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
Type I E A 45
Min Yrs Since
AZ CA CO NV OR UT WA
FHAStandard Full V V V Y O PR 1-4 620 96.5/417 55 0/12 2 1 3 1.75
FHAJumbo Full V V V Y O PRC 1-4 660 96.5/729 50 0/12 2 1 3 1.75
Homepath Full V V V Y O P 1 680 95/417 720 97/417 45 0/12 4 4 4
Conv.15/30 Full V V V Y O PRC 1-4 680 90/417 45 0/12 4 4 4
FHAS/L NoDoc N N N Y O RC 1-4 620 96.5/417 0/12 2 1 3 1.75
203(k)S/L Full V V V Y O P 1-4 620 96.5/417 50 0/12 2 1 3 1.75
We accept submissions without broker approval! For fastest response call Steve at 702-473-1106 or e-mail scenarios to firstname.lastname@example.org.
FHA Streamline C/O 640 min FICO
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« tools and tips »
By Susan J. Frost
Transform Yourself ansf r l
Alliance Mortgage and Marketing
into an Industry n u t y
Leader: 6 Tips e r
Standing out means knowing
the market — and yourself
AS YOU MAY KNOW, THE WORST PLACE
to be in a stampede is in the middle.
If you’re in front, you can see what’s
ahead. If you’re in back or on the side,
you can drop away quietly and with minimal damage. But if you’re in the middle, you most likely will be trampled.
Despite this knowledge, many intelligent business professionals find
themselves in the middle of the pack.
In today’s challenging mortgage climate, having a business plan may not
be enough to position yourself as a
front-runner. If you’d like to become
an industry leader despite a contracting lending climate, regulatory changes
and economic uncertainty, the following six tips can help.
1. Know yourself
To reach your highest level of success,
you must know your strengths and
weaknesses, likes and dislikes, and
goals and accomplishments. The best
leaders display compelling modesty
and unwavering professional will. They
are diligent and willing to learn. They
take responsibility for their actions and
for what needs to be done, and they’re
driven by results.
2. Define your mission
It’s critical to establish a mission statement and business plan that guide your
efforts. Try not to let every enticing opportunity distract you. If you do, you
run the risk of losing focus.
Your mission statement should
keep you on task and drive your efforts toward your primary goals. You
can develop your mission statement
by studying the market and determining what consumers need. Examples
include affordable monthly payments,
great service and trustworthy advice.
Your business plan can bend to a
point, but your mission statement
should stay true to your ultimate
goals. It also should embrace your
3. Be inspired
Inspiration stands at the heart of success. It should drive you and deliver
momentum to everything your company does. The greatest leaders use
inspiration to push their mission forward. Their employees, in turn, find
inspiration in a purposeful mission in
which they can believe.
Leaders should make others feel like
important parts of the overall effort. An
inspired sense of purpose can propel
your success and keep your team excited about the tasks at hand.
4. Understand perception
Perception is the process of attaining awareness or understanding
from sensory information. It’s a concept applied often within mortgage
lending. For example, a perceived
increase in risk can cause secondary investors to pull back purchasing, increase pricing or discontinue
products. In addition, borrowers
generally work with mortgage brokers they perceive capable of delivering the best price and highest level
Our individual perception results in
part from past experiences and cultural influence. Understand how others perceive you and work to enhance
that perception. Also, know why you
perceive others the way you do.
5. Use obstacles as guide
During the ongoing economic downturn, many mortgage professionals
find themselves waiting for the next big
obstacle to success. These obstacles —
increased interest rates, fewer loan programs, stricter underwriting and tighter
regulation — often come in groups.
Mortgage brokers must pay attention
and use changes to guide them. Remaining flexible and knowing when and
how to adjust can help you maneuver
your way to the front of the stampede.
6. Execute your plan
Success requires more than an idea
and a plan. It requires execution
that delivers results. Your execution
should support your mission statement and achieve what you set out to
accomplish. Not only must you work
efficiently, but your staff also should.
Keep your eyes on your goals and let
them drive your success.
As you establish yourself as an industry leader, make sure to take time to
look around. Leaders must know what
changes are afoot and react ahead of
the curve. •
Susan J. Frost, president and founder of
Alliance Mortgage and Marketing, a wholly
owned subsidiary of I.F. Independent
Financial Corp., is a 26-year veteran of the
mortgage-lending industry. She has practical experience in mortgage banking, real
estate investing, property management,
business-systems management, mergers
and acquisition, and sales and marketing,
her second-greatest passion. Contact Frost at
firstname.lastname@example.org or (916) 207-7960.