TNR - December 2008 by The Niche Report

Issue 018 December 2008 TheNicheReport.com

Sales The Vision 16 Short 21 A Seller's Primer Thing Surprised at current market values?

See the finished product, with exact clarity.

Reg PMI: Back to 24 Key 27 Changes Arrive Basics ... or Not Will impact mortgage lending from origination to closing.

What are your options?

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CONTENTS

Issue 018

December 2008

Short Sales A Seller's Primer Joseph C. Alfe

President, Investors captial group, Inc.

Surprised at current market values?

NICHE REPORTS PRIME & FHA

pg 35

NONPRIME & ALTâ&#x20AC;&#x201C;A

pg 36

REVERSE MORTGAGES

pg 37

portfolio

pg 38

Maunfactured

pg 38

HARD MONEY

pg 39

CONSTRUCTION/REHAB

pg 42

COMMERCIAL

pg 43

FOUNDER & PRESIDENT Robert Pegg robert@nichereportonline.com CO-FOUNDER & PRESIDENT David Pegg david@nichereportonline.com

Bridge Loans Andrew Bogdanoff founder of Remington Financial group

jeffrey chalmers real solutions, LLC What are your options?

Not to be confused with Hard Money.

21 24

The Vision Thing Chris Rohr Construction Industry See the finished product, with exact clarity.

Key Reg Changes Arrive George c. marentis, J.D. President/ceo of compliance made simple, llc Will impact mortgage lending from origination to closing.

November 2008

PMI: Back to Basics ... or Not

Center Stage with NABMB the niche report The National Association of Black Mortgage Brokers.

DEPARTMENTS

09 10 33 45

NOTE FROM THE FOUNDER CALENDAR OF EVENTS TIP OF THE MONTH LENDER & RESOURCE DIRECTORY

EDITORIAL / CONTENT MANAGER Kristen Moser kristen@nichereportonline.com COPY EDITOR Stewart Mednick stewart@nichereportonline.com ACCOUNTING MANAGER Shawna Ingram shawna@nichereportonline.com sales manager Mark Moulton mark@nichereportonline.com Production Mananger Henry Suchman henry@nichereportonline.com Production Assistant Dawn Exner dawn@nichereportonline.com ADVISORY BOARD Aaron Krowne President and CEO, IEHI, Inc. COLUMNISTS Stewart Mednick CONTRIBUTING AUTHORS Joseph C. Alfe Andrew Bogdanoff Jeffrey Chalmers George H. Marentis, J.D. Chris Rohr

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Published monthly by BODA Publishing, LLC PO Box 2618, Stafford, VA 22555 Phone: 540.657.2632 Fax: 703.991.2362 Email: info@nichereportonline.com www.TheNicheReport.com

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NOTE FROM THE FOUNDER

The month of December is traditionally a slow period for the mortgage industry, especially for brokers and wholesale lending in general. Now add in the brutal downturn this market has likely ever seen, and suddenly past winter months look like boom times – or does it? Let me describe what I have actually been witnessing in the trenches of our specific loan originating industry, because it seems to be quite different than what is being reported. We’ve just arrived back from Las Vegas after attending the NAMB West expo. We had a great time, and met with many industry insiders. The turn out was much better than expected and so was the overall sentiment from the attendees. There were also some painfully obvious vacancies from this year’s expo as compared to prior year’s events i.e. vendors such as Indymac Bank and Countrywide Home Loans. Loan modification companies were out in full force, picking up this vacant vendor space. In my own interest of understanding where our market is today, I made it a point to ask each broker or loan officer visiting our booth how their business was coming along. Nine times out of ten, I received positive answers ranging from “pretty good” to “we are the busiest we have ever been”. In fact, I don’t think I heard from anyone who said they were doing poorly. You could attribute this sentiment to a number of variables – less competition, rates, reduction in home values, or simply folks just hyping themselves in desperate times in order to make themselves not look like the “last of the Mohicans”. Either way, there is absolutely no reason or benefit for them to tell me otherwise. Another reason I doubt this was just “hyping” themselves, is my own relationships with a few loan originating shops located in the state of Virginia. Before I go into this I want to offer a small disclosure - market performance is regional and can/will depend on many factors. Whew, I’m glad I said that – I can just imagine the flurry of emails pointing this out to me if I hadn’t. Now, as I was saying, these loan originators consist of a few different broker/net branch shops and one contract loan processor (CLP). All loan origination shops have reported back with a definite increase in volume this month. Their reasons? Purchases of distressed or foreclosed properties using primarily FHA financing. In addition, the CLP, who services approximately three loan origination shops, has reported increased volume as well. At last count, the CLP pipeline had nearly 30 loans, which is a record set since this CLP started processing loans altogether four years ago. This volume was in the pipeline before current rates hit a bottom in late November. They would all like to take credit for their own influx of volume by pointing out their superior service or talented LO’s, which very well may be the case. But, I would be willing to bet, if you were to scrape away this basic human reaction to success you would quickly realize that there is an overall DEMAND for YOU – the loan originator. Keep up the fight,

Robert Pegg TheNicheReport.com

CALENDAR OF EVENTS

Upcoming Key Dates & Events: December & January December 2008 S M T W T

9 10 11 12 13

14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

December 9

December 23

“The ABC’s of FHA Lending” Maritime Institute of Technology, 692 Maritime Blvd., Linthicum Heights, Md. 21090, 410-859-5700

Existing-Home Sales released by the NAR

January 6

MAMB Holiday Party: M&T Bank Stadium, Hamburg Street Entrance, Baltimore, MD

FAMB’s Space Coast – Education Holiday Inn Express, 301 Tucker Lane, Cocoa, FL OFR Compliance Course 4 CEUs, 1:30 pm - 5:30 pm

December 11

January 2009 S M T W T

December 12

January 13

9 10

Annual Meeting & Holiday Luncheon at the Mayflower Hotel in Washington, DC from 11:45 - 2:00 pm. For details: www.mbamw.org; info@mbamw.org or (301)924-0633

FAMB’s Central - Education Bahia Shrine, 2300 Pembrook Dr, Orlando, FL 32810 OFR Compliance Course 4 credit hours, 1:00pm - 5:00pm

December 17

January 14

Commercial Real Estate Market Forecast released by the NAR

NJAMB - New Jersey Licensing and Compliance Course, Clarion Hotel & Conference Center 1470 Route 70 East, Cherry Hill, NJ

11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

December 4-5 MBA’s Commercial/Multifamily Capital Markets Winter Conference at the Ritz Carlton in Washington DC. Visit www.mbaa.org for details.

December 17 WAMB (Washington) Board of Directors Meeting

December 17 December 9 Housing Forecast / Pending Home Sales Index released by the NAR

NJAMB - Annual Joint Mortgage Lending Conference Woodbridge Hotel and Conference Center 515 Route 1 South, Iselin, NJ 08830

December 9 Wine & Cheese Holiday Party at the Fairview Park Marriott, Falls Church, VA from 6:30 - 10:30 pm. For details: www.mbamw.org; info@mbamw.org or (301)924-0633

December 2008

December 18 NJAMB - 2008 Joint Holiday Party 6:15 p.m.Woodbridge Hotel & Conference Center 515 Route 1 South, Iselin, NJ

January 15 FAMB’s Gulf Coast - Education Feather Sound Country Club, 2201 Feather Sound Dr, Clearwater, FL 33762 Understanding and Reviewing Appraisals - 4 Credit Hours, 1:00pm - 5:00pm

January 21 FAMB’s Broward - Education Dave & Busters, 3000 Oakwood Blvd, Hollywood, FL. Analyzing Income for the Self-Employed Brorrower, 1:30pm - 5:30pm

y s b 0! r ea ,00 y 3 3 g 2 y $2 n ti a ra aw b le ng Ce givi

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BRIdge Loans Not to be confused with Hard Money BY ANDREW BOGDANOFF

or commuters crossing the Golden Gate Bridge to get to work, the value of a highly capable, stable bridge crossing is priceless. The same can be said for bridge loans, which are generally low cost, are used for a specific purpose and help borrowers â&#x20AC;&#x153;bridge the gapâ&#x20AC;? between funds they need and funds they will soon have. Just like the name implies, a bridge loan is a solid option that takes a borrower from one point to another. Used in commercial and residential lending alike, a bridge loan is another viable lending option that skilled brokers can use when appropriate

Definition of a Bridge Loan The most clearly defined characteristic of a bridge loan is the fact that the lender requires a specific exit strategy before the loan is made. If a very clear, precisely drawn exit strategy does not exist, the lender will not move forward with the bridge loan and might refer the borrower to a different kind of loan type. Borrowers frequently use a bridge loan to secure funding required for buying a secondary property, often times before their initial property has completed the sales cycle. For example, assume a borrower needs $100,000 as a down payment for a new property he wants to purchase. He has the equity in his existing property, which is set to close in the next 60 days. The down payment for the new property is due sooner than the initial property will close. In this instance, a bridge loan can provide the $100,000 that the borrower needs in the timeframe he needs it.

Bridge loans, which carry a small amount of risk for the lender due to the requirement for a clearly articulated exit strategy, usually close quickly. Using the previous example, if a borrower walks in with a purchase agreement for property number one, the underwriting process is significantly simplified and the loan funds more quickly.

Not to be Confused with Hard Money For such a frequently used loan, much confusion exists about a bridge loan. It shares some of the same characteristics with its cousin the hard money loan, which leads a high number of borrowers to confuse the two types. Both bridge loans and hard money loans can be quick to close, are used for a relatively short period of time and have limited or less severe underwriting processes, but significant differences exist between the two loan types. Bridge loans absolutely require a definitive exit strategy. This is best highlighted using the previous example of a borrower that wants to buy a second property before selling his first property. A lender will not accept the desire to sell the first property as an appropriate exit strategy. There are too many unreliable variables such as when the first property will sell or for what price. A lender would, however, accept a signed sales contract for the first property as a solid exit strategy since the contract spells out exactly where and how the borrower will repay the debt. Also, a bridge loan frequently has a loan to value ratio from 70 to 95 percent, whereas a hard money loan will not exceed 50 percent loan to value. Points and fees associated with a bridge loan are low and the rates are generally inexpensive, unlike a hard money loan, which is

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known for being costly. Additionally, hard money loans, which do not look as closely at credit or cash flow, put the emphasis on collateral. The lender will scrutinize the collateral to understand if enough exists to liquidate the asset and collect the debt amount should the borrower renege on the loan. Because a bridge loan focuses so heavily on the exit strategy, the risk profile has been reduced significantly, meaning that the lender does not have to rely so heavily on using collateral to repay the debt should a problem arise.

What to Remember Bridge loans are a valuable option for brokers to keep in their stable of lending options. It’s fast, reliable and there is a broad swath of borrowers in need of such a loan. The important thing to remember about a bridge loan is that a very real exit strategy is a must for any bridge lender. In this vein, a purchase agreement that verifies that there is no mortgage or structural contingency will signal to the lender that the loan can and will be repaid. Once

this requirement is met, a bridge loan can move quickly at a higher loan to value and with lower rates, fees and costs. Keep in mind too, that well over 75 percent of borrowers that say they want a bridge loan really qualify only for a hard money loan. It’s very common for requested bridge loans to convert to hard money loans because the requirements for a bridge loan can not be met. So, simply because your client is not able to secure a bridge loan does not mean that the deal is dead in the water. Talk to your lending partners to understand the breadth of lending plans they offer; the best have a complete portfolio and will work with you and your client to find a loan that ultimately meets everyone’s needs. Andrew Bogdanoff has more than 35 years commercial lending experience and founded Remington Financial Group in 1993. Bogdanoff has served as the company’s president since its inception, and under his leadership, RFG has closed billions of dollars in transactions. Andy can be reached at andy@remingtonfg.com. For more information on Remington Financial Group, please visit www.Remingtonfg.com

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Short Sales A Seller's primer Surprised at current market values? By Joseph C. Alfe

s a property owner, you may be unpleasantly surprised at the current market value of your property if you need to sell in todayâ&#x20AC;&#x2122;s market. If you can, wait out the current downswing to sell. Many homeowners, however, are forced to sell now due to financial hardship, divorce, or relocation. For them, the prospect of owing more than what they owe is a nightmare with little light at the end of the tunnel. If you find yourself in this situation, there are several options available to you. In this article, I will concentrate on the short sale, what it is, and how it affects you.

Underwater-Now What? It really does not matter why you need to consider a short sale. You may have a financial hardship such as a job loss, upward adjusting mortgage, a bad tenant in an investment property, or a divorce that forces you to sell your home in this down market. The truth of the matter is that the lenders really don’t care. They are only interested in two things: How much do you owe, and for how much can you sell? That’s it. If you are a homeowner facing foreclosure due to non payment, or you are not delinquent but need to sell at a loss, there are several options that you must consider: Options 1. Deed in Lieu – This option involves the seller calling the bank and saying “I’m done, here are the keys…” The bank may or may not even accept this option, and they will require paperwork to be filled out, and procedures to be followed. 2. Forbearance – This one’s my favorite. This little gem means that if you are behind $5,000 in interest, the lender will give the borrower a payment plan to pay back the delinquency. On top of their regular mortgage payment. So, if our seller is struggling to make the payment, and the bank tells them to add $500 extra to it to satisfy the forbearance-what makes them think they can pay that? I think it’s a scam by the lenders to suck as much money from the homeowner as they can before they foreclose. I have had clients who have told me that they have cleaned out their 401K’s to pay a forbearance, only to be threatened with foreclosure again down the road. Oh, and they will have to fill out paperwork, there are procedures. 3. Bankruptcy – I am not attorney, and I will not give out legal advice, but bankruptcy may not protect the home. In fact, it may guarantee that you will lose it. Again, the lender will want paperwork…see a pattern? The paperwork is the same, whether it is for a short sale, a deed, or forbearance. 4. Short Sale - Simply put, a short sale is when a lender decides to accept a payoff that is less than what is owed to them on the mortgage. A lender might choose this option if they believe that the property may go into foreclosure due to seller hardship. A lender cannot make someone pay the mortgage, and a foreclosure will end up costing a lender far more money in the long run, so it’s up to you to convince the bank to accept this option. There

is an old saying – The first loss is the cheapest, and it is certainly true in this case.

So I have a Short Sale – Now What? Find a realtor who has experience closing short sales. This is not the time to let Cousin Larry try his first one. Short sales are complex and require a great amount of attention. Interview agents to determine who you should let represent you. Ask if they have short sale experience, what is their short sale closing ratio, and what if any, cost will be to you? If the answer is anything other than No cost, find another agent. A short sale should never cost the seller anything. The agent will start by performing a market analysis of your property. Here is where many short sales go wrong. Do not try to make the property value higher that it really is. Tell the agent to price the property at a value that will attract an offer immediately-regardless of what you owe. Contact the lender and ask for their “Home Retention” or “Loss Mitigation” departments. Tell him or her that you are considering a short sale, and to send you the paperwork. This will consist of an application, a personal financial statement, and you will need to provide your current bank statements, tax returns, pay stubs, and a hardship letter. This letter is simply an explanation of why you need to sell, or why you can no longer afford the mortgage. Make it short and sweet; no need to write a country western song. Submit this document package to the lender and hope you get an offer. Once you do, submit this to the lender and follow up constantly. Some lenders take 30 days or more to even respond to acknowledge that they have received the package. Keep at it. Once the offer is approved, you will receive a release of lien. This is a document that states what the lender will accept as a net payoff. Remember, the selling price is not the end number. You must account for any seller closing costs, real estate taxes, liens, and commissions. These costs must come from the sales proceeds, so the lender will net less than the selling price. The release will also say whether the seller will be released with or without prejudice. A release with prejudice means that the lender will reserve the right to attempt collection of the deficiency balance. A release without prejudice means that the lender releases all liability of the seller. If the approval is subject to prejudice, and you are trying to protect your credit, offer the lender a “Promissory Note” for some of TheNicheReport.com

Calling all loan offiCers! TNR has just launched our new ‘Post a Loan’ feature at www.TheNicheReport.com. Get your Commercial and Residential loan scenerios in front of hundreds of wholesale lenders and A.E.’s. If you haven’t already gone to www.TheNicheReport.com and registered, then do it now! !

ree It’s f

the deficiency amount. For example, if the lender loss is $40,000, offer to pay them back via a promissory note for $10,000. You can negotiate favorable terms. I have gotten promissory notes as low as 0 percent interest over a ten year term. A lender acceptance of a note will prevent a negative credit hit, and will usually placate a lender enough to accept an offer. Once you receive the release, you are ready to close. Forward this release to your title company or attorney and you will be able to schedule a close.

Short Sale FAQ’s What is a Short Sale? A short sale occurs when a lender accepts less than what is owed on the mortgage to end the foreclosure process.

know is to start the process. The key is making sure that your short sale package is complete, and that you follow up daily with the lender. Why Should I accept Such a Low Offer On My Property? What difference does it make? To sell quickly, you must list the property at or below current market value, not for what you wish you could sell, or what you think the property should be worth. Do I have To Pay an Agent? Only if you have hired one. If there is an agent involved, and the proceeds from the sale will cover the fees and costs. There should be no money coming from the seller on a short sale.

Will the Bank Come After Me for The difference? Unless you have great credit, are not delinquent, or have significant assets, most banks will not. A lender usually releases liability of the mortgagee in writing.

Will This Cost Me Anything? Most states do not allow agents or third party negotiators to charge the seller for a short sale.

Why Do I Have To Provide Personal Information? All lenders require a complete short sale package, including tax returns, bank statements, pay stubs, etc, to show that there is a genuine hardship or the need to sell.

Will I Get Any Money From The Sale? Not usually. Most lenders will not allow a borrower to receive any money. If the lender thinks you are getting paid from the sale, they will immediately kill the deal.

I Heard the IRS will 1099 me for the Amount Of Debt Forgiven. The Mortgage Relief Debt Act of 2008 does not permit lenders to issue a 1099 to a borrower for a deficiency balance on a primary residence. Will A Short Sale Destroy My Credit? Yes and no. The short sale may not show up on your credit. In fact, most mortgage trade lines report “Mortgage Paid” after a short sale. Any late payment history will still appear, as will any Notice of Default filings. What won’t report is an actual foreclosure. A promissory note may prevent the lender from reporting the mortgage as a loss. In today’s credit market, a foreclosure may prevent you from obtaining a mortgage for at least 5 years, longer than a bankruptcy. How Long Will This Take? This is totally up to the lender. Some lenders take as little as two weeks, some over six months. The only way to

Joseph C. Alfe is President of Investors Capital Group Inc., a professional Loss Mitigation Company Alfe can be reached at joe@icgproperties.net. Working with Realtors, attorneys, and investors as a short sale outsource agency. Let us deal with the lenders so you can work your side of the deal without distraction. We Teach Short Sale Strategy. For more Short Sale Information, please visit my blog at http:// short_sale_expert.activerain.com/

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THE VISION THING See the finished product, with exact clarity BY chris rohr

hat is this vision thing that people speak of? I hear athletes talk about visualizing the winning homerun, then going out and crushing the ball into the outfield bleachers. I hear of the concept of creative visualization, whereby an actor sees himself or herself portraying a challenging role, then successfully acts the part. I don’t think this is the application I mean. One definition of vision found in the dictionary is “A mental image produced by the imagination.” I believe this to be closer to the truth. My experience has been that from the beginning of a project, I can see the finished product, with exact clarity, as if I am seeing the outcome as already having occurred. My response is to then deconstruct the finished product back in time to the point of origin. The path to completion then unfolds before me. I instantly know if the timeline requires compression or if I have the convenience of slack in the schedule, and can therefore apply a healthy dose of value engineering to the project. My job as project manager has always been easier then most because of this mental picture; this vision, that guides my way. If every loan and every origination is a project to be visualized as I outline in this article, then let me show you how this vision thing can be a valuable tool for success. So from where did this vision thing that I seem to possess come? I’m not sure; I just know that it has been my constant companion throughout my 25-year career as a construction project manager. My hunch is that I have relied upon a powerful belief that I need to see the finished project in my mind’s eye to be successful because I lack formal training as a construction project manager. I

purposely went into each project with complete humility regarding my qualifications. I was first to say that I am not an architect, nor an engineer. I was then able to ask those professionals each question that came to mind in terms of trying to form a mental picture of the project at hand. Over time, with more and more successfully completed projects, my questions were fewer, as my initial mental picture became sharper. Now, many years into this process, I have very highly defined clarity from the beginning of a given project. My continual practice of humility and training my mind to see the successful outcome has resulted in a very high degree of project success. The minute that I get cocky and take project success for granted becomes the minute when I get in trouble. Likewise, if I stay on task, the added bonus has been that when an unforeseen obstacle occurs, I can easily separate it from my vision of success and therefore resolve the conflict quickly. My constancy of purpose toward preserving my vision of a successful project keeps me in a proactive mode of conflict resolution. Anticipation of the short list of commonly reoccurring problems creates a daily checklist of items that I can eliminate form my worries. It has become my daily affirmation to pause and define my vision of success. I take stock of the people, materials and project goals, and then compare these known entities to the actual project conditions. I am, therefore, quickly able to shift my focus to the areas requiring a Redundancy Loop. I go back and make sure that the team has not only the tools, but also the advanced warning required to preserve the vision of project success.

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The project team is kept well informed of the success criteria for the project. I focus on the aspect of the Chaos Theory that states that there is a sensitive dependence upon initial conditions. I reset the initial conditions each day. This results in a constant awareness of how quickly a project can stumble, a daily awareness of not wanting to start off on the wrong foot. My strategy is that as time progresses toward project completion, the project timeline is only as long as the number of days remaining to project completion. The end result is that a long-term project seems less formidable when each passing day it becomes less of a long-term project. Success builds upon success and team motivation grows with the daily realization that the work ahead becomes more manageable as the project vision unfolds. Confidence is a key indicator related to the probability of project success. Making sure that the project team is gaining increased confidence has the effect of making the initial vision become a self-fulfilling prophecy. This is not to say that a project is ever on autopilot. It is, however, one of my strong beliefs that it is the first ten percent and the last ten percent of a project that is most difficult. Therefore, if I thoroughly define the project vision (the first ten percent) and proactively reduce the project timeline to only the number of days remaining in the project (the last ten percent), then the middle eighty percent should unfold relatively problem free. Again, the Chaos Theory and the Redundancy Loop are the principle success drivers related to the middle eighty percent. I place high emphasis upon this because it is rare that a project manager only has one project to focus upon. If I assume that a project manager has multiple projects, those that have multiple start and completion dates, then it becomes obvious how critical it is to manage the first and last ten

percent of each project. Doing so allows the project manager to devote the bulk of his time on the projects that are presently either in their first or last ten percent of project timeline. He becomes free to dedicate his time to starting or closing out projects, while his projects residing in their middle eighty percent are able to function properly with a minimum of supervision. In conclusion, embracing my concept of project vision will have a dramatic effect upon project management success. It will also spread the positive effects to all other project team members. This is especially true when it comes to the repeat use of the same project team members on consecutive projects. The learning curve magically flattens as the team becomes more and more cohesive with each completed project. Chris Rohr is a 15 year veteran of the construction industry with over 105 projects managed in 40 states. Rohr has a BA in Finance, an MBA and MBC and teaches construction management on a college level. Rohr may be contacted through Stewart Mednick at 651-895-5122.

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A different kind of loan. A different kind of lender.

Key Reg changes arrive Will impact mortgage lending from orgination to closing by George H. Marentis, J.D.

ike them or not, changes have arrived in the lending industry. After exhaustive comment periods, various amendments have been published to federal regulations impacting Regulation Z, C and RESPA. These changes will impact the process of mortgage lending from origination to closing. This article is intended to only be a brief summary of the changes; it is advised that you review these changes immediately since there could be extensive system changes and staff training.

REGULATION Z CHANGES Effective date October 1, 2009 (The escrow requirement has an effective date of April 1, 2010 for site-built homes, and October 1, 2010 for manufactured homes) With the recent changes to Regulation Z, a new category has been created. The new category is defined as “Higher-priced mortgage loans” which introduces four new areas of consumer protection. First, a lender must take into consideration a borrower’s ability to repay the loan from income and assets and not solely from the home’s value. Second, income and assets used to determine repayment ability must be verified. Third, establish escrow accounts for property taxes and homeowner's insurance on all first mortgage loans and fourth, ban any prepayment penalty if the payment can change during the initial four years. On higher-priced loans, a prepayment penalty cannot last for more than two years.

Additionally, there is a threshold for "higher-priced mortgage loans" based on a survey from FHLMC which the Federal Reserve Board will publish called the "average prime offer rate". A "higher-priced" loan is a first-lien mortgage that has an APR that is 1.5% points or more above this index, or 3.5% points for subordinate-lien mortgages. For all other loans creditors and mortgage brokers will be prohibited from coercing a real estate appraiser to misstate a home's value. A creditor must provide a good faith estimate of the loan costs, including a schedule of payments within three days after a consumer applies for any mortgage loan secured by a consumer's principal dwelling, such as a home improvement loan or a loan to refinance an existing loan. Consumers cannot be charged a fee until after they receive the early disclosures, except a reasonable fee for obtaining the consumer's credit history. Also, escrow accounts will be required for property taxes and HOA insurance for first-lien mortgages.

REGULATION C (HMDA) Effective date October 1, 2009 As a part of this regulatory change, the Federal Reserve Board has also proposed changes to Regulation C (Home Mortgage Disclosure Act). The intent of these changes is to standardize the definitions between Regulation Z and Regulation C. Lenders will no longer use the Treasury yield to calculate the rate spread but the Average Prime Offer Rate which is based on the Primary

Mortgage Market Survey conducted by Freddie Mac. The threshold for reporting also changes to 1.5 percent above the applicable average prime offer rate for first-lien loans and 3.5 points above the applicable average prime offer rate for subordinate-lien loans.

RESPA Effective date January 1, 2010 New RESPA changes have been published along with the new GFE and HUD-1. HUD will require mortgage lenders and brokers to provide borrowers with an easy-toread standard Good Faith Estimate (GFE) within three days after the loan originator's receipt of all necessary information. It is the intent of HUD that the new GFE will clearly answer the key questions a borrower has when applying for a mortgage including such as the term of the loan, the interest rate, prepayment penalty, balloon payments and total closing costs. To facilitate shopping, loan originators could not

require verification of GFE information (tax returns etc.) until after the applicant makes the decision to proceed. Also to be disclosed in a more meaningful way on the new GFE, are lender payments to mortgage brokers (often called Yield Spread Premiums). For a more detailed review of 2008 state and federal changes, contact CMS for our CMS 2008 in review newsletter.

George H. Marentis is President/CEO of Compliance Made Simple, LLC, a company that provides licensing services and other compliance related services to the mortgage lending industry nationwide. For more information see www.compliancemadesimple.org or call 303.859.8550. Mr. Marentis has a Juris Doctorate and over 15 years of mortgage lending experience ranging from frontline operations, origination to regulatory and legislative compliance. Information provided in this article is not intended to be legal advice and is informational only.

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PMI: Back to Basics ... or not What are your options? BY Jeffrey Chalmers

our score and seven years agoâ&#x20AC;Ś buying a house meant coming up with some serious coin. If you had any shot of buying a house, you had to show the bank that you had a minimum of 20percent down before they would even talk with you. Then, just like the economy, things changed. Lenders, with the approval of the powerful GSE's , Fannie Mae and Freddie Mac, loosened their historically rigid lending guidelines and aimed to boost the national homeownership rate. Was the change good? Absolutely. Although the last several years has seen many consumers benefit from programs such as 85percent, 90percent, 95percent and even 100percent financing, a small percentage who were qualified shouldn't have. The result was a mortgage market that once again changed and subsequently reconfigured their loose lending guidelines to resemble a combination between days of old and current market needs. Today's lenders will no longer entertain 100percent financing options and some aren't even offering 95Percent. But the market hasn't entirely shut off new would-be homeowners. In fact, lenders, as usual, have come up with a way to beat the street. Generally, lenders would require private mortgage insurance (PMI) when a consumer has less than 20percent to put down as a deposit or is looking to borrow more than 80percent of the value of the home . When the lending guideline meets a loan to value (LTV) of more than 80percent, PMI becomes necessary in order to protect the lender and its future investors in the case of

foreclosure and potential loss of equity. With PMI, the lender will be protected for the loan balance exceeding the 80%. One common way to bypass PMI was to originate an 80/20 combination which includes an 80percent first mortgage and remaining 20percent second mortgage; or even an 80/15/5. But doing this could result in additional fees and sometimes caused more complexity than doing just a single loan. Recently, lenders came up with what's called single MI where the borrower would have only one mortgage which would save them on any closing costs associated with doing a second (or third) loan. Moreover, there are some lenders who will even consider 90percent without PMI. What does this mean for you as an investor? Get shopping for properties! Although the mortgage market has changed, it's not necessarily for the worst. What are your options? Buy your properties and lease to potential first-time home buyers or keep them for the long haul. Either way, the market is primed for a change and you are just the person to profit.

Jeffrey Chalmers is a 20 year veteran of the real estate, finance and title industries. Chalmersâ&#x20AC;&#x2122; company, Real Solutions LLC, offers consumers a one-stop real estate service at www. ClicknCompare.com and also free dynamic web marketing for sellers and investors. Chalmers can be reached at (800) 4344127 x901 or at jchalmers@clickncompare.com.

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CENTER STAGE

CENTER STAGE WITH NABMB The National Association of Black Mortgage Brokers BY THE NICHE REPORT

he Niche Report would like to present you to an association that has recently come on to the mortgage scene. The National Association of Black Mortgage Brokers was created by Joy Jamison, (Founder), as she was meeting with friends in organizations like the Maryland Associajoy Jamison tion of Mortgage Brokers and National Association of Mortgage Brokers. During those meetings she realized the need for an African American centered association to promote and educate originators and the community on mortgage products and services. She took that opportunity and formed the National Association of Black Mortgage brokers. Joy, how did the organization start? It started with an aspiration that eventually turned into a roadmap. The idea to create an association that would bring together African-American mortgage professionals. The goal was to create an organization that educated mortgage professional, empowered the community, and lobbied the government on mortgage related concerns. At the end of the first year and a half the association had members in seven states. Also it had given fourteen social functions successfully including a second annual Wholesale, Education and Lending Fair. The main reason she formed the association was because although the other mortgage association appeared adequate they did not seem successful at attracting people of color, (not just African-Americans but other ethnicities as well). I felt because of the current market conditions the AfricanAmerican mortgage originator community needed to have

a more dedicated association to respond to their needs…. and that’s how we began. What were some the first steps of the Organization? I knew that an association like this was needed and that it must be based on Education and open to all originators. To ensure that that NABMB project would take off I relied on peer support. I talked to mortgage brokers that have been in the business for a long time to tell them what I was thinking about and ask for their feedback. Our first NABMB meeting held had approximately 30 people and from that meeting came the development of the mission and vision statement. NABMB’s mission is to empower and educate its members and the African-American community. The goal is to educate a trio of different constituencies: mortgage professionals on originating mortgage products; educating the community about mortgage products and services, and educating elected officials on the pressing community issues that affect the mortgage and real estate industry. Our vision is to ultimately be seen by the community as trusted mortgage professionals who bring value and honor to services rendered. Where do you see yourself now? The roadmap is still a work in progress. NABMB is following on the footsteps of similar organizations such as the National Hispanic Association of Real Estate Professionals, the National Council of La Raz and the Asian Real Estate Association of America. Much like these other organizations, NABMB is looking forward to becoming an equally effective organization capable of bringing positive change to communities across the

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CENTER STAGE

country. And again, like these other associations who are dedicated to a certain ethnicity, we are open and welcome all originators regardless of their race or ethnicity. Are associations needed in the wholesale lending space? The need is great! With an industry that is changing daily, associations like the NABMB help to keep its members up to date on the changes in the market, new legislation and products. With bills like HR.3221 that require all originators to be licensed in order to originate mortgages adds to this need. NABMB has a National partnership with a company called Financial Strategies that allow all of our members’ discounts on classes for their licensing. We also have weekly success calls and annual trade shows that are dedicated to educating our members and others interested in learning more about the industry. What are some of the challenges facing the Organization? Since we are a new organization, been in existence just over 2 years, we are faced with the questions of whether we will stay in business or go by the way side. We always answer our critics by stating that we will continue to serve our members for as long as there is a need. We also tell our critics that we plan to stay around as long as our services are needed. With a strained mortgage industry and with so many people exiting the industry we feel that an association like ours is needed to help people stay in this business. Although there are other organizations that provide similar services we believe our uniqueness attracts people of all ethnicities.

capital. We have formed actual chapters in the District of Columbia, Maryland and the state of Virginia. We hope to expand our chapters to North Carolina, Georgia, Florida and Tennessee where we have smaller memberships. Our goal is to grow nationally. We would like to have a chapter in every state that we have active members. We are, however, being very cautious, and our growth should be limited (steady, not fast). Obviously, with the market being very uncertain right now we do not want to mis-step by jumping into too many states too quickly. What are the organizations future goals? We are very excited about the future of the wholesale lending arena. Our crystal ball says that 2009 will be a better year. We are working on getting our organization prepared for changes coming to this industry and the influx of new originators coming into the business that will be looking to an association like ours to keep them abreast of these changes.

What are the plans to Expand? NABMB started out in the area around the nation’s

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©2008 Gregory Funding LLC, an Aspen Capital affiliated company. This is not a commitment to lend. Restrictions may apply. For Wholesale only. Not for distribution to the general public. LTV based on current valuation by Gregory Funding. Gregory Funding reserves the right to amend rates and guidelines. All loans are made in compliance with federal, state and local laws. High-Cost Loans prohibited. Gregory Funding LLC is an Oregon LLC, Oregon Division of Finance & Corporate Securities Lic#ML3575. Gregory Funding LLC, 425 NW 10th Ave Suite 307 Portland, OR 97209. Toll free: 888-324-3578.

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Continue to receive The Niche Report monthly In an effort to maintain a healthy circulation we will be deleting many aged subscribers. If you havenâ&#x20AC;&#x2122;t already gone to our website and subscribed, do it now! ree! Itâ&#x20AC;&#x2122;s f

TIP OF THE MONTH

TIP OF THE MONTH How you say what you say is more said BY STEWART MEDNICK

ecent research suggests that how you speak is more important in effective communication than what you actually say. Successful customer service oriented professionals will speak little and listen much. When they do speak, their voices fluctuate strongly in amplitude and pitch. This will reflect the suggestion to the listener, there is interest and responsiveness to that customer’s needs. Little variation in vocal inflections will denote a tone of authority and the customer may become standoffish. Speaking invitingly, responsively but not pushy, and with variation can be the key to a successful cold call, follow-up call, or initial meeting. Professor Alex Pentland of the Massachusetts Institute of Technology Media Lab Human Dynamics Group has been studying this very topic with some amazing results. With a sensor that will analyze speech patterns and not words, new and meaningful information is recorded and studied on how sales calls, management styles and office dynamics can be engaging, successful, or simply listened. Face-to-face negotiation simulations would be staged. These sensors can predict with 87 percent accuracy which person would be the victor by bodily movements, manner of speech and ignoring the actual words or type of strategy. Mirroring the conversational partner is often regarded as empathetic and is a strong predictor of success. This may include hand gestures, phrasing inflections, or body language. Two distinct “channels” of communication are noted: the verbal channel through which linguistics flows, and the non-verbal channel that carries just as much

information in the forms of body language, inflections, and verbal sounds other than words. Listening to both channels and deciphering the information is how we make informed decisions on how to act. Much of the reaction we exhibit is subconscious and is processed in microseconds. However, being aware of the subtle verbal and non-verbal nuances will make you a more informed listener and a more skilled customer service professional. To many readers, this research may be construed as common-sense. To those who read my column regularly, you may note that I have written about conversational techniques and knowing your client’s social style. I would agree that the basic premise is rudimentary. What I find most intriguing is the accuracy in which the successful party of a negotiation can be predicted. Knowing what ‘non-verbals’ should be used to be successful is also a great take-away from this research. The key to effective communication is much like how a dog is responsive to its master’s voice. Ever try the experiment of talking to your dog in different voice tones? You can say, “BAD dog!” in a loud booming voice, and the dog would cower. You could say the same words in a gentle, loving tone and the dog would wag its tail and come to you to lick your face, reciprocating the implied affection. Conversely, you can say “I LOVE you!” in a loud booming voice and the dog would again take a defensive, timid posture. The tone and vocal inflection is the key to the dog’s perception of how your words are interpreted. Dogs hear changes in amplitude, pitch, and observe facial expression emphasized with hand gestures. Can this same process be equally as effective on your clients (not suggesting that your clients are responsive like dogs, of course)? Mammals have the capacity for

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TIP OF THE MONTH

compassion. Compassion is therefore an expressive form of communication. In the context of effective communication with prospects, clients and business associates, compassion is implemented as the aforementioned changes in amplitude and pitch. The challenge to you is to be conscious of how you speak when talking to clients. Be aware of many characteristics of what makes your speech either inviting or detracting to your cause. Pay attention to your tone, the rate of speed you talk, the percentage of silence (active listening) to speaking time you have in the total time of a conversation, the changes in amplitude in your voice, and the changes of pitch. Here is a brief break down of what each of these five items means and how it is important. Tone – this is the emotion evoked when speaking; angry, happy, inquisitive, excited. Rate of speed – try to emulate to whom you are speaking. If the person is elderly and speaks slowly, then speak at about the same rate. If you are speaking to a young business professional who speaks in an aggressive, upbeat manner, then emulate and speak at a bit of an accelerated rate, etc. Percentage of speaking to listening – Actively listen more than you speak, especially in the early onset of conversation. Let the client tell a story of needs and desires before you speak to the points told. I would say 65 percent listening and 35 percent talking is a good ratio in any given conversation. A change in amplitude – amplitude is the measure of volume. Lower amplitude is a quiet voice. Conversely, higher amplitude is a loud voice. These changes will inherently be implied in the tone of your voice, but not always to the degree necessary to emphasize your speaking

points. Like an actor in a movie, you may need to over emphasize (in a controlled, not obnoxious degree) your changes in amplitude to show excitement, understanding or agreement in a conversation. Practicing mock dialogue to explore what works best for your personal style may be a wise course of action. A change in pitch – this is a change in voice from high to low. High typically denotes excitement, happiness and enthusiasm. A low tone could denote seriousness, sadness, or emphasize authority. Again, practice may be prudent to perfect a tone for each response or situation that a client may verbally express. You may see this approach in conversation silly or childish, since many who have children think this is how you would speak to your kids. I agree in part. But consider why we speak that way to our children. We want to emphasize the verbal or linguistic portion of our message with the non-verbal elements. With children, the end result may seem a bit “sing-song.” With a client, be more mature with the final result. And when you achieve success by shaking the client’s hand at the closing table, use facial expression and body language as well to show your enthusiasm for the event. Maybe you will close a loan for a movie director and get cast in his or her next film. 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

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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

Titan Wholesale

Wendy Edwards (775) 303-3838 cell; 866-922-6943 fax, wedwards@titanwholesale.com

877-90-Titan ex. 225

United Wholesale Mortgage 800-981-8898 x5638

Wall Street Wholesale

FHA 24-48 Hours on Approve Eligible Loans. 24 Hours on Conditions. 24 Hours to Prepare Closing Docs. Close Your Loan in 5-6 Business Days. Collections do not have to Paid. 95% Cashout on Manufactured Homes. FREE DU on our Website. Conventional/Agency Jumbo, FHA/FHA Jumbo, 203k, Manual UW, 48 hr turntime UW. 5 Points of Contact with Inside Team!

248-361-1908

PRIME Lender Listings Powered by TheLoanPost.com Popular Direct

800-692-3447 x 202 www.populardirect.com

Stearns

925-628-0704

www.stearnswholesale.com

Poulsen Mortgage

SunTrust Wholesale

913-982-2150

www.stmpartners.com

http://WeFundFHA.com

Preferred Capital (Fannie/Freddie only) 727-418-4189

www.prefercapital.com

Premier Mortgage Capital, Inc.

786-243-3101 x 2

www.premierwholesale.com

Presidents First

877-773-7178

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Primary Capital

678-308-0257

www.primarycapital.com

Proto Fund

813-436-6803

www.protofund.com

Provident Funding

800-733-3657 x 1712 https://pfloans.provident.com

Reliant Funding Residential Lending Network

SWC Financial Corp.

714-680-7050 x 113 www.swcfinancial.com

Taylor, Bean & Whitaker

888-678-8547

www.taylorbeandirect.com

The Jumbo Lender

800-826-0360

www.TheJumboLender.com

The Money Store

818-326-2217

www.themoneystore.com

Titan Wholesale

775-852-6888 x 225 www.titan-wholesale.com

412-942-1010 x 18 www.reliantfunding.us

Trust One Mortgage

949-450-1888 x 2430 www.trustone.com

800-749-5363 x 5276 www.reslend.com

U.S. Bank Consumer Finance

941-539-1603

www.usbank.com

United International Bank

313-903-2082

www.unitedinternational.us

www.crownloan.com

United Residential Lending

404-661-4632

www.urlending.com

(Fannie/Freddie only)

Reunion Mortgage Royal Crown Bancorp

559.476.0937 877-507-6925

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Security Atlantic (FHA only)

800-956-3863

www.fhaland.com

United Wholesale Mortgage (FHA only) 800-981-8898 x 5590 www.usmwholesale.com

Security Mortgage Funding

619-249-9166

www.smfcloans.com/brokers

Vertice

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Security National Mortgage

619-857-2700

www.securitynational.com www.senderra.com

925-570-0777

www.verticelending.com/

Village Capital and Investment (FHA only) 856-252-1825

www.villagewholesalelending.com

Wall Street Wholesale Lending

856-446-2998

www.wallstreetwholesale.com

Senderra Funding

704-831-3600

Sierra Pacific

661-713-6564

www.spm1.com

WCS Lending (FHA only)

561-241-5200

www.wcslending.com

SouthPoint Financial (Fannie/Freddie only) 239-949-1406

www.spfs.com

Wells Fargo

310-283-8411

www.brokersfirst.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 lenderâ&#x20AC;&#x2122;s information on products, program, procedures, representations, and warranties for details.

TheNicheReport.com

NICHE REPORTS

NON PRIME & ALTâ&#x20AC;&#x201C;A Premium Listings

Capital Management

Chattel loans for manufactured homes in communities, purchase or refinance

480-575-1782

Direct Portfolio lender specializing in funding loans traditional lenders cannot. NOD or BK OK. No Credit Score. No Pre-payment Penalty. Up to 75% LTV. Loan amounts up to $1MM. Lending territory: AZ, CA, CO, ID, NV, OR & WA

Gregory Funding LLC 888-324-3578

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

NON PRIME & ALT-A Lender Listings Powered by TheLoanPost.com Alternative Mortgage Express

800-552-5263

hwww.amxloans.com

Fort Knox Lending

323-330-1362

www.FortKnoxLending.Com

American BancShares

305-817-2165

www.americanbancshares.com

Freedom Mortgage Corp

800-843-3753

www.freedomwholesale.com

American Home Equity Corporation 714-661-5800

www.ahedirect.com

GB Mortgage

602-791-8950

www.gbmortgagelending.com

American Mortgage Exchange

443-375-0973

www.american-mortgage.info

Global Lending Group

727-530-0110

www.glgiwholesale.net

Amtrust Bank

888-321-6446

www.amtrustgemstone.com

GMC Mortgage Capital

941-766-1613

www.gmcmtgcap.com

BAC Florida Bank

305-789-8064

www.bacflorida.com/ratesheet

GotMortgage.com

760-802-9630

www.gotmortgage.com

Bank of Ann Arbor

800-807-6337

www.boaawholesale.com

Greystone Financial

602-574-0100

www.greystonefinancialonline.com

Bank United

772-240-2550

www.bankunitedwholesale.com

Guaranteed Rate

866-755-0989

www.griwholesale.com

Bankers West

714-342-2576

www.bankerswest.com

HARDDMONEYLOANS.COM

813-516-5210

www.HARDDMONEYLOANS.COM

Capital Alliance

415-288-9575

www.calliance.com/index.php

HMC Funding

800-273-7001 x 343 www.hmcfunding.com

Central Banc

800-455-5547 x 124 www.centralbancmtg.com

Hollander Financial

661-476-4668

www.hollanderfinancial.com

CNB National Lending, LLC

815-412-9305

www.cnbnationallending.com

Home Savings of America

972-235-7366

www.myhsoa.com

Community First Bank Loan Svcs

412-292-8511

secure.pricemyloan.com/custom/cfb

Icon Residential Capital

888-639-5641

www.iconrescap.com

Continental Home Loans

631-393-3800 x 114

www.chlmortgagebankers.com

ING Mortgage

877-464-0555

www.ingloans.com/wholesale

Countrywide

904-245-8008

www.cwbc.com

JMAC Lending

877-841-0776

www.jmaclending.com

Direct Mortgage Wholesale

801-924-1880

www.directmortgagewholesale.com

Just Mortgage, Inc.

714-860-8867

www.justmtg.com/main/main.asp

Eastern Savings Bank

800-787-8187

www.easternsavingsbank.com

Lenders Advantage

818-669-0974 x 10

www.lenderinc.com

Emigrant Mortgage

786-314-6280

www.emigrantmortgage.com

Lime Financial

407-923-3700

limefinancial.com/index.shtml

Fifth Third Bank

866-492-0072

www.53.com/wholesalemortgage

LuxMac, Covino, and Company

800-762-2274 x 312 http://luxmac.com

First Cal

877-224-3262

www.firstcalwholesale.net

Luxury Mortgage

203-569-4249

First Federal Bank of CA

310-630-7792

www.firstfedwholesale.com

Maitland Mortgage

407-629-5626

www.maitlandlending.com

First Mutual Bank

971-645-9140

www.washingtonfederal.com/

Mega Capital Funding Inc

818-657-2600

www.megacapitalfunding.net

Merit Mortgage

310-650-0773

meritwholesale.com/

First Northern Bank

707-423-9330

www.thatsmybank.com

Metro Cities Wholesale

714-241-5882 x 122

www.metrocitieswholesale.com

Flagstar Bank

800-897-7222

www.wholesale.flagstar.com

MFC Mortgage, Inc

877-562-6754

www.gomfc.com

Florida Capital Bank Mtg

866-295-0014

www.flcb.com

Mortgage Close

714-453-0220

https://b2b.mortgageclose.com

wholesale

www.luxurymortgagewholesale.com

ADVERTISE YOUR NICHES HERE WITHIN Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lenderâ&#x20AC;&#x2122;s information on products, program, procedures, representations, and warranties for details.

December 2008

NICHE REPORTS

NON PRIME Lender Listings continuedâ&#x20AC;Ś MortgageIT

503-716-1206

https://wld.mortgageit.comDefault.aspx

Royal Crown Bancorp

NetMore America

509-526-4007

www.netmoreamerica.com

Security Mortgage Funding Corp

619-249-9166

www.smfcloans.com/brokers/

NorthStar Lending

954-843-7018 x 7018 www.mynorthstarlending.com

Online Financial Group

703-307-7006

www.ofglending.com

SouthTrust Funding

813-363-2768

http://southtrustfunding.com

Pacific Banc Mortgage

571-340-5593

www.pacificbanc.com

SWC Financial Corp.

714-680-7050 x 113

www.swcfinancial.com

The Jumbo Lender

800-826-0360

www.TheJumboLender.com

877-507-6925

www.crownloan.com

Paramount Residential

866-966-8989 x 300 www.prmglending.net

Phoenix Funding

877-562-6414 x 230 www.phoenix-funding.com

Trust One Mortgage

949-450-1888 x 2430 www.trustone.com

Plaza Home Mortgage

949-910-1055 x 450 www.plazahomemortgage.com

United International Bank

313-903-2082

www.unitedinternational.us

Portfolio Mortgage Company

480-775-5150

www.portmort.com

United Residential Lending

404-661-4632

www.urlending.com

Preferred Capital

727-418-4189

www.prefercapital.com

Proto Fund

813-436-6803

www.protofund.com

US Bank

702-630-0770

www.usbank.com

Quik Fund Inc.

813-671-0712

www.quikfund.com

US Equity Broker Direct

901-239-3339

www.usequitybroker.com

Rehab Funding

610-645-9939 x 310 http://rehabfunding.com/

Vertice

925-570-0777

www.verticelending.com

Right Start Mortgage

800-520-5626

West One Mortgage Corporation

818-921-7602

www.westonemortgagecorp.com

www.rightstartmortgage.com

REVERSE MORTGAGES 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

http://libertyreversebroker.com

Arlington Capital Mortgage Corp

800-814-9432

www.acmcwholesale.com

MetLife Home Loans

www.wholesale.

Circle Mortgage Corporation (Fl only)

800-576-1338

www.circlemortgage.com

metlifehomeloans.com

Continental Home Loans

631-393-3800 x 114 www.chlmortgagebankers.com

NetMore America

509-526-4007

www.netmoreamerica.com

Countrywide Bank

866-212-4378

http://www.cwbc.com

Pacific Banc Mortgage

571-340-5593

www.pacificbanc.com/

Essex Mortgage

702-893-9200

www.essexwholesale.com

Quality Life Reverse Mortgage

800-955-7919

http://qualityliferm.com/

Financial Freedom

800-500-5150

www.financialfreedom.com

Quik Fund Inc.

813-671-0712

www.quikfund.com

Financial Heritage

800-895-2209

www.financialheritage.com

Silvergate Bank (cml)

858-362-6300

www.silvergatebank.com

First Horizon

888-553-8929

www.firsthorizonwholesale.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

TheNicheReport.com

NICHE REPORTS

Portfolio Lender Premium Listings

ACC Mortgage, Inc.

Our Money our Rules, we make loans that make sense

240-314-0399

Manaseh, Epharim and Associates 770-840-0112

Asset lending specialists. Your source for international and domestic funding

Portfolio Lender Listings Powered by TheLoanPost.com Amtrust Bank Astoria BAC Florida Bank Bank United Capital Alliance Eastern Savings Bank Emigrant Mortgage First Federal Bank of CA First Northern Bank Home Savings of America ING Mortgage JMAC Lending

888-321-6446 301-537-9047 305-789-8064 772-240-2550 415-288-9575 800-787-8187 786-314-6280 310-630-7792 707-423-9330 972-235-7366 877-464-0555 949-310-1288

www.amtrustgemstone.com www.astoriamortgage.com/ www.bacflorida.com/ratesheet www.bankunitedwholesale.com www.calliance.com/index.php www.easternsavingsbank.com www.emigrantmortgage.com www.firstfedwholesale.com www.thatsmybank.com www.myhsoa.com www.ingloans.com/wholesale/index.html www.jmaclending.com

Liberty Savings Bank LuxMac, Covino, and Company Luxury Mortgage MortgageIT Multicorp Financial Ocean Bank Residential Lending Network SunTrust Wholesale United Midwest Savings Bank US Bank US Equity Broker Direct Vertice

941-735-7890 800-762-2274 x 312 203-569-4249 503-716-1206 925-275-8111 x 222 305-569-5558 800-749-5363 x 5276 913-982-2150 614-255-3499 702-630-0770 901-239-3339 925-570-0777

www.libertysavingsbank.com http://luxmac.com www.luxurymortgagewholesale.com hwld.mortgageit.com/Default.aspx www.11multicorpfinancial.com/ www.oceanbank.com www.reslend.com www.stmpartners.com www.umwsb.com www.usbank.com www.usequitybroker.com www.verticelending.com

Manufactured Maunfactured Listings Powered by TheLoanPost.com Alternative Mortgage Express 800-522-5263 American Financial Resources 973-588-8530 Axiom Commercial Funding 866-637-3014 x 10 Bank United 772-240-2550 Chase Home Finance 813-601-2530 CNB National Lending, LLC 815-412-9305 Countrywide 904-245-8008 800-981-7114 x 6250 Eastern Savings Bank Essex Mortgage 702-893-9200 Fifth Third 727-742-0914 First Cal 877-224-3262 First Mutual Bank 971-645-9140 www.washingtonfederal.com/wholesale/ First Northern Bank 707-423-9330 Flagstar 866-998-6063 Freedom Mortgage Corp 800-843-3753 GMC Mortgage Capital 941-766-1613

www.amxloans.com www.afrwholesale.com www.acfsonline.com/ www.bankunitedwholesale.com www.chaseb2b.com www.cnbnationallending.com www.cwbc.com www.easternsavingsbank.com www.essexwholesale.com www.53.com/wholesalemortgage www.firstcalwholesale.net www.thatsmybank.com http://wholesale.flagstar.com www.freedomwholesale.com www.gmcmtgcap.com

Lenders Advantage 818-669-0974 x 10 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 Perfect FHA 800-201-2317 www.perfectfha.com Polaris Funding (FL, IN, MI, OH) 616-667-9000 www.polarishfc.com Portfolio Mortgage Company 480-775-5150 www.portmort.com Reliant Funding 412-942-1010 x 18 www.reliantfunding.us Taylor, Bean & Whitaker 586-557-4144 www.taylorbeandirect.com 949-450-1888 x 2430 www.trustone.com Trust One Mortgage United Midwest Savings Bank 614-255-3499 www.umwsb.com 800-981-8898 x 5590 www.usmwholesale.com/default.asp United Wholesale Mortgage 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

December 2008

NICHE REPORTS

HARD MONEY Premium Listings

ACC Mortgage, Inc.

WE DO OWNER-OCCUPIED/FULL DOC UP TO 70% REGARDLESS OF CREDIT

240-314-0399 ext 16

Ambit Funding 800-823-7101

AFG LLC (Asset Funding Group)

Short-term commercial bridge lenders; Most property types including RAW LAND; All 50 states, and Canada; Max LTV 70%, 50% on Land

Nation Wide Loans from $300 to $3 mil FAST-FAIR- FLEXIBLE

720-889-1175

AFG LLC (Asset Funding Group) 720-889-1175

Avatar Financial Group 888-896-0083

BRT Realty Trust 516-466-3100 or 800-450-5816

Commercial Lending, LLC 703-286-7932

Continuum Funding Group 703-564-1659

Fairview Commercial Lending 866-634-1270

Financial Resources Mortgage 603-279-1133

Direct lender - up to 70% LTV: Bridge loans, purchase & rehab, construction financing, raw land, no minimum credit score requirments. Nationwide lending from $300k to $3 million, 24 hour commitment as fast as 5 days to close. HARD MONEY- MADE EASY Bridge loans for improved commercial real estate from $1 million, terms up to two years with no prepayment penalties. We are a direct lender and brokers are protected. Apply online at www.avatarfinancial.com or simply give us a call A Public Mortgage REIT Traded on the NYSE (NYSE: BRT) Fast response on loans from $2 million to $50 million on income producing commercial properties nationwide. No prepayment penalties, lock out or exit fees Commercial Lending - equity based hard money residential and commercial loans for all non-owner occupied properties Specializing in hard money loans of $300,000 to $5,000,000 in DC, Virginia, and Maryland. We customize our lending program to fit your needs on a deal by deal basis No minimum credit score, foreclosure bailouts, Quick Closings nationwide, commitments in 24 hours Real Estate based private money lender. Commercial & Residential Investment. Refi cash out allowed. Retail,office,multi-family, raw land, development & modular construction are our specialties. Common sense underwriting. No upfront fees! Email or call today.

TheNicheReport.com

NICHE REPORTS

HARD MONEY premium niches continued…

First Mount Vernon (866) 908-FMV1 (3681)

No seasoning requirements, No upfront commitment or processing fees, Minimum credit score 400 - DE, MD, VA, DC, NC, SC, GA, FL

First Mount Vernon

Minimal documentation required, Combined Loan-to-Values to 105% - DE, MD, VA, DC, NC, SC, GA, FL

(866) 908-FMV1 (3681)

Gregory Funding LLC 888-324-3578

KENNEDY FUNDING, INC. 1-800-342-8500

Direct Portfolio lender specializing in funding loans traditional lenders cannot. NOD or BK OK. No Credit Score. No Pre-payment Penalty. Up to 75% LTV. Loan amounts up to $1.0MM. Lending territory: AZ, CA, CO, ID, NV, OR & WA Mortgages/loans secured by real estate, all commercial property types and other fixed assets nationwide; Any property type, even raw land. Specializes in development loans that need to close quickly, loans from $1 million & up. 2-days for commitment.

888-456-0246

FC Bailouts - No FICO requirements. Focused strictly on the residential market. Tech oriented direct hard money lender. Consistent Guidelines Great Service!

Manaseh, Epharim & Associates

Direct Lender with fast closings. Your source for international and domestic funding.

LJL Funding

770-840-0112

Metro Funding Corp 866-302-6360

Miner Capital Funding, LLC 702-466-8952

Remington Financial Group, Inc

Fast closing, no points upfront, all commercial properties including land, acquisitions, refis, and development loans Specializing in collateral-based real estate loans nationwide. We get deals done!! As fast as 4 days! Loan amounts 1 million to 20 million

Up to 65% of valued collateral, fast closing

480-905-3239

Stonecrest Financial 888.884.6518

TrustCapital Investments LLC 301-503-2231

Unifund Financial Group Inc. 619-987-1083

We are a direct lender specializing in churches, mixed-use, apartments & commercial lines of credit 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. Direct lender specializing in HELOC 1st and 2nd position loans between 25k-250k

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.

December 2008

NICHE REPORTS

HARD MONEY Lender Listings Powered by TheLoanPost.com A The Loan Doctors, Inc

954-647-7679

www.regd506.com

Kennedy Funding

201-342-8500

www.kennedyfunding.com

Advantage Capital Equity Solutions

800-223-3019

www.adcapequity.com

Lakeside Financial Inc.

949-297-4180

www.nofico.net

AFC Hardmoney

813-387-3800 x 311 www.afchardmoney.com/

AgriCap Financial Corporation

213-542-5232

Lib Properties, LTD.

404-256-8600

www.libloans.com

LNB Commercial Capital

321-214-0585

www.lnbcapital.com

Mager Capital

310-760-6290

www.magercapital.brokerca.com

www.agricap.com

All California Home Loans 877-462-3422 www.aboutcaliforniahomeloans.com/hard-money.html

Alliance Financial, Inc.

866-603-5999

www.afiloans.com

Magnolia Financial Consultants

601-428-1005

www.hardmoneymortgages.com

Ameribank Mortgage

516-833-8834

www.ameribanksolutions.com

American Acceptance (cml)

800-452-9287

www.aamcap.com

Mango Bay Mortgage

561-347-9811

www.mangobayinc.com

Assurity Financial

866-841-7863

www.assuritywholesale.com

Meridian Group

800-901-9301

www.meridiangroupinc.com

Avant Capital Partners, LLC. (cml)

212-219-9419

www.avcapital.net

MiStar Financial (cml)

720-200-2600

www.mistarfinancial.com

Axiom Commercial Funding

866-637-3014 x 10 www.acfsonline.com

Multicorp Financial

925-275-8111 x 222 www.11multicorpfinancial.com

Bay Equity

800-229-3703

www.bayeq.com

Normandy Mortgage

760-220-4330

www.normandy.com

BFS Capital, LLC. (cml)

510-381-1930

www.bfscapital.com

Overland Financial

818-342-2477

www.overlandfinancial.com

BlueWater Funding, LLC

866-551-2583

www.bluewaterfundingllc.com

Brookview Financial

877-734-2211 x 316 www.brookviewfinancial.com

Pacific Mortgage Funding Corp. (cml)

562-864-4006

www.pacificmortgage.com

California Equity Lenders

818-584-2320

PB Financial Group Corp.

310-289-0900

www.pbfinancialgrp.com

678-292-6984

www.piedmontcapitallending.com

www.calequitylenders.com

Capital Alliance

415-288-9575

www.calliance.com/index.php

Piedmont Capital Lending, LLC.

CFA Capital Partners (cml)

914-967-5780

www.cfacap.com

Porter Bridge Loan Company (cml)

866-725-1777

www.porterbridgeloan.com

Commercial Bridge Loan Funding

305-852-2569

www.cblfg.com

Portfolio Mortgage Company

480-775-5150

www.portmort.com

Commercial Hard Capital, LLC (cml)

832-607-6778

www.commercialhardcapital.com

Quik Fund Inc.

813-671-0712

www.quikfund.com

Commercial Loan Capital (cml)

877-473-6984

www.clcloans.net

Commercial Mortgages 101

800-763-3036

www.commercialmortgages101.com

Rehab Funding

610-645-9939 x 310 rehabfunding.com/

Crawford Park Financial

626-796-7979

www.crawfordparkfinancial.com

Remington Financial Group

480-905-3239

www.remingtonfg.com

800-520-5626

www.rightstartmortgage.com www.sbbfinancial.com/

Cushman Rexrode Capital Corp. (cml)

925-988-7200

www.cushrex.com

Right Start Mortgage

Diamond Bay Investments, Inc.

702-254-9303

www.diamondbayinvestments.com

SBB Financial

866-358-7238

Eastern Savings Bank (cml)

800-787-8187

www.easternsavingsbank.com

SDI Funding

864-233-3337 x 3220 www.sdifunding.com

Emerald Financial

714-965-6688

www.eprivatemoney.com

SmartServ Solutions

888-633-4778

Exeter Holding Ltd.

516-338-7500

exeterholding.com

SWC Financial Corp.

714-680-7050 x 113 www.swcfinancial.com

First Credit Commercial Capital Corp. (cml) 407-843-6262

www.fchardmoney.com

www.bronxhardmoney.com

Swift Funding

727-521-6633

swiftfundingcorp.com

TCRM Commercial Corp. (cml)

212-371-3933

www.tcrmcommercial.com

www.glgiwholesale.net

The Loan Doctors, Inc. (cml)

954-647-7679

www.regd506.com

www.gmcmortgagecapital.com

The Money Source, LLC. (cml)

480-946-4000

www.themoneysourcellc.com

760-802-9630

www.300GNI.com

HARDDMONEYLOANS.COM

813-516-5210

www.HARDDMONEYLOANS.COM

Titan Hard Money

323-377-0979

www.titanhardmoney.com

Hawkins Capital

208-908-5596

www.hawkinscap.com

Trust Deed Investments, Inc

415-760-2338

www.hardmoney.ning.com

HMC Funding

800-273-7001 x 343 www.hmcfunding.com

Unifund Financial Group, Inc.

619-573-0289

www.unifundinc.com

818-921-7602

www.westonemortgagecorp.com

866-303-6301

www.wholesalelending.com

First Mount Vernon Industrial Loan Assn. 703-823-6800

www.fmv1.com

First Select Capital

540-908-2205

www.firstselectloans.com

Global Lending Group

727-530-0110

GMC Mortgage Capital

954-332-3567

Grand National Investments

Investor Funding

864-213-3951

www.4investorfunding.com

West One Mortgage Corporation

J & J Financial

714-256-4416

www.10dayloan.com

WholesaleLending.com (cml)

TheNicheReport.com

NICHE REPORTS

CONSTRUCTION/REHAB Premium Listings

Commercial Lending, LLC

Commercial Lending - equity based rehab and construction loans up to 50% LTV off completed value

703-296-7932

Financial Resources Mortgage, Inc. 603-279-1133

Real Estate based private money lender. Commercial & Residential Investment. Refi-Cash Out allowed. Retail, office, multi-family, raw land, development & modular construction are our specialties. Common sense underwriting. No upfront fees! Email or call today. Mortgages/loans secured by real estate, all commercial property types and other fixed assets nationwide; Any property type, even raw land. Specializes in development loans that need to close quickly, loans from $1 million & up. 2-days for commitment.

Kennedy Funding, Inc. 1-800-342-8500

Manaseh, Epharim & Associates 770-840-0112

Metro Funding Corp

New construction and rehab loans for all types of commercial properties. Your source for international and domestic funding. Fast closing, no points upfront, all commercial properties including land, acquisitions, refis, and development loans

866-302-6360

Loan portfolio financing and warehouse lines of credit from $2MM $20MM for hard money lenders and investor rehab lenders. Reduce your local bank and private investor hassles with stable and consistent financing

RBA Capital 610.293.8008

Remington Financial Group, Inc 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

Chase Home Finance

813-601-2530

www.chaseb2b.com

Colonial National Mortgage

800-825-1311

www.cnmbrokers.com

Everbank

415-595-3968

www.everbankwholesale.com

Excelsion Mortgage

888-578-5441 x 1

www.ExcelsionBrokers.com

Federal Trust Mortgage

407-323-1833 x 153

www.federaltrust.com/brokers

Mission Oaks National Bank

805-889-0301

www.missionoaksbank.com

Portfolio Mortgage Company

480-775-5150

www.portmort.com

SWC Financial Corp.

714-680-7050 x 113

www.swcfinancial.com

United Midwest Savings Bank

614-255-3534

www.umwsb.com

904-727-7535

www.unitybank.com

First Mutual Bank

971-645-9140

www.washingtonfederal.com/wholesale

Unity Bank

First National Bank of Nassau

404-218-3335

www.fnbwholesale.com/

Vertice

925-570-0777

www.verticelending.com

First Northern Bank

707-423-9330

www.thatsmybank.com/

West One Mortgage Corporation

818-921-7602

www.westonemortgagecorp.com

December 2008

NICHE REPORTS

COMMERCIAL Premium Listings

Avatar Financial Group 888-896-0083

Fairview Commercial Lending 866-634-1270

Financial Resources Mortgage, Inc. 603-279-1133

Gregory Funding LLC 888.324.3578

Great rates on commercial real estate loans, fully amortizing up to 25 years. Most property types considered including hotels, multi-family and special-use. Full doc is required for these competitive rates. Please call to request a rate sheet No minimum credit score, foreclosure bailouts, Quick Closings nationwide, commitments in 24 hours Real Estate based private money lender. Commercial & Residential Investment. Refi-Cash Out allowed. Retail, office, multi-family, raw land, development & modular construction are our specialties. Common sense underwriting. No upfront fees! Email or call today. Direct Portfolio lender specializing in funding loans traditional lenders cannot. NOD or BK OK. No Credit Score. No Pre-payment Penalty. Up to 75% LTV. Loan amounts up to $1.0MM. Lending territory: AZ, CA, CO, ID, NV, OR & WA

1-800-342-8500

Mortgages/loans secured by real estate, all commercial property types and other fixed assets nationwide; Any property type, even raw land. Specializes in development loans that need to close quickly, loans from $1 million & up. 2-days for commitment.

Light Funding Corp.

All types of commercial loans nationwide & international

Kennedy Funding, Inc.

877.300.1595

Manaseh, Epharim & Associates 770-840-0112

Metro Funding Corp 866-302-6360

Remington Financial Group, Inc 480.905.3239

Acquisition, Refiâ&#x20AC;&#x2122;s, and Development Commercial Loans. Your source for international and domestic funding.

Fast closing, no points upfront, all commercial properties including land, acquisitions, refis, and development loans

Senior financing on existing real estate all property types, competive rates

TheNicheReport.com

NICHE REPORTS

Commercial premium niches continuedâ&#x20AC;Ś

Trilogy Commercial Lending 888-875-5055

Specializing in Full Doc small balance Commercial loans up to $5 M. Our unique Commercial Automated Underwriting System allows for instant approvals, including pricing options. No Upfront Fees! Experience ease of execution - call today!

COMMERCIAL Lender Listings Powered by TheLoanPost.com 21st Mortgage

800-955-0021 x 1219 www.21stmortgage.com

Met-West Commercial

866-766-4000

Acupen Financial

503-516-5823

www.Acupenfinancial.com

Midwest Financial Capital

317-844-7776

www.met-west.com www.midwestfinancialcapital.com

Affinity Bank

877- 862-7245

www.affinitybank.com

Minvest Financial

877-317-0260

www.minvestfinancial.com

AgriCap Financial Corporation

213-542-5232

www.agricap.com

Mission Oaks National Bank

951-719-1200

www.missionoaksbank.com

American Acceptance

800-452-9287

www.aamcap.com

MiStar Financial

720-200-2600

www.mistarfinancial.com

Arlington Richfield

248-613-7423

www.arlingtonrichfield.com

MJM Capital Group

480-628-1943

www.mjmcapitalgroup.com

Avant Capital Partners, LLC.

212-219-9419

www.avcapital.net

Multicorp Financial

925-275-8111 x 222 www.11multicorpfinancial.com 954-495-4791

Axiom Commercial Funding

866-637-3014 x 10 www.acfsonline.com

National Business Finance

Berkshire Capital Financial, Ltd.

212-986-9890

www.berkshirecapital.net

Blue Sky Commercial Funding

888-500-2583

www.bscfloans.com

Nationwide Commercial Lenders 800-830-5940 x 1 www.NationwideCommercialLenders.com

www.nationalbusinessfinance.com

Brownstone Mortgage Capital

800-547-1285

www.brownstoneloans.com

Capital Alliance

415-288-9575

www.calliance.com/index.php

CapitalSource Finance

212-321-7215

www.capitalsource.com

CFA Capital Partners

914-967-5780

www.cfacap.com

Ciena Capital

800-722-5626

www.cienacapital.com

CIT Small Business Lending Corp.

404-244-4592

www.smallbizlending.com

Coast Investors Capital

305-446-9125

www.coastinvestors.com

Commercial Bridge Loan Funding

305-852-2569

www.cblfg.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

www.clcloans.net

Commercial Mortgage City

954-854-6853

www.commercialmortgagecity.com

Commercial Mortgages 101

800-763-3036

www.commercialmortgages101.com

Community Commerce Bank

916-648-2680

Cushman Rexrode Capital Corp.

New World Commercial Lender

561-628-2069

www.nwclender.com

Overland Financial

818-342-2477

www.overlandfinancial.com

Pacific Mortgage Funding Corporation 562-864-4006

www.pacificmortgage.com

Pacific National Bank

305-539-7675

www.pnb.com

PFA Capital, LLC.

800-531-4589

www.picconefinancial.com

Phoenix Funding

877-562-6414

www.phoenix-funding.com

PNC ARCS

800-275-2727

www.askARCS.com

Presidential Bank

301-652-1616

www.presidential.com

Pribank

866-811-9217

www.pribank.com

Provident

800-733-3657 x 1712 pfloans.provident.com

Prudential Mortgage Capital Co.

888-263-6800

www.prumortgagecapital.com

Quik Fund Inc.

813-671-0712

www.quikfund.com

Reliant Funding

412-942-1010 x 18 www.reliantfunding.us

REM Capital

877-774-4240

www.remcapitalgroup.com

SF Partners Mortgage

305-774-0456

sfmortgagelenders.com

www.ccombank.com

Silver Hill Financial

877-813-4685

www.silverhillfinancial.com

925-988-7200

www.cushrex.com

Small Business Loan Source, LLC.

512-215-2727

www.adelinerem.com

Eastern Savings Bank

800-787-8187

www.easternsavingsbank.com

St. Cloud Mortgage

877- 653-3276

www.farmerloan.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

Griffin Capital Funding

800-710-6762

www.ysploans.com

TCRM Commercial Corp.

212-371-3933

www.tcrmcommercial.com

Hawkins Capital

208-908-5596

www.hawkinscap.com

Terrace Capital

212-671-1031

www.terracecapital.com

HMC Funding

800-273-7001 x 327 www.hmcfunding.com

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

Union Bank of California

877-945-2265

www.uboc.com

Kennedy Funding

201-342-8500

www.kennedyfunding.com

Wachovia Bank

916-787-9401

trevor.deng@wachovia.com

Lib Properties, LTD.

404-256-8600

www.libloans.com

Washington Mutual

916-825-5432

james.wiegandt@wamu.net

Lighthouse Commercial

614-340-3894

www.Lighthouse-Commercial.com

Wells Fargo

800-840-5822

www.wellsfargo.com

LNB Commercial Capital

321-214-0585

www.lnbcapital.com

West One Mortgage Corporation

818-921-7602

www.westonemortgagecorp.com

Magnolia Financial Consultants

601-428-1005

www.hardmoneymortgages.com

WholesaleLending.com

866-303-6301

www.wholesalelending.com

Mango Bay Mortgage

561-347-9811

www.mangobayinc.com

World Capital Bancorp, Inc.

888-922-3003

www.worldcapitalbanc.com

December 2008

LENDER & RESOURCE DIRECTORY

ACC Mortgage, Inc. WeApproveLoans.com Contact: Tim Boord Phone: 240-314-0399 ext 15 Email: Tim.Boord@accmortgage.com

AcuPen Financial, LLC The Premier One-Stop Commercial Mortgage HUB www.acupenfinancial.com

Avatar Financial Group www.avatarfinancial.com Contact: Allison Payne, Loan Analyst Phone: 888.896.0083 Email: loans@avatarfinancial.com

Credit Plus Inc. www.creditplus.com Phone: 800.258.3488 Fax: 800.258.3287 Email: beyondbundled@creditplus.com

BRT Realty Trust www.brtrealty.com Contact: Mitch Gould Phone: 516.773.2712 Email: mitch@brtrealty.com

DocMagic www.docmagic.com Phone: 800.649.1362

a la mode, inc. www.alamode.com CityLights Financial Express, Inc www.citylightsfinancial.com 800-530-2489 ext 301 info@citylightsfinancial.com Ambit Funding www.ambitfunding.com Contact: Chris Bednar Phone: (570)-829-2101 (800)-823-7101 Email: loans@ambitfunding.com

America One Finance www.americaonefinance.net Contact: Matt Simmons Phone: 425.641.4658 x117 Email: matt@americaonefinance.com

AFG LLC (Asset Funding Group) www.assetfundinggroup.com Contact: Jaye Kuchman Phone: 720-889-1175 Email: Loans@assetfundinggroup.com

Commercial Lending, LLC www.CommercialLendingllc.com Contact: Will Lansing Phone: 703-286-7932 Email: wlansing@commerciallendingllc.com

Continuum Funding Group www.continuumfunding.com Contact: Evan Kaplan Phone: 703-564-1659 Email: ekaplan@continuumfunding.com

Fairview Commercial Lending www.FairviewLending.com Phone: 866-634-1270 Fax: 404-634-0319

Financial Resources Mortgage, Inc. www.commercialloanresources.com Contact: David Dexter Phone: 603-279-1133 X 317 Email: privatemoney@frmortgageinc.com

First Mount Vernon I.L.A. www.FMV1.com Phone: 703-823-6800 Fax: 703-997-2499

Greanleaf Legal Services, LLC www.GreenLeafLegals.com Phone: 888.326.3303 Ext 217 Contact: Simon Yarandi Email: Simon.Yarandi@GreenLeafLegals.com

TheNicheReport.com

LENDER & RESOURCE DIRECTORY

www.settlementbiz.com 877 392 4940 Gregory Funding LLC www.gregoryfunding.com Phone: 888.324.3578 Fax: 503.226.4699 Email: info@gregoryfunding.com

KENNEDY FUNDING, INC. www.kennedyfunding.com Contact: Jonathan Weiner, Chief Loan Officer Phone: 1-800-342-8500 Email: info@kennedyfunding.com

Light Funding Corp www.lightfunding.net Contact: Maria Gorrita Phone: 877.300.1595 Email: info@lightfunding.net LJL Funding www.LJLFunding.com Contact: Phil Jemmett Phone: 888-456-0246 Email: PJemmett@LJLFunding.com

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

December 2008

Metro Funding Corp www.metrofundingcorp.com Contact: Jennifer Smith Email: jennifer@metrofundingcorp.com Phone: 866-302-6360

Stonecrest Financial Contact: Bill Phone: 888.884.6518 Email: Bill@stonecrest.net

Nationwide Home Relief Phone: 877.368.7266 Miner Capital Funding, LLC www.Minercapitalfunding.com Orlando@minercapitalfunding.com Phone: 702-466-8952 Fax: 314-667-3092

Precision Loan Processing www.PrecisionLoanPro.com Phone: 703.743.9739 Email: Kristen@precisionloanpro.com

RBA Capital www.RBACapital.com Dan Murphy 610.293.8008 x205 dmurphy@rbacapital.com

Remington Financial Group, Inc www.remingtonfg.com Contact: Aaron Enright Phone: 480.905.3239 Email: apply@remingtonfg.com

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

Unifund Financial Group Inc. www.unifundinc.com Contact: Tyson Hempel Phone: 619-987-1083 Email: tyson@unifundloan.com

Urban Financial Group, Inc. www.reverseit.com Contact: Matt Klaus Phone: 888.777.3311 Email: info@reverseit.com

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"TheNicheReport is nationally distributed to 20,000 real estate finance professionals."

It’s not about clearing the last hurdle. It’s about preparing for the next. Under pressure, Bryan Clay nailed the highest prize attainable. What’s your gold medal? If it involves a loan of up to $100 million, we may be able to help—even if others have turned you down. And we’ll do it in record time.

Kennedy Funding is a registered trademark of Kennedy Funding, Inc.

Bryan Clay 2008 Olympic Decathlon Gold Medalist

Loan commitments in 24 hours. Close in as little as 5 days. Commercial real estate loans for all situations. How can we fund you?