« matrix: prime niches »
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
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
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
cover
Stearns Lending Inc.
800-350-5363
www.stearnswholesale.com
U
Y
40K
Y
Y
YYY60
Y
NATIONWIDE except: AK HI KY LA MI MN MO MS ND NY OH
Cash-out in Texas not permitted; manufactured homes not permitted;
The Funding Pool
866-210-0850
www.fundingpool.net
10
Y
60K
Y
YYY60Y
CO ID UT
Locking without property address avaliable with a $400 commitment fee. Broker package can be found at www.fundingpool.net.
TMSFunding Wholesale
888-371-2989
www.tmsfunding.com
Y
Y
NJ NY
Contact us for information about all of our unique products. See: www.tmsfunding.com. Please call for additional co-op requirements.
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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« articles »
By Mathew Ishbia
President
United Wholesale Mortgage
Choose Wisely:
Your Lender Will
Determine Your Fate
It’s all about efficiency, and who you work with
means everything
In the new mortgage climate, it’s all about efficiency. the more you can accomplish quickly, the more time
you’ll have to continue to accomplish
even more. Considering loan-originator
compensation rules, efficiency has
never been more important.
Before we look at ways to improve
your efficiency, consider the following
questions:
• why work with lenders that cause
you trouble and move slowly?
• why work with lenders that don’t
let you speak with an underwriter?
• why work with account executives
who don’t call you back or refuse to
accept technological innovations?
there is no why.
Closing loans quickly — and in
compliance with the new regulatory
landscape — is the only way to
survive. Working with an efficient
lender or lenders could be the
difference between closing 10 or two
loans a month. and if you’re only
closing two, chances are you’re on the
brink of failure.
Loan originators who find a way to
keep moving forward, however, will
have an opportunity to increase their
market share. Choosing a premier
lender or lenders will get you off on
the right foot. Here are some tips for
doing just that.
1. make sure they love technology. If
you want to conduct business with
borrowers electronically, you need
a lender that offers a paperless
system. Seek one with top-notch
software that lets you take appli-
cations on the Web, in a café or in
your prospect’s home. the best
systems will allow your prospects
to consent to their entire applica-
tion package electronically.
Mathew Ishbia is president of United
Wholesale Mortgage. His extensive knowledge of the mortgage industry is what
makes him an extraordinary leader. Ishbia
has managed and grown UWM into one of
the largest wholesale lenders in the country. UWM offers a variety of products to
brokers, correspondents, banks and credit
unions. For more information regarding
UWM, call (800) 981-8898 or e-mail info@
uwmco.com.
