Issue 020 February 2009 TheNicheReport.com
advisory services Complete Real Estate Advisory & Financing
Find out more on page 7
Clients Streamlined The Crux and 13 Orphaned 16 FHA 22 and Customers Refi's Craze of Loan They are waiting for your call.
Put your client into a better loan.
Modification Loan modifications are here to stay.
Niche to 26 Pitch the Rich! What you know, who you know.
Attend Leonard Rosen’s Pitbull Mortgage School Now accepting enrollment for our Hard Money Seminar Hard Rock Hotel & Casino - Las Vegas April 30th Reserve your seat today. Always sells out! The Pitbull Mortgage School teaches you specifics not hypotheticals. Here is a sample of what you will learn:
Are you ready to prosper in the hard money lending industry?
• How to start and create a REG D 506 Federal Filing
how to become a direct hard money lender and also teach you how to create an investment mortgage pool.
• How to start and create a private placement memorandum (PPM)
With the recent credit crunch crises, conventional funding has become more difficult for borrowers to obtain financing. The real estate industry has always been dependent on the ability of lenders to source loans. We have several distinct messages that we communicate at our live event. Mortgage brokers who want to broker hard money, are introduced to direct hard money lenders from all areas of the country. There are many mortgage brokers who have an interest in becoming a hard money lender. We teach you
Marketing hard money for commercial and residential properties is a key element to your success. Quite frankly, nobody knows how to market hard money better than us. We show you a proven, time tested business model. There is nothing sold at the event. Whether you are a broker who wants to originate hard money or have a desire to become a hard money lender, I can assure you that you will be shocked at the high level of content.
This is a one day event. April 30th at the Hard Rock Hotel and Casino 4455 Paradise Road, Las Vegas, NV 89169
Room Reservations at 800-HRD-ROCK. Individuals must identify themselves with Pitbull Seminars Inc. or PITK08B to receive the special group rate. Seminar will be held from 8am to 6pm . Followed by a hosted Networking Cocktail Party
Questions? Call 858-736-7788
www.PitBullMortgageSchool.com
• How to start and create a mortgage pool • How to start and create a fractional investment mortgage pool • How to broker mezzanine and conduit loans • How to start and create a hard money mortgage company • How to ask the right questions of the borrower • How to manage your borrower • Where to place your loan scenario • How to determine the real value of the property (the Pitbull Hard Money way) • How to package and sell your loan to the investor • How to broker raw land loans, hard money commercial projects, foreclosures, NOD’s and hard money real estate development projects • How to assess an appraisal that will lead to funding the loan • How to broker second mortgages and home equity lines of credit • How to become a hard money lender • How to broker commercial hard money loans • How to broker hard money rehabs • How to fund and broker home equity lines of credit (HELOC´S) • How to learn strategic technques of foreclosure training
Does commercial financing still exist?
Remington Financial Group offers an extensive network of private and public lending partners, dramatically improving close rates for borrowers. With a successful track record of closing hard money and conventional transactions, Remington delivers expertise and competitive options, even in these challenging market conditions. Call us today to find out how Remington Financial Group can help make your next transaction a success. 480.905.3239 www.remingtonfg.com apply@remingtonfg.com
CONTENTS
16
Issue 020
February 2009
FHA Streamlined Refi's Leslie Petersen Put your client into a better loan
NICHE REPORTS agency & FHA
pg 35
JUMBO
pg 36
PORTFOLIO & ALT–A
pg 37
REVERSE
pg 38
Manufactured
pg 38
NON-PRIME & HARD MONEY
pg 39
CONSTRUCTION/REHAB
pg 42
COMMERCIAL
pg 43
FOUNDER & PRESIDENT Robert Pegg robert@nichereportonline.com CO-FOUNDER & PRESIDENT David Pegg david@nichereportonline.com
13
Orphaned Clients and Customers
29
TOM Ninness Vice PrEsident Cherry Creek Mortgage They are waiting for your call.
22
The Crux and the Craze of Loan Modification Andy warshaw, J.D Loan modifications are here to stay.
26
Pitch Niche to the Rich! Jack Williams www.gotrates.net What you know, who you know.
6
February 2009
Center Stage with Compliance Made Simple The Niche Report Compliance - what you don't know will hurt you.
32
Tip of the Month Stewart MeDNick The Golden Rules Part II
DEPARTMENTS
09 10 45
NOTE FROM THE FOUNDER CALENDAR OF EVENTS LENDER & RESOURCE DIRECTORY
EDITORIAL / CONTENT MANAGER Kristen Moser kristen@nichereportonline.com COPY EDITOR Stewart Mednick stewart@nichereportonline.com ACCOUNTING MANAGER Shawna Ingram shawna@nichereportonline.com sales manager Mark Moulton mark@nichereportonline.com Production Manager Henry Suchman henry@nichereportonline.com Production Assistant Dawn Exner dawn@nichereportonline.com ADVISORY BOARD Aaron Krowne President and CEO, IEHI, Inc. COLUMNISTS Stewart Mednick CONTRIBUTING AUTHORS George H. Marentis Tom Ninness Leslie Petersen Andy Warshaw Jack Williams
WE’LL NEGOTIATE WITH YOUR BANK. YOU COULD CUT MILLIONS
OFF YOUR COMMERCIAL
The Kennedy Funding seal is a registered trademark of Kennedy Funding, Inc.
MORTGAGE. The tremendous resources of Kennedy Funding offer the power and expertise to negotiate directly with your lender…and the funds to help you buy down your existing mortgage—fast. The bottom line: Kennedy Advisory Services may be able to save you 20 to 40% or more off the top. Start saving today! Call 1-800-342-8500 or visit kennedyfunding.com
advisory services Complete Real Estate Advisory & Financing
Visit us at Booth #202 at MBA CREF – February 8-10, San Diego, California
There is a solution.
Published monthly by BODA Publishing, LLC PO Box 2618, Stafford, VA 22555 Phone: 866.964.2695 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. Send address change requests to info@nichereportonline.com. Remember to include the old address.
HArd MoNeY LoANS wItH MeTRo FunDIng. $3.55M Industrial Site Leominster, MA Broker Commission: $50,000 $1.975M Residential Subdivision Asheville, North Carolina Broker Commission: $19,750 $2.35M Storage Center Coeur d’Alene, Idaho Broker Commission: $35,250 $3.875M Luxury Subdivision Carmel, Indiana Broker Commission: $77,500 $975,000 Historic Office Building Andersen, Indiana Broker Commission: $40,000 $3.8M Health Spa Development Staten Island, New York Broker Commission: $38,000 $1.2M Land Loan Apple Valley, Utah Broker Commission: $36,000 $1.95M Hospitality Loan Cleveland, Mississippi Broker Commission: $78,000 $7.2M Condo Conversion Kissimmee, Florida Broker Commission: $108,000
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
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 866.964.2695, 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 866.964.2695. 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.
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.
NOTE FROM THE FOUNDER
This issue of TNR is packed full of great content – including our feature article on FHA Streamlined Refinances by Leslie Petersen, the industry guru on FHA/VA and conventional guidelines. A loan originator cannot survive without having FHA or VA in their portfolio of product offerings. This article gives great insight to one of the best programs on the market. It has been reported that correspondent lending is rapidly growing while wholesale mortgage brokering is rapidly decreasing. This seems quite obvious with Chase recently shutting down their wholesale operations. I believe the small broker is getting squeezed out. To remain competitive in this market these same small brokers are joining correspondent lenders as net branches. By doing this, they are now able to compete with retail lenders but must now also carry a substantial about of risk on their shoulders, sometimes referred to as “skin in the game”. I won’t go in to all the associated risk because it differs from company to company but I will say this is not a bad thing; in fact, it will help to cleanse our industry of the “bad apples”. I am not saying the small broker is dead, only that there is a popular transformation occurring that preserves our competitiveness. Along with this transformation, be ready for much more change in terms of compliance and regulation. This is going to be a bumpy ride, but know that your services are needed and be ready to adapt. Build upon relationships and put the customer first. If you are interested in learning about net branch/correspondent opportunities, please visit our online forum at TheNicheReport.com. The thread is titled - Net Branching & Correspondent Lending. There are a number of reputable companies already listed for you to begin your research. If you happen to already belong to a net branch/correspondent lender please feel free to post about your experience and offer helpful tips for those searching for a home.
Keep up the fight,
Robert Pegg
TheNicheReport.com
9
CALENDAR OF EVENTS
Upcoming Key Dates & Events: February & March February 2009 S M T W T
F
S
1
2
6
7
8
9 10 11 12 13 14
3
4
5
15 16 17 18 19 20 21 22 23 24 25 26 27 28 March 2009 S M T
W T
F
S
1
2
4
6
7
8
9 10 11 12 13 14
3
5
15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
February 26 FAMB - Tradeshow - Central, Space Coast & Volusia. Marriott World Center February 26 JeanMarie Hearnshaw (321) 733-0244 e-mail msinc@onemain.com BJ Simoneau (386) 738-9633 e-mail bjflmtg@bellsouth.net
February 26 FAMB - Tri-Chapter Mortgage Showcase World Center Marriot Resort February 26, 3:00pm - 7:00pm Please join Central Florida Chapter, Volusia Chapter and Space Coast Chapter on February 26, 2009 for this historic trade show. This year Vendors will benefit from the Unity of 3 Chapters, Lower Costs and more foot traffic than ever before. This years Venue: The Luxurious World Center Marriott Resort Date: February 26, 2009 Tradeshow time: 3pm till 7:00pm Theme: Frontier Days Foot Traffic: Estimated 2500 to 3500 Contact: Steve (407)767-5343; Dan (386)788-5211; Jean Marie (321)733-0244.
10
February 2009
February 27 CAMB - LAM, BOD Meeting 8:30 am - 10:00 am GB Mortgage Solutions 407 S. La Brea Ave, Inglewood, CA 90301 Phone: 310-590-1235 March 2-4 NJAMB - New Jersey Licensing and Compliance Course 3:00 - 6:00 p.m. Holiday Inn, 2339 Rte 4 East, Fort Lee, NJ March 3 FAMB - Annual Tradeshow Palm Beach County Convention Center 5:30pm - 8:30pm, "Roll the Dice and Win in 2009" Attention Marketing Directors, Join us for our 2009 Annual Tradeshow. March 10 AAMB - Southern Chapter Luncheon Viscount Hotel - 4855 E. Broadway, Tucson Members - $20, Non Members - $25 RSVP to Rita Thomson-Zurita mortgagemom@msn.com March 11 CAMB - CAMB SD BOD Meeting San Diego, 5:00 pm - 7:00 pm Karen Satterwhite http://www.cambsd.org/ March 11 AAMB - Central Chapter Luncheon 11:30-1:00, The Hilton Garden Inn 4000 N. Central Avenue, Phoenix, AZ (just w. of central on Clarendon) March 13 CAMB - SV 2009 Tradeshow, Silicon Valley Diana Liffengren, www.siliconvalleycamb.com Mark your calendar now for the best tradeshow in Silicon Valley! Location and more details are forthcoming. If you want the luck of the Irish and want to see green ($$) come your way, you won't want to miss this year's event. Exhibitors can call now to hold their spots. Contact Chapter Coordinator Diana Liffengren at 408-404-5202.
March 15-18 MBA’s National Technology In Mortgage Banking Conference & Expo at Mandalay Bay Resort and Casino, Las Vegas, NV. Register Info: (800) 793-6222, option 3 Exhibitor Info: 202) 557-2791 or (202) 557-2792 Sponsor Info: (202) 557-2790
March 15-19 NJAMB - 26th Annual Regional Conference of Mortgage Bankers Associations, Trump Taj Mahal, Atlantic City, NJ Visit us at our booth at both the Residential and Commercial Expo's!
March 16-18 MBA’s National Fraud Issues Conference at Mandalay Bay Resort and Casino Las Vegas, NV. Register Info: (800) 793-6222, option 3 Accommodations: Once your registration has been processed by MBA (approximately 3-5 business days after receipt), you will receive a registration confirmation letter with information on how to make your hotel reservations. Please do not call the hotel directly to make your hotel reservations. Exhibitor Info: (202) 557-2791 or (202) 557-2792 Sponsor Info: (202) 557-2790 March 19 FAMB - Jax Luck O'Jacksonville Trade Show Hyatt Riverfront, Downtown Jacksonville Celebrate with us as we showcase the economic fortunes of Jacksonville! Single booth space prices are $795, if paid by January 31, 2009, and Double booth space (only 8 available!) prices are $995, if paid by January 31, 2009. Don't miss this 11 time sold out event...you just gotta ask yourself "How can you not feel lucky?" March 27 CAMB LAM, BOD Meeting 8:30 am - 10:00 am GB Mortgage Solutions 407 S. La Brea Ave, Inglewood, CA 90301 310-590-1235
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.
ORPHANED CLIENTS AND CUSTOMERS They are waiting for your call BY Tom Ninness
L
ast year, Colorado joined the ranks of states to finally regulate mortgage brokers to register. Over 10,000 loan originators state-wide filled out the necessary paperwork, got their E&O Insurance, Surety Bond, and criminal background check. Later in the spring, the State of Colorado changed the rules and said that mortgage brokers had to take 40 hours of education along with getting tested by December 31st. The last number I heard, only 1,200 brokers completed and past the test. Did we lose that many mortgage brokers? Are mortgage brokers procrastinators or did that many leave the business? It’s probably a little of both, and I can only assume that the percentage of exodus in Colorado is similar to those in your territory. There is a tremendous amount of orphaned builders, Realtors, buyers, sellers and professional referral sources waiting for you to call on them. They are looking for professionals like you to help them with their clients. Now is the time to make prospecting and setting up appointments as a daily discipline. When it comes to building relationships, it takes more than one sales call. Statistically, 46% of all sales people ask for the business once and stop making calls to the client. 24% ask twice and stop. 14% ask three times and stop. 12% ask 4 times and stop and only 4% ask 5 times or more. An interesting fact is that 60% of all business is sold after the person is called on at least 5 times! This is the number one reason why I like calling on builders. Most of my competition already assumes that
the builder has a lender in place so why bother making the call. In this kind of market change, most builders do not have a relationship. A number of them closed down their mortgage company and are looking for solid lending relationships. I’ve had builders tell me how surprised to see me call on them multiple times as most lenders stop after the first call. It’s immature for a sales professional to expect business the first time out. It happens sometimes—but rarely. The one who has the “call till it croaks” will have success. Same goes for Realtors. A Realtor called me a few weeks ago and was surprised how quickly I returned her call. I told the Realtor that I’m neurotic about returning calls quickly and that when someone doesn’t return my call in a timely matter, I consider it unprofessional. Lenders are finally getting busy with refinances and have abandoned the agents. This Realtor ask to set up an appointment with me as she put in a call to her loan officer three days ago and still hadn’t heard from them. Past clients, buyers and sellers have also been abandoned. Even in normal markets, loan officers do a poor job in staying in touch with their clients. I read an interesting article from Kevin Johnson regarding client satisfaction and client retention in the mortgage industry. Over 1,000 clients were asked the question how satisfied were you with your last lender and how was the experience. Over 89% said that they were satisfied or very satisfied with the service. The next question was, “Did you go back to that lender the next time you did your next purchase or refinance?” Only 16% went back to their previous lender. Why--Because 80% of us do not
TheNicheReport.com
13
stay in touch with our clients. We assume that since we did a good job the first time, that the client will break their necks trying to find us for their next transaction. As mortgage professionals, we have to look at our business long-term and our responsibility to our clients is to manage their mortgage, even though we are not servicing the mortgage. You must have a “Customer Management and Retention System” in place that lets you know when a client’s birthday, mortgage anniversary, ARM is adjusting and alarms when it makes sense for past clients to look at refinancing. Lastly, buyers and sellers are looking for a lender who will adopt them. Write press releases, articles on market changes. Offer free seminars on what’s going on in your market place. Participate in civil, social and community groups. The one who builds the biggest list, maintains that list and works that list will win big in today’s market.
also the President of Summit Champions, Inc. and creator of the “The 90 Day Journey to Your Sales Success”, a powerful 90 day action plan for the sales professional. To learn more about The Journey and all what Summit Champions has to offer, go to www.90dayjourney.com, www.summitchampions. com or contact Tom at information@summitchampions.com Office: 720-221-4396.
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 Qualified Candidates: • Benefits Package • XLNT Commission Structure
Tom Ninness is Vice President/Regional Production Manager for Cherry Creek Mortgage in Denver, CO. He is
Fax resúme (888) 450-7907 or call John Miller (800) 530-2489 ext. 301 or email to hr@citylightsfinancial.com
WE ARE BUYERS AGGRESSIVELY SEEKING OPPORTUNITIES in: ALL DISTRESSED SITUATIONS Bank Owned Real Estate, REIT/Fund/personal holdings liquidations, Performing and Non-Performing Debt. Our markets include but are not limited to North America, UK, Africa, India and the Middle East. We are active in most segments and seek opportunities in:
Commercial Real Estate Office Buildings Urban Retail Industrial
Hospitality Hotels and Resorts
Residential Real Estate Multi-Family HUD Properties Builder Buyouts
DistressedBuyers@gmail.com
QUALIFY MORE BORROWERS
Tired of saying No to your loan applicants? Say YES! more often when you partner with Credit Plus, Inc. Credit Plus offers three additional services that allow you to qualify more borrowers and dramatically increase your closed loans:
• ScoreWizard® – a leading edge
credit advisory tool with the What-If Simulator that quickly provides easy-to-implement suggestions for improving your applicant’s credit score.
• Score Plus – this program allows you
to update consumer credit information in 3 to 5 business days (rather than the standard 30 days), and generates a new credit report reflecting the update.
• PRBC Reports with FICO Expansion Score – an alternative
credit report that meets GSE and FHA standards, based on monthly payment data for items such as rent and utilities.
LEARN HOW WE HELP MORTGAGE PROFESSIONALS
Now that you have them approved, close their loan faster…
Providing appraisal, title and settlement services in all 50 states, Ariston offers the fastest turn times across the country. Call us today to learn how combining your credit and title services results in greater cost savings and reduces time from application to close. ASPECT – It’s easy to add credit reporting to your website with ASPECT – Allow your borrowers to order and pay for their credit report from your website. The consumer receives a ScoreWizard credit score analysis to help understand and improve his or her credit score and a FACTA disclosure. You receive an immediate email notification referencing the credit report and score analysis for evaluation and processing. Offered exclusively by Credit Plus.
800.258.3488 creditplus.com
800.569.9951
aristonthebest.com
FHA Streamlined refi's Put your client into a better loan
By Leslie Petersen
W
ork less, make more money and put your client into a better loan! Yeah, right – heard that before, haven’t you? What about no appraisal and no income qualifying? Too good to be true, right? Let’s test it out. All of the following are rumored to be features of the FHA Streamlined Refinance program. How would you answer?
T F o o 1. Unemployed borrowers are eligible; there is no income qualifying o o 2. No FICO requirements o o 3. No new appraisal required, even in declining markets o o 4. Borrowers who no longer occupy the home may be dropped from the new loan o o 5. No asset verification o o 6. Loan can be done at no cost to the borrower o o 7. There is no one-year seasoning requirement o o 8. Borrowers end up with a better loan, usually with lower payments o o 9. Secondary financing may be subordinated without regard to CLTV o o 10. Current occupancy is not necessary
You’re correct if you guessed that they are not all true; number 4 is false. But the rest are legitimate, and a fairly comprehensive synopsis of the FHA streamlined refinance features. Read through them again for a better appreciation of the program, skipping over #4 this time. There are two pretty big catches: (a) an FHA streamlined refi is only for borrowers who currently have an FHA insured mortgage; and (b) to originate an FHA mortgage, streamlined refinance included, you must be a W-2 employee of an FHA approved company. Pretty big catches.
What Are Streamlined Refinances? The premise of streamlined refinances is to originate a new mortgage with minimum qualifications that place the borrower and HUD in a better position. Take Danny Homeowner, for instance, who purchased his home with an FHA insured mortgage. The FHA insurance means that HUD is already on the hook if Danny’s home were to be foreclosed (an unfortunately common occurrence lately). To mitigate this possibility, HUD is willing to insure a new streamlined refinance mortgage that makes it easier for Danny to make payments. So what if Danny lost his job or his home declined in value? Who Qualifies To qualify. FHA’s basic rule is that the P&I on the newly created mortgage must be less than the borrower’s current P&I payment. An exception to this rule allows increasing the current interest rate of an ARM loan by as much as 2% without additional qualifying other than ensuring that the borrower was making timely payments. There are other exceptions to a P&I reduction, most specifically for those going to or coming from ARM loans or reducing the loan term. Details can be located in HUD’s Handbook 4155.1 REV 5, Mortgagee Letter (ML) 04-28, and ML 05-43; or, in my own FHA and VA Streamline Refinance Handbook, found at my website. The bottom line is that it may not be just borrowers with high interest rates who are good candidates for a new FHA streamlined refinance. With or Without Appraisal Although FHA streamlined refinances may be performed with or without an appraisal, the typical
reaction is, “Why on earth order a new appraisal if it’s not required?” ‘With’ appraisal is not nearly as common as ‘without’, but it does have an advantage. As you will see in the loan amount calculations, next, the maximum loan amounts for streamlined refinances without appraisals are limited by the original note amount (plus UFMIP). Calculations for ‘with appraisal’ are based on the new appraisal. In other words, if the value of the home increased since the first loan was originated, the maximum allowable loan amount is higher. Typically, Originators choose the ‘without appraisal’ route, and pay for cost shortages through their yield spread premium (YSP) or servicing release premium (SRP), resulting in a higher interest rate to the borrowers. The ‘with appraisal’ option is desirable if you’re trying to keep the rate low by increasing the loan amount to cover all of the new loan costs.
How Much Can They Borrow? 1. The maximum loan amounts calculations are: • Without an appraisal: the original note amount (which includes the UFMIP*) of the FHA insured mortgage being refinanced PLUS the entire new UFMIP. • With an appraisal: 97.75% of the new FHA appraisal plus the new UFMIP (UFMIP is covered below) 2. But we’re not through. Because this is a rate & term and not a cash-out refinance, the clients may never borrow more than the mortgage indebtedness, which is: • Existing Lien Calculation: Add the existing lien with no more than 60 days interest, new closing costs and prepaids, discount points as applicable to reduce the rate, costs of home repair if required by the appraiser; then subtract the UFMIP refund, if applicable; then add the new UFMIP The final loan amount is the lower of the two. If the “existing lien” calculation is higher than the first calculation, the borrower will be short funds to close. The difference is the amount that must be derived through premium pricing (YSP or SRP) for a ‘no cost’ loan. Upfront MIP (UFMIP) The UFMIP premium amount for all new streamlined refinances is 1.5% [ML 08-23 & ML 08-40.] Borrowers whose loans were in force less than 3 years are due for a pro-rated refund of the UFMIP that they paid
TheNicheReport.com
17
on the original loan. This definitely lessens the burden by eliminating the need to pay UFMIP all over again. FHA borrowers are hit twice with Mortgage Insurance and must also pay a monthly premium. However, they’ve already been paying a monthly premium on the existing loan. The new premium seldom goes up by very much and depending on the LTV and loan term, the dollar amount to the borrower can actually be reduced or dropped.
Seasoning HUD’s only seasoning requirement is that the current loan be HUD insured. Some lenders impose a six month loan seasoning, yet it’s not a HUD requirement and not required by all lenders. The true restriction comes from the lenders of the loans being refinanced. Most lenders contractually require the loan officer on the original loan to refund, or pay back, the YSP/SRP if the loan is paid off within a certain amount of time – usually six months or a year. Often, the pay-back is required regardless of who originates the new loan. As an originator, this reinforces the need to keep in contact with prior clients. If it’s in the best interest of a prior client to refinance an FHA mortgage currently in the lender-pay-back-the-YSP period, contact the lender and discuss potential options. Other Eligibility Requirements Some of the other requirements for FHA streamlined refis are: • The borrower can never get cash back in excess of $500 • The new loan can never pay off secondary financing. However, new or existing secondary financing may be subordinated without regard to CLTV. • Non-occupants can never borrow more than the outstanding balance of the current mortgage. The maximum loan is calculated by taking the current balance plus the new UFMIP minus the UFMIP refund. All costs must be paid by the borrower or derived from premium pricing. • A valid Social Security verification is necessary. Any time the current FHA loan was originated with an invalid SS# (it happens), the outstanding loan is ineligible for a streamlined refinance. 18
February 2009
• The maximum loan term is the remaining outstanding term plus 12 years • Borrowers may not be dropped from title except by devise of law (i.e., divorce, death), and even then, are subject to additional conditions.
QUALIFYING Without Qualifying: As previously mentioned, qualifying is not required as long as the borrower fits into all of the eligibility requirements. There is no verification of income, employment, or assets. Additionally, neither credit reports, nor FICO scores, nor CAVIRS are required. A 12 month payment history is customary (or less, if the new loan was originated less than 12 months ago) and is required by the new lender. A payment history is also required by HUD when increasing the P&I. A word of warning: if you provide the lender with a FICO, the lender will use it. A low FICO may cause your loan to be rejected; so remember to NOT provide a FICO unless it’s specifically mandated by the lender. With Qualifying: When removing a borrower from title who doesn’t qualify on his/her own through devise of law (last bullet above), or if the P&I on the new mortgage increases by 20% or more over the P&I on the existing loan – the remaining borrowers must go through the entire re-qualification process. Examples include dropping parents who originally co-mortgaged on the loan; or, refinancing from a 30 year term to a 15 year term. Although it may seem contradictory to originate a streamlined refinance that requires qualifying, the saving grace is the lack of appraisal required. A no-appraisal transaction is often a deal saver in today’s market. COMMISSIONS & FUND SHORTAGES I find it’s common for originators to end up with far less commission than anticipated. Either that, or funds are required at closing that the borrower just doesn’t have and were never quoted. Both of these circumstances are not only devastating, they are avoidable. With a streamlined refinance it’s always a numbers game. A couple of suggestions: • Don’t quote an interest rate until you have all of the numbers necessary to calculate an accurate loan amount. • Take control of all calculations, including the loan
Increase your business. Cut Costs. Guaranteed. XSites
XSellerate
Not just a(nother) website company Many mortgage professionals know us simply as “the Mortgage XSite people”, and that’s understandable. The popularity of Mortgage XSites was instant, setting the standard in technology, ease of use, and affordability. In fact, Mortgage XSites have been and continue to be the #1 mortgage website product. But we realize that a website isn’t your whole business, so we’ve spent years rounding out our product line to cut your costs and make you money long term. The “counter-cyclical” marketing products we perfected over the past few years are, thankfully, here and affordable. But forget about the tools for a moment. There are key things common to everything we do which are even more important than our products. For example, we back everything with an iron-clad, 100 day, 100% money back guarantee. We couldn’t do that if our
products didn’t truly work. We also provide you with live technical support 24 x 7 x 365, so we’re here when you need help. Our Oklahoma City headquarters is always staffed with live people charged with getting you productive immediately. Plus, you’re not just buying a mortgage product. You’re buying into our culture of putting the client first, and “doing what’s right.” That’s earned us incredible loyalty among our diverse client base for 23 years. There’s a reason more than 100,000 mortgage professionals, agents, lenders, inspectors, and appraisers rely on our products to process nearly 50% of all residential mortgages in the U.S. every single day. Simply put, we provide the right solutions, at the right price, backed by the right service. Come see for yourself, and you’ll choose us too.
AD CODE: MANRXSME0209 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 ©2009 a la mode, inc.
SureDocs
Mortgage XSites $499/yr Sophisticated, rich, hassle-free websites XSellerate $199/yr Automated marketing turns leads into sales SureDocs
$299/license E-doc signing and delivery solution
FleXApp1003 $199/yr Intuitive online 1003 that works on any site Daily Rate Lock Advisory
$299/yr
Provide expert rate float/lock advice
Listings XPress $199/yr Multimedia listing tools that drive traffic Mercury Network FREE Free appraisal order management solution Call or visit our website today! www.alamode.com/nr
1-800-ALAMODE
100 DAY MONEY-BACk gUARANTEE
amount. The borrower’s interest rate, and your commissions are all intermingled and it shouldn’t be the processor’s problem. • Always ask the borrower to bring a house payment to the closing table. • Don’t underestimate the payoff or the amount of prepaid expenses. Especially the expenses necessary to establish a new escrow account at the new lender. It can make a huge difference in the loan amount. • Recognize that any time the “existing lien” exceeds calculation number one, (see “How Much Can I Borrow” above) the difference in funds must come from someplace – whether it’s your commission, the YSP/SRP or from the borrower
Streamlined refinances are easy and profitable mortgage loans to originate, but you must pay attention to all of the details and nuances. This current low interest rate environment opens the door to an exciting mortgage refinance option that can benefit all parties, including (especially) the loan originator. If you’re FHA approved and serious about digging in, you might as well become a Streamlined Refinance Expert and make your life easier.
Leslie Petersen has over 30 years experience in mortgage lending. She’s known for her expertise in the rules and regs of
And then, if the numbers just don’t work – consider the “with appraisal” option.
the business, and for showing Originators, Underwriters and
Bottom Line It really is legitimately possible to work less, make more money, and put your client into a better loan. FHA
Find her recently revised FHA and VA Streamlined Refinance
Managers how to make the rules and changes work for them. Handbook at MortgageTrainingTools.com. You can reach Leslie at leslie@MortgageTrainingTools.com.
We’ll help you put the pieces together.
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. 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.
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.
THE CRUX AND CRAZE OF LOAN MODIFICATION Loan modifications are here to stay by Andy Warshaw, J.D.
A
s the economy crumbles, more and more Americans are at risk for losing their home. Lenders and servicers are overrun by distressed homeowners trying to avoid foreclosure. Unfortunately, lenders lack the resources to save every homeowner and many are getting lost in the resulting economic quagmire. An individual’s sense of pride, joy, and security of home ownership is withering away with the crippling economy. The rate of foreclosure is staggering. But there is a way to avoid this tragedy. That solution is a loan modification, which allows normal, everyday people to save their home. If you are in financial trouble, professional loan modification specialists can act as your white knight, saving you from losing your home. It is a solution that both lenders and borrowers champion because it benefits both parties. A loan modification benefits the lender because some (or all) of the outstanding principal and interest, as well as other associated fees, can be rolled into the new loan and, as a result, does not result in lost revenues. Homeowners, of course, value the option to stay in their home, even if it means making payments over a longer period of time. A loan modification, as the Department of Housing and Urban Development defines, is a “a permanent change in one or more of the terms of a mortgagor’s loan,” that “allows the loan to be reinstated, and results in payment the mortgagor can afford.” In essence, a loan modification allows homeowners to continue living in their home while making more affordable payments. Try not to confuse a loan modification with other banking concepts. A loan modification is not the same as debt consolidation, refinancing, or even forbearance. Debt consolidation combines multiple loans into one loan, often with a lower monthly payment http://www. 22
February 2009
investorwords.com/3634/payment.html and a longer repayment period. Refinancing is a similar concept in which the borrower pays off an existing loan with the proceeds from a new loan. Forbearance is a process whereby the lender temporarily changes the terms of the loan allowing the homeowner to get caught up on their late payments. Forbearance is not a great option for most people because the payments increase after the forbearance period and the terms of the loan are left unaltered. Loan modification is a long-term solution for borrowers with hardships that overwhelm their budgets.
The Legalese The loan modification process is a sticky, involved process. Each lender has its own standards and procedures that make it difficult for borrowers to manage the process on their own. To further complicate matters, these standards and procedures are ever changing as laws and regulations adjust to the current economic crisis. Both federal and state lawmakers are presently involved in the loan modification process, further contributing to the complexity of the rules governing the process. There are two core pieces of federal legislation affecting the loan modification market: the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). TILA was developed to protect borrowers from predatory lending by requiring clear disclosure of key terms of the lending agreement and the costs associated with it. RESPA similarly requires lender disclosures of closing costs and settlement procedures. Professional loan modification companies sometimes use these statutes as leverage in marketing the modification to the lender.
They may also refer the violation to an attorney to proceed against the lender.
Painting a Picture To give you an overall picture of how the loan modification process works, it begins with a series of phone calls to the lender during which the caller is greeted by a series of menu options, automatic phone messages, number options, and hours of unpleasant hold time full of staticfilled music. It can best be described as miserable. By the time you finally reach a person on the telephone, you will be redirected to a new representative, who has absolutely no idea who you are or what your file is about. They are often overburdened with hundreds, if not thousands of files on a daily basis. The best solution - Use a professional service company that specializes in loan modification and are there to help you. Professional loan modification specialists are able to dedicate their full attention and expertise to modifying your loan. They will investigate the numerous possibilities to make your loan modification successful, with as little stress as possible. There are literally thousands of loan modification variations that professionals use, depending on the borrower’s circumstances. The most common modifications available are lowering the interest rate, establishing a fixed interest rate, forgiving payment defaults and fees, or a combination of any or all of these. Principal reductions are sometimes considered but are rarely granted. The most prevalent method of loan modification is an interest rate reduction, which involves establishing a fixed rate of interest for an extended period of time. Lenders prefer this option because it ensures that there is a continued stream of payment and it prevents more drastic measures, such as foreclosure or a short sale. Lenders, of course, do not want to resort to a foreclosure or a short sale because they stand to lose an inordinate amount of money. Department of Real Estate in California An example of very strict state licensing is The Department of Real Estate in California. They have an exclusive list of approved loan modification companies that can assist you. Beware of loan modification companies that are not in compliance with DRE regulations. The DRE requires that loan modification companies have an approved contract and fee agreement prior to collecting advance fees. Do not pay an advanced fee to a company
not in compliance with the law. As of now, only a small percentage of loan modification companies in California are in compliance. Please visit the DRE website for a listing of approved companies. California is one of the first states to regulate this industry, though other states are rapidly following suit.
The Crux of the Decision The loan modification process is an intricate, multifaceted procedure. The loan modification decision is not always made by the firm that owns the loan. Instead, the decision is often made by a group of investors who own pieces of the mortgage-backed security. The decisions are based upon what is the most lucrative option for the investor, or what minimizes their losses. A loan modification with an interest rate reduction is often the preferred avenue. Nonetheless, foreclosure is an option if it generates lower costs to the investor or the lender. The effect of the foreclosure on the borrower is sadly not a consideration to the investor and lender, though the presentation and the facts of the borrower’s condition do impact the decision. This is why it is imperative to use a loan modification specialist to present the strongest possible case to the lender for the modification. The amount of equity in a home is a crucial factor affecting the modification. The lower the equity in the home, the greater the chances are for a modification service. The level of equity depends on the overall property value, which a homeowner can generally determine by comparing the sale value of other homes in the neighborhood and the trend of the sale prices. The greater the equity in the home, the less motivated a lender is to allow a modification. Other criteria considered in the loan modification process include whether the loan is based upon an adjustable rate. Adjustable rate loans are preferred for qualifying for the modification. The adjustable rate should be coupled with a borrower who is behind on payments and who has a verifiable, reduced income. This reduced income is known as the homeowner’s hardship and is used as leverage in the modification process. The hardship is a major consideration by the lender in deciding whether to accept the modification or not. An example of hardship is a married couple where one of the spouses loses their job. Solving the Lender’s Dilemma The housing crisis has crippled the economy, leaving TheNicheReport.com
23
many lenders turning to financial instruments such as loan modifications that protect their housing investments. Loan modifications are often a win-win situation for both lender and borrower, but lenders are careful to ensure that loan modifications continue to protect their investment. As a result, many lenders have been flooded with phone calls and inquiries about loan modifications but are unable to move quickly on the applications. Lenders are often understaffed and unwilling to invest in new staff to handle the homeowners’ questions. A loan modification company, whose only job is to assist homeowners for a loan modification, will be able to assist you in dealing with this stressful experience and ensure that the process moves quickly and smoothly for you.
The Future Loan modifications are here to stay! Legislators and government officials are pushing new proposals and legislation to save homeowners (and the economy). The FDIC recently unveiled its own proposal from Chairwoman
Sheila Bair to streamline the process. “It is imperative to provide incentives to achieve a sufficient scale in loan modifications to stem the reductions in housing prices and rising foreclosures,” the Federal Deposit Insurance Corp. said in a statement on November 14, 2008. One of the key elements of the proposal is that housing payments for the delinquent borrowers would be reduced to 31% of their income. The plan would help 2.2 million borrowers in obtaining loan modifications. Bair’s proposal is commendable but it is only one of several options currently being considered. However, regardless of whether the FDIC’s plan is approved or whether alternate legislation prevails, borrowers are the beneficiaries and loan modifications are here to help keep people in their homes. The economic crisis has no immediate end in sight. Homeowners who need to reduce their current mortgage payments should consider using the resources of a fully compliant loan modification service such as one approved by DRE.
LOAN MOD LEAD MACHINE! We consider ourselves the LOAN MOD LEAD MACHINE. Why? for the simple fact that we generate over 3000 Loan Modification Leads a week. Our Loan Modification Leads are time tested and NON-INCENTIVE driven. Our Loan Modification Leads are from actual customers looking for help with their mortgage. We pride ourselves with unparalleled service and performance and are committed to providing a high quality Loan Modification Lead to our brokers. Our services are always tailored to your unique needs and have a marketing plan for every budget.
• ads generated via GOOGLE, YaHoo and MSN search engines • Direct Calls to your phone from homeowner seeking help (not weak telemarketed leads)
• non incentive driven leads • over 3000 internet leads a week nationwide (filters available) • no affiliate marketing
http://www.loanmodleadmachine.com
We’re Not Like Other Lenders
Agricultural Real Estate Loans Accounts Receivable Financing Ag Production Lending Short & Long Term Programs
Seeking a creative and collaborative lender? One that understands your concerns and can quickly assess your needs? We offer fast credit decisions and provide rapid funding, all so you get the loan you need. For complete details on all our loan programs, including our real estate programs for land, commercial, and investment properties – and our specialty business financing programs for the food, beverage, and agricultural industries – contact us today.
Food Chain Asset-Based Lending
agricap.com 213.542.5232
0109-0209_were_not_like_others_half_page_niche_report.indd 1
12/17/2008 2:54:06 PM
Get Geared Up. To a cyclist, gears offer greater speed with less effort. To a watch maker, they create precision and efficiency. Like gears in your business, Funding Suite credit software gives you the leverage to power more production from your current lead flow and generate more efficiency from employees. Whether it’s separate loan officer billing, one click credit rescoring, or our low cost $9.99 intelligent credit reports, Funding Suite improves performance.
® It’s good for business.
See Funding Suite in action at www.fundingsuite.com/leverage Or give us a call at 800.848.3162
*** 2008 Top 50 Service Provider Mortgage Technology Magazine
*** © 2008 Cogent Road, Inc. All rights reserved. Funding Suite and the Funding Suite logo are registered trademarks of Cogent Road, Inc. www.cogentroad.com
pitch niche to the rich! What you know, who you know BY jack Williams
U
pon fleeing the wreck that was Enron Corp. after 6 years of corporate communications positions within Fortune 10 Corporations, I realized I needed a new line of work. A sales position opened up for me as a Title Sales AE here in San Jose CA. Thereafter, mortgage sales positions of ever-increasing seniority and scope began to come to me in rapid fashion. This was in direct proportion to the passion I brought to the table and to the service I provided to my clients. Once I learned that proportional ROI, I could never do anything else again. Just think – mobile, connected electronically and in relationships – I could never go back to “driving a cube” again. I needed to figure out a way to make sure that I was presenting a unique and valuable sales proposition. “He Who Loves Cherries Soon Learns to Climb” – ancient Chinese proverb. Within wholesale and later retail mortgage banking experiences, I was doing the “complicated” loans when everyone else was being all “NINJA’d” back in the “good old bad old days”. Things like Pledged Asset Lending, One-Time Close Custom Construction, Asset-Dissipation Loans, Trust/LLC/Corporate Lending, Foreign National Lending, and Structured/Laddered Financing were all “too much paper” for the lazy folks to get behind back then.
26
February 2009
That left ME to become known as a niche player. NICHE NOTE: My recommendation to all of you out there who desire to work in the niche lending marketplace is to become an expert in all things FHA while you pick up speed in the niche market. The first few years can be frustrating if you’re doing it on your own. How to Navigate the Stormy Seas of Niche Residential & Commercial Lending: OK. You’ve got a great package on your desk. What do you do with it? Other vague resources can give you a few places to check out, but you most likely don’t have an established relationship with these resources, someone who can advise you and help you keep your errors to a minimum. You need a mentor. Make friends with seasoned commercial lenders. Use online networking tools to learn as much as you can about how these seas are navigated. NICHE NOTE: Get familiar with the following concepts: Executive Summary, Personal Financial Statement (PFS), Expression of Interest (EOI), Letter of Interest (LOI), Non-Compete Non-Disclosure Agreement (NCND), Exclusivity Agreement (if you are DIRECT to the client you need this RIGHT AWAY before you shop), Consulting Agreement, and last but not least – the dreaded “daisy chain” – the success of your deal is in an inverse proportion to your success. The more cooks in the kitchen, the worse the sauce, I say. Climb that cherry tree, if you really like cherries! “At each stage of the game, and with each new rung position on the ladder, make sure you update your database, reflect on your connections, and decide what
your focus will be when you’re positioning yourself for battle on the High Seas of International Niche Financing” Niche Lending Providers: Just as in the conventional lending world, the niche market has various classes of residential and commercial funding providers. NICHE NOTE: Today’s standard for custom SFR construction is 70% LTC – NOT LTV. BANKS: There’re many mortgage banking niche products in the conforming world (more on the way, too). These are the government products for the most part. Some direct lenders will offer their own “competition buster” conforming products. Other national and international banks have what they call “Private Mortgage Banking” divisions – this is where the banks do their magic super jumbo products for high net worth individuals. PRIVATE EQUITY FIRMS: There are many, many private funding firms around the country. Some deal with their own portfolio, others have uncommon access to international trusts and institutions. The may have “hard”, or better yet, what I call “jello money” – not quite bank rate/fee but still not SO hard as to be considered hard money. The emphasis here is not on full doc/credit qualification, rather on collateral or “skin in the game”. HEDGE/PENSION/TRUST/INSURANCE FUNDS: This is where the HUGE projects go – into the BILLIONS and beyond! Each fund or entity has its own appetite for difference niche deals – be it Green Energy, Humanitarian, Spec, Custom Estate, Developments, Mines, Accounts Receivables… SELLERS: We can’t forget the seller of the destination property. When we can’t find conventional or even exotic funding sources, a good consultant will approach the seller to see if seller-financing can be arranged. I recently came across a $4MM Knob Hill SF Condo deal where the seller is willing to carry 80%!
“What You Know, Who You Know” – Putting that Last Best Deal to Good Use: You’re only as good, and as intelligent, as your last deal. What does this mean to you? And by last deal, is that necessarily closed and funded? Hopefully so. But in the niche marketplace, there’s a lot of sweat equity in climbing that ladder. Make sure your transactions are rock solid. Take a look at that nasty, three-times-faxed executive summary and make sure the loan adds up before you use up a “duh” marker with your funding source. If for some reason the deal doesn’t close – what’d you learn? The things you’ll learn, and the people you’ll meet each increase your What/Who factor – your W/W factor will then give you the knowledge to close the next one, as well as decrease the degree of separation from you and the actual principal party. NICHE NOTE: Make darn sure that you get “one what and one who” out of anything you do! Make it your mission to get a what and a who every single day. Make collecting the w/w’s a new passion. Use internet business networking sites to meet new people, ask questions, and increase your position as a trusted, valued, and beloved advisor to your circle of influence. It may take time but if you stick to it you will be successful beyond your wildest dreams. Remember to climb for those cherries, or they’ll all be picked over when you get to the tree. Jack Williams lives in California’s Silicon Valley with his wife and 3 children, and loves good music, good company, and spicy Szechuan food. Jack can be reached for questions and relationship referrals at his website http://www.gotrates.net and is often working when other people are not.
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
CENTER STAGE
CENTER STAGE WITH COMPLIANCE MADE SIMPLE, LLC Compliance – What you don’t know will hurt you. brought to you BY THE NICHE REPORT
T
his month, I would like to introduce you to George Marentis, President of Compliance Made Simple, LLC. Compliance Made Simple, LLC (CMS) is a privately owned company that specializes in assisting the mortgage professionals with compliance related services.
Can you tell our readers what is Compliance Made Simple (CMS)? First, I’d like to thank The Niche Report for the opportunity to introduce CMS. As you said, Compliance Made Simple is a privately held company that was formed to provide compliance related services to the mortgage industry. In today’s market place, the mortgage broker and banker are struggling to stay in business. Smaller mortgage brokers and bankers in many cases have been forced to reduce staff levels to only themselves and maybe a few originators to stay in business. That is were CMS comes in. For a relatively low expense, CMS can be as involved with the broker’s business as much as the broker or banker desires. In some cases, our complementary services are helpful. Our goal is to keep the mortgage broker and banker informed of industry changes because whether they like it or not, those changes will impact how they conduct their business as well as their continued success. For example, a new state regulation may require a new disclosure and if the broker is not aware of the regulation change or effective date, the broker is out of compliance. It can take only one complaint to the states lending authority for problems to arise.
As everyone knows, the industry has undergone increased scrutiny at both the state and federal levels and will likely continue this year and beyond. The days where a broker used to get away with “ignorance” are gone and those brokers will be forced out of the industry through enforcement. As I said, this is where CMS comes in. It is our goal to make our services economical and easy enough that the small resource-strapped broker can be informed and compliant. Tell our readers about your background and how that will help them. My background in lending and compliance goes back well over 15 years. I started out as an underwriter where I underwrote all types of loans and conducted loan due diligence reviews for more then 10 years. These loans ranged from your standard FNMA/FHLMC to the infamous non-prime (subprime) mortgage. In addition to my underwriting background, I originated loans for many years as a broker. In addition to my lending background, I have a law degree. Since earning my JD, I took my lending knowledge and moved into compliance where I did regulatory and legislative compliance. In this capacity, I reviewed state and federal legislation & regulatory amendments impacting the lending industry and analyzed those changes to determine impact to various lending operations. Prior to forming CMS I handled compliance related issues as a compliance officer for a medium size financial institution. Describe some of the key services offered by CMS. The services CMS provides the mortgage professional are diverse. Our level of involvement depends on the TheNicheReport.com
29
CENTER STAGE
needs of the mortgage professional. Some brokers and bankers outsource their entire compliance department, while others use our monthly service to be updated on relevant state-by- state and federal legislative and regulatory changes. Others use our nationwide licensing services where we assist the broker or banker with various licensing needs. CMS also performs forensic loan file reviews for those lenders having investor buybacks or other loan file issues. Why should a mortgage professional use CMS? Whether a mortgage professional uses CMS or their own staff, they must understand that being compliant is critical. As I mentioned earlier, the level of increased scrutiny at the state and federal levels has increased dramatically and will not decrease. The mortgage broker is the target and the regulatory bodies will no longer tolerate mortgage brokers failing to comply. What’s scary is that a broker recently said to me “COMPLIANCE IS A WASTE OF TIME.” With this type of mentality, it’s no wonder the industry is in the position it’s in and why brokers are the targets. Not many mortgage brokers and bankers can afford their own in-house counsel or paralegal to handle all the required compliance functions. Those brokers who try to keep up with changes themselves soon realize that the regulations and laws are complex, convoluted and downright confusing. That’s where CMS comes in, we can help the broker navigate those complex regulations and other compliance related issues. Here are some recent changes facing the industry today: • Until recently, Colorado did not have any loan officer licensing, education or testing requirements. Now they are all required. • Are you familiar with HVCC? What steps are you
• • • • • •
putting in place to be compliant? Hopefully the broker knows what HVCC stands for? What does the SAFE Act mean to you? Are you compliant with the new Identity Theft “Red Flags” program? How will the amended TILA and HOEPA changes affect your business? When does the new RESPA rule begin? Will brokers still get YSP? What about after 1/16/2009? Amendments to REG Z and HMDA National mortgage licensing legislation
What is the biggest obstacle facing the mortgage broker and banker today? That compliance is going to be an integral part of the mortgage business whether you are an individual broker or larger shop. No broker can claim an exception based on the size of their company. Thus, the mortgage broker and banker need to realize that they need to actively monitor compliance and failure to be compliant will only create a bigger issue as the financial crisis continues to evolve and more and more homeowners face foreclosure.
Manaseh, Epharim & Associates Your source for commercial real estate financing. Funding nationwide and internationally!! Rates from 3.9%
Direct Private Lender www.MEANDASSOCIATES.COM 770-840-0112 or 770-840-0113 Fax: 678-302-6444
TIP OF THE MONTH
TIP OF THE MONTH Golden Rules, Part 2 BY STEWART MEDNICK
This is a continuation of last month’s column. 4. Benefit – Cost = Value The ultimate goal in any transaction is to offer a good product at a fair price to the satisfaction of the customer. In this formula, “cost” is the fair price. Cost can be monetary, emotional, time, or effort. Cost is measured by the customer. You offer benefit. If your benefit far exceeds the customer’s cost of the transaction, then the customer will experience an inherent value. The greater the benefit you offer, more enjoyable or pleasurable the experience will be to the customer and the greater the value they will have for their investment. 5. Listen to the words, not an interpretation in your mind. This is a personal pet-peeve of mine. I hate when people interpret what I say instead of listening to the literal meaning of my words. I am sure we have all had a disturbing experience of this. For example, I would tell a client that I MAY be able to lock in at a certain rate for them. The next day they want to know if I DID lock in that rate because I said that was what I would do for him. That client interpreted my words to mean I WILL perform that task when I said I MAY be able to perform the task. This may also run the other way when a client talks to you and you may interpret what they say. The sure-fire cure to avoid this is a military concept call “repeat back.” Simply repeat back to the client what was said so the words are clear and no misinterpretation is conceived. CLIENT: “I want a 30 year mortgage and I prefer a 32
February 2009
payment below $1200 per month.” LO: “I understand that you want a payment below $1200.” CLIENT: “yes, that includes escrow.” LO: “So, you want a $1200 per month payment on a 30year mortgage that includes escrow. What if the payment is over that? You said that you prefer it to be under, will you consider a bit of a higher payment?” CLIENT: “That will be fine, just let me know that best monthly payment you are able to get for me….” In this example, may variables that were not fully understood or possibly misinterpreted could have gummed up a solid deal and turned it into a nightmare for the LO. Repeat back to the customer for clarity and make sure nothing is interpreted. 6. Don’t make assumptions. This is an obvious, but dangerous Golden Rule. I made the mistake many times of assuming that a client may want something, and performed that task. It bit me in the butt. The classic situation was when I was working on a refinance for a recently divorced female client. The property was not properly documented on title, so I took the liberty of having it corrected for her at a small additional cost to the title fees. When I told her of the correction at the closing, I thought I would be adding value by performing this act. Instead, she became angry stating that this was supposed to have been accomplished already by her husband’s lawyer as part of the divorce settlement and she walked out of the closing. My assumption of a good deed was a deal-breaker. If any question arises, or any parameter of the transaction is not clear, do not assume and find out what is expected.
TIP OF THE MONTH
7. The customer does not always know what they want, nor is always right. The customer is always right. Wrong. The customer does not always know what he or she wants. The customer is as right as the knowledge held on the topic. This dovetails a bit into the last Golden Rule about being the expert. A customer may want a 30 year fixed rate just because it is the lowest interest rate available. The customer may not be aware that another type of mortgage exists that could be a better fit for the customer’s needs. You are the professional and with some basic education to the customer, the options may be clearer. Always ensure you know exactly the customer’s intentions and goals in every transaction, so you can serve his or her needs completely. 8. You are the expert, not the customer. This ties nicely with the previous Golden Rule. Many times the customer will want to drive the transaction in the direction he or she thinks it should go. That could be a recipe for disaster. Ensure that you serve the customer in a professional and courteous manner in explaining
the benefits and detriments to various situations and scenarios. Provide complete information and listen to the customer. The customer may want to flex some knowledge of the business, but you are the expert. You can serve the customer best by driving the transaction in a manner that benefits the customer the most. I hope these Golden Rules help. I am sure many of you reading this column have rules and guideline that you follow. I would love to hear them and perhaps write a follow-up column of Golden Rules that you use. Many of these rules may translate well into your everyday life. The gist of these rules is to be ethical, professional, honest, passionate and fair in all you do.
Stewart Mednick is a seasoned mortgage banker and published author. His writing focuses on relationship development, personal empowerment, customer satisfaction, marketing and sales techniques. Stewart is available for marketing consulting, 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
TM
TM
TM
Š2008 Gregory Funding LLC, an Aspen Capital affiliated company. This is not a commitment to lend. Restrictions may apply. For Wholesale only. Not for distribution to the general public. LTV based on current valuation by Gregory Funding. Gregory Funding reserves the right to amend rates and guidelines. All loans are made in compliance with federal, state and local laws. High-Cost Loans prohibited. Gregory Funding LLC is an Oregon LLC, Oregon Division of Finance & Corporate Securities Lic#ML3575. Gregory Funding LLC, 425 NW 10th Ave Suite 307 Portland, OR 97209. Toll free: 888-324-3578.
nichereport_.25pgVert10.08.indd 1
10/7/2008 1:43:04 PM
Chris Fuelling
Business Development Manager chris@theloanpost.com Toll Free 877-812-4327 Direct 786-735-1188
5)&-0"/1045 XXX 5IF-PBO1PTU DPN
$ISJT 'VFMMJOH
NICHE REPORTS
Agency & FHA Premium Listings
HCI Mortgage
HCI Mortgage specializes in FHA and 203K financing in 25+ states. Programs include 203k, 203k streamline and 203k jumbo programs
877-724-1720
Mid Island Mortgage Corp
Low/No Score FHA manual underwrites. Tough FHA deals OK. No min. Score Jumbo loan amounts. Common sense underwriting w/good turn times.
703-754-9643 - Tim Dooley
AGENCY & FHA Lender Listings Powered by TheLoanPost.com Alternative Mortgage Express
800-552-5263
www.amxloans.com
Freedom Mortgage
800-843-3753
www.freedomwholesale.com
AME Financial Corp
770-406-2138
www.american-mortgage.info
Gateway Funding
800-355-5626
wholesale.gateway-funding.com
Ameribank Mortgage (FHA only)
516-833-8834
www.ameribanksolutions.com
Gateway Mortgage Group
817-799-0804
www.jerrylair.com
American BancShares
305-817-2165
www.americanbancshares.com
GB Mortgage
602-791-8950
www.gbmortgagelending.com
American Financial Resources (FHA only) 973-588-8530
www.afrwholesale.com
Global Lending Group
727-530-0110
www.glgiwholesale.net
American Home Equity
714-661-5836
www.ahedirect.com
Greystone Financial
602-574-0100
www.greystonefinancialonline.com
American Partners Bank
954-465-8595
www.apbwholesale.com
GSF Funding
262-373-0790
www.gsfsales.com
Amtrust Bank (Fannie/Freddie only)
888-321-6446
www.amtrustgemstone.com
Guaranteed Rate
866-755-0989
www.griwholesale.com
Assurity Financial (FHA only)
866-841-7863
www.assuritywholesale.com
Hollander Financial
661-476-4668
www.hollanderfinancial.com
BAC Florida Bank (Fannie/Freddie only) 305-789-8064
www.bacflorida.com/ratesheet
Home Savings of America
972-235-7366
www.myhsoa.com
Bank of Ann Arbor (Fannie/Freddie only) 800-807-6337
www.boaawholesale.com
ICON Residential Capital
888-639-5641
www.iconwholesale.com
Century Lending (Fannie/Freddie only) 407-252-7979
www.centurylending.net
ING Mortgage
877-464-0555
www.ingloans.com/wholesale/index.html
CMG Mortgage
714-357-3325
www.acceleratedcmg.com
JMAC Lending
877-841-0776
www.jmaclending.com
CNB National Lending, LLC
815-412-9305
www.cnbnationallending.com
Lenders Advantage
818-669-0974 x 0 www.lenderinc.com
Colonial National Mortgage
800-825-1311
www.cnmbrokers.com
Liberty Lending Inc
800-808-5591
Liberty Mortgage
800-986-2499
www.bbt.com/libertymortgage
M&T Bank Mortgage
804-380-7465
wholesalemortgage.mtb.com www.megacapitalfunding.net
(Fannie/Freddie only)
Community First Bank Loan
412-292-8511
secure.pricemyloan.com/custom/cfb
(Fannie/Freddie only)
www.libertylendingwholesale.com
Continental Home Loans
631-393-3800 x 114 www.chlmortgagebankers.com
Mega Capital Funding (Fannie/Freddie only) 818-657-2600
Countrywide
904-245-8008
www.cwbc.com
Merit Mortgage
310-650-0773
meritwholesale.com
Direct Mortgage Wholesale
801-924-1880
www.directmortgagewholesale.com
MetLife Home Loans
www.wholesale.metlifehomeloans.com
Federal Trust Mortgage
407-323-1833 x 153 www.federaltrust.com/brokers
Mortgage Bank of California
714-423-3295
Fifth Third
866-492-0072
Mortgage Close (Fannie/Freddie only)
714-453-0220
b2b.mortgageclose.com
First Bank Mortgage
305-577-6000 x 116 www.firstbank.com
National Direct Funding
970-672-0805
www.ndfcorporation.com
First Cal
818-793-6650
www.firstcalwholesale.net
(Fannie/Freddie only)
First Federal Bank of CA
310-630-7792
www.firstfedwholesale.com
National Home Lenders
Washington Federal
971-645-9140
www.washingtonfederal.com/wholesale
Nations Direct Mortgage
949-270-7974
www.brokerFHA.com
First National Bank of Nassau
678-942-2160
www.fnbwholesale.com
NetMore America
509-526-4007
www.netmoreamerica.com
First Northern Bank (Fannie/Freddie only) 707-423-9330
www.thatsmybank.com
Nexbank
866-389-6046
www.nexbank.com
Flagstar Bank
www.wholesale.flagstar.com
NorthStar Lending (Fannie/Freddie only) 954-843-7018 x 7018 www.mynorthstarlending.com
800-897-7222
www.53.com/wholesalemortgage
888-344-0520 x 4 www.nationalhomelenders.com
Florida Capital Bank Mtg
866-295-0014
www.flcb.com
Pacific Banc Mortgage
571-340-5593
www.pacificbanc.com
Franklin American
606-519-4165
www.franklinamerican.com
Pacific National Bank
305-539-7675
www.pnb.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.
TheNicheReport.com
35
NICHE REPORTS
Agency & FHA Lender Listings continued‌ Paramount Residential (FHA only)
866-966-8989 x 300 www.prmglending.net
Senderra Funding
704-831-3600
www.senderra.com
Perfect FHA (FHA only)
800-201-2317
Sierra Pacific
661-713-6564
www.spm1.com
Phoenix Funding
877-562-6414 x 230 www.phoenix-funding.com
Plaza Home Mortgage
949-910-1055 x 450 www.plazahomemortgage.com
PMC Bancorp
626-964-4040 x 8199 www.pmcmtg.com
Polaris Funding (FL, IN, MI, OH)
616-667-9000
www.perfectfha.com
SouthPoint Financial (Fannie/Freddie only) 239-949-1406
www.spfs.com
Stearns
925-628-0704
www.stearnswholesale.com www.stmpartners.com
www.polarishfc.com
SunTrust Wholesale
913-982-2150
Preferred Capital (Fannie/Freddie only) 727-418-4189
www.prefercapital.com
SWC Financial Corp.
714-680-7050 x 113 www.swcfinancial.com
Premier Mortgage Capital, Inc.
786-243-3101 x 2
www.premierwholesale.com
Taylor, Bean & Whitaker
888-678-8547
www.taylorbeandirect.com
Presidents First
877-773-7178
www.presidentsfirst.com
Primary Capital
678-308-0257
www.primarycapital.com
The Jumbo Lender
800-826-0360
www.TheJumboLender.com
Proto Fund
813-436-6803
www.protofund.com
Titan Wholesale
775-852-6888 x 225 www.titan-wholesale.com
Provident Funding
800-733-3657 x 1712 pfloans.provident.com
Trust One Mortgage
949-450-1888 x 2430 www.trustone.com
Reliant Funding
412-942-1010 x 18 www.reliantfunding.us
U.S. Bank Consumer Finance
941-539-1603
www.usbank.com
Residential Lending Network
800-749-5363 x 5276 www.reslend.com
United International Bank
313-903-2082
www.unitedinternational.us
559.476.0937
United Residential Lending
404-661-4632
www.urlending.com
(Fannie/Freddie only)
Reunion Mortgage
www.reunionwholesale.com
Royal Crown Bancorp
877-507-6925
www.crownloan.com
United Wholesale Mortgage (FHA only) 800-981-8898 x 5590 www.usmwholesale.com
Security Atlantic (FHA only)
800-956-3863
www.fhaland.com
Vertice
Security Mortgage Funding
619-249-9166
www.smfcloans.com/brokers
619-857-2700
www.securitynational.com
(Fannie/Freddie only)
Security National Mortgage
925-570-0777
www.verticelending.com
Village Capital and Investment (FHA only) 856-252-1825
www.villagewholesalelending.com
Wells Fargo
www.brokersfirst.com
310-283-8411
Jumbo Jumbo Lender Listings Powered by TheLoanPost.com American Southwest Mortgage
888-593-1003
www.amswmtg.com
ICON Residential Capital
888-639-5641
www.iconwholesale.com
American Home Equity
714-661-5836
www.ahedirect.com
Liberty Mortgage
800-986-2499
www.bbt.com/libertymortgage
Countrywide
904-245-8008
www.cwbc.com
MBS Mortgage Company
866-799-3696
mbs-mortgage.com
Direct Mortgage Corp.
801-924-1880
www.directmortgagewholesale.com
Presidents First
877-773-7178
www.presidentsfirst.com
EverBank Wholesale Lending
415-595-3968
www.everbankwholesale.com
Reunion Mortgage Inc.
559.476.0937
www.reunionmortgage.com
Fifth Third Mortgage
866-492-0072
www.53.com/wholesalemortgage
Security National Mortgage
619-857-2700
www.securitynational.com
Flagstar Bank
800-897-7222
wholesale.flagstar.com
Sierra Pacific
661-713-6564
www.spm1.com
Florida Capital Bank Mtg
866-295-0014
www.flcb.com
Taylor, Bean & Whitaker
888-678-8547
www.taylorbeandirect.com
Franklin American
606-519-4165
www.franklinamerican.com
U.S. Bank Home Mortgage
702-630-0770
www.usbank.com
Gateway Funding
800-355-5626
wholesale.gateway-funding.com
Vertice
925-570-0777
www.verticelending.com
GB Mortgage
602-791-8950
www.gbmortgagelending.com
Walker Jackson Mortgage
703-653-8183
www.wjmcwholesale.com
Greystone Financial
602-574-0100
www.greystonefinancialonline.com
Wells Fargo
310-283-8411
www.brokersfirst.com
Home Savings of America
972-235-7366
http://www.myhsoa.com
WestAmerica Mortgage Co.
303-771-2800
www.wamco.us
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.
36
February 2009
NICHE REPORTS
portfolio & ALT–A Premium Listings
ACC Mortgage, Inc.
Our Money our Rules, we make loans that make sense
240-314-0399 ext. 16 Private portfolio lender specializing in foreclosure and bankruptcy bailout loans. No credit score requirement, No pre-payment penalty. Up to 70% LTV. No seasoning requirements. Lates ok. Lending territory: AZ, CA, CO, ID, NV, OR & WA
Gregory Funding LLC 888-324-3578
Manaseh, Epharim and Associates 770-840-0112
Asset lending specialists. Your source for international and domestic funding
portfolio & ALT-A Lender Listings Powered by TheLoanPost.com Amtrust Bank
888-321-6446
www.amtrustgemstone.com
Washington Federal
971-645-9140
www.washingtonfederal.com/wholesale
Astoria
301-537-9047
www.astoriamortgage.com
Hayhurst Wholesale
813-425-7011
www.hayhurstwholesale.com
Banker West
800-518-1172
www.bankerswest.com
Home Savings of America
972-235-7366
www.myhsoa.com
Capital Alliance
415-288-9575
www.calliance.com/index.php
ING Mortgage
877-464-0555
www.ingloans.com/wholesale/index.html
CNB National Lending
815-412-9305
www.cnbnationallending.com
Liberty Savings Bank
941-735-7890
www.libertysavingsbank.com
Eastern Savings Bank
800-787-8187
www.easternsavingsbank.com
LuxMac, Covino, and Company
800-762-2274 x 312 http://luxmac.com
Emigrant Mortgage
786-314-6280
www.emigrantmortgage.com
Luxury Mortgage
203-569-4249
First Federal Bank of CA
310-630-7792
www.firstfedwholesale.com
Residential Lending Network
800-749-5363 x 5276 www.reslend.com
First Northern Bank
707-423-9330
www.thatsmybank.com
United Midwest Savings Bank
614-255-3499
www.umwsb.com
Global Lending Group
727-530-0110
www.glgiwholesale.net
United International Bank
313-903-2082
www.unitedinternational.us
GSF Funding
262-373-0790
www.gsfsales.com
US Bank
702-630-0770
www.usbank.com
Hollander Financial
661-476-4668
www.hollanderfinancial.com
West One Mortgage Corp
818-921-7602
www.westonemortgagecorp.com
www.luxurymortgagewholesale.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.
TheNicheReport.com
37
NICHE REPORTS
REVERSE Premium Listings
Reverse It! A division of Urban Financial Group, Inc
Reverse Mortgages, fastest turn times in the industry. Training and lead support available.
888-777-3311
World Alliance Financial
Reverse Mortgage opportunity for non-FHA licensed brokers
877-692-7762 x 404 REVERSE MORTGAGES Lender Listings Powered by TheLoanPost.com American BancShares
305-817-2165
www.americanbancshares.com
Liberty Reverse Mortgage
866-871-1353
Arlington Capital Mortgage Corp
800-814-9432
www.acmcwholesale.com
MetLife Home Loans
www.wholesale.metlifehomeloans.com
libertyreversebroker.com
www.circlemortgage.com
Circle Mortgage Corporation (Fl only)
800-576-1338
NetMore America
509-526-4007
www.netmoreamerica.com
Continental Home Loans
631-393-3800 x 114 www.chlmortgagebankers.com
Pacific Banc Mortgage
571-340-5593
www.pacificbanc.com
Countrywide Bank
866-212-4378
www.cwbc.com
Quality Life Reverse Mortgage
800-955-7919
qualityliferm.com
Essex Mortgage
702-893-9200
www.essexwholesale.com
Quik Fund Inc.
813-671-0712
www.quikfund.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
SouthPoint Financial Services
239-949-1406
www.spfs.com
Fortes Residential
866-571-8201
www.forteswholesale.com
Sunwest
800-453-7884
www.swmc.com
Generation Mortgage
866-733-6089
www.generationmortgage.com
Wells Fargo Reverse Mortgage
800-336-7359
www.wellsfargo.com
GotMortgage.com
760-802-9630
www.gotmortgage.com
World Alliance Financial Corp.
800-562-6755
www.worldalliancefinancial.com
Manufactured Manufactured Listings Powered by TheLoanPost.com Alternative Mortgage Express 800-522-5263 American Financial Resources 973-588-8530 Axiom Commercial Funding 866-637-3014 x 10 CNB National Lending, LLC 815-412-9305 Countrywide 904-245-8008 Eastern Savings Bank 800-981-7114 x 6250 Essex Mortgage 702-893-9200 First Cal 877-224-3262 First Mutual Bank 971-645-9140 www.washingtonfederal.com/wholesale First Northern Bank 707-423-9330 Flagstar 866-998-6063 Freedom Mortgage Corp 800-843-3753 GMC Mortgage Capital 941-766-1613 Lenders Advantage 818-669-0974 x 10 Liberty Mortgage 800-986-2499
www.amxloans.com www.afrwholesale.com www.acfsonline.com/ www.cnbnationallending.com www.cwbc.com www.easternsavingsbank.com www.essexwholesale.com www.firstcalwholesale.net www.thatsmybank.com wholesale.flagstar.com www.freedomwholesale.com www.gmcmtgcap.com www.lenderinc.com www.bbt.com/libertymortgage
Liberty Savings Bank
941-735-7890
www.libertysavingsbank.com
Merit Mortgage
310-650-0773
meritwholesale.com
Multicorp Financial
925-275-8111 x 222 www.11multicorpfinancial.com
Perfect FHA
800-201-2317
www.perfectfha.com
Polaris Funding (FL, IN, MI, OH)
616-667-9000
www.polarishfc.com
Portfolio Mortgage Company
480-775-5150
www.portmort.com
Reliant Funding
412-942-1010 x 18
www.reliantfunding.us
Taylor, Bean & Whitaker
586-557-4144
www.taylorbeandirect.com
Trust One Mortgage
949-450-1888 x 2430 www.trustone.com
United Midwest Savings Bank
614-255-3499
United Wholesale Mortgage
800-981-8898 x 5590 www.usmwholesale.com/default.asp
www.umwsb.com
US Bank 702-630-0770 www.usbank.com/cgi_w/cfm/mortgagebrokers/home.cfm?redirect=brokerloans West One Mortgage Corporation
818-921-7602
www.westonemortgagecorp.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
February 2009
NICHE REPORTS
NON-Prime & HARD MONEY Premium Listings
ACC Mortgage, Inc.
WE DO OWNER-OCCUPIED/FULL DOC UP TO 70% REGARDLESS OF CREDIT
240-314-0399 ext 16
AFG LLC (Asset Funding Group) 720-889-1175
AgriCap Financial Corporation 213-542-5232
Ambit Funding 800-823-7101
Avatar Financial Group 888-896-0083
BRT Realty Trust 516-466-3100 or 800-450-5816
Continuum Funding Group 703-564-1659
Fairview Commercial Lending 866-634-1270
Financial Resources Mortgage 800-950-6913 or ddexter@frmortgageinc.com
First Mount Vernon (866) 908-FMV1 (3681)
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 Agriculture including facilities and part-time farms, commercial, special purpose properties Short-term commercial bridge lenders; Most property types including RAW LAND; All 50 states, and Canada; Max LTV 70%, 50% on Land 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 Specializing in hard money loans of $300,000 to $5,000,000 in DC, Virginia, and Maryland. We customize our lending program to fit your needs on a deal by deal basis No minimum credit score, foreclosure bailouts, Quick Closings nationwide, commitments in 24 hours Real Estate based private money lender. Commercial & Residential Investment. Refi cash out allowed. Retail,office,multi-family, raw land, development & modular construction are our specialties. Common sense underwriting. No upfront fees! Email or call today. No seasoning requirements, No upfront commitment or processing fees, Minimum credit score 400 - DE, MD, VA, DC, NC, SC, GA, FL
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
NON-Prime & HARD MONEY premium niches continued…
First Mount Vernon
Minimal documentation required, Combined Loan-to-Values to 105% - DE, MD, VA, DC, NC, SC, GA, FL
(866) 908-FMV1 (3681)
Private portfolio lender specializing in foreclosure and bankruptcy bailout loans. No credit score requirement, No pre-payment penalty. Up to 70% LTV. No seasoning requirements. Lates ok. Lending territory: AZ, CA, CO, ID, NV, OR & WA
Gregory Funding 888-324-3578
1-800-342-8500
Mortgages/loans secured by real estate, all commercial property types and other fixed assets nationwide; Any property type, even raw land. Specializes in development loans that need to close quickly, loans from $1 million & up. 2-days for commitment.
Manaseh, Epharim & Associates
Direct Lender with fast closings. Your source for international and domestic funding.
KENNEDY FUNDING, INC.
770-840-0112
Direct lender specializing in short term bridge financing. Interest only. No prepayment penalty. No points upfront. Commitments within 24 hours. Brokers welcomed and protected.
Metro Funding Corp 866-302-6360
Miner Capital Funding, LLC
Specializing in collateral-based real estate loans nationwide. We get deals done!! As fast as 4 days! Loan amounts 1 million to 20 million
702-466-8952
Remington Financial Group, Inc
Up to 65% of valued collateral, fast closing
480-905-3239 We are a direct lender specializing in churches, mixed-use, apartments & commercial lines of credit
Stonecrest Financial 888.884.6518
Local direct lender (DC, MD and VA) specializing in bridge, construction, rehab and business loans. Loans are based on “subject to value”, 50% LTV, minimal documentation, EQUITY DRIVEN not FICO sensitive. Brokers are protected.
TrustCapital Investments LLC 301-503-2231
NON-PRIME & HARD MONEY Lender Listings Powered by TheLoanPost.com Advantage Capital Equity Solutions
800-223-3019
Axiom Commercial Funding
866-637-3014 x 10 www.acfsonline.com
AFC Hardmoney
813-387-3800 x 311 www.afchardmoney.com
www.adcapequity.com
Bay Equity
800-229-3703
AgriCap Financial Corporation
213-542-5232
www.agricap.com
BFS Capital, LLC. (cml)
510-381-1930
www.bfscapital.com
All California Home Loans 877-462-3422 www.aboutcaliforniahomeloans.com/hard-money.html
BlueWater Funding, LLC
866-551-2583
www.bluewaterfundingllc.com
Brookview Financial
877-734-2211 x 316 www.brookviewfinancial.com
Alliance Financial, Inc.
866-603-5999
www.afiloans.com
California Equity Lenders
818-584-2320
www.calequitylenders.com
Ameribank Mortgage
516-833-8834
www.ameribanksolutions.com
Capital Alliance
415-288-9575
www.calliance.comindex.php
914-967-5780
American Acceptance (cml)
800-452-9287
www.aamcap.com
CFA Capital Partners (cml)
Assurity Financial
866-841-7863
www.assuritywholesale.com
Avant Capital Partners, LLC. (cml)
212-219-9419
www.avcapital.net
Crawford Park Financial 626-796-7979 Cushman Rexrode Capital Corporation (cml) 925-988-7200
www.bayeq.com
www.cfacap.com www.crawfordparkfinancial.com www.cushrex.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.
40
February 2009
NICHE REPORTS
NON-PRIME & HARD MONEY Lender Listings continued… Diamond Bay Investments, Inc. 702-254-9303 Eastern Savings Bank (cml) 800-787-8187 Emerald Financial 714-965-6688 Emigrant 786-314-6280 Exeter Holding Ltd. 516-338-7500 First Credit Commercial Capital Corp. (cml) 407-843-6262 First Mount Vernon Industrial Loan Assn. 703-823-6800 First Select Capital 540-908-2205 Global Lending Group 727-530-0110 GMC Mortgage Capital 941-626-9656 HARDDMONEYLOANS.COM 813-516-5210 Hawkins Capital 208-908-5596 HMC Funding 800-273-7001 x 343 Investor Funding 864-213-3951 J & J Financial 714-256-4416 Lakeside Financial Inc. 949-297-4180 Lib Properties, LTD. 404-256-8600 LNB Commercial Capital 321-214-0585 Mager Capital 310-760-6290 Magnolia Financial Consultants 601-428-1005 Meridian Group 800-901-9301 Overland Financial 818-342-2477
www.diamondbayinvestments.com www.easternsavingsbank.com www.eprivatemoney.com www.emigrantdirect.com exeterholding.com www.fchardmoney.com www.fmv1.com www.firstselectloans.com www.glgiwholesale.net www.gmcmortgagecapital.com www.HARDDMONEYLOANS.COM www.hawkinscap.com www.hmcfunding.com www.4investorfunding.com www.10dayloan.com www.nofico.net www.libloans.com www.lnbcapital.com www.magercapital.brokerca.com www.hardmoneymortgages.com www.meridiangroupinc.com www.overlandfinancial.com
Pacific Mortgage Funding Corp. (cml) PB Financial Group Corp. Piedmont Capital Lending, LLC. Porter Bridge Loan Company (cml) Portfolio Mortgage Company PFA Capital, LLC Quik Fund Inc. Rehab Funding Remington Financial Group Right Start Mortgage SBB Financial SDI Funding SmartServ Solutions SWC Financial Corp. Swift Funding TCRM Commercial Corp. (cml) The Loan Doctors, Inc. (cml) The Money Source, LLC. (cml) Titan Hard Money Trust Deed Investments, Inc West One Mortgage Corporation WholesaleLending.com (cml)
562-864-4006 www.pacificmortgage.com 310-289-0900 www.pbfinancialgrp.com 678-292-6984 www.piedmontcapitallending.com 866-725-1777 www.porterbridgeloan.com 480-775-5150 www.portmort.com 800-531-4589 www.pfacapital.com 813-671-0712 www.quikfund.com 610-645-9939 x 310 rehabfunding.com 480-905-3239 www.remingtonfg.com 800-520-5626 www.rightstartmortgage.com 866-358-7238 www.sbbfinancial.com 864-233-3337 x 3220 www.sdifunding.com 888-633-4778 www.bronxhardmoney.com 714-680-7050 x 113 www.swcfinancial.com 727-521-6633 swiftfundingcorp.com 212-371-3933 www.tcrmcommercial.com 954-647-7679 www.regd506.com 480-946-4000 www.themoneysourcellc.com 323-377-0979 www.titanhardmoney.com 415-760-2338 hwww.hardmoney.ning.com 818-921-7602 www.westonemortgagecorp.com 866-303-6301 www.wholesalelending.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.
Calling all loan offiCers! TNR has just launched our new ‘Post a Loan’ feature at www.TheNicheReport.com. Get your Commercial and Residential loan scenerios in front of hundreds of wholesale lenders and A.E.’s. If you haven’t already gone to www.TheNicheReport.com and registered, then do it now! !
ree It’s f
NICHE REPORTS
CONSTRUCTION/REHAB Premium Listings
Financial Resources Mortgage, Inc. 800-950-6913 or ddexter@frmortgageinc.com
Kennedy Funding, Inc.
Real Estate based private money lender. Commercial & Residential Investment. Refi-Cash Out allowed. Retail, office, multi-family, raw land, development & modular construction are our specialties. Common sense underwriting. No upfront fees! Email or call today. Mortgages/loans secured by real estate, all commercial property types and other fixed assets nationwide; Any property type, even raw land. Specializes in development loans that need to close quickly, loans from $1 million & up. 2-days for commitment.
1-800-342-8500
Manaseh, Epharim & Associates 770-840-0112
New construction and rehab loans for all types of commercial properties. Your source for international and domestic funding.
Direct lender specializing in short term bridge financing. Interest only. No prepayment penalty. No points upfront. Commitments within 24 hours. Brokers welcomed and protected.
Metro Funding Corp 866-302-6360
610-293-8008
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
Remington Financial Group, Inc
Up to 95% financing construction, rehab, renovation, development, starting at $1 million and moving upwards, commercial only
RBA Capital
480-905-3239
CONSTRUCTION / REHAB Lender Listings Powered by TheLoanPost.com Ameribank Mortgage
516-833-8834
www.ameribanksolutions.com
Hawkins Capital
208-908-5596
www.hawkinscap.com
Assurity Financial
866-841-7863
www.assuritywholesale.com
Kennedy Funding
201-342-8500
www.kennedyfunding.com
M&T Bank Mortgage
804-380-7465
wholesalemortgage.mtb.com
Mango Bay Mortgage
561-347-9811
www.mangobayinc.com
Mission Oaks National Bank
805-889-0301
www.missionoaksbank.com
Portfolio Mortgage Company
480-775-5150
www.portmort.com
SWC Financial Corp.
714-680-7050 x 113
www.swcfinancial.com
Axiom Commercial Funding
866-637-3014 x 10
www.acfsonline.com
Broker Capital Funding
408-438-6939
www.brokercap.com
Colonial National Mortgage
800-825-1311
www.cnmbrokers.com
Everbank
415-595-3968
www.everbankwholesale.com
Excelsion Mortgage
888-578-5441 x 1
www.ExcelsionBrokers.com
Federal Trust Mortgage
407-323-1833 x 153
www.federaltrust.com/brokers
First Mutual Bank
971-645-9140
www.washingtonfederal.com/wholesale
United Midwest Savings Bank
614-255-3534
www.umwsb.com
First National Bank of Nassau
404-218-3335
www.fnbwholesale.com
Unity Bank
904-727-7535
www.unitybank.com
First Northern Bank
707-423-9330
www.thatsmybank.com
West One Mortgage Corporation
818-921-7602
www.westonemortgagecorp.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.
42
February 2009
NICHE REPORTS
COMMERCIAL Premium Listings
AgriCap Financial Corporation 213-542-5232
Avatar Financial Group 888-896-0083
Fairview Commercial Lending 866-634-1270
Financial Resources Mortgage, Inc. 800-950-6913 or ddexter@frmortgageinc.com
Gregory Funding 888.324.3578
Griffin Capital Funding 540-548-1001
Agriculture -- Farms, Ranches, Facilities. Agricultural Operating/Crop Input Loans. 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 Real Estate based private money lender. Commercial & Residential Investment. Refi-Cash Out allowed. Retail, office, multi-family, raw land, development & modular construction are our specialties. Common sense underwriting. No upfront fees! Email or call today. Private portfolio lender funding small balance commerical loans up to $1MM. No credit score requirement. No pre-payment penalty. Up to 70% LTV. Foreclosure ok. Bankruptcy ok. Lending territory: AZ, CA, CO, ID, NV, OR & WA. Owner occupied and investment commercial loans nationwide except AK. We pay YSP up to 3%, offer correspondent relationships to qualified companies. We also have a non profit division that specializes in church loans. We love SBA and USDA Loans!
1-800-342-8500
Mortgages/loans secured by real estate, all commercial property types and other fixed assets nationwide; Any property type, even raw land. Specializes in development loans that need to close quickly, loans from $1 million & up. 2-days for commitment.
Light Funding Corp.
All types of commercial loans nationwide & international
KENNEDY FUNDING, INC.
877.300.1595
Manaseh, Epharim & Associates 770-840-0112
Metro Funding Corp 866-302-6360
Acquisition, Refi’s, and Development Commercial Loans. Your source for international and domestic funding. Direct lender specializing in short term bridge financing. Interest only. No prepayment penalty. No points upfront. Commitments within 24 hours. Brokers welcomed and protected.
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
43
NICHE REPORTS
Commercial premium niches continued‌
Remington Financial Group, Inc 480-905.3239
Trilogy Commercial Lending 888-875-5055
Senior financing on existing real estate all property types, competive rates Specializing in Full Doc small balance Commercial 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!
COMMERCIAL Lender Listings Powered by TheLoanPost.com Acupen Financial
503-516-5823
www.Acupenfinancial.com
Mango Bay Mortgage
561-347-9811
www.mangobayinc.com
Affinity Bank
877- 862-7245
www.affinitybank.com
Met-West Commercial
866-766-4000
www.met-west.com
AgriCap Financial Corporation
213-542-5232
www.agricap.com
Midwest Financial Capital
317-844-7776
www.midwestfinancialcapital.com
American Acceptance
800-452-9287
www.aamcap.com
Arlington Richfield
248-613-7423
www.arlingtonrichfield.com
Minvest Financial
877-317-0260
www.minvestfinancial.com
Apartment Lending
303-771-1031
www.aptlending.com
Avant Capital Partners, LLC.
212-219-9419
www.avcapital.net
Axiom Commercial Funding
866-637-3014 x 10 www.acfsonline.com
Mission Oaks National Bank
951-719-1200
www.missionoaksbank.com
MiStar Financial
720-200-2600
www.mistarfinancial.com
MJM Capital Group
480-628-1943
www.mjmcapitalgroup.com
925-275-8111 x 222 www.11multicorpfinancial.com 800-830-5940 x 1 www.NationwideCommercialLenders.com
Berkshire Capital Financial, Ltd.
212-986-9890
www.berkshirecapital.net
Multicorp Financial
BFS Wholesale
800-778-3763
www.bfscapital.net
Nationwide Commercial Lenders
Blue Sky Commercial Funding
888-500-2583
www.bscfloans.com
New World Commercial Lender
561-628-2069
www.nwclender.com
Brownstone Mortgage Capital
800-547-1285
www.brownstoneloans.com
Overland Financial
818-342-2477
www.overlandfinancial.com
Capital Alliance
415-288-9575
www.calliance.com/index.php
Pacific Mortgage Funding Corporation 562-864-4006
www.pacificmortgage.com
CapitalSource Finance
212-321-7215
www.capitalsource.com
CFA Capital Partners
914-967-5780
www.cfacap.com
Pacific National Bank
305-539-7675
www.pnb.com
Ciena Capital
800-722-5626
www.cienacapital.com
PFA Capital, LLC.
800-531-4589
www.picconefinancial.com
CIT Small Business Lending Corp.
404-244-4592
www.smallbizlending.com
PNC ARCS
800-275-2727
www.askARCS.com
Coast Investors Capital
305-446-9125
www.coastinvestors.com
Presidential Bank
301-652-1616
www.presidential.com
866-811-9217
www.pribank.com
Commercial Bridge Loan Funding
305-852-2569
www.cblfg.com
Pribank
Commercial Funding Corp
904-885-9977
www.commercialfundingcorp.com
Prudential Mortgage Capital Co.
888-263-6800
www.prumortgagecapital.com
Commercial Hard Capital, LLC
832-607-6778
www.commercialhardcapital.com
Quik Fund Inc.
813-671-0712
www.quikfund.com
Commercial Lending Capital
714-656-3943
www.clcnationwide.com
Reliant Funding
412-942-1010 x 18 www.reliantfunding.us
Commercial Loan Capital
877-473-6984
www.clcloans.net
REM Capital
877-774-4240
www.remcapitalgroup.com
Commercial Mortgage City
954-854-6853
www.commercialmortgagecity.com
Commercial Mortgages 101
800-763-3036
www.commercialmortgages101.com
SF Partners Mortgage
305-774-0456
sfmortgagelenders.com
Community Commerce Bank
916-648-2680
www.ccombank.com
Silver Hill Financial
877-813-4685
www.silverhillfinancial.com
Small Business Loan Source, LLC.
512-215-2727
www.adelinerem.com www.farmerloan.com
Cushman Rexrode Capital Corporation 925-988-7200
www.cushrex.com
Eastern Savings Bank
800-787-8187
www.easternsavingsbank.com
St. Cloud Mortgage
877- 653-3276
Equity One Commercial
407-370-7843
www.equity1commercial.com
STA Capital Group & Advisors
866-610-4141
www.c-loandivision.com
Excelsion Mortgage
888-578-5441
www.excelsionbrokers.com
Strongtower Financial
800-333-9893
www.strongtowerfinancial.com
First California Bank
818-670-7688
www.fcbank.com
SWC Financial Corp.
714-680-7050 x113 www.swcfinancial.com
Griffin Capital Funding
800-710-6762
www.ysploans.com
TCRM Commercial Corp.
212-371-3933
www.tcrmcommercial.com
Hawkins Capital
208-908-5596
www.hawkinscap.com
Terrace Capital
212-671-1031
www.terracecapital.com
HMC Funding
800-273-7001 x 327 www.hmcfunding.com
Integrity Financial Group
916-343-7559
www.ifgloans.com
The Money Source, LLC.
480-946-4000
www.themoneysourcellc.com
Interbay Funding, LLC
877-207-6099
www.interbay.com
Trilogy Commercial Lending, LLC.
877-726-9433
www.trilogycl.com
Kennedy Funding
201-342-8500
www.kennedyfunding.com
Lib Properties, LTD.
404-256-8600
www.libloans.com
Lighthouse Commercial
614-340-3894
www.Lighthouse-Commercial.com
West One Mortgage Corporation
818-921-7602
www.westonemortgagecorp.com
LNB Commercial Capital
321-214-0585
www.lnbcapital.com
WholesaleLending.com
866-303-6301
www.wholesalelending.com
Magnolia Financial Consultants
601-428-1005
www.hardmoneymortgages.com
World Capital Bancorp, Inc.
888-922-3003
www.worldcapitalbanc.com
Union Bank of California
877-945-2265
www.uboc.com
Wells Fargo
800-840-5822
www.wellsfargo.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.
44
February 2009
LENDER & RESOURCE DIRECTORY
ACC Mortgage, Inc. WeApproveLoans.com Contact: Tim Boord Phone: 240-314-0399 ext 15 Email: Tim.Boord@accmortgage.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
AFG LLC (Asset Funding Group) www.assetfundinggroup.com Contact: Jaye Kuchman Phone: 720-889-1175 Email: Loans@assetfundinggroup.com
AgriCap Financial Corporation www.agricap.com Contact: Business Development Phone: 213-542-5232 Email: sales@agricap.com
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
Continuum Funding Group www.continuumfunding.com Contact: Evan Kaplan Phone: 703-564-1659 Email: ekaplan@continuumfunding.com
Credit Plus Inc. www.creditplus.com Phone: 800.258.3488 Fax: 800.258.3287 Email: beyondbundled@creditplus.com Distressed Debt? We'll buy it! Email us at DistressedBuyers@gmail.com
DocMagic www.docmagic.com Phone: 800.649.1362
Fairview Commercial Lending www.FairviewLending.com Phone: 866-634-1270 Fax: 404-634-0319
Financial Resources Mortgage, Inc. www.commercialloanresources.com Contact: David Dexter Phone: 800-950-6913 Email: ddexter@frmortgageinc.com
First Mount Vernon I.L.A. www.FMV1.com Phone: 703-823-6800 Fax: 703-997-2499
Cogent Road Inc. www.fundingsuite.com/demos Phone: 800-848-3162
Greenleaf Legal Services, LLC www.GreenLeafLegals.com Phone: 888.326.3303 Ext 217 Contact: Simon Yarandi Simon.Yarandi@GreenLeafLegals.com
TheNicheReport.com
45
LENDER & RESOURCE DIRECTORY
Gregory Funding LLC www.gregoryfunding.com Phone: 888.324.3578 Email: info@gregoryfunding.com Griffin Capital Funding www.ysploans.com Contact: John Berardino Phone: 540.548.1001 x 104 Email: johnb@ysploans.com
KENNEDY FUNDING, INC. www.kennedyfunding.com Contact: Jonathan Weiner, Chief Loan Officer Phone: 1-800-342-8500 Email: info@kennedyfunding.com
The Lender Approval Department www.TheLenderApprovalDepartment.com Phone: 310-568-1112 Email: ben@qcmac.com
Loan Mod Lead Machine www.loanmodleadmachine.com
The Loan Post www.TheloanPost.com Phone: (877) 812-4327 Email: sales@TheLoanPost.com
46
February 2009
Madison Credit Management Services LLC www.madisoncredit.com Contact: Roger Castile Phone: 856-866-9878 x4320 Email: info@madisoncredit.com Manaseh, Epharim & Associates www.meandassociates.com Contact: R.D. Walker Email: info@meandassociates.com Phone: 770-840-0112
Metro Funding Corp www.metrofundingcorp.com Contact: Jennifer Bernabeo Email: jennifer@metrofundingcorp.com Phone: 866-302-6360
Mitigation Online Consultants www.mitigationonlineconsultants.com sales@mitigationonlineconsultants.com Phone: 818-501-1520
New Jersey Association of Mortgage Brokers/MBA of New Jersey www.njamb.org 973.379.7447
Precision Loan Processing www.PrecisionLoanPro.com Phone: 703.743.9739 Email: Kristen@precisionloanpro.com
RBA Capital www.RBACapital.com Dan Murphy 610.293.8008 x205 dmurphy@rbacapital.com
Remington Financial Group, Inc www.remingtonfg.com Contact: Aaron Enright Phone: 480.905.3239 Email: apply@remingtonfg.com
Stonecrest Financial Contact: Bill Phone: 888.884.6518 Email: Bill@stonecrest.net
Miner Capital Funding, LLC www.Minercapitalfunding.com Orlando@minercapitalfunding.com Phone: 702-466-8952 Fax: 314-667-3092
Trilogy Commercial Lending www.TrilogyCL.com Phone: 888-875-5055 Email: info@trilogycl.com
Pittbull Mortgage School www.pitbullmortgageschool.com Contact: Leonard Rosen Phone: 858-736-7788 PitbullMortgageSchool@gmail.com
TrustCapital Investments LLC Contact: Craig Severson Phone: 301-503-2231 Email: trustcapital@frontiernet.net
Highest Yield Spread Premium Paying Commercial Lender! Earn up to 6 points! 4% YSP and 2% origination.
One of Inc. 5000’s Fastest Growing Companies Needs Commercial Brokers & Correspondents! Par Lender Apply to be a Broker/Correspondent! Commercial loans from $250,000 to $5,000,000 Church loans from $50,000 to $15,000,000 Earn up to 4% Yield Spread Premium! 4% Yield Spread Premium for Correspondents & 3% for Brokers First trust loans and second trust loans Rates fixed from 6% already paying YSP! LTV’s up to 85% & CLTVs up to 90% SBA 7a and 504 loans, USDA Loans Visit www.YSPloans.com for Life Insurance Company Loans from $1,000,000 to $40,000,000
current rates and programs!
10% Second Trusts Available! Visit YSPloans.com
1135 Heatherstone Dr. Fredericksburg, VA 22407 Phone 540-548-1001 www.ysploans.com
Growing His Kingdom Together
Looking for a Church Loan? Call the Experts! Our prOcess is simple: No tax returns | No personal guarantees | No audited financials YOu chOOse the lOan that fits YOur needs: • Fixed Rates* • Maximum LTV 100% of purchase price; • 90% for construction; 80% for refinance* • No bond fees* • Quick closing* • No personal guarantees on the loan* • Closing costs built into the loan amount* • Up to 30 year amortizations* • Great rates* * Subject to program guidelines and underwriting approval.
For more details or to apply, visit www.churchloans.net or call 540-548-1001 xt. 1.
BODA Publishing, LLC,PO Box 2618,Stafford, VA 22555
PRSRT STD U.S. POSTAGE
PAID
PERMIT #379 BOLINGBROOK, IL
"TheNicheReport is a national trade publication dedicated to wholesale and correspondent lending." BRT09_ The tough_The niche.qxd:Layout 1 1/20/09 2:01 PM Page 1
When the going gets tough… Choose BRT Realty Trust for your short term commercial finance needs.
For commercial properties nationwide including: � Multi-family residential apartments � Shopping centers � Industrial buildings � Office Buildings � Hotels and motels
In a tough market you can count on BRT for your short term commercial finance needs. We have the experience and fortitude to close deals swiftly. BRT, a national leader in short term commercial financing, with over 30 years experience, BRT is known for integrity and high standards of service on financial solutions for even complex or difficult scenarios. Loan closings occur as quickly as a couple of days. BRT provides � Fast Closing � Bridge Loans � Unsold Condo Inventory Loans
� Note Purchases � Debt Restructuring � Acquisition Loans
� Minor Rehab/Transitional RE � Refinance Existing Debt � Tenant Improvements
For fast response on loans from $2,000,000 to $50,000,000 with no prepayment penalty, lock out or exit fees, contact: Mitch Gould: Mitchg@brtrealty.com I Alon Rosenzweig: Alonr@brtrealty.com I 516-466-3100/800-450-5816
A PUBLIC MORTGAGE REIT TRADED ON THE NEW YORK STOCK EXCHANGE (NYSE:BRT)