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
All parameters on each line are used in combination with one another —
each line represents a specific loan scenario or credit grade.
PROGRAM
NAME
Type I E A 45
I=Income
E=Employment
A=Assets 45=4506
V=Verified S=Stated
DOCUMENTATION
O
V
N
P
R
C
OCC PURP
FICO %/$K %/$K %/$K FICO UNITS LTV / LOAN AMOUNT COMBINATIONS
Ratio
%
30s
in the
Last
Mo
to
%
Ch 7
BK
Disch
Upfront
MI
Max
%
Yearly
MI If
LTV >
____
Ch 13
BK
File
Fore
Satis
Min Yrs Since
Fixed,
ARM,
Both
CLTV
F/A/B
DTI
M TG
LATES
BANKRUPTCY/
FORECLOSURE
M TG
INSURANCE
United Wholesale Mortgage
FHAPurchase Full V V V O P 1-4 640 97/417
FHARefi Full V V V O RC 1-4 640 97/417
FHAJumbo Full V V V O PR 1-4 660 97/729
FHA Jumbo C/O Full V V V O C 1-4 660 85/729
FHA $100 Down Full V V V O P 1-4 640 99/417
FHA 3/1 ARM Full V V V O PRC 1-4 640 97/417
FHA 5/1 ARM Full V V V O PRC 1-4 640 97/417
Streamline No Doc N N N O R 1-4 640 97/417
Top 10 FHA wholesale lender in the country. Closing FHA loans in 5-7 days across the country!
Y
Y
Y
Y
Y
Y
Y
NATIONWIDE except: AK DE HI NJ NY PA RI SD WV
43 100 0/12 2 1 3 1.75 0
43 100 0/12 2 1 3 1.75 0
43 100 0/12 2 1 3 1.75 0
43 100 0/12 2 1 3 1.75 0
43 100 0/12 2 1 3 1.75 0
43 100 0/12 2 1 3 1.75 0
43 100 0/12 2 1 3 1.75 0
100 0/12 2 1 3 1.50 0
800-981-8898
www.uwmco.com
F Realtors w/ fast closing purch
F Close refi before triggers hit
F Great pricing, fast closings
F Always 24-48 hours in U/ W
F HUD REO program (state spec.)
A Great FHA Streamline Product
A Great FHA Streamline Product
B Excellent rates
COMMENTS
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.
« articles »
By Jeri Lynn Fox
President, broker and owner
USA Mortgage Corp.
The Changing Face of Education
Brokers can use strict standards to set themselves apart from bank lenders
in the past few years, the mortgage
industry and mortgage brokers have
undergone many changes. Many brokers have left the business, companies
have closed, and legislative and regulatory landscapes seem to change daily.
For brokers who remain in business,
ongoing education represents one of
the best ways to stay competitive. By
expanding your industry knowledge,
you can differentiate yourself and provide superior customer service.
Moving into 2010, education programs
will change dramatically with expanded
implementation of the Nationwide Mortgage Licensing System (NMLS) registry
for brokers and originators. Licensing requirements have changed broadly, and
it’s imperative that brokers ensure they
meet state and federal requirements.
By keeping up, brokers also can establish themselves as more educated and
capable of helping homeowners and
homebuyers when compared to lending
channels held to lower standards.
Provider requirements
In the past, almost anyone could provide broker education. In many states,
however, the rules governing education-providers have become or soon
will become stricter. Generally speaking, this is a good thing.
Changes to education-provider guidelines brought about by the NMLS include
the following:
providers must be nmls-approved 1.
to submit courses for approval and
to host education classes for preli-
censing or continuing education.
anyone not approved 2. as an educa-
tion-provider cannot submit courses
for approval or teach courses and
have them count for continuing-ed-
ucation credit.
after providers are approved, 3. they
can teach courses in any state in
which NMLS guidelines have been
implemented. Their approved
courses also are approved for every
NMLS state.
providers are required 4. to report
their course attendees within seven
calendar days and pay a fee of $1.50
per continuing-education hour. For
example, providers must pay a $6
fee per student who attends a four-
hour course.
Loan-originator rules
In addition to the aforementioned
guidelines for education-providers, the
following rules pertain to originators in
NMLS states:
any originator 1. who works for a mortgage banker or mortgage broker
must take at least eight hours of
continuing education annually. The
eight hours must consist of three
hours of federal law, two hours of
nontraditional course material, two
hours of ethics and one hour of elec-
tive education.
a person cannot 2. take the same class
in consecutive years.
continuing-education hours 3. must
be taken from an approved NMLS
education-provider.
new loan originators 4. must complete
a 20-hour prelicensing course or
courses before they will be granted
their license. The 20 hours are in ad-
dition to passing national and state
tests, submitting fingerprints and
paying a $30 processing fee.
if loan originators 5. intend to operate
in multiple states, they must meet
state-required education levels if
those levels are greater than national
minimums. In addition, loan origina-
tors operating in multiple states must
pass each state’s required test.
The bottom line is that most mortgage brokers will have to meet more-structured and stricter education
requirements. Even those brokers
working in states that haven’t yet conformed to NMLS standards should
pay attention. Changes likely will
be coming soon to the final holdout
states, as well.
On the other hand, originators who
work for banks, credit unions and savings banks aren’t and won’t be required
to meet the same standards. As a result, it’s possible that originators who
can’t pass mandatory tests or otherwise meet education requirements will
find oases at such institutions.
•••
Strict and ongoing education standards will not only produce better
mortgage brokers, but they also may
produce inferior originators outside
the broker channel. Chances are that’s
bad for consumers. It also might be
something brokers can take advantage
of by marketing themselves as more
educated and regulated than other
lending avenues. •
Jeri Lynn Fox is president, broker and owner
of USA Mortgage Corp. in Elmwood Park,
Ill. She also is chairwoman of the Mortgage
Education Foundation and president of the
Illinois Association of Mortgage Professionals. Fox has been in the mortgage industry
for 17 years and has earned the Lending
Integrity Seal of Approval from the National
Association of Mortgage Brokers. Reach her
at (708) 456-0090.
