be working. Ask your past borrowers, your friends, your family, and others to remember to mention you anytime the word “Mortgage” or “Real Estate” come up in their daily lives. If you get a referral from them, call and personally thank them for that referral. If you do, more will follow. You don’t have to be a great salesperson to win in this market. Find the skills you do have and figure out how to leverage those to cover the skills you don’t have. Be honest with yourself. Are you best at structuring the loan? Are you the analyst, or are you everybody’s friend? Find who you are and then capitalize on those talents! Dan Sullivan is the VP of Sales and a Managing Director for Velma.com, a Virtual Marketing Assistant for Mortgage. Sullivan entered the industry in 1987 and has been a successful originator and a wholesale Account Executive for Countrywide. Sullivan has served on the Board of Directors for the Idaho Association of Mortgage Lenders and the Idaho Mortgage Brokers Association. You can contact Dan at 208854-7905 or email him at dsullivan@velma.com.
Recent Closings: Condo Conversion Refinance $2.77 Million Kissimmee, Florida Broker Commission: $55,240 Mixed-Use Complex & Restaurant Refinance $3.55 Million Becker, Minnesota Broker Commission: $79,500 Bed and Breakfast $2.6 Million Lenox Village, MA Broker Commission: $52,000 Apartment Complex $1.6 Million Memphis, Tennessee Broker Commission: $24,000 Convenience Store and Gas Station $4.1 Million Gilman, Illinois Broker Commission: $51,250 Golf Course Development $3.4 Million Tampa, Florida Broker Commission: $68,000
DOING DOING THE THE IMPOSSIBLE IMPOSSIBLE EVERYDAY. EVERYDAY.
CHANGING THE INDUSTRY ONE BORROWER AT A TIME
Metro Funding Corporation One Kalisa Way, Suite 310 Paramus, NJ 07652 For more information, call toll free (866) 302-6360 or visit our website:
www.metrofundingcorp.com
FUTURE OF THE MORTGAGE BROKER II What can a mortgage broker do to survive? BY GEORGE H. MARENTIS, J.D.
A
s a follow-up to my previous article regarding the Future of Mortgage Broker Licensing, this article is intended to focus on the long term survival of the mortgage broker. IS THE MORTGAGE BROKER UNFAIRLY BEING TARGETED? As we all know the mortgage broker has been the key focus for state and federal legislation with a significant concentration on licensing and education. I am all for consumer protection, so having some controls and regulations to monitor the industry is not necessarily a bad thing. However, I feel that whatever is put in place needs to be applied equally to all parties in the lending industry who have direct consumer contact. As new legislation is being implemented, the focus is on the individual mortgage broker. What about the loan officer with less then a year of experience who was just hired by a bank or credit union to originate loans through a retail channel? Is that loan officer going to be required to go through the same education requirements or be licensed? The answer appears to be no, because by virtue of a bank or credit unions exemption status, that bank or credit union loan officer will not need to meet the same requirements as a mortgage broker with 20 years of experience. Over the years I have seen many bank and credit union loan officers who do not have a clue about lending and the training that they were provided by the bank or credit union was inadequate. So who is better qualified to work with a new home owner or refinance 24
August 2008
a mortgage, the new bank loan officer or mortgage broker who was in business before the subprime birth? MOST MORTGAGE BROKERS ARE HONEST, ETHICAL AND HAVE INTEGRITY I am not saying that all mortgage brokers are honest, ethical or knowledgeable, but there are many who are. Remember the saying, “you have bad apples in every bunch”? Thus, regardless of the industry, you have bad actors. In my opinion, over the years the industry has gained a lot of ‘newby’ mortgage brokers who jumped on the subprime train from industries other than lending. These new brokers did not have a clue as to what a mortgage was, what a 1003 is or even how to perform simple tasks of calculating loan to values and debt ratios. They were simply taught to use their sales skills to close a loan. THE FUTURE OF THE BROKER AND YIELD SPREAD PREMIUMS As legislation continues to be considered at federal and state levels, one area of concern is the Yield Spread Premium (YSP) brokers receive from lenders for placing loan with a particular lender. The argument is that a borrower is not being made aware of the YSP and is being misled into loans with higher interest rates. I am not here to provide a fix or solution, or to offer my opinion as to whether borrowers are being taken advantage by brokers who build in high YSP’s. However, I will say that whatever is enacted through legislative action needs to be fair for all lending professionals and required in all lending transactions, not
just from a transaction involving a mortgage broker. Loan transactions involving a loan officer working for a bank or credit union who has a similar price markup or overage that affects the interest rate quoted to a borrower should also be required to disclose the overage. Thus, for the mortgage broker to survive, an even playing field needs to be created between mortgage brokers and retail loan officers WHAT CAN A MORTGAGE BROKER DO TO SURVIVE? Make your voices heard. Not only does licensing legislation create an unfair level of competition between the independent mortgage broker and a loan officer from a bank or credit union, the ultimate victim besides that broker is the consumer who should be protected. Therefore, since stringent requirements are being implemented, in my opinion, the lending industry, including loan officers, should be required to meet the same requirements.
It may also be a time to expand into new strategic markets to take advantage of lenders and brokers who have left the industry. Additionally, mortgage brokers with correspondent lines of credit, with FHA approval capabilities, with in-house underwriting, compliance, auditing, and training all in place may be able to weather the storm and survive. George H. Marentis is President/CEO of Compliance Made Simple, LLC, a company that provides licensing services and other compliance related services to the mortgage lending industry nationwide. For more information see www.compliancemadesimple.org or call them at 303.859.8550. Mr. Marentis has a Juris Doctorate and over 15 years of mortgage lending experience ranging from frontline operations, origination to regulatory and legislative compliance. Information provided in this article is not intended to be considered legal advice, seek advice from in-house counsel or outside attorney.
Staying Ready For Today’s Market The National Association of Black Mortgage Brokers Presents it’s 2nd Annual
Wholesale Lending & Education Fair 2008 • EDUCATION • RESOURCE • NETWORKING
At the
Hilton Garden Inn Greenbelt September 19, 2008 9:00-5:00 • Over 40 lenders and vendors • Lender break out sessions
For more information go to our website: www.nabmb.org or call us at 1-800-920-1009
THE STUDENT HOUSING NICHE Provides A+ opportunity in a tight credit market. BY TIM BRADLEY
U
niversity enrollment is currently at an all-time high as the children of the Baby Boomers, (the Echo Boomers) search for their ideal college experience. Student enrollment is expected to jump 11% over the next decade, outpacing the amount of on-campus housing options currently available. As a result, student housing has become increasingly attractive to developers and investors for the short term and long term returns depending upon the transaction.
Upscale living The student housing market, unlike other sectors, remains relatively unaffected by today’s tough economy, creating an overflow of students on campus and increase in demand for appropriate living accommodations. To sustain increased enrollment and make up for the lack of funding for on campus housing facilities, many schools are looking to private developers to develop amenity-rich student housing that will meet the needs of the students, parents and the university. Universities know that to recruit and retain the growing student population, they must offer modern housing options that appeal to today’s sophisticated student consumer who demand advanced technology, private baths, and resort-style amenities. The movement toward upscale student residences is a result of several factors, one of which is a premium on today’s students desire for comfort and privacy. Many of today’s students have grown up with their own bedrooms or bathrooms and have parents who
26
August 2008
do not mind paying the extra cost for their children to live in upscale accommodations. As college enrollment and tuition costs continue to increase, colleges and universities are increasingly turning to private developers to create student housing projects that will accommodate their growing size while serving as a recruitment tool. Several firms, including the Philadelphia-based real estate investment bank BlueStone Real Estate Capital, have capitalized on the growing demand for student housing. Recently, BlueStone secured a $17 million non-recourse, first mortgage loan for The Registry at Western Kentucky University. This is a 230 unit/558 bed student housing complex in Bowling Green, KY. The deal was considered somewhat risky as the property had not been completely leased. However, the private investor moved forward with the deal because of the strong relationship they had formed with the university, the demand for off campus housing at WKU, and the proximity of the building to campus. Currently, the Registry has fulfilled the majority if it’s pre-leasing agreements for 2008-2009 school year. A Growing Niche Market With the current state of the market, investors continue to look for niche investments. Student housing continues to be an excellent opportunity for several reasons. First, many universities have disclosed that they are building or have plans to add additional housing in the future. The majority of existing student housing is outdating or unappealing and universities rarely have the funds to develop the upscale living communities that their students demand. Student
housing also provides more guaranteed income for property owners, since often times rent is paid by financially stable parents. The sector creates other income opportunities in complexes that charge by the bed rather than by the unit as students are more willing to share space than the traditional multi-family properties. Full academic year leases are the norm, which means turnover occurs almost every year as students graduate leading to nearly guaranteed money with opportunity to raise rent each year. In addition to the opportunities for off campus development, some firms are working closely with universities for on-campus facilities. Developing on university property can be more complex as university officials require increased control of the design and operation of the development. Multi-family investors have been more willing to look at on campus housing where they have the ability to control operations, including rent, leasing and capital improvements. The competition for both on and off campus housing is limited as the requirements for operating such a facility can be rigorous and challenging. Therefore, developers may seek partnerships with one of several top tier student housing management firms to help run the show. Where the Deals Are Currently, federally sponsored Fannie Mae and Freddie Mac are the main source of capital for student housing along with several balance sheet lenders. Due to lack of available capital, developers and operators are seeking funding through other avenues such as JV partnerships, institutional investors and REITS domestically and abroad. Traditionally, lenders favor cities with larger universities with enrollments typically between 15,000 to 20,000 students or properties that are located in close proximity to campus or university sanctioned transportation. They also look for existing, stabilized properties with high occupancy rates and whose tenant base is at least 80% undergraduate or graduate students. Both large and small universities have the opportunity for moderate growth in enrollment over the next five years. Some smaller schools expect a substantial increase in students and rarely have the funds to build new housing, thus providing several opportunities for lenders and developers.
Smart Investment Developers seeking an alternative to traditional apartments have found a viable option in student housing. As university populations continue to rise and the credit market remains tight, there is a prime opportunity for new development where land is available, and where universities seek partnerships with private developers. The best opportunities in the student housing sector can be found at campuses experiencing rapid enrollment growth and at institutions with the most competitive enrollment standards. However, there are niche opportunities to be found at smaller institutions where funding is low and housing demand is high. For investors that are willing to take on the challenge of student housing, rewards can be as high as 25 percent.
Tim Bradley is a senior associate at BlueStone Real Estate Capital, a Philadelphia-based commercial real estate investment banking firm that secures innovative debt, mezzanine, equity and sponsor equity financing for the nation’s toptier investors, operators, owners and developers. Bradley’s responsibilities include raising debt and equity for the firm’s clients, while simultaneously structuring and negotiating loans for all product types. Mr. Bradley’s primary focus is on retail properties, senior housing facilities and student housing facilities. BlueStone was recently awarded the Mid-Atlantic Real Estate Journal’s “Financing Deal of the Year” for securing $48,000,000 in construction and financing for the historical B&O Building in Baltimore, MD. This is the second consecutive year that BlueStone has won this award. For more information please visit www.bluestonecap.com.
Hard Money - Made Easy
Loans from $300k to $3 million
Nationwide direct lender - up to 75% LTV: Bridge loans, purchase & rehab, construction financing, up to 12 month + possible extensions, 24 hr commitments - 5 days to close, no minimum credit requirements and broker protected. $1,075,000.00 Rehab Spec Home Miami FL
Broker Fee Paid $$$ 36,400.00 $$$ Aspen CO
Broker Fee Paid $$$ 45,000.00 $$$ Pueblo CO
$3,000,000.00
Construction Town homes
Denver, CO
1-866-398-8916 www.assetfundinggroup.com
POSITIONING YOURSELF FOR A SUCCESSFUL SALES CALL Learn to deliver what you promise. BY Tom Ninness
Y
ou finally got the opportunity to meet with John, a top Realtor. You share all of the different loan programs you have available, the great staff you have, and that you are committed to excellence. You mention that you are available to do pre-qualifications over the weekends and you’ll do finance flyers for the agent’s open house. You pull out some of the open house flyers that you’ve done for some of the other agents and the agent is impressed. The meeting goes well. You leave some of the flyers and your card and promise to follow up with the agent the next week.
The next week you leave a message, then another message a couple of days later, then one on Friday to remind the agent that you are available that weekend if any needs come up. After attempting another couple of times to get hold of the agent, the agent finally calls you and says that he is happy with the current lender that he is working with and if anything changes, he will call you. What just happened? Three’s a Crowd There are three people involved when it comes to a sales call: the prospect, yourself and the current lending provider. The power is with the current provider as he is already on the pedestal and no two people can occupy the same space. When we make a sales call, we can compete against price, product and service. Your service has the greatest potential to differentiate yourself from your competition. The fact is: Most prospects are being underserved and your goal is to see where those areas are. The one currently in the top position tends to just sit on his pedestal with little reason to be proactive in doing more for his or her clients.
28
August 2008
Where is the pain? People are motivated by either pain or pleasure. Believe it: Most people are motivated by pain. A successful sale call’s mission is to get the prospect to want to work with you. By asking the right questions, I have agents admitting to me: “ I never see my loan officer…”, “It takes awhile to get my calls returned…”, “I’ve had issues with the good faith estimate being higher and that’s embarrassing…”, “They get me the closing figures at the last minute…”, and “They never give me ideas that would help my business….” These are areas of service where you can stand out. Finding Your Winning Differences For you to become successful, you need information, knowledge and intelligence. You need to know as much as you can about all three parties involved to have a successful sales call. When the opportunity arises to meet with a top Realtor, I do plenty of reconnaissance. If I know some of the other agents in the office, I’ll ask them if they know the current loan officer servicing this agent. I also learn as much as I can about the loan officer and the company that they work for. If I don’t know any agents in the office, I’ll call some of the title companies in the area and see what they know about the agent and who the current provider is. Going to the agent’s website will give you some additional knowledge. It’s important that you understand the following: Your strengths versus your competition’s strength— you will tie or lose. Your weaknesses versus your competitions strength— you will lose. Your strengths versus your competitions weaknesses— YOU WIN!!
The Perfect Sales Call Building Rapport. You start by building rapport. There is a sequence in a relationship. You have to get to know the person. You can learn to like the person and eventually earn the trust of the person. I usually will ask if the agent is a native to Colorado since most of us came from somewhere else. How did they start into real estate? I never talk about rates and products, as there are some products that I don’t have and maybe the current loan officer prices his loans skinnier than I do. Find the common ground to begin building the relationship.
Finding the Pain. You need to get the prospect to see where they are being underserved. By raising the prospect’s expectations above their current level of service, you will create the pain. A question you could ask would be, “What is the biggest challenge in your business today?” Later, in the conversation you could ask, “When it comes to the loan officers that you work with, what are some of the short comings in the service that they provide?” Educate versus Selling. From Tim Sander’s great book, Love is a Killer App, Tim emphasizes that we need to give knowledge with compassion or, as I like to say it, “with no strings attached”. We also have to pass the test of comfort and credibility. I like to share stories of others who are experiencing the same kind of pain in their industry. By sharing stories, the prospect will learn that you have something that the current service provider does not have. After listening to the prospect’s challenges, I’ll bait the prospect with a take-away. A take-away is like waving a Frisbee in front of my Australian Cattle Dog and then putting it away. The dog wants what you have. After making a point I will say, “Well, perhaps this is not really important to you.” Guess what, it is important! This technique will create a “Self-Discovery” with the prospect and he or she knows that the pain could be eased and pain reliever is right in front of him or her. Proposing a Remedy. All good sales people know when the momentum has switched over to them. It’s time to go for the win. “What would you like to happen next?” or “When do you want to get started?” are two great ques-
tions. One agent actually said to me when I asked one of these questions, “ I don’t know what I’m going to say to my current loan officer. Would you mind calling him and telling him that I’m switching over to you?” I was giving myself a ’high five’ when this occurred. A plan should be in place before the meeting ends. Make an appointment with the agent no later than 48 hours from your initial meeting. You need to keep the fire burning with the prospect. Final Thought To stay on top of the pedestal, you must deliver what you promise. The agent needs to see and communicate with you frequently at the beginning. This is a brand new relationship and it will take time for both of you to learn how you do your business and what your systems are. I have been knocked off the pedestal from time to time and it doesn’t feel good. If this has happened to you, consider it a learning experience and don’t let this happen again. Keep bringing superior service to your agents. Stay in front of them and communicate often. I make it a point to meet face-to-face with my top agents a minimum of once a month. I’m always looking for ideas to increase their business. Get in the habit of asking how you can ease the “pain” they are currently experiencing in their business. Remember, the more information and knowledge you know about the prospect and the current service provider, the better chance for success. Never bad- mouth your competition, as the prospect will become defensive understanding he or she decided to work with the current provider. Let the prospect make the self-discovery on his or her own. Finally, if you start pushing the prospect to make a decision when he or she is not ready, resistance will be created and you will lose. Sometimes the relationship is too entrenched to remove the current service provider from the pedestal the first time. Keep the momentum going by setting up that next appointment.
Tom Ninness is Vice President/Regional Production Manager for Cherry Creek Mortgage. Ninness is also the President of Summit Champions, a company dedicated to providing tools, software, and opportunities for the Realtor and Mortgage Professional. You can contact Tom at 720-221-4396, or email Tom at information@summitchampions.com. Go to www.summitchampions.com to learn more about Summit Champion’s tools, products and strategies. TheNicheReport.com
29
CENTER STAGE
CENTER STAGE WITH TRAININGPRO The National Leader in Mortgage Education
BY THE NICHE REPORT
S
ince the year 2000, at least two states every year have enacted legislation requiring mortgage training for their loan officers, mortgage brokers, and/or mortgage lenders. Only three states had adopted such requirements eight years ago, and today, more than 34 states have joined Chris Nicherson the mortgage education initiative that is sweeping the nation.
One company has successfully managed to support and lead the mortgage industry through this dramatic integration of mortgage training with licensing requirements. Setting industry standards along the way, TrainingPro not only provides the stateapproved mortgage training, it has positioned itself as a resource and partner for companies large and small through an active legislative tracking program, license management software, and professional development training. Chris Nickerson, TrainingPro’s CEO and visionary, tells us more about his nationally recognized mortgage training company and the benefits that arise from a national presence. Tell us about the mission of TrainingPro.
Almost a decade ago, we recognized the need for an extremely underserved segment of the mortgage industry – training. Since our inception, we have continued to build upon our mission: To enrich and elevate the mortgage industry through quality training, hassle-free service and personal care.
30
August 2008
Describe your products and services.
TrainingPro offers state-approved continuing education and pre-licensing training to mortgage professionals across the country. Our courses are delivered in live classroom, online, home study, and webinar formats, depending on state requirements. Our online platform can be accessed through www.TrainingPro.com. We are currently approved in all the states that require continuing education, pre-licensing or a combination of both, which currently totals 34 states. Aside from training, we also have several mortgage education compliance tools. These include ComplianceKeeper, an independent system to track companys’ licensing and education data; Compliance Watch, a monthly e-newsletter informing our clients of state legislative changes; and a Tracking and Reporting System integrated into our online platform to view course progression and completion. Who are your customers?
TrainingPro has educated nine out of the top ten mortgage lenders in the country. We also serve small to mid size mortgage companies and individual mortgage brokers. TrainingPro is a long-time online education partner of the National Association of Mortgage Brokers (NAMB), and members can complete their education requirements through our co-branded online platform. We are also online education partners for 20 state mortgage associations. Where do you see the future of online training in the mortgage industry?
As you know, online training has exploded not
CENTER STAGE
only in the mortgage industry but from a general education perspective. It has become a viable, effective alternative for live class training that promotes convenience. The majority of states allow for online training but with the necessary controls in place to ensure student identification, the required amount of time is spent on the course, and privacy protection. TrainingPro developed and launched the Secure Authentication for E-Learning (S.A.F.E.) program to alleviate these concerns. It is an upgraded security platform that is easily customizable to specific state requirements. With security programs like this one in place, I envision the online training industry continuing to prosper. Name two key, unique benefits mortgage professionals receive by using TrainingPro?
We offer many benefits to our clients, however, the benefits most widely recognized by our client base are our National Cross Certification program速 and our high level of customer service. TrainingPro pioneered the National Cross Certification速 program over eight years ago to provide cost-effective and time-saving strategies for mortgage professionals doing business in more than one state. The program reduces repetitive training and increases savings to students by applying completed course credit to multiple states. Particularly at a time when more and more states are committing to required training and mortgage professionals are searching for business efficiencies, being able to provide a solution that is multi-state compliant is key. As the national leader in mortgage education, we are able to leverage our accredited footprint in each of the 34 states that require
training and uphold our National Cross Certification速 program. More than half of our clients take advantage of our National Cross Certification速 program because of its efficiency. It just makes sense. In 2007, TrainingPro saved its clients up to 265 hours of training per student through the program. Secondly, our high level of customer service is consistently recognized and commended. I remark on this important attribute of TrainingPro particularly because of the current state of the mortgage education industry. There are many new and changing regulations regarding training. It is our priority to help guide our clients through the process and provide individualized attention to answer their questions and find efficiencies for them. Each department of our organization plays an integral role in a well-rounded service platform for our customers, from government affairs, compliance, sales, editorial and support. What can the industry expect from TrainingPro in the next five years?
TrainingPro actively follows the legislation regarding mortgage training in all states. At least four more states have legislation pending. We will continue to expand our reach as the mortgage training requirements increase. We also look forward to more advanced online training techniques, which we expect will continue to be released over the next several years. TrainingPro was built from a flexible business model, and we will continue to support that ideal. We will continue to monitor the industry and the needs of our clients to determine the best, applicable, most efficient products and services for the mortgage industry.
LENDERLAB SEARCH POWER
MORE Lenders, MORE Programs, & MORE Ways to Search
LENDERLAB.COM (800) 339-1863
Niche . Alt-A . Non-Prime . Commercial . DPA . High LTV . Hard Money . Commercial
TIP OF THE MONTH
TIP OF THE MONTH Know your customer BY STEWART MEDNICK
I
n 1964, Dr. David W Merrill and Roger Reid began research to create a model that could predict the success in selling and management careers. What the partners ended up discovering was that people's behaviors and actions are consistent. They used a social style matrix or system to help define a person’s predictable behavior. If you know the style of your customer, you can effectively communicate and develop a relationship rapidly and with a percieved added value.
There are four styles defined: driver, expressive, amiable and analytical. The goal of an effective relationship development specialist; which is what you all are, is to: 1) identify which of the four types of social styles you possess. 2) identify the type of your customer, and finally, 3) adjust your behavior to mirror or match that of your customer.
People who recognize and adjust to these behavior patterns have a better relationship with other people. There have been a myriad of studies and redevelopments in this field over the last forty years. I encourage you to research more on the topic if interested (www.wikipedia.com keywords “social styles”). I will focus on these four styles for the purposes of this column. There are two critical dimensions to understand social behavior: assertiveness and responsiveness. Assertiveness is the degree to which people have opinions 32
August 2008
about issues and publicly make their positions clear to others. Assertive people express their convictions publicly and attempt to influence others to accept these beliefs. These people typically speak out, make strong statements, have a take-charge attitude, and when under tension, they confront the situation. Unassertive people rarely dominate a social situation and often keep their opinions to themselves. Responsiveness is the degree to which people express emotion and tend to respond in social situations. These people readily express joy, sorrow, and anger. They appear to be more concerned with others and are informal and casual in social situations. Less responsive people devote more effort toward controlling their emotions; being cautious, intellectual, serious, and formal. The four social styles are based on a high or low level of assertiveness or responsiveness in various combinations as described below. 1. Driver – high on assertiveness and low on responsiveness; task-oriented. “Lets get it done now, and get it done my way”. Drivers work with others only because they must, not because they enjoy people. They have a great desire to advance in the company and are swift, decisive and efficient decision makers. They focus on the present and have little concern for past or future. They base decisions on fact and take risks; wants to look at several alternatives before making a decision. Drivers want to know the bottom line and are not interested in technical information; independent and candid.
TIP OF THE MONTH
2. Expressive – high on assertiveness and high on responsiveness; warm, approachable, and intuitive. They view power and politics as important factors in their quest for personal rewards and recognition. Though interested in relationships, these are built primarily with supporters and followers recruited to assist in achieving their personal goals. Like drivers they tend to be more ‘tell’ assertive meaning that they are more likely to tell someone to complete a task rather than ask them to complete the task but, unlike the drivers, expressives are more people oriented. They focus on the future, directing time and effort toward achieving their vision. Little concern for practical details is given in present situations. Decisions are based on personal opinions and they change their minds easily. Sell to them emphasizing benefit to personal status and recognition. They prefer sales presentations and graphics rather than technical or factual statements. Testimonials, need for status and are the first to do or use are key characteristics. Expressives are described as outgoing, enthusiastic, persuasive, fun loving, and spontaneous. 3. Amiable – low on assertiveness and high on responsiveness; close relationships and cooperation are important. They achieve objectives by working with people, developing an atmosphere of mutual respect rather than using power and authority. They tend to make decisions slowly, building a consensus among people involved in the decision. They ask more questions of others rather than telling others what to do. They typically avoid risks and change reluctantly. These people seldom show true feelings, so it is difficult to read them or sell to them effectively. They avoid conflict and often say things to people to please them despite their own opinions. Amiables want guarantees and do not like lack of followthrough. Benefits are in terms of effects on the involved party’s satisfaction. In a nutshell, they are supportive, cooperative, diplomatic, patient and loyal. 4. Analytical – low on assertiveness and low on responsiveness; facts, principles, logic. These people tend to be suspicious of power and personal relationships, striving to find a way to carry out a task without resorting to influencing methods. How-
ever, they are strongly motivated to make the right decision and do so slowly and in a deliberate method. The analytical is very ‘ask’ assertive, meaning that they are more likely to ask that a task be completed. They systematically analyze facts, using past indicators for future events. It is prudent for you to use solid, tangible evidence when making presentations to analyticals. They respond to technical expertise and long-term benefits and disregard personal opinion; and tend to be more involved with the task rather than with the relationship with others. Analyticals are described as logical, thorough, serious, systematic, and prudent. (Amiables and analyticals develop loyal relationships; amiables based on personal, and analyticals based on not needing to re-examine a well-reasoned decision.) Practice actively analyzing people that you are in contact with on a daily basis to start to identify these social styles. Start with yourself, and then friends and family. Soon, you will be familiar with the traits of these various styles and will pick up quickly in the initial stages of conversation. Then, be adaptive and ensure that you present and focus key points in a manner that will provide benefit to the client. Review my column in the May 2008 issue about “The Formula” and apply this new tool so that you can effectively communicate and be perceived by the client as the trusted advisor. Stewart Mednick is a seasoned mortgage banker and published author. His writing focuses on relationship development, customer satisfaction, marketing and sales techniques. Stewart is available for personal coaching and training sessions. If you have a comment or a question for Stewart, contact him at 651-895-5122 or smednick1@netzero.net.
THE SEARCH IS OVER THELOANPOST.COM Connecting You To Lenders
Advanced Lender Search and Pre-Qualing capabities Instant Rate and YSP Quotes from the top 60 investors! TheLoanPost.com for a 30 day risk-free trial HUNDREDS OF WHOLESALE LENDERS
HUNDREDS OF NICHES
NICHE REPORTS
PRIME Premium Listings
Alternative Lending Solutions, Inc. 703.365.7800
Freedom Mortgage
Offering all FNMA & FHLMC Programs including Affordable Housing Programs
203K!! FHA/VA CONFORMING!!!
317.537.3289
Peoples Home Equity Inc.
Also offers FHA, manual underwrites to 580 24 hr turn times!
703.754.9643 - Tim Dooley
PRIME Lender Listings Sponsored by Lenderlab.com Alternative Lending Solutions, Inc.
703-365-7800 www.alendingsolution.com
American Home Equity Corporation 714-661-5800
www.ahedirect.com
Global Lending Group
727-530-0110
www.glgiwholesale.net
Greystone Financial
602-574-0100
www.greystonefinancialonline.com
American Mortgage Exchange
443-375-0973 www.american-mortgage.info
Guaranteed Rate Wholesale
866-755-0989 www.griwholesale.com
Amtrust Bank
888-321-6446 www.amtrustgemstone.com
HSBC Mortgage Corp. USA
877-433-4722 https://webloan.us.hsbc.com/hsbc_lqrnet/
Avant Capital Partners, LLC. (cml)
212-219-9419
www.avcapital.net
Icon Residential Capital
888-639-5641 www.iconrescap.com
Banco Popular
713-463-2424
www.bpnawholesale.com
ING Bank, FSB
877-464-0555 www.ingloans.com
Bay Equity (Hard Money)
800-229-3703 www.bayeq.com
JMAC Lending
877-841-0776
Central Tejas Capital Group, Inc. (cml) 317-351-8037
Just Mortgage, Inc.
714-860-8867
www.justmtg.com
Chase Home Finance
800-338-0487 www.chaseb2b.com
MFC Mortgage, Inc
877-562-6754
www.gomfc.com
Chevy Chase Bank
866-591-4355 www.chevychasewholesale.com
Online Financial Group
Citimortgage, Inc.
888-248-4123 https://broker.citimortgage.com/Broker
Provident Funding
Community Commerce Bank (cml)
916-648-2680 www.ccombank.com
Royal Crown Bancorp
877-507-6925
Eastgate Equities (cml)
800-997-7244
Senderra Funding
704-831-3600 www.senderra.com
Fifth Third Bank
866-492-0072 www.53.com
Taylor, Bean & Whitaker
888-678-8547 www.taylorbeandirect.com
First Horizon Home Loans
United Residential Lending
404-661-4632 www.urlending.com
Flagstar Bank
800-897-7222 www.wholesale.flagstar.com
Wachovia Mortgage
Gateway Mortgage Group
817-799-0804
www.firsthorizonwholesale.com
www.jmaclending.com
703-307-7006 www.ofglending.com pf-clp@provident.com https://pfloans.provident.com/ www.crownloan.com
www.wachovia.com/corp_inst
www.jerrylair.com
ADVERTISE YOUR NICHES HERE WITHIN Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
34
August 2008
NICHE REPORTS
ALT–A Premium Listings
Emigrant Mortgage Company, Inc. 1.800.EMIGRANT (364.4726) Ext Mid-Atlantic
True Portfolio Lender offering NINA Loan Programs (excluding MD O/O per SB 270), Max LTV of 75%, Loan Amounts up to $1MM+ considered. Don't forget to mention this ad when calling for special service response!
National Business Finance
Guaranteed Permanent Financing for Residential Subdivisions at bank rates and terms in conjunction with our Building Materials Program
954.495.4791 ALT-A Lender Listings Sponsored by Lenderlab.com AgriCap Financial Corporation
213-542-5232 www.agricap.com
Guaranteed Rate Wholesale
866-755-0989 www.griwholesale.com
American Home Equity Corporation
714-661-5800
www.ahedirect.com
MFC Mortgage, Inc
877-562-6754 www.gomfc.com
Avant Capital Partners, LLC. (cml)
212-219-9419
www.avcapital.net
Midwest Financial Capital (cml)
317-844-7776
Community Commerce Bank (cml)
916-648-2680 www.ccombank.com
Online Financial Group
703-307-7006 www.ofglending.com
Global Lending Group
727-530-0110
Royal Crown Bancorp
877-507-6925 www.crownloan.com
Greystone Financial
602-574-0100 www.greystonefinancialonline.com
Wilmington Finance
405-227-1152
www.glgiwholesale.net
www.midwestfinancialcapital.com
www.wfbroker.com
NONPRIME Premium Listings
Alternative Lending Solutions, Inc. 703.365.7800
Emigrant Mortgage Company, Inc. 1.800.EMIGRANT (364.4726) Ext Mid-Atlantic
Non Conforming allowing cash out to 95% LTV with 620 score, Allowing unlimited 30 and 60 day lates in past 12 mos
NINA financing for applicants with Ficos below 600 (excluding MD O/O per SB 270), max LTV 60%, Loan Amounts up to $1mm+ considered. LowDoc (Income Verification) financing for foreclosure bailouts also available up to Max LTV of 60%
ADVERTISE YOUR NICHES HERE WITHIN Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
TheNicheReport.com
35
NICHE REPORTS
NONPRIME premium niches continued‌
Gregory Funding LLC
Direct Portfolio lender specializing in funding loans traditional lenders cannot. NOD or BK OK. No Credit Score. No Pre-payment Penalty. Up to 75% LTV. Loan amounts up to $1MM. Lending territory: AZ, CA, CO, ID, NV, OR & WA
888.324.3578
Peoples Home Equity Inc.
500 mid score borrowers OK to 75% LTV FULL DOC, 12 mon. Bank Statements Ok, S/E borr.w/650 to 85%, N/O/O w/only 625 score FULL DOC ONLY to 90%
703.754.9643 - Tim Dooley NONPRIME Lender Listings Sponsored by Lenderlab.com AgriCap Financial Corporation
213-542-5232
www.agricap.com
Global Lending Group
727-530-0110
Alliance Financial, Inc. (hard money)
866-603-5999
www.afiloans.com
Guaranteed Rate Wholesale
866-755-0989 www.griwholesale.com
www.glgiwholesale.net
American Home Equity Corporation
714-661-5800
www.ahedirect.com
Icon Residential Capital
888-639-5641
www.iconrescap.com
American Mortgage Exchange
443-375-0973
www.american-mortgage.info
JMAC Lending
877-841-0776
www.jmaclending.com
www.avcapital.net
Just Mortgage, Inc.
714-860-8867
www.justmtg.com/main/main.asp
Mager Capital (hard money)
310-760-6290
www.magercapital.brokerca.com
www.cfacap.com
Online Financial Group
703-307-7006
www.ofglending.com
866-591-4355
www.chevychasewholesale.com
PB Financial Group Corp. (hard money)
310-289-0900
www.pbfinancialgrp.com
Community Commerce Bank (cml)
916-648-2680
www.ccombank.com
Senderra Funding
704-831-3600
www.senderra.com
Eastern Savings Bank (cml)
800-787-8187
www.easternsavingsbank.com
St. Cloud Mortgage (cml)
877- 653-3276
www.farmerloan.com
Eastgate Equities (cml)
800-997-7244
Titan Hard Money (hard money)
323-377-0979
www.titanhardmoney.com
Fifth Third Bank
866-492-0072
www.53.com/wholesalemortgage
United Residential Lending
404-661-4632
www.urlending.com
Flagstar Bank
800-897-7222
www.wholesale.flagstar.com
WholesaleLending.com (cml)
866-303-6301
www.wholesalelending.com
Gaukroger Enterprises, LTD. (hard money)
510-677-9464
Wilmington Finance
405-227-1152
www.wfbroker.com
Avant Capital Partners, LLC. (cml)
212-219-9419
Central Tejas Capital Group, Inc. (cml)
317-351-8037
CFA Capital Partners (cml)
914-967-5780
Chevy Chase Bank
HARD MONEY Premium Listings
Ambit Funding 800.823.7101
Anglo-American Financial, LLC 434.981.1017
Anglo-American Financial, LLC 512.657.9310
Short-term commercial bridge lenders; Most property types including RAW LAND; All 50 states, and Canada; Max LTV 70%, 50% on Land 50% LTV; $1 Million minimum; land & improved property; nationwide with special interest in land in NW Pennsylvania
Still lending in a tough market - Asset-based loans starting at $ 1 Million; nationwide and international ; DIP Loans
Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
36
August 2008
NICHE REPORTS
HARD MONEY premium niches continued‌
Asset Funding Group 866-398-8916
Avatar Financial Group 888-896-0083
BRT Realty Trust 516-466-3100 or 800-450-5816
Fairview Commercial Lending 866-634-1270
First Mount Vernon (866) 908-FMV1 (3681)
First Mount Vernon
Direct lender - up to 70% LTV: Bridge loans, purchase & rehab, construction financing, raw land, no minimum credit score requirments. Nationwide lending from $300k to $3 million, 24 hour commitment as fast as 5 days to close. HARD MONEY- MADE EASY Bridge loans for improved commercial real estate from $1 million, terms up to two years with no prepayment penalties. We are a direct lender and brokers are protected. Apply online at www.avatarfinancial.com or simply give us a call A Public Mortgage REIT Traded on the NYSE (NYSE: BRT) Fast response on loans from $2 million to $50 million on income producing commercial properties nationwide. No prepayment penalties, lock out or exit fees No minimum credit score, foreclosure bailouts, Quick Closings nationwide, commitments in 24 hours No seasoning requirements, No upfront commitment or processing fees, Minimum credit score 400
Minimal documentation required, Combined Loan-to-Values to 105%
(866) 908-FMV1 (3681)
Gregory Funding LLC 888-324-3578
Lansdowne Mortgage
Direct Portfolio lender specializing in funding loans traditional lenders cannot. NOD or BK OK. No Credit Score. No Pre-payment Penalty. Up to 75% LTV. Loan amounts up to $1MM. Lending territory: AZ, CA, CO, ID, NV, OR & WA Smart Residential lending in Florida - up to a 65% ltv
305-740-9988
888-456-0246
FC Bailouts - No FICO requirements. Focused strictly on the residential market. Tech oriented direct hard money lender. Consistent Guidelines Great Service!
Manaseh, Epharim & Associates
Private hard money financing for commercial real estate investments
LJL Funding
678-387-3230
Metro Funding Corp 866-302-6360
Miner Capital Funding, LLC 702-466-8952
Fast closing, no points upfront, all commercial properties including land, acquisitions, refis, and development loans
Specializing in collateral-based real estate loans nationwide. We get deals done!! As fast as 4 days! Loan amounts 1 million to 20 million
Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
TheNicheReport.com
37
NICHE REPORTS
HARD MONEY premium niches continued‌
Remington Financial Group, Inc
Up to 65% of valued collateral, fast closing
480.905.3239
Seasoned Funds Company & Aster Capital 877.226.6260
Use our funds & close your deal. Seasoned proof of funds and soft escrow deposits. Brokers protected worldwide. Low rates. Apply online: www. AsterCapital.com We are a direct lender specializing in churches, mixed-use, apartments & commercial lines of credit
Stonecrest Financial 888.884.6518
All property types, any condition. Including construction, re-hab, land, development. LTV based underwriting. No prepayment penalties, discounted pricing for short term. Fast approvals and closings. Direct Lender in WA, OR, ID only
WADOT Capital, Inc. 206-362-4444
HARD MONEY Lender Listings Sponsored by Lenderlab.com Advantage Capital Equity Solutions
800-223-3019 www.adcapequity.com
J & J Financial
714-256-4416
AgriCap Financial Corporation
213-542-5232 www.agricap.com
Lakeside Financial Inc.
949-297-4180 www.nofico.net
Alliance Financial, Inc.
866-603-5999 www.afiloans.com
Lib Properties, LTD.
404-256-8600 www.libloans.com
American Acceptance (cml)
800-452-9287 www.aamcap.com
Mager Capital
310-760-6290 www.magercapital.brokerca.com
Avant Capital Partners, LLC. (cml)
212-219-9419
Magnolia Financial Consultants
601-428-1005 www.hardmoneymortgages.com
Bay Equity
800-229-3703 www.bayeq.com
Meridian Group
800-901-9301
www.avcapital.net
www.10dayloan.com
BFS Capital, LLC. (cml)
510-381-1930
MiStar Financial (cml)
720-200-2600 www.mistarfinancial.com
BlueWater Funding, LLC
866-551-2583 www.bluewaterfundingllc.com
My Discount Mortgage
832-276-0979
California Equity Lenders
818-584-2320 www.calequitylenders.com
Normandy Mortgage
760-220-4330
Central Tejas Capital Group, Inc. (cml)
317-351-8037
Pacific Mortgage Funding Corporation (cml) 562-864-4006 www.pacificmortgage.com
CFA Capital Partners (cml)
914-967-5780 www.cfacap.com
PB Financial Group Corp.
310-289-0900 www.pbfinancialgrp.com
Commercial Hard Capital, LLC (cml)
832-607-6778 www.commercialhardcapital.com
Piedmont Capital Lending, LLC.
678-292-6984 www.piedmontcapitallending.com
Commercial Loan Capital (cml)
877-473-6984 www.clcloans.net
Porter Bridge Loan Company (cml)
866-725-1777
Commercial Mortgages 101
800-763-3036 www.commercialmortgages101.com
Remington Financial Group
480-570-0679 www.remingtonfg.com
Crawford Park Financial
626-796-7979 www.crawfordparkfinancial.com
www.bfscapital.com
www.porterbridgeloan.com
SmartServ Solutions
888-633-4778 www.bronxhardmoney.com
Cushman Rexrode Capital Corporation (cml) 925-988-7200 www.cushrex.com
TCRM Commercial Corp. (cml)
212-371-3933
Diamond Bay Investments, Inc.
The Loan Doctors, Inc. (cml)
954-647-7679 www.regd506.com 480-946-4000 www.themoneysourcellc.com
702-254-9303 www.diamondbayinvestments.com
www.tcrmcommercial.com
Eastern Savings Bank (cml)
800-787-8187 www.easternsavingsbank.com
The Money Source, LLC. (cml)
Eastgate Equities (cml)
800-997-7244
The Money Tree Financial Services LLC
718-256-3490
Emerald Financial
714-965-6688 www.eprivatemoney.com
Titan Hard Money
323-377-0979 www.titanhardmoney.com
Exeter Holding Ltd. (contr)
516-338-7500
Unifund Financial Group, Inc.
619-573-0289 www.unifundinc.com
First Credit Commercial Capital Corp. (cml)
407-843-6262 www.fchardmoney.com
WexTrust Capital, LLC
212-643-6190
First Mount Vernon Industrial Loan Assn.
703-823-6800 www.fmv1.com
WholesaleLending.com (cml)
866-303-6301 www.wholesalelending.com
Gaukroger Enterprises, LTD.
510-677-9464
Global Lending Group
727-530-0110
GMC Mortgage Capital
954-332-3567 www.gmcmortgagecapital.com
Investor Funding
864-213-3951
www.wextrust.com
www.glgiwholesale.net www.4investorfunding.com
Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
38
August 2008
NICHE REPORTS
COMMERCIAL Premium Listings
AcuPen Financial 305-666-1879
Avatar Financial Group 888-896-0083
Fairview Commercial Lending
High LTVs, and low debt coverage ratio requirements Great rates on commercial real estate loans, fully amortizing up to 25 years. Most property types considered including hotels, multi-family and special-use. Full doc is required for these competitive rates. Please call to request a rate sheet No minimum credit score, foreclosure bailouts, Quick Closings nationwide, commitments in 24 hours
866-634-1270
Gregory Funding LLC 888.324.3578
Griffin Capital Funding 540.548.1001
Imperial Capital Bank 888-886-3580
Ocean Capital 877-337-3757
Manaseh, Epharim & Associates
Direct portfolio lender specializing in funding loans traditional lenders cannot. Loan amount up to 3.5M. No Credit Score Requirement. Up to 70% LTV with full docs. NOD or BK OK. No Pre-payment Penalty. Lending territory: AZ, CA, CO, ID, NV, OR & WA Church Loans from $75,000 to $30 million. Purchase, refinance, renovation and construction. No personal guarantees needed, no tax returns or audited financial statements Adjustable & fixed perm programs up to 80% LTV. Hybrid & Bridge loans available for most income property types. Flexible structures to meet the needs of the brokers and borrower We're the real deal for non-traditional owner-occupied commercial mortgages to $2MM. Credit scores as low as 500. Up to 85% financing. Low debt-service coverage and limited documentation required. Difficultto-finance industries welcome Fast, flexible funding for all your commercial financing needs
678-387-3230
Metro Funding Corp 866-302-6360
Remington Financial Group, Inc 480.905.3239
Fast closing, no points upfront, all commercial properties including land, acquisitions, refis, and development loans Senior financing on existing real estate all property types, competive rates
Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
TheNicheReport.com
39
NICHE REPORTS
COMMERCIAL premium niches continued…
Trilogy Commercial Lending
Specializing in Full and Simple Doc small balance commerical loans up to $5 M. Our unique Commercial Automated Underwriting System allows for instant approvals, including pricing options. No upfront fees! Experience ease of execution – call today.
888-875-5055
COMMERCIAL Lender Listings Sponsored by Lenderlab.com Advantage Capital Equity Solutions
800-223-3019 www.adcapequity.com
(hard money)
Affinity Bank AgriCap Financial Corporation Alliance Financial, Inc. (hard money) American Acceptance American Commercial Capital Arlington Richfield Avant Capital Partners, LLC. Berkshire Capital Financial, Ltd. BFS Capital, LLC. Brownstone Mortgage Capital California Equity Lenders (hard money) Central Tejas Capital Group, Inc. CFA Capital Partners Ciena Capital CIT Small Business Lending Corp. Colorado Federal Savings Bank Commercial Division Commercial Hard Capital, LLC Commercial Loan Capital Commercial Mortgages 101 Community Commerce Bank Crawford Park Financial (hard money) Cushman Rexrode Capital Corporation Diamond Bay Investments, Inc. (hard money) Direct Lending Group (hard money) Eastern Savings Bank Eastgate Equities Emerald Financial (hard money) Equity One Commercial Excelsion Mortgage First Mount Vernon Industrial Loan Association (hard money) GMC Mortgage Capital (hard money) Griffin Capital Funding Interbay Funding, LLC Investor Funding (hard money) Lib Properties, LTD. Mager Capital (hard money)
877- 862-7245 213-542-5232 866-603-5999 800-452-9287 800-601-8801 248-613-7423 212-219-9419 212-986-9890 510-381-1930 800-547-1285 818-584-2320 317-351-8037 914-967-5780 800-722-5626 404-244-4592 303-771-1031
www.affinitybank.com www.agricap.com www.afiloans.com www.aamcap.com www.arlingtonrichfield.com www.avcapital.net www.berkshirecapital.net www.bfscapital.com www.brownstoneloans.com www.calequitylenders.com www.cfacap.com www.cienacapital.com www.smallbizlending.com www.cofedbankcommercial.com
832-607-6778 877-473-6984 800-763-3036 916-648-2680 626-796-7979 925-988-7200 702-254-9303 888-354-6030 800-787-8187 800-997-7244 714-965-6688 407-370-7843 888-578-5441 703-823-6800
www.commercialhardcapital.com www.clcloans.net www.commercialmortgages101.com www.ccombank.com www.crawfordparkfinancial.com www.cushrex.com www.diamondbayinvestments.com www.dlendinggroup.com www.easternsavingsbank.com
954-332-3567 800-710-6762 877-207-6099 864-213-3951 404-256-8600 310-760-6290
www.gmcmortgagecapital.com www.ysploans.com www.interbay.com www.4investorfunding.com www.libloans.com www.magercapital.brokerca.com
www.eprivatemoney.com www.equity1commercial.com www.excelsionbrokers.com www.fmv1.com
Magnolia Financial Consultants Meridian Group (hard money) Midwest Financial Capital Mission Oaks National Bank MiStar Financial My Discount Mortgage (hard money) National Business Finance Pacific Mortgage Funding Corporation PB Financial Group Corp. (hard money) PFA Capital, LLC. Piedmont Capital Lending, LLC. (hard money) PMB Capital, Inc. PNC ARCS Presidential Bank Pribank Prudential Mortgage Capital Co. Real Estate Lending Group, Inc. (hard money) Remington Financial Group (hard money) Small Business Loan Source, LLC. SmartServ Solutions (hard money) St. Cloud Mortgage STA Capital Group & Advisors Strongtower Financial TCRM Commercial Corp. Terrace Capital The Money Source, LLC. The Money Tree Financial Services LLC (hard money)
601-428-1005 800-901-9301 317-844-7776 951-719-1200 720-200-2600 832-276-0979 954-495-4791 562-864-4006 310-289-0900 800-531-4589 678-292-6984 818-222-1035 800-275-2727 301-652-1616 866-811-9217 888-263-6800 408-718-2218 480-570-0679 512-215-2727 888-633-4778 877- 653-3276 866-610-4141 800-333-9893 212-371-3933 212-671-1031 480-946-4000 718-256-3490
Titan Hard Money (hard money) 323-377-0979 Trilogy Commercial Lending, LLC. 877-726-9433 619-573-0289 Unifund Financial Group, Inc. (hard money) Union Bank of California 877-945-2265 Unity Bank, Subsidiary of Unity Bancorp, Inc. 904-727-7535 Van Corp Financial Opportunities, Inc. 941-927-3438 212-643-6190 WexTrust Capital, LLC (hard money) WholesaleLending.com 866-303-6301 World Capital Bancorp, Inc. 888-922-3003
www.hardmoneymortgages.com www.midwestfinancialcapital.com www.missionoaksbank.com www.mistarfinancial.com www.nationalbusinessfinance.com www.pacificmortgage.com www.pbfinancialgrp.com www.picconefinancial.com www.piedmontcapitallending.com www.askARCS.com www.presidential.com www.pribank.com www.prumortgagecapital.com www.relginc.com www.remingtonfg.com www.adelinerem.com www.bronxhardmoney.com www.farmerloan.com www.c-loandivision.com www.strongtowerfinancial.com www.tcrmcommercial.com www.terracecapital.com www.themoneysourcellc.com
www.titanhardmoney.com www.trilogycl.com www.unifundinc.com www.uboc.com
www.wextrust.com www.wholesalelending.com www.worldcapitalbanc.com
ADVERTISE YOUR NICHES HERE WITHIN Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
40
August 2008
NICHE REPORTS
CONSTRUCTION / REHAB Premium Listings
Manaseh, Epharim & Associates 678-387-3230
Private lender specializing in commercial real estate loans nationwide and internationally
Fast closing, no points up front, all commercial properties including land, acquisitions, refis, and development loans
Metro Funding Corp 866-302-6360
100% LTC Worldwide Non Recourse International Commercial and Residential Subdivision Projects (including land acquisitions, development, buyouts and mezzanine funding)
National Business Finance 954-495-4791
Loan portfolio financing and warehouse lines of credit from $2MM $20MM for hard money lenders and investor rehab lenders. Reduce your local bank and private investor hassles with stable and consistent financing
RBA Capital 610.293.8008
Remington Financial Group, Inc
Up to 95% financing construction, rehab, renovation, development
480.905.3239 CONSTRUCTION / REHAB Lender Listings Sponsored by Lenderlab.com Advantage Capital Equity Solutions
800-223-3019 www.adcapequity.com
(hard money)
Exeter Holding Ltd. (construction)
516-338-7500
Flagstar Bank
800-897-7222 www.wholesale.flagstar.com
877- 862-7245 www.affinitybank.com
Gaukroger Enterprises, LTD. (hard money)
510-677-9464
Alliance Financial, Inc. (hard money)
866-603-5999 www.afiloans.com
Investor Funding (hard money)
864-213-3951
Arlington Richfield (commercial)
248-613-7423
www.arlingtonrichfield.com
Lib Properties, LTD.
404-256-8600 www.libloans.com
Avant Capital Partners, LLC. (commercial)
212-219-9419
www.avcapital.net
Affinity Bank (commercial)
www.4investorfunding.com
Midwest Financial Capital (commercial)
317-844-7776
Berkshire Capital Financial, Ltd. (commercial) 212-986-9890 www.berkshirecapital.net
National Business Finance (commercial)
954-495-4791 www.nationalbusinessfinance.com
BFS Capital, LLC. (commercial)
510-381-1930
Pacific Mortgage Funding Corporation
562-864-4006 www.pacificmortgage.com
BlueWater Funding, LLC (hard money)
866-551-2583 www.bluewaterfundingllc.com
(commercial)
Piedmont Capital Lending, LLC. (hard money) 678-292-6984 www.piedmontcapitallending.com
www.bfscapital.com
Brookview Financial (rehab)
877-734-2211
Builders Capital Mortgage (construction)
877-647-6984 www.builders-capital.com
PNC ARCS (commercial)
California Equity Lenders (hard money)
818-584-2320 www.calequitylenders.com
Real Estate Lending Group, Inc. (hard money) 408-718-2218
www.brookviewfinancial.com
www.midwestfinancialcapital.com
800-275-2727 www.askARCS.com www.relginc.com
Central Tejas Capital Group, Inc. (commercial) 317-351-8037
Remington Financial Group (hard money)
Commercial Hard Capital, LLC (commercial)
832-607-6778 www.commercialhardcapital.com
Small Business Loan Source, LLC. (commercial) 512-215-2727
www.adelinerem.com
Commercial Mortgages 101 (commercial)
800-763-3036 www.commercialmortgages101.com
TCRM Commercial Corp. (commercial)
212-371-3933
www.tcrmcommercial.com
Community Commerce Bank (commercial)
916-648-2680 www.ccombank.com
Terrace Capital (commercial)
212-671-1031
www.terracecapital.com
Cushman Rexrode Capital Corporation
925-988-7200 www.cushrex.com
The Loan Doctors, Inc. (commercial)
954-647-7679 www.regd506.com
(commercial)
Titan Hard Money (hard money)
323-377-0979 www.titanhardmoney.com
Diamond Bay Investments, Inc. (hard money) 702-254-9303 www.diamondbayinvestments.com
United Midwest Savings Bank
614-255-3499 www.umwsb.com
Eastern Savings Bank (commercial)
800-787-8187 www.easternsavingsbank.com
WexTrust Capital, LLC (hard money)
212-643-6190
Eastgate Equities (commercial)
800-997-7244
WholesaleLending.com (commercial)
866-303-6301 www.wholesalelending.com
480-570-0679 www.remingtonfg.com
www.wextrust.com
Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
TheNicheReport.com
41
NICHE REPORTS
DOWN PAYMENT ASSISTANCE Premium Listings
Futures Home Assistance 800-672-4055
Grant America Program 240-780-3333
Partners In Charity
Lowest national fee $295.00 complete online processing and FHA training. Use Futures for down payment, closing cost, escrow refund, etc.
The only HUD approved and IRS compliant down payment assistance program available
Down payment assistance done the correct way up to 10% nationwide for FHA and conforming loans. Live customer service to answer any questions. EZ online processing and a low low fee of $295.00
800-705-8350
DOWN PAYMENT ASSISTANCE Lender Listings Sponsored by Lenderlab.com Buyers Assistance
888-901-5715 www.buyers-assistance.com
PayoutOne
800-945-2495 www.payoutone.com
Partners In Charity
800-705-8350 www.partnersincharity.org
Purchase Pros
877-323-4929 www.thepurchasepros.com
REVERSE MORTGAGES Premium Listings
World Alliance Financial
Reverse Mortgage opportunity for non-FHA licensed brokers
877.692.7762 Ext 404 REVERSE MORTGAGES Lender Listings Sponsored by Lenderlab.com Arlington Capital Mortgage Corp
800-814-9432 www.acmcwholesale.com
Generation Mortgage
866-733-6089 www.generationmortgage.com
Circle Mortgage Corporation (Florida only)
800-576-1338 www.circlemortgage.com
Liberty Reverse Mortgage
866-871-1353
Commercial Mortgages 101 (cml)
800-763-3036 www.commercialmortgages101.com
Wells Fargo Reverse Mortgage
800-336-7359
Countrywide Bank
866-212-4378
World Alliance Financial Corp.
800-562-6755 www.worldalliancefinancial.com
Financial Freedom
800-500-5150 www.financialfreedom.com
Silvergate Bank (cml)
858-362-6300 www.silvergatebank.com
Financial Heritage
800-895-2209 www.financialheritage.com
http://libertyreversebroker.com
ADVERTISE YOUR NICHES HERE WITHIN Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
42
August 2008
The strength to embrace a tough economy WE ARE ACTIVELY SEEKING GREAT LOAN OPPORTUNITIES • Loans from $1 Million • From 50% LTV on liquidation value – no construction loans • Nationwide and international (Mexico, Bahamas, Canada, etc.) • Rates start at 15%
* Land - Commercial & Residential * Commercial Properties Office, Warehouse, Retail, Multi-Family * Alternative Assets - Consumer Receivables, Gas & Oil Leases, Secured Notes, Stock, Art * Marinas
Please email a summary of your request to Gardy Bloemers at gardybloemers@anglofinancial.com or cell 434 981 1017 or Tom Finnegan at tomfinnegan@gmail.com or cell 512 657 9310
Anglo-American Financial LLC 675 Berkmar Court, Charlottesville, VA 22901 www.anglofinancial.com
Anglo-American
Your Investment Leaders
Hard Money Loans from $100,000 to $1,500,000 • • • •
Minimum Credit 400 No seasoning No up front fees 48 hour closing
Lending Territory includes DE, MD, DC, VA, NC, SC, GA and FL. ALL LOANS FOR BUSINESS OR INVESTMENT PURPOSES ONLY For an immediate online approval and commitment letter, go to WWW.FMV1.COM and fill out our loan qualifier.
We’ll help you put the pieces together. 6019 Tower Court, Alexandria, VA 22304 Phone: 703-823-6800 or 866-902-FMV1 (3681) Fax: 703-997-2499 Paul Fogle or Art Bennett
First Mount Vernon is a privately-owned, equity-based lender which specializes in lending to borrowers who can’t secure funding from traditional financing sources. Loans typically funded within two business days upon receipt of completed package. First Mount Vernon does not make consumer loans. Financing is for business or investment purposes only, secured by real property.
LENDER & RESOURCE DIRECTORY
AcuPen Financial, LLC The Premier One-Stop Commercial Mortgage HUB www.acupenfinancial.com
Ascent Home Loans, Inc www.ascenthomeloans.com Phone: 866-467-3157 x 2605
AdvanceMe, Inc. www.AMIBrokerProgram.com Contact: Tina Vaughn Phone: 866-490-0488 Email: BrokerInfo@AdvanceMe.com
Asset Funding Group www.assetfundinggroup.com Contact: Loan Submission Phone: 866-398-8916 Email: Loans@assetfundinggroup.com
a la mode, inc. www.alamode.com
Ambit Funding www.ambitfunding.com Contact: Chris Bednar Phone: (570)-829-2101 (800)-823-7101 Email: loans@ambitfunding.com
America One Finance www.americaonefinance.net Contact: Matt Simmons Phone: 425.641.4658 x117 Email: matt@americaonefinance.com Anglo-American Financial www.anglofinancial.com Gardy Bloemers: 434-981-1017 or email gardybloemers@anglofinancial.com Tom Finnegan: 512 657 9310 or email tomfinnegan@gmail.com Apex Lending, Inc. www.apexlending.com Phone: 866.360.6495
44
August 2008
Avatar Financial Group www.avatarfinancial.com Contact: Allison Payne, Loan Analyst Phone: 888.896.0083 Email: loans@avatarfinancial.com
Best Rate Referrals www.bestratereferrals.com Phone: 800-811-1402
BRT Realty Trust www.brtrealty.com Contact: Mitch Gould Phone: 516.773.2712 Email: mitch@brtrealty.com
CityLights Financial Express, Inc www.citylightsfinancial.com 800-530-2489 ext 301 info@citylightsfinancial.com
Credit Plus Inc. www.creditplus.com Phone: 800.258.3488 Fax: 800.258.3287 Email: beyondbundled@creditplus.com
Emigrant Mortgage Company www.EmigrantMortgage.com Phone: 1-800-Emigrant ext "Mid-Atlantic" Contact: Terry Auth Email: AuthT@EmigrantMortgage.com
Fairview Commercial Lending www.FairviewLending.com Phone: 866-634-1270 Fax: 404-634-0319
First Mount Vernon I.L.A. www.FMV1.com Phone: 703-823-6800 Fax: 703-997-2499
Grant America Program www.FHADPA.com Contact: Peggy Stanley Phone: 240-780-3333 Email: stanley@fhadpa.com
Gregory Funding LLC www.gregoryfunding.com Phone: 888.324.3578 Fax: 503.226.4699 Email: info@gregoryfunding.com
LENDER & RESOURCE DIRECTORY
Imperial Capital Bank www.imperialcapitalbank.com Phone: 888-886-3580
Lansdowne Mortgage www.lansdownemortgage.com Phone: 305-740-9988 Fax: 305-740-9987 Email: info@lansdownemortgage.com
Manaseh, Epharim & Associates www.meandassociates.com Contact: R.D. Walker Email: info@meandassociates.com Phone: 678-387-3230
Metro Funding Corp www.metrofundingcorp.com Contact: Jennifer Smith Email: jennifer@metrofundingcorp.com Phone: 866-302-6360 Miner Capital Funding, LLC Orlando@minercapitalfunding.com www.Minercapitalfunding.com Phone: 702-466-8952 Fax: 314-667-3092
Liberty One Phone: 301-979-9494 Email: branchopenings@liberyone.com LJL Funding www.LJLFunding.com Contact: Phil Jemmett Phone: 888-456-0246 Email: PJemmett@LJLFunding.com
LoanAce www.loanace.com info@teravendo.com M & J Loans, LLC www.gcfunding.com Contact: John Berardino Phone: (540) 548-1001 ext 104 Fax: (540) 548-1117
Madison Credit Management Services LLC www.madisoncredit.com Contact: Roger Castile Phone: 856-866-9878 x4320 Email: info@madisoncredit.com
Ocean Capital www.oceancapitalonline.com Contact: Elizabeth Gill information@oceancapitalonline.com Phone: 877.337.3757 Partners In Charity www.partnersincharity.org Contact: Charles Konkus Phone: 800-705-8350 Email: info@partnersincharity.org
RBA Capital www.RBACapital.com Andy Niesen or Dan Murphy 610.293.8008 aniesen@RBACapital.com or dmurphy@ rbacapital.com
Remington Financial Group, Inc www.remingtonfg.com Contact: Aaron Enright Phone: 480.905.3239 Email: apply@remingtonfg.com
Seasoned Funds Company Inc. www.pofsos.com Contact: Dr. Mitch Holland Phone: (877) 226-6260 Email: info@pofsos.com www.settlementbiz.com 877 392 4940
Stonecrest Financial Contact: Bill Phone: 888.884.6518 Email: Bill@stonecrest.net TrainingPro www.TrainingPro.com Contact: Lance Cassell, VP Sales and Business Development Phone: 800-789-7897
Trilogy Commercial Lending www.TrilogyCL.com Phone: 888-875-5055 Fax: 407-523-6946 Email: info@trilogycl.com
V12 Group www.DMALeads.com Contact: Mike Giambattista Phone: 561-807-6909 Email: mgiambattista@v12group.com
WADOT Capital, Inc. www.wadotcapital.com Erik Egger or Craig Halpin Phone: 206.362.4444 Email: ee@wadotcapital.com OR ch@ wadotcapital.com
TheNicheReport.com
45
8LIVI«W QSVI XLER SRI [E] XS FYMPH E &VMHKI 0SER
9RMXW 1YPXMJEQMP]
6I´ RERGI &VMHKI
'SQQIVGMEP 6IEP )WXEXI 0IRHMRK JSV 8SHE]«W 1EVOIX 8LI VYPIW QE] FI GLERKMRK FYX EX -QTIVMEP 'ETMXEP &ERO SYV JSGYW SR WIVZMRK ]SYV RIIHW MW EW WXVSRK EW IZIV ;I«VI GSRXMRYMRK XS TMSRIIV MRRSZEXMZI GSQQIVGMEP PIRHMRK WXVYGXYVIW JSV XSHE]«W QEVOIXTPEGI ;I HIPMZIV VIEP [SVPH WSPYXMSRW XLEX GER IEWMP] I\GIIH ]SYV RIIHW [MXL EPP XLI GETEFMPMXMIW XLI KMERXW GSYPH SJJIV FYX YWYEPP] HSR«X *SV µ I\MFPI ERH VIWSYVGIJYP ERW[IVW XS ]SYV ´ RERGMRK RIIHW KMZI ]SYV PSGEP -'& VITVIWIRXEXMZI E GEPP ¦ [I«H TVIJIV XSHE] FYX [I«PP FI LIVI XSQSVVS[
9RMXW 1YPXMJEQMP]
6I´ RERGI =IEV *M\IH
7* 3J´ GI &YMPHMRK
6I´ RERGI &VMHKI -RXIVIWX 3RP]
MQTIVMEPGETMXEPFERO GSQ
'EPP YW EX
BODA Publishing, LLC 6016 Alderdale Place Haymarket, VA 20169
Presort Standard U.S. POSTAGE PAID PERMIT #379 BOLINGBROOK, IL
"TheNicheReport is nationally distributed to 20,000 real estate finance professionals."
CHANGE SERVICE REQUESTED
Are you a mortgage professional seeking higher ground? Are you in need of a company that will always be there for you?
•100% commission…
(after flat administration fee of $495)
• FHA & VA approved • Best products & lenders across the country! • Close as a lender
…a company you can count on!
• Unsurpassed support & technology • A pay schedule you can set your clock by…daily! • Benefits galore... medical, dental & supplemental • Licensed in more than 30 states • Billions in closed loans, 10 years in business… and still growing!
Apex Lending, Inc. Call us today!
1-866-360-6495 www.apexlendingcareer.com/niche
• Experience & dependability • Integrity-driven management
An Equal Opportunity Employer