« matrix: prime niches »
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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
Land: Purchase of subdivided lot
9 Log homes
o
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 1 0
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
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ng
n
Govt.: FHA Direct Endorsement
29 Lock: Longest lock available (number of days)
e
31 Pledged asset option
33 Tenants-in-common ( TIC)
m
2
360 Mortgage Group LLC
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
Flagstar Bank
866-945-9872
wholesale.fl agstar.com
U
Y
Y
20K
Y
Y
YYYYY365Y
Y
NATION WIDE Accelerate your business with Flagstar, a nationwide lender offering industry-leading technology, compliance tools, fast underwriting turn times and quality service.
GotMortgage.com
714-241-4540 x1200
www.gotmortgage.com
Y
Y
Y
Y
Y
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
NATION WIDE except: AK
SecurityNational Mortgage Co.
800-262-0642
www.securitynational.com
Y
50K
YYY
NATIONWIDE
Please go to www.securitynational.com for your broker package.
Stearns Lending Inc.
800-350-5363
www.stearnswholesale.com
U
Y
Y 40K
Y
Y
Y
YYY60
Y
NATION WIDE except: AK IN K Y LA MI MN MO MS ND N Y OH SD Cash-out in Texas not permitted; manufactured homes not permitted; loans > 80% LTV subject to
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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« THIEF continued from page 20
Verify not only your borrowers’ information but also that of your potential
hires and business partners. Ask the
following questions:
• Are•they•who•they•say•they•are?
• Are•they•currently•licensed?
• Have•they•ever•been•sanctioned?
Failure to do so could be catastrophic. For example, a high-profile
case in California earlier this year revealed that in a five-year period, an
unlicensed mortgage broker used the
names of legitimate brokers when
submitting loan packages. Those
loan packages, which totaled more
than $40 million, included falsified
applications, W-2s, pay stubs, verifications of employment, verifications
of income and bank statements. After
several of the properties were foreclosed upon, authorities learned the
individual was responsible for at least
$7 million in losses. He was eventually sentenced to 70 months in federal prison.
What’s the scariest part? This person
did business with industry professionals
for five years without anyone verifying
his information.
Looking to 2011
As we approach 2011, we can only
speculate about some of the potential
effects government initiatives will have
on the mortgage industry.
The Housing Finance Agency
Innovation Fund for the Hardest Hit
Housing Markets, for example, will fund
programs to help unemployed homeowners avoid foreclosure in the states
most affected by unemployment and
housing-price declines. The funds will
be made available to homeowners who
are actively looking for employment,
getting job training or both.
Similarly, the U.S. Department of
Housing and Urban Development’s
Emergency Homeowners Loan Program
will provide monetary assistance to
homeowners facing foreclosure be-
cause of a substantial income reduc-
tion, unemployment or a medical con-
dition. Homeowners must have a posi-
tive payment record up to the period of
financial loss.
• • •
Although it’s difficult to know if the
economy will be better at the end
of 2011 than it is going into the year,
home prices and foreclosures are start-
ing to stabilize in many areas. Whether
improvements sustain themselves for
the long term, however, depends on
many factors.
Mortgage brokers and loan originators who fight fraud can help. To do
so effectively, you must remain a step
ahead of the bad guys. •
