« 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-RELa TED 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
display
Reverse it!
888-777-3311
www.reverseit.com
Y
Y
NATIONWIDeexcept: AK HI MT NC ND NV NY SD
Reverse it! is your one-stop resource for reverse mortgages. We pride ourselves in being one of the best
wholesalers in the industry and we are committed to your success.
40K
Y
Y
YYY60
Y
NATIONWIDeexcept: AK HI KY LA MI 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.
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
« SELF-IMPROVEMEN T continued from page 22
equipped you’ll be to market yourself
effectively and adjust your business
ahead of the curve.
5. Learn constantly
Whether inside or outside the classroom, never stop learning. consider
concentrating your education in the following areas.
• Mortgage origination: State and
local mortgage associations, mortgage lenders and many community
colleges offer courses related to
loan origination. choose classes
that enhance your knowledge of
the business, including in the areas
of market niches, underwriting and
processing.
• Marketing: Many groups offer
courses related to sales, marketing, public relations and advertising. You can always become a better
salesperson.
• technology: technology affects all as-
pects of today’s mortgage business. If
you’re not a master of Microsoft Excel
or similar spreadsheet software, for
example, becoming one can increase
your productivity and revolution-
ize the way you operate. the same
can be said for many other software
applications and hardware devices.
the programs you already have on
your computer are likely capable of
more than you realize. Make a point
to become proficient in new skills.
unclear or present the client improperly. You also should:
• be neat;
• use the proper forms;
• Submit paperwork in your lender’s
preferred order;
• explain anything that isn’t obvious;
and
• Overdisclose.
access. Phone and activity logs should
be attached to each so anyone who
handles a file knows its status.
A “response due” log also should
be kept. It should track items people
need to return to you, including answers, telephone calls and documentation. Any escrow account you may
have also should be kept in good
6. Submit excellence
the best way to prove your capability
as a mortgage professional to lenders
is to submit flawless loan packages.
You can do this by asking clients probing and open-ended questions that
elicit information about their financial
desires and offer insights that help
you complete accurate applications.
Remember, it’s better to provide
more documentation than lenders request than to provide too little. When
you do the latter, you’ll inevitably need
to ask clients for additional paperwork.
Review your files before you submit them. Explain any items that are
“Innovations in this industry occur
at;a;frenzied;pace.;The;more;you;know
about changing guidelines, borrower groups, etc.,
the better equipped you’ll be.”
7. Keep superb records
Your files and records should be complete and up-to-date. Keeping excellent
records facilitates easier governmental
audits or other reviews.
Your closed and dead origination
files should be neat and complete
and filed accurately in one place. Your
current origination files should be
filed conveniently for secure and easy
stead, and your financial records
should shine.
•••
Whether you’re a new or veteran loan
originator, you can always improve
the way you do business. By striving
to enhance your knowledge and per-
formance at all times, you can carve a
long-term place for yourself no matter
what the market brings next. •
