TNR - January 2009 by The Niche Report

Issue 019 January 2009 TheNicheReport.com

Case for Entrepreneurs The Identity Today's MI Products 16 AMortgage 21 24 27 Principal Stuck at the Gate Theft "Red Provide Consumer Reductions Undo 2003-2007.

Bottoming out is a process.

Flags" Rule

Protection

The FTC announces delay.

When it comes to foreclosure, nobody benefits.

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y s b 0! r a ye 3,00 3 g 2 $2 it n ay a w br g a e l n Ce givi

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Mercury Network: More important than ever The mortgage market has seen its share of ups and downs, and collateral value is at the core of lending once again. You need accurate, independent appraisals done in compliance with all of the existing and new regulations — especially with regards to the new HVCC (“Home Valuation Code of Conduct”), which is slated to take effect in early 2009. Of course, with a new regulator of Fannie and Freddie and all the market turmoil surrounding them, nobody even knows if the HVCC will actually take effect. So, you’re in a quandary. Do you outsource appraisals to an appraisal management company and take on the risks associated with abandoning appraisers with whom you’ve had a good working relationship

for years? Or do you manage them in-house and risk being accused of influencing values? Is there a way to hedge your bet and get the best of both worlds? You bet there is. Since 2002, our Mercury Network website has been used by more than 200,000 mortgage professionals to order and manage tens of millions of appraisals, at full fee to the appraiser. And with our new update to Version 3.0, you get all the “double blind” ordering and communications that protect your legal liability, without losing access to your existing appraisers and without alienating them by inserting an appraisal management company in the middle.

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CONTENTS

Issue 019

16 13

Affinity Partners Create Perpetual Referrals

Entrepreneurs Stuck at the Starting Gate

January 2009

pg 34

PORTFOLIO & ALTâ&#x20AC;&#x201C;A

pg 36

JUMBO

pg 37

Manufactured

pg 37

REVERSE

pg 38

NON-PRIME & HARD MONEY

pg 39

CONSTRUCTION/REHAB

pg 42

COMMERCIAL

pg 43

Mark Hanson Undo 2003-2007.

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

Today's MI Products Provide Consumer Protection Christopher j. Antonello Senior Vice President, Marketing Genworth Mortgage insurance When it comes to foreclosure, nobody benefits.

Center Stage with Good Grievance the niche report Helping solve the property tax crisis.

DEPARTMENTS

George c. marentis, J.D. President/ceo of compliance made simple, llc The FTC announces delay.

agency & FHA

FOUNDER & PRESIDENT Robert Pegg robert@nichereportonline.com

Kurt Lefterhoff and Mark Speno Secured private Capital, LLC Bottoming out is a process.

The Identity Theft "Red Flags" Rule

NICHE REPORTS

A Case for Mortgage Principal Reductions

TOM Ninness Vice PrEsident Cherry Creek Mortgage Looking for you to go the extra mile.

January 2009

09 10 32 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 Manager Henry Suchman henry@nichereportonline.com Production Assistant Dawn Exner dawn@nichereportonline.com ADVISORY BOARD Aaron Krowne President and CEO, IEHI, Inc. COLUMNISTS Stewart Mednick CONTRIBUTING AUTHORS Christopher J. Antonello Mark Hanson Kurt Lefterhoff George C. Marentis Tom Ninness Mark Speno

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

SUBSCRIPTIONS This publication is intended for real estate finance professionals. If you are a mortgage broker, lender, loan officer and you do not currently receive The Niche Report, please send your name, company name, and address to subscriptions@nichereportonline.com. Send address change requests to info@nichereportonline.com. Remember to include the old address. To opt-out of receiving The Niche Report, please send your request, including name, company name, and address to opt-out@nichereportonline.com.

ADVERTISEMENTS To inquire about advertising in The Niche Report, please call 540.657.2632, or send an email to ads@nichereportonline.com. Visit our website, www.TheNicheReport.com to download a copy of our Media Kit.

EDITORIALS / ARTICLES To submit an article for consideration in The Niche Report, please send an email to kristen@nichereportonline.com or call 540.657.2632. We are interested in original writings relevant to mortgage brokers and other real estate finance professionals. If you have a comment or question about an article or editorial published in The Niche Report, or if you have a suggestion for a topic you would like to see featured in a future issue, please send an email to kristen@nichereportonline.com.

THE NICHE REPORT POLICY The information and opinions expressed by contributing authors and advertisers within The Niche Report do not necessarily reflect those of BODA Publishing, LLC employees and should not be considered as endorsed or recommended by BODA Publishing, LLC.

ÂŠ2008 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.

NOTE FROM THE FOUNDER

Happy New Year! Wow, 2008 is finally behind us. What a year, and a tough one at that. In our first issue for 2009, our feature article from Mark Hanson, aka Mr. Mortgage, firmly suggests making drastic principal reductions to loan modifications. With over 50% of loan modifications defaulting (again), it may serve us well to take large hits now, versus larger hits later. Some say investors and speculators help fuel the housing crisis. Kurt Lefteroff and Mark Speno make a very compelling argument on how real estate investors (entrepreneurs) can actually help our economy. With lenders hesitant to enter this arena, these same folks are “stuck at the starting gate”. Our first Center Stage article for 2009 is with Good Grievance. A company that is very important, and appropriate, at this time. With deflating values all over the country, Good Grievance is leading the industry in property tax resolution. As a loan originator in this market, this company could prove to be a valuable partner in offering your past and present clients additional help. Along with our line up of articles this month, we have added more lenders and categories to our “Niche Reports” towards the rear of the magazine. Please use this information as a guide to help you do your job – close loans. The Niche Report wishes all our readers a prosperous New Year.

Keep up the fight,

Robert Pegg

TheNicheReport.com

CALENDAR OF EVENTS

Upcoming Key Dates & Events: January & February January 2009 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 February 2009 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 January 12-14 NJAMB - - New Jersey Licensing and Compliance Course Location Change Holiday Inn 2175 Marlton Pike West, Cherry Hill, NJ 08002

February 11 AAMB - Wednesday, February 11, 2009: Central Chapter Luncheon Central Chapter Luncheon. 11:30-1:00 The Hilton Garden Inn, 4000 N. Central Ave. (just w. of central on Clarendon) doors open 11:30, meeting at noon Validated parking lot east of building

January 21 FAMB - Broward - Loan Modifications Dave & Busters, 3000 Oakwood Blvd, Hollywood, FL 5:45pm

January 21 NJAMB - MBA-NJ Women's Committee Dinner Women Leaders Building High Performing Teams .5:30 - 9 p.m. Crowne Plaza 36 Valley Road, Clark, NJ

January 22 FAMB - Suncoast - Education Sam Seltzers Steak House, 7113 Tamiami Tr S, Sarasota, FL   Navigating Interstate FS494 1:00pm - 5:00pm.

January 27 Gulf Coast - Education Feather Sound Country Club, 2201 Feather Sound Dr, Clearwater, FL 33762. Detecting and Avoiding Fraud - 4 Credit Hours 1:00pm - 5:00pm.

January 29

February 12 FAMB - Gulf Coast - Education Feather Sound Country Club, 2201 Feather Sound Dr, Clearwater, FL 33762 . RESPA - 4 Credit Hours. 1:00pm - 5:00pm

February 18 NJAMB - Joint MBA-NJ/NJAMB Installation of Officers and Board Members Dinner Meeting 5:30 p.m. - Networking Cocktail Reception 6:30 p.m. - Dinner and Program Woodbridge Hotel & Conference Center 515 Route 1 South & Gill Lane, Iselin, New Jersey

February 19 FAMB - Broward - Trade Show Broward Convention Center

February 19

WAMB - WAMP Legislative Day  General Administration Building, Olympia 210 11th Ave S. Olympia, WA 98501

Broward Chapter presents our 2009 Trade Show "Beat The Odds". Being held at the Broward County Convention Center.For addition information contact Sheila Kiniry at 954-792-0579 or Email: skiniry631@aol.com

February 2

February 26

FAMB - General Meeting. Sam Seltzer's 11:30am 1:00pm. General meeting

AAMB - AAMB Board Mtg The Hilton Garden Inn 4000 N. Central Avenue (just w. of central on Clarendon) doors open 11:30, meeting at noon Validated parking lot east of building

AAMB - Tuesday, February 10, 2009: Southern Chapter Luncheon Location Viscount Hotel - 4855 E. Broadway, Tucson. Members - $20/Non Members - $25 For more info/registration: RSVP to Rita ThomsonZurita mortgagemom@msn.com

FAMB - Tri-Chapter Mortgage Showcase World Center Marriot Resort February 26, 3:00pm - 7:00pm. During the frontier days of America many Americans bonded together and accomplished great acts. Today as in the days of the frontier we join together to support one another during less than perfect times. So today we come to you to join forces in representing the Mortgage Industry at the United FAMB Chapter Tradeshow at the luxurious World Center Marriott in Orlando Florida. With that said please join Central Florida Chapter, Volusia Chapter and Space Coast Chapter for this historic trade show. This year Vendors will benefit from the Unity of 3 Chapters, Lower Costs and more foot traffic than ever before. This year’s Venue: The Luxurious World Center Marriott Resort Date: February 26, 2009 Tradeshow time: 3pm till 7:00pm Theme: Frontier Days Foot Traffic: Estimated 2500 to 3500 Contact: Steve (407)767-5343; Dan (386)788-5211; Jean Marie (321)733-0244

January 15

February 11

February 27

January 13 FAMB - Central - Education Bahia Shrine, 2300 Pembrook Dr, Orlando, FL 32810. OFR Compliance Course - 4 credit hours

January 13 AAMB - Southern Chapter Luncheon,Viscount Hotel - 4855 E. Broadway, Tucson. Members - $20, Non Members - $25. For more info/registration: RSVP to Rita Thomson-Zurita mortgagemom@msn.com

January 14 AAMB - Central Chapter Luncheon,11:30-1:00 The Hilton Garden Inn 4000 N. Central Avenue (just w. of central on Clarendon)

January 14

FAMB - Gulf Coast - Education Feather Sound Country Club, 2201 Feather Sound Dr, Clearwater, FL 33762. FHA Underwriting and Processing - 4 Credit Hours 9:00am - 1:00pm

January 15 FAMB - Jacksonville - Education Marriott Hotel, 4670 Salisbury Rd, Jacksonville, FL Navigating Interstate FS494 - 4 credit hours 1:00pm - 5:00pm

January 2009

February 5 CAMB - Inland Empire (darlalucido@hotmail. com) . Mark Your Calendars! We are in the process of planning out the details of this event and will update the information immediately upon completion. If you have any questions in the interim, please contact Darla Lucido at 909-349-0906!

February 10

CAMB SD BOD Meetin, Stewart Title of California, 7676 Hazard Center Road, 14th Floor, San Diego, CA 92108 5:00 pm - 7:00 pm. Organizer: Karen Satterwhite (coordinator@cambsd.org) http://www.cambsd.org/

CAMB LAM, BOD Meeting. Los Angeles Metro Time: 8:30 am - 10:00 am . Organizer: Los Angeles Metro (info@camblam.com. GB Mortgage Solutions , 407 S. La Brea Ave, Inglewood, CA 90301. 310-590-

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AFFINITY PARTNERS CREATE PERPETUAL REFERRALS Looking for you to go the extra mile BY tom ninness

ny sales professional depends on the loyalty of their clients to stay in business. Keeping clients happy, addressing their needs and keeping in touch leads to those precious referrals on which every sales person relies. The mortgage and real estate industry is more competitive now than ever and it is imperative that past clients are kept in touch, through newsletters, emails, phone calls and face to face opportunities. Affinity partners or Professional Referral Sources are equally as important in generating leads. Affinity partners are those outside your own business sphere services for your client and have the ability to generate leads and referrals for you. For the real estate and mortgage industry some of those potential Professional Referral Sources include CPAs, financial planners, human resource directors, insurance agents, attorneys, credit unions, private bankers, etc. In order to make any affinity partnership work, the partners will expect you to provide impeccable service for the referred clients if you are to become their trusted advisor for the client’s mortgage and real estate needs. Affinity partners are looking for you to go the extra mile for their clients. Create a document of services you will be providing their clients. Include how you will be communicating, the frequency of the communication for both the client and the referral partner. Affinity partners will become an extension of your team and it is critical to keep them in the loop. If they are going to entrust you with their valued clients you have a responsibility to provide guarantees about your services and expectations that will bring added trust to the client and the referral

partner. The Affinity Partner will be expecting referrals from you as well. Outline your expectations for the Affinity Partner ensuring that your client referrals will receive the treatment you expect for them. Remember, these clients become an additional source of potential future business for both of you. Credibility lies with you. Your Affinity Partner will expect a knowledgeable partner; one who understands the current market issues, is considered an expert in his or her field, and one who can carefully and thoroughly understand any clients’ needs. Send out articles, newsletters and important alerts to let your Referral Sources know you are in touch with what is happening in your market and profession. Take time to build the relationships, learn commonalities, build familiarity and continually look for ways to provide value to the partner. Affinity Partners are your assets. You have to keep your eye on your asset accounts and the same is true with referral partners -- look at them as your “building relationship capital.” If you haven’t looked or analyze your referral relationships, or started to build professional referral sources, now would be a good time to ask yourself a few questions: 1. Do you consistently follow up with the affinity partners that you’ve established by adding value, building trust and consistently go the extra mile for their clients? 2. Do you make it a weekly habit to build relationships with a variety of professionals and organizations that can play the roles of affinity partners for your business?

TheNicheReport.com

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A Case for Mortgage Principal Reductions Undo 2003-2007

By Mark Hans0n

believe that the housing market will 'fix' itself over time and constant meddling only prolongs the inevitable. But regulators, politicians and banks are hell-bent on 'saving' us with programs that will just not work. In my opinion, the only way to 'fix' the housing and mortgage markets and consumerâ&#x20AC;&#x2122;s balance sheet is to undo 20032007. To 'undo' means to: a) Force de-levering the home owner/consumer through mortgage principal balance reductions based upon what the borrower really earns using market-rate financing b) Make it so home owners can freely refinance and sell their homes c) Make it so the vitally important move-up buyer comes back d) Significantly reduce defaults and foreclosures without making home owners underwater, fully-leveraged, renters for the rest of their life, as the present mortgage

modification plans do e) Allow home prices to fall to attractive multiples of rents and incomes without exotic loan programs or artificial, temporarily, government induced low mortgage rates This can all be accomplished quickly if the right steps are taken.

HOME OWNERS AS A GROUP ARE NOT TO BLAME This greater housing and mortgage crisis is not a result of millions of borrowers going wild, buying beyond their means. Nor was it caused by gangs of mortgage brokers cruising the streets with 1003's and pens in hand recruiting straw buyers to steal homes. The greatest real estate bubble of all time was only able to occur because of the investment and commercial bankâ&#x20AC;&#x2122;s constant re-engineering of loan programs focusing on low monthly payments and the virtual elimination of income and assets as a variable. This

extraordinary leverage created through these exotic loan programs never existed before. The problem going forward is that most do not realize that during the bubble years, everything was exotic - even 30-year fixed, fully documented loans.

PEOPLE VIEW THEIR HOME AS AN INVESTMENT NOT A PLACE TO LIVE What’s worse is that over the past five years, there was a fundamental shift of how people viewed their home - from ‘a place to live’ to their single ‘largest investment’. How could they not when all loan programs from Subprime to Prime allowed 50 percent of gross income (greater when considering limited income doc loans) to be used towards debt. When housing was viewed as a place to live, financing was sound with down payments required and no more than 28 percent of gross income going towards housing debt. When home prices fell it was alright because home owners could still save money. There are many who can not afford their payments because of an ARM adjustment. But at one time they were qualified by the bank and given the way the loan was structured they could, in fact, afford the home. Banks and real estate professionals in every city in the nation used high-leverage exotic loans in order get people to qualify for ever increasing loan amounts. By 2005, interest-only was the industry standard, as well as stated income. Lenders did not worry over what would happen to the loan after a few months because the loan was sold and they lose all liability after six months. The 2/28 Subprime ARM was a perfect example of a loan program not designed to hold over the initial teaser period and one that the lender didn’t care about because most were sold and securitized. Even the securities investors never planned on holding these long. Exotic loans with teasers were sold as a ‘way to get into the home more cheaply’ or a ‘way to improve your credit, then refinance into something better a couple of years from now’. The high churn rate out of these loans was what kept money flowing into this sector. They were short-term, high yield investments. This philosophy was not isolated to Subprime 2/28’s either - Prime 5/1 interest only ARMs and Pay Option ARMs were also sold the same way. ARMs were the majority of mortgages in the bubble states through the bubble years.

REALITY But now it is obvious that the past six years was an illusion and none of the easy credit, high-leverage programs exists any longer. Prices are coming down to the real affordability levels using 15 and 30-year fixed rate loans and a down payment, which has rendered the nations financial institutions and millions of home owners instantly insolvent. The same household that earns $85,000 per year that two years ago could buy a $650,000 home with no money down can now buy a $275,000 $300,000 home with 10 percent down. It now takes at least $150,000 a year income and a large down payment to buy a $650,000 home. 100 percent stated interest only and Pay option ARMs will not return; nor will 100 percent HELOCs. They were doomed to fail from their creation. The banks had modeling systems that they never stress tested. You mean to tell me that it never occurred to the smartest guys in the room to plug into the model that home prices could actually fall? That was a fatal error that the world is paying for. ARTIFICIALLY LOW RATES WILL NOT HELP EITHER Who Can Really Benefit From a five percent conforming (=<$417K) Mortgage? With a 69 percent home ownership rate at the peak, values down around 50 percent in the bubble states, negative-equity at an epidemic level, base-rates for most loans only available to those with high credit score and low LTV’s and Jumbo money still in peril, who is left to take advantage of these low rates? While for those that qualify, low rates are a great thing. It is very possible that the excitement over low mortgage rates will end up being exactly like the excitement surrounding the previous 20 bailouts, acts, proposals over the past year -- the light at the end of the tunnel is a train. Within the states that need the most help and are most beneficial to the macro-economy, the vast majority can not refinance due to negative-equity. In California for example, 60 percent of mortgagees are either upside down or near upside down and will not be able to take advantage of the rates. Nevada, Florida and Arizona are even worse. Most home owners in the top 10 trouble states in the nation are in financial hardship with their homes, unable to move or refinance. TheNicheReport.com

should hasten the national reality that the largest portion of the home owner's net worth has evaporated in the past year. One loan officer I spoke with equated this call to a Doctor notifying a patient that he has a terminal illness. The other two top reasons that loans are not making it out of the application phase are because of credit scores coming in too low, interest rates not really being what the borrowers are hearing hyped and Jumbo money is near all-time highs. With respect to credit scores, many have been negatively affected by creditors bringing revolving lines down sharply over the past several months. If the outstanding balance on a credit card is over the 30 percent it negatively affects the score. Lately, banks have been dropping available credit to just above the outstanding balance, which creates a large credit score hit. Additionally, when borrowers with loan amounts over $417,000 find out that 30-year fixed rates are anywhere from 6.5 percent to 9 percent, the reality will set in that they are stuck in that loan and that home indefinitely. 42 percent of home owners are upside down and unable to refinance. And about 65 percent to 70 percent in the bubble states The only thing that can be done to fix this quickly is to waive appraisals for Agency and FHA loans as Lockhart has suggested. "James Lockhart, Fannie and Freddie’s regulator, said last week they were considering waiving the requirement to get new home price appraisals before refinancing loans they hold – a move that could greatly increase the scope for refinancing” But ‘no appraisal’ refinances could be a disaster that takes the housing crisis to an entirely different level because now the tax payer will be on the hook for trillions in mortgages that are essentially unsecured credit lines. Nobody will ever buy these loans or securities derived from them. But given the extent of the negativeequity in America with no way to fix it other than aggressive proactive loan modifications allowing principal balance reductions, my money is on them seriously considering this.

THE SOLUTION The solution is not about the regulators forcing

interest rates down to artificially low levels for a brief period of time. That’s what got us here in the first place. That being said, sustainable low rates are good for the housing market. But low rates mean very little when millions will default and lose their homes over the next few years because all of that added supply can't be absorbed by the available buyers. The fact is that there are much fewer buyers than ever before given home ownership was at 69 percent a couple of years back and now the largest sector of the purchase market, move-up buyers, are all but non-existent. If not for the unregulated institutions providing unlimited and irresponsible credit and leverage to every household in America this never would have happened. I am a fan of letting the market work and the housing/foreclosure crisis clearing itself up on its own. We are already seeing positive signs that the Subprime crisis is on the other side of the hill mostly on its own. The problem is that the Alt-A, Jumbo Prime and Prime mountains lie ahead. However, if the government and banks are hell bent on modifications and saving people, they ought to do it the right way. This blame does mostly lie with the banks, law makers, and regulators (including Greenspan) who branded and endorsed exotic loans as mainstream until 80 percent of all loans in the state of California were exotic by definition in 2006. This is very similar to the cigarette makers not telling the American consumer for decades that Cigarettes were highly addictive and cause cancer. Prices are coming down fast and the market will clear at some point and at some level. But that level could be years away. The banks, regulators and lawmakers with all of their highly exotic loan modification plans will ensure it takes two decades for this to happen. The re-default rate after loan modification is over 50 percent because most loan modifications keep the borrowers levered in their homes. The plans by Fannie, Freddie, FDIC, banks and lawmakers do exactly this. My plan will achieve the same within a couple of years. Yes, there will be pain, but much less. As with the financial institutions, the quicker the borrowers de-lever and raise cash, the better for the housing market and macro-economy. It is worth spending a few more trillion on quickly de-leveraging US households so they are free to save and spend money on other things besides an over-financed house. The present mortgage modification structure takes care of TheNicheReport.com

the institutions at the expense of the very same tax payer that is bailing them out in the first place. Undoing the Past 5-Years It is time for the very same financial institutions that created all of this to do what’s right and re-underwrite every loan originated between 2003 - 2007 using prudent underwriting guidelines. Then, they must reduce the principal balance to what the borrower really earns using a 28 percent housing and 36 percent total debt-to-income ratio (DTI) at a market rate 30-year fixed loan. When home owners are levered to 28/36 DTI they are able to save money and live a decent lifestyle. If reducing the principal balance to 28/36 on a market rate 30-year fixed loan winds up being $100,000 lower than the present value of the home, the bank should receive the differential through an equity warrant to 90 percent of the value of the property. This way the home owner is not upside down in the home, they can freely sell or refinance. But the home owner gets all of the upside. Anything less

and the program will fail. If the borrowers can not prove income through bank statements at the very least, then they need to leave the house and rent. They should have been renters all along. For the small percentage of folks who can afford the payments just fine with DTI's under 28/36 but are underwater solely due to house price depreciation, principal balance reductions to 90 percent of the present value of the property is likely in order with a full-recourse provision to thwart fraud. For the minority with equity who may owe fifty percent of the home value or have no mortgage at all, they should receive a multi-year tax break. Many of them already have 5 to 5.5 percent rates. By de-leveraging and stabilizing the consumer, you will stabilize house prices much faster, which will benefit the economy. These things will not prevent housing prices from coming down over the next few years to reach a level of affordability consistent with present mortgage rates and lending guidelines. But at least it would be the best way to begin to undo the irresponsibility of the past five years and get back to basics where house prices and affordability are based primarily on traditional factors such as rents, incomes, interest rates, macroeconomic conditions and sentiment.

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. Since 2006, his primary focus has been upon his work as an independent finance and real estate sector analyst, consultant and ‘risk enlightener’ to investment funds, banks, mortgage bankers, the public sector and the media. He owns one of the leading online mortgage/housing internet sites called Mr Mortgage’s Guide to the Truth located at http:// mrmortgage.ml-implode.com

ENTREPRENEURS STUCK AT THE STARTING GATE Bottoming out is a process BY kurt lefteroff and mark speno

very year our neighbors gather for a holiday party. We look forward to the evening as our chance to check in with the many commercial real estate developers and executives who live nearby. This year, we expected to hear tales of woe and frustration, and we were not disappointed on that account. In small groups and in one-on-one conversations, we heard about tenants asking for rent reductions, development projects getting delayed, and borrowerlender relationships turning sour. Not all of the conversations were negative. One conversation in particular stood out. A former mortgage broker, I will call him Sam, told us about how he is buying foreclosed single family homes from banks, making repairs and selling to ready and able buyers. He said the key to his strategy was to keep the final price below $100,000 and to deliver a home in fully repaired condition. Sam’s experience told him that while buyers could make the required down payment and could afford the monthly mortgage payments, they could not afford to bring the homes into livable condition. As it turns out, many foreclosed homes need substantial repairs. We think Sam is doing something wonderful. Sam is helping banks dispose of non-earning assets. Sam is giving hard-hit contractors much needed work. Sam is providing affordable housing. Sam is driving the engines of the local economy. Sam is an entrepreneur in the finest sense of the word. Sam has a good plan and a limited window of time to execute and he is frustrated that he lacks the capital to scale up his operation. He can afford to undertake only one or two projects at a

time. He knows that if he had access to greater capital he could turn his idea into a more profitable venture. Banks would give him better pricing if he could buy homes in bulk and his subcontractors would share savings with him if he could give them more houses to work on at a time. Sadly, Sam is an entrepreneur that is stuck at the starting block. He is not alone. In the rubble of every burst investment bubble are those courageous entrepreneurs who help break the gridlock between devastated holders and willing and able buyers. The capital that lenders provide to real estate entrepreneurs is scarce these days even though the government has pumped billions of dollars into the banking system to promote lending. We recently met with the president of a regional bank to get his take on why the new funding has not had the desired effect. His bank received a significant influx from the TARP, the Troubled Assets Relief Fund, and we were curious to hear what his bank planned to do with the funds. The answer surprised us. It seems that banks have a relatively free rein with the TARP funds, and in the evaluation of our banker acquaintance, buying other troubled banks was the best possible place for his bank to put the funds to work. The logic has much to do with acquiring depositor accounts on the cheap. When asked why he robbed banks, Willie Sutton is famously credited with saying, “Because that’s where the money is.” When it comes to commercial real estate, it appears that is where the money is going to stay for a while.

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So what is an entrepreneur like Sam to think? The government is pouring vast amounts of money into the banking system. The Federal Reserve Bank has just lowered interest rates to historic lows. To the casual observer that pair of factors must look like an ocean of cheap capital – just out of reach. In the words of the Ancient Mariner, “Water, water every where, nor any drop to drink.” The problem doesn’t stop with the lack of ready loans. For those few loans that lenders will make, the loan-to-value ratios have tightened as well. That means borrowers need to bring more real cash equity to the table today than in the recent past. That necessary equity is not readily available to entrepreneurs as private investors run shell-shocked to the financial sidelines. It is unfortunate that Sam will have to muddle along for the foreseeable future. Losing the good that he could do for himself, others and the overall economy is a loss we can ill afford as an industry and as a nation. Bottoming out is a process. That process is going to take some time for investment real estate and most seasoned real estate entrepreneurs understand that the substantial profits that can be made in this part of the cycle are worth the wait. We can expect that the entrepreneurs will be

willing to move when the starting gun eventually sounds. Until then, we owe all of the courageous entrepreneurs we work with in our respective industry roles and our pledge to continue to champion their cause. Kurt Lefteroff and Mark Speno are Principals of Secured Private Capital, LLC, a private lender for investment real estate based in Scottsdale, Arizona. They can be reached at (480) 315-1515 or mark@securedcap.com.

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The identity theft 'red flags' rule The FTC announces delay by George H. Marentis, J.D.

s many of you are aware, The Fair and Accurate Credit Transactions Act of 2003 (FACTA) established a requirement for the implementation of an Identity Theft “Red Flags” Rule. The purpose of the rule is to minimize incidents of Identity Theft and Fraud related to the handling of customers’ non-public information. On October 22nd the FTC announced a six month extension of the Identity Theft “Red Flags” rule. The new enforcement date is now May 1, 2009.

WHO NEEDS TO BE COMPLIANT – MORTGAGE BROKERS? The rule applies to federal banks, state and federal loan associations, mutual savings banks, state or federal credit unions, finance companies, auto dealerships, as well as, mortgage companies and mortgage brokers. Based on conversations with my clients, most were not aware that the complex rule affects them. In fact, it seems the brokers who were aware of the Red Flags Rule, were led to believe all they had to do was pay a little extra to the credit reporting agencies to get the fraud protection, and all would be well - that is not true… Mortgage Brokers are among those specifically required to comply with the Red Flags Rule. WHAT IS THE “RED FLAG” RULE? WHAT’S NEEDED TO BE COMPLIANT? The rule requires that the program be in writing. There isn’t a “one size fits all” prescribed solution. Each entity has the flexibility to structure its own program 24

January 2009

based on its interpretation of the applicability of the rules and its business practices. The major requirement must detect, prevent and mitigate Identity Theft. Each Identity Theft prevention program must: • Identify “Red Flags” • Detect “Red Flags” • Respond to “Red Flags” • Be approved • Be periodically updated. The Federal Trade Commission identified 26 “sample” Red Flags. The list is not meant to be comprehensive, but provides guidance for consideration in implementing the program.

26 “Red Flags”: 1. A fraud alert included with a consumer report. 2. Notice of a credit freeze in response to a request for a consumer report. 3. A consumer-reporting agency providing a notice of address discrepancy. 4. Unusual credit activity, such as an increased number of accounts or inquiries. 5. Documents provided for identification appearing altered or forged. 6. Photograph on ID inconsistent with appearance of customer. 7. Information on ID inconsistent with information provided by person opening account. 8. Information on ID, such as signature, inconsistent with information on file at financial institution. 9. Application appearing forged or altered or destroyed and reassembled.

10. Information on ID not matching any address in the consumer report, Social Security number has not been issued or appears on the Social Security Administration's Death Master File, a file of information associated with Social Security numbers of those who are deceased. 11. Lack of correlation between Social Security number range and date of birth. 12. Personal identifying information associated with known fraud activity. 13. Suspicious addresses supplied, such as a mail drop or prison, or phone numbers associated with pagers or answering service. 14. Social Security number provided matching that submitted by another person opening an account or other customers. 15. An address or phone number matching that supplied by a large number of applicants. 16. The person opening the account unable to supply identifying information in response to notification that the application is incomplete. 17. Personal information inconsistent with information already on file at financial institution or creditor. 18. Person opening account or customer unable to correctly answer challenge questions. 19. Shortly after change of address, creditor receiving request for additional users of account. 20. Most of available credit used for cash advances, jewelry or electronics, plus customer fails to make first payment. 21. Drastic change in payment patterns, use of available credit or spending patterns. 22. An account that has been inactive for a lengthy time suddenly exhibiting unusual activity. 23. Mail sent to customer repeatedly returned as undeliverable despite ongoing transactions on active account. 24. Financial institution or creditor notified that customer is not receiving paper account statements. 25. Financial institution or creditor notified of unauthorized charges or transactions on customer's account. 26. Financial institution or creditor notified that it has opened a fraudulent account for a person engaged in identity theft.

RAMIFICATIONS OF NOT BEING COMPLIANT. If you do not comply, you may be liable for financial penalties in the event of an identity theft breach. In addition, non-compliance may lead to class action suits. Your failure to have the written program "documents" your company's negligence with respect to preventing identity theft!

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, originations 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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Today's mortgage insurance products provide consumer protection When it comes to foreclosure, nobody benefits BY Christopher j. antonello

ow more than ever, homebuyers appreciate the need to protect their investments and make smart decisions, particularly as they relate to mortgage finance. An alarm system can protect their valuables from theft, a smoke alarm from fire and homeowner’s insurance can reimburse them in the event of damage to their home. But what they often don’t know is that mortgage insurance (MI) can protect them if tough economic times or other personal financial setbacks impact their ability to make their mortgage payments. Today’s MI products come with many added benefits for the buyer at no extra cost. These include homeowner assistance programs, job loss protection and discounts for those who complete homebuyer education programs. When it comes to foreclosure, nobody benefits. It is time consuming and costly for everyone: the borrower, the lender, the investor and the insurer. Its effects are devastating. MI companies like Genworth Financial are working to make a difference. In 2008, Genworth helped almost 12,000 homeowners avoid foreclosure through its Homeowner Assistance program. Nearly 90 percent of these borrowers were able to save their homes through a “cure” mortgage workout such as a repayment plan or a loan modification. Others in trouble avoided foreclosure by selling their home through other workout options. Genworth reached out to troubled borrowers nationwide, but its foreclosure prevention efforts were highest in Texas, Florida and Georgia. With job loss a major cause of mortgage

delinquencies, some MI companies also offer help to borrowers who find themselves laid off. Last year, with job losses widespread across many industries in the U.S., and unemployment numbers today even further on the rise, some unemployed borrowers find peace of mind from a no-additional-cost job loss protection benefit provided in addition to their MI policies. Their mortgage payment is covered for up to six months, allowing them to get back on their feet without falling behind on their mortgage. It’s also a smart loss mitigation move for the industry. MI companies today understand better than ever that an educated consumer is the best customer. Studies show that borrowers who complete a homebuyer education course are more likely to manage their mortgage responsibly leading to greater financial stability. Many MI customers have the opportunity to receive a discount on their monthly MI premium if they successfully complete an eight-hour course prior to buying their home. Essentially, the industry is paying its customers to become more financially aware and responsible – a win-win for all parties. Borrowers are really starting to recognize the importance of not only protecting their home, but also protecting their finances and their future – something they can do early on by securing a loan with MI. Mortgage professionals are in the business of putting families into homes, not foreclosing on them, which is why the industry is working with families to resolve their mortgage problems. Borrowers who are behind on their payments

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should know that their MI company can help them reach out to their lender and mortgage servicer to help save their home. Communication is key to protecting investments. At the same time, explaining to your customers at the beginning of the home buying process that help is available when times are tough can ensure that costly foreclosures are avoided in the future.

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Chris Antonello is Senior Vice President, Marketing, for Genworth Mortgage Insurance. Antonello began his career with GE in 1984, and progressed through various sales and marketing leadership positions. Based in Raleigh, NC, Genworth Mortgage Insurance is a division of Genworth Financial, a leading financial security company meeting the retirement, longevity, lifestyle protection, investment and mortgage insurance needs of more than 15 million customers. To learn more about the safety and security of mortgage insurance, visit www.SmarterMI.com.

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CENTER STAGE

CENTER STAGE WITH GOOD GRIEVANCE Helping solve the property tax crisis brought to you BY THE NICHE REPORT

roperty taxes can be traced back to ancient times, with the foundation of our current structure being passed through to the original colonies from England. Although, the methods employed by local taxing districts have undergone several changes, they all share the same basic model; the tax base must expand through new taxable units, the property value within the taxing district must continually appreciate or tax ratios for the district must be raised to cover pre budgeted costs of local government services. Due to the dramatic declines in real estate values it has been estimated that as many as 50 million property owners within the United States are already being unfairly over-assessed. Many of these same property owners are just now becoming aware of the fact that they can file a tax grievance with the municipality to challenge the assessed value of their property. “I called several property tax consultants in my area and chose Good Grievance because of their membership,” said Tara, a homeowner who will save almost $2,000 dollars off her tax bill the first year. “I had called a bunch of other firms in my area and discovered they all charged 50% of the amount they saved me, that was a $1,000 for just one year”, she stated. “Good Grievance had me pay a one-time enrollment cost of $399.00, provided a free property appraisal, free tax challenge, free analysis of my homeowners insurance, and will now challenge the assessed value of my property every year for free if the assessed value exceeds the fair market value”. “We let every property owner know that they can go it alone if they apply the time required to research local market activity, but to achieve the greatest results many homeowners are seeking the services of licensed property

tax consultants”, said James Donovan, the Chief Executive Officer. As with any form of government left unattended, the legislative budgets have always outpaced property tax receipts. During the recent real estate cycle, the increased revenue realized through appreciation to home values fueled the growth of local government. The property values have diminished significantly, and continue to decline month to month, with no bottom in sight. What if all the excess created through artificially low interest rates and unregulated lending caused a major long-term negative disruption in property values? What if home foreclosures and outright abandonment left once flourishing neighborhoods littered with dilapidated structures. What if unemployment started a steady upward march to 11%? What if real estate values experienced their most significant decline since the Great Depression? What if all of these factors collided at once? Or have they? Property taxes have traditionally been viewed as a proportional tax. As we continue through the early stages of this current recession, property taxes across the nation will rapidly transition into a “regressive tax” as commercial property owners incorporate tax certiorari (a legal appeal of a real property tax assessment for the purpose of a lower tax bill) as another portion of their business. Unless changes are made to State tax structures, each successful appeal of commercial property will shift more of the district tax burden to residential homeowners within that particular district. In response to overall decline in district tax revenue, local assessors will have to increase tax rates to compensate for the reduced commercial tax receipts. As the residential rates rise to close budget gaps,

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the residential property values in that particular district become less valuable due to higher taxes. Inventory and affordability have historically been viewed as the template for real estate value trends. Research clearly establishes that this particular housing cycle is unique and unprecedented. The supply curve shifted outward in the first quarter of 2006, and we have yet to observe a natural stabilization in equilibrium quantity. Although there are many mitigating factors that have caused this extraordinary market condition, an increase in property tax would cause prolonged deterioration. The median housing price as compared to median family income ratio already implies a continued decline to national property values, until eventually establishing a bottom trough during 2011. The solution must be introduced soon to avert a prolonged correction. To counteract the reduced tax receipts due to mass property devaluation, Good Grievance has begun encouraging local officials to apply for federal assistance. Understanding that any direct aid would require a leaner bureaucracy, it would be advisable for local officials to reevaluate in advance of petitioning. The alternative is far worse - a repeating cycle of raising property tax to offset lower property value due to the increase in property tax, and so on. The current property-assessment-model is archaic. “A momentous opportunity to consolidate the myriad of assessing districts throughout the country can be achieved through the introduction of available technology”, said Thomas Sato, the Vice President of Residential Sales. “By unifying assessing units at the state level, property owners across the Country could save over 2 Billion Dollars annually”, he continued. “A shared system would not only protect taxpayer money by eliminating the overlapping costs involved with multiple mass-apportion tax systems”, it would further ensure that resources are used wisely for the benefit of the people”. Good Grievance was formed in 2004 to provide affordable solutions to troubled homeowners. Through the use of integrated proprietary technology, blended with a growing list of professionals we have developed a platform-based centralized property assessment tool. The technology helps keep costs down because it allows the Company to fully leverage the appraised data to generate additional revenue. “I spoke with Good Grievance and immediately joined due to the exceptional pricing for

January 2009

their services”, said another member. The Company business model provides an independent property valuation model that virtually eliminates appraisal fraud. This unique model will provide real-time property data to homeowners, government agencies, lending institutions and other industries that require consistent and accurate property values. Through our combination of people and technology we have introduced a model that will save both the homeowner and the government tremendous expense related to budget forecast models. Any projected deficit could be recognized and addressed almost 18 months in advance of legislative and voter approval. Additionally, it provides government planners with ample notice and prior opportunity to enact non specific broad based provisional transaction flow tax instead of escalating the property tax burden. Good Grievance envisions a network of homeowners across the nation working together as members to reduce the cost of home ownership. Our primary focus is to address current inequity linked to property tax and hazard insurance markets. Upon achieving certain levels of membership, the Company intends to expand to cooperative purchasing initiatives, which will provide significant savings to property owners, such as heating fuel and electric consumption. The Good Grievance business model is designed to support industry professionals that are currently looking to introduce additional products and services to their past and present clients. We are offering affiliate opportunities for exceptional people that understand the opportunity to offer current and past clients an additional valuable service. The property tax grievance market could grow to an estimated 100 billion dollars. The tax challenge industry is fragmented and local by habit, which positions Good Grievance with no direct competitors. “In these troubled times-we are hiring”, concludes Thomas Sato If you are currently established as a real estate professional, mortgage professional or certified appraiser and would like to expand your business to include our services, please contact Thomas Sato direct at (866)-966-TAXES, or visit us on the web at www. goodgrievance.com

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 Golden Rules, Part 1 BY STEWART MEDNICK

uring the course of many years in customer service oriented businesses, I have learned many beneficial concepts mostly through OJT (on the job training). I have had a few mentors and valued teachers from whom I have learned how to be successful in a business that interacts with customers. As such, I have developed what I call “Golden Rules” that are guidelines of how to conduct business on a daily basis. Since personal interaction is a key element of the business, or any business, these Golden Rules focus on communication and expression. I would like to share a few of these with a brief explanation of what they mean. If you have read my column over the past year, some of these Golden Rules may sound familiar. 1. Be impeccable with your word. We will be tempted to say almost anything for gaining business. We will want to deliver the undeliverable just for that coveted commission check. This Golden Rule is an ethical thing. This is also the most important Golden Rule, in my opinion. There are implied benefits that will come to fruition over the long term by imposing this guideline. Don Miguel Ruiz wrote a book entitled “Four Agreements.” This is one of the agreements and warrants a very in depth understanding that can be further researched and highly recommended to do so. Your word (small case) has to do with the things you say. They make up sentences, phrases that you speak and write. They come out as opinions, or comments, 32

January 2009

thoughts in your head, or could even make it into policy in some situations. On the other hand your Word is much more. Your Word (upper case) has to do with the power you have to create through every kind of expression you make. You create through multiple types of expression including emotions, attitude, actions, what you refrain from, and what you express your faith in. You can create dynamics of respect in relationships by being silent and listening attentively. You can create a different experience for yourself and others by refraining from an emotional reaction. You create an income for yourself by how well you express caring in the activity of your work. This can happen in a very subtle and almost passive way of just accepting what you think about yourself as true; being authentic. You express in a multitude of ways through out the day and being impeccable with your Word applies to all of them. To be impeccable with your word is an art requiring constant vigilance. It is not something that you can decide to do one day and master by the end of the week. The mastery of any art, like music, painting, or sculpture, requires practice. To master the way you express your emotions, actions, thoughts, beliefs, will take practice just like any other art. As I have stated in past columns, be authentic in who you are, and that positive energy will be an extension of your impeccable word. 2. Under promise and over deliver. We always want to promise the world to our customers; don’t! Be very conservative about what you promise and what is delivered in the way of services,

TIP OF THE MONTH

timeframes and products. If you know you can respond back to a client in a matter of hours or by the end of the day, do not state that. Say that you will call back the next day. In this way, you will impress the client when you do call back in hours that same day. You now have gained a perception of being on top of your game and the client is impressed with your diligence. Also, what if right after you talked to the client and promised you would call back in hours, you receive another call shortly after that is a crisis with another customer, and you become so involved in ‘putting out that fire’ that you do not have time to call back in hours like you promised. Now you over promised and under delivered.

forms; it is not about you, so just move on. 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

3. Don’t take anything personally. Many times in conversation, the other party involved may say something that will sound offensive in some way. We tend to take this personally. You did nothing wrong and you were very polite, so why is the customer so rude? It is not about you. You do not know what is going on in the life of the person you are talking to at that moment. For example; I could call a referral prospect. I am polite over the phone and state who I am and how I received the person’s contact information. The prospect may respond, “What the hell do you want? Why are you calling me? I am not interested!” and hang up on me. This may make one feel depressed, angry, or ready to quite the business and get a drink. How a person responds to you is not about you. That prospect could just have a bad day. There may be serious drama going on in his or her life at that time. Maybe a favorite TV show was on at the time and the prospect was pissed off for being interrupted. You have no idea why the prospect responded as such, but do not take it personal. Call again another day and see if the response is different. Just remember, that you will encounter negativity in many

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412-292-8511

hsecure.pricemyloan.com/custom/cfb

(Fannie/Freddie only)

Continental Home Loans

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

Home Savings of America

972-235-7366

Countrywide

904-245-8008

www.cwbc.com

ICON Residential Capital

888-639-5641

www.iconwholesale.com

Direct Mortgage Wholesale

801-924-1880

www.directmortgagewholesale.com

ING Mortgage

877-464-0555

Federal Trust Mortgage

407-323-1833 x 153 www.federaltrust.com/brokers

www.ingloans.com/wholesale/index.html

Fifth Third

866-492-0072

JMAC Lending

www.53.com/wholesalemortgage

877-841-0776

www.jmaclending.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.

January 2009

NICHE REPORTS

Agency & FHA Lender Listings continuedâ&#x20AC;Ś Just Mortgage, Inc.

714-860-8867

Primary Capital

678-308-0257

www.primarycapital.com

Lenders Advantage

818-669-0974 x 0 www.lenderinc.com

www.justmtg.com

Proto Fund

813-436-6803

www.protofund.com

Liberty Lending Inc

800-808-5591

www.libertylendingwholesale.com

Provident Funding

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

Liberty Mortgage

800-986-2499

www.bbt.com/libertymortgage

Reliant Funding

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

M&T Bank Mortgage

804-380-7465

wholesalemortgage.mtb.com/

Residential Lending Network

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

Mega Capital Funding (Fannie/Freddie only) 818-657-2600

www.megacapitalfunding.net

(Fannie/Freddie only)

Merit Mortgage

310-650-0773

meritwholesale.com/

Reunion Mortgage

559.476.0937

MetLife Home Loans

www.wholesale.metlifehomeloans.com

Royal Crown Bancorp

877-507-6925

www.crownloan.com

Mortgage Bank of California

714-423-3295

Security Atlantic (FHA only)

800-956-3863

www.fhaland.com

Mortgage Close (Fannie/Freddie only)

714-453-0220

b2b.mortgageclose.com

Security Mortgage Funding

619-249-9166

www.smfcloans.com/brokers

National Direct Funding

970-672-0805

www.ndfcorporation.com

www.reunionwholesale.com

(Fannie/Freddie only)

Security National Mortgage

619-857-2700

www.securitynational.com

National Home Lenders

888-344-0520 x 4 www.nationalhomelenders.com

Senderra Funding

704-831-3600

www.senderra.com

Nations Direct Mortgage

949-270-7974

www.brokerFHA.com

Sierra Pacific

661-713-6564

www.spm1.com

NetMore America

509-526-4007

www.netmoreamerica.com

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

www.spfs.com

Nexbank

866-389-6046

www.nexbank.com

Stearns

925-628-0704

www.stearnswholesale.com

SunTrust Wholesale

913-982-2150

www.stmpartners.com

SWC Financial Corp.

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

(Fannie/Freddie only)

NorthStar Lending (Fannie/Freddie only) 954-843-7018 x 7018

www.

mynorthstarlending.com/ Pacific Banc Mortgage

571-340-5593

www.pacificbanc.com/

Taylor, Bean & Whitaker

888-678-8547

www.taylorbeandirect.com

Pacific National Bank

305-539-7675

www.pnb.com

The Jumbo Lender

800-826-0360

www.TheJumboLender.com

Paramount Residential (FHA only)

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

Titan Wholesale

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

Perfect FHA (FHA only)

800-201-2317

Trust One Mortgage

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

Phoenix Funding

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

U.S. Bank Consumer Finance

941-539-1603

www.usbank.com

Plaza Home Mortgage

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

United International Bank

313-903-2082

www.unitedinternational.us

PMC Bancorp

626-964-4040 x 8199 www.pmcmtg.com

United Residential Lending

404-661-4632

www.urlending.com

Polaris Funding (FL, IN, MI, OH)

616-667-9000

www.polarishfc.com

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

www.perfectfha.com

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

www.prefercapital.com

Vertice

Premier Mortgage Capital, Inc.

786-243-3101 x 2

www.premierwholesale.com

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

925-570-0777

www.villagewholesalelending.com

Presidents First

877-773-7178

www.presidentsfirst.com

Wells Fargo

www.brokersfirst.com

310-283-8411

www.verticelending.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.

TheNicheReport.com

NICHE REPORTS

portfolio & ALTâ&#x20AC;&#x201C;A Premium Listings

ACC Mortgage, Inc.

Our Money our Rules, we make loans that make sense

240-314-0399

Direct portfolio lender specializing in funding loans traditional lenders cannot. NOD or BK ok. No credit score requirment. No pre-payment penalty. Up to 75% LTV. Loan amounts up to $1.0MM. Lending territory: AZ, CA, CO, ID, NV, OR & WA

Gregory Funding LLC 888.324.3578

Manaseh, Epharim and Associates 770-840-0112

Asset lending specialists. Your source for international and domestic funding

portfolio & ALT-A Lender Listings Powered by TheLoanPost.com Amtrust Bank

888-321-6446

www.amtrustgemstone.com

Hayhurst Wholesale

813-425-7011

Astoria

301-537-9047

www.astoriamortgage.com

Home Savings of America

972-235-7366

Banker West

800-518-1172

www.bankerswest.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

786-314-6280

www.emigrantmortgage.com

First Federal Bank of CA

310-630-7792

www.firstfedwholesale.com

First Northern Bank

707-423-9330

www.thatsmybank.com

Global Lending Group

727-530-0110

www.glgiwholesale.net

GSF Funding

262-373-0790

www.gsfsales.com

Hollander Financial

661-476-4668

hwww.hollanderfinancial.com

Washington Federal 971-645-9140 www.washingtonfederal.com/wholesale

www.hayhurstwholesale.com www.myhsoa.com

Luxury Mortgage

203-569-4249

Residential Lending Network

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

www.luxurymortgagewholesale.com

United Midwest Savings Bank

614-255-3499

www.umwsb.com

United International Bank

313-903-2082

www.unitedinternational.us

US Bank

702-630-0770

www.usbank.com

West One Mortgage Corp

818-921-7602

www.westonemortgagecorp.com

January 2009

NICHE REPORTS

Jumbo Jumbo Lender Listings Powered by TheLoanPost.com American Southwest Mortgage

888-593-1003

www.amswmtg.com

ICON Residential Capital

888-639-5641

www.iconwholesale.com

American Home Equity

714-661-5836

www.ahedirect.com

Liberty Mortgage

800-986-2499

www.bbt.com/libertymortgage

Countrywide

904-245-8008

www.cwbc.com

MBS Mortgage Company

866-799-3696

mbs-mortgage.com

Direct Mortgage Corp.

801-924-1880

www.directmortgagewholesale.com

Presidents First

877-773-7178

www.presidentsfirst.com

EverBank Wholesale Lending

415-595-3968

www.everbankwholesale.com

Reunion Mortgage Inc.

559.476.0937

www.reunionmortgage.com

Fifth Third Mortgage

866-492-0072

www.53.com/wholesalemortgage

Security National Mortgage

619-857-2700

www.securitynational.com

Flagstar Bank

800-897-7222

wholesale.flagstar.com

Sierra Pacific

661-713-6564

www.spm1.com

Florida Capital Bank Mtg

866-295-0014

www.flcb.com

Taylor, Bean & Whitaker

888-678-8547

www.taylorbeandirect.com

Franklin American

606-519-4165

www.franklinamerican.com

U.S. Bank Home Mortgage

702-630-0770

www.usbank.com

Gateway Funding

800-355-5626

wholesale.gateway-funding.com

Vertice

925-570-0777

www.verticelending.com

GB Mortgage

602-791-8950

hwww.gbmortgagelending.com

Walker Jackson Mortgage

703-653-8183

www.wjmcwholesale.com

Greystone Financial

602-574-0100

www.greystonefinancialonline.com

Wells Fargo

310-283-8411

www.brokersfirst.com

Home Savings of America

972-235-7366

www.myhsoa.com

WestAmerica Mortgage Co.

303-771-2800

www.wamco.us

Manufactured Manufactured Listings Powered by TheLoanPost.com Alternative Mortgage Express 800-522-5263 American Financial Resources 973-588-8530 Axiom Commercial Funding 866-637-3014 x 10 Chase Home Finance 813-601-2530 CNB National Lending, LLC 815-412-9305 Countrywide 904-245-8008 Eastern Savings Bank 800-981-7114 x 6250 Essex Mortgage 702-893-9200 First Cal 877-224-3262 First Mutual Bank 971-645-9140 www.washingtonfederal.com/wholesale First Northern Bank 707-423-9330 Flagstar 866-998-6063 Freedom Mortgage Corp 800-843-3753 GMC Mortgage Capital 941-766-1613 Lenders Advantage 818-669-0974 x 10 Liberty Mortgage 800-986-2499

www.amxloans.com www.afrwholesale.com www.acfsonline.com www.chaseb2b.com www.cnbnationallending.com www.cwbc.com www.easternsavingsbank.com www.essexwholesale.com www.firstcalwholesale.net

Liberty Savings Bank

941-735-7890

www.libertysavingsbank.com

Merit Mortgage

310-650-0773

meritwholesale.com

Multicorp Financial

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

Perfect FHA

800-201-2317

www.perfectfha.com

Polaris Funding (FL, IN, MI, OH)

616-667-9000

www.polarishfc.com

Portfolio Mortgage Company

480-775-5150

www.portmort.com

Reliant Funding

412-942-1010 x 18

www.reliantfunding.us

Taylor, Bean & Whitaker

586-557-4144

www.taylorbeandirect.com

Trust One Mortgage

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

www.thatsmybank.com wholesale.flagstar.com www.freedomwholesale.com www.gmcmtgcap.com www.lenderinc.com www.bbt.com/libertymortgage

United Midwest Savings Bank

614-255-3499

United Wholesale Mortgage

800-981-8898 x 5590 www.usmwholesale.com/default.asp

www.umwsb.com

US Bank 702-630-0770 www.usbank.com/cgi_w/cfm/mortgagebrokers/home.cfm?redirect=brokerloans West One Mortgage Corporation

818-921-7602

www.westonemortgagecorp.com

TheNicheReport.com

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

hlibertyreversebroker.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

January 2009

NICHE REPORTS

NON-Prime & HARD MONEY Premium Listings

ACC Mortgage, Inc.

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

240-314-0399 ext 16

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

AgriCap Financial Corporation 213-542-5232

Ambit Funding 800-823-7101

Avatar Financial Group 888-896-0083

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

Commercial Lending, LLC 703-286-7932

Continuum Funding Group 703-564-1659

Fairview Commercial Lending 866-634-1270

Financial Resources Mortgage 800-950-6913 or ddexter@frmortgageinc.com

Direct lender - up to 70% LTV: Bridge loans, purchase & rehab, construction financing, raw land, no minimum credit score requirments. Nationwide lending from $300k to $3 million, 24 hour commitment as fast as 5 days to close. HARD MONEY- MADE EASY Agriculture including facilities and part-time farms, commercial, special purpose properties Short-term commercial bridge lenders; Most property types including RAW LAND; All 50 states, and Canada; Max LTV 70%, 50% on Land Bridge loans for improved commercial real estate from $1 million, terms up to two years with no prepayment penalties. We are a direct lender and brokers are protected. Apply online at www.avatarfinancial.com or simply give us a call A Public Mortgage REIT Traded on the NYSE (NYSE: BRT) Fast response on loans from $2 million to $50 million on income producing commercial properties nationwide. No prepayment penalties, lock out or exit fees 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

NON-Prime & HARD MONEY premium niches continued…

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

Gregory Funding LLC 888-324-3578

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

LJL Funding

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 Direct portfolio lender specializing in funding loans traditional lenders cannot. NOD or BK OK. No credit score requirement. 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. FC Bailouts - No FICO requirements. Focused strictly on the residential market. Tech oriented direct hard money lender. Consistent Guidelines Great Service!

888-456-0246

Manaseh, Epharim & Associates 770-840-0112

Metro Funding Corp 866-302-6360

Miner Capital Funding, LLC 702-466-8952

Remington Financial Group, Inc

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

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.

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.

January 2009

NICHE REPORTS

NON-PRIME & HARD MONEY Lender Listings Powered by TheLoanPost.com Advantage Capital Equity Solutions

800-223-3019

AFC Hardmoney

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

AgriCap Financial Corporation

213-542-5232

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

www.adcapequity.com www.agricap.com

Lakeside Financial Inc.

949-297-4180

www.nofico.net

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

601-428-1005

www.hardmoneymortgages.com

Alliance Financial, Inc.

866-603-5999

www.afiloans.com

Magnolia Financial Consultants

Ameribank Mortgage

516-833-8834

www.ameribanksolutions.com

Meridian Group

800-901-9301

www.meridiangroupinc.com

American Acceptance (cml)

800-452-9287

www.aamcap.com

Overland Financial

818-342-2477

www.overlandfinancial.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

Pacific Mortgage Funding Corporation (cml) 562-864-4006

www.pacificmortgage.com

PB Financial Group Corp.

310-289-0900

www.pbfinancialgrp.com

678-292-6984

www.piedmontcapitallending.com

Bay Equity

800-229-3703

www.bayeq.com

Piedmont Capital Lending, LLC.

BFS Capital, LLC. (cml)

510-381-1930

www.bfscapital.com

Porter Bridge Loan Company (cml)

866-725-1777

www.porterbridgeloan.com

BlueWater Funding, LLC

866-551-2583

www.bluewaterfundingllc.com

Portfolio Mortgage Company

480-775-5150

www.portmort.com

Brookview Financial

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

PFA Capital, LLC

800-531-4589

www.pfacapital.com

California Equity Lenders

818-584-2320

www.calequitylenders.com

Capital Alliance

415-288-9575

www.calliance.com/index.php

Quik Fund Inc.

813-671-0712

www.quikfund.com

CFA Capital Partners (cml)

914-967-5780

www.cfacap.com

Rehab Funding

610-645-9939 x 310 rehabfunding.com/

www.crawfordparkfinancial.com

Remington Financial Group

480-905-3239

www.remingtonfg.com

Crawford Park Financial

626-796-7979

Cushman Rexrode Capital Corporation (cml) 925-988-7200

www.cushrex.com

Right Start Mortgage

800-520-5626

www.rightstartmortgage.com

Diamond Bay Investments, Inc.

702-254-9303

www.diamondbayinvestments.com

SBB Financial

866-358-7238

www.sbbfinancial.com/

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

Emigrant

786-314-6280

www.emigrantdirect.com

SmartServ Solutions

888-633-4778

Exeter Holding Ltd.

516-338-7500

SWC Financial Corp.

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

www.fchardmoney.com

Swift Funding

727-521-6633

swiftfundingcorp.com

First Mount Vernon Industrial Loan Assn 703-823-6800

www.fmv1.com

TCRM Commercial Corp. (cml)

212-371-3933

www.tcrmcommercial.com

First Select Capital

540-908-2205

www.firstselectloans.com

The Loan Doctors, Inc. (cml)

954-647-7679

www.regd506.com

Global Lending Group

727-530-0110

www.glgiwholesale.net

The Money Source, LLC. (cml)

480-946-4000

www.themoneysourcellc.com

GMC Mortgage Capital

941-626-9656

www.gmcmortgagecapital.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

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

exeterholding.com

www.bronxhardmoney.com

HMC Funding

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

Unifund Financial Group, Inc.

619-573-0289

www.unifundinc.com

Investor Funding

864-213-3951

www.4investorfunding.com

West One Mortgage Corporation

818-921-7602

www.westonemortgagecorp.com

J & J Financial

714-256-4416

www.10dayloan.com

WholesaleLending.com (cml)

866-303-6301

www.wholesalelending.com

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. 800-950-6913 or ddexter@frmortgageinc.com

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

First Northern Bank

707-423-9330

Assurity Financial

866-841-7863

www.assuritywholesale.com

Hawkins Capital

208-908-5596

www.thatsmybank.com www.hawkinscap.com/

Axiom Commercial Funding

866-637-3014 x 10

www.acfsonline.com

Kennedy Funding

201-342-8500

www.kennedyfunding.com

Broker Capital Funding

408-438-6939

www.brokercap.com

M&T Bank Mortgage

804-380-7465

wholesalemortgage.mtb.com

Chase Home Finance

813-601-2530

www.chaseb2b.com

Mango Bay Mortgage

561-347-9811

www.mangobayinc.com

Colonial National Mortgage

800-825-1311

www.cnmbrokers.com

Mission Oaks National Bank

805-889-0301

www.missionoaksbank.com

Everbank

415-595-3968

www.everbankwholesale.com

Portfolio Mortgage Company

480-775-5150

www.portmort.com

Excelsion Mortgage

888-578-5441 x 1

www.ExcelsionBrokers.com

SWC Financial Corp.

714-680-7050 x 113

www.swcfinancial.com

Federal Trust Mortgage

407-323-1833 x 153

www.federaltrust.com/brokers

United Midwest Savings Bank

614-255-3534

www.umwsb.com

First Mutual Bank

971-645-9140

www.washingtonfederal.com/wholesale

Unity Bank

904-727-7535

www.unitybank.com

First National Bank of Nassau

404-218-3335

www.fnbwholesale.com

West One Mortgage Corporation

818-921-7602

www.westonemortgagecorp.com

January 2009

NICHE REPORTS

COMMERCIAL Premium Listings

AgriCap Financial Corporation 213-542-5232

Avatar Financial Group 888-896-0083

Fairview Commercial Lending 866-634-1270

Financial Resources Mortgage, Inc. 800-950-6913 or ddexter@frmortgageinc.com

Gregory Funding LLC 888.324.3578

Griffin Capital Funding 540-548-1001

KENNEDY FUNDING, INC.

Agriculture -- Farms, Ranches, Facilities. Agricultural Operating/Crop Input Loans. Great rates on commercial real estate loans, fully amortizing up to 25 years. Most property types considered including hotels, multi-family and special-use. Full doc is required for these competitive rates. Please call to request a rate sheet No minimum credit score, foreclosure bailouts, Quick Closings nationwide, commitments in 24 hours Real Estate based private money lender. Commercial & Residential Investment. Refi-Cash Out allowed. Retail, office, multi-family, raw land, development & modular construction are our specialties. Common sense underwriting. No upfront fees! Email or call today. 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 Owner occupied and investment commercial loans nationwide except AK. We pay YSP up to 3%, offer correspondent relationships to qualified companies. We also have a non profit division that specializes in church loans. We love SBA and USDA Loans!

1-800-342-8500

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

Light Funding Corp.

All types of commercial loans nationwide & international

877.300.1595

Manaseh, Epharim & Associates 770-840-0112

Metro Funding Corp 866-302-6360

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

TheNicheReport.com

NICHE REPORTS

Commercial premium niches continuedâ&#x20AC;Ś

Remington Financial Group, Inc 480.905.3239

Trilogy Commercial Lending 888-875-5055

Senior financing on existing real estate all property types, competive rates Specializing in Full Doc small balance Commercial loans up to $5 M. Our unique Commercial Automated Underwriting System allows for instant approvals, including pricing options. No Upfront Fees! Experience ease of execution - call today!

COMMERCIAL Lender Listings Powered by TheLoanPost.com 21st Mortgage

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

Magnolia Financial Consultants

601-428-1005

www.hardmoneymortgages.com

Acupen Financial

503-516-5823

www.Acupenfinancial.com

Mango Bay Mortgage

561-347-9811

www.mangobayinc.com

Affinity Bank

877- 862-7245

www.affinitybank.com

Met-West Commercial

866-766-4000

www.met-west.com

AgriCap Financial Corporation

213-542-5232

www.agricap.com

Midwest Financial Capital

317-844-7776

www.midwestfinancialcapital.com

American Acceptance

800-452-9287

www.aamcap.com

Arlington Richfield

248-613-7423

www.arlingtonrichfield.com

Minvest Financial

877-317-0260

www.minvestfinancial.com

Apartment Lending

303-771-1031

www.aptlending.com

Avant Capital Partners, LLC.

212-219-9419

www.avcapital.net

Axiom Commercial Funding

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

Mission Oaks National Bank

951-719-1200

www.missionoaksbank.com

MiStar Financial

720-200-2600

www.mistarfinancial.com

MJM Capital Group

480-628-1943

www.mjmcapitalgroup.com

Multicorp Financial

925-275-8111 x 222 www.11multicorpfinancial.com 800-830-5940 x 1 www.NationwideCommercialLenders.com

Berkshire Capital Financial, Ltd.

212-986-9890

www.berkshirecapital.net

BFS Wholesale

800-778-3763

www.bfscapital.net

Nationwide Commercial Lenders

Blue Sky Commercial Funding

888-500-2583

www.bscfloans.com

New World Commercial Lender

561-628-2069

www.nwclender.com

Brownstone Mortgage Capital

800-547-1285

www.brownstoneloans.com

Overland Financial

818-342-2477

www.overlandfinancial.com

Capital Alliance

415-288-9575

www.calliance.com/index.php

Pacific Mortgage Funding Corporation 562-864-4006

www.pacificmortgage.com

CapitalSource Finance

212-321-7215

www.capitalsource.com

Pacific National Bank

305-539-7675

www.pnb.com

CFA Capital Partners

914-967-5780

www.cfacap.com

PFA Capital, LLC.

800-531-4589

www.picconefinancial.com

Ciena Capital

800-722-5626

www.cienacapital.com

PNC ARCS

800-275-2727

www.askARCS.com

CIT Small Business Lending Corp.

404-244-4592

www.smallbizlending.com

Presidential Bank

301-652-1616

www.presidential.com

Coast Investors Capital

305-446-9125

www.coastinvestors.com

Pribank

866-811-9217

www.pribank.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 Commercial Mortgage City

877-473-6984 954-854-6853

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

www.clcloans.net

REM Capital

877-774-4240

hwww.remcapitalgroup.com

www.commercialmortgagecity.com

SF Partners Mortgage

305-774-0456

sfmortgagelenders.com

877-813-4685

www.silverhillfinancial.com

Commercial Mortgages 101

800-763-3036

www.commercialmortgages101.com

Silver Hill Financial

Community Commerce Bank

916-648-2680

www.ccombank.com

Small Business Loan Source, LLC.

512-215-2727

www.adelinerem.com

www.cushrex.com

St. Cloud Mortgage

877- 653-3276

www.farmerloan.com

Cushman Rexrode Capital Corporation 925-988-7200 Eastern Savings Bank

800-787-8187

www.easternsavingsbank.com

STA Capital Group & Advisors

866-610-4141

www.c-loandivision.com

Equity One Commercial

407-370-7843

www.equity1commercial.com

Strongtower Financial

800-333-9893

www.strongtowerfinancial.com

Excelsion Mortgage

888-578-5441

www.excelsionbrokers.com

SWC Financial Corp.

714-680-7050 x113 www.swcfinancial.com

First California Bank

818-670-7688

www.fcbank.com

Griffin Capital Funding

800-710-6762

www.ysploans.com

Hawkins Capital

208-908-5596

www.hawkinscap.com/

TCRM Commercial Corp.

212-371-3933

Terrace Capital

212-671-1031

www.tcrmcommercial.com www.terracecapital.com

The Money Source, LLC.

480-946-4000

www.themoneysourcellc.com

Trilogy Commercial Lending, LLC.

877-726-9433

www.trilogycl.com

Union Bank of California

877-945-2265

www.uboc.com www.wellsfargo.com

HMC Funding

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

Integrity Financial Group

916-343-7559

Interbay Funding, LLC

877-207-6099

www.interbay.com

Kennedy Funding

201-342-8500

www.kennedyfunding.com

Wells Fargo

800-840-5822

Lib Properties, LTD.

404-256-8600

www.libloans.com

West One Mortgage Corporation

818-921-7602

www.westonemortgagecorp.com

Lighthouse Commercial

614-340-3894

www.Lighthouse-Commercial.com

WholesaleLending.com

866-303-6301

www.wholesalelending.com

LNB Commercial Capital

321-214-0585

www.lnbcapital.com

World Capital Bancorp, Inc.

888-922-3003

www.worldcapitalbanc.com

www.ifgloans.com

January 2009

LENDER & RESOURCE DIRECTORY

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

Best Rate Referrals www.bestratereferrals.com Phone: 800-811-1402

a la mode, inc. www.alamode.com

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

Ambit Funding www.ambitfunding.com Contact: Chris Bednar Phone: (570)-829-2101 (800)-823-7101 Email: loans@ambitfunding.com

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

AgriCap Financial Corporation www.agricap.com Contact: Business Development Phone: 213-542-5232 Email: sales@agricap.com

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

CityLights Financial Express, Inc www.citylightsfinancial.com 800-530-2489 ext 301 info@citylightsfinancial.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

Credit Plus Inc. www.creditplus.com Phone: 800.258.3488 Fax: 800.258.3287 Email: beyondbundled@creditplus.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: 800-950-6913 Email: ddexter@frrmortgageinc.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 800-848-3162

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

Gregory Funding LLC www.gregoryfunding.com Phone: 888.324.3578 Email: info@gregoryfunding.com Griffin Capital Funding www.ysploans.com Contact: John Berardino Phone: 540.548.1001 x 104 Email: johnb@ysploans.com

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

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

The Loan Post www.TheloanPost.com Phone: (877) 812-4327 Email: sales@TheLoanPost.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

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

New Jersey Association of Mortgage Brokers/MBA of New Jersey www.njamb.org 973.379.7447 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 www.settlementbiz.com 877 392 4940

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

January 2009

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WE’LL NEGOTIATE WITH YOUR BANK. YOU COULD CUT MILLIONS

OFF YOUR COMMERCIAL

MORTGAGE. The tremendous resources of Kennedy Funding offer the power and expertise to negotiate directly with your lender…and the funds to help you buy down your existing mortgage—fast. The bottom line: Kennedy Advisory Services may be able to save you 20 to 40% or more off the top. Start saving today! Call 1-800-342-8500 or visit kennedyfunding.com

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