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PROGRAM DETAILS
SINGLE-FAMILY
RESIDENCES
1 Builder/custom-borrower owns lot:
a) Max loan amount and b) max LTV
2 Builder model/spec: Max loan amount
3 Builder sold: Builder owns lot and has
contract to sell: Max LTV
4 Corporations, trusts and legal entities
5 First-time builder with limited experience
6 Newly self-employed
7 Owner who is a builder
8 Self-build: Max LTV
BORROWER TYPES
9 Condos: High-rise
10 Condos: Low-rise
11 Land development
12 Log homes
13 Mixed-use properties
14 Manufactured mobile homes
15 Modular homes
16 Partially completed construction
17 Residential lot acquisition: Max LTV
18 Rural properties
19 Second dwelling on single tax lot
PROPERT Y T YPES
20 100% CLTV
21 Additional advances
22 Blanket loans
23 Construction-to-permanent (all in one loan)
24 Draws on demand
25 Gifted lot
26 Payment reserve
27 Interest-only payment loans
28 Less-than-perfect credit
29 Line of credit
30 On-time completion bonus
31 Principal reductions with re-amortization
32 Remodel loans: Max loan amount
33 Stated income: Max loan amount
34 “No-Payment” option
COMPANY NAME
$
1a
1b
%
$
2
3 4567 8
%%
9 10 11 12 13 14 15 16
%
17
18 19 20 21 22 23 24 25 26 27 28 29 31 30
$
32
$
33 34
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Bismark Mortgage Co.
800-350-7199 x106
www.bismarkmortgage.com
400K 70 400K 60 Y
70
Y
Y
YY
AZ CA CO GA HI ID IL IN MA ME MI NC NV OR TX UT VA WA
Y Y Y Y 400K Y
Please see website for additional information.
Normandy
800-390-7536
www.normandy.com
2M
90 2M
75 Y Y Y Y 90
YYYY
NATIONWIDEexcept: AR AZ DC LA MN MS ND NH NV SD TX VT WI
Seattle Funding Group Ltd.
888-SFG-FUND (734-3863)
www.sfgfunds.com
2M
70
70 Y
YY
Y
AK CA CO HI NV OR UT WA
Y Y 75 Y Y
YYYYY
YY
Y 2M
2M Y
Y
Y
YY
YYYYYYYY 2M
2M Y
For California properties, contact the San Diego office at 858-751-0556.
750K 65 750K 65 Y Y Y Y 65
Showcase Investments Inc.
818-952-8600
www.showcaseinvest.com CA
YY
Y
YY
YY
YYYYY
750K 750K
Company president is a licensed general contractor; we understand construction loans! All business purpose projects: investments, fix and flip, multifamily, and
small commercial. Owner-occupied ground-up only. No raw-land loans.
Sunrise Lending Group
925-566-8426
www.sunriselendinggroup.com
2.5M 65 2.5M 70 Y
Y Y 65 Y Y
Y Y Y Y Y 50 Y Y
YY
YYYYY
3M
3M Y
CA We specialize in residential rehab and construction loans to builders and owners. Fast decisions, no broker preapproval required, no upfront fees. Loan amounts up
to $3M. Loans based on future value. California properties only.
WADOT Capital Inc.
206-362-4444
www.wadotcapital.com
1M
75
1M
75 Y Y Y Y 75
Y Y Y Y Y Y Y 70 Y Y Y Y Y
YYYYY
1M
1M
ID OR WA
LTVs based on cost-to-construction. ID, OR & WA only
Tell lenders you found them in Scotsman Guide
1a
1b
2
3 4 5 6 7 8 9 10 11 12 13 14 15 16 18 19 20 21 22 23 24 25 26 27 28 29 31 30 32 17
33 34
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.
longer assume the property is in “
average” condition. Instead, they must pair
the aVM with some type of inspection
to meet the needs of a nonappraisal
evaluation.
In response to these IaEg changes,
some valuation providers have developed innovative solutions to integrate market-level data, neighborhood
trends, valuation estimates and physical inspections into comprehensive
nonappraisal evaluations.
the better aVMs on the market also
provide support for photo and condition reports that can be ordered in conjunction with aVMs.
Much like the former Home Value
Code of Conduct (HVCC), the IaEg
outlines the standards needed to ensure an independent and unbiased
appraisal. Similar to HVCC, anyone
responsible for generating loan volume or approving loans — including
brokers and originators — must be
isolated from the appraiser to ensure
independence in the process.
« APPRAISAL continued from page 38
Companies must set up clear guidelines and communication channels to
ensure the appraiser is independent
from the loan-production channel.
Origination offices also must take responsibility for overseeing any third-party provider of appraisal or valuation
services. this includes oversight of
any aMCs, aVM providers or appraisal-review firms to ensure they meet the
compliance requirements outlined in
the IaEg.
Maintaining independence is not
enough, though. Originators and lenders also must ensure the appraiser
is competent, which includes having the required education, expertise
and experience to produce a quality
appraisal. In addition, the originating
company must occasionally review
the valuation work. the guidelines insist that state licensing should be the
minimum standard, not the sole determinant of appraiser selection and
engagement.
Originators can use validation tools
to track individual loans and the qual-
ity of appraisals over time. tracking this
information for months and years pro-
vides the insight needed to ensure only
the best aMCs, appraisers and aVMs
are used to evaluate homes.
Building the process
Building a process that ensures compliance with the IaEg doesn’t have to
be overly complicated or time-consuming. the first step is to develop
parameters to identify quickly which
loans need full appraisals and which
could be evaluated using a nonappraisal evaluation.
Next, the appropriate evaluation
tool must be ordered. the internal
policy guidelines should outline how
the appraiser or valuation provider is
selected to ensure no bias or undue
influence from the originator. as part
of the ongoing policy, quality reviews
also must be built in. there are many
quality-review tools that can help orig-
inators achieve compliance, including
aVMs, home-price indexes and ap-
praisal-audit reviews.
to drive consistency, many lenders
and originators have adopted auto-
mated work-flow platforms that use
rule-based logic to automate the se-
lection of the appropriate product and
of a competent provider. the leading
platforms are configurable, allowing
lenders to set policy parameters by
origination channel, loan types or ge-
ography. these platforms also support
quick transitions in response to busi-
ness rules and policy changes that
may be required.
although the IaEg provides yet an-
other set of regulatory standards and
policies, mortgage professionals can
pursue several options that enable
compliance while also better managing
origination risk.
