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‘A’ PAPER - FIRST MORTGAGES
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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.
1 Acreage: Max acres on res. property (U=Unlimited)
2 Condo: Non-Fannie/Freddie 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)
11 Second dwelling on single tax lot
12 Zoning: Non-owner < 5 units: Zoned other than residential
PROPERT Y-RELATED ITEMS
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 properties allowed regardless of loan amount
19 Ratio: Combined ratios are allowed
with non-occupant co-borrower
20 Remodel: Conventional at after-remodel value
MISCELLANEOUS
PROGRAMS AND OPTIONS
21 Bridge loans
22 Freddie Mac: Loan Prospector (LP)
23 Freddie Mac: Affordable Gold
24 Fannie Mae: Desktop Originator (DO)
25 Fannie Mae: MyCommunityMortgage
26 Fannie Mae: 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
COMPANY NAME
1 2 3 4 5 6 7 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
Assurity Financial Services LLC
866-901-6825
www.assuritywholesale.com
5
Y 75K
Y
YY45
NATIONWIDEexcept: AL AR DC DE HI IA KS LA MA ME MS MT ND NE NH NJ NY PA RI SD VT WA WI WV National FHA, conventional and VA lender with
experienced corporate-based account executives focused on industry-leading turn-times, accessible underwriting/operational staff, with competitive rates
Dumont Land Finance Corp.
877-526-3111
www.dumontland.com
U
Y*
15K
CO GA MO NM OK TX VA
* Rural, personal use only. 5-acre minimum, $5K max/acre
Tell lenders you found them in Scotsman Guide
1 2 3 4 5 6 7 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
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.
with which trusted partners can help,
in terms of compliance. Important
changes affecting regular mortgage
transactions include:
Pre-loan;disclosures;for;closed-end •
mortgages;must be provided at application. These include “Key Questions to Ask About Your Mortgage,”
“Fixed vs. Adjustable Rate Mortgages” and the ARM-loan-program
disclosure if a consumer seeks an
adjustable-rate mortgage.
The;term;“finance;charge”;must •
be;replaced;with the term “interest
and settlement charges” to aid borrower understanding.
The;annual;percentage;rate;(APR) •
must;be;disclosed;in 16-point font
close to “a graph that compares
the consumer’s APR to the Home
Ownership and Equity Protection
Act (HOEPA) average prime offer
rate for borrowers with excellent
credit and the HOEPA threshold for
higher-priced loans.”
Additional;tabular;definitions;must •
include;information;about the loan
amount, term, type (e.g., fixed-rate), total settlement charges and
maximum prepayment penalty.
A table defining “Key Questions
About Risk” must disclose information about interest-rate and
payment increases; prepayment
penalties; and interest-only payments, negative amortization, balloon payments, demand features,
no-documentation or low-docu-mentation loans, shared equity, or
shared appreciation, if applicable.
If;applicable,;specific;examples;of •
changes;to;the;monthly;payment;—
including escrows for taxes and
property or mortgage insurance
based on the interest-rate change
specified in the contract — must
be provided in the disclosures in
tabular format.
If;applicable,;additional;special •
disclosures;must occur with adjustable-rate or step-rate loans to
demonstrate the maximum interest
rate and payment at the first adjustment, as well as the maximum rate
days of application. No fees may
be collected at that time, except for
a reasonable amount required for
obtaining a credit report.
If;the;buyer;is;paying;for;the;ap- •
praisal,;the appraisal cannot be
requested until the consumer receives the initial Truth in Lending
disclosure.
“Similar,
repetitive errors in multiple
clients’ files can lead to a
class-action suit
with consequences based on net
worth, costs and attorney fees.”
disclosure, the loan originator must
provide a corrected disclosure and
wait an additional three business
days before closing the loan.
In addition, the following post-closing updates must take place:
Adjustable-rate-interest;changes •
must;be;provided;to the borrower at
least 60 days (formerly 25 days) before the new payment level is due.
Negatively;amortizing;payment- •
option;changes;must;be;provided
at least 15 days before a payment
is due. Previously, these were not
required.
Charges;for;any;creditor-placed •
property;insurance;must be disclosed to the borrower at least 45
days before imposition.
and corresponding payment. Also,
additional special disclosures must
occur with negatively amortized
payment options, introductory
rates, interest-only payments and
balloon payments.
Saturday;is;considered;a;business •
day;for the purpose of providing
disclosures.
If;disclosures;are;mailed • , the consumer is considered to have received
the documents three business days
after mailing.
The;good-faith;estimate;must;be •
provided;within three business
The;closing;cannot;occur;until;seven •
days;after;the borrower is provided
the Truth in Lending disclosure.
A;waiting;period;can;be;shortened •
at the request of the borrower because of a “bona fide personal financial emergency.” The Truth in
Lending disclosure, however, must
be provided before this decision.
Moreover, mortgage brokers remain
liable even if the borrower modifies
or waives these waiting periods.
If the APR exceeds the origi- •
nally;disclosed;rate;by more than
0.125 percent at the time of final
What to look for
Hiring an outside service-provider to
perform post-closing, file-compliance
audits can be a cost-effective and efficient solution to the issues TILA and
similar regulations can present. The
best firms feature former compliance
officers, underwriters and attorneys
who focus on loan adherence at the
state and federal levels.
In reviewing potential service-provider candidates, consider the
following.
Credentials: • No consistent guidelines exist to determine the reli-ability of self-proclaimed auditors.
So it’s essential to look into candidates’ backgrounds and to review
their credentials and qualifications
and those of their staff. Find out if
staff members have been on the
front lines of state regulation and
have experience conducting audits,
reporting infractions and gaining
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