Scotsman Guide - September 2010 Residential Edition

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» post your loan: scotsmanguide.com/loanpost » search matrix: scotsmanguide.com/primeniche

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

PROPERTY-RELATED ITEMS

9 Log homes

123456789101112

13 Aliens/foreign nationals: No green card, second home

14 Aliens/foreign nationals: No green card,
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 3 4

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

)

c

a

29 Lock: Longest lock available (number of days)

e

31 Pledged asset option e

33 Tenants-in-common ( TIC)

360 Mortgage Group LLC a 866-418-2997 www.360mortgage.com

Y

30K
YYY60

AZ CA CO GA IA ID IL IN KS KY MN MO NC NM OK OR TN TX UT WA WY California lending limited to Sacramento, Solano, Sonoma, San Francisco, San Mateo,

Santa Clara, Marin, Contra Costa and Alameda counties

o a r t

cover
cover

NATIONWIDE Accelerate your business with Flagstar, a nationwide lender offering industry-leading technology, compliance tools, fast underwriting turn times and quality service.

M

GotMortgage.com
714-241-4540 x1200
www.gotmortgage.com
Y YYYY Y

Flagstar Bank
866-945-9872
wholesale.flagstar.com
U
Y
Y

20K
Y
Y
YYYYY365Y
Y
CA HI
Browse our site and see why our quality of business and high service standards set us apart in the mortgage community. www.gotmortgage.com

ICON Residential
Lenders
888-247-6427
www.iconwholesale.com
Y
Y
YY

60

NATIONWIDE except: AK

Stearns Lending Inc. r
800-350-5363
www.stearnswholesale.com
U
Y
Y 40K
Y
Y
Y
YYY60

Y
NATIONWIDE except: AK AL AR IN KY LA MI MN MO MS ND NE NY OH SD TN VT WV
Cash out in Texas not permitted; Manufactured homes not permitted;

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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allow originators and other interested parties to ask appraisers to:

• Consider more property information, including additional comparable properties;

• Provide details or explanations for
the value conclusion; and
• Correct errors in the appraisal report.

Coercive action will continue to be prohibited.

The financial-reform legislation also addresses appraisal standards and appraiser licensing and calls for the Government Accountability Office to conduct a complete study of appraisal methods.

• Addresses mortgage resolution and
modification; and
• Generally prohibits prepayment pen-
alties and mandatory arbitration.

Brokers should familiarize themselves with all the aforementioned changes and the general scope of the financial-reform bill. They also should pay close attention to the establishment of the Bureau of Consumer Financial Protection and the interpretations of the Mortgage Reform and Anti-Predatory Lending Act.

Although keeping up with the changes may be difficult, brokers who do can gain insights that will help them plan for a new era in mortgage lending. •

Lender search engine: scotsmanguide.com/rlsearch Lender directory: scotsmanguide.com/lenderdir

Other issues

The reform act also addresses high-cost mortgages, generally defined as mortgages with rates exceeding the average prime-offer rate by 6. 5 percentage points or that have total fees exceeding 5 percent of the transaction amount.

It also:

• Sets up a new Office of Housing Counseling under the U.S. Department of Housing and Urban Development;

• Implements new mortgage-servicing
requirements;

Past Articles

Contact an account executive for more information on listing your products in Scotsman Guide in print and online today.

by Richard Smith

“Working with the New FHA,” February 2010

“FHA Tweaks Rule for Flipped Properties,” April 2010

View these articles and more at
scotsmanguide.com

25Scotsman Guide Residential Edition | scotsmanguide.com | September 2010 Every month, loan products listed in Scotsman Guide’s matrixes and wholesale lender search engine turn up in 5,926 searches from mortgage brokers. Each is a cost-effective opportunity to get your prime, FHA/VA/ government, hard money, construction or warehouse loan products in front of a nationwide audience. Are brokers finding you?