Niches 1st Mortgages
post your loan search matrixes
scotsmanguide.com
This matrix should be used to
find general program information/
product types, unusual property or
loan characteristics. Please consult
the Prime 1st Mortgages matrix for
detailed program criteria.
Company Name
Dumont Land Finance Corp.
877-526-3111
www.dumontland.com
1 Acreage: Max acres on res. property (U=Unlimited)
2 Condo: Non-FNMA/FHLMC warrantable
3 Condo: With only 2-3 units
4 Condotels at resort destinations
5 Co-ops
6 Dome homes
7 Land: Purchase of subdivided lot
8 Land: Purchase of undeveloped raw land
9 Log homes
10 Manufactured home (post-1976) “real” property, doublewide
11 Second dwelling on single tax lot
12 Zoning: Non-owner < 5 units: Zoned other than residential
PROPERTY-RELATED ITEMS
123456789101112
U
Y*
CO GA MO NM OK TX VA
13 Aliens/foreign nationals: No green
card, second home
14 Aliens/foreign nationals: No green card,
investment property loans are available
15 Builders, Realtors, developers:
No-income verifier loans available
16 Corps., trusts, partnerships and LLCs
17 Minimum loan amount
18 Non-owner: More than 10 financed prop-
erties allowed regardless of loan amount
19 Ratio: Combined ratios are allowed
with non-occupant co-borrower
20 Remodel: Conventional at after-
remodel value
MISCELLANEOUS
13
14
15
16
17 18 19 20
15K
PROGRAMS AND OPTIONS
21 Bridge loans
22 FHLMC: Loan Prospector (LP)
23 FHLMC: Affordable Gold
24 FNMA: Desktop Originator (DO)
25 FNMA: MyCommunityMortgage
26 FNMA: Desktop Underwriter (DU)
27 Govt.: FHA Direct Endorsement
28 Govt.: VA
29 Lock: Longest lock available (number of days)
30 Lock without property address
31 Pledged asset option
32 Reverse mortgages
33 Tenants-in-common ( TIC)
34 Rural property/part-time farm
21
22 23 24 25 26 27 28 29 30 31 32 33 34
* Rural, personal use only. 5-acre minimum, $5K max/acre
Merit Mortgage Services Inc.
310-327-4530
www.meritwholesale.com
10
YY
60K
Y
Y
Y
YY55
AZ CA ID NV OR WA
1234567
Manufactured home specialists. Min FICO of 640, manual U/ W with min FICO of 640, non-occupant co-borrowers and singlewides available on
FHA programs. Conventional programs include LP A- levels 1-4.
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22 23 24 25 26 27 28 29 30 31 32 33 34
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.
Catching Up with New Licensing Rules
Brokers must know what the S.A.F.E. Act requires and comply — possibly, by Aug. 1
By George H. Marentis, president and CEO, Compliance Made Simple LLC
To stay in business in today’s lending environment, mortgage brokers must meet new state-licensing or -registration requirements.
As a part of the Housing and Economic
Recovery Act of 2008, the Secure and Fair
Enforcement for Mortgage Licensing Act —
aka, the S.A.F.E. Mortgage Licensing Act or
S.A.F.E. Act — mandates that all states have
a loan-originator licensing-and-registration
system in place by Aug. 1 — or by Aug. 1,
2010, for states with legislatures that meet
every two years.
If a state fails to enact legislation to
meet the act’s federally mandated minimums, the U.S. Department of Housing
and Urban Development will implement a
licensing system for it.
As part of the fallout following the collapse of the subprime (aka, nonprime) lending industry and housing market — along
with the alarming increase in foreclosures
nationwide — the federal government felt
the need to improve consumer protection
by implementing uniform, nationwide licensing standards and creating a nationwide database to identify and track loan
originators and mortgage brokers.
Under the S.A.F.E. Act, the focus is
on loan originators regardless of whether
they work for a broker, lender, bank or
credit union. Loan originators who don’t
work for a federally regulated depository
institution or subsidiary thereof will
need to obtain a state license and register as a state-licensed loan originator.
Originators who work for depository institutions won’t need a license and will be
entered in the loan-originator registry by
their employers.
Regardless of where they work, all
originators must obtain a permanent
identifier. That identifier will allow for the
electronic tracking and uniform identification of loan originators and all loans
they originate.
The S.A.F.E. Act defines a loan originator as any individual who takes a residential mortgage application; who assists
consumers in obtaining or applying to
obtain residential mortgage loans; or
who offers and negotiates terms of residential mortgage loans. The act’s minimum standards for mortgage brokers
and loan originators not working for a
federally regulated depository institution
George H. Marentis is president and CEO of Compliance Made Simple LLC,
which provides licensing services and other compliance-related services to
the mortgage-lending industry nationwide. For more information, see www.
compliancemadesimplellc.com or call (303) 859-8550. Marentis has a juris doctor
degree and more than 15 years’ mortgage-lending experience, ranging from frontline
operations and originations to regulatory and legislative compliance. Information
provided in this article is not intended to be legal advice and is informational only.
23 Scotsman Guide | Residential |
scotsmanguide.com | August 2009
or subsidiary include, but are not limited to:
■ Criminal-background checks;
■ Individual credit checks;
■ Prelicensure education of at least 20
hours;
■ Prelicensure examination with a pass-
ing score of 75 percent or better;
■ Annual continuing education of at least
eight hours;
■ Individual net-worth requirements;
and
■ Individual surety bonds.
Additionally, to obtain a license or to
be registered, loan originators must:
■ Not have had a loan-originator license
revoked from any jurisdiction;
■ Not have any felonies within seven
years of the application date;
■ Have no felonies related to fraud, dis-
honesty, breach of trust or money laun-
dering; and
■ Demonstrate financial responsibility
and good character to ensure an ability to
operate honestly, fairly and efficiently.
Meanwhile, loan originators who work
for depository institutions or their subsidiaries will at a minimum need to register
with the Nationwide Mortgage Licensing
System and Registry (NMLS) and receive
a unique identifier. They will need to pro-
vide fingerprints to the NMLS for submis-
sion to the FBI to conduct a background
check. These loan originators also must
provide personal history and experience
to the NMLS along with authorization to
obtain any administrative, civil or criminal
findings.
As of press time, federal financial-regu-latory institutions still were developing the
final rules for loan originators employed by
depository institutions. The deadline for
public comment on the rules was set for
this past July 9.
States must enact legislation that com-plies with the S.A.F.E. Act by Aug. 1 of this
year or August 2010, depending on their
legislative schedule. Each state must include minimum standards in its licensing
legislation. There is nothing that prohibits
states from creating more-restrictive requirements, as well.
As of late June, 38 states had passed or
enacted the required legislation, according to the S.A.F.E. Act tracking document
published by the Conference of State Bank
Supervisors.
If a state already has an existing licensing law, it can have more time to bring al-ready-licensed originators into compliance
with the new law. Loan originators licensed
before this past July 31 under a state law
that had been enacted before July 31, 2008,
have until Jan. 1, 2011, to comply with the
act’s provisions, depending on the state in
which they live.
Loan originators who weren’t licensed
as of this past July 31 must comply with
the S.A.F.E. Act’s provisions no later than
July 31, 2010.
