3 Personal/corporate/combined net worth requirement: Minimum
4 Annual origination volume: Minimum
5 Willing to train those new to warehouse lending
PROGRAM INFO
6 Flow
7 Bulk
8 Lien position: 1st
9 Lien position: 2nd
PRODUCTS
10 Construction
11 FHA / VA
12 Fannie Mae / Freddie Mac
13 HLTV programs
14 Home equity
15 Home improvement
16 Jumbo residential
17 Mixed-use properties
18 Nonprime
CONTAC T
Min
1
Max
2
Min
10 11
12 13 14 15 16
PRODUCTS
4
17 18
Gateway Bank FSB
888-210-0002 x4785
www.gatewayfsb.com
Michael Kenny
michaelk@gatewayfsb.com
2M 150M
NA/150K/NA
NA
YY
YY
YYYY
Y
Y
NATIONWIDE
Nation’s top warehouse bank (Federal Savings Bank), early wires, TPOs, quick$ale
Warehouse Solutions
800-455-1355
www.whlsolutions.com
Kamran Khosravi
kkhosravi@whlsolutions.com
1M
50M
NA/500K/NA
NA
YY
Y
YYY
Y
NATIONWIDE
Tell lenders you found them in Scotsman Guide
Contact
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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.
« articles »
By Timothy M. Dwyer
CEO
Entitle Direct Group Inc.
Lessen RESPA Woes with the Right Provider
Ensure early accuracy with good title-insurance and settlement partners
Now that the first two of months with the new Real Estate Settle- ment Procedures Act (RESPA)
regulations have passed, it’s time to
see how things are going. If you express a feeling of exasperation, you’re
not alone. Many mortgage brokers
have struggled to get their good-faith
estimates (GFEs) right the first time,
but it’s not easy.
As a broker, you must provide more-detailed information much earlier in
the process so that your title-insurance
provider can respond with accurate
quotes. Of course, you can overestimate some of the costs on your GFEs
to protect yourself from allowable tolerances explained on Page 3 of the GFE.
Then again, showing the lowest costs
on your GFEs could give you a distinct
competitive advantage.
Because of this, working with a title-insurance and settlement provider that
can give you accurate information early
in the process is imperative. Brokers
should know how to select the right
title-insurance and settlement provider
and why the right provider can help
them adjust to the new RESPA regulations and become more competitive at
the same time.
What you need
The right provider can help you understand what’s necessary to include
on your GFEs and what rates and fees
to list.
For purchase transactions, you’ll
need to list the premium for the own-
er’s title-insurance policy and the loan-
policy premium, even though your
borrower may not want to purchase an
owner’s title policy.
“Brokers should know
how to select the
right title-insurance
and settlement provider
and why the right
provider can help.”
Government recording fees and
mortgage or transfer taxes can be
difficult to estimate upfront, but your
provider should have access to the information you need to estimate those
fees correctly.
Choosing the provider
Should you or your clients choose the
title-insurance and settlement providers? If you select the title-insurance and
settlement providers for your clients,
the costs must be within the 10-percent
tolerance the new GFE requires.
You also will most likely have clients
who prefer to choose a provider themselves. Many savvy consumers now
know that shopping for title-insurance
and settlement providers can save
them hundreds or thousands of dollars
in closing costs.
Working with your clients to reduce
their closing costs will help you close
more loans. Just check to make sure the
lender with which you work will approve
the title-insurance and settlement provider. When you allow your clients to
choose, you don’t have to worry about
the cost or the 10-percent tolerance, unless your clients choose a company you
identified for them.
To keep your stress level as low as
possible and give the most-accurate
GFEs to your clients, you must work
with a title-insurance and settlement
company that can provide an accurate
quote of all the fees upfront.
Don’t be fooled by online calculators
that may not consider all factors when
generating a quote. They can be good
for the basics, but you should work with
a company that can provide a detailed
quote early in the process.
In addition, your lender may require
specific endorsement fees. Be sure the
quote you receive includes pricing for
those, as well. Beware of add-on fees
that often go by names such as courier
fees, recording-service fees and overnight fees.
Speed and fees
When working under the new RESPA
rules, speed is of the essence. Look
for a provider that offers fast turn-
around not only on commitments and
U.S. Department of Housing and Urban
Development (HUD)-1 forms but also
on quotes.
Timothy M. Dwyer is CEO of Entitle Direct
Group Inc., parent company of En Title
Insurance Co. and ENTITLE DIREC T, the only
direct provider of title insurance and closing
services offering savings of 35 percent or
more in 32 states and Washington, D.C., with
plans for expansion into 13 additional states.
En Title insurance policies are accepted by
major lenders, Fannie Mae, Freddie Mac and
the Federal Housing Administration. Contact
tdwyer@entitledirect.com or (203) 724-1150,
or visit www.EntitleDirect.com/mortgage.
