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PROGRAM DETAILS
SINGLE-FAMILY
RESIDENCES
1 Builder/custom-borrower owns lot:
a) Max loan amount and b) max LTV
2 Builder model/spec: Max loan amount
3 Builder sold: Builder owns lot and has
contract to sell: Max LTV
4 Corporations, trusts and legal entities
5 First-time builder with limited experience
6 Newly self-employed
7 Owner who is a builder
8 Self-build: Max LTV
BORROWER T YPES
9 Condos: High-rise
10 Condos: Low-rise
11 Land development
12 Log homes
13 Mixed-use properties
14 Manufactured mobile homes
15 Modular homes
16 Partially completed construction
17 Residential lot acquisition: Max LTV
18 Rural properties
19 Second dwelling on single tax lot
PROPERTY TYPES
20 100% CLTV
21 Additional advances
22 Blanket loans
23 Construction-to-permanent (all in one loan)
24 Draws on demand
25 Gifted lot
26 Payment reserve
27 Interest-only payment loans
28 Less-than-perfect credit
29 Line of credit
30 On-time completion bonus
31 Principal reductions with re-amortization
32 Remodel loans: Max loan amount
33 Stated income: Max loan amount
34 “No-Payment” option
COMPANY NAME
$
1a
1b
%
$
2
3 4567 8
%%
9 10 11 12 13 14 15 16
%
17
18 19 20 21 22 23 24 25 26 27 28 29 31 30
$
32
$
33 34
Aztec Financial
800-663-0997
3M 60 3M 70 Y Y Y Y 60 Y Y Y Y Y
Y 60
YYYY
YYYYYY
Y 3M
3M Y
CA
CA only. May lend up to 65% LTV on construction loans
Bismark Mortgage Co.
800-350-7199 x103
www.bismarkmortgage.com
600K 70 600K 60 Y
Y 70
Y
Y
YY
YYYY
600K Y
NATIONWIDE except: AR CT DE IA KS LA MS MT ND NE NH NM OK RI SC SD VT WI WV WY
Please see Web site for additional information.
Financial Resources Mortgage Inc.
800-950-6913
www.frmortgageinc.com
1M 65 1M 65 Y Y Y Y 65 Y Y Y Y Y
Y Y 50 Y Y
YY
YYYYY
1M
1M Y
NATIONWIDE except: V T
Specializing in modular construction loans nationwide and offering stick-built only in New England
Normandy
800-390-7536
www.normandy.com
2M 90 2M 75 Y Y Y Y 90
YYYY
Y Y 75 Y Y
YYYYY
YY
Y 2M
2M Y
NATIONWIDE except: AL AR AZ DC ID LA MN MS ND NE NM NV OR SD TX VT WI WV
Seattle Funding Group Ltd.
800-974-8625
www.SeattleFundingGroup.com
2M 70
70 Y
YY
YY
Y
Y
Y
YY
YYYYYYYY 2M
2M Y
CO HI NV OR UT WA
Seattle Funding Group of California
858-751-0556
www.SeattleFundingGroup.com
3M 70
70 Y
YY
YY
Y
Y
Y
YY
YYYYYYYY 2M
2M Y
CA
WADOT Capital Inc.
206-362-4444
www.wadotcapital.com
1M 75 1M 75 Y Y Y Y 75
Y Y Y Y Y Y Y 70 Y Y Y Y Y
YYYYY
1M
1M
ID OR WA
LTVs based on cost-to-construction. ID, OR & WA only
Tell lenders you found them in Scotsman Guide
1a 1b 2 3 4567 8
9 10 11 12 13 14 15 16 18 19 20 21 22 23 24 25 26 27 28 29 31 30 32 17
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.
outstanding customer service and reduce business-continuity risks related
to liquidity, investor relationships and
compliance.
For every pair of hands that contributes to advancing a loan file from origination to closing, there is the potential
for error, oversight and delay. When a
lender uses an automated, rules-driven
workflow, brokers can avoid loan defects and potentially see a quicker loan
process. They also can respond to and
correct conditions that prevent files
from advancing in a timely manner.
Rules-driven workflow automation
ensures loans can’t change or pass until meeting certain conditions. Brokers
who originate loans for lenders operating with a rules-driven workflow also
could benefit from their lenders’:
greater performance accountability • ,
consistency and efficiency;
data integrity; •
« HOOD continued from page 30
pipeline monitoring; • and
better business management • through
reports assembled from workflow
elements.
Management aides
Borrowers want to know where their
loan stands. But brokers sometimes
can’t get that information from lenders
quickly.
Many lenders have adopted technology that gives them a complete loan-by-loan view of their pipeline via a single
screen shot or report. Increasingly a popular business tool among Fortune 1000
firms, management dashboards let lenders track specific loans. Lenders also can
provide brokers’ with information that
will satisfy borrowers’ need to know.
Further, lenders that embrace advanced management dashboards also
can identify trends and measure workflow efficiency by displaying metrics
across their entire organization. Their
ability to view their entire operation
in virtually real time enables business
agility and responsiveness.
Brokers also should be aware that
lenders’ attention to operational details
ultimately shapes their origination relationships. Lenders can track brokers’
performance and the performance of
specific loans and products offered by
brokers. This allows lenders to curtail
those relationships that aren’t profitable
and reward brokers who perform well.
•••
Although mortgage brokers face uncharted territory in the coming year, their
need to serve borrowers and establish
relationships with viable wholesale
lenders is without doubt. As lenders
contend with liquidity issues related
to scarce and competitive warehouse-line availability, sensitive investor relationships, and complex compliance
requirements, brokers live and die by
the outcomes. In short, what is good for
wholesale lenders is good for brokers
and the borrowers they serve.
Investors also will watch their lenders’ operational quality, and they won’t
tolerate defective loans or delivery
problems. Brokers need their lenders to
have successful investor relationships.
All said, the mortgage industry’s biggest questions loom around regulatory
compliance — and the possibility that
public-policy makers will thwart the
industry’s recovery with measures intended to protect their constituencies.
Brokers should be in favor of whatever
strategies their lenders adopt to ensure
regulatory compliance.
As a strategy for ensuring superior
customer service and deepening their
long-term lender relationships, brokers
should make every effort to understand
their partners’ business imperatives
and embrace the solutions that help
ensure long-term viability. •
