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1 Size of line: Minimum
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NATIONWIDE Nationwide lender offering warehouse lines in all 50 states. Advantages include prime and Libor rate options, online requests and line reports and
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AK AR AZ CA CO HI IA ID KS LA MN MO MT ND NE NM NV OK OR SD TX UT WA WY Nation's top warehouse bank (Federal Savings Bank),
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Repurchase facility, early wires, TPOs
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By Chris Jones Director of strategic partnerships and branch manager City 1st Mortgage Services
Build Partnerships to Build Business
The best referral relationships may be with people you’d least expect
As a loan originator, you prob- ably realize great partners can help you survive the bad times
and thrive in the good. If you find yourself with fewer clients this year as the
economic downturn continues, consider seeking new partners. The right
ones can make a huge difference to
For loan originators, some of the
most-important relationships to form
— outside of those with real estate
agents, which most of you likely already have — are those with accountants and lawyers, banks and credit
unions, and other originators.
With few exceptions, professionals
of all types enjoy developing mutually
beneficial relationships. Looking at the
aforementioned list more closely can
help you build new partnerships and
strengthen existing ones.
It might surprise you to discover many
accountants and lawyers also have
struggled lately. In many cases, they’re
interested in forming new business relationships for the same reason you
are: They want access to a list of clients
who might have use for their service.
In working with professionals outside the mortgage and real estate industry, consider a cross-promotion.
One of the best ways to do this is to
co-sponsor an educational evening.
Invite people from your and your new
partner’s contact lists. Market the evening as an opportunity to learn new
information. provide food and drinks
— if you feed them, they will come —
and spend time working with those
who show interest in the mortgage
aspect of the presentation. You’ll be
amazed at the energy an evening like
this can create.
How much time do you spend reaching out to banks and credit unions? I’m
guessing not a lot.
Of course, I realize many brokers consider these institutions competition.
But have you really considered whether
that’s true? Banks and credit unions
also have hurt in the past four years.
To keep clients and members, many
banks and credit unions must diversify
their product offerings. In many cases,
they need some of the loan products
you offer and they don’t.
Like all good partnerships, however,
there must be benefits for both parties. You can do your share by referring clients back to the bank or credit
union that offers products you don’t,
such as deposit accounts, credit card
debt-consolidation loans and car loans.
as an added bonus, when your clients
get their debt ratios in order, they will
be easier to qualify for a mortgage.
Other brokers or mortgage originators might be the last people with
whom you would consider partnering. In most cases, they actually are
your competition. rather than partner
with them in business, however, why
not meet with one or two others each
month to talk business?
Seek someone who excels where
you don’t. For example, if you need
help developing new marketing tactics, partner with someone who markets with ease. In turn, offer them
insights about your area of expertise,
whatever it may be.
Even if you compete directly, you
can benefit from each other’s insights.
These relationships can be easier to
form if the other originators with whom
you meet don’t share the same niche.
Moreover, these relationships can
lead to entire books of business if
someone changes careers.
Financial professionals inside and
outside the mortgage business have
experienced dramatic changes in the
past four years. Many of those still in
business now seek new partnerships
to launch the next phase of their ca-
reer. They need you as much as you
“With few exceptions,
professionals of all types
enjoy developing mutually
By opening yourself to others, you
can build trust and gain the same in return. as you develop a diverse group of
trusted partners, your business growth
should follow. •
Chris Jones, director of strategic partnerships
and branch manager with City 1st Mortgage
Services, is an eight-year industry professional in brokering and banking. a former
chair of his local chamber of commerce, he
also sponsors several business-development
groups in the area. raised outside Washington, D.C., he lives in Lehi, Utah, with his wife,
Jeanette, and their eight children. He blogs for
Zillow.com and City 1st’s Firstresponse blog.
Find him at www.thechrisjonesgroup.com,
email@example.com or (801) 850-3781.