Issue 017 November 2008 TheNicheReport.com
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16 FHASecure
What you need to know.
the 21 Managing Peaks and Valleys Tips to help you manage your cash flow.
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CONTENTS
16
Issue 016
October 2008
NICHE REPORTS PRIME & FHA
pg 35
NONPRIME & ALT–A
pg 37
FHASecure
REVERSE MORTGAGES
pg 37
leslie petersen
HARD MONEY
pg 38
What you need to know.
CONSTRUCTION/REHAB
pg 41
COMMERCIAL
pg 42
www.mortgagecurrency.com
FOUNDER & PRESIDENT Robert Pegg
[email protected] CO-FOUNDER & PRESIDENT David Pegg
[email protected]
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Ethics: Perspective of a Felon
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Jerome Mayne member of the National Speakers Association & the Real Estate Educators Association Strive to be honest, diligent and consistent.
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Tom ninness Vice President/Regional Production Manager for Cherry Creek Mortgage More contacts with less effort.
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Diversification Raymond Bartreau President of Best Rate Referrals When opportunities present themselves.
November 2008
Center Stage with Netmore America the niche report A next generation mortgage banker.
Managing the Peaks and Valleys Gretchen Underwood Assistant Vice President of the Commercial Banking Group Tips to help you manage your cash flow.
Creating a 1800# Call Capture Lead Machine
EDITORIAL / CONTENT MANAGER Kristen Moser
[email protected] COPY EDITOR Stewart Mednick
[email protected] ACCOUNTING MANAGER Shawna Ingram
[email protected] sales manager Mark Moulton
[email protected] Production Mananger Henry Suchman
[email protected] Production Assistant Dawn Exner
[email protected]
DEPARTMENTS
09 10 33 44
NOTE FROM THE FOUNDER CALENDAR OF EVENTS TIP OF THE MONTH LENDER & RESOURCE DIRECTORY
ADVISORY BOARD Aaron Krowne President and CEO, IEHI, Inc. COLUMNISTS Stewart Mednick CONTRIBUTING AUTHORS Raymond Bartreau Jerome Mayne Tom Ninness Leslie Petersen Gretchen Underwood
Published monthly by BODA Publishing, LLC PO Box 2618, Stafford, VA 22555 Phone: 540.657.2632 Fax: 703.991.2362 Email:
[email protected] www.TheNicheReport.com
SUBSCRIPTIONS This publication is intended for real estate finance professionals. If you are a mortgage broker, lender, loan officer and you do not currently receive The Niche Report, please send your name, company name, and address to
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ADVERTISEMENTS To inquire about advertising in The Niche Report, please call 540.657.2632, or send an email to
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EDITORIALS / ARTICLES To submit an article for consideration in The Niche Report, please send an email to
[email protected] or call 540.657.2632. We are interested in original writings relevant to mortgage brokers and other real estate finance professionals. If you have a comment or question about an article or editorial published in The Niche Report, or if you have a suggestion for a topic you would like to see featured in a future issue, please send an email to
[email protected].
THE NICHE REPORT POLICY The information and opinions expressed by contributing authors and advertisers within The Niche Report do not necessarily reflect those of BODA Publishing, LLC employees and should not be considered as endorsed or recommended by BODA Publishing, LLC.
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NOTE FROM THE FOUNDER
This evening I am driving over to a potential client’s house to discuss their options for getting out of an oppressive mortgage that is slowly drowning them (and their ARM hasn’t even recalculated yet). I know from talking with them over the phone that they are underwater in their current mortgage and there is not even a one percent chance they will qualify for a new mortgage. You may be asking yourself “then why go over there if you know they won’t qualify?” My answer is that not only is this the right thing to do, but these folks need sound advice and help figuring out their options. I may be able to refer them to one of many reputable business partners I have aligned myself with in this struggling market. I mention this story because in this issue of TNR we have many articles related to helping you, the loan originator, offer potential clients those different options. Leslie Petersen, who has over 30 years experience in mortgage lending and also writes for MortgageCurrentcy.com, is back with our feature article on FHASecure. The media and government are touting the new Hope for Homeowners (H4H) program as the savior to this foreclosure mess, however, Leslie firmly disagrees and she will tell you why. We also have Raymond Bartreau, President of Best Rate Referrals and a nationally recognized marketing consultant, writing on the topic of building multiple relationships with reputable professionals who specialize in all of the following: credit repair, loan modification, short sales, debt settlement and Bankruptcy Law. I would like to take this opportunity to publicly thank VAMB, especially the Executive Director - Steve Baugher. We recently attended the 20th Annual Convention held in Virginia Beach. He and VAMB made us feel extremely welcomed and put on a great show. Steve/VAMB – Thank you, TNR looks forward to next year’s convention and will be here to help VAMB in any way we can. This month we are off to NAMB/West at the MGM Grand in Las Vegas Nevada (check out the TNR calendar for dates and details). The vendor lineup looks very well-rounded and I invite anyone attending to stop by and visit our booth, # 623. Look forward to seeing you there. Keep up the fight,
Robert Pegg
TheNicheReport.com
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CALENDAR OF EVENTS
Upcoming Key Dates & Events: November & December november 2008 S M T W T
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NAMB/West 2008 Conference at the MGM Grand in Las Vegas, NV. Visit www.namb.org for details.
MBA’s Commercial/Multifamily Capital Markets Winter Conference at the Ritz Carlton in Washington DC. Visit www.mbaa.org for details.
November 17
December 9
NAMB/West 2008 Conference at the MGM Grand in Las Vegas, NV. Visit www.namb.org for details.
Housing Forecast / Pending Home Sales Index released by the NAR
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December 2008 S M T W T
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3rd Quarter Metro Home Prices/State Resales released by the NAR
November 6 MBA’s Residential Underwriting Conference at the Embassy Suites Tampa - Downtown Convention Center in Tampa, FL. Visit www. mbaa.org for details.
Commercial Leading Indicator released by the NAR
November 7
November 24
MBA’s Residential Underwriting Conference at the Embassy Suites Tampa - Downtown Convention Center in Tampa, FL. Visit www. mbaa.org for details.
October ExistingHome Sales released by the NAR
Housing Forecast/Pending Home Sales Index released by the NAR
November 15 NAMB/West 2008 Conference at the MGM Grand in Las Vegas, NV. Visit www.namb.org for details.
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November 20
November 2008
December 4 MBA’s Commercial/ Multifamily Capital Markets Winter Conference at the Ritz Carlton in Washington DC. Visit www.mbaa.org for details.
Commercial Real Estate Market Forecast released by the NAR
December 23 Existing-Home Sales released by the NAR
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ethics: perspective of a felon Strive to be honest, diligent and consistent BY JEROME MAYNE
D
oes it come as a big surprise that a convicted felon— indeed, a white collar criminal—would have developed some thoughts about the topic of ethics? Probably not. Since my conviction, I have had plenty of time to ponder the idea of ethics, and I’ve conducted some research on my own about the subject. In doing so, I’ve received tons of advice. I must say, I wish I’d had this information at the beginning of my career. In 1999 I began serving a 21 month federal prison sentence for conspiracy to commit mail and wire fraud. The crime involved four real estate investors submitting fraudulent documentation in order to get approved for residential home loans. I was their loan officer. After the first few transactions, I knew in my heart that some of the documents I accepted were fakes. Over a nine month period I gradually started participating in the profits. I have been told by some people that my crime was “fraud lite.” Some have said that I was unlucky; wrong place at the wrong time. Well, there is no such thing as fraud lite, and luck has nothing do with making the right decisions. I committed a crime. I am not proud of it and I’m certainly no hero for talking about it now. However, there is an ethics lesson to be learned in all of this. Dictionary.com defines ethics as “a set of principles of right conduct.” My understanding of being ethical was that I base my decision to do or not to do something on the feeling I get
in my stomach. If that’s the case, how does someone teach “stomach feeling” to someone? Perhaps this logic is what led me astray. In a business’ Code of Ethics, one can’t possibly account for every situation. For every principle of correct conduct; for every “right” way to act in one situation, there is a different situation that follows, that may require yet a different “right” way to act. I was traveling in my car with my boys, four and seven years old. In the rear-view mirror I saw the older one punch the younger one on the arm. The young one howled, “aaahhhhhhhhooooooowwwww-auh!” I said, “Hey! Don’t punch your brother.” Immediately, the older one slapped his little brother in the arm. I said, “Don’t slap your brother either.” This was followed by a poke, which I followed with, “don’t poke.” A tickle – “Don’t tickle.” Then just a touch. Finally, I said, “keep your hands to yourself, period!” The instigator was reduced to leveling a taunting glare at his younger sibling. This could have gone on for hours. I finally gave them the ol’, “Don’t make me come back there!” (Which of course made no sense since, I was driving.) Doesn’t this example prove that there are simply too many variable situations in the real world? Yes, but through my experiences, I have learned that ethics isn’t about situations. It is about people and their behavior. Ethics doesn’t stand for “what to do.” It stands for “how to behave.” Finally understanding this made ethics less confusing for me. Not crystal clear, just less confusing. For employers and leaders, it is imperative that you
TheNicheReport.com
13
have a set of principles of right conduct. But to simply disseminate this information in printed format will not be enough. Ethics are best conveyed by example. Additionally, violations of ethical standards must be dealt with and not overlooked, or the unethical behavior will become business as usual. If you are a member of an organization that adopts a code of ethics, read the printed words and follow the examples of the leadership. Pay attention to the feelings in your stomach. They may not tell you exactly what to do, but it may serve as a red flag. Remember, justifying questionable behavior is nothing more than being dishonest with yourself.
Here are my theories: • Lead your ethics model by example. • Follow your ethics model with honesty. • Follow your instinct - it rarely tells you to do the wrong thing, first.
Take this convicted felon’s experiences and words for what they’re worth.. Strive to be honest, diligent, and consistent. Society, your company, your family, and your children need you to stay out of prison.
Jerome Mayne is a keynote speaker and author. He has worked with dozens of companies and associations around the country helping their people make the right decisions, when the right decisions aren’t easy. He is a member of the National Speakers Association as well as the Real Estate Educators Association. He’s the author of the book, Life Saving Lessons – The Diary of a White Collar Criminal and co-author of Mortgage Fraud and Predatory Lending – what every agent should know (Kaplan Publishing). Jerome can be reached at
[email protected]. www.fraudcon.com His books can be purchased online at www.maynefelon.com/products.html © 2007, Jerome Mayne
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FHASecure What you need to know By leslie petersen
M
y original “assignment” was to write about how mortgage brokers can take advantage of FHA’s new Hope for Homeowners (fondly nicknamed H4H by HUD) to help their clients who are delinquent, underwater, or simply over their heads in mortgage debt. My assessment so far is that H4H “isn’t worth the paper it’s written on.” The better FHA option is FHASecure, an alternative program that works amazingly well for FHA approved brokers and their homeowner clients who are currently in trouble. A huge glitch is that the entire FHASecure program is currently scheduled to expire 12-31-08; whereas H4H is ongoing until 9-30-11. I strongly believe that FHASecure will be extended, mostly, because it looks so great politically – not to mention that it’s actually working. However, I sure can’t guarantee it.
Brief Overview, Hope for Homeowners (H4H) Before I entirely dismiss it, it’s only fair for me to tell you a little about Hope for Homeowners. H4H was legislated by the Home Economic & Recovery Act, and is being highly publicized by Washington as the program that will save the economy from foreclosures. I beg to differ. H4H became effective with HUD’s thirteen page Mortgagee Letter 2008-29, October 1, 2008. The parameters are quite complex and qualifying is difficult. It may take some time for pricing to settle down, but interest rates will likely
be the same or higher than those of delinquent FHASecure loans. The Upfront MIP (UFMIP) is three percent and the annual premium is a hefty one and a half percent. The nationwide loan limit is generous at $550,440; however, the maximum LTV including all payoffs, the three percent UFMIP, and all costs of the loan – is only 90 percent. Lenders are expected to waive their fees and cut their payoffs to make it work. There can be no secondary financing remaining. H4H borrowers must sign two additional promissory notes and mortgages with HUD, both recorded, which “share” (a) the current ten percent equity in the home (remember, it’s 90 percent LTV), and (b) any potential future appreciation. HUD will sometimes split some of their portion of the future appreciation with 2nd mortgage lenders, yet never with the 1st mortgage holders. Needless to say, this doesn’t sit well with first mortgage lenders. I can’t fail to mention that per legislative mandate, HUD won’t insure the new H4H loan if the borrower fails to make the first mortgage payment; another ouch for the lenders. Personally, I don’t think H4H is all that great a deal for homeowners or lenders, in trouble or not. My guess is that some of the larger lenders will use the program, but only as a last resort. Mortgage brokers most likely won’t get involved in H4H loans at all, which brings us back to FHASecure.
The FHASecure Program FHASecure has been around since August 2007, when it was established as a Presidential Initiative. Originally, it only helped homeowners who were delinquent as a direct result of a reset in their conventional ARM loan. On July 14, 2008, FHASecure was expanded to include all of the following: • Eligibility –rate and term refinances of conventional mortgages only • Loan amounts – from 97.15 percent to 98.75 percent of new value, up to the maximum allowable FHA loan limits in the area • Full borrower qualifying – with eligibility leniencies • CLTV Options for Insufficient Equity – unlimited CLTV to accommodate work-outs with current lenders • Non-delinquent FHASecure – standard FHA rates
and MIP for borrowers who need to get out of a conventional loan yet are not currently delinquent • Delinquent FHASecure – borrowers who are currently delinquent on a conventional ARM loan with many leniencies for prior and current mortgage delinquencies The point is to assist homeowners out of any conventional mortgage that they need, and into a nice, safe, FHA loan.
FHASecure - Maximum Loan Amounts The maximum LTVs range from 97.15 percent to 98.75 percent, exclusive of upfront MIP, up to the maximum allowable statutory loan limit for the area. Effective January first, 2009, the new maximum LTV is expected to be 100 percent, inclusive of upfront MIP. (Final calculations are still being hammered out by HUD as of this writing.) FHASecure - Qualifying With the exception of credit “eligibility” leniencies as allowed by the program, all FHASecure borrowers must fully qualify for the new loan using FHA’s standard underwriting guidelines. FHA only wants borrowers who are truly able and willing to make their future house payments; a homebuyer jumping from one bad situation into another helps nobody. FHASecure - Insufficient Equity - Delinquent or Non-Delinquent For homeowners who owe more than 100 percent of the current value of their home, FHASecure encourages “work-outs” with the current lender(s) by allowing unlimited CLTVs for existing and for newly created subordinate financing. Examples of “work-outs” include: 1. Existing secondary financing can be re-subordinated or modified to add outstanding charges or to otherwise accommodate the transaction. 2. A new second mortgage can be created by the current lender (or other source) to • cover payoff shortages and past due fees and charges, sometimes including PITI arrearages; or • cover all amounts that exceed FHA’s current maximum loan limit for the area. 3. Funds for new financing can come from any TheNicheReport.com
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source, such as “rescue funds” which are becoming increasingly available through non-profits, states, and other government agencies. There are restrictions on the terms of the secondary financing that I haven’t covered (see ML 2008-13); even so, lenders are becoming more and more willing to negotiate as opposed to paying the costs of foreclosure. Although clients must always negotiate directly with the lender, the new FHASecure loan won’t come together without the oversight and assistance of an educated and resourceful loan originator. Note: If the subordinate financing is a new loan as opposed to re-subordination or modification of an existing loan – the lender will price the new FHASecure mortgage using “delinquent” pricing, regardless of whether or not the loan is delinquent.
FHASecure Non-Delinquent Non-delinquent FHASecure includes all conventionalto-FHA rate and term refinances that are not currently delinquent. What’s great is that interest rates along with FHA’s upfront and annual mortgage insurances are the same as regular 203(b) mortgages, with the exception in rates noted above. In addition to all of the CLTV options above, the FHASecure non-delinquent has some credit underwriting leniencies. For instance, ML 2008-13, page 7, suggests that clients who kept their mortgage current yet let other loans slide should be given favorable considerations. Also, DE underwriters are encouraged to allow prior mortgage delinquencies that were clearly caused by a reset. No matter, the ultimate decision is still up to the DE Underwriter and/or lender who often impose their own credit standards or minimum credit scores. FHASecure Delinquent “FHASecure delinquent” is for refinancing conventional ARM loans only, and only if they are currently delinquent. (Prior delinquencies fall under “non-delinquent” FHASecure.) The delinquency must either be (a) caused by a reset, or (b) the result of extenuating circumstances. Option (b) is not available for those refinancing from interest only (IO) or from Option ARM loans. FHA has very specific limitations on the amount of times that the current loan can be delinquent, and for some reason, they are much more tolerant when the loan is not
an IO or Option ARM. (Don’t ask me?) Originators and brokers must examine the homeowner’s prior mortgage credit history at the very first of the process to make sure they qualify. FHASecure “delinquents” have much higher pricing than regular 203(b) mortgages. The Upfront MIP is three percent, though the annual is only 0.55 percent. Any future refinance of a delinquent FHASecure must be full-qualifying, as they are not eligible for streamlined refinances. However, you can always look to these borrowers for future refinances at lower rates once their credit history improves.
Bottom Line Whenever I’m speaking to an industry group about FHA mortgages, I always review FHASecure as one of the many viable niche products available. It’s not unusual to have one or two originators say that they are never able to get FHASecure loan files through underwriting; while others in the same room have successfully originated FHASecure mortgages time and again. I’m pretty sure that the first category lacks the education and/or patience necessary to make this loan workable. For a copy of HUD’s ML 2008-13, go to www. hudclips.gov. Additional information and reference charts are also available through my website. In the end, FHASecure is not a save-all. It won’t help all of your clients who are experiencing difficulties making their payments, but still, HUD reports a total of 325,000 FHASecure mortgages made as of August 2008, only one year since inception of the program. H4H does not come close to replacing FHASecure. I’m not the only one who will be highly disappointed and shocked if the program isn’t extended. Leslie Petersen with over 30 years experience in mortgage lending, writes www.MortgageCurrentcy.com, an online newsletter on the changes in Fannie/Freddie, FHA, VA and other regulatory agencies--but with a twist. For Originators, Underwriters and Managers, she also interprets them in plain English and shows them how to make the rules and changes work for them--and get more of their loans approved. Find her at
[email protected].
TheNicheReport.com
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MANAGING PEAKS AND VALLEYS Tips to help you manage cash flow BY Gretchen underwood
E
very small business owner can attest to the importance of cash flow. The amount of time it takes for a dollar to pass through your business from raw material purchases to the sale of finished goods to money in the bank is a critical factor in determining success. According to the latest edition of the PNC Economic Outlook survey, business owners are more pessimistic about their cash flow than they were six months ago: Only 42 percent expect cash flow to increase over the next six months, compared to 51 percent last fall. Regardless of your current cash flow situation, it is a good idea to occasionally take stock of the cash management tools at your disposal. Below are tips to help you and your commercial clients maximize cash flow and make the most of your money: Develop a Liquidity Plan: Does liquidity “just happen” or do you have a plan in place to manage your cash on hand? By creating a simple cash forecast to predict when payments will come in and go out, you can anticipate disruptions to your cash flow. Consider maintaining a line of credit to avoid fluctuations. And if you have significant, predictable payments that occur infrequently such as tax or insurance payments, consider a reserve fund that you grow on a consistent basis to neutralize the disruptions that these disbursements may cause. Take advantage of technologies: The innovative banks offer a variety of technologies that can help manage your cash flow. Traditional services like credit card processing speed up your collections. Corporate cards help to consolidate and track spending as well as make fewer, better timed disbursements. Remote deposit enables you to deposit checks from the convenience of
your office. Online payroll enables you to do your payroll online anywhere that Internet access is available. And automated (online) access to investment balances and lines of credit help keep your cash balance within a target range. Revisit your receivables strategy: Offering credit discounts to your customers may be a competitive requirement in your industry, but be sure to examine these practices closely. How much financing are you providing to your customers? Is every customer treated exactly the same? Are slow payers getting a free ride while you are searching for some liquidity relief of your own? When you look closely at this element of your business model, you can usually identify some opportunity to improve cash flow. Seek out inventory opportunities: According to the PNC survey, 61 percent of business owners expect the prices they pay their suppliers to increase. Assess your inventory needs carefully, evaluate your mix of suppliers and possibly renegotiate trade terms. Inventory always creates pressure on cash flow and now may be the time to reevaluate your practices. Managing cash flow is one the most important things small business owners can do. Poor cash flow is a leading cause of small business failure. By revisiting your contingency plans, leveraging technologies and managing the factors that create cash flow pressure, you are better able to protect your business through the good times and bad. Gretchen Underwood is Assistant Vice President of the Commercial Banking Group at PNC Bank in Manassas, Virginia. To find out if you have the best solutions for the changing needs of your business, contact Gretchen Underwood 703-472-8670, or email her at
[email protected].
TheNicheReport.com
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Hard money for hard times.
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A different kind of loan. A different kind of lender.
Diversification When opportunities present themselves by Raymond Bartreau
T
his is no secret, times are tough for many in our changing industry. How do we all keep up? I recently wrote an article on the few forms of marketing still working. What happens when you exhaust all those efforts and have truly tapped into every outlet you have? Where do you go from there? I have the answer for you, “diversification”. I talk to a lot of folks that are currently successful in this market. Many of them have some variable of this same concept – diversification - in their business model, and therefore, able to offer many services to each and every potential client they run into. In order to provide quality financial services with phenomenal customer service you must have a wide array of options, in fact, the more options you have the better. In today’s market with current lending conditions, limited lenders, plummeting values, credit issues, failing banks etc… it is much harder to convert those 2 - 5 deals per month needed to maintain the same type of income generated in past years. What do you do with the folks you can’t refi? Some LOs are now doing loan modification referrals, some are also doing credit repair for their clients. My advice would be to network yourself with as many different people, from as many different areas of the financial services industry. Credit repair… as mentioned above, may be offered to clients by referring out to an agency. If you are not helping your clients find this option you are loosing money every day. Not only do most credit repair agencies pay referral fees but they also refer back to you the client once credit is restored enough to get the loan completed.
Find at least one company (preferably two or three) you can work with on this level. Loan modification… again, this one is mentioned above. Help your “turndown” clients who need it the most before they loose their home completely. Refer them to a loan modification company that will negotiate new terms on their current loan with their current lender. Most of these companies will pay you handsomely for these referrals, which is income on potential clients you normally would not be able to help. Short Sales… With values in the toilet nationwide there have never been a higher number of Short Sales. If you do loans in any of the value stricken areas of the country or if you work any ARM databases you will certainly run into folks that are upside down in their home, to the extent that a Short Sale may be their only option. Go and find an aggressive, reputable Realtor focusing only on Short Sales. Help your client get out of their mess and build yourself a solid relationship with a Realtor at the same time. Debt Settlement… Some home owners are having the most issues with their revolving debt. In years past, we would roll it into the new mortgage during a refi and move on, but in today’s market, it’s near impossible to find borrowers with enough equity to do so. If Refinancing is not an option, try and settle the debt for pennies on the dollar for your client. Refer them to a legitimate debt settlement company; take your referral fee if one exists, and move on to helping your next client. After their debt has been settled, you will most likely have a happy client that may use you in the future or even refer you business. Bankruptcy Lawyer… Unfortunately, some people
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are to the point where they only have one option - and that is bankruptcy. Build relationships with lawyers that perform these Bankruptcies, they are an excellent source of income. They love referrals and don’t mind referring people back to you that may need your service. It’s always good to have a referral source to add to your menu. In my experience, through dealing with over 1200+ Loan officers every month, is that the successful ones have this network already built and is “fine tuning” this network day in and day out. While you are working your “day to day” marketing or advertising options, take your response and put them in the right hands for whatever service they may need. If you can’t help them refinance or meet their loan origination needs, help them and get paid in another way. Most loan officers strive to make 10k+ plus per month, this is still possible, even in this market, IF you diversify yourself and offer more to help your clients. From a consumers’ perspective, if you have all the answers for me, I will remember you over the next guy you can bank on that. People want full service, whether it is from the car wash or helping them obtain a mortgage,
and the more you can offer a client the more money you’ll make. Raymond Bartreau is the President of Best Rate Referrals and a nationally recognized marketing consultant. For more marketing tips and techniques please visit Bartreau’s blog at www.loanofficerconsultant.com. You can also visit Bartreau’s homepage at www.bestratereferrals.com.
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Creating a 1800# call capture lead machine More contacts with less effort. BY Tom Ninness
T
he traditional loan officer has faced many obstacles and has been forced to utilize every tool available to reach the masses. Instead of relying on the basic face-to-face relationship with realtors, builders and past clients, new levels of innovation has elevated the loan officer to becoming a Mortgage Market Strategist. It means thinking ‘outside the box’ to gain clients. Call capture is a unique tool. For mortgage originators, the process records and tracks phone calls 24 hours a day from prospects. Call capture utilizes technology that allows more contacts with less effort. As a means of building relationships, call capture provides an opportunity to pass qualified leads to your best referral sources. Providing solid leads to those professionals with whom you align yourself will help build your sphere of influence. It creates a tool to offer your realtors, builders and “for sale by owners” (FSBO) prospects extended opportunities to touch your best clients. How Does it Work for Realtors? Agents will have the access to your call capture phone number that they may use on their marketing literature and are given specific extensions for each of their listed properties. These extensions are available for all of their marketing material, such as reports, consumer tips, and information on the property. Using the 1-800 technology has the capabilities of increasing the agents’ calls received by 400 percent and can save up to 50 percent in their marketing costs. The realtor has the responsibility of contacting the prospects, providing information, answering their questions and thanking them for their inquiry. Agents may use these extensions for all of their marketing material. As effective as this tool is, making it available to
everyone is not practical. As part of your business planning, clients should be broken into three categories. A, B and C will be used to delineate clients and the probability of purchasing a home. “C”s may be ready for purchase anywhere from 4 to 12 months in the future. They may be “lookie-lous” or serious buyers who just aren’t ready at this moment in time. Periodic email updates, with their permission, keeps your name in the forefront of their mind. Be available to answer questions, but don’t spend a lot of time pursuing their business. “B”s are more likely targets. There has been more consideration on the home buying front and they are serious contenders. Some additional attention should be offered to them, through email, mailings and personal phone calls. Their time frame is more likely 2 to 4 months away and educating them in pre-qualification and preapproval is appropriate. “A”s are the number one candidates. They are ready to buy today. Full attention should be given to their concerns. Frequent contact to these ready-to-buy clients keeps you in the picture, and confirms your dedication to customer service. This process of contact delineation is also appropriate for your professional referral sources. Every category of work relationships can be catagorized into A, B or C type prospects and will save you time and effort. It will also help in identifying who will be the best candidate for the 1-800 Call Capture marketing. “B” and “C” leads will make up 90 percent of your potential market. 75 percent of B & C’s will stay with the first contact that makes the time to educate them. 50 percent will buy from someone in the next 3 to 9 months. Call capture helps drive those potential clients to you. Those B’s and C’s are looking for product information, current rates, help with pre-qualification and pre-approvals TheNicheReport.com
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and ways to improve their credit. Call Capture and the Prospect. Call capture listings pique the prospects’ interest; they see that the information is available 24 hours a day and they can listen to the information at their leisure. If they choose, the prospect can have the information faxed to them or they can be directed to the agent. The agent is notified directly about the interested property and the prospect’s contact information is emailed or text messaged to the agent, even if the phone number is unlisted. Working with Builders. 1-800 Call Captures allows sales coverage for a builder 24 hours a day, giving specific extensions on different models. It provides information, even before the sales trailer is up and running. Working with FSBO’S. Offering the FSBO the technology for prospects to learn about the home for sale also opens the possibility for assisting the home seller in his or her next purchase. All inquiries will be directed to you and allows you the chance to speak with the prospects, encourage pre-qualifying and make that important connection, even if the prospect doesn’t buy from the FSBO.
Although Call Capture costs a small amount per month, the marketing value and benefits for the loan officer is huge. Offering this service to realtors, builders and FSBO’s immediately creates a practical customer service oriented relationship at a minimal cost. As your clients learn to utilize the Call Capture features, it will elevate you and promote you as their lead loan originator. The following is a list of reports that the loan officer may use as a value-added feature for customer support: • For expired listings-“How to Guarantee you’ll get your Home Sold this Time! • For First Time Buyers-“Special Report-‘How to Buy Your First Home the Easy Way!” or Free Report-“How to Stop Paying Rent Forever…and Own a Home of Your Own!” • For Investors-“Avoid 12 Common Mistakes Made by Novice Investors and Guaranteed High Rates of Return! • For those looking for a mortgage in the future-“Secrets Lenders Don’t Want You to Know! Read this 11-Point Report Before You sign Anything!” • Ready to list-“Ready to List with a Real Estate Agent? 13Things Your Agent Must Do To Maximize Your Profits!” The following is a list of 1-800 Call Capture companies. Take time today to research how Call Capture may improve your business. Call Capture Providers www.Realestategrowth.com - Known in the industry as Proquest Technology. Great marketing ideas, reports and ideas to increase your business. www.Realmarcom.com - Excellent reports and articles specific to the mortgage industry www.archtelecom.com - Industry Specific and well known in the mortgage industry www.247callcapture.com - Marketing ideas specific to the mortgage industry Tom Ninness is Vice President/Regional Production Manager for Cherry Creek Mortgage in Denver, CO. Ninness is also the President of Summit Champions, Inc. and creator of the “The 90 Day Journey to Your Sales Success”, a powerful 90 day action plan for the sales professional. To learn more about The Journey and all what Summit Champions has to offer, go to www.90dayjourney.com, www.summitchampions.com or contact Tom at
[email protected] Office: 720-221-4396.
©2008 Gregory Funding LLC, an Aspen Capital affiliated company. This is not a commitment to lend. Restrictions may apply. For Wholesale only. Not for distribution to the general public. LTV based on current valuation by Gregory Funding. Gregory Funding reserves the right to amend rates and guidelines. All loans are made in compliance with federal, state and local laws. High-Cost Loans prohibited. Gregory Funding LLC is an Oregon LLC, Oregon Division of Finance & Corporate Securities Lic#ML3575. Gregory Funding LLC, 425 NW 10th Ave Suite 307 Portland, OR 97209. Toll free: 888-324-3578.
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CENTER STAGE WITH NETMORE AMERICA A sustainable future begins with the right relationsips BY THE NICHE REPORT
T
he Niche Report would like to introduce you to a new mortgage wholesale lender – NetMore America –who is building a next generation mortgage banker through the power of the right relationships. Mark Freedle, the CEO with the vision to start a mortgage business in Mark Freedle a very difficult environment, gave CEO us the opportunity to find out more about this fast growing Walla Walla, WA based mortgage lender with plans on expanding their footprint throughout the United States. Mark, what drove you to launch a mortgage company in such a difficult lending environment? Mark: Back in 2005 when the mortgage business was setting production records we saw the potential for a correction in residential lending as lenders stretched underwriting standards and non-prime ARM originations increased dramatically. In February of 2006, I began putting together a group of very senior mortgage professionals with strong underwriting and secondary marketing experience to start building out our platform to be ready for the opportunity. We officially launched NetMore in the third quarter of 2007 and funded our first loan at the end of October 2007. Today, we are the fastest growing mortgage company in the Northwest, with specific plans on expanding our footprint throughout the United States over the next two years. How big is NetMore today and where are you going in the future? Mark: Today, NetMore is focused on two lines of business; our wholesale lending channel and our
professional branch system. We have approximately 150 employees and are licensed in 18 states. Our goal is to move east strategically and be a nationwide mortgage banker over the next two years. To help us mange our growth, we are continuing to hire and we project that during the next 12 months we will hire well over 100 new employees. We just made some key senior hires, such as Lisa Schreiber as our Chief Strategy Officer and Scott Holtz as our new Regional Vice President, Eastern Region. From a production perspective, we are projecting full year 2008 mortgage production to be well in excess of $500 million, compared to just $14 million in 2007. By early spring 2009 we are projecting approximately $250$300 million a month run rate. Our goal is to be a top 25 national lender in the next 24 to 36 months. Tell us a little about your senior management team? Mark: We have put together a very experienced group of mortgage professionals. Lisa Schreiber, our new Chief Strategy Officer, her background is in building a quality national lending platform that is both scalable and profitable. Julie Krause, NetMore’s Chief Operations Officer, has more than thirty years of experience in the mortgage industry and was one of the first individuals to get her Computerized Home Underwriting Management System (CHUMS) number in the Northwest. Dan Ferris, our SVP of Secondary Marketing, also has more than thirty years experience that includes a Master Certified Mortgage Banker (CMB) designation. This team with the full support of all of our employees has one goal; to build a sustainable company together. What do mean by “…a sustainable future begins with the right relationships?” Mark: NetMore wants to work with professionals TheNicheReport.com
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that clearly understand what it means to do the right thing for their clients or partners day in and day out. We believe there is tangible value in character and it is the foundation of building a sustainable business. We want to make sure we are always working or partnering with the right people or organization that share our core values of integrity, respect, accountability, forward thinking and commitment to creating value. Through the power of the right relationships, we believe NetMore will become a leading next generation mortgage banker and build a sustainable national platform through responsible lending. Where are you seeing the opportunities in today’s mortgage market? Mark: There are many opportunities that we see in today’s market. First and foremost we see many talented professionals looking for work. This allows us to employ the “best of the best” in our Leadership, Account Executives and Operations staff. We have already seen the value of a great team and the service levels they can provide. Great employees in conjunction with great technology solutions create customer satisfaction and loyalty that we can build on. We also see a real void for the mortgage broker. Finding knowledgeable wholesale lenders that are focused on building their wholesale presence in a sustainable manner is key to their success. Our FHA expertise gives us a significant opportunity as many competitors are still struggling to gain FHA knowledge or hire DE underwriters. All of our underwriters have their DE and we feel this gives us a significant advantage in the marketplace. How is your sales team navigating the current market challenges? Mark: For one, our industry is under siege. When that happens, many people exit and even those that are still employed are reluctant to go out on the street and ask for new business. Surprisingly, we have hired new and very seasoned Account Executives that are telling us just that! By putting our program out there with knowledgeable Account Executives backed up by experienced and customer focused operations, we see a terrific opportunity to grow our market share.
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November 2008
What makes NetMore different from other mortgage lenders in today’s market? Mark: Our objective is to enable our lending partners, mortgage brokers and our professional branch system, to operate efficiently and “friction free”— a model based on service, speed and sustainability. We believe we have a better understanding of the mortgage business and how to execute with a significant strength and expertise in secondary marketing, risk management, communication and a commitment to being a true partner. Explain to our readers what you mean by a “friction free” process? Mark: “Friction Free” means a lending platform that incorporates easy to access web-based portal, intuitive processes where workflows can be easily understood and delivered, and risk mitigation applications that are applied while still allowing the user to move forward in the process with our end product being a complete quality package for investor delivery. Through the use of current web-based technologies and education, we will focus on our adoption rates to provide the biggest lift to our organization. What advice would you give mortgage brokers trying to understand the FHA product segment? Mark: FHA loans are more important than ever and there are few mortgage banking operations that have NetMore’s experience in the FHA product platform. For many brokers, FHA was not a product that was in focus until ALT A went away last year. Many lenders and brokers alike are still scrambling to get FHA approval and even once approved, there is a learning curve that has to be addressed. Experienced FHA lenders, such as NetMore, are few and far between. It makes it essential for brokers to partner with a lender that understands the FHA origination process, has the right relationships, and is committed to providing best in class service. There have been some talk among brokers about how difficult FHA is to work with and that FHA loans take an extremely long time to process. Is this true? Mark: This simply is not the case. FHA has made significant changes to appraisal requirements and the work items that were typical in the past have all but gone away. Processing an FHA loan is no more time consuming
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than typical financing. You just need to have the proper upfront disclosures and order your FHA appraisal through the FHA Connection website. Here is where a broker’s partnership with the right lender, such as NetMore starts to become extremely helpful. As you learn some of the FHA nuances, the knowledge of your lender can help you navigate and make this process friction free for both the broker and their client. What is some advice you can offer mortgage brokers to be successful in today’s environment? The best advice anyone can give today is to evaluate your business model by asking some key questions; What is your origination strategy? Who are you partnering with to help you weather the storm? Is your business model focused on you or are you relying on a lender that might decide they don’t want to “play” anymore? Who can offer you both the education and deliver the service you need to keep your business on track? It’s all about relationships these days and the right ones will make or break your future!
TIP OF THE MONTH
TIP OF THE MONTH Walking the thin line of Benefit BY STEWART MEDNICK
B
enefit to you? Or benefit to the customer? If you benefit, then you are paid well on a closing. If the customer benefits, you do not get paid so well. If you benefit, you need to close less loans in the month. If the customer benefits, you have to work harder and close more. If you benefit, your investors will like doing business with you and you can typically receive better yield spread or rates. If the customer benefits, you have to impress the investor with volume to hedge the less favorable yield spread. As you can tell, the tug-o-war of benefit is an ongoing issue. Many brokers and originators have a difficult time with the ethical issues of drawing the line of benefit to favor both themselves and the customers. The happy compromise is typically a very thin line that requires balance of a Cirque Du Soleil performer to walk it. Bottom line, the benefit should go to the customer. If you are in this business for the long haul, build a reputation now as the mortgage banker who gives good deals. Be the one who clients will refer. Build a lasting relationship based on ethical standards and quality customer service. I have written many articles on tips to provide the customer with a pleasant experience mostly based on personal interaction and amiable service. I have never talked about the monetary aspect of the business. I do not preach how to make a profit or which lender offers the best yield spread, quickest underwrite time, or lowest interest rate. Those are aspects of the industry that you can ascertain as part of your “OJT” and through
the rigor of diligent ‘lender-shopping.’ These are easily learned and easily executed procedures. However, good loans are fewer and fewer and making a healthy living on a third or a quarter of the typical business of three years ago is now the reality. One must maximize each deal just to pay the bills! Benefit, as I have written about in an article entitled “The Formula,” (May 2008 Tip of the Month) I define as anything the customer receives in an exchange as a result of the cost of doing business. The customer’s perceived benefit in the transaction is value. If there is no benefit, there is no value. Perhaps, the customer’s greatest perceived value is the benefit you offer of the lowest interest rates and the lowest closing costs. It may also be the friendliest service, frequent contact, or the fact you remembered the family pet’s name. I would be presumptuous to say that money is not the most important aspect of most mortgage transactions today. Everyone who wants a mortgage wants a good deal. The conundrum becomes the level of benefit that you offer and the level of value the customer perceives and is the two balanced to the satisfaction of yourself and the client? There is no perfect science to this dilemma. In fact, you may make some poor decisions and lose some deals as a result of the lack of benefit offered or executed. The interest rate may be too high, the closing costs are exorbitant, or you may not have called the customer frequently enough. So here is my tip to hedge future situations: Talk with authenticity about the expectations of the loan process, the fees and the interest rate, to your prospects during the initial conversation. Set the standard from the beginning. Cover
TheNicheReport.com
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TIP OF THE MONTH
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the two major aspects of benefit: cost of doing business, and the business of doing service. The customer will not only respect you for your candor, but will be relieved and feel secure that you are providing quality service during a time when the mortgage industry is highly scrutinized. Everyone is feeling a financial squeeze regardless of the profession they pursue. Unemployment, gas prices, food cost and heat for the house are all some of the issues weighing down on every home owner or potential home owner. How refreshing would it be to have “the mortgage guy (gal)” be the straight talker when we are bombarded with political smear ads, campaign propaganda and news about Wall Street executives’ golden parachutes and their collapsed businesses? Be the shining beacon of ethical business practices, authentic customer service, and quality value-added propositions in a current realm of uncertainty, fear, and financial collapse. Yes, you may not make as much as you had hoped on the recent closing, but the client was happy and that was the compromise necessary to get to the closing table. We all have felt the ‘pinch’ and had to check for coins in the sofa cushions just to eat lunch. But provide benefit to each customer and as the business becomes plentiful, you should be busy with repeat customers and referrals. Sometimes we take a cut in commission. I suggest not to cut benefit to the customer. Remember, this is a marathon, not a sprint. Stewart Mednick is a seasoned mortgage banker and published author. His writing focuses on relationship development, personal empowerment, customer satisfaction, marketing and sales techniques. Stewart is available for marketing consulting, personal coaching and training sessions. If you have a comment or a question for Stewart, contact him at 651-895-5122 or
[email protected]
NICHE REPORTS
PRIME & FHA Premium Listings
AHEDIRECT.COM/ Freddie: The RainMaker
Fannie, Freddie, FHA, 24-48 Hour Turn Times
949-861-0911
Alternative Mortgage Express 801-671-2397
Greystone Financial Group
Common sense underwriting for FHA, Conforming, Jumbo, Jumbo FHA/ Conforming, and manufactured housing.
CONFORMING, FHA VA, USDA, SISA, COMBO LOANS, LP LEVELS 1,2 & 3
954-557-2457
HCI Mortgage specializes in FHA and 203K financing in 25+ states. Programs include 203k, 203k streamline and 203k jumbo programs
HCI Mortgage 877-724-1720
JMAC Lending Inc
Same day doc and 24 our funding, 1 day off the market refinance
877-841-0776 Low/No Score FHA manual underwrites. Tough FHA deals OK. No min. Score Jumbo loan amounts. Common sense underwriting w/good turn times.
Mid Island Mortgage Corp 703.754.9643 - Tim Dooley
Wendy Edwards (775) 303-3838 cell; 866-922-6943 fax,
[email protected]
Titan Wholesale 877-90-Titan ex. 225
United Wholesale Mortgage 800-981-8898 x5638
Wall Street Wholesale
FHA 24-48 Hours on Approve Eligible Loans. 24 Hours on Conditions. 24 Hours to Prepare Closing Docs. Close Your Loan in 5-6 Business Days. Collections do not have to Paid. 95% Cashout on Manufactured Homes. FREE DU on our Website. Conventional/Agency Jumbo, FHA/FHA Jumbo, 203k, Manual UW, 48 hr turntime UW. 5 Points of Contact with Inside Team!
248-361-1908 PRIME Lender Listings Powered by TheLoanPost.com Alternative Mortgage Express
800-552-5263
www.amxloans.com
BAC Florida Bank (Fannie/Freddie only) 305-789-8064
www.bacflorida.com/ratesheet
AME Financial Corp
770-406-2138
www.american-mortgage.info
Banco Popular
www.bpnawholesale.com
Ameribank Mortgage (FHA only)
516-833-8834
www.ameribanksolutions.com
Bank of Ann Arbor (Fannie/Freddie only) 800-807-6337
www.boaawholesale.com
American BancShares
305-817-2165
www.americanbancshares.com
Bank United
www.bankunitedwholesale.com
303-725-2169 772-240-2550
American Financial Resources (FHA only) 973-588-8530
www.afrwholesale.com
Century Lending (Fannie/Freddie only) 407-252-7979
American Home Equity
714-661-5836
www.ahedirect.com
Chase Home Finance
800-338-0487
www.chaseb2b.com
American Partners Bank
954-465-8595
www.apbwholesale.com
Chase Rural Housing
954-422-1232
www.chaseb2b.com
American Sterling Bank
801-208-5454
http://asbloan.com
Chevy Chase Bank (Fannie/Freddie only) 866-591-4355
www.chevychasewholesale.com
Amtrust Bank (Fannie/Freddie only)
888-321-6446
www.amtrustgemstone.com
CMG Mortgage
714-357-3325
www.acceleratedcmg.com
Assurity Financial (FHA only)
866-841-7863
www.assuritywholesale.com
CNB National Lending, LLC
815-412-9305
www.cnbnationallending.com
www.centurylending.net
Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
TheNicheReport.com
35
NICHE REPORTS
PRIME Lender Listings continued… Colonial National Mortgage
800-825-1311
www.cnmbrokers.com
(Fannie/Freddie only)
Community First Bank Loan
412-292-8511
secure.pricemyloan.com/custom/cfb
(Fannie/Freddie only)
Mountain West Financial
909-793-1500 x 255 www.mwfinc.com
National Direct Funding (Fannie/Freddie only) 970-672-0805 National Home Lenders
www.ndfcorporation.com
888-344-0520 x 4 www.nationalhomelenders.com
Continental Home Loans
631-393-3800 x 114 www.chlmortgagebankers.com
Nations Direct Mortgage
949-270-7974
www.brokerFHA.com
Countrywide
904-245-8008
www.cwbc.com
NetMore America
509-526-4007
www.netmoreamerica.com
Direct Mortgage Wholesale
801-924-1880
www.directmortgagewholesale.com
NorthStar Lending (Fannie/Freddie only) 954-843-7018 x 7018 www.mynorthstarlending.com/
Eastern Savings Bank
800-981-7114 x 6250 www.easternsavingsbank.com
Ovation7
561-746-7858
www.ovation7.com/broker
571-340-5593
www.pacificbanc.com/ www.pnb.com
813-654-7515 x 223 epixfunding.com/
Pacific Banc Mortgage
Equifirst (FHA only)
856-979-9545
Pacific National Bank
305-539-7675
Federal Trust Mortgage
407-323-1833 x 153 www.federaltrust.com/brokers
Paramount Residential (FHA only)
866-966-8989 x 300 www.prmglending.net
Fifth Third
866-492-0072
Perfect FHA (FHA only)
800-201-2317
Phoenix Funding
877-562-6414 x 230 www.phoenix-funding.com 949-910-1055 x 450 www.plazahomemortgage.com
Epix Funding (Fannie/Freddie only)
www.equifirst.com www.53.com/wholesalemortgage
www.perfectfha.com
First Bank Mortgage
305-577-6000 x 116 www.firstbank.com
First Cal
818-793-6650
www.firstcalwholesale.net
Plaza Home Mortgage
First Federal Bank of CA
310-630-7792
www.firstfedwholesale.com
PMC Bancorp
626-964-4040 x 8199 www.pmcmtg.com
www.firsthorizonwholesale.com
Polaris Funding (FL, IN, MI, OH)
616-667-9000
800-692-3447 x 202 www.populardirect.com
First Horizon Home Loans
702-822-4102
www.polarishfc.com/
First Mutual Bank
971-645-9140
www.washingtonfederal.com/wholesale/
Popular Direct
First National Bank of Nassau
678-942-2160
www.fnbwholesale.com/
Poulsen Mortgage
First Northern Bank (Fannie/Freddie only) 707-423-9330
www.thatsmybank.com/
Preferred Capital (Fannie/Freddie only) 727-418-4189
www.prefercapital.com
Flagstar Bank
www.wholesale.flagstar.com
Premier Mortgage Capital, Inc.
786-243-3101 x 2
www.premierwholesale.com
877-773-7178
www.presidentsfirst.com/
678-308-0257
www.primarycapital.com www.protofund.com
800-897-7222
http://WeFundFHA.com
Florida Capital Bank Mtg
866-295-0014
www.flcb.com
Presidents First
Fort Knox Lending
323-330-1362
www.FortKnoxLending.Com
Primary Capital
Fortes Residential
866-571-8201
www.forteswholesale.com/
Proto Fund
813-436-6803
800-733-3657 x 1712 https://pfloans.provident.com/
Franklin American
606-519-4165
www.franklinamerican.com
Provident Funding
Franklin Bank
936-681-8181
www.franklinbank.com/
Reliant Funding
412-942-1010 x 18 www.reliantfunding.us
Freedom Mortgage
800-843-3753
www.freedomwholesale.com
Residential Lending Network
800-749-5363 x 5276 www.reslend.com
Gateway Funding
800-355-5626
https://wholesale.gateway-funding.com/
Gateway Mortgage Group
817-799-0804
www.jerrylair.com
GB Mortgage
602-791-8950
https://www.gbmortgagelending.com
Global Lending Group
727-530-0110
www.glgiwholesale.net
Greystone Financial
602-574-0100
www.greystonefinancialonline.com
GSF Funding
262-373-0790
https://www.gsfsales.com/
Guaranteed Rate
866-755-0989
www.griwholesale.com
Hollander Financial
661-476-4668
Home Savings of America
(Fannie/Freddie only)
Reunion Mortgage
559.476.0937
Royal Crown Bancorp
877-507-6925
www.reunionwholesale.com www.crownloan.com
Security Atlantic (FHA only)
800-956-3863
www.fhaland.com
Security Mortgage Funding
619-249-9166
www.smfcloans.com/brokers/
Security National Mortgage
619-857-2700
www.securitynational.com
Senderra Funding
704-831-3600
www.senderra.com
www.hollanderfinancial.com
Sierra Pacific
661-713-6564
www.spm1.com
972-235-7366
www.myhsoa.com
SouthPoint Financial (Fannie/Freddie only) 239-949-1406
www.spfs.com
HSBC
877-433-4722
https://webloan.us.hsbc.com
Stearns
925-628-0704
www.stearnswholesale.com
ICON Residential Capital
888-639-5641
www.iconwholesale.com
SunTrust Wholesale
913-982-2150
www.stmpartners.com
ING Mortgage
877-464-0555
www.ingloans.com/wholesale/index.html
SWC Financial Corp.
714-680-7050 x 113 www.swcfinancial.com
JMAC Lending
877-841-0776
www.jmaclending.com
Taylor, Bean & Whitaker
888-678-8547
Just Mortgage, Inc.
714-860-8867
www.justmtg.com
The Jumbo Lender
800-826-0360
www.TheJumboLender.com
Lenders Advantage
818-669-0974 x 0 www.lenderinc.com
The Money Store
818-326-2217
www.themoneystore.com
Liberty Lending Inc
800-808-5591
www.libertylendingwholesale.com
Titan Wholesale
775-852-6888 x 225 www.titan-wholesale.com
Liberty Mortgage
800-986-2499
www.bbt.com/libertymortgage
Trust One Mortgage
949-450-1888 x 2430 www.trustone.com
Liberty Savings Bank
941-735-7890
www.libertysavingsbank.com
U.S. Bank Consumer Finance
941-539-1603
www.usbank.com
Lime Financial
407-923-3700
limefinancial.com/index.shtml
United International Bank
313-903-2082
www.unitedinternational.us
M&T Bank Mortgage
804-380-7465
wholesalemortgage.mtb.com/
United Residential Lending
404-661-4632
www.urlending.com
Mango Bay Mortgage
561-347-9811
www.mangobayinc.com
United Wholesale Mortgage (FHA only) 800-981-8898 x 5590 www.usmwholesale.com
(Fannie/Freddie only)
925-570-0777
www.taylorbeandirect.com
Mega Capital Funding (Fannie/Freddie only) 818-657-2600
www.megacapitalfunding.net
Vertice
Merit Mortgage
310-650-0773
http://meritwholesale.com/
Village Capital and Investment (FHA only) 856-252-1825
https://www.verticelending.com/
MetLife Home Loans
www.wholesale.metlifehomeloans.com
Wall Street Wholesale Lending
856-446-2998
www.wallstreetwholesale.com
Mortgage Bank of California
714-423-3295
WCS Lending (FHA only)
561-241-5200
www.wcslending.com
Mortgage Close (Fannie/Freddie only)
714-453-0220
https://b2b.mortgageclose.com
Wells Fargo
310-283-8411
www.brokersfirst.com
MortgageIT
503-716-1206
https://wld.mortgageit.com/Default.aspx
hwww.villagewholesalelending.com
Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
36
November 2008
NICHE REPORTS
NON PRIME & ALT–A Premium Listings
Capital Management
Chattel loans for manufactured homes in communities, purchase or refinance
480-575-1782
Direct Portfolio lender specializing in funding loans traditional lenders cannot. NOD or BK OK. No Credit Score. No Pre-payment Penalty. Up to 75% LTV. Loan amounts up to $1MM. Lending territory: AZ, CA, CO, ID, NV, OR & WA
Gregory Funding LLC 888-324-3578
Mid Island Mortgage Corp.
Low/No Score FHA manual underwrites. Tough FHA deals OK. No min. Score Jumbo loan amounts. Common sense underwriting w/good turn times.
703-754-9643 - Tim Dooley
NON PRIME & ALT-A Lender Listings Powered by TheLoanPost.com LuxMac, Covino, and Company
800-762-2274 x 312 http://luxmac.com
Preferred Capital
727-418-4189
www.prefercapital.com
Luxury Mortgage
203-569-4249
www.luxurymortgagewholesale.com/
Proto Fund
813-436-6803
www.protofund.com
Maitland Mortgage
407-629-5626
www.maitlandlending.com
Quik Fund Inc.
813-671-0712
www.quikfund.com
Mega Capital Funding Inc
818-657-2600
www.megacapitalfunding.net
Rehab Funding
610-645-9939 x 310 http://rehabfunding.com/
Merit Mortgage
310-650-0773
meritwholesale.com/
Right Start Mortgage
800-520-5626
www.rightstartmortgage.com
Metro Cities Wholesale
714-241-5882 x 122
www.metrocitieswholesale.com
Royal Crown Bancorp
877-507-6925
www.crownloan.com
MFC Mortgage, Inc
877-562-6754
www.gomfc.com
Security Mortgage Funding Corp
619-249-9166
www.smfcloans.com/brokers/
Mortgage Close
714-453-0220
b2b.mortgageclose.com
SouthTrust Funding
813-363-2768
http://southtrustfunding.com
MortgageIT
503-716-1206
wld.mortgageit.com/Default.aspx
SWC Financial Corp.
714-680-7050 x 113
www.swcfinancial.com
NetMore America
509-526-4007
www.netmoreamerica.com
The Jumbo Lender
800-826-0360
www.TheJumboLender.com
NorthStar Lending
954-843-7018 x 7018 www.mynorthstarlending.com/
Trust One Mortgage
949-450-1888 x 2430 www.trustone.com
Online Financial Group
703-307-7006
www.ofglending.com
United International Bank
313-903-2082
Pacific Banc Mortgage
571-340-5593
www.pacificbanc.com/
United Residential Lending
404-661-4632
www.urlending.com
Paramount Residential
866-966-8989 x 300 www.prmglending.net
US Bank
702-630-0770
www.usbank.com
Phoenix Funding
877-562-6414 x 230 www.phoenix-funding.com
US Equity Broker Direct
901-239-3339
www.usequitybroker.com
Plaza Home Mortgage
949-910-1055 x 450 www.plazahomemortgage.com
Vertice
925-570-0777
www.verticelending.com
Portfolio Mortgage Company
480-775-5150
West One Mortgage Corporation
818-921-7602
www.westonemortgagecorp.com
www.portmort.com
www.unitedinternational.us
REVERSE MORTGAGES Premium Listings
Reverse It! A division of Urban Financial Group, Inc
Reverse Mortgages, fastest turn times in the industry. Training and lead support available.
888-777-3311
World Alliance Financial
Reverse Mortgage opportunity for non-FHA licensed brokers
877-692-7762 x 404 Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
TheNicheReport.com
37
NICHE REPORTS
REVERSE MORTGAGES Lender Listings Powered by TheLoanPost.com American BancShares
305-817-2165
www.americanbancshares.com
Liberty Reverse Mortgage
866-871-1353
Arlington Capital Mortgage Corp
800-814-9432
www.acmcwholesale.com
MetLife Home Loans
www.wholesale.metlifehomeloans.com
http://libertyreversebroker.com
Circle Mortgage Corporation (Fl only)
800-576-1338
www.circlemortgage.com
NetMore America
509-526-4007
www.netmoreamerica.com
Continental Home Loans
631-393-3800 x 114 www.chlmortgagebankers.com
Pacific Banc Mortgage
571-340-5593
www.pacificbanc.com/
Countrywide Bank
866-212-4378
www.cwbc.com
Quality Life Reverse Mortgage
800-955-7919
http://qualityliferm.com/
Essex Mortgage
702-893-9200
www.essexwholesale.com
Quik Fund Inc.
813-671-0712
www.quikfund.com
Financial Freedom
800-500-5150
www.financialfreedom.com
Silvergate Bank (cml)
858-362-6300
www.silvergatebank.com
Financial Heritage
800-895-2209
www.financialheritage.com
SouthPoint Financial Services
239-949-1406
www.spfs.com
First Horizon
888-553-8929
www.firsthorizonwholesale.com
Sunwest
800-453-7884
www.swmc.com
Fortes Residential
866-571-8201
ww.forteswholesale.com/
Wells Fargo Reverse Mortgage
800-336-7359
http://www.wellsfargo.com
Generation Mortgage
866-733-6089
www.generationmortgage.com
World Alliance Financial Corp.
800-562-6755
www.worldalliancefinancial.com
GotMortgage.com
760-802-9630
www.gotmortgage.com
HARD MONEY Premium Listings
All California Home Loans 877 462 3422
Ambit Funding 800-823-7101
AFG LLC (Asset Funding Group)
Commercial and Residential hard money, California properties, max LTV 65% Short-term commercial bridge lenders; Most property types including RAW LAND; All 50 states, and Canada; Max LTV 70%, 50% on Land
Nation Wide Loans from $300 to $3 mil FAST-FAIR- FLEXIBLE
720-889-1175
AFG LLC (Asset Funding Group) 720-889-1175
Avatar Financial Group 888-896-0083
BRT Realty Trust 516-466-3100 or 800-450-5816
Continuum Funding Group 703-564-1659
Direct lender - up to 70% LTV: Bridge loans, purchase & rehab, construction financing, raw land, no minimum credit score requirments. Nationwide lending from $300k to $3 million, 24 hour commitment as fast as 5 days to close. HARD MONEY- MADE EASY Bridge loans for improved commercial real estate from $1 million, terms up to two years with no prepayment penalties. We are a direct lender and brokers are protected. Apply online at www.avatarfinancial.com or simply give us a call A Public Mortgage REIT Traded on the NYSE (NYSE: BRT) Fast response on loans from $2 million to $50 million on income producing commercial properties nationwide. No prepayment penalties, lock out or exit fees Specializing in hard money loans of $300,000 to $5,000,000 in DC, Virginia, and Maryland. We customize our lending program to fit your needs on a deal by deal basis
Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
38
November 2008
NICHE REPORTS
HARD MONEY premium niches continued…
Fairview Commercial Lending 866-634-1270
No minimum credit score, foreclosure bailouts, Quick Closings nationwide, commitments in 24 hours
603-279-1133
Real Estate based private money lender. Commercial & Residential Investment. Refi cash out allowed. Retail,office,multi-family, raw land, development & modular construction are our specialties. Common sense underwriting. No upfront fees! Email or call today.
First Mount Vernon
No seasoning requirements, No upfront commitment or processing fees, Minimum credit score 400
Financial Resources Mortgage
(866) 908-FMV1 (3681)
First Mount Vernon
Minimal documentation required, Combined Loan-to-Values to 105%
(866) 908-FMV1 (3681)
Gregory Funding LLC 888-324-3578
LJL Funding 888-456-0246
Manaseh, Epharim & Associates
Direct Portfolio lender specializing in funding loans traditional lenders cannot. NOD or BK OK. No Credit Score. No Pre-payment Penalty. Up to 75% LTV. Loan amounts up to $1.0MM. Lending territory: AZ, CA, CO, ID, NV, OR & WA FC Bailouts - No FICO requirements. Focused strictly on the residential market. Tech oriented direct hard money lender. Consistent Guidelines Great Service! Private hard money financing for commercial real estate investments
770-840-0112
Metro Funding Corp 866-302-6360
Miner Capital Funding, LLC 702-466-8952
Remington Financial Group, Inc
Fast closing, no points upfront, all commercial properties including land, acquisitions, refis, and development loans
Specializing in collateral-based real estate loans nationwide. We get deals done!! As fast as 4 days! Loan amounts 1 million to 20 million
Up to 65% of valued collateral, fast closing
480-905-3239
Stonecrest Financial 888.884.6518
TrustCapital Investments LLC 301-503-2231
We are a direct lender specializing in churches, mixed-use, apartments & commercial lines of credit Local direct lender (DC, MD and VA) specializing in bridge, construction, rehab and business loans. Loans are based on “subject to value”, 50% LTV, minimal documentation, EQUITY DRIVEN not FICO sensitive. Brokers are protected.
Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
TheNicheReport.com
39
NICHE REPORTS
HARD MONEY premium niches continued…
Direct lender specializing in HELOC 1st and 2nd position loans between 25k-250k
Unifund Financial Group Inc. 619-987-1083
All property types, any condition. Including construction, re-hab, land, development. LTV based underwriting. No prepayment penalties, discounted pricing for short term. Fast approvals and closings. Direct Lender in WA, OR, ID only
WADOT Capital, Inc. 206-362-4444
HARD MONEY Lender Listings Powered by TheLoanPost.com A The Loan Doctors, Inc
954-647-7679
www.regd506.com
Investor Funding
864-213-3951
Advantage Capital Equity Solutions
800-223-3019
www.adcapequity.com
J & J Financial
714-256-4416
www.10dayloan.com
AFC Hardmoney
813-387-3800 x 311 www.afchardmoney.com/
Kennedy Funding
201-342-8500
www.kennedyfunding.com
AgriCap Financial Corporation
213-542-5232
www.agricap.com
Lakeside Financial Inc.
949-297-4180
www.nofico.net
All California Home Loans
877-462-3422
www.aboutcaliforniahomeloans.
Lib Properties, LTD.
404-256-8600
www.libloans.com
com/hard-money.html
LNB Commercial Capital
321-214-0585
www.lnbcapital.com
Alliance Financial, Inc.
866-603-5999
www.afiloans.com
Mager Capital
310-760-6290
www.magercapital.brokerca.com
Ameribank Mortgage
516-833-8834
www.ameribanksolutions.com
Magnolia Financial Consultants
601-428-1005
www.hardmoneymortgages.com
American Acceptance (cml)
800-452-9287
www.aamcap.com
Mango Bay Mortgage
561-347-9811
www.mangobayinc.com
Assurity Financial
866-841-7863
www.assuritywholesale.com
Meridian Group
800-901-9301
www.meridiangroupinc.com
Avant Capital Partners, LLC. (cml)
212-219-9419
www.avcapital.net
MiStar Financial (cml)
720-200-2600
www.mistarfinancial.com
Axiom Commercial Funding
866-637-3014 x 10 www.acfsonline.com/
Multicorp Financial
925-275-8111 x 222 www.11multicorpfinancial.com/
Bay Equity
800-229-3703
www.bayeq.com
BFS Capital, LLC. (cml)
510-381-1930
www.bfscapital.com
Normandy Mortgage
760-220-4330
www.normandy.com/
BlueWater Funding, LLC
866-551-2583
www.bluewaterfundingllc.com
Overland Financial
818-342-2477
www.overlandfinancial.com/
Brookview Financial
877-734-2211 x 316 www.brookviewfinancial.com/
Pacific Mortgage Funding Corp. (cml)
562-864-4006
www.pacificmortgage.com
California Equity Lenders
818-584-2320
www.calequitylenders.com
PB Financial Group Corp.
310-289-0900
www.pbfinancialgrp.com
Capital Alliance
415-288-9575
www.calliance.com/index.php
Piedmont Capital Lending, LLC.
678-292-6984
www.piedmontcapitallending.com
CFA Capital Partners (cml)
914-967-5780
www.cfacap.com
Commercial Bridge Loan Funding
305-852-2569
www.cblfg.com
Commercial Hard Capital, LLC (cml)
832-607-6778
www.commercialhardcapital.com
Commercial Loan Capital (cml)
877-473-6984
www.clcloans.net
Commercial Mortgages 101
800-763-3036
www.commercialmortgages101.com
Crawford Park Financial
626-796-7979
www.crawfordparkfinancial.com
www.4investorfunding.com
Porter Bridge Loan Company (cml)
866-725-1777
www.porterbridgeloan.com
Portfolio Mortgage Company
480-775-5150
www.portmort.com
Quik Fund Inc.
813-671-0712
www.quikfund.com
Rehab Funding
610-645-9939 x 310 http://rehabfunding.com/
Remington Financial Group
480-905-3239
www.remingtonfg.com
Right Start Mortgage
800-520-5626
www.rightstartmortgage.com
SBB Financial
866-358-7238
www.sbbfinancial.com/
SDI Funding
864-233-3337 x 3220 www.sdifunding.com
Cushman Rexrode Capital Corporation (cml) 925-988-7200
www.cushrex.com
Diamond Bay Investments, Inc.
702-254-9303
www.diamondbayinvestments.com
Eastern Savings Bank (cml)
800-787-8187
www.easternsavingsbank.com
SmartServ Solutions
888-633-4778
714-680-7050 x 113 www.swcfinancial.com
www.bronxhardmoney.com
Emerald Financial
714-965-6688
www.eprivatemoney.com
SWC Financial Corp.
Exeter Holding Ltd.
516-338-7500
http://exeterholding.com/
Swift Funding
727-521-6633
http://swiftfundingcorp.com
212-371-3933
www.tcrmcommercial.com
www.fchardmoney.com
TCRM Commercial Corp. (cml)
First Mount Vernon Industrial Loan Assn. 703-823-6800
www.fmv1.com
The Loan Doctors, Inc. (cml)
954-647-7679
www.regd506.com
First Select Capital
540-908-2205
www.firstselectloans.com/
The Money Source, LLC. (cml)
480-946-4000
www.themoneysourcellc.com
Global Lending Group
727-530-0110
www.glgiwholesale.net
Titan Hard Money
323-377-0979
www.titanhardmoney.com
GMC Mortgage Capital
954-332-3567
www.gmcmortgagecapital.com
Trust Deed Investments, Inc
415-760-2338
www.hardmoney.ning.com
Grand National Investments
760-802-9630
www.300GNI.com
Unifund Financial Group, Inc.
619-573-0289
www.unifundinc.com
818-921-7602
www.westonemortgagecorp.com
First Credit Commercial Capital Corp. (cml) 407-843-6262
HARDDMONEYLOANS.COM
813-516-5210
www.HARDDMONEYLOANS.COM
West One Mortgage Corporation
Hawkins Capital
208-908-5596
www.hawkinscap.com/
WexTrust Capital, LLC
212-643-6190
www.wextrust.com
HMC Funding
800-273-7001 x 343 www.hmcfunding.com
WholesaleLending.com (cml)
866-303-6301
www.wholesalelending.com
Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
40
November 2008
NICHE REPORTS
CONSTRUCTION/REHAB Premium Listings
Financial Resources Mortgage, Inc. 603-279-1133
Manaseh, Epharim & Associates 770-840-0112
Metro Funding Corp
Real Estate based private money lender. Commercial & Residential Investment. Refi-Cash Out allowed. Retail, office, multi-family, raw land, development & modular construction are our specialties. Common sense underwriting. No upfront fees! Email or call today. Private lender specializing in commercial real estate loans nationwide and internationally
Fast closing, no points upfront, all commercial properties including land, acquisitions, refis, and development loans
866-302-6360
Loan portfolio financing and warehouse lines of credit from $2MM $20MM for hard money lenders and investor rehab lenders. Reduce your local bank and private investor hassles with stable and consistent financing
RBA Capital 610.293.8008
Remington Financial Group, Inc 480.905.3239
Up to 95% financing construction, rehab, renovation, development, starting at $1 million and moving upwards, commercial only
CONSTRUCTION / REHAB Lender Listings Powered by TheLoanPost.com Ameribank Mortgage
516-833-8834
www.ameribanksolutions.com
Hawkins Capital
208-908-5596
www.hawkinscap.com/
Assurity Financial
866-841-7863
www.assuritywholesale.com
Kennedy Funding
201-342-8500
www.kennedyfunding.com
Axiom Commercial Funding
866-637-3014 x 10
www.acfsonline.com/
M&T Bank Mortgage
804-380-7465
wholesalemortgage.mtb.com/
Broker Capital Funding
408-438-6939
www.brokercap.com/
Mango Bay Mortgage
561-347-9811
www.mangobayinc.com
Chase Home Finance
813-601-2530
www.chaseb2b.com
Mission Oaks National Bank
805-889-0301
www.missionoaksbank.com
Colonial National Mortgage
800-825-1311
www.cnmbrokers.com
Portfolio Mortgage Company
480-775-5150
www.portmort.com
Everbank
415-595-3968
www.everbankwholesale.com
SWC Financial Corp.
714-680-7050 x 113
www.swcfinancial.com
Excelsion Mortgage
888-578-5441 x 1
www.ExcelsionBrokers.com
United Midwest Savings Bank
614-255-3534
www.umwsb.com
Federal Trust Mortgage
407-323-1833 x 153
www.federaltrust.com/brokers
Unity Bank
904-727-7535
www.unitybank.com
First Mutual Bank
971-645-9140
www.washingtonfederal.com/wholesale/
Vertice
925-570-0777
www.verticelending.com
First National Bank of Nassau
404-218-3335
www.fnbwholesale.com/
West One Mortgage Corporation
818-921-7602
www.westonemortgagecorp.com
First Northern Bank
707-423-9330
www.thatsmybank.com/
ADVERTISE YOUR NICHES HERE WITHIN Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
TheNicheReport.com
41
NICHE REPORTS
COMMERCIAL Premium Listings
AcuPen Financial
High LTVs, and low debt coverage ratio requirements
305-666-1879
Avatar Financial Group 888-896-0083
Colorado FSB Commercial Division 303-771-1031
Fairview Commercial Lending 866-634-1270
Financial Resources Mortgage, Inc. 603-279-1133
Gregory Funding LLC 888.324.3578
Light Funding Corp.
Great rates on commercial real estate loans, fully amortizing up to 25 years. Most property types considered including hotels, multi-family and special-use. Full doc is required for these competitive rates. Please call to request a rate sheet Bridge/Construction $2 million + and perm loans for 18 commercial property types nationwide from $250K+ No minimum credit score, foreclosure bailouts, Quick Closings nationwide, commitments in 24 hours Real Estate based private money lender. Commercial & Residential Investment. Refi-Cash Out allowed. Retail, office, multi-family, raw land, development & modular construction are our specialties. Common sense underwriting. No upfront fees! Email or call today. Direct Portfolio lender specializing in funding loans traditional lenders cannot. NOD or BK OK. No Credit Score. No Pre-payment Penalty. Up to 75% LTV. Loan amounts up to $1.0MM. Lending territory: AZ, CA, CO, ID, NV, OR & WA All types of commercial loans nationwide & international
877.300.1595
Manaseh, Epharim & Associates
Fast, flexible funding for all your commercial financing needs
770-840-0112
Metro Funding Corp 866-302-6360
Remington Financial Group, Inc 480.905.3239
Fast closing, no points upfront, all commercial properties including land, acquisitions, refis, and development loans Senior financing on existing real estate all property types, competive rates
ADVERTISE YOUR NICHES HERE WITHIN Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
42
November 2008
NICHE REPORTS
Commercial premium niches continued…
Direct lender specializing in first and second loans on income producing commercial properties
Tellus Capital 619-818-6248
Trilogy Commercial Lending 888-875-5055
Specializing in Full and Simple Doc small balance commerical loans up to $5 M. Our unique Commercial Automated Underwriting System allows for instant approvals, including pricing options. No upfront fees! Experience ease of execution – call today.
COMMERCIAL Lender Listings Powered by TheLoanPost.com 21st Mortgage
800-955-0021 x 1219 https://www.21stmortgage.com
Met-West Commercial
866-766-4000
Acupen Financial
503-516-5823
www.Acupenfinancial.com
Midwest Financial Capital
317-844-7776
www.met-west.com www.midwestfinancialcapital.com
Affinity Bank
877- 862-7245
www.affinitybank.com
Minvest Financial
877-317-0260
www.minvestfinancial.com
AgriCap Financial Corporation
213-542-5232
www.agricap.com
MiStar Financial
720-200-2600
www.mistarfinancial.com
American Acceptance
800-452-9287
www.aamcap.com
MJM Capital Group
480-628-1943
www.mjmcapitalgroup.com
Arlington Richfield
248-613-7423
www.arlingtonrichfield.com
Multicorp Financial
925-275-8111 x 222 www.11multicorpfinancial.com/
Avant Capital Partners, LLC.
212-219-9419
www.avcapital.net
National Business Finance
954-495-4791
Axiom Commercial Funding
866-637-3014 x 10 www.acfsonline.com/
Nationwide Commercial Lenders
800-830-5940 x 1 www.NationwideCommercialLenders.com
Berkshire Capital Financial, Ltd.
212-986-9890
www.berkshirecapital.net
New World Commercial Lender
561-628-2069
Blue Sky Commercial Funding
888-500-2583
www.bscfloans.com/
Ovation7
561-746-7858
www.ovation7.com/broker
Brownstone Mortgage Capital
800-547-1285
www.brownstoneloans.com
Overland Financial
818-342-2477
www.overlandfinancial.com/
Capital Alliance
415-288-9575
www.calliance.com/index.php
Pacific Mortgage Funding Corporation 562-864-4006
www.pacificmortgage.com
CapitalSource Finance
212-321-7215
www.capitalsource.com/
Pacific National Bank
305-539-7675
www.pnb.com
CFA Capital Partners
914-967-5780
www.cfacap.com
PFA Capital, LLC.
800-531-4589
www.picconefinancial.com
Ciena Capital
800-722-5626
www.cienacapital.com
Phoenix Funding
877-562-6414
www.phoenix-funding.com
CIT Small Business Lending Corp.
404-244-4592
www.smallbizlending.com
PNC ARCS
800-275-2727
www.askARCS.com
Coast Investors Capital
305-446-9125
www.coastinvestors.com
Presidential Bank
301-652-1616
www.presidential.com
Commercial Bridge Loan Funding
305-852-2569
www.cblfg.com
Pribank
866-811-9217
www.pribank.com
Commercial Funding Corp
904-885-9977
www.commercialfundingcorp.com/
Provident
800-733-3657 x 1712 https://pfloans.provident.com/
Commercial Hard Capital, LLC
832-607-6778
www.commercialhardcapital.com
Prudential Mortgage Capital Co.
888-263-6800
www.prumortgagecapital.com
Commercial Lending Capital
714-656-3943
www.clcnationwide.com
Quik Fund Inc.
813-671-0712
www.quikfund.com
Commercial Loan Capital
877-473-6984
www.clcloans.net
Reliant Funding
412-942-1010 x 18 www.reliantfunding.us
Commercial Mortgage City
954-854-6853
www.commercialmortgagecity.com
REM Capital
877-774-4240
www.remcapitalgroup.com
Commercial Mortgages 101
800-763-3036
www.commercialmortgages101.com
SF Partners Mortgage
305-774-0456
sfmortgagelenders.com/
Community Commerce Bank
916-648-2680
www.ccombank.com
Silver Hill Financial
877-813-4685
www.silverhillfinancial.com
Cushman Rexrode Capital Corporation 925-988-7200
www.cushrex.com
Small Business Loan Source, LLC.
512-215-2727
www.adelinerem.com
Eastern Savings Bank
800-787-8187
www.easternsavingsbank.com
St. Cloud Mortgage
877- 653-3276
www.farmerloan.com
Equity One Commercial
407-370-7843
www.equity1commercial.com
STA Capital Group & Advisors
866-610-4141
www.c-loandivision.com
Excelsion Mortgage
888-578-5441
www.excelsionbrokers.com
Strongtower Financial
800-333-9893
www.strongtowerfinancial.com
First California Bank
818-670-7688
www.fcbank.com
SWC Financial Corp.
714-680-7050 x113 www.swcfinancial.com
Griffin Capital Funding
800-710-6762
www.ysploans.com
TCRM Commercial Corp.
212-371-3933
www.tcrmcommercial.com
Hawkins Capital
208-908-5596
www.hawkinscap.com/
Terrace Capital
212-671-1031
www.terracecapital.com
HMC Funding
800-273-7001 x 327 www.hmcfunding.com
The Money Source, LLC.
480-946-4000
www.themoneysourcellc.com
Integrity Financial Group
916-343-7559
www.ifgloans.com
Trilogy Commercial Lending, LLC.
877-726-9433
www.trilogycl.com
Interbay Funding, LLC
877-207-6099
www.interbay.com
Union Bank of California
877-945-2265
www.uboc.com
Kennedy Funding
201-342-8500
www.kennedyfunding.com
Wachovia Bank
916-787-9401
[email protected]
Lib Properties, LTD.
404-256-8600
www.libloans.com
Washington Mutual
916-825-5432
[email protected]
Lighthouse Commercial
614-340-3894
www.Lighthouse-Commercial.com
Wells Fargo
800-840-5822
www.wellsfargo.com
LNB Commercial Capital
321-214-0585
www.lnbcapital.com
West One Mortgage Corporation
818-921-7602
www.westonemortgagecorp.com
Magnolia Financial Consultants
601-428-1005
www.hardmoneymortgages.com
WholesaleLending.com
866-303-6301
www.wholesalelending.com
Mango Bay Mortgage
561-347-9811
www.mangobayinc.com
World Capital Bancorp, Inc.
888-922-3003
www.worldcapitalbanc.com
www.nationalbusinessfinance.com www.nwclender.com
Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.
TheNicheReport.com
43
Tellus Capital is a direct private money lending company specializing in commercial properties. Loan amounts from 200K to 5MM. • Lending Territory includes CA, AZ, WA, NV, OR, AZ and UT. • No Minimum FICO • No Seasoning • 24hr turning time on approvals. • 7 day funding time with completed loan package. Please email a summary request to
[email protected] or check out our website at www.tellus-capital.com. 4431 S. Eastern Avenue #2, Las Vegas, NV 89119 • tel 702-795-2888 • fax 702-795-2181
LENDER & RESOURCE DIRECTORY
AcuPen Financial, LLC The Premier One-Stop Commercial Mortgage HUB www.acupenfinancial.com
a la mode, inc. www.alamode.com
Ambit Funding www.ambitfunding.com Contact: Chris Bednar Phone: (570)-829-2101 (800)-823-7101 Email:
[email protected]
America One Finance www.americaonefinance.net Contact: Matt Simmons Phone: 425.641.4658 x117 Email:
[email protected]
Asset Funding Group www.assetfundinggroup.com Contact: Loan Submission Phone: 866-398-8916 Email:
[email protected]
Avatar Financial Group www.avatarfinancial.com Contact: Allison Payne, Loan Analyst Phone: 888.896.0083 Email:
[email protected]
Best Rate Referrals www.bestratereferrals.com Phone: 800-811-1402
BRT Realty Trust www.brtrealty.com Contact: Mitch Gould Phone: 516.773.2712 Email:
[email protected] Capital Management www.CapitalManagementAZ.com Contact: Louis Lantz Phone: 480.575.1782 Email:
[email protected]
CityLights Financial Express, Inc www.citylightsfinancial.com 800-530-2489 ext 301
[email protected]
Continuum Funding Group www.continuumfunding.com Contact: Evan Kaplan Phone: 703-564-1659 Email:
[email protected]
Credit Plus Inc. www.creditplus.com Phone: 800.258.3488 Fax: 800.258.3287 Email:
[email protected] Direct Marketing Associates www.DMALeads.com Phone: 888.312.9594 Email:
[email protected]
DocMagic www.docmagic.com Phone: 800.649.1362
Fairview Commercial Lending www.FairviewLending.com Phone: 866-634-1270 Fax: 404-634-0319
Financial Resources Mortgage, Inc. www.commercialloanresources.com Contact: David Dexter Phone: 603-279-1133 X 317 Email:
[email protected]
First Mount Vernon I.L.A. www.FMV1.com Phone: 703-823-6800 Fax: 703-997-2499
www.GreenLeafLegals.com Phone: 888.326.3303 Ext 217 Contact: Simon Yarandi Email: Simon.Yarandi@GreenLeadLegals. com
Gregory Funding LLC www.gregoryfunding.com Phone: 888.324.3578 Fax: 503.226.4699 Email:
[email protected]
TheNicheReport.com
45
LENDER & RESOURCE DIRECTORY
HCI Mortgage www.203kwholesale.com (877) 724-1720 Fax: (866) 201-172 LJL Funding www.LJLFunding.com Contact: Phil Jemmett Phone: 888-456-0246 Email:
[email protected]
LoanAce www.loanace.com
[email protected]
Light Funding Corp www.lightfunding.net Contact: Maria Gorrita Phone: 877.300.1595 Email:
[email protected]
Madison Credit Management Services LLC www.madisoncredit.com Contact: Roger Castile Phone: 856-866-9878 x4320 Email:
[email protected] Manaseh, Epharim & Associates www.meandassociates.com Contact: R.D. Walker Email:
[email protected] Phone: 678-387-3230
Metro Funding Corp www.metrofundingcorp.com Contact: Jennifer Smith Email:
[email protected] Phone: 866-302-6360
46
November 2008
Nationwide Home Relief Phone: 877.368.7266 Miner Capital Funding, LLC
[email protected] www.Minercapitalfunding.com Phone: 702-466-8952 Fax: 314-667-3092
Precision Loan Processing www.PrecisionLoanPro.com Phone: 703.743.9739 Email:
[email protected]
RBA Capital www.RBACapital.com Dan Murphy 610.293.8008 x205
[email protected]
Remington Financial Group, Inc www.remingtonfg.com Contact: Aaron Enright Phone: 480.905.3239 Email:
[email protected]
Tellus Capital www.tellus-capital.com Contact: Daniel Singer Phone: 619.818.6248 Email:
[email protected]
Trilogy Commercial Lending www.TrilogyCL.com Phone: 888-875-5055 Fax: 407-523-6946 Email:
[email protected]
TrustCapital Investments LLC Craig Severson 301-503-2231
[email protected]
Unifund Financial Group Inc. www.unifundinc.com Contact: Tyson Hempel Phone: 619-987-1083 Email:
[email protected] Urban Financial Group, Inc. www.reverseit.com Contact: Matt Klaus Phone: 888.777.3311 Email:
[email protected]
www.settlementbiz.com 877 392 4940
Stonecrest Financial Contact: Bill Phone: 888.884.6518 Email:
[email protected]
WADOT Capital, Inc. www.wadotcapital.com Erik Egger or Craig Halpin Phone: 206.362.4444 Email:
[email protected] OR ch@ wadotcapital.com
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"TheNicheReport is nationally distributed to 20,000 real estate finance professionals."
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