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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.
COMPANY NAME
1 Acreage: Max acres on res. property (U=Unlimited)
2 Condo: Non-Fannie Mae/Freddie Mac 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
123456789101112
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
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
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
Nationstar Mortgage LLC
877-698-7300
www.nationstarmtg.com
4
Y
Y
50K
YY
Y
YYYY
60 Y
NATIONWIDEexcept: AK AL DC HI MS
Nationstar Mortgage operates under the well-established Champion Mortgage brand.
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.
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« articles »
By Richard Smith
Retail manager
American Acceptance
Mortgage Inc.
New-Look Origination Charges Coming Soon
Different levels of tolerance will be allowed under the new RESPA rule
mortgage brokers will wake up on
Jan. 1 to a new world of regulation.
That’s the date on which all brokers
must start using the U.S. Department
of Housing and Urban Development’s
(HUD’s) new good-faith estimate (GFE)
and HUD-1 settlement statement.
One of the major impacts of the new
Real Estate Settlement Procedures Act
(RESPA) final rule is that loan originators must guarantee certain closing
costs associated with loans. For some
of these items, the final costs listed on
GFEs won’t be allowed to increase on
On the Web
“How RESPA Will Change Your
Business,” from February’s
Scotsman Guide (with graphic breakdown):
sctsm.in/RESPAchange
U.S. Department of Housing and
Urban Development good-faith
estimate:
sctsm.in/HUDGFE
HUD-1 settlement statements. For others, a 10-percent tolerance has been
established.
Additionally, the charges listed on
GFEs will be binding on originators for
10 days.
Under the new RESPA rule, loan
originators also will be on the hook
for quoted fees — including those related to rate pricing and some paid to
third-party service-providers — for at
least 10 days. The guarantees originators provide can’t be revised, except for
specified “changed circumstances.” In
other words, brokers must commit to
prospects without reciprocation. The
mandatory 10-day commitment does
not, however, apply to the quoted interest rate.
Guaranteed costs falling under the
zero-tolerance requirement include
origination fees, any discount paid
for locked-in rates and transfer taxes.
These charges will be listed at settlement on the new HUD-1 settlement
statement, allowing line-by-line comparison with the GFE.
There also will be a new term for origination fees — “adjusted origination
charges.” These charges will be subject to the zero-tolerance requirement
after borrowers lock in their interest rate.
They must represent the net settlement
amount after any reduction or increase
resulting from lender premiums or borrower discounts.
The requirement to guarantee origination fees with no room for error is almost
certain to cause problems. Many brokers
likely will struggle to solidify mortgage
pricing at the time GFEs are given.
‘Changed circumstances’
Under the new rule, the origination
charge will include all charges associated with the lender and the originator,
except for true discount points. This includes current origination fees and any
lender-paid premiums. It also includes
the broker’s and lender’s per-loan
charges, such as fees for processing,
under writing and administration.
Typically, per-loan charges have served
to offset the basic administration costs
continued on page 24 »
of each loan. Under the new rule, however, these charges must be lumped into
one fee.
Because various lenders charge different fees, it will be difficult for mortgage
brokers to set exact per-loan charges
when a lender hasn’t been selected.
One effect of this might be increased
interest rates, which could be seen as
an alternative way to pass along these
costs to consumers.
Also under the new guidelines,
there’s limited opportunity to revise
initial estimates. Although they’re not
Richard Smith is retail manager at American
Acceptance Mortgage Inc. in Chattanooga,
Tenn. He has originated government,
conventional and jumbo loans since the
company opened in 1994. He supervises
an origination staff of more than 15 loan
officers in two offices. The company lends
in Tennessee and Georgia. Reach Smith
at (423) 899-6898, (888) 474-9920 or
rsmith@aamonline.com. Visit RichardSmith
HomeLoans.com for more information.
