Company Name
PROPERTY
1 Condotels at resort destinations
4 Condos: Owner Occ Non-FNMA/FHLMC guidelines
(i.e., occupancy requirements, etc.)
5 Condos: Non-Owner Occ Non-FNMA underwriting guidelines
(i.e., occupancy requirements, etc.)
6 Co-ops, where common to the area
7 Houseboats
8 Land: Maximum number of acres (U=Unlimited)
9 Log homes
10 Manufactured homes: Doublewide, post-June 1976 construction
11 Manufactured homes: Singlewide, real property
12 Manufactured homes: Pre-June 1976 construction, real property
13 Rural properties, residential use
14 Second dwelling on single tax lot
1234567 8 9101112
13
14
15 Aliens (nonresident)/foreign nationals: No green
card, investment property
16 Builders, Realtors, developers: Are no-income-verifier (NIV) loans available?
17 1 = Corporations, 2 = Trusts, 3 = Partnerships,
A = All three
18 Non-owner: More than four financed properties allowed
19 Non-owner< 5 units: Zoned other than residential
20 Seasoning/ownership: Can refi if home is
owned longer than: 1) __ months or 2) N: No
seasoning required
21 Seasoning/appraisal: Can use current appraised
value if home owned longer than 1) __ months
or 2) N: No seasoning required
22 Seasoning/source: Downpayment funds must be
seasoned longer than: 1) __ months or 2) N:
No seasoning required
23 Self-employed for minimum period (# of months)
15
16
17
18
19
20
21
22
23
PROGRAMS / OP TIONS
24 Combo loans: Maximum combined
loan amount
25 Construction, custom: Maximum loan
amount (see Construction matrix for
more details)
26 Foreclosure avoidance
27 Home improvement loans
28 Jumbo loans: Maximum loan amount
(1st only)
29 Mortgage Only credit option
30 40-year amortization with 30-year term
24 25 26 27 28 29 30
MortgageClose.com Inc.
866-267-7691
b2b.mortgageclose.com
YYY
Y
NATIONWIDE except: AK IA KS KY ME MS ND NJ NY OH RI VT WI
1st Mortgages
post your loan search matrixes
scotsmanguide.com
CREDIT
LTV / LOAN AMOUNT
Combinations tied to different scores
Program
Name
Mortgage Lates
Allowed Within the
of Months Shown
U= Unlimited
R = Rolling
MortgageClose.com Inc.
Max PROGRAM OPTIONS
CO
Fore:
Are available but some
No parameters may differ
None
Limit,
Bk in Occ Purp WE Non Vac 3-4 IO
$K or
Disch Last O P SE Max Owner Home OO Avail
of
># V R Doc or Loan CLTV Max Max Max Min
Yrs Yrs N C Units Type Both FICO %/$K %/$K FICO %/$K DTI Amt LTV LTV LTV Score Comments
All parameters on each line are used in combination with one another - each line represents a specific loan scenario or credit grade
NATIONWIDE except: AK IA KS KY ME MS MT ND NJ NY OH PA RI 866-267-7691
VT WI b2b.mortgageclose.com
2 O 1-2 Full 580 95 N Limited tradelines OK
2 O 1-2 Full 580 90 N Limited tradelines OK
2 V 1 Full 580 95 N Limited tradelines OK
2 V 1 Full 580 90 N Limited tradelines OK
2 O 1-2 Full 620 95 N Limited tradelines OK
Expanded 0x30/12 3 PR B 55 N N
Expanded 0x30/12 3 C B 55 N N
Expanded 0x30/12 3 PR B 55 N N
Expanded 0x30/12 3 C B 55 N N
Expanded 0x30/12 3 PR B 55 N N
Private VOR and gift funds OK.
LEGEND: P=Purchase; R=Rate and Term Refi; C=Cash-Out Refi; O=Owner Occupied; V=Vacation Home; N=Non Owner Occupied; SE=Self Employed; WE=Wage Earner;
VINA=Verified Income, No Asset; SIVA=Stated Income, Verified Asset SISA=Stated Income, Stated Asset; NISA=No Income, Stated Asset; NINA=No Income, No Asset; NIVA=No Income, Verified Asset
80/417
80/417
80/417
80/417
95/417
417K
417K
417K
417K
417K
Tell lenders you found them
in Scotsman Guide
Scotsman Guide makes every attempt to ensure the quality of matrix and directory information, which all listed lenders verify or update monthly. Because of the production
cycle and dynamic nature of the industry, loan product terms and availability may not reflect the latest changes. Please contact lenders directly for the most-recent program
details. If you believe data is inaccurate or misrepresented, please e-mail: matrixfeedback@scotsmanguide.com.
On Page 3 of the estimate, the categories
are delineated, and the acceptable tolerances for each settlement service are enumerated. Previously, HUD encouraged
borrowers to conduct these comparisons
in its special information booklet.
Promoting cost comparisons
To encourage borrowers to compare costs,
HUD requires the good-faith estimate to
be valid for 10 business days. In fact, HUD
made a “shopping chart” part of the good-faith estimate, moving it to a more prominent location than originally called for in
the proposed rule.
The mortgage industry has long implied
a fiduciary duty to the borrower while being free of the obligations of such duty. Apparently, HUD had enough and wanted it
made clear to the borrower that the mortgage broker wasn’t shopping for the consumer. Efforts to encourage borrowers to
shop around could be considered HUD’s
way of delivering this message.
■ ■ ■
The above changes are just a few of the
new provisions in the revised RESPA rule,
which will force mortgage professionals
to change the way they do business beginning this coming Jan. 1. These changes
also should encourage brokers to become
better communicators.
Although the misconduct of some
brokers appears to be the target of some
changes, brokers who react appropriately
and embrace the revisions may find themselves building more borrower trust.
Christopher Cruise, senior national trainer at Lender Training.com, is an expert
trainer of residential mortgage originators and processors. He has worked with
some of the nation’s largest mortgage lenders and has helped new and veteran
originators pass licensing exams. He is a longtime member of the National Association of Mortgage Brokers and is on the board of directors of the National
Association of Responsible Loan Officers ( www.narlo.com). Reach Cruise at
ChristopherCruise@starpower.net or (240) 571-5633.
Illustration: Dennis Wunsch
