Issue 021 March 2009 TheNicheReport.com
USA vs. Multi-Family 13 An Industry 16 24 Christopher Warren Financing Forever Changed The industry as we knew it is gone.
Catch me if you can.
Commercial lending for all seasons.
26 Selling Lessons from Muhammed Ali Make your next closing a knockout.
Attend Leonard Rosen’s Pitbull Mortgage School Now accepting enrollment for our Hard Money Seminar Hard Rock Hotel & Casino - Las Vegas April 30th Reserve your seat today. Always sells out! The Pitbull Mortgage School teaches you specifics not hypotheticals. Here is a sample of what you will learn:
Are you ready to prosper in the hard money lending industry?
• How to start and create a REG D 506 Federal Filing
how to become a direct hard money lender and also teach you how to create an investment mortgage pool.
• How to start and create a private placement memorandum (PPM)
With the recent credit crunch crises, conventional funding has become more difficult for borrowers to obtain financing. The real estate industry has always been dependent on the ability of lenders to source loans. We have several distinct messages that we communicate at our live event. Mortgage brokers who want to broker hard money, are introduced to direct hard money lenders from all areas of the country. There are many mortgage brokers who have an interest in becoming a hard money lender. We teach you
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This is a one day event. April 30th at the Hard Rock Hotel and Casino 4455 Paradise Road, Las Vegas, NV 89169
Room Reservations at 800-HRD-ROCK. Individuals must identify themselves with Pitbull Seminars Inc. or PITK08B to receive the special group rate. Seminar will be held from 8am to 6pm . Followed by a hosted Networking Cocktail Party
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• How to start and create a mortgage pool • How to start and create a fractional investment mortgage pool • How to broker mezzanine and conduit loans • How to start and create a hard money mortgage company • How to ask the right questions of the borrower • How to manage your borrower • Where to place your loan scenario • How to determine the real value of the property (the Pitbull Hard Money way) • How to package and sell your loan to the investor • How to broker raw land loans, hard money commercial projects, foreclosures, NOD’s and hard money real estate development projects • How to assess an appraisal that will lead to funding the loan • How to broker second mortgages and home equity lines of credit • How to become a hard money lender • How to broker commercial hard money loans • How to broker hard money rehabs • How to fund and broker home equity lines of credit (HELOC´S) • How to learn strategic technques of foreclosure training
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CONTENTS
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Issue 021
March 2009
USA vs Christopher Warren Robin Medecke Catch me if you can.
NICHE REPORTS agency & FHA
pg 35
JUMBO
pg 36
PORTFOLIO & ALT–A
pg 37
REVERSE
pg 38
Manufactured
pg 38
HARD MONEY & NON-PRIME
pg 39
CONSTRUCTION/REHAB
pg 42
COMMERCIAL
pg 43
FOUNDER & PRESIDENT Robert Pegg robert@nichereportonline.com CO-FOUNDER & PRESIDENT David Pegg david@nichereportonline.com
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An Industry Forever Changed
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TOM Ninness Vice PrEsident Cherry Creek Mortgage Make your next closing a knockout.
George H Marentis PRESIDENT/CEO, COMPLIANCE MADE SIMPLE, LLC The industry as we knew it is gone.
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The Clandestine World of Trust Deed Investments joel barth CHAIRMAN, NORTHWEST CAPITAL ADVISORS, LTD. Investments with a twist.
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Multi-Family Financing andrew bogdanoff REMINGTON FINANCIAL GROUP Commercial lending for all seasons.
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March 2009
Selling Lessons from Mohammed Ali
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COPY EDITOR Stewart Mednick stewart@nichereportonline.com ACCOUNTING MANAGER Shawna Ingram shawna@nichereportonline.com
Center Stage with Reverse It!
sales manager Mark Moulton mark@nichereportonline.com
The Niche Report Software - Service - Training Marketing
Production Manager Henry Suchman henry@nichereportonline.com
DEPARTMENTS
09 10 32 45
EDITORIAL / CONTENT MANAGER Kristen Moser kristen@nichereportonline.com
Production Assistant Dawn Exner dawn@nichereportonline.com
NOTE FROM THE FOUNDER
ADVISORY BOARD Aaron Krowne President and CEO, IEHI, Inc.
CALENDAR OF EVENTS
COLUMNISTS Stewart Mednick
TIP OF THE MONTH LENDER & RESOURCE DIRECTORY
CONTRIBUTING AUTHORS Joel Barth Andrew Bogdanoff George H. Marentis Robin Medecke Tom Ninness
Gregory Funding is a private portfolio lender specializing in funding loans traditional lenders cannot. We offer flexible, creative lending solutions for: > Purchases > Refinances > Blanket Loans > Foreclosure Bail-outs > Bankruptcy Bail-outs > Residential & Commercial
Published monthly by BODA Publishing, LLC PO Box 494, Bentonville, AR 72712 Phone: 866.964.2695 Fax: 703.991.2362 Email: info@nichereportonline.com www.TheNicheReport.com
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EDITORIALS / ARTICLES
Š2009 Gregory Funding LLC, an Aspen Capital affiliated company. This is not a commitment to lend. Restrictions may apply. For Wholesale only. Not for distribution to the general public. LTV based on current valuation by Gregory Funding. Gregory Funding reserves the right to amend rates and guidelines. All loans are made in compliance with federal, state and local laws. High-Cost Loans prohibited. Gregory Funding LLC is an Oregon LLC, Oregon Division of Finance & Corporate Securities Lic#ML3575. Gregory Funding LLC, 425 NW 10th Ave Suite 307 Portland, OR 97209. Toll free: 888-324-3578.
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To submit an article for consideration in The Niche Report, please send an email to kristen@nichereportonline.com or call 866.964.2695. We are interested in original writings relevant to mortgage brokers and other real estate finance professionals. If you have a comment or question about an article or editorial published in The Niche Report, or if you have a suggestion for a topic you would like to see featured in a future issue, please send an email to kristen@nichereportonline.com.
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1.3 Million RealtoRs Full ContaCt inFoRMation PeRFeCt FoR MaRketing to agents
NOTE FROM THE FOUNDER
Stunned, outrage, disbelief – These are just a few emotions you may feel when reading about Christopher Warren. He is the subject of our feature article this month titled USA vs. Christopher Warren. While this article may elicit anger it may also have you wondering how the heck he got away with what he claims. We have all heard about stories and rumors of fraud within our beloved industry but never on this level. His story of corruption, flight from justice and subsequent capture at the Canadian border while trying to re-enter the U.S. is both despicable and fascinating. This issue of TNR also brings back some notable authors such as George Marentis, our “go-to” guy for compliance issues. He writes on a number of topics such as the SAFE Act, National Licensing and HVCC. Stewart Mednick comes at us with Part II of his most popular column to date - Should I Stay or Should I Go, Part II. Tom Ninness writes an inspiring article on how Mohammed Ali can help you close loans (really!). And Andy Bogdanoff, founder of Remington Financial Group, discusses a popular loan among commercial lenders - Multi Family financing. We would also like to invite everyone to visit us at our booth (we are attending both the residential and commercial expos) for the 26th Annual Regional Conference of Mortgage Bankers Associations. The conference will be held March 15 – 17th at the Trump Taj Mahal Casino Resort in Atlantic City, New Jersey. The folks at the MBA NJ have worked extremely hard in organizing this event. Come out and show your support.
Keep up the fight,
Robert Pegg
TheNicheReport.com
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CALENDAR OF EVENTS
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12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 March 15-19 NJMBA - Mar. 15-19, 2009 26th Annual Regional Conference of Mortgage Bankers Associations Trump Taj Mahal, Atlantic City, NJ March 19 CAMB – 4th Annual Survivors Summit & Tradeshow Los Angeles Metro, 9:00 am - 4:00 pm Los Angeles Convention Center March 19 FAMB - Jax Luck O'Jacksonville Trade Show Hyatt Riverfront, Downtown Jacksonville Single booth space prices are $795, if paid by January 31, 2009, and Double booth space (only 8 available!) prices are $995, if paid by January 31, 2009. Don't miss this 11 time sold out event...you just gotta ask yourself - "How can you not feel lucky?" March 24 FAMB - Volusia - Education Professional Title Auditorium, 747 S. Ridgewood Ave #204, Daytona Beach, FL March 24 RESPA & FS 494 Compliance 4 Credit Hours, 8:30 AM - 1:30 PM
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March 2009
March 24 FAMB - Bagels and Respa/494 Seminar Professional Title Auditorium 747 S. Ridgewood Ave. Suite 204 Daytona Beach Fl, 7:30am - 1:30pm 7:30 AM FAMB Bagels and Coffee Hour Sponsored by REAL WORLD APPRAISAL 8:30 AM Respa/494 Complaine Seminar 4 CEU's What's new with RESPA? Are you prepared for 2010? Do you know that RESPA governs how you disclose origination fees, sets tolerances on charges and requires full disclosure of loan terms? The FAMB Education Foundation has redesigned the RESPA Course to reflect the changes that become effective in 2009 and 2010. March 27 CAMB LAM, BOD Meeting, Los Angeles Metro, 8:30 am - 10:00 am GB Mortgage Solutions 407 S. La Brea Ave, Inglewood, CA 90301 310-590-1235 April 7 FAMB - Space Coast - Education Holiday Inn Express, 301 Tucker Lane, Cocoa, FL. Understand Credit Scoring - 4 CEUs 1:30pm - 5:30pm April 8 CAMB SD BOD Meeting, San Diego 5:00 pm - 7:00 pm Karen Satterwhite - coordinator@cambsd.org http://www.cambsd.org/ Stewart Title of California 7676 Hazard Center Road, 14th Floor San Diego, CA 92108 April 8 AAMB - Central Chapter Luncheon 11:30-1:00, The Hilton Garden Inn 4000 N. Central Ave., Phoenix, AZ 85012 Doors open 11:30, meeting at noon Validated parking lot east of building April 9 FAMB - Gulf Coast - Education Feather Sound Country Club, 2201 Feather Sound Dr, Clearwater, FL 33762 VA Underwriting & Processing 4 credit hours, 1:00pm - 5:00pm
April 14 FAMB - Central - Education Bahia Shrine, 2300 Pembrook Dr, Orlando, FL 32810 April 14 Analyzing the Self-Employed Borrower 4 credit hours, 1:00pm - 5:00pm April 14 AAMB - Southern Chapter Luncheon Location: Viscount Hotel 4855 E. Broadway, Tucson, AZ Members - $20, Non Members - $25 RSVP to Rita Thomson-Zurita mortgagemom@msn.com April 16 FAMB - Suncoast - Education Osprey Inn, 1660 S. Tamiami Trail, Osprey, Fl 34229 April 16 Navigating Interstate FS 494 4 credit hours, 1:00pm - 5:00pm April 16 FAMB - Broward - Education Dave & Busters, 3000 Oakwood Blvd, Hollywood, FL RESPA - Understanding the Law & Disclosure - 4 credit hours 1:30pm - 5:30pm April 22 CAMB - Your Client's Tax Returns Become An Expert In A Full Doc World San Francisco Peninsula, 9:00 am - 1:00 pm cambinfo@gmail.com, http://www.sfpcamb.org Back By Popular Demand!!! Industry Expert, Julie Anderson of Genworth Finanical provides a very in-depth workshop on understand your client's tax returns completely. 4-Hour Workshop - All Materials Included. April 24 CAMB LAM, BOD Meeting Los Angeles Metro, 8:30 am - 10:00 am GB Mortgage Solutions 407 S. La Brea Ave, Inglewood, CA 90301 310-590-1235, info@camblam.com
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AN INDUSTRY FOREVER CHANGED The industry as we knew it is gone BY george H. marentis, j.d.
O
ver the past couple of years I have been telling my clients, the mortgage broker industry is changing. The industry as we knew it is gone and in order for the mortgage broker to survive we need to be flexible and adapt to the changes. Recently a broker said to me “Compliance is a waste of time”. This is the type of mentality that needs to change for us and the industry to survive. It came as no surprise when I later found out that this broker was being investigated by a couple of the states he was licensed in and forced to close his doors. As we know, 2008 was a very turbulent year for the financial markets; 2009 will likely be as rough. Look around, our industry, and more specifically the mortgage brokers, are the primary targets of legislators at both the state and federal levels. The housing and mortgage industries were severely impacted and a number of new laws and regulations were enacted ranging from the new Identity Theft “Red Flag” requirements, new RESPA amendments, Regulation Z changes, new national licensing requirements, and also the controversial Home Valuation Code of Conduct rule.
NATIONAL UNIFORM LICENSING (S.A.F.E. Act) A new law was recently passed that establishes standard requirements for the licensing or registration of mortgage originators nationwide. State licensing will be required for all loan originators employed by brokers or lenders and registration will be required for originators
employed by depository institutions. The uniform standards require each state to have a system in place by August 1, 2009 or August 1, 2010 if the state legislatures meet biennially. However, a state may be able to get extensions through HUD upon a states good faith effort to meet the Acts requirements. As a requirement, originators will need to provide the FBI with fingerprints for them to complete a background check, take 20 hours of pre-licensure education and provide the NMLSR authorization to pull credit. Additionally, originators will need to pass an exam that will be developed by the Nationwide Mortgage Licensing System and Registry (NMLSR).
CONCERNS WITH NATIONAL LICENSING Although the concept of a standard nationwide licensing requirement has its benefits, there are some concerns. Does an originator need to take the 20 hours of pre-licensing education for each state in which he or she originates or just one? Will a passing score on the national exam be transferable to other states? What is the purpose of needing the originators credit report? will there be a minimum credit score requirement? Unfortunately, I don’t have all the answers, but it appears that the exam will be based on two components: a national portion and a state portion. Based on what I have been told, once an originator passes the national component, all that is needed to be completed for each state is the state portion. As for the 20 hours of prelicensing education, all that is needed is to complete it once and show evidence of successful completion to
TheNicheReport.com
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each state of application. Keep in mind, each state has the authority to require more than 20 hours, so anything above the minimum of 20 hours would need to be completed.
HOME VALUATION CODE OF CONDUCT The finalization of the Home Valuation Code of Conduct is just one of many new rules impacting the mortgage industry. This new rule is not legislatively based, but is an agreement between the GSE’s, New York State Attorney General Andrew Cuomo and FHFA. The final version of the Home Valuation Code of Conduct (HVCC) was released on December 23, 2008 and will apply to all single family mortgage loans originated and delivered to Fannie Mae or Freddie Mac with an application date after May 1, 2009. Unless something can be done to stop the implementation of the HVCC before the effective date, the HVCC will create requirements governing appraisal selection, solicitation, compensation, and more. Key provisions of the final rule: • Only the lender can order appraisals, not the mortgage broker. The lender may use Appraisal Management
Companies, or appraisal companies. • Cannot do additional appraisals, AVM, or BPOs to get a better value. However, It is OK to do them as part of a quality program or if the original appraisal is flawed. • No “Comp” Checks. • Lender must give the homeowner a copy of the appraisal three days before close. • Payment to the appraiser must come from the lender, the AMC, or the appraisal company. • No one in the loan process can talk to the appraiser. • Anyone selecting an appraiser must be independent of the loan process and must be trained and qualified. • No one employed by the lender or a company owned by the lender can perform an appraisal unless independence can be supported, procedures for adherence to the code are documented, and annual reviews are performed. • 10 percent of all appraisals must have a quality check done.
IMPACT OF THE HVCC? Broker - As for the broker, the code will prohibit direct communication between the broker and appraiser whereby the broker will be prohibited from ordering the appraisal as well as requesting “comp” checks to estimate value. While these communication issues will slow down the lending process, the requirement for the lender to provide the homeowner with the appraisal three days before close will also put more pressure on the process, ultimately hurting loan closings and turn times, thus, potentially impacting the broker’s cash flow. Aside from not having contact with the appraiser, the ultimate impact to the broker remains unclear. Your
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thoughts and comments are welcome. Lender - The most significant impact will be on the mortgage bankers/lenders and the ability of lenders to sell off loans to Fannie Mae and Freddie Mac. The lenders will likely need to create new policies and procedures to effectively meet the requirements of ordering appraisals per the HVCC. Additionally, the lenders will need to add to their quality control function or pay a third party auditor to conduct the 10 percent quality control test on appraisals to ensure that their process meets the HVCC standards. Unfortunately, these additional costs could be passed onto the consumer. All members of the lender’s loan production staff are forbidden from selecting, retaining, recommending or influencing the selection of an appraiser. The code defines a lenders loan production staff as Individuals who are involved in origination, underwriting, presenting credit offerings for approval and credit decisions as well as any person who reports to a loan production staff member or is compensated on a commission basis upon the successful completion of a loan. For the quality control testing requirement under the HVCC, the lender agrees to perform quality control tests on at least 10 percent of appraisals, which are randomly selected, and report the findings to the Independent Valuation Protection Institute (IVPI) Conclusion - The ultimate impact of any of these regulatory changes to the lending industry is unknown. However, as aforementioned, the industry is being targeted as one of the main problems within the financial markets. As an industry, we need to voice our concerns otherwise the increased regulatory burdens will force the mortgage broker out of business and ultimately harm the consumer. George H. Marentis is President/CEO of Compliance Made Simple, LLC, a company that provides licensing and compliance related services to the mortgage lending industry nationwide. For more information see www. compliancemadesimple.org or call 303.859.8550. Mr. Marentis has a Juris Doctorate and over 15 years of mortgage and banking experience ranging from frontline operations, originations to regulatory and legislative compliance. Information provided in this article is not intended to be legal advice and is informational only.
USA vs. Christopher Warren
Catch me if you can By robin medecke
M
isrepresentation and other allegations abound about the misconduct of investment bankers like Bernard Madoff, the corporate misguidance and misbehavior from the likes of Lehman Brothers, Bear Stearns and other notable mortgage lending giants. Unimaginable uncontrolled excesses and predatory practices of mortgage bankers like Daniel Sadek’s Quick Loans et al, abound as well. As almost every government agency steps up their investigations into the fraud, we are now presented with the one case that may prove to be the ultimate posterboy of mortgage broker fraud. His name is Christopher Jared Warren.
“Fun While it Lasted!” Lenders have been pulling away from TPO (third-party originations) as a general rule lately. Good brokers be damned, we have this one broker who illustrates, to the detriment of Photo courtesy of News10.net: all others, the risks and costs View original report online at associated with wholesale. Just a www.news10.net/news/local/story. aspx?storyid=54342 day before he fled (it is believed) to Mexico on a private jet he chartered for $156,000, Christopher Warren wrote a statement emailed to a Sacramento Bee reporter and subsequently posted on the web site of Triduanum Financial, a company he controlled. Warren admited to a career of committing fraud and teaching those in his supervision the techniques for doing the same. As it circulated among the mortgage community and appeared in news reports and on blogs everywhere in ensuing days, responses ranged from “nauseating” to “outrageous.” It didn’t take long to reach national attention. It was not apparently written as a confession, but as a resume. The author, Chris Warren, says he wants a job investigating mortgage fraud, and wanted to demonstrate that he has the background for the job. If he did what he said he did, he’s got to know more about mortgage fraud than just about anybody.
That was the introductory paragraph of Warren’s 7-page essay posted on the Implode-O-Meter. I, like so many other industry veterans who read Warren’s account, were aghast. It came as no surprise, and was our unique privilege days later, to share with our readership the arrest warrant issued for Warren (http://ml-implode.com/ articles/warren.html) when the IRS decided to take action through the court. Ironically enough, Warren had been cooperating with the FBI and IRS officials in an ongoing fraud investigation before he decided to flee. The federal warrant estimated $100 million in damages resulted from the mortgage fraud and investment scheme Warren and others were involved in, spanning five states and approximately 500 properties. CitiMortgage alone was reported to have lost $6 million on 15 “bogus” loans. Occurring between September 18, 2007 and July 7, 2008, the specific charges include allegations of conspiracy to commit bank fraud and conducting a continuing financial crimes enterprise, all of which occurred during Warren’s association with Loomis Wealth Solutions,
Advanced Lending Group Inc. dba Nationwide Lending Group Inc., the NARAS Secured Fund #2 LLC and related entities. Warren had pled guilty to one count of mail fraud in an associated case against friend and former business partner Garret Gililland, who was indicted in August of 2008 on over twenty counts of mortgage fraud, money laundering, and conspiracy to manufacture marijuana plants. But that was just one investigation and one scheme. Warren admits to another $75 million in mortgages that “contained some sorts of material frauds” originated while he worked at Ameriquest. He also admits to the theft of 680,000 customer records containing private information, and an additional $810 million in “bad MBS securities” originated from his own company, WTL Financial Inc., prior to his employment with Nationwide Lending Group. His latest business venture, Triduanum Financial, was reported to have exceeded its $15 million warehouse lending facility by $20 million before it folded in January of 2009. Added up, this one person has caused or contributed to losses of nearly $1 billion, and that does not include the invaluable loss of privacy to those 680,000 former Ameriquest customers. Also posted on his company’s web site were these additional claims:
HOW IS IT POSSIBLE? • That Flagstar Mortgage didn’t catch Lender Services Direct Inc., and Loomis Wealth Solutions who conspired with correspondent lender Excel Funding to steal over $5,000,000 in seller-proceeds that are now missing. • That CITI Mortgage didn’t catch correspondents Mortgage Bank of California and Bondcorp Realty Services over-finance $30,000,000 in bad mortgages with cash-back purchases for various buyer groups? How many of these loans are already now owned by our government, are tax-payer subsidized, or held by FNMA and Freddie Mac? • That GMAC Mortgage LLC., bought over $3,000,000 in mortgages secured in the Orlando Academy Cay Club aka “The Greens” on $400,000 appraisals when there are over 30 active listings under $125,000? • Taylor Bean and Whitaker were not aware that over $5,000,000 in mortgages sold to them were never recorded. TheNicheReport.com
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It is truly revolting to the ethical, honest and hardworking professionals in the mortgage industry to read these things. But Warren takes the outrage one step further, by accusing experience as being the weakest link in the system: The regulators, managers, qc department employees, guideline writers, and board members of mortgage lending institutions and banks are all, when averaged, over the age of forty seven. The average mortgage fraudster is in mid twenties to early thirties. The problem is the 5% of fraudsters out there are extremely intelligent, agile, and constantly innovating techniques to beat every effort of the anti-fraud forces in the banking industry. Age plays into this, because the youth is innovative and aggressive, and as we age and approach AARP land, we become less nimble in our mind, closed to new ideas.
I would make the exact opposite argument, that the lack of experienced staff in the primary and secondary markets actually enable fraudsters like Warren. An inexperienced new hire assigned to do a cursory file review for completeness is much less likely to notice the whited-out box on a 1003 or misdated and missing disclosures. The college-grad hired by the local bank as a funder was likely never prepared to keep an eye out for the invalid notary or
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catch forged signatures. A processor or junior underwriter with the typically required “1-2 years of experience” is not generally going to be savvy enough to discern details buried in fraudulent tax returns, phony leases or modified sales contracts. And the clerk working in the wire department at the warehouse bank may not catch a discrepancy in the intended recipient’s instructions when ordering funds. But those of us with a smattering of gray hair have seen it before. We know what to look for and where – and we DO catch it. Those of us “approaching AARP land” didn’t jump on the mortgage bandwagon just for the ride in the boom years. We deeply resent the actions of those unscrupulous few who have forever tainted the industry’s reputation with their actions. As we watch the myriad of brokerage firms, wholesalers and warehouse lenders increasingly forced to withdraw from the market, it has become painfully clear that inexperience and greed -- the very qualities that Warren espoused -- have eroded what was once a revered occupation.
“Not so happy now!” Warren was arrested by the U.S. Border Control authorities trying to re-enter the country from Canada after a global jaunt that led him to Lebanon. He was carrying Swiss Bank Certificates for $1.1 million in gold, 4 ounces of platinum valued at $1,420 each, and $70,000 cash. Authorities said $4 to $5 million in gold believed to have been “also brought to Lebanon” was not recovered. The charges pending against Christopher Warren carry stiff penalties. On the count of conspiracy to commit bank fraud, he faces a maximum 30-year prison term. The charge of mail fraud can carry a 20-year term. And it will be 10-years to life should he be found guilty on the allegation of conducting a continuing financial crime. But with the inevitable court battle and endless appeals, this will ultimately play out to be yet another example of bureaucratic red-tape and governmental interference in the market’s ability to be able to regulate and heal itself. Even if he is found guilty and serves the time, it will never replace the millions he cost the industry and consumers. Nor will it repair the irreparable damage done to the image of mortgage brokers and the affect fraudulent behavior has had on the willingness and profitability for lenders to continue to participate in the secondary market.
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Warren claimed to be the hapless "student" of fraudulent practices by way of teachings taken from his work experience with Ameriquest between 2001 and 2004. He took that knowledge into business ventures he established afterward, carrying on the same practices he claims he had no knowledge were “federal violations.” That’s simply ludicrous. Did he cheat on the exam for his broker’s license? And what legitimate business owner does not endeavor to educate themselves on all aspects of law with regard to their business and make every attempt to remain in compliance to maintain its viability? At what point did the marvelous revelation that all of this was horribly damaging and illegal occur? The sheer audacity of his claims to being a one-man solution for fighting mortgage fraud boggles the mind: Almost a billion dollars of toxic assets came from me making others above me rich beyond my imagination. They asked for more and more, knowingly, and I gave it to them. Now I intend to fix it and help the best I can by sharing what I have learned and know. I am the best at what I was taught and then re-created again and again and mastered myself. I am the best man for shutting it down. Completely and forever.
This is what is wrong and how to fix it. I am the man for the job, Chris Warren, have the management experience, the banking experience, and could assist in the oversight of the most major transformation of mortgage regulation without changing one guideline and still completely eliminate mortgage fraud and restore confidence in the American dream and the securities that that very dream provides for investors.
So now you suggest that we, as taxpayers and mortgage industry professionals, should hire YOU to police US? Not even the least experienced among us are that naïve, Mr. Warren. You are no more going to profit from this scam than you were going to “buy” a deal with the Feds for your freedom with this nonsense. We reject both your advice and your contrition as meaningless. In the words of your very own attorney, “It was an incredibly idiotic thing to do.” Robin Medecke is a researcher and writer for The Mortgage Lender Implode-O-Meter. Medecke is an industry veteran with twenty years of experience in both the government and private sectors, including both retail and wholesale housing finance.
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The clandestine world of trust deed investments Investments with a twist by joel barth
M
any investors dismayed by the stock market and burned by falling home prices may not be aware that there is a world where investors are still making returns of 12 percent to 18 percent or better by making private hard money mortgage loans. Recent economic conditions have actually increased the demand and need for these types of investments. In many instances, these investments are also eligible to be held on a tax-deferred or tax-free basis inside of your self-directed individual retirement account (IRA) or retirement plan. While you may have heard about trust deed investing, private mortgage investing is not only the buying and selling of mortgages at a discount. It includes the activity of directly lending your private money to individuals and businesses and securing that loan with a deed of trust or mortgage against real property. If you are disappointed with the stock market and are looking for a secured investment with cash flow than trust deed investments may be for you. You may ask, “What about the declining values of home prices�? Most properly structured private loan investments are typically only made at a loan-to-value of 40% to 65% providing a significant equity cushion. Investments can also be secured against commercial properties and are not limited to residential real estate. Private mortgage lending involves an individual investor or property owner taking on the risks and rewards typically held by mortgage lending institutions. This type of lending can offer good returns and low risk if properly structured because unlike a stock investment
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the mortgage loan is secured against the subject property. Private mortgages have numerous benefits to borrowers and investors. They allow borrowers who may not qualify at traditional lending institutions to get mortgages elsewhere. Investors holding private mortgages can receive interest rates significantly higher than standard rates offered by banks because they offer greater speed and flexibility than traditional lending institutions. A private lender should think the same as a mortgage company, and should demand everything that a good mortgage company would require when deciding whether or not to make a loan investment. They should also get an interest rate, which justifies the risk. While the investor must be aware of usury laws, it should generally be at least 50percent higher than traditional bank rates. In general, private mortgages are structured like hard money loans with short-terms and based on the property’s equity value rather than traditional underwriting criteria such as credit and debt-to-income rations. While these factors may be considered, the equity in the property is usually the determinant factor. In general, our private mortgages hover around 45 and 65 percent loan-to-value (LTV), at Northwest Capital Advisors, Ltd., a real estate investment fund in Seattle, Washington. The lender should be sure the LTV is not less than 65/35 so there is an equity cushion if the mortgagor defaults, and lenders should perform due diligence on the borrower and property.
Private Lenders should not jump into private mortgage investing without doing any research. Investing in mortgage notes takes significant real estate and financial knowledge and investors need to align and consult with a network of professionals and advisors. Investors must also be aware of the regulatory requirements surrounding mortgage note investments. Investors in private mortgage lending used to consist of sellers or friends helping each other with financing. However, as the profit potential in private mortgages for the lender and the benefits to the borrower have become more clear it has helped this investment strategy gain notoriety in the investing community and many funds are now being structured to capitalize on the greatest buyer’s market in real estate history. There is a plethora of opportunities in the marketplace on which to capitalize. The private mortgage lending business also known as trust deed investing has become quite profitable for
private investors over the past several years, and more investors are entering this field once they learn about it. Mortgage brokers are also doing more in this arena now as traditional lending institutions affected by the credit crunch have turned off the flow of funds. Successful mortgage and real estate brokers are bringing individual investors and borrowers together more than ever to close deals!
Mr. Joel Barth is the Chairman of Northwest Capital Advisors, Ltd., a real estate investment firm in Washington State. Barth has over 14 years of experience in real estate and corporate finance and investments previously serving as an investment banker and registered investment advisor. Barth holds a Bachelor of Science in Business Administration and has held the NASD Series 24, Series 66, and Series 7 securities licenses.
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Multi-Family Financing Commercial lending for all seasons by Andrew Bogdanoff
M
ulti-family dwellings, or apartment houses as they are referred to by lay people, are familiar territory for most of us. Quite simply, multi-family commonly refers to an apartment complex that houses many people and requires a lease (minimally month to month and more regularly a yearlong obligation) rather than the daily commitment that represents most hotel stays. From garden types to high- or mid-rise complexes, the concept is the same; to have many people living within the same property. Given their popularity, it should come as no surprise that multi-family loans are one of the cornerstones of commercial lending, representing one of the three most popular loans in today’s market. It has often been called the “lender’s favorite” because in a good location, multifamily residences tend to have a high occupancy level and are relatively simple to manage. Lenders are generally comfortable with multi-family loans in good and bad economic times alike, making them a loan option that every mortgage originator should be familiar with.
Two Defined Rules There are two rules to be aware of when beginning the process of requesting loan(s) for a multi-family property. The first is a key component called the debt service coverage. This formula is a simple division equation that can make or break the loan. When reviewing the debt service coverage the lender will divide the net operating income of the property by the amount of the annual payment of principle and interest. Generally, lenders like
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to have a debt service coverage ratio of 1.2 to 1. This milestone ratio is met, for instance, when a property has a net operating income of $1.2 million and an annual payment of principle of only $1 million. If the debt service coverage falls below the desired 1.2 to 1 ratio, the lender will require more of a down payment from the borrower in order to ensure that the mortgage payment can be made if unexpected circumstances arise, such as an increase in utilities costs or a decrease in the occupancy rate. In short, if this ratio can’t be met, the lender will only agree to loan a lesser amount so that the lower payment can assuredly be met. The second rule pertaining to multi-family loans relates to the net operating costs. Once determined, the net operating costs are divided by the monthly payment to determine the size of the loan. As a rule on multi-family properties, only 80 percent of the purchase price of a property can be borrowed. Lenders subtract a number of costs from the gross rents in order to understand the net operating costs, starting with the vacancy allowance. This “allowance” is a projection of the number of units that will sit vacant based on industry averages for particular geographic vicinities. The lender then moves on to examine other operating expenses such as utilities, real estate taxes, payroll, insurance, and other costs the landlord must pay over the course of the year. The net operating examination is not yet complete, however, until a maintenance reserve is also evaluated. Lenders assume that over the course of the year there will be some maintenance problems such as broken washing machines, roofing repairs or even the need to repave the parking lot. These classic operating expenses do not occur on a regular basis but do require a contingency fund to
cover the costs
Pre-Loan Examination In addition to the definitive rules regarding debt service coverage and net operating costs, lenders will conduct a pre-loan evaluation that examines a number of items, including: • Property appraisal – Like all appraisals, this will represent the value of the property. The lender will loan up to 80 percent of the appraisal or purchase price, whichever is lower. For instance, assume a borrower can purchase a property for $10 million that actually appraises for $15 million. He might want to borrow $12 million (80 percent of the appraisal cost), but he would be turned down. Remember that the lender would only give him $10 million, which is the lesser of the two amounts. • Occupancy rates – Borrowers want to know that a building will have the right balance of occupied and vacant units. If a building has no vacancies, it’s assumed the rents are too low. If there are some vacancies, it’s noted that you likely are charging the right amount. Beyond this, lenders will examine occupancy trends. If it’s an out of the ground construction, they will review occupancy rates for surrounding complexes. If, for example, there are 10 complexes in the area and all of them have a 30 percent vacancy rate, the lender will require the borrower to justify why another building is necessary when the existing properties seem to satisfy the existing need. If this justification can’t be made, the loan will not move forward. • Rent rates – In a given area, rents must be comparable. If a borrower is planning a property that charges a $4,000/month rent rate when the surrounding complexes charge only $1,000/month a lender will challenge the borrower’s logic. The borrower will have to explain why someone would want to pay four times as much rent to live in that particular area. • Condo conversions – Apartment complexes are converted to condominiums because the value of the collective of all units is greater than the value of them as a rental property. For a condo conversion loan to go through, the lender must be satisfied that there is a shortage of purchase options in the geographic
area within this particular price range. If comparable housing pricing exists in the area, the likelihood of the condo conversion loan going through is low.
Remember the Reassessment Period It’s important to understand that multi-family loans usually go through a reassessment process after a specific number of years. A lender will usually make the loan for five years at a given rate, but will amortize the payments on a 25 or 30 year payment schedule. By extending the payment schedule the lender helps guaranty that the borrower can make his or her payment, while the five year “reassessment” period helps the lender protect itself and renew the loan at current loan rates. After the five year period, the borrower can either refinance the loan with the existing lender at the current market rate or can pay off the loan in full (a balloon payment) and look for another lending partner. Value to the Broker Multi-family loans are one of the three most popular commercial loans available, right along side loans for office buildings and shopping centers. Because they are familiar and lenders are generally comfortable with multi-family lending, every mortgage originator should be aware that these types of loans will generally be well received by his or her investing partners. By making a multi-family loan option part of a broker’s lending cache, opportunities abound. Before moving forward and presenting these types of loans, however, brokers should become familiar with the specific rules that dictate multi-family loans as well as the evaluation criteria lenders will examine. With this knowledge under their belts, brokers are well suited to continually unearth new opportunities.
Andrew Bogdanoff has more than 35 years’ commercial lending experience and founded Remington Financial Group in 1993. He has served as the company’s president since its inception, and, under his leadership, RFG has closed billions of dollars in transactions. Andy can be reached at andy@ remingtonfg.com. For more information on Remington Financial Group, please visit www.Remingtonfg.com
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Selling lessons from mohammed ali Make your next closing a knockout BY tom ninness
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ohammed Ali was one of the greatest boxers of all times. I watched him as a kid growing up and marveled at his quickness and skills. Ali would have been a great sales person if he went into our profession. He could have taken the lessons that he learned in the ring and brought them to the sales arena and done just as well. Being an avid boxing fan, and trying boxing as a sport during my teenage years, I learned some valuable lessons that have helped me in my life and sales career. Stick and Move. In boxing, you have to keep moving your head or you’re going to get popped and it doesn’t feel good when you get caught with a punch. In sales, we have to constantly be moving; Stick and move—stick and move. The more prospects with whom we interact, the more opportunities we have in obtaining closings. In this challenging economy, we need to work different angles and try different techniques to produce results. Those who nest at their desk and wonder why their leads aren’t coming in are what we call in the boxing world—punch drunk. They stay in one spot too long, or work a lead that isn’t going anywhere; the end result with nothing to show for it. Mohammed Ali’s Greatest Weapon. One of Mohammed Ali’s greatest attributes was his mouth. He would play mind-games with his opponents. Ali once said about an opponent, “I’ll beat him so bad he’ll need a shoehorn to put his hat on.” He compared himself with no one. Mohammed Ali said, “I am the astronaut of boxing. Joe Louis and Jack Dempsey were just jet pilots.
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I’m in a world of my own”. Ali said about Joe Frazier, “Frazier is so ugly that he should donate his face to the US Bureau of Wild Life”. Many of Ali’s opponents lost before they even got into the ring because of the “head trash” that Ali put on them. The same is true with sales professionals. They listen to the television, radio, read the paper and all of it says doom and gloom. They buy into all of the negative news and decide not to call on clients as they’re not going to buy anyway. Those who succeed in challenging markets do so because they understand that there is going to be those who succeed and it might as well be them. Vision, Discipline and Skill. Mohammed Ali hated the discipline of training for each fight, but he knew that he had to work through what he disliked in order to accomplish his goals. “I hated every minute of training,” Ali said, “Don’t quit! Suffer now and live the rest of your life as a champion.” Vision is how you look into the future. It aligns with your values and the roles that we play. For me to be the best in my sales field, I have to look forward and view what I want my business to look like when it’s finished. Skills in selling are learned and practiced. I have to be good at prospecting, time management and customer relationships. I need to be great at follow thru and asking for referrals. I know that these are skills that I need to be successful, but do I have the discipline to work on these areas of my business? Discipline is the hardest of all three attributes but for me to get where I want to go in my sales career, I need to be disciplined in all areas of my business
and work to improve my sales skills. Study Your Opponent. My youngest son is a very successful car salesman. While watching the Super Bowl and in the process of writing this article, I asked him why he believes he is great at what he does. He said, “Because I ask a lot of questions and know my competition’s product better than they do.” The same holds true in boxing. Professional boxers will study films of their opponent’s last matches. They’ll analyze their strengths and where they are vulnerable. When we enter a sales call, we need to realize that there are three people involved in the sales process: us, the client and the person who currently is occupying the throne as the client’s current service provider. For us to be successful, we need to study our competition and come up with a plan that will win the client over to us. The more we prepare and do “recon”, the better chance of success. Listen to Your Trainer. For three minutes a round, boxers are in the ring maneuvering, punching and trying to outwit their opponent. At the end of the round, the bell sounds and the boxer returns to his corner and his trainer is busy reviving the boxer for the next round. The trainer is an expert in identifying strategies, giving advice, pointing out weaknesses of the opponent, and encouraging the boxer to press on. If the boxer doesn’t listen to his trainer, and continues to use the strategies that are allowing the opponent to get the upper hand, then the boxer’s chances of winning will be reduced. Having a trainer in the sales arena is just as important. I’m a sales coach for many sales professionals and I also have a business coach. I know that I need someone looking at what I’m doing and pointing out the areas that I need to improve on, just like Mohammed Ali had in his corner. Suck it up when you lose. Ali said after he lost his first championship, “I never thought of losing, but now
that it’s happened, the only thing is to do it right. That’s my obligation to all the people who believe in me. We all have to take defeats in life.” Ali knew that in boxing and in all aspects of life, there are risks that have to be taken. Ali said, “He who is not courageous enough to take risks will accomplish nothing in life.” “Only a man who knows what it is like to be defeated can reach down to the bottom of his soul and come up with the extra ounce of power it takes to win when the match is even”. I’m not sure where I heard the saying, “You can judge a man’s character by the way they handle defeat,” but it’s a very true statement. Since I oversee a region of loan originators, I witness how they handle victories and defeats. Some will bounce right back when they lose a big deal and some will go in a funk for days. The faster you rebound back after a loss shows your will power to overcome diversity. Affirmations. Mohammed Ali’s “I am the greatest” came across arrogant. Ali said, “It’s the repetition of affirmations that leads to belief. And once that belief becomes a deep conviction, things begin to happen.” Believe in yourself, convince yourself that you are one of the greatest in your profession and you too can be as great as Mohammed Ali. Tom Ninness is Vice President/Regional Production Manager for Cherry Creek Mortgage in Denver, CO. Ninness is also the President of Summit Champions, Inc. and creator of the “The 90 Day Journey to Your Sales Success”, a powerful 90 day action plan for the sales professional. To learn more about The Journey and what Summit Champions has to offer, go to www.90dayjourney.com, www. summitchampions.com or contact Tom at information@ summitchampions.com Office: 720-221-4396.
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CENTER STAGE
CENTER STAGE WITH reverse it! Software - Service - Training - Marketing brought to you BY THE NICHE REPORT
Who is Reverse it? Reverse it!, a division of Urban Financial Group, Inc., is a wholesale lender for Reverse Mortgages. Located in Tulsa, OK, Reverse it! is quickly becoming a recognized name among industry professionals. However, a more in depth answer reveals Reverse it! is a group of people who come to work every day with a common goal in mind: close good loans and provide great customer service. The 2009 marketing campaign for Reverse it! is “Grow with Reverse it!” The plan behind this theme is to provide brokers with support from the four critical categories that make selling and closing reverse mortgages not just possible, but successful. What are these four critical categories? Software. Providing a user-friendly, up-to-date, start-to-finish software is a top priority. Our loan software (Reverse Vision) supports your loan from application to processing, underwriting, closing, funding and beyond. Loan officers can use the software to put their borrowers at ease with clear, concise pie charts. Processors can view underwriting conditions even before receiving an approval. Best of all, our software allows our loan officers to upload and attach any and all loan documents specific to their borrower directly to the file. This avoids having to send borrowers’ personal information electronically. Service. Customer service is the hallmark of Reverse it! And we intend to keep it that way. No automated, “Press 2 Now” systems in our offices. Want proof? Call our office and a living, breathing,
friendly voice will not only greet you but will also direct you to another actual human being of your choice. Reverse it! wants to close your loans quickly and correctly every time. We know that our brokers expect open communication and prompt service when it comes to their loans, so that is exactly what we expect from our employees. Training. No matter where you are with your experience in reverse mortgages, training is still of the utmost importance. If you are new to reverse mortgages your Reverse it! account executive is equipped with helpful websites and power point presentations that will jump start your understanding of the product. If you are experienced with the product, you may choose to dive right into web training with our software company, Reverse Vision. Online training is available every week for loan officers, processors, and account administrators. If you are your company’s designated account administrator, this training will show you the ins and outs of personalizing your software based on your company’s needs such as specific documents and standardized fees. Marketing. Reverse it! believes the key to growing your business is marketing. From information kits to advertising, Reverse it! will connect you with our marketing branch which can fulfill any of your marketing needs. Services include, reverse mortgage information kits, product fliers, direct mail options, email templates, website construction and even TV commercials.
TheNicheReport.com
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CENTER STAGE
What is the history behind Reverse it!? Born in 2007, Reverse it! is a division of Urban Financial Group. Just two years since its inception, Reverse it! is already revered as one of the largest, privately owned reverse mortgage companies in the United States. Its parent company, Urban Financial Group, has a strong background in traditional mortgage lending. UFG quickly pursued the reverse product for its senior clientele. It wasn’t long until Urban Financial Group became a large producer of reverse mortgages. That made the decision to reach DE status very natural. Soon after earning its DE from the Department of Housing and Urban Development, Urban Financial Group was approved to become part of an elite group of reverse mortgage lenders selected to deliver loans directly to Fannie Mae. Where is Reverse it! approved to do business? Currently, Reverse it! is licensed in most states (see map). We’re well on our way to becoming certified to handle reverse mortgages in every state by the end of 2009, so seniors across the country can have a reliable, trustworthy company to handle their loans. Is Reverse it taking on new brokers? If so who do brokers contact for more information? Reverse it! is always looking for more FHA approved brokers who are interested in offering the reverse mortgage program regardless of their size or loan volume. Reverse it! has a list of approved brokers – all of whom are loyal companies whose closing volume ranges from 5 to 30
March 2009
70 loans per month, and they are all treated with the same great customer service. If a broker is interested in learning more about Reverse it! they may visit our website at www.reverseit.com, and send an email to info@reverseit. com. They can also call our office toll free at 888-777-3311 and ask to speak with an account executive. The approval process only takes about a week. During that week new brokers are encouraged to attend software training with Reverse Vision so that submitting their first loan can be done with ease. How does Reverse it! differ from its competition? Simplifying Reverse Mortgages.
= All licensed states.
It’s not just a slogan we slap on our cards and stationary. It’s a belief. It’s the underlying current of our company. Experience has taught us that complicated red tape only frustrates people and drives clients away. We aim to close each loan within 30 days. If we didn’t keep the process simple, we couldn’t deliver on that goal. As we stated earlier, that’s where it really comes down to service. Reverse it! truly feels like this is the one aspect in business that should never be jeopardized. Reverse it! will always deliver competitive pricing and offer the best when it comes to software and technology. Reverse it! will stay on top because of its dedication to the industry and to our loyal brokers.
Get Geared Up. To a cyclist, gears offer greater speed with less effort. To a watch maker, they create precision and efficiency. Like gears in your business, Funding Suite credit software gives you the leverage to power more production from your current lead flow and generate more efficiency from employees. Whether it’s separate loan officer billing, one click credit rescoring, or our low cost $9.99 intelligent credit reports, Funding Suite improves performance.
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TIP OF THE MONTH
TIP OF THE MONTH Should I stay or should I go? Part II I am staying, but is that a wise choice? BY STEWART MEDNICK
I
wrote “Should I Stay or Should I Go?” one year ago in the The Niche Report’s February 2008 issue. To date, I have received more responses about this article than any other Tip of the Month I have written. Last February, this recession was just on the verge of becoming the financial tsunami that has devastated our banking industry and the world economy. A year later, record levels or near record levels of job loss, foreclosures, debt, bank failures, and stimulus and bail out dollars injected into our economy have been the mantra so far for 2009. Our industry has been beaten, slandered, reduced, regulated, corrected, restructured and monitored. Who is left to mind the store? There are a few brave and daring souls that see this current situation as opportunity, and to those about to have a closing, I salute you! How many are out there? Is the choice to hang in there a good one or are there regrets? I have talked to many mortgage professionals over the last year. Some own small brokerages that struggle to make ends meet and to support a staff of eight or ten. Some are top performers of larger mortgage brokers who experience a 40 to 70 percent reduction in business. The core are five to fifteen year veterans who refuse to give up but are dying a slow financial death as savings, equity, retirement funds, and commissions dry-up. Are we blind and does the rest of the world know something that we don’t? Mortgage rates have recently dropped to 2002-2003 levels and many refinances have been closed. If you are in this business for the long haul, then you should open your
32
March 2009
past book of business and “dial for dollars.” Those of you who have not capitalized on this, blow the dust off your old business cards, open your outlook, review past HUD1s and market, market, market! VA and FHA loans are hot right now. Rental properties are being filled and vacancies are fewer and fewer. This industry is cyclical and the ARM of yesterday is the FHA loan of today. What works and what does not? Talk to your peers. Every article in this magazine has contact information for each author. Contact a seasoned professional and talk. Create a monthly networking group in your area. Stay on top of the news and the recent changes of law and mortgage programs. Finally, as mentioned a year ago, how stable is your mental wellbeing? The stress of finding business, clearing the loan to close and getting paid in time to meet your financial requirements can be very stressful. Anxiety, depression, rage, excessive drinking or smoking, and strained relationships are all signs of mental and emotional stress. Peer counseling and professional intervention may be needed to keep a stable life. Even successful brokers need to ‘decompress’ after ten hour days, 60 phone calls and endless marketing. Did I make the right choice to stay in this business? I am sure thousands in this business sleep on the question nightly. I do not have the silver bullet for the target. Each person needs to assess that for themselves, but we all have choices and many options are similar for many of us in this business. We all are a resource. We all can offer knowledge and tips. What works for you may help a peer stay in the business. Like I said before: Bottom line is simple: whatever it takes to survive. I mean survive financially and mentally.
NICHE REPORTS
Agency & FHA Premium Listings
HCI Mortgage
HCI Mortgage specializes in FHA and 203K financing in 25+ states. Programs include 203k, 203k streamline and 203k jumbo programs
877-724-1720
Mid Island Mortgage Corp
Low/No Score FHA manual underwrites. Tough FHA deals OK. No min. Score Jumbo loan amounts. Common sense underwriting w/good turn times.
703-754-9643 - Tim Dooley
AGENCY & FHA Lender Listings Powered by TheLoanPost.com Alternative Mortgage Express
800-552-5263
hwww.amxloans.com
Gateway Funding
800-355-5626
AME Financial Corp
770-406-2138
www.american-mortgage.info
Gateway Mortgage Group
817-799-0804
www.jerrylair.com
Ameribank Mortgage (FHA only)
516-833-8834
www.ameribanksolutions.com
GB Mortgage
602-791-8950
www.gbmortgagelending.com
American BancShares
305-817-2165
wholesale.gateway-funding.com
www.americanbancshares.com
Global Lending Group
727-530-0110
www.glgiwholesale.net
American Financial Resources (FHA only) 973-588-8530
www.afrwholesale.com
Greystone Financial
602-574-0100
www.greystonefinancialonline.com
American Home Equity
714-661-5836
www.ahedirect.com
GSF Funding
262-373-0790
www.gsfsales.com
American Partners Bank
954-465-8595
www.apbwholesale.com
Guaranteed Rate
866-755-0989
www.griwholesale.com
Amtrust Bank (Fannie/Freddie only)
888-321-6446
www.amtrustgemstone.com
Hollander Financial
661-476-4668
www.hollanderfinancial.com
Assurity Financial (FHA only)
866-841-7863
www.assuritywholesale.com
Home Savings of America
972-235-7366
www.myhsoa.com
BAC Florida Bank (Fannie/Freddie only) 305-789-8064
www.bacflorida.com/ratesheet
ICON Residential Capital
888-639-5641
www.iconwholesale.com
Bank of Ann Arbor (Fannie/Freddie only) 800-807-6337
www.boaawholesale.com
ING Mortgage
877-464-0555
www.ingloans.com/wholesale/index. www.jmaclending.com
Century Lending (Fannie/Freddie only) 407-252-7979
www.centurylending.net
html
CMG Mortgage
714-357-3325
www.acceleratedcmg.com
JMAC Lending
877-841-0776
CNB National Lending, LLC
815-412-9305
www.cnbnationallending.com
Lenders Advantage
818-669-0974 x 0 www.lenderinc.com
Colonial National Mortgage
800-825-1311
www.cnmbrokers.com
Liberty Lending Inc
800-808-5591
Liberty Mortgage
800-986-2499
www.bbt.com/libertymortgage
M&T Bank Mortgage
804-380-7465
wholesalemortgage.mtb.com www.megacapitalfunding.net
(Fannie/Freddie only)
Community First Bank Loan
412-292-8511
secure.pricemyloan.com/custom/cfb
(Fannie/Freddie only)
www.libertylendingwholesale.com
Continental Home Loans
631-393-3800 x 114 www.chlmortgagebankers.com
Mega Capital Funding (Fannie/Freddie only) 818-657-2600
Countrywide
904-245-8008
www.cwbc.com
Merit Mortgage
310-650-0773
meritwholesale.com
Direct Mortgage Wholesale
801-924-1880
www.directmortgagewholesale.com
MetLife Home Loans
www.wholesale.metlifehomeloans.com
Federal Trust Mortgage
407-323-1833 x 153 www.federaltrust.com/brokers
Mortgage Bank of California
714-423-3295
Fifth Third
866-492-0072
Mortgage Close (Fannie/Freddie only)
714-453-0220
b2b.mortgageclose.com
First Bank Mortgage
305-577-6000 x 116 www.firstbank.com
National Direct Funding
970-672-0805
www.ndfcorporation.com
First Cal
818-793-6650
www.firstcalwholesale.net
(Fannie/Freddie only)
Washington Federal
971-645-9140
www.washingtonfederal.com/wholesale
National Home Lenders
First National Bank of Nassau
678-942-2160
www.fnbwholesale.com
Nations Direct Mortgage
949-270-7974
www.brokerFHA.com
First Northern Bank (Fannie/Freddie only) 707-423-9330
www.thatsmybank.com
NetMore America
509-526-4007
www.netmoreamerica.com
Flagstar Bank
800-897-7222
www.wholesale.flagstar.com
Nexbank
866-389-6046
www.nexbank.com
Florida Capital Bank Mtg
866-295-0014
www.flcb.com
NorthStar Lending (Fannie/Freddie only) 954-843-7018 x 7018 www.mynorthstarlending.com
Franklin American
606-519-4165
www.franklinamerican.com
Pacific Banc Mortgage
571-340-5593
www.pacificbanc.com
Freedom Mortgage
800-843-3753
www.freedomwholesale.com
Pacific National Bank
305-539-7675
www.pnb.com
www.53.com/wholesalemortgage
888-344-0520 x 4 www.nationalhomelenders.com
ADVERTISE YOUR NICHES HERE WITHIN Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
TheNicheReport.com
35
NICHE REPORTS
Agency & FHA Lender Listings continued‌ Paramount Residential (FHA only)
866-966-8989 x 300 www.prmglending.net
Senderra Funding
704-831-3600
Phoenix Funding
877-562-6414 x 230 www.phoenix-funding.com
Sierra Pacific
800-447-3386
www.spm1.com
PMC Bancorp
626-964-4040 x 8199 www.pmcmtg.com
SouthPoint Financial (Fannie/Freddie only) 239-949-1406
www.spfs.com
Polaris Funding (FL, IN, MI, OH)
616-667-9000
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
Taylor, Bean & Whitaker
888-678-8547
www.taylorbeandirect.com
The Jumbo Lender
800-826-0360
www.TheJumboLender.com
Titan Wholesale
775-852-6888 x 225 www.titan-wholesale.com
412-942-1010 x 18 www.reliantfunding.us
Trust One Mortgage
949-450-1888 x 2430 www.trustone.com
800-749-5363 x 5276 www.reslend.com
U.S. Bank Consumer Finance
941-539-1603
www.usbank.com
United International Bank
313-903-2082
www.unitedinternational.us
United Residential Lending
404-661-4632
www.urlending.com
www.polarishfc.com
Preferred Capital (Fannie/Freddie only) 727-418-4189
www.prefercapital.com
Premier Mortgage Capital, Inc.
786-243-3101 x 2
www.premierwholesale.com
Presidents First
877-773-7178
www.presidentsfirst.com
Primary Capital
678-308-0257
www.primarycapital.com
Proto Fund
813-436-6803
www.protofund.com
Provident Funding
800-733-3657 x 1712 pfloans.provident.com
Reliant Funding Residential Lending Network (Fannie/Freddie only)
Reunion Mortgage
559.476.0937
www.reunionwholesale.com
Royal Crown Bancorp
877-507-6925
www.crownloan.com
Security Atlantic (FHA only)
800-956-3863
www.fhaland.com
Security Mortgage Funding
619-249-9166
www.smfcloans.com/brokers
619-857-2700
www.securitynational.com
(Fannie/Freddie only)
Security National Mortgage
www.senderra.com
United Wholesale Mortgage (FHA only) 800-981-8898 x 5590 www.usmwholesale.com Village Capital and Investment (FHA only) 856-252-1825
www.villagewholesalelending.com
Virgin Money USA
877-937-4887
www.virginmoneyus.com/mortgage
Wells Fargo
310-283-8411
www.brokersfirst.com
Jumbo Jumbo Lender Listings Powered by TheLoanPost.com American Southwest Mortgage
888-593-1003
www.amswmtg.com
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
800-447-3386
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
Walker Jackson Mortgage
703-653-8183
www.wjmcwholesale.com
GB Mortgage
602-791-8950
www.gbmortgagelending.com
Wells Fargo
310-283-8411
www.brokersfirst.com
Greystone Financial
602-574-0100
www.greystonefinancialonline.com
WestAmerica Mortgage Co.
303-771-2800
www.wamco.us
Home Savings of America
972-235-7366
www.myhsoa.com
ADVERTISE YOUR NICHES HERE WITHIN Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
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March 2009
NICHE REPORTS
portfolio & ALT–A Premium Listings
ACC Mortgage, Inc.
Our Money our Rules, we make loans that make sense
240-314-0399 Private portfolio lender specializing in foreclosure and bankruptcy bailout loans. No credit score requirement, No pre-payment penalty. Up to 70% LTV. No seasoning requirements. Lates ok. Lending territory: AZ, CA, CO, ID, NV & OR
Gregory Funding LLC 888-324-3578
Manaseh, Epharim and Associates 770-840-0112
Asset lending specialists. Your source for international and domestic funding
portfolio & ALT-A Lender Listings Powered by TheLoanPost.com Amtrust Bank
888-321-6446
www.amtrustgemstone.com
Hayhurst Wholesale
813-425-7011
Astoria
301-537-9047
www.astoriamortgage.com
Home Savings of America
972-235-7366
www.hayhurstwholesale.com www.myhsoa.com
Banker West
800-518-1172
www.bankerswest.com
ING Mortgage
877-464-0555
www.ingloans.com/wholesale/index.html
Capital Alliance
415-288-9575
www.calliance.com/index.php
Liberty Savings Bank
941-735-7890
www.libertysavingsbank.com
CNB National Lending
815-412-9305
www.cnbnationallending.com
LuxMac, Covino, and Company
800-762-2274 x 312
luxmac.com www.luxurymortgagewholesale.com
Eastern Savings Bank
800-787-8187
www.easternsavingsbank.com
Luxury Mortgage
203-569-4249
Emigrant Mortgage
786-314-6280
www.emigrantmortgage.com
Residential Lending Network
800-749-5363 x 5276 www.reslend.com
First Northern Bank
707-423-9330
www.thatsmybank.com
United Midwest Savings Bank
614-255-3499
www.umwsb.com
Global Lending Group
727-530-0110
www.glgiwholesale.net
United International Bank
313-903-2082
www.unitedinternational.us
GSF Funding
262-373-0790
www.gsfsales.com
US Bank
702-630-0770
www.usbank.com
Hollander Financial
661-476-4668
www.hollanderfinancial.com
West One Mortgage Corp
818-921-7602
www.westonemortgagecorp.com
Washington Federal
971-645-9140
www.washingtonfederal.com/wholesale
Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
Calling all loan offiCers! TNR has just launched our new ‘Post a Loan’ feature at www.TheNicheReport.com. Get your Commercial and Residential loan scenerios in front of hundreds of wholesale lenders and A.E.’s. If you haven’t already gone to www.TheNicheReport.com and registered, then do it now! !
ree It’s f
NICHE REPORTS
REVERSE Premium Listings
Reverse It! A division of Urban Financial Group, Inc
Reverse Mortgages, fastest turn times in the industry. Training and lead support available.
888-777-3311
World Alliance Financial
Reverse Mortgage opportunity for non-FHA licensed brokers
877-692-7762 x 404 REVERSE MORTGAGES Lender Listings Powered by TheLoanPost.com American BancShares
305-817-2165
www.americanbancshares.com
Liberty Reverse Mortgage
866-871-1353
Arlington Capital Mortgage Corp
800-814-9432
www.acmcwholesale.com
MetLife Home Loans
www.wholesale.metlifehomeloans.com
libertyreversebroker.com
Circle Mortgage Corporation (Fl only)
800-576-1338
www.circlemortgage.com
NetMore America
509-526-4007
www.netmoreamerica.com
Continental Home Loans
631-393-3800 x 114 www.chlmortgagebankers.com
Pacific Banc Mortgage
571-340-5593
www.pacificbanc.com
Countrywide Bank
866-212-4378
www.cwbc.com
Quality Life Reverse Mortgage
800-955-7919
qualityliferm.com
Essex Mortgage
702-893-9200
www.essexwholesale.com
Quik Fund Inc.
813-671-0712
www.quikfund.com
Financial Freedom
800-500-5150
www.financialfreedom.com
Silvergate Bank (cml)
858-362-6300
www.silvergatebank.com
Financial Heritage
800-895-2209
www.financialheritage.com
SouthPoint Financial Services
239-949-1406
www.spfs.com
Fortes Residential
866-571-8201
www.forteswholesale.com
Sunwest
800-453-7884
www.swmc.com
Generation Mortgage
866-733-6089
www.generationmortgage.com
Wells Fargo Reverse Mortgage
800-336-7359
www.wellsfargo.com
GotMortgage.com
760-802-9630
www.gotmortgage.com
World Alliance Financial Corp.
800-562-6755
www.worldalliancefinancial.com
Manufactured Manufactured Listings Powered by TheLoanPost.com Alternative Mortgage Express American Financial Resources Axiom Commercial Funding CNB National Lending, LLC Countrywide Eastern Savings Bank Essex Mortgage First Cal First Mutual Bank First Northern Bank Flagstar Freedom Mortgage Corp GMC Mortgage Capital Lenders Advantage
800-522-5263 973-588-8530 866-637-3014 x 10 815-412-9305 904-245-8008 800-981-7114 x 6250 702-893-9200 877-224-3262 971-645-9140 707-423-9330 866-998-6063 800-843-3753 941-766-1613 818-669-0974 x 10
www.amxloans.com www.afrwholesale.com www.acfsonline.com www.cnbnationallending.com www.cwbc.com www.easternsavingsbank.com www.essexwholesale.com www.firstcalwholesale.net www.washingtonfederal.com/wholesale www.thatsmybank.com wholesale.flagstar.com www.freedomwholesale.com www.gmcmtgcap.com www.lenderinc.com
Liberty Mortgage 800-986-2499 www.bbt.com/libertymortgage Liberty Savings Bank 941-735-7890 www.libertysavingsbank.com Merit Mortgage 310-650-0773 meritwholesale.com Multicorp Financial 925-275-8111 x 222 www.11multicorpfinancial.com Polaris Funding (FL, IN, MI, OH) 616-667-9000 www.polarishfc.com Portfolio Mortgage Company 480-775-5150 www.portmort.com Reliant Funding 412-942-1010 x 18 www.reliantfunding.us Taylor, Bean & Whitaker 586-557-4144 www.taylorbeandirect.com Trust One Mortgage 949-450-1888 x 2430 www.trustone.com United Midwest Savings Bank 614-255-3499 www.umwsb.com United Wholesale Mortgage 800-981-8898 x 5590 www.usmwholesale.com/default.asp US Bank 702-630-0770 www.usbank.com/cgi_w/cfm/mortgagebrokers/home.cfm?redirect=brokerloans West One Mortgage Corporation 818-921-7602 www.westonemortgagecorp.com
Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
38
March 2009
NICHE REPORTS
HARD MONEY & NON-PRIME 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
BRT Realty Trust 516-466-3100 or 800-450-5816
Fairview Commercial Lending 866-634-1270
Financial Resources Mortgage 800-950-6913 or ddexter@frmortgageinc.com
First Mount Vernon (866) 908-FMV1 (3681)
First Mount Vernon (866) 908-FMV1 (3681)
Gregory Funding 888-324-3578
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
A Public Mortgage REIT Traded on the NYSE (NYSE: BRT) Fast response on loans from $2 million to $50 million on income producing commercial properties nationwide. No prepayment penalties, lock out or exit fees No minimum credit score, foreclosure bailouts, Quick Closings nationwide, commitments in 24 hours Real Estate based private money lender. Commercial & Residential Investment. Refi cash out allowed. Retail,office,multi-family, raw land, development & modular construction are our specialties. Common sense underwriting. No upfront fees! Email or call today. No seasoning requirements, No upfront commitment or processing fees, Minimum credit score 400 - DE, MD, VA, DC, NC, SC, GA, FL
Minimal documentation required, Combined Loan-to-Values to 105% - DE, MD, VA, DC, NC, SC, GA, FL Private portfolio lender specializing in foreclosure and bankruptcy bailout loans. No credit score requirement, No pre-payment penalty. Up to 70% LTV. No seasoning requirements. Lates ok. Lending territory: AZ, CA, CO, ID, NV, OR
Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
TheNicheReport.com
39
NICHE REPORTS
HARD MONEY & NON-PRIME premium niches continued…
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
Direct Lender with fast closings. Your source for international and domestic funding. Direct lender specializing in short term bridge financing. Interest only. No prepayment penalty. No points upfront. Commitments within 24 hours. Brokers welcomed and protected.
Metro Funding Corp 866-302-6360
Specializing in collateral-based real estate loans nationwide. We get deals done!! As fast as 4 days! Loan amounts 1 million to 20 million
Miner Capital Funding, LLC 702-466-8952
Remington Financial Group, Inc
Up to 65% of valued collateral, fast closing
480-905-3239 We are a direct lender specializing in churches, mixed-use, apartments & commercial lines of credit
Stonecrest Financial 888.884.6518
Local direct lender (DC, MD and VA) specializing in bridge, construction, rehab and business loans. Loans are based on “subject to value”, 50% LTV, minimal documentation, EQUITY DRIVEN not FICO sensitive. Brokers are protected.
TrustCapital Investments LLC 301-503-2231
HARD MONEY & NON-PRIME Lender Listings Powered by TheLoanPost.com Advantage Capital Equity Solutions
800-223-3019
BlueWater Funding, LLC
866-551-2583
AFC Hardmoney
813-387-3800 x 311 www.afchardmoney.com
Brookview Financial
877-734-2211 x 316 www.brookviewfinancial.com
AgriCap Financial Corporation
213-542-5232
www.agricap.com
California Equity Lenders
818-584-2320
www.calequitylenders.com
All California Home Loans
877-462-3422
www.aboutcaliforniahomeloans.
Capital Alliance
415-288-9575
www.calliance.com/index.php
CFA Capital Partners (cml)
914-967-5780
www.cfacap.com
Alliance Financial, Inc.
866-603-5999
www.afiloans.com
Crawford Park Financial
626-796-7979
www.crawfordparkfinancial.
Ameribank Mortgage
516-833-8834
www.ameribanksolutions.com
com
www.adcapequity.com
com/hard-money.html
www.bluewaterfundingllc.com
American Acceptance (cml)
800-452-9287
www.aamcap.com
Cushman Rexrode Capital Corp. (cml)
925-988-7200
www.cushrex.com
Assurity Financial
866-841-7863
www.assuritywholesale.com
Diamond Bay Investments, Inc.
702-254-9303
www.diamondbayinvestments.com
Avant Capital Partners, LLC. (cml)
212-219-9419
www.avcapital.net
Eastern Savings Bank (cml)
800-787-8187
www.easternsavingsbank.com
Axiom Commercial Funding
866-637-3014 x 10 www.acfsonline.com
Emerald Financial
714-965-6688
www.eprivatemoney.com
Bay Equity
800-229-3703
www.bayeq.com
Emigrant
786-314-6280
www.emigrantdirect.com
BFS Capital, LLC. (cml)
510-381-1930
www.bfscapital.com
Exeter Holding Ltd.
516-338-7500
http://exeterholding.com
ADVERTISE YOUR NICHES HERE WITHIN Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
40
Marcch 2009
NICHE REPORTS
HARD MONEY & NON-PRIME Lender Listings continued… First Credit Commercial Capital Corp. (cml) 407-843-6262
www.fchardmoney.com
Porter Bridge Loan Company (cml)
866-725-1777
www.porterbridgeloan.com
First Mount Vernon Industrial Loan Assn. 703-823-6800
www.fmv1.com
Portfolio Mortgage Company
480-775-5150
www.portmort.com
First Select Capital
540-908-2205
www.firstselectloans.com
PFA Capital, LLC
800-531-4589
www.pfacapital.com
Global Lending Group
727-530-0110
www.glgiwholesale.net
Quik Fund Inc.
813-671-0712
www.quikfund.com
GMC Mortgage Capital
941-626-9656
www.gmcmortgagecapital.com
Rehab Funding
610-645-9939 x 310 rehabfunding.com
HARDDMONEYLOANS.COM
813-516-5210
www.HARDDMONEYLOANS.COM
Remington Financial Group
480-905-3239
www.remingtonfg.com
Hawkins Capital
208-908-5596
www.hawkinscap.com
HMC Funding
800-273-7001 x 343 www.hmcfunding.com
Right Start Mortgage
800-520-5626
www.rightstartmortgage.com
Investor Funding
864-213-3951
www.4investorfunding.com
SBB Financial
866-358-7238
www.sbbfinancial.com
J & J Financial
714-256-4416
www.10dayloan.com
SDI Funding
864-233-3337 x 3220 www.sdifunding.com
Lakeside Financial Inc.
949-297-4180
www.nofico.net
SmartServ Solutions
888-633-4778
Lib Properties, LTD.
404-256-8600
www.libloans.com
SWC Financial Corp.
714-680-7050 x 113 www.swcfinancial.com
LNB Commercial Capital
321-214-0585
www.lnbcapital.com
Mager Capital
310-760-6290
www.magercapital.brokerca.com
Magnolia Financial Consultants
601-428-1005
Meridian Group
800-901-9301
www.bronxhardmoney.com
Swift Funding
727-521-6633
swiftfundingcorp.com
TCRM Commercial Corp. (cml)
212-371-3933
www.tcrmcommercial.com
www.hardmoneymortgages.com
The Loan Doctors, Inc. (cml)
954-647-7679
www.regd506.com
www.meridiangroupinc.com
The Money Source, LLC. (cml)
480-946-4000
www.themoneysourcellc.com
323-377-0979
www.titanhardmoney.com
Overland Financial
818-342-2477
www.overlandfinancial.com
Titan Hard Money
Pacific Mortgage Funding Corp. (cml)
562-864-4006
www.pacificmortgage.com
Trust Deed Investments, Inc
415-760-2338
www.hardmoney.ning.com
PB Financial Group Corp.
310-289-0900
www.pbfinancialgrp.com
West One Mortgage Corporation
818-921-7602
www.westonemortgagecorp.com
Piedmont Capital Lending, LLC.
678-292-6984
www.piedmontcapitallending.com
WholesaleLending.com (cml)
866-303-6301
www.wholesalelending.com
Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
Continue to receive The Niche Report monthly In an effort to maintain a healthy circulation we will be deleting many aged subscribers. If you haven’t already gone to our website and subscribed, do it now! ree! It’s f
NICHE REPORTS
CONSTRUCTION/REHAB Premium Listings
Financial Resources Mortgage, Inc. 800-950-6913 or ddexter@frmortgageinc.com
Kennedy Funding, Inc.
Real Estate based private money lender. Commercial & Residential Investment. Refi-Cash Out allowed. Retail, office, multi-family, raw land, development & modular construction are our specialties. Common sense underwriting. No upfront fees! Email or call today. Mortgages/loans secured by real estate, all commercial property types and other fixed assets nationwide; Any property type, even raw land. Specializes in development loans that need to close quickly, loans from $1 million & up. 2-days for commitment.
1-800-342-8500
Manaseh, Epharim & Associates 770-840-0112
New construction and rehab loans for all types of commercial properties. Your source for international and domestic funding.
Direct lender specializing in short term bridge financing. Interest only. No prepayment penalty. No points upfront. Commitments within 24 hours. Brokers welcomed and protected.
Metro Funding Corp 866-302-6360
Remington Financial Group, Inc 480-905-3239
Up to 95% financing construction, rehab, renovation, development, starting at $1 million and moving upwards, commercial only
CONSTRUCTION / REHAB Lender Listings Powered by TheLoanPost.com Ameribank Mortgage
516-833-8834
www.ameribanksolutions.com
Hawkins Capital
208-908-5596
www.hawkinscap.com
Assurity Financial
866-841-7863
www.assuritywholesale.com
Kennedy Funding
201-342-8500
www.kennedyfunding.com
M&T Bank Mortgage
804-380-7465
wholesalemortgage.mtb.com
Mango Bay Mortgage
561-347-9811
www.mangobayinc.com
Mission Oaks National Bank
805-889-0301
www.missionoaksbank.com
Portfolio Mortgage Company
480-775-5150
www.portmort.com
SWC Financial Corp.
714-680-7050 x 113
www.swcfinancial.com
Axiom Commercial Funding
866-637-3014 x 10
www.acfsonline.com
Broker Capital Funding
408-438-6939
www.brokercap.com
Colonial National Mortgage
800-825-1311
www.cnmbrokers.com
Everbank
415-595-3968
www.everbankwholesale.com
Excelsion Mortgage
888-578-5441 x 1
www.ExcelsionBrokers.com
Federal Trust Mortgage
407-323-1833 x 153
www.federaltrust.com/brokers
First Mutual Bank
971-645-9140
www.washingtonfederal.com/wholesale
United Midwest Savings Bank
614-255-3534
www.umwsb.com
First National Bank of Nassau
404-218-3335
www.fnbwholesale.com
Unity Bank
904-727-7535
www.unitybank.com
First Northern Bank
707-423-9330
www.thatsmybank.com
West One Mortgage Corporation
818-921-7602
www.westonemortgagecorp.com
ADVERTISE YOUR NICHES HERE WITHIN Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
42
March 2009
NICHE REPORTS
COMMERCIAL Premium Listings
AgriCap Financial Corporation 213-542-5232
Fairview Commercial Lending 866-634-1270
Financial Resources Mortgage, Inc. 800-950-6913 or ddexter@frmortgageinc.com
Gregory Funding 888.324.3578
Griffin Capital Funding 540-548-1001
KENNEDY FUNDING, INC. 1-800-342-8500
Manaseh, Epharim & Associates 770-840-0112
Metro Funding Corp 866-302-6360
Remington Financial Group, Inc 480.905.3239
Trilogy Commercial Lending 888-875-5055
Agriculture -- Farms, Ranches, Facilities. Agricultural Operating/Crop Input Loans. No minimum credit score, foreclosure bailouts, Quick Closings nationwide, commitments in 24 hours Real Estate based private money lender. Commercial & Residential Investment. Refi-Cash Out allowed. Retail, office, multi-family, raw land, development & modular construction are our specialties. Common sense underwriting. No upfront fees! Email or call today. Private portfolio lender funding small balance commerical loans up to $1MM. No credit score requirement. No pre-payment penalty. Up to 70% LTV. Foreclosure ok. Bankruptcy ok. Lending territory: AZ, CA, CO, ID, NV, OR 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! 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. Acquisition, Refi’s, and Development Commercial Loans. Your source for international and domestic funding. Direct lender specializing in short term bridge financing. Interest only. No prepayment penalty. No points upfront. Commitments within 24 hours. Brokers welcomed and protected. Senior financing on existing real estate all property types, competive rates Specializing in Full Doc small balance Commercial loans up to $5 M. Our unique Commercial Automated Underwriting System allows for instant approvals, including pricing options. No Upfront Fees! Experience ease of execution - call today!
Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
TheNicheReport.com
43
NICHE REPORTS
COMMERCIAL Lender Listings Powered by TheLoanPost.com Affinity Bank
877- 862-7245
www.affinitybank.com
Mango Bay Mortgage
561-347-9811
www.mangobayinc.com
AgriCap Financial Corporation
213-542-5232
www.agricap.com
Met-West Commercial
866-766-4000
www.met-west.com
American Acceptance
800-452-9287
www.aamcap.com
Midwest Financial Capital
317-844-7776
www.midwestfinancialcapital.com
Arlington Richfield
248-613-7423
www.arlingtonrichfield.com
Apartment Lending
303-771-1031
www.aptlending.com
Minvest Financial
877-317-0260
www.minvestfinancial.com
Avant Capital Partners, LLC.
212-219-9419
www.avcapital.net
Mission Oaks National Bank
951-719-1200
www.missionoaksbank.com
Axiom Commercial Funding
866-637-3014 x 10 www.acfsonline.com
MiStar Financial
720-200-2600
www.mistarfinancial.com
Berkshire Capital Financial, Ltd.
212-986-9890
www.berkshirecapital.net
MJM Capital Group
480-628-1943
www.mjmcapitalgroup.com
BFS Wholesale
800-778-3763
www.bfscapital.net
Multicorp Financial
925-275-8111 x 222 www.11multicorpfinancial.com
Blue Sky Commercial Funding
888-500-2583
www.bscfloans.com
Nationwide Commercial Lenders
800-830-5940 x 1 www.NationwideCommercialLenders.com
Brownstone Mortgage Capital
800-547-1285
www.brownstoneloans.com
New World Commercial Lender
561-628-2069
www.nwclender.com
Capital Alliance
415-288-9575
www.calliance.com/index.php
CapitalSource Finance
212-321-7215
www.capitalsource.com
Overland Financial
818-342-2477
www.overlandfinancial.com
CFA Capital Partners
914-967-5780
www.cfacap.com
Pacific Mortgage Funding Corporation 562-864-4006
www.pacificmortgage.com
305-539-7675
www.pnb.com
Ciena Capital
800-722-5626
www.cienacapital.com
Pacific National Bank
CIT Small Business Lending Corp.
404-244-4592
www.smallbizlending.com
PFA Capital, LLC.
800-531-4589
www.picconefinancial.com
Coast Investors Capital
305-446-9125
www.coastinvestors.com
PNC ARCS
800-275-2727
www.askARCS.com
Commercial Bridge Loan Funding
305-852-2569
www.cblfg.com
Presidential Bank
301-652-1616
www.presidential.com
Commercial Capital Funding Corp
866-790-6925
www.ccflender.com
Pribank
866-811-9217
www.pribank.com
Commercial Funding Corp
904-885-9977
www.commercialfundingcorp.com
Commercial Hard Capital, LLC
832-607-6778
www.commercialhardcapital.com
Commercial Lending Capital
714-656-3943
www.clcnationwide.com
Commercial Loan Capital
877-473-6984
Commercial Mortgage City
954-854-6853
Commercial Mortgages 101
Prudential Mortgage Capital Co.
888-263-6800
www.prumortgagecapital.com
Quik Fund Inc.
813-671-0712
www.quikfund.com
www.clcloans.net
Reliant Funding
412-942-1010 x 18 www.reliantfunding.us
www.commercialmortgagecity.com
REM Capital
877-774-4240
www.remcapitalgroup.com
800-763-3036
www.commercialmortgages101.com
SF Partners Mortgage
305-774-0456
sfmortgagelenders.com
Community Commerce Bank
916-648-2680
www.ccombank.com
Small Business Loan Source, LLC.
512-215-2727
www.adelinerem.com
Cushman Rexrode Capital Corp.
925-988-7200
www.cushrex.com
St. Cloud Mortgage
877- 653-3276
www.farmerloan.com
Eastern Savings Bank
800-787-8187
www.easternsavingsbank.com
Equity One Commercial
407-370-7843
www.equity1commercial.com
STA Capital Group & Advisors
866-610-4141
www.c-loandivision.com
Excelsion Mortgage
888-578-5441
www.excelsionbrokers.com
Strongtower Financial
800-333-9893
www.strongtowerfinancial.com
First California Bank
818-670-7688
www.fcbank.com
SWC Financial Corp.
714-680-7050 x113 www.swcfinancial.com 212-371-3933
Griffin Capital Funding
800-710-6762
www.ysploans.com
TCRM Commercial Corp.
www.tcrmcommercial.com
Hawkins Capital
208-908-5596
www.hawkinscap.com
Terrace Capital
212-671-1031
www.terracecapital.com
HMC Funding
800-273-7001 x 327 www.hmcfunding.com
The Money Source, LLC.
480-946-4000
www.themoneysourcellc.com
Integrity Financial Group
916-343-7559
www.ifgloans.com
Trilogy Commercial Lending, LLC.
877-726-9433
www.trilogycl.com
Interbay Funding, LLC
877-207-6099
www.interbay.com
Kennedy Funding
201-342-8500
www.kennedyfunding.com
Union Bank of California
877-945-2265
www.uboc.com
Lib Properties, LTD.
404-256-8600
www.libloans.com
Wells Fargo
800-840-5822
www.wellsfargo.com
Lighthouse Commercial
614-340-3894
www.Lighthouse-Commercial.com
West One Mortgage Corporation
818-921-7602
www.westonemortgagecorp.com
LNB Commercial Capital
321-214-0585
www.lnbcapital.com
WholesaleLending.com
866-303-6301
www.wholesalelending.com
Magnolia Financial Consultants
601-428-1005
www.hardmoneymortgages.com
World Capital Bancorp, Inc.
888-922-3003
www.worldcapitalbanc.com
ADVERTISE YOUR NICHES HERE WITHIN Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
44
March 2009
LENDER & RESOURCE DIRECTORY
ACC Mortgage, Inc. WeApproveLoans.com Contact: Tim Boord Phone: 240-314-0399 ext 15 Email: Tim.Boord@accmortgage.com
AFG LLC (Asset Funding Group) www.assetfundinggroup.com Contact: Jaye Kuchman Phone: 720-889-1175 Email: Loans@assetfundinggroup.com
AgriCap Financial Corporation www.agricap.com Contact: Business Development Phone: 213-542-5232 Email: sales@agricap.com
Best Rate Referrals www.bestratereferrals.com Phone: 800-811-1402
BRT Realty Trust www.brtrealty.com Contact: Mitch Gould Phone: 516.773.2712 Email: mitch@brtrealty.com
Applied Business Software www.TheMortgageOffice.com Phone: 800-833-3343
ATTENTION LENDERS!! Buyers of Distressed Debt Email: DistressedBuyers@gmail.com
First Mount Vernon I.L.A. www.FMV1.com Phone: 703-823-6800 Fax: 703-997-2499
CityLights Financial Express, Inc www.citylightsfinancial.com 800-530-2489 ext 301 info@citylightsfinancial.com Cogent Road Inc. www.fundingsuite.com/demos Phone: 800-848-3162
a la mode, inc. www.alamode.com
Ambit Funding www.ambitfunding.com Contact: Chris Bednar Phone: (570)-829-2101 (800)-823-7101 Email: loans@ambitfunding.com
Financial Resources Mortgage, Inc. www.commercialloanresources.com Contact: David Dexter Phone: 800-950-6913 Email: ddexter@frmortgageinc.com
Credit Plus Inc. www.creditplus.com Phone: 800.258.3488 Fax: 800.258.3287 Email: beyondbundled@creditplus.com
DocMagic www.docmagic.com Phone: 800.649.1362
Fairview Commercial Lending www.FairviewLending.com Phone: 866-634-1270 Fax: 404-634-0319
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
TheNicheReport.com
45
LENDER & RESOURCE DIRECTORY
The Lender Approval Department www.TheLenderApprovalDepartment.com Phone: 310-568-1112 Email: ben@qcmac.com
Loan Mod Lead Machine www.loanmodleadmachine.com
Metro Funding Corp www.metrofundingcorp.com Contact: Jennifer Bernabeo Email: jennifer@metrofundingcorp.com Phone: 866-302-6360
Mitigation Online Consultants www.mitigationonlineconsultants.com Email: sales@mitigationonlineconsultants. com Phone: 818-501-1520 Mortgage Audit Services 650-833-3343
The Loan Post www.TheloanPost.com Phone: (877) 812-4327 Email: sales@TheLoanPost.com
Loansifter www.Loansifter.com Phone: 920-687-1222 Email: Sales@loansifter.com
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
46
March 2009
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
Pittbull Mortgage School www.pitbullmortgageschool.com Contact: Leonard Rosen Phone: 858-736-7788 Email: PitbullMortgageSchool@gmail.com
Precision Loan Processing www.PrecisionLoanPro.com Phone: 703.743.9739 Email: Kristen@precisionloanpro.com
Real-Estate-Agent-Lists.com www.realestateagentlists.com Phone: 877-485-5044
Remington Financial Group, Inc www.remingtonfg.com Contact: Aaron Enright Phone: 480.905.3239 Email: apply@remingtonfg.com
Stonecrest Financial Contact: Bill Phone: 888.884.6518 Email: Bill@stonecrest.net
Trilogy Commercial Lending www.TrilogyCL.com Phone: 888-875-5055 Email: info@trilogycl.com
TrustCapital Investments LLC Contact: Craig Severson Phone: 301-503-2231 Email: trustcapital@frontiernet.net
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