Issue 022 April 2009 TheNicheReport.com
13 Credit Proofreading 16 Present-Value "Mix-Shift" A new referral building strategy for 2009.
The first available 'Forward Look' at house price movement.
Financing Construction 23 Land 26 in 2009 Costs Could Four rules to follow.
Plunge By as much as twenty percent this year.
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
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CONTENTS
16
Issue 022
April 2009
Present-Value "Mix-Shift" Mark Hanson The first available 'Forward Look' at house price movement.
NICHE REPORTS agency & FHA
pg 35
JUMBO
pg 36
PORTFOLIO & ALT–A
pg 37
REVERSE
pg 38
Manufactured
pg 38
HARD MONEY & NON-PRIME
pg 39
CONSTRUCTION/REHAB
pg 42
COMMERCIAL
pg 43
FOUNDER & PRESIDENT Robert Pegg robert@nichereportonline.com CO-FOUNDER & PRESIDENT David Pegg david@nichereportonline.com
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21
Credit Proofreading William Dipaolo Managing parter, cogent road A new referral building strategy for 2009.
SAFE Act and the Loan Originator
26
Construction Costs Could Plunge Robert Barone R.A. Principal ivi international inc. By as much as twenty percent this year.
29
George H. Marentis, J.D. President/CEO Compliance Made Simple, LLC A step closer to uniform licensing.
Land Financing in 2009 joseph andahazy Managing Principal Fair Market Funding, LLC Four rules to follow.
6
April 2009
09 10 32 45
COPY EDITOR Stewart Mednick stewart@nichereportonline.com ACCOUNTING MANAGER Shawna Ingram shawna@nichereportonline.com
Center Stage with RealEstateRoadKillUSA
sales manager Mark Moulton mark@nichereportonline.com
The Niche Report How 'dead deals' brought a mortage business back to life.
Production Manager Henry Suchman henry@nichereportonline.com
DEPARTMENTS
23
EDITORIAL / CONTENT MANAGER Kristen Moser kristen@nichereportonline.com
Production Assistant Dawn Exner dawn@nichereportonline.com
NOTE FROM THE FOUNDER
ADVISORY BOARD Aaron Krowne President and CEO, IEHI, Inc.
CALENDAR OF EVENTS
COLUMNISTS Stewart Mednick
TIP OF THE MONTH LENDER & RESOURCE DIRECTORY
CONTRIBUTING AUTHORS Joseph Andahazy Robert Barone William DiPaolo Mark Hanson George H. Marentis
Manaseh, Epharim & Associates
Published monthly by BODA Publishing, LLC PO Box 494, Bentonville, AR 72712 Phone: 866.964.2695 Fax: 703.991.2362 Email: info@nichereportonline.com www.TheNicheReport.com
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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.
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1.3 Million RealtoRs Full ContaCt inFoRMation PeRFeCt FoR MaRketing to agents
NOTE FROM THE FOUNDER
We owe the MBA of New Jersey a huge THANK YOU! In March we attended the 26th Annual Regional Conference of Mortgage Bankers Associations as a vendor. It was held at the Trump Taj Mahal in Atlantic City, New Jersey. This was the show to be at for 2009. Not only did we share in the optimism with the large crowd of attendees, but the venue had an air of “anything goes” – one moment you’d be talking to new faces about their passion for the industry and the next moment you’re at a 24/7 bistro eating buckets of hot wings with new found friends at 4:00am – this conference was proof that time flies by when you’re having fun. On another note, I mentioned in last month’s issue that I felt many mortgage brokers were making a transition into being bankers to remain competitive and relevant. Richard Russell wrote to us with a poignant description of how and why the broker is important and serves as an excellent reminder of the noble work performed by mortgage brokers – read below for Richard’s “Letter to the Editor”: Keep up the fight,
Robert Pegg
Letter to the Editor Mortgage brokering is an industry of small entrepreneurs who are helping friends and family live the American dream of owning real estate. For decades, brokers have filled the voids left by banks by bringing the money to the people. In the past, if a person wanted to buy a home, they went to a bank during banker’s hours and sat in a lobby hoping to see the vice president of lending. If they weren’t there, they were sent away and told to come back after making an appointment, or they were told to come back after they found a house so the bank could work with real figures. The potential buyer then would spend months looking at homes, fall in love with a home, make an offer, get it accepted and then proceed to the bank with much excitement. The banker would then tell that person he couldn’t afford the home due to his credit history, tax returns or lack of down payment. Brokers became the advocate for these buyers by opening up the closed society of banking to the public. Brokers met with the buyers after banker’s hours. They talked in common vernacular, explaining how to work the system to fit their situation. Brokers had the brilliant idea to figure out how much buyers could afford to pay before they would go out looking for a home. Brokers decided to save everyone the time and embarrassment and review credit reports, income and assets before a real estate agent or builder wasted any time with a po-
tential customer. This proactive, deal-making attitude endeared local brokers to their local real estate agent/building partners. Brokers brought a value to all; the customer had an advocate putting them into the home of their dreams in a way a banker couldn’t, and in the end, the banker/investor got an asset for their books with no hassle. Before our memory fades, we need to see how the scrappy kid from the Bronx, Angelo the once President of Countrywide, assembled other scrappy, hungry kids from state colleges and built a great company doing all the things that those blessed with better educations and family bank accounts didn’t want to do. As the banks now became filled with confidence, the solid brokers remaining, like my company, The Richland Group need to remember Angelo’s lessons and find those areas where banks arrogance prevents them from succeeding and fill that need. All the pending and final legislation pertaining to this industry has served a good purpose of weeding out those bankers and brokers who never understood their purpose in this business to begin with. We did. We are here to stay and sctively involved in the local governmental pursuit of this endeavor. Richard Russell Richland Equity Resources Corp.
TheNicheReport.com
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CALENDAR OF EVENTS
Upcoming Key Dates & Events: April & MAY April 2009 S M T
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April 20-22 NJAMB, New Jersey Licensing and Compliance Course, 3:00 p.m. - 6:00 p.m., Woodbridge Hotel and Conference Center 515 Route 1 South & Gill Lane, Iselin, NJ 08830 April 21 AAMB - Southern Chapter Luncheon - Joint Meeting w/ SAMLA, Viscount Hotel - 4855 E. Broadway, Tucson, AZ, Members - $20, Non Members - $25, RSVP to Rita ThomsonZurita mortgagemom@msn.com April 24 CAMB - CAMB LAM, BOD Meeting Los Angeles Metro, 8:30 am - 10:00 am GB Mortgage Solutions, 407 S. La Brea Ave Inglewood, CA 90301, 310-590-1235
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May 6 CAMB - SDNC CAMB Board Meeting San Diego North County, 6:30 pm - 7:30 pm San Diego North County http://www.sdnccamb.com May 7 CAMB - (GMBA) Board Meeting Greater Monterey Bay Area,12:00 pm - 2:00 pm Watsonville Hospital Conference Room May 7 FAMB - Miami - Reverse Mortgages 9:00 am - 1:00 pm, 4 Credit Hours Double Tree Hotel, 777 NW 72 Ave, Miami, FL May 7 FAMB – Miami Trade Show Doubletree Hotel & Merchandise Mart, 777 NW 72 Ave, Miami, FL 33126 May 12 AAMB - Southern Chapter Luncheon Viscount Hotel - 4855 E. Broadway, Tucson Members - $20, Non Members - $25 RSVP to Rita Thomson-Zurita mortgagemom@msn.com May 12 FAMB - Central - Detecting and Avoiding Fraud, 1:00 PM - 5:00 PM - 4 credit hours Bahia Shrine, 2300 Pembrook Dr, Orlando, FL 32810 May 13 AAMB - Central Chapter Luncheon, 11:30-1:00 The Hilton Garden Inn, 4000 N. Central Ave. (just w. of central on Clarendon)
May 1 CAMB - SV 2009 Trade Expo & Sales Conference Silicon Valley, 11:00 am - 5:00 pm http://www.siliconvalleycamb.com Contact Diana Liffengren, Chapter Coordinator, at 408-263-3555 or liffengren@sbcglobal.net. Wyndham Hotel, 1350 No. First St., San Jose, CA 95112.
May 13 CAMB - SV BOD Meeting Silicon Valley, 9:00 am - 11:00 am http://www.siliconvalleycamb.com SCCAOR, 1651 No. First St., San Jose, 95112. Visitors are welcome. Please rsvp to Chapter President, Cathy Warshawsky at 408-371-2172 or cathy@bayarealoan.com. 408-445-8500, x5087
May 5 FAMB - Space Coast - Ethical Mortgage Brokering, Florida Fair Lending - 4 CEUs 10:00am - 2:00pm Ethical Mortgage Brokering - 3 CEUs 2:30pm - 5:30pm Holiday Inn Express, 301 Tucker Lane, Cocoa, FL
May 13 CAMB - CAMB SD BOD Meeting San Diego, 5:00 pm - 7:00 pm Karen Satterwhite, http://www.cambsd.org/ Stewart Title of California, 7676 Hazard Center Rd., 14th Fl., San Diego, CA 92108
April 2009
May 14 FAMB - Gulf Coast - The Ultimate Voice of Closing, 1:00 PM - 5:00 PM A Course Covering Title Insurance - 4 credit hrs Feather Sound Country Club, 2201 Feather Sound Dr, Clearwater, FL 33762 May 15-17 FAMB - 24hr Pre-Licensure – Broward May 15-16, 8:00 a.m. – 6:30 p.m. May 17, 8:00 a.m. – Noon Webinar Review - Friday, May 22, 2009 2:00 p.m. – 4:00 p.m. Embassy Suites Ft. Lauderdale, 820 E. Busch Blvd, 1100 SE 17th St. Causeway Ft. Lauderdale, FL 33316 May 15-16 FAMB - Relay for Life, Bay Meadows Regional Park, Jacksonville, FL May 20 FAMB - Broward - Navigating Interstate FS 494 1:30 pm - 5:30 pm - 4 credit hours Navigating Interstate FS494 Dave & Busters, 3000 Oakwood Blvd, Hollywood, FL May 21 FAMB - Jacksonville - The Ultimate Voice of Closing,1:00 pm - 5:00 pm Covering Title Insurance- 4 credit hours Marriott Hotel, 4670 Salisbury Rd, Jacksonville, FL May 21 FAMB - Suncoast – RESPA 1:00 pm - 5:00 pm, RESPA - Understanding the Law & Disclosures - 4 credit hours Members may bring a Non-Member for free to this seminar. You must use the mail in registration form to do so. Osprey Inn, 1660 S. Tamiami Trail, Osprey, FL 34229 May 21 FAMB - Suncoast Trade Show Osprey Inn, 1660 S. Tamiami Trail, Osprey, FL May 22 CAMB - CAMB LAM, BOD Meeting Los Angeles Metro, 8:30 am - 10:00 am GB Mortgage Solutions, 407 S. La Brea Ave, Inglewood, CA 90301, 310-590-1235 May 26 FAMB - Southwest - FHA Underwriting & Processing, 1:00 pm - 5:00 pm- 4 Credit Hours, Beacon Executive Suites, 8359 Beacon Blvd, Fort Myers, FL
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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.
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credit proofreading A new referral building strategy for 2009 BY william dipaolo
M
y first job out of college back in 1988 was selling copying machines out of the back of a van. It was brutal sales work that consisted of an endless cycle of door knocking, lugging copiers into businesses, making copies and hauling them back to my van. Rarely, somebody bought one; and oh, what
a feeling! But it was nothing like the feeling I received when my phone would ring with a call starting like, “Jack over at Mesa Electric said I should talk to you about a new copier.” It was a referral from a past client. God bless Jack. Selling to referred clients is radically different than selling to cold prospects. Referred clients waste no time christening you with acknowledged titles such as “the product expert,” “trustworthy consultant,” or even the near knight worthy, “my problem solver.” These titles I wear proudly and make the referred sales call glide toward a signed order. After my first year in sales, Jack and people like him, helped me sell more copiers than 98 percent of the company’s 900 sales people. Referrals work well when I can consistently generate them, and while copiers are nothing like mortgages, credit proofreading may be the best referral generating opportunity your mortgage business has ever had. To make real money with referrals you need a system. You must modify your current prequalification process to include a strategy that will make every client want to refer friends and family to you. Every client should leave
your office feeling fortunate to have used your services and knowing they may have lost out by going with someone else. These applicants become the best kind of sales person the world has ever known: the payroll-free power referrer. You can build a healthy mortgage business when you stop trying to find all the prospective borrowers yourself. Right now, consumers are arranging mortgage loans with people they don’t know, have never heard of and met randomly. These people should be calling you at the request of a friend or family member you’ve helped in the past. Let your competition buy the leads, work the phones and sell to strangers. You on the other hand, will service the needs of the people who call you; people that want credit proofreading… people sent to you specifically by your power referrers. Before I describe the referral generating system, I must explain credit proofreading and why it’s important to your applicants. To do this, imagine your next applicant sitting across from you, nervous and waiting for you to put a loan together; a loan wholly influenced by the credit report. While you’re thinking about the credit report, imagine it as a photograph; a picture of your borrower’s credit profile at that specific moment in time. It is this credit profile snap shot which determines the financial terms, favorable or not, your applicant receives. Wouldn’t it make sense to ensure the credit profile is photo-friendly before it is used for qualifying? Why not say something like, “Before we look at loan options, my system will proofread your credit profile to ensure it is optimized and accurate, so your credit report gives you the most borrowing power possible.” Wouldn’t your applicant’s jaw just drop to the floor?
TheNicheReport.com
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Credit profiles ebb and flow continually as credit data is added and removed. Like an ameba with no defined form, the credit profile grows over time to resemble the data it contains. Unable to discern data quality, the credit profile may grow flabby, collecting bad information or even wrong data entirely. The real insidious thing is that credit reports produced from credit profiles rife with bad data exhibit no symptoms. It is likely that even if you poured over every line of the report you’d never suspect anything was wrong, neither would your borrower,and nor would the FICO scoring algorithm, which happily crunches up erroneous data from these wheezing, out-of-shape credit profiles and cranks out a credit score with weaker than normal borrowing strength. I think it is fair to say that most mortgage originators enter a name, address and social into their credit system, cross their fingers and press order. Then they wait three to five seconds for the FICO scores to show up. While many have mastered a comforting smile while simultaneously recovering from a sub 600 FICO gut punch, I would say most never entertained that some of these scores may be lower than normal because they were calculated using
inaccurate and/or non-optimized data in the borrower’s credit profile. Because it never crosses their minds, originators work with the scores they’ve received and either place the loan or send a polite decline letter. I performed a quick Google search to see if I could find any statistics regarding how many credit profiles contain data errors. On the first page I found a June 17, 2004 article on CNNMoney.com that stated, “twenty-five percent of credit reports contain errors serious enough to deny consumers access to credit.” This means one of your next four applicants may be denied because the credit score was wrongly lowered by errors. Unfortunately, these aren’t the only types of errors deflating FICO scores; there’s another more damaging type that’s harder to detect. If credit data errors weren’t enough to make you question credit score accuracy, I will pile on a concept called “credit use” errors. This means that if your applicant uses his credit cards improperly, the credit score gets hammered. This is tricky because no guide or reference material exists to teach consumers the best way to use their credit. It’s analogous to a dog first learning the boundaries of an invisible fence. Actually, it is more like a blind dog because the poor thing has no idea why life keeps shocking the daylights out of him. Credit use errors often appear in different forms, which make them hard to detect. Worse, consumers seemingly making good short-term financial decisions inadvertently commit blaring credit use errors and never realize it. For example, consider the woman in line at a retail store. During checkout the clerk robotically asks if she’d like to save an immediate fifteen percent by putting her purchases on a new store credit card. Since her purchases total $350, this seems an effortless way to save $50. Zap! She’s just committed a heinous credit use error by adding a low-limit, maxed-out credit card to her profile. FICO hates that and punishes her score accordingly. Ironically, the guy in line behind her goes and does the very same thing. No zapping. FICO likes the new card in his profile. Go figure. Then there’s the couple so protective of their credit scores they use only two cards, and paid off both vehicles early, clearly demonstrating they take credit seriously. Only problem is: Zap! Did you just receive a zero percent credit card and want to save money on interest payments by transferring your outstanding balances? Zap! Do you like to rack up frequent flyer points by using
your American Express card instead of the other three cards in your purse? Zap! In my experience with millions of credit files, at least seven out of every ten individuals are using credit in ways that needlessly lower the credit score without even realizing it. Some people have too many credit cards and others not enough. Some have credit balances too high, and others not high enough. So 70 percent of your applicants will attempt qualifying using scores infected with credit use errors. Back to the matter at hand, building referrals and the system I promised that will develop your dedicated army of power referrers. As a copier salesman, I consistently generated referrals because the prospect felt that if he hadn’t worked with me, he would have lost out. It didn’t matter the size of the account or company, my process was always the same. I’d begin by questioning not just the decision maker but also other people who would use the copier. During demonstrations, I would bring in a machine, set it up and help people do their copying efficiently on the new system. I also used doughnuts generously. After the sale, I would drop in, (with more donuts), and ensure they were happy. Before I left I would thank the decision maker for the confidence she placed in me and ensure that I would provide the same level of support to anyone she referred. She did refer me. because my sales process was different and memorable. You have a much better referral generating opportunity with credit proofreading. To offer credit proofreading you’ll need software that automatically detects any hint of “data” and/or “usage” errors within a credit profile. Without any input from you, the software diligently scans, or proofreads, an applicant’s entire credit profile each time you order a credit report. Proofreading results are neatly categorized by the type of error detected, with credit usage errors separated from the data errors. Once detected, these proofreading tools tell you exactly how to fix the errors and how many more points you will gain by doing so. With the help of a credit reporting agency with solid rescoring experience, you can translate your proofreading results into higher credit scores in just three days. I must make a distinction between closing the loan and generating referrals. Yes, obviously credit proofreading will help you legitimately raise scores and close more loans, but that is the subject of another article entirely. We are talking referrals here, and discussing a system for generating them consistently and in high numbers. When you position credit proofreading in a way that presents you as a qualifying
expert, you are moving down the referral runway. Take it the next step and demonstrate that you can improve credit health in just days and have the technology to back it up; soon you will have a high-flying, referral generating system. You are rewarded with streams of referrals when your sales process consistently makes clients feel favored, respected and important. Credit proofreading performs this beautifully because it positions you as an expert advisor in a financial area of your applicant’s life in which he or she understands very little. True, people understand that high credit scores mean saving money on interest and down payment amounts. What are the multitude of factors used to generate these credit scores? I do not have a clue. And customers have no inkling that improper credit use or bad data may be mucking up their credit scores; that is until they work with you. The hidden strength in the credit proofreading strategy, as a referral building system, is that it works equally well with both your qualifying and non-qualifying applicants. Regardless, when you review the errors in a credit file, the points lost as a result, and how you can recapture those points in just three days, you’ve just become their financial advocate. Even in the unlikely event that proofreading finds no errors, simply pointing out that you’ve detected a clean credit profile works well. People are concerned with every detail of their financial life and their personal credit profile becomes the one financial area in which only you can help. Whether a loan materializes or not, every applicant leaves your office knowing you possess the tools and expertise to ensure their optimal credit health. Since healthier credit profiles often mean higher credit scores, your customers will go out of their way to send you their friends and family members as referrals. So, the next time you qualify an applicant for a mortgage loan, pause and think about transforming him or her into your next power referrer. Take a moment to discuss the credit proofreading results and why they are important to your applicant’s financial well being. Might someone pay too much for a mortgage because of an unhealthy credit profile? Not on your watch. William DiPaolo is managing partner of San Diegobased Cogent Road, makers of Funding Suite®, Business Spaces™ and other Internet-based applications for the mortgage industry. DiPaolo can be reached at 858.824.9231 or william.dipaolo@cogentroad.com. TheNicheReport.com
15
Present value 'Mix-Shift' The First available 'Forward Look' at house price movement By mark hanson
H
ousing is close to ‘bottoming’ but only in the headlines. The truth and the ‘reported’ national, statewide and MSA housing statistics are completely different stories. Most are affected by the headlines but make wise decisions and real money by knowing the facts. These new data sets highlight the facts. Based upon our research, we saw that median house prices were very close to ‘bottoming’ a couple of months ago. Then February California (CA) house prices did bottom as reported by DataQuick on March 19th (http:// dqnews.com/Articles/2009/News/California/RRCA090319. aspx). When the national February Existing Home Sales headlines are released the week of March 22nd they
should also show a much smaller fall in median prices than February’s number did -- perhaps even a leveling out of prices at least in the entire Western Region. But this does not mean the housing market is improving. On the contrary, due to most of the existing sales are resulting from the foreclosure stock, it means conditions are worsening in the mid-to-upper end.
What is Present-Value ‘Mix-Shift’ Our research is based upon mortgage defaults and foreclosures. Defaults are a very leading indicator of ‘everything housing’ while actual foreclosures – a byproduct of defaults – have more of an immediate impact on supply and prices. For months I have been closely watching all loan defaults and foreclosures for a shift in the loan-level
detail – specific loan types, loan amounts and UPB’s. My thought was that when higher paper grades/loan amounts go through their respective ‘implosions’ and the higher value property values attached to the loans resell, it will push up median prices and cause the housing head-fake of the century. Although the housing implosion did swim up-stream in 2008, average original deed-of-trust amounts on defaults and foreclosures did not rise that much throughout the year; certainly not enough to offset the house-price depreciation. With most of the foreclosure-related sales being from the lower-priced Subprime stock, median values have been pushed down fast. We have yet to see large numbers of higher original loan amounts/paper grades make it all the way through the foreclosure and resale process due to the lengthy foreclosure timeline. From the time a borrower gets a Notice-of-Default -- after three to four months of missed payments -- to the time the home is taken back at foreclosure can be seven to ten months. Then, the resale cycle can take another three to six months. Therefore, a foreclosure-related resale that goes off today may have been from a first payment missed in 2007 – the heart of the Subprime crisis. Because of this, most have not been able to catch much of a glimpse of anything in the ‘default and foreclosure mix’ that would push up house prices, especially if it is looking at specific loan-level detail as I had been. At present -- in California and most other bubble states – the majority of total sales are foreclosure-related with organic sales (Ma and Pa Homeowner) being at the lowest levels on record. In my opinion, organic sales are one of the most important metrics of the true health of the housing market but that is for a different story. It is the massive group of foreclosures and subsequent REO resales that most influence future median house prices. Never before in history have we seen the majority of properties for sale being controlled by so few entities – the banks and servicers.
Epidemic Negative Equity Epidemic negative equity is another reason why looking to loan-level detail for a mix-shift comes up short. With present values down so much and depreciation so volatile from city to city, loan level detail is virtually useless. In its latest CA monthly foreclosure report our data partner -- ForeclosureRadar -- highlighted the problem:
the average property sold at auction in Feb had $201,052 in negative equity, based on an average value of $250,030, $422,349 in loans, and an additional $28,733 in negative amortization, interest and fees. The average foreclosure a year ago had $69,529 in negative equity, based on a value of $378,578, loans totaling $423,111 and negative amortization, interest and fees or $24,997.
Rise in Prices will be caused by More Higherend Foreclosures Despite positive, potentially market-moving headlines about the end of the housing crisis that may accompany a ‘reported’ median house price stabilization or slight move higher -- ultimately it will be caused by a collapse in higher-priced properties going through their respective ‘implosions’. Obviously, on a macro-economic level this is a very bad thing. The consequences of body-slamming the mid-to-upper end earner/homeowner at this point in the economy’s fragile state are unknowable. Bottom Line - The present value of the massive pool of properties in the foreclosure process -- that make up 60% of total sales in California – most influence reported median house prices. Therefore, tracking the real-time present value of properties throughout all stages of the foreclosure process should be the best indicator of future reported house prices near and long-term. As the foreclosure mix shifts to mid-to-upper end houses presently in the foreclosure pipeline, it will push up reported median house prices making is seem as the market is bottoming. California Housing Market - Detailed Charts Highlighting Present-Value Mix-Shift The following reports show average present values of California properties at specific foreclosure stages highlighting the REO stage as the most important. When the bank buys the property back at the courthouse steps, which happens in the majority of cases, it goes into the REO resale pool and is sold through a real estate agent. This counts as a comparable sale and effects similar house prices in the appraisal zone. The reports below are California statewide but can be sliced and diced down to MSA or even street level giving a much clearer picture of future house prices for specific purposes. REO - Most Important Stage - The chart below shows the monthly aggregate average present value of all actual foreclosures that have become REO. Present values of properties at this stage are still falling especially in the
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lower value tranches, but at a much slower pace – this is due to more mid-to-upper end houses entering the mix. From here, these properties may go straight to the Realtor network and be only one to six months away from final resale. With virtually flat pricing for the past four months, this likely portends at least a temporary fall in median house prices in the state of California. Properties in this foreclosure stage will have the most impact on house prices in the near-term.
The following chart cuts all foreclosures into multiple present value tranches in order to track more closely, exactly what is happening within the mix. The percentages on the left side of the chart clearly show the mix-shift of property values entering the resale stream over time. The lower value tranche(s) is still expanding which will have the effect of pushing down median house prices. With the sales cycle anywhere from one to six months, this gives a great forward indication of the direction of reported median house prices.
NOTICE-OF-DEFAULT – Very Leading Indicator Stage: The chart below shows the monthly aggregate average present value of all Notice-of-Defaults (NOD) – the first foreclosure stage. Prices are rising for the first time due 18
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to higher priced homes entering the stream. This may be the earliest look available of ‘present value mix-shift’ as the average price here is 10 percent higher than at the REO stage shown previously. But from here the properties are five to seven months away from foreclosure and perhaps over a year away from being resold to a private party. Properties in this stage of foreclosure will not have any impact on house prices in the near-term.
The following chart cuts all Notice-of-Defaults into multiple present value tranches in order to track exactly what is happening within the mix. At the NOD phase the mid-to-upper end present value tranches are now expanding.
Mark Hanson is a 20-year mortgage banking veteran, specializing in wholesale and correspondent sales and sales/ operations management and bringing financial institutions into new lending markets. For more information in our default/foreclosure related research including real-time mortgage default, foreclosure and loss tracking across largenamed publicly traded companies please email Hanson at the address below. Mark@TheFieldCheckGroup.com. Analysis by Mark Hanson, Field Check Group Real Estate & Finance. Data in partnership with ForeclosureRadar.com
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Safe act and the loan originator A step closer to uniform licensing by george H. marentis, j.d.
T
his article is intended to outline the requirements of the SAFE Act and its impact on the lending industry. The SAFE Act is part of the Housing and Economic Recovery Act of 2008. All states must have a loan originator licensing and registration system in place by August 1, 2009 or August 1, 2010 for legislatures that meet biennially. If a state fails to meet the federally mandated minimums and the state is not participating in the Nationwide Mortgage Licensing System and Registry (NMLS&R), the U.S. Department of Housing and Urban Development (HUD) will step in and implement a licensing system for the state.
PURPOSE AND INTENT The purpose of enacting the SAFE Act is to provide uniform licensing standards nationwide, create a comprehensive licensing database, improve accountability and tracking of loan originators and enhance consumer protection. WHO IS IMPACTED BY THE SAFE ACT? All loan originators, whether working for a mortgage broker, lender or depository institution fall under this Act and will either need to be licensed or registered and provided with a Unique Identifier number. Loan originators are defined in the Act as “Any individual who takes a residential mortgage loan application, assists the consumer in obtaining or applying to obtain a residential mortgage loan or who offers and
negotiates terms of a residential mortgage loan�. However, an individual who performs administrative, clerical tasks or real estate brokerage activity is excluded from the definition.
IS A LICENSE OR REGISTRATION REQUIRED? Whether a loan originator will be required to be licensed or be required to register will depend on whether his or her employer is a depository institution or not. All loan originators who are employed by a mortgage broker or lender (non-depository institution) will be required to obtain a state license. Loan originators employed by depository institutions will need to register as a registered loan originator. UNIQUE IDENTIFIER Regardless of the License type, all originators will be assigned a Unique Identifier number which will remain with the loan originator permanently. The Unique Identifier will allow for the electronic tracking and uniform identification of the loan originator and all loans originated by that originator, regardless of who employs him or her. WHO IS NOT REQUIRED TO BE LICENSED OR REGISTERED? The SAFE Act does not require an individual who is: (1) only performing clerical tasks for the lender, (2) acts solely as a real estate agent in the sale of the residence, and (3) those employees whose function is as a loan underwriter or loan processor.
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REQUIREMENTS FOR A LICENSE All applicants who are seeking to be state a loan originator must successfully complete a background check which includes providing fingerprints for submission to the FBI and any other governmental agency authorized to receive such information for the state. An applicant must provide personal history, experience and authorization to the NMLS&R to pull credit on the applicant and obtain any other administrative, civil or criminal findings. Additionally, in order for the loan originator to obtain the license or registration, the loan originator must: (1) not have had a loan originator license revoked from any jurisdiction; (2) not have any felonies within seven years of the application date; (3) have no felonies related to fraud, dishonesty, breach of trust or money laundering; (4) demonstrate financial responsibility, character and general fitness such as to command confidence in the community to show the loan originator will operate honestly, fairly, and efficiently under the SAFE Act; (5) complete at least 20 hours of pre-licensing education; (6) pass a written test with a score of 75 percent or better covering ethics, Federal & State Law & Regulations, fraud, consumer protection, nontraditional mortgages and fair lending; (7) meet either a net worth or surety bond requirement or pay into a state fund. LICENSE RENEWALS In order to renew a loan originator license, the loan originator must maintain the minimum standards required to qualify for a license. Additionally, the loan originator
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must successfully complete on an annual basis eight (8) hours of continuing education. Note: a continuing education course can only be used in the year in which it was taken and the same course cannot be taken in subsequent years for credit.
REQUIREMENTS FOR REGISTRATION The SAFE Act requires employees of depository institutions and their subsidiaries who meet the loan originator definition to be registered as loan originators. As a requirement for registration, a loan originator, at a minimum provide to the NMLS&R, fingerprints for submission to the FBI and any other governmental agency authorized to receive such information for the state for a background check. Additionally an applicant must provide personal history, experience and authorization to the NMLS&R in order to obtain any administrative, civil or criminal findings. WHAT ARE THE STATES GOING TO DO? At a minimum, the states need to enact legislation to comply with the SAFE Act. There are many states that already have some form of licensing requirement in place, but many don’t have all the requirements outlined in the SAFE Act such as net worth and surety bond requirements. Thus, existing licensees may not be compliant and be subject to additional burdens. As food for thought, the SAFE Act sets minimum standards that must be in each state’s licensing legislation. There is nothing that would prohibit a state from creating requirements more restrictive then the minimum standards.
George H. Marentis is President/CEO of Compliance Made Simple, LLC, a company that provides licensing and compliance related services to the mortgage lending industry nationwide. For more information see www. compliancemadesimple.org or call 303.859.8550. Mr. Marentis has a Juris Doctorate and over 15 years of mortgage and banking experience ranging from frontline operations, originations to regulatory and legislative compliance. Information provided in this article is not intended to be legal advice and is informational only.
Land Financing in 2009 Four rules to follow by Joseph Andahazy
O
k, let’s talk about financing land in today’s environment while everybody is in the stimulus mode. Hey, is that possible? I received a call from Russell Ward, who asks me to write about land financing for his newsletter Vacant Land Guide www.vacantlandguide.com. I tell him it’s been awhile since anyone asked me to help him finance land, but in the name of all the great financial wizards getting away with a bonus package, I submit to you a lexis of great wisdom. First, I am a scavenger of information on anything related to financing real estate. I spend hours online, on the phone, read several newspapers with eyes and ears locked on the message. I’m a networking fanatic and in doing so, clients come to me for loan counseling, loan packaging services, writing executive summaries, refining business plans, negotiating terms with lenders and in general, posture them favorably to increase their chances of capturing an acquisition or refinance loan program. Let me share with you some of my experiences related to financing real estate to help you in your search for a rural land or farm loan. Banks are being exceptionally careful about rural lending, specifically, acres of rural property. Four years ago, lenders would lend to almost anyone. Walking in the front door of the bank with your John Deer hat on was probably more than enough to qualify. But today, things have changed. Banks and lending companies are not interested in talking to you about land loans. Most common response, “Unless you’re putting 50 percent down, forget it”. Now I’m not saying you can not find a lender to finance land at a more leveraged position, it’s just that the requirements have become more comprehensive and lenders willing, have dwindled.
Mark Twain once said, “Buy land; they’re not making it anymore.” So the best way I can help you capture a land loan in today’s questionable market is to give you some rules of engagement to optimize your success. Rule #1. Do your research. Jump online and start looking for lenders who specialize in land financing in your state and the surrounding states. Lenders prefer to work in their own backyard. Most offer informative loan information regarding rates and programs. Read everything they have to say on all pages. I have found good information and resource contacts in the FAQ log, the BLOG text, in testimonials and posted news articles. However, just be aware you may be reading old information. I have also discovered some lenders do not update their web site data very often. Some are even out of business, but their web sites are still accessible. So if you find a great site, call them to make sure they are in business. If they are, ask to speak to a loan representative to prequalify your request as it fits into their lending criteria. Most sites thoroughly provid not only loan data, rates and fees, but they also have specific forms to download. Some lenders are anal about using their forms. Some will not even look at your deal unless it has been submitted appropriately on their electronic stationery. I’ve compared forms from different lenders. Most are very similar and basically ask the same questions, but learning to play the lender’s game and following their protocol will expedite the process. Rule #2. Provide a Complete Loan Package. I can’t tell how many times I’ve provided a list of required documents for my clients to send me, and when it arrives, it’s incomplete. When asking for the most recent two years personal and corporate Tax Returns, this is mandatory to be followed. If asking for a Personal Financial Statement, the whole form needs to be completed! Some customers do not even bother TheNicheReport.com
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to sign where it says SIGNATURE! I have had clients tell me, “Oh you really don’t need that do you?” or “Is it necessary to pull our credit reports?” Yes, all this is necessary. Now if the customer is purchasing three to ten acres in the country to build out a mini-farm, then the standard Fannie Mae form 1003 and a few disclosures, which are typically used to purchase or refinance a home, will suffice. It is pretty easy and the bank or lender can provide the forms. However, if the customer is seeking a multi-million dollar acquisition or refinance loan, and is operating as an entity [corporation, LLC etc.], you will need to package the loan application more professionally. Large loan requests typically originate from businesses operating the land for timbering, crop farming, raising livestock or some agri-business. Therefore, lenders require specific documents such as Executive Summary, Business Plan, YTD Operating Financials, Profit and Loss Projections, Areal Photos, Environmental Reports, Due Diligence Studies, Construction Estimates and any supporting evidence depending on the business, loan purpose and location. The lesson here is the request for financing and the loan submission documents are specific. They are a reflection of the customer and how he or she manages their affairs. If the loan is not packaged properly, no lender will give approval any consideration. The famous saying, “you can take it to the bank,” will not apply if you’re loan package is not complete. Rule #3. Don’t have time to package your loan properly? – Get Help. (this article was originally published for the consumer audience. As such, this section is written toward an inexperienced audience in the lending realm; the focus audience has been altered for the more experienced lending audience.) A good loan originator from a lender or bank will help the customer along the way. It is also true all good loan officers have a support system behind them including a sharp processing and underwriting staff. However, loan officers are also focused on working other loans in their pipeline and searching for new business as well as servicing the current client. Know this… if your client leaves it to chance that you are looking out for their best interest all the while being drilled for the lowest rate and fees, then what would be expected to receive in return? I realize everyone thinks they deserve the best deal and should debate all aspects of the loan offer. However, think of it this way, if the client wants the loan approved fast and done right, wouldn’t it be justified to pay a reasonable fee for top service? What if the financing fell through at the last minute and now the seller tears up the sales contract, keeping the client’s 24
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earnest money? Now the customer lost the land he or she so desperately wanted. You’re out. Don’t let the client take the chance of losing the deal because the loan package was given sub-par service. If you don’t have the time or the resources to package the loan properly, especially on large, high dollar commercial loans, then would it not make sense for the customer to retain the services of a professional real estate finance loan consultant? Rule #4. Consider Alternatives to Bank Financing. There are alternatives to financing land as a source of capital to use as down payment or total cash purchases. You can access capital to fund a land purchase from a financial tool called a Self-Directed IRA. Since the client is the owner of the IRA, he is in complete control of its investment purpose. Another source of capital may come from other investors seeking to execute a 1031 Tax Exchange. Investors may consider joining in on the ownership as a silent partner. They get the tax advantage of executing the 1031 exchange, and the client can access the cash needed to purchase the land. However, co-ownership of the property will need to be accepted. Farm Credit Cooperatives offer favorable terms of 20 years and 30 years. Unlike banks and traditional mortgage
lenders, these lending institutions are owned by all the borrowers in the portfolio themselves. A more popular and growing alternative is asking the seller to finance the purchase on a short term basis. The owner may not need all the proceeds right away and earning an income from holding a note may be attractive to him or her. Plus, there are no lender underwriting guidelines that apply. A client is most likely to choose a lender who is knowledgeable and experienced in financing rural real estate. A lender who can offer guidance on agricultural-use tax exemptions, conservation easements, environmental factors and insurance sources that an out-of-state lender might not, is most favorable. A local lender will be familiar with land values and comparable real estate sales prices in the area, and that could result in a faster loan closing. You have now been stimulated. Joseph Andahazy is an independent real estate financing consultant and the managing principal of Fair Market Funding LLC located in the Washington DC marketplace. Andahazy contact information is: www.fairmarketfunding. com 703-879-1828 email: info@fairmarketfunding.com
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Construction Costs Could Plunge By as much as twenty percent this year BY robert barone, r.a.
W
ithout a doubt, the scarcity of new construction financing, the skittish mood of project sponsors, and the discomfort of developers and investors to begin or move forward with new building projects, have combined for an overall bearish sentiment in the real estate business. During the past six months, for instance, IVI International, Inc. has been tracking the drop off in new construction – and it seems like activity has come to a complete stop. Numerous projects have already been canceled; including many that were previously viewed as solid deals. As a result, the cost analysts have had very little hard information with which to measure the effects of the slowdown on construction costs. But the question of construction costs is a critical one for any sponsor, and their stakeholders who want to understand when it will be viable to resume building activities. For one thing, when falling construction costs align themselves with lower property valuations and some semblance of positive or even flat absorption, investors and developers would once again see that the market is in equilibrium and begin to get comfortable with moving forward on new or canceled projects. But for many of these skittish real estate and construction professionals, finding answers to the burning question of where overall direct costs stand today has been illusive at best. That said though, construction costs
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could come down by as much as 20 percent over last year's levels. And to understand why, one would have to understand some of the reasons costs escalated as much as they previously did in the first place.
So what happened? Some fairly obvious items caused the run up during the now stalled real estate construction boom cycle. These included cost increases in petroleum and petroleum-based materials, a constriction in the supply of materials coupled with excessive demand, and a lack of available skilled labor and management personnel. First, few developers and investors were fully prepared for the run up in oil prices when the commodity (which could drive as much as 25 percent of any construction project's cost) hit an all-time high of over $147 per barrel last summer. The result was a major realignment of cost, and every item ranging from PVC plastic pipes, to copper, steel and other related energy intense materials began to impact costs and the exit strategies of many construction sponsors. This made lenders even more skittish, and served to finally bring the once venerable construction train to a grinding halt. Next, the runaway construction and real estate investment train placed such heavy demands on limited materials supply that prices were driven up by mere supply/demand economics during the previous three years or so. Double digit cost increases over a period of just a few months were not uncommon. At one point some developers found the price of materials were rising
so quickly, that it made sense to stock up on supplies well ahead of when they would actually be needed for use. This type of construction materials hoarding led to more constriction of construction supplies, and of course, even higher costs. Compounding these reasons was the mother of all construction cost drivers – the rising cost and dwindling supply of available skilled labor. Because experienced workers at the time were in short supply, this eventually reduced the efficiency and productivity of construction crews. Unionized workers were actually being paid above scale to entice them to work on the larger projects, according to some IVI findings. The analysts found for instance, that many younger staff members were being promoted to fill voids in the shortage of experienced workers. These moves led to numerous project management and administration problems. An oversupply of bidding opportunities led to a reduced pool of job bidders, with many large projects unable to draw sufficient response from qualified bidders. Or, on the other hand, it led to contractors just throwing high bids at projects; some may just happen to stick in what was an overheated market. This too, drove up costs and caused project delays with little recourse for sponsors, general contractors, and their financing backers. IVI found that this inefficiency allowed some subcontractors to charge very large margins - sometimes reaching in excess of 25 percent.
Costs already falling Armed with this backdrop, one can see how costs would be coming down in today's environment. Most of these problems will be resolved by the reduction in available work alone. But one area where costs will not be coming down that quickly is in the union work regions. These contracts include specific wage and productivity rates, and while this may change over time, it remains a major sticking point for many project sponsors. Today, some of the stronger owners are pushing the unions for wage and productivity rollbacks. In fact, IVI is currently working on several large projects that are stalled just to work through some of these wage and cost reduction issues. The sponsors and their financing backers in the project are targeting as much as a 25 percent cost savings over a year ago levels. While this may sound
aggressive, it is indicative of how the momentum has shifted to the side of developers, investors, and anyone who is moving forward with construction in the current environment. IVI is also seeing developer-initiated ‘clawbacks’ against general contractors in places like the Las Vegas market. For projects that are being bid right now, IVI is seeing a cost pullback of 10 to 15percent. Most of this pullback is related to the immediate reduction in subcontractor margins, and productivity increases. These productivity increases will largely come from a stronger, readily available pool of experienced labor and management. In time, material pricing will surely decline. There has already been a construction cost decline of almost eight percent in the last quarter of 2008 alone. As a result of falling labor and material prices, and the highly competitive push in the market, the industry could see as much as a 20 percent drop in costs over last year's levels. But unfortunately, this will not show up in the published cost indexes. These widely followed, but sometimes skewed indexes only use the published wage rates and material quotes, which can mask true construction and replacement costs.
Robert Barone, R.A., is a principal with IVI International, Inc., a global construction advisory firm serving private and institutional equity investors and mortgagees. IVI specializes in project management oversight services, construction loan workout services, construction claims, and asset management. Barone can be reached at (914) 694-1900.
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CENTER STAGE WITH realestateroadkillusa How "dead deals" brought my mortgage business back to life brought to you BY THE NICHE REPORT
A
few months age. after 22 years in the mortgage business, I found myself on my absolute last leg. Although most of my competition left the business, what remained of viable transactions in our marketplace was still slim pickins'. One thing was for sure, nearly half the purchase transactions I was involved Daniel Poulos Elite Lending in were short sales. Unfortunately, the nature of the short sale beast is that many transactions fall apart just before the expected closing. Anyone that’s been involved with short sales knows the biggest frustration is when you work hard (very hard) for months and finally receive an offer accepted by the bank, only to find your buyer, for whatever reason, is no longer interested in proceeding. The buyer may have had a number of different offers in on other properties that came together first, or they may have lost their financing in the time that passed. In many instances, the due diligence clock doesn’t start until the offer is accepted by the bank and the buyer can then choose to walk with limited consequences. Time is everything is much more than a cliché when it comes to short sales. On the selling side, it takes the form of the time spent negotiating with the lender and keeping the buyers engaged, all the while trying to keep the property from getting to the courthouse steps. From the buyer’s side of the market, there is a teeming interest in purchasing these deeply discounted properties but without waiting for four to six months to see if an offer
will be accepted while other opportunities come and go. So, here we are. Everyone’s time and effort has been spent and nobody is paid! realtors, mortgage brokers, title agents and short sale negotiators are "all dressed up and nowhere to go!" How can the distressed sellers and disappointed realtors find new buyers before the lenders acceptance of the offer expires, normally in 30 to 45 days? That’s when I had my “Aha!” moment. Let’s take these “accepted offers” and present them, not only as the best deals in the market, but ready to close immediately. The lender doesn’t care who the buyer is as long as the bottom line remains the same so we just need to provide new buyers. RealEstateRoadkillUSA was born! Real estate agents and buyers began flocking to it like bees to honey (or vultures to carrion). These are the absolute hottest deals in town and all the work has already been done to prepare them for closing. Wouldn’t you have to be crazy to buy any property without looking here first? We have effectively become the "Gatekeeper" for the hottest deals in our market. Our database has exploded with new realtor relationships and potential mortgage applicants! After appearing on ABC-TV News, we have had an outpouring of interest from real estate professionals throughout the country that want to put the program into effect in their area. I’m not surprised, because honestly, in 22 years, this is the biggest “no brainer” I have ever seen for both mortgage brokers and real estate agents. It has absolutely saved my mortgage business and is providing instant transactions for real estate agents and, of course, mortgage applications for us. TheNicheReport.com
29
For information on how you can secure your Road Kill Territory and become the "gatekeeper" for the hottest deals in your market please visit RealEstateRoadkillUSA. com and click on “Join Our Network”. Many regions are still available and there is a very limited charter membership offer for those ready to seize the opportunity. Daniel Poulos is the president of Elite Lending with offices in Jupiter, Fl. Elite Lending is a market leader in residential and commercial mortgages with a customer service philosophy that "Only WOW Is Good Enough". Poulos’ monthly "Minding Your Mortgage" columns appear in many local publications and is a regular contributor to LoanOfficerMagazine.com. Poulos also frequently appears as an expert commentator ABC TV 25 News in West Palm Beach and conducts a well-received seminar series designed to promote consumer awareness. A crusader for full disclosure and truth-in-advertising, his marketing campaigns have earned him first place in 2 of 3 years at the national Turn On Your Million Dollar Brain conference of industry leaders. In 2007 Poulos appeared as the weekly co-host of Real Estate Insider TV show on WPBF.
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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.
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Attention Lenders! We buy performing and non-performing debt/reo
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Commercial Real Estate Office Buildings Urban Retail Industrial Hospitality Hotels and Resorts Residential Real Estate Multi-Family HUD Properties Builder Buyouts
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TIP OF THE MONTH
TIP OF THE MONTH The Mortgage Grand Prix BY STEWART MEDNICK
A
little while back, I was talking with my friend Chris Rohr. He has been a huge fan of Grand Prix Motorcycle Racing for many years, and also did some amateur motorcycling racing himself. One of his all-time favorite racers is Wayne Rainey, a three time 500cc World Champion. Rainey set reasonable goals aimed at making incremental progress at becoming a better racer each time he got on the bike. Rainey openly admitted that he studied the way the top caliber racers rode as a learning tool for his own benefit. Chris went on to say how he too set out to watch and learn from the top riders that he competed against. Apply this to lending. Here is what I call a learning moment. When a champion shares a method of success, take note. After all, why reinvent the wheel? All that needs to be done is implement this winning strategy to your field of expertise. Rainey had a simple rule about his motorcycle. He said, “…If it doesn’t make it go faster, make it last longer or make it handle better, then I am not interested….” He chose to improve his technique and therefore his lap times by focusing upon three simple racing fundamentals: speed, durability and control. Rainey applied his efforts at building a championship caliber machine and then worked hard to transform himself into a championship caliber racer. The combination of the two produced a celebrated racing career and universal admiration for not only Rainey as a racer, but also for his methodology and demeanor. His three concerns are really the basic fundamentals for genuine incremental improvement to any business
32
April 2009
practice. Rainey didn’t just need to go faster then his competitors to win races, as raw speed is only one part of the equation. Competitive racing requires balance; the difference between moving quickly and efficiently toward achieving your objective or riding out of control and failing to succeed. The difference is miniscule at best. He accomplished this with a laser beam focus on improving upon his most recent racing results. Rainey would baseline and continuously update numerous critical success factors; horsepower, suspension settings, tire pressure, brake pad composition, and transmission gearing. He would document the precise set-up of the bike, and then combine it with his analysis of his riding performance, as a way to benchmark his progress towards becoming a world champion. Did he error in his bike setup or limit his success by making riding mistakes? Rainey would meticulously analyze all of his success factors and therefore provide the means for him to incrementally expand his knowledge base in preparation for his next race. Chris went on to explain to me how he learned how to apply the Rainey Method to his business. He then could drive performance in a measurable fashion. There are common success factors for all businesses, as well as unique success factors for each individual business. The first task is to define the individual business success factors, then baseline their current condition. Like Rainey, kept it simple, and do not be seduced by cutting edge gimmicks or corner cutting products. Ask yourself if each success factor will make your business more efficient (faster), more durable (last longer) or more manageable (handle better)? Chris told me his focus upon these three basic ingredients served to define the stability of his
TIP OF THE MONTH
business foundation. Develop a high level of confidence in the structural integrity of your business from determined efforts aimed at continuously improving upon these three basic elements. It took Wayne Rainey nearly a decade to win his first world championship. Do not expect immediate results. Afterall, if you are reading this column, I am guessing you are in this business for the long haul. If so, tune your business methodology for longevity. Rainey did not possess more talent then the other racers, nor did he have superior equipment. He won because he was fiercely competitive on the track and incredibly methodical in his race preparation. If you develop the front room of your business (the racetrack) in parallel to the back room of your business (methodical preparation), you will incrementally build upon each new measure of your business success. Remember, keep it simple, and in doing so, build a solid foundation of your best business practices; one built upon efficiency, durability and manageability. Focusing upon these three things will result in supercharging your ability to build a successful business model. I will expand these three concepts in upcoming columns. Thank you Chris and thank you Wayne Rainey. Lending professionals, start your engines!
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
There is a solution.
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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
Top twenty national lenders for January 2009 Copyright 2009 by CBMI (703) 8468230 - Information is deemed to be accurate but CBMI does not guarantee the accuracy or completeness of the data.
www.MortgageDataWeb.com
Mortgage Maret hare Report ational ummary: Conentional Mortgage ctiity (This report includes Both Purchase-Money and Refinanced mortgages)
Report Date: 3/20/2009
Period: January 2009 through January 2009
Rank
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Number Mortgages (Total)
Company Name
WELLS FARGO MORTGAGE INC, DES MOINES, IA COUNTRYWIDE HOME LOANS INC, CALABASAS, CA BANK OF AMERICA ,CHARLOTTE, NC PROVIDENT FUNDING ASSOCIATES, BURLINGAME, CA JP MORGAN CHASE BANK, EDISON, NJ METLIFE BANK NA, BRIDGEWATER, NJ SUNTRUST BANK, RICHMOND, VA WACHOVIA MORTGAGE CO, WINSTON-SALEM, NC CITICORP MORTGAGE, LIC, NY NATIONAL CITY (FOA), MIAMISBURG, OH ROCK FINANCIAL / QUICKEN LOANS, LIVONIA, MI US BANK NA, MINNEAPOLIS, MN OHIO SAVINGS BANK, CLEVELAND, OH FIFTH THIRD BANCORP, CINCINNATI, OH TAYLOR BEAN & WHITTAKER MTG, OCALA, FL FLAGSTAR BANK FSB, BLOOMFIELD HILLS, MI BRANCH BANKING & TRUST CO, WILSON, NC USAA FSB, SAN ANTONIO, TX NAVY FEDERAL CREDIT UNION, VIENNA, VA SIERRA PACIFIC MORTGAGE CO, FOLSOM, CA **--OTHER--** Grand Total
Total $ Amount ($000)
Market Share %
Average Mortgage
Number Fixed
Number Construction
Number ARMs
24,962 17,205 13,253 9,519 10,849 5,594 6,446 5,102 4,820 4,878 3,609 5,059 2,948 3,915 3,225 1,848 2,863 2,728 1,937 1,589
6,074,767 4,072,840 3,079,407 2,539,060 2,404,007 1,520,826 1,509,733 1,123,062 1,094,454 1,019,411 892,153 839,879 836,708 771,713 750,138 587,305 537,094 487,257 479,102 429,172
8.50 5.70 4.31 3.55 3.36 2.13 2.11 1.57 1.53 1.43 1.25 1.17 1.17 1.08 1.05 0.82 0.75 0.68 0.67 0.60
% % % % % % % % % % % % % % % % % % % %
243,361 236,724 232,355 266,736 221,588 271,867 234,212 220,122 227,065 208,981 247,202 166,017 283,822 197,117 232,601 317,806 187,598 178,613 247,342 270,089
24,721 17,031 12,334 9,515 10,179 5,588 5,643 5,023 4,264 4,809 3,606 4,872 2,947 3,879 3,211 1,842 2,846 2,727 1,931 1,589
241 174 919 4 670 6 803 79 556 69 3 187 1 36 14 6 17 1 6 0
1,133 707 619 298 394 177 278 201 158 146 100 117 82 116 141 39 160 81 62 48
199,589 331,938
40,443,913 71,492,001
56.57 % 100.00 %
202,636 215,378
184,463 313,020
15,126 18,918
8,847 13,904
Copyright 2009 by CBMI (703) 8468230 - Information is deemed to be accurate but CBMI does not guarantee the accuracy or completeness of the data.
www.MortgageDataWeb.com
Mortgage Maret Share Report ational Summary: Government-Insured Mortgage Activity (This report includes All Government-Insured (FHA and VA) mortgages) (Select funders and correspondents: Home Purchase and Refinance report) Report Date: 3/20/2009
Period: January 2009 through January 2009
Rank
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Company Name
WELLS FARGO MORTGAGE INC, DES MOINES, IA COUNTRYWIDE BANK, FSB, ALEXANDRIA, VA JP MORGAN CHASE MORTGAGE, EDISON, NJ BANK OF AMERICA MORTGAGE, CHARLOTTE, NC NATIONAL CITY BANK, INDIANAPOLIS, IN QUICKEN LOANS, LIVONIA, MI USAA FEDERAL SB, SAN ANTONIO, TX SUNTRUST MORTGAGE, ATLANTA, GA GMAC MORTGAGE CORP, HORSHAM, PA METLIFE BANK NA, BRIDGEWATER, NJ METROCITI MORTGAGE, SHERMAN OAKS, CA FLAGSTAR BANK FSB, TROY, MI US BANK NA, MINNEAPOLIS, MN COUNTRYWIDE BANK FSB, ST PAUL, MN TAYLOR BEAN & WHITAKER MTG, OCALA, FL PRIMELENDING PLAINS CAPITAL, DALLAS, TX NATIONAL CITY MORTGAGE, MIAMISBURG, OH ALLIED HOME MORTGAGE CAPITAL, HOUSTON, TX PRIMARY RESIDENTIAL MTG, SALT LAKE, UT WACHOVIA MORTGAGE CO, WINSTON SALEM NC **--OTHER--** Grand Total
34
April 2009
Number Mortgages (Total)
Total $ Amount ($000)
Market Share %
Average Mortgage
Number Mortgages (Purchase)
Purchase $ Amount ($000)
Number Refinance$ Page 1 of 1 Mortgages Amount (Refinance) ($000)
9,258 7,231 2,916 2,571 2,335 2,362 1,581 1,662 1,870 1,354 1,131 1,290 1,329 955 856 906 720 890 796 671
1,692,200 1,304,268 509,371 451,331 443,576 425,801 321,657 300,281 295,931 248,977 242,249 222,369 208,944 198,849 165,342 162,150 159,599 150,364 149,055 130,209
6.02 % 4.64 % 1.81 % 1.61 % 1.58 % 1.51 % 1.14 % 1.07 % 1.05 % 0.89 % 0.86 % 0.79 % 0.74 % 0.71 % 0.59 % 0.58 % 0.57 % 0.53 % 0.53 % 0.46 %
182,782 180,372 174,681 175,547 189,968 180,271 203,452 180,674 158,252 183,883 214,190 172,379 157,219 208,219 193,157 178,974 221,665 168,948 187,255 194,052
6,848 3,429 1,208 2,096 818 314 1,383 1,125 737 913 848 712 743 577 394 513 166 356 363 389
1,267,058 621,298 227,827 369,667 139,048 46,657 275,384 199,931 133,534 166,611 176,780 114,957 109,701 120,799 69,003 88,930 35,597 49,719 65,565 64,077
2,410 3,802 1,708 475 1,517 2,048 198 537 1,133 441 283 578 586 378 462 393 554 534 433 282
425,142 682,970 281,544 81,664 304,528 379,144 46,273 100,350 162,397 82,366 65,469 107,412 99,243 78,050 96,339 73,220 124,002 100,645 83,490 66,132
110,073 152,757
20,325,926 28,108,449
72.31 % 100.00 %
184,659 184,008
58,252 82,184
10,352,565 14,694,708
51,821 70,573
9,973,361 13,413,741
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
Florida Capital Bank Mtg
866-295-0014
www.flcb.com
AME Financial Corp
770-406-2138
www.american-mortgage.info
Franklin American
606-519-4165
www.franklinamerican.com
Ameribank Mortgage (FHA only)
516-833-8834
www.ameribanksolutions.com
Freedom Mortgage
800-843-3753
www.freedomwholesale.com
American BancShares
305-817-2165
www.americanbancshares.com
Gateway Funding
800-355-5626
wholesale.gateway-funding.com
American Financial Resources (FHA only) 973-588-8530
www.afrwholesale.com
Gateway Mortgage Group
817-799-0804
www.jerrylair.com
American Home Equity
www.ahedirect.com
GB Mortgage
602-791-8950
www.gbmortgagelending.com
714-661-5836
American Partners Bank
954-465-8595
www.apbwholesale.com
Global Lending Group
727-530-0110
www.glgiwholesale.net
Amtrust Bank (Fannie/Freddie only)
888-321-6446
www.amtrustgemstone.com
Greystone Financial
602-574-0100
www.greystonefinancialonline.com
Assurity Financial (FHA only)
866-841-7863
www.assuritywholesale.com
GSF Funding
262-373-0790
www.gsfsales.com
BAC Florida Bank (Fannie/Freddie only) 305-789-8064
www.bacflorida.com/ratesheet
Guaranteed Rate
866-755-0989
www.griwholesale.com
Bank of Ann Arbor (Fannie/Freddie only) 800-807-6337
www.boaawholesale.com
Hollander Financial
661-476-4668
www.hollanderfinancial.com
Century Lending (Fannie/Freddie only) 407-252-7979
www.centurylending.net
Home Savings of America
972-235-7366
www.myhsoa.com
CMG Mortgage
714-357-3325
www.acceleratedcmg.com
ICON Residential Capital
888-639-5641
www.iconwholesale.com
CNB National Lending, LLC
815-412-9305
www.cnbnationallending.com
ING Mortgage
877-464-0555
www.ingloans.com/wholesale/index.html
Colonial National Mortgage
800-825-1311
www.cnmbrokers.com
JMAC Lending
877-841-0776
www.jmaclending.com
Lenders Advantage
818-669-0974 x 0 hwww.lenderinc.com
(Fannie/Freddie only)
Community First Bank Loan
412-292-8511
secure.pricemyloan.com/custom/cfb
Liberty Lending Inc
800-808-5591
Continental Home Loans
631-393-3800 x 114 www.chlmortgagebankers.com
Liberty Mortgage
800-986-2499
www.bbt.com/libertymortgage
Countrywide
904-245-8008
www.cwbc.com
M&T Bank Mortgage
804-380-7465
wholesalemortgage.mtb.com
Direct Mortgage Wholesale
801-924-1880
www.directmortgagewholesale.com
Mega Capital Funding
818-657-2600
www.megacapitalfunding.net
(Fannie/Freddie only)
Emigrant Mortgage (Fannie/Freddie only) 800-Emigrant x mid atlantic www.emigrantmortgage.com
www.libertylendingwholesale.com
(Fannie/Freddie only)
Merit Mortgage
310-650-0773
meritwholesale.com
www.wholesale.metlifehomeloans.com
Federal Trust Mortgage
407-323-1833 x 153 www.federaltrust.com/brokers
MetLife Home Loans
Fifth Third
866-492-0072
Mortgage Bank of California
714-423-3295
First Bank Mortgage
305-577-6000 x 116 www.firstbank.com
Mortgage Close (Fannie/Freddie only)
714-453-0220
b2b.mortgageclose.com
First Cal
818-793-6650
www.firstcalwholesale.net
National Direct Funding
970-672-0805
hwww.ndfcorporation.com
Washington Federal
971-645-9140
www.washingtonfederal.com/wholesale
(Fannie/Freddie only)
First National Bank of Nassau
678-942-2160
www.fnbwholesale.com
First Northern Bank
707-423-9330
www.thatsmybank.com
www.53.com/wholesalemortgage
(Fannie/Freddie only)
Flagstar Bank
800-897-7222
www.wholesale.flagstar.com
National Home Lenders
888-344-0520 x 4 www.nationalhomelenders.com
Nations Direct Mortgage
949-270-7974
www.brokerFHA.com
NetMore America
509-526-4007
www.netmoreamerica.com
Nexbank
866-389-6046
www.nexbank.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 NorthStar Lending (Fannie/Freddie only) 954-843-7018 x 7018 www.mynorthstarlending.com/
Security National Mortgage
619-857-2700
www.securitynational.com
Pacific Banc Mortgage
571-340-5593
www.pacificbanc.com
Senderra Funding
704-831-3600
www.senderra.com
Pacific National Bank
305-539-7675
www.pnb.com
Sierra Pacific
800-447-3386
www.spm1.com
Paramount Residential (FHA only)
866-966-8989 x 300 www.prmglending.net
Phoenix Funding
877-562-6414 x 230 www.phoenix-funding.com
SouthPoint Financial (Fannie/Freddie only) 239-949-1406
www.spfs.com
PMC Bancorp
626-964-4040 x 8199 www.pmcmtg.com
Stearns
925-628-0704
www.stearnswholesale.com
Polaris Funding (FL, IN, MI, OH)
616-667-9000
SunTrust Wholesale
913-982-2150
www.stmpartners.com
714-680-7050 x 113 www.swcfinancial.com
www.polarishfc.com
Preferred Capital (Fannie/Freddie only) 727-418-4189
www.prefercapital.com
SWC Financial Corp.
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
The Jumbo Lender
800-826-0360
www.TheJumboLender.com
Primary Capital
678-308-0257
www.primarycapital.com
Proto Fund
813-436-6803
www.protofund.com
Provident Funding
800-733-3657 x 1712 pfloans.provident.com
Reliant Funding
412-942-1010 x 18 www.reliantfunding.us
Residential Lending Network
800-749-5363 x 5276 www.reslend.com
(Fannie/Freddie only)
Reunion Mortgage
559.476.0937
www.reunionwholesale.com
Royal Crown Bancorp
877-507-6925
www.crownloan.com
Security Atlantic (FHA only)
800-956-3863
http://www.fhaland.com
Security Mortgage Funding
619-249-9166
www.smfcloans.com/brokers
(Fannie/Freddie only)
Titan Wholesale
775-852-6888 x 225 www.titan-wholesale.com
Trust One Mortgage
949-450-1888 x 2430 www.trustone.com
U.S. Bank Consumer Finance
941-539-1603
www.usbank.com
United International Bank
313-903-2082
www.unitedinternational.us
United Residential Lending
404-661-4632
www.urlending.com
United Wholesale Mortgage (FHA only) 800-981-8898
www.uwmco.com
Village Capital and Investment (FHA only) 856-252-1825
www.villagewholesalelending.com
Virgin Money USA
877-937-4887
www.virginmoneyus.com/mortgage
Wells Fargo
310-283-8411
www.brokersfirst.com
Jumbo Jumbo Lender Listings Powered by TheLoanPost.com American Southwest Mortgage
888-593-1003
www.amswmtg.com
Home Savings of America
972-235-7366
www.myhsoa.com
American Home Equity
714-661-5836
www.ahedirect.com
ICON Residential Capital
888-639-5641
www.iconwholesale.com
Countrywide
904-245-8008
www.cwbc.com
Liberty Mortgage
800-986-2499
www.bbt.com/libertymortgage
Direct Mortgage Corp.
801-924-1880
www.directmortgagewholesale.com
MBS Mortgage Company
866-799-3696
mbs-mortgage.com
Emigrant Mortgage www.emigrantmortgage.com
800-Emigrant x mid atlantic
Presidents First
877-773-7178
www.presidentsfirst.com
Reunion Mortgage Inc.
559.476.0937
www.reunionmortgage.com
EverBank Wholesale Lending
415-595-3968
www.everbankwholesale.com
Security National Mortgage
619-857-2700
www.securitynational.com
Fifth Third Mortgage
866-492-0072
www.53.com/wholesalemortgage
Sierra Pacific
800-447-3386
www.spm1.com
Flagstar Bank
800-897-7222
wholesale.flagstar.com
Taylor, Bean & Whitaker
888-678-8547
www.taylorbeandirect.com
Florida Capital Bank Mtg
866-295-0014
www.flcb.com
U.S. Bank Home Mortgage
702-630-0770
www.usbank.com
Franklin American
606-519-4165
www.franklinamerican.com
Walker Jackson Mortgage
703-653-8183
www.wjmcwholesale.com
Gateway Funding
800-355-5626
wholesale.gateway-funding.com
Wells Fargo
310-283-8411
www.brokersfirst.com
GB Mortgage
602-791-8950
www.gbmortgagelending.com
WestAmerica Mortgage Co.
303-771-2800
www.wamco.us
Greystone Financial
602-574-0100
www.greystonefinancialonline.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.
36
April 2009
NICHE REPORTS
portfolio & ALT–A Premium Listings
ACC Mortgage, Inc.
Our Money our Rules, we make loans that make sense
240-314-0399 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
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 luxmac.com/
Emigrant Mortgage www.emigrantmortgage.com
800-Emigrant x mid atlantic
Luxury Mortgage
203-569-4249
Residential Lending Network
800-749-5363 x 5276 www.reslend.com
www.luxurymortgagewholesale.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
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.
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
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 American Financial Resources Axiom Commercial Funding CNB National Lending, LLC Countrywide Eastern Savings Bank Essex Mortgage First Cal First Mutual Bank First Northern Bank Flagstar Freedom Mortgage Corp GMC Mortgage Capital Lenders Advantage
800-522-5263 973-588-8530 866-637-3014 x 10 815-412-9305 904-245-8008 800-981-7114 x 6250 702-893-9200 877-224-3262 971-645-9140 707-423-9330 866-998-6063 800-843-3753 941-766-1613 818-669-0974 x 10
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.washingtonfederal.com/wholesale www.thatsmybank.com wholesale.flagstar.com www.freedomwholesale.com www.gmcmtgcap.com www.lenderinc.com
Liberty Mortgage 800-986-2499 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 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 949-450-1888 x 2430 www.trustone.com Trust One Mortgage United Midwest Savings Bank 614-255-3499 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
April 2009
NICHE REPORTS
HARD MONEY & NON-PRIME Premium Listings
ACC Mortgage, Inc. 240-314-0399 ext 16
WE DO OWNER-OCCUPIED/FULL DOC UP TO 70% REGARDLESS OF CREDIT
720-889-1175
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
AgriCap Financial Corporation
Agriculture including facilities and part-time farms, commercial, special purpose properties
AFG LLC (Asset Funding Group)
213-542-5232
Ambit Funding 800-823-7101
BRT Realty Trust 516-466-3100 or 800-450-5816
Fairview Commercial Lending 866-634-1270
Financial Resources Mortgage 800-950-6913 or ddexter@frmortgageinc. com
First Mount Vernon (866) 908-FMV1 (3681)
First Mount Vernon (866) 908-FMV1 (3681)
Gregory Funding 888-324-3578
Short-term commercial bridge lenders; Most property types including RAW LAND; All 50 states, and Canada; Max LTV 70%, 50% on Land A Public Mortgage REIT Traded on the NYSE (NYSE: BRT) Fast response on loans from $2 million to $50 million on income producing commercial properties nationwide. No prepayment penalties, lock out or exit fees
No minimum credit score, foreclosure bailouts, Quick Closings nationwide, commitments in 24 hours 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
Minimal documentation required, Combined Loan-to-Values to 105% - DE, MD, VA, DC, NC, SC, GA, FL 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
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
HARD MONEY & NON-PRIME premium niches continued…
Manaseh, Epharim & Associates 770-840-0112
Metro Funding Corp
Direct Lender with fast closings. 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.
866-302-6360
Miner Capital Funding, LLC 702-466-8952
Specializing in collateral-based real estate loans nationwide. We get deals done!! As fast as 4 days! Loan amounts 1 million to 20 million
Remington Financial Group, Inc
Up to 65% of valued collateral, fast closing
480-905-3239
Stonecrest Financial
We are a direct lender specializing in churches, mixed-use, apartments & commercial lines of credit
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
HARD MONEY & NON-PRIME Lender Listings Powered by TheLoanPost.com Advantage Capital Equity Solutions
800-223-3019
BlueWater Funding, LLC
866-551-2583
AFC Hardmoney
813-387-3800 x 311 www.afchardmoney.com
Brookview Financial
877-734-2211 x 316 www.brookviewfinancial.com
AgriCap Financial Corporation
213-542-5232
www.adcapequity.com
www.bluewaterfundingllc.com
www.agricap.com
California Equity Lenders
818-584-2320
www.calequitylenders.com
All California Home Loans 877-462-3422 www.aboutcaliforniahomeloans.com/hard-money.html
Capital Alliance
415-288-9575
www.calliance.com/index.php
CFA Capital Partners (cml)
914-967-5780
www.cfacap.com
Alliance Financial, Inc.
www.afiloans.com
Crawford Park Financial
626-796-7979
www.crawfordparkfinancial.com
866-603-5999
Ameribank Mortgage
516-833-8834
www.ameribanksolutions.com
American Acceptance (cml)
800-452-9287
www.aamcap.com
Assurity Financial
866-841-7863
www.assuritywholesale.com
Avant Capital Partners, LLC. (cml)
212-219-9419
www.avcapital.net
Axiom Commercial Funding
866-637-3014 x 10 www.acfsonline.com
Bay Equity
800-229-3703
BFS Capital, LLC. (cml)
510-381-1930
Cushman Rexrode Capital Corp. (cml)
925-988-7200
www.cushrex.com
Diamond Bay Investments, Inc.
702-254-9303
www.diamondbayinvestments.com
Eastern Savings Bank (cml)
800-787-8187
www.easternsavingsbank.com
Emerald Financial
714-965-6688
www.eprivatemoney.com
www.bayeq.com
Emigrant Mortgage www.emigrantmortgage.com
800-Emigrant x mid atlantic
www.bfscapital.com
Exeter Holding Ltd.
516-338-7500
exeterholding.com
ADVERTISE YOUR NICHES HERE WITHIN Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
40
April 2009
NICHE REPORTS
HARD MONEY & NON-PRIME Lender Listings continued‌ First Credit Commercial Capital Corp. (cml) 407-843-6262
www.fchardmoney.com
Portfolio Mortgage Company
480-775-5150
www.portmort.com
First Mount Vernon Industrial Loan Assn. 703-823-6800
www.fmv1.com
PFA Capital, LLC
800-531-4589
www.pfacapital.com
First Select Capital
540-908-2205
www.firstselectloans.com
Global Lending Group
727-530-0110
www.glgiwholesale.net
Quik Fund Inc.
813-671-0712
www.quikfund.com
GMC Mortgage Capital
941-626-9656
www.gmcmortgagecapital.com
Rehab Funding
610-645-9939 x 310 rehabfunding.com
HARDDMONEYLOANS.COM
813-516-5210
www.HARDDMONEYLOANS.COM
Remington Financial Group
480-905-3239
www.remingtonfg.com
Hawkins Capital
208-908-5596
www.hawkinscap.com
Right Start Mortgage
800-520-5626
www.rightstartmortgage.com
HMC Funding
800-273-7001 x 343 www.hmcfunding.com
SBB Financial
866-358-7238
www.sbbfinancial.com
Investor Funding
864-213-3951
SDI Funding
864-233-3337 x 3220 www.sdifunding.com
J & J Financial
714-256-4416
www.10dayloan.com
Lakeside Financial Inc.
949-297-4180
www.nofico.net
SmartServ Solutions
888-633-4778
Lib Properties, LTD.
404-256-8600
www.libloans.com
SWC Financial Corp.
714-680-7050 x 113 www.swcfinancial.com
www.4investorfunding.com
www.bronxhardmoney.com
LNB Commercial Capital
321-214-0585
www.lnbcapital.com
Swift Funding
727-521-6633
swiftfundingcorp.com
Mager Capital
310-760-6290
www.magercapital.brokerca.com
TCRM Commercial Corp. (cml)
212-371-3933
www.tcrmcommercial.com
Magnolia Financial Consultants
601-428-1005
www.hardmoneymortgages.com
The Loan Doctors, Inc. (cml)
954-647-7679
www.regd506.com
Meridian Group
800-901-9301
www.meridiangroupinc.com
The Money Source, LLC. (cml)
480-946-4000
www.themoneysourcellc.com
Overland Financial
818-342-2477
www.overlandfinancial.com/
Pacific Mortgage Funding Corp. (cml)
562-864-4006
www.pacificmortgage.com
Titan Hard Money
323-377-0979
www.titanhardmoney.com
PB Financial Group Corp.
310-289-0900
www.pbfinancialgrp.com
Trust Deed Investments, Inc
415-760-2338
www.hardmoney.ning.com
Piedmont Capital Lending, LLC.
678-292-6984
www.piedmontcapitallending.com
West One Mortgage Corporation
818-921-7602
www.westonemortgagecorp.com
Porter Bridge Loan Company (cml)
866-725-1777
www.porterbridgeloan.com
WholesaleLending.com (cml)
866-303-6301
www.wholesalelending.com
NICHE REPORTS
CONSTRUCTION/REHAB Premium Listings
Financial Resources Mortgage, Inc. 800-950-6913 or ddexter@frmortgageinc.com
Manaseh, Epharim & Associates 770-840-0112
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. 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
Remington Financial Group, Inc 480-905-3239
Up to 95% financing construction, rehab, renovation, development, starting at $1 million and moving upwards, commercial only
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
Axiom Commercial Funding
866-637-3014 x 10
www.acfsonline.com
M&T Bank Mortgage
804-380-7465
wholesalemortgage.mtb.com
Broker Capital Funding
408-438-6939
www.brokercap.com
Mango Bay Mortgage
561-347-9811
www.mangobayinc.com
Colonial National Mortgage
800-825-1311
www.cnmbrokers.com
Everbank
415-595-3968
www.everbankwholesale.com
Mission Oaks National Bank
805-889-0301
www.missionoaksbank.com
Excelsion Mortgage
888-578-5441 x 1
www.ExcelsionBrokers.com
Portfolio Mortgage Company
480-775-5150
www.portmort.com
SWC Financial Corp.
714-680-7050 x 113
www.swcfinancial.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
ADVERTISE YOUR NICHES HERE WITHIN Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
42
April 2009
NICHE REPORTS
COMMERCIAL Premium Listings
AgriCap Financial Corporation 213-542-5232
Fairview Commercial Lending 866-634-1270
Financial Resources Mortgage, Inc. 800-950-6913 or ddexter@frmortgageinc.com
Gregory Funding 888.324.3578
Manaseh, Epharim & Associates 770-840-0112
Metro Funding Corp 866-302-6360
Remington Financial Group, Inc 480.905.3239
Trilogy Commercial Lending 888-875-5055
Agriculture -- Farms, Ranches, Facilities. Agricultural Operating/Crop Input Loans.
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 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. 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!
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 Lender Listings Powered by TheLoanPost.com Affinity Bank
877- 862-7245
www.affinitybank.com
Mango Bay Mortgage
561-347-9811
www.mangobayinc.com
AgriCap Financial Corporation
213-542-5232
www.agricap.com
Met-West Commercial
866-766-4000
www.met-west.com
American Acceptance
800-452-9287
www.aamcap.com
Midwest Financial Capital
317-844-7776
www.midwestfinancialcapital.com
Arlington Richfield
248-613-7423
www.arlingtonrichfield.com
Apartment Lending
303-771-1031
www.aptlending.com
Minvest Financial
877-317-0260
www.minvestfinancial.com
Avant Capital Partners, LLC.
212-219-9419
www.avcapital.net
Mission Oaks National Bank
951-719-1200
www.missionoaksbank.com
Axiom Commercial Funding
866-637-3014 x 10 www.acfsonline.com
MiStar Financial
720-200-2600
www.mistarfinancial.com
Berkshire Capital Financial, Ltd.
212-986-9890
www.berkshirecapital.net
MJM Capital Group
480-628-1943
www.mjmcapitalgroup.com
BFS Wholesale
800-778-3763
www.bfscapital.net
Multicorp Financial
925-275-8111 x 222 www.11multicorpfinancial.com
Blue Sky Commercial Funding
888-500-2583
www.bscfloans.com
Nationwide Commercial Lenders
800-830-5940 x 1 www.NationwideCommercialLenders.com
Brownstone Mortgage Capital
800-547-1285
www.brownstoneloans.com
New World Commercial Lender
561-628-2069
www.nwclender.com
Capital Alliance
415-288-9575
www.calliance.com/index.php
CapitalSource Finance
212-321-7215
www.capitalsource.com
Overland Financial
818-342-2477
www.overlandfinancial.com
CFA Capital Partners
914-967-5780
www.cfacap.com
Pacific Mortgage Funding Corp.
562-864-4006
www.pacificmortgage.com
305-539-7675
www.pnb.com
Ciena Capital
800-722-5626
www.cienacapital.com
Pacific National Bank
CIT Small Business Lending Corp.
404-244-4592
www.smallbizlending.com
PFA Capital, LLC.
800-531-4589
www.picconefinancial.com
Coast Investors Capital
305-446-9125
www.coastinvestors.com
PNC ARCS
800-275-2727
www.askARCS.com
Commercial Bridge Loan Funding
305-852-2569
www.cblfg.com
Presidential Bank
301-652-1616
www.presidential.com
Commercial Capital Funding Corp
866-790-6925
www.ccflender.com
Pribank
866-811-9217
www.pribank.com
Commercial Funding Corp
904-885-9977
www.commercialfundingcorp.com
Commercial Hard Capital, LLC
832-607-6778
www.commercialhardcapital.com
Commercial Lending Capital
714-656-3943
www.clcnationwide.com
Commercial Loan Capital
877-473-6984
Commercial Mortgage City
954-854-6853
Commercial Mortgages 101
Prudential Mortgage Capital Co.
888-263-6800
www.prumortgagecapital.com
Quik Fund Inc.
813-671-0712
www.quikfund.com
www.clcloans.net
Reliant Funding
412-942-1010 x 18 www.reliantfunding.us
www.commercialmortgagecity.com
REM Capital
877-774-4240
www.remcapitalgroup.com
800-763-3036
www.commercialmortgages101.com
SF Partners Mortgage
305-774-0456
sfmortgagelenders.com
Community Commerce Bank
916-648-2680
www.ccombank.com
Small Business Loan Source, LLC.
512-215-2727
www.adelinerem.com
Cushman Rexrode Capital Corp.
925-988-7200
www.cushrex.com
St. Cloud Mortgage
877- 653-3276
www.farmerloan.com
Eastern Savings Bank
800-787-8187
www.easternsavingsbank.com
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 212-371-3933
Griffin Capital Funding
800-710-6762
www.ysploans.com
TCRM Commercial Corp.
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
The Money Source, LLC.
480-946-4000
www.themoneysourcellc.com
Integrity Financial Group
916-343-7559
www.ifgloans.com
Trilogy Commercial Lending, LLC.
877-726-9433
www.trilogycl.com
Interbay Funding, LLC
877-207-6099
www.interbay.com
Kennedy Funding
201-342-8500
www.kennedyfunding.com
Union Bank of California
877-945-2265
www.uboc.com
Lib Properties, LTD.
404-256-8600
www.libloans.com
Wells Fargo
800-840-5822
www.wellsfargo.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
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.
44
April 2009
LENDER & RESOURCE DIRECTORY
ACC Mortgage, Inc. WeApproveLoans.com Contact: Tim Boord Phone: 240-314-0399 ext 15 Email: Tim.Boord@accmortgage.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
Applied Business Software www.TheMortgageOffice.com Phone: 800-833-3343
ATTENTION LENDERS!! Buyers of Distressed Debt Email: DistressedBuyers@gmail.com
Best Rate Referrals www.bestratereferrals.com Phone: 800-811-1402
Credit Plus Inc. www.creditplus.com Phone: 800-258-3488 Fax: 800-258-3287 Email: beyondbundled@creditplus.com
DocMagic www.docmagic.com Phone: 800-649-1362
Fairview Commercial Lending www.FairviewLending.com Phone: 866-634-1270 Fax: 404-634-0319
Bismark mortgage 800-350-7199 ext. 103 bismarkmortgage.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
APEX MORTGAGE CORP. www.apexmtg.com Phone: 800-262-APEX
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
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
TheNicheReport.com
45
LENDER & RESOURCE DIRECTORY
Gregory Funding LLC www.gregoryfunding.com Phone: 888.324.3578 Email: info@gregoryfunding.com
Jacob Dean Mortgage, Inc. www.JacobDeanBranch.com Phone: 888-444-9664
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
Loansifter www.Loansifter.com Phone: 920-687-1222 Email: Sales@loansifter.com
46
April 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 Email: sales@mitigationonlineconsultants.com Phone: 818-501-1520
Miner Capital Funding, LLC www.Minercapitalfunding.com Orlando@minercapitalfunding.com Phone: 702-466-8952 Fax: 314-667-3092
Pittbull Mortgage School www.pitbullmortgageschool.com Contact: Leonard Rosen Phone: 858-736-7788 Email: PitbullMortgageSchool@gmail.com
Precision Loan Processing www.PrecisionLoanPro.com Phone: 703-743-9739 Email: Kristen@precisionloanpro.com
Real-Estate-Agent-Lists.com www.realestateagentlists.com Phone: 877-485-5044
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
Trilogy Commercial Lending www.TrilogyCL.com Phone: 888-875-5055 Email: info@trilogycl.com
TrustCapital Investments LLC Contact: Craig Severson Phone: 301-503-2231 Email: trustcapital@frontiernet.net
• FHA, VA, Rural Housing and Reverse Mortgages
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