Scotsman Guide - April 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.

COMPANy NAME

123456

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

7

8

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

American Financial Resources Inc. 866-656-9728 www.afrwholesale.com CON TACT: Corey Dubnoff, corey@afrmortgage.com

2 500K

0

250K 500K 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.

display

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

2 2.5M 10M 500K

0

25 Y
Y
Y
Y
Y
NATIONWIDE

660

display

Jumbo/super jumbo, niche, portfolio

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
YYY

530

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

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

3

1M

1M 300K 300K 1M

25 Y
Y
Y
Y
Y
Y
Y
Y
YYY

580

NATION WIDE except: SD
FHA, VA, USDA, FNMA and FHMLC with minimal overlays; flow or bulk; no seasoning restrictions

New Penn Financial LLC

877-920-PENN (7366) www.NewPennCorrespondent.com CON TACT: Karey Geddes, kgeddes@newpennfinancial.com

0

5M

0

1M

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!

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

1 100K 10M

0

4M

0

Y
NATIONWIDE except: AK AZ GA HI ND NV RI TX VT WV
Y
Y
Y
Y
Y
YY

600

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

Pacific Union Financial LLC 720-284-7782 www.corr.pacuniondirect.com CON TACT: Jeff Vanderluit, jvanderluit@loanpacific.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.

display

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

0 250K

0

300K 1M

3M

20 Y
Y
Y
Y
Y
Y
Y
YYY

620

NATIONWIDE except: HI MS NY
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 wholesale.stonegatemtg.com CON TACT: John Dennison, tpo@stonegatemtg.com

0 100K 1M 250K 500K 5M

20 Y
Y
Y
Y
Y
Y
Y
YYYY

620

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

Tell lenders you found them in Scotsman Guide

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

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.