Scotsman Guide - February 2012 Residential Edition

« matrix: correspondent lending »

» website: scotsmanguide.com/correspondent

This matrix should be used by mortgage brokers or bankers looking to develop a correspondent-lending relationship with a larger lender (aka sponsor). Correspondent lenders originate and fund loans in their own name and then sell the loan to a larger lender that will service or sell the loan. Use this matrix to find the sponsor whose minimum requirements, programs and products fit your company’s needs.

REQUIREMENTS

1 Minimum years in business

2 Minimum company net worth ($K)

3 Minimum average monthly volume ($K) 4 Minimum E&O insurance coverage ($K) 5 Minimum fidelity bond coverage ($K) 6 Minimum warehouse line ($K)

7 Minimum company liquidity percentage 8 Audited financial statement

9 Personal guarantee

COMPANy NAME

1234567

8

American Financial Resources Inc.

2

500K 0 250K500K 5M 25 Y

866-656-9728
www.afrwholesale.com
CONTAC T: Corey Dubnoff
corey@afrmortgage.com
NATIONWIDE

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BofI Federal Bank

2

2.5M 10M 500K 0

025Y

888-883-9672
www.bofifederalbank.com
CONTAC T: Darin Judis
djudis@bofi.com
NATIONWIDE

PROGRAMS OFFERED 10 Third party originations

11 Emerging mortgage banker

12 Warehouse lines

13 Product pricing engine

14 Delegated underwriting authority 15 Flow

16 Bulk

PRODUCTS OFFERED 17 Conforming

18 Portfolio/nonconforming

19 FHA

20 VA

21 USDA

22 Jumbo/super jumbo

23 Reverse

24 Minimum FICO

9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Y
Y
Y
Y
Y
Y
Y

600

Most FHA programs allowed including CTP, 203(k) and 203(k) Streamline and manufactured housing.

Y
Y
Y
Y 660

First Guaranty Mortgage Corp.
888-295-7899
www.FGMCcorrespondent.com
CONTAC T: Jeffrey Gibson
Cdinquiry@fgmc.com

2 500K 300K 300K 500K 500K 0

Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y

530

NATIONWIDE Specialize in FHA/VA including manufactured homes, FHA One Time Close, FHA 203(k) (Streamline and Full), Fannie Mae HomePath and HomePath Renovation.

Impac Correspondent Lending 888-750-8080 www.impaccompanies.com/correspondent CONTAC T: Larry Maitlin lmaitlin@impaccompanies.com

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NewDay Financial 866-300-8295 www.newdaycorrespondent.com/SG CONTAC T: Don Schmaltz dschmaltz@newdayyes.com

3 1M 1M 300K 300K 1M 25 Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y

580

NATIONWIDE
FHA, VA, USDA, FNMA and FHMLC with minimal overlays; flow or bulk; no seasoning restrictions

1 100K 10M 0

04M0

Y
Y
NATIONWIDE
YYYY YY 600

New Penn Financial 877-920-PENN (7366) www.NewPennCorrespondent.com CONTAC T: Karey Geddes kgeddes@newpennfinancial.com

05M01M1M0

0

Y
Y
Y
Y
Y

680

NATIONWIDE
Portfolio non-agency loans from $100K to $2M; foreign nationals, NOO, up to 20 properties owned and much more!

Pacific Union Financial LLC 720-284-7782 www.corr.pacuniondirect.com CONTAC T: Jeff Vanderluit jvanderluit@loanpacific.com

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Stearns Lending
714-513-7777
www.stearnscorrespondent.com
CONTAC T: Greg Davis, SVP
gdavis@stearns.com

3 1M 500K 300K 300K 10M 50 Y
Y
Y
Y
Y
Y
Y
Y
Y

560

NATIONWIDE
Fannie and Ginnie direct conduit offering niche correspondent platform with minimal overlays.

0 250K 0 300K1M 3M 20 Y Y Y Y Y Y Y Y Y Y 620

NATION WIDE except HI MS NY

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Minimum overlays; broad product offerings; experienced operations staff; correspondent client approvals in 2-3 weeks, loan purchasing in 3-5 days

Stonegate Mortgage Corp. 888-890-4400 x405 www.wholesale.stonegatemtg.com CONTAC T: John Dennison tpo@stonegatemtg.com

0 100K 1M 250K 500K 5M 20 Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y

620

AR CO GA IA IL IN KS KY MI MN MO NE NJ NC OH OK PA SC TN TXand WI
Stonegate Mortgage Corp. is the fastest growing independently owned mortgage lender in the U.S. as ranked by Inc. magazine’s Inc. 500.

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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.