Scotsman Guide - March 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.

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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

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

COMPANy NAME

American Financial Resources Inc.

2

866-656-9728 www.afrwholesale.com CON TACT: Corey Dubnoff corey@afrmortgage.com

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BofI Federal Bank

2

888-883-9672 www.bofifederalbank.com CON TACT: Darin Judis djudis@bofi.com

8

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

500K 0 250K500K 1M 25 Y
Y
Y
Y
Y
Y
Y
Y

600

NATIONWIDE FHA and USDA; flow or bulk. Purchasing 203(k)s and FHA Repair Escrow prior to final disbursement. Prior approval or delegated - you decide per loan.

2.5M 10M 500K 0

025Y
Y
Y
Y
NATIONWIDE
Y 660

First Guaranty Mortgage Corp.
888-295-7899
www.FGMCcorrespondent.com
CON TACT: Jeffrey Gibson
jgibson@fgmc.com

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

Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y

530

NATIONWIDE
Niche government; FHA 203(k), Streamline and Full, with administration; VA 100% cash-out; manufactured home;

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Flagstar Bank 866-945-9872 www.wholesale.flagstar.com CONTACT: Lending Service Center wlsc@flagstar.com

2 75K 2M 0

01M0

NATIONWIDE
YYYYYY YYYYYY 620

Impac Correspondent Lending 888-750-8080 www.ImpacCorrespondent.com CON TACT: Larry Maitlin lmaitlin@impaccompanies.com

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

3 1M 1M 300K 300K 1M 25 Y NATION WIDE except SD

1 100K 10M 0

04M0

Y
NATIONWIDEexcept AK AZ GA HI ND NV RI TX VT WV
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y

580

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

600

Up to 100% cash-out or debt consolidation for VA loans to 600 credit scores.

New Penn Financial 877-920-PENN (7366) www.NewPennCorrespondent.com CON TACT: 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 CON TACT: Jeff Vanderluit jvanderluit@loanpacific.com

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

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

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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. 866-482-8846 x405 http://wholesale.stonegatemtg.com CON TACT: 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.