1st Mortgages
1st Mortgages
… continued
post your loan search matrixes
scotsmanguide.com
This matrix should be used to find detailed program criteria for 1st mortgages only. Please consult the Prime Niches matrix for general program/product information or unusual property/loan characteristics.
Note: 2009 FNMA/FHLMC loan limits: 1 unit = $417,000; 2 = $533,850; 3 = $645,300; 4 = $801,950 (AK, Guam, HI & U. S. Virgin Islands = 50% higher)
Type I E A 45
I=Income
E=Employment
A=Assets 45=4506
V=Verified S=Stated
DOCUMENTATION
Occ
O
V
N
Purp
P
R
C
#
Units FICO %/$K %/$K %/$K %/$K%/$K FICO
DTI
Ratio
%
Mtg
Lates
30s
in the
Last
# Mo
CLTV
to
%
IO
Period
Yrs
Fixed,
ARM,
Both
F/A/B
40-yr
Amort
30-yr
Term
w/Min
Pmt/
Neg
Am
40/30 ARM Interest Only
PRODUCT OPTIONS
All parameters on each line are used in combination with one another - each line represents a specific loan scenario or credit grade
LTV / LOAN AMOUN T
Combinations tied to different scores
Program
Name
Comments
ICON Residential Lenders
AgencyConf Full V V V Y O PR 1-2 620
AgencyConf Full V V V Y O PR 1 620
Flex97 Full V V V Y O PR 1 680
MyCommunity Full V V V Y O P 1-2 680
MyCommunity Full V V V Y O P 3-4 680
AgencyJumbo Full V V V Y O PR 1 700
AgencyJumbo Full V V V Y O C 1 700
Cash-out not available in TX; foreign nationals ineligible for all products
95/533
95/417
97/417
97/533
80/801
90/417
75/417
NATION WIDE except: AK
40 0/12 95 10 B
40 0/12 95 10 B
40 0/12 97 NA B
40 0/12 97 NA B
40 0/12 97 10 B
40 0/12 90 10 F
40 0/12 75 10 F
N
N
N
Y
Y
N
N
888-247-6427
www.iconwholesale.com
N DU approve eligible
N DU approve eligible
N DU approve eligible
N DU approve eligible
N DU approve eligible
N DU approve eligible
N AUS approve eligible
NetMore America
AL AZ CA CO HI ID IL KS MN MO MT NM NV OK OR TX
UT WA WY
CF30/CF15 Full V V V Y O
CF30/CF15 Full V V V Y O
CF30/CF15 Full V V V Y V
CF30/CF15 Full V V V Y V
CF30/CF15 Full V V V Y N
CF30/CF15 Full V V V Y N
CF30/CF15 Full V V V Y N
CF30HB Full V V V Y O
CF30HB Full V V V Y O
CF30HB Full V V V Y O
CF30HB Full V V V Y V
CF30HB Full V V V Y N
CF30HB Full V V V Y N
CF30HB Full V V V Y N
DTI and mortgage lates determined by DU/LP
PR 1 680
C 1 680
PR 1 680
C 1 680
P 1 680
R 1-4 680
C 1 680
PR 1 680
PR 2-4 680
C 1-4 680
PR 1 680
P 1 680
P 2-4 680
R 1-4 680
95/417
85/417
90/417
75/417
80/417
75/417
75/417
80/625
75/1000
75/625
80/625
80/625
75/625
75/625
720 90/625
95 NA
85 NA
90 NA
75 NA
80 NA
75 NA
75 NA
90 NA
75 NA
75 NA
90 NA
85 NA
75 NA
75 NA
N
N
N
N
N
N
N
N
N
N
N
N
N
N
503-496-3140
www.netmoreamerica.com
N 2 unit 95%, 3 & 4 unit 80%
N 2 unit 80%, 3 & 4 unit 75%
N
N
N 2 - 4 units to 75% LTV
N
N
N
N
N
N
N
N
N
2 - 4 units to 70%
County limits apply
County limits apply
County limits apply
County limits apply
County limits apply
County limits apply
County limits apply
Reliant Funding Group
FL PA SC
USDARural Full V V V Y O P 1 620 100 41 0/12 100 NA F
USDA product allows for 100% financing. Unlimited seller contribution. No monthly mortgage insurance. 100% gift allowed. No borrower reserves
N
412-942-1010
www.reliantfundinggroup.com
N < 620 with strong comp factors
LEGEND: P=Purchase; R=Rate and Term Refi; C=Cash-Out Refi; O=Owner Occupied; V=Vacation Home; N=Non Owner Occupied; NINA=No Income, No Asset; SISA=Stated Income, Stated Asset; SIVA=Stated Income, Verified Asset
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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.
Fighting the HVCC
Continued from Page 20
Some underwriters like to see all of
this window dressing, which is why competent appraisers included many of the
items before the HVCC. Mandating these
inclusions, however, can impair appraiser
productivity and increase turnaround
times. Moreover, it’s common for AMCs
to send cases back to appraisers for some
type of correction, be it substantive or minor. The back-and-forth nature of these
corrections, handled in sequence by both
the AMCs and the appraisers, can result in
additional delays.
Ultimately, this model requires a minimum turnaround time of four days for appraisers to perform their crucial duties,
including:
■ Field inspection;
■ Data and comparable gathering;
■ Selection of comps;
■ Inspection of comps from street
distance;
■ Data tabulation and evaluation;
■ Final comp selection;
■ Report-writing; and
■ Final reconciliation of value.
While the report is in its possession,
the AMC also can drag its feet with quality
control — despite the fact that appraisers
prefer to move on to their next job quickly.
Another problem with AMCs is that
they often must contract with inexperienced or inferior appraisers because better appraisers won’t work for the smaller
fees AMCs pay to remain competitive. In
other words, there’s evidence of appraisers
willing to work cheaply. AMCs then rely
on in-house staff to weed out obvious errors and provide additional analysis that
adds little to the report’s quality.
Meanwhile, with word getting out
about the HVCC — courtesy of the media
25 Scotsman Guide | Residential |
scotsmanguide.com | August 2009
What brokers can do
The time is now for mortgage brokers to do
something about the HVCC and the inefficiencies created by AMCs.
For starters, when dealing with purchase loans, encourage real estate agents
who meet with appraisers to inquire about
the appraisers’ credentials, experience and
bases of operations. Agents typically aren’t
bashful about heading off potential stumbling blocks if it means completing a deal.
Encourage them to voice their misgivings.
Contact your local congressional representatives and senators and discuss your
concerns. Many have e-mail addresses or
forms available online. If you know Realtors or potential homebuyers who have
been impacted adversely, encourage them
to do the same.
In late June, the National Association of Realtors (NAR) also joined the
fight against the HVCC and asked for an
18-month moratorium on the code of conduct — which turned into House Resolution No. 3044, introduced June 25 and set
to be discussed in committee, as of press
time. The National Association of Mortgage Brokers has been leading the fight
against the HVCC, as well.
Although it remains to be seen whether
the new system is flawed fundamentally or
if the kinks just need to be worked out, it
seems likely that inherent problems with the
HVCC are causing major issues not only for
mortgage brokers but also for everyone else
involved in the homebuying process.
On the Web
■ Home Valuation Code of Conduct:
bit.ly/hvcc
and trade organizations — there also seems
to be a sharp increase in complaints from
real estate agents and loan personnel about
appraisal orders assigned to appraisers in
distant locations.
