brokers who have questions pertaining to their submitted files. The closers get the files, and within 24 hours, they have already sent out the closing docs and communicated directly with the title company to confirm that the closing is set and everything needed has been provided. Our entire team is committed to making brokers feel like mortgage bankers. With the level of customer service and accessibility we provide, our brokers always know what is going on with their loans. Each person at UWM understands that the brokers are the key to our business, and we go above and beyond each day to let them know how much we appreciate these business relationships. What would you say is the mortgage industry’s most underutilized loan program? The industry’s most underutilized program is the FHA streamline. It is a great way to make sure that your borrower always has the best available rate. The streamline is an entitlement that is granted to customers who close on FHA loans. The insurance that the customer pays entitles them to a streamline refinance that will offer the lowest available rate. There is no income qualification, sometimes no appraisal required, and as long as the borrower makes all their mortgage payments on time, then they qualify. Along with the streamline, the government 3/1 adjustable-rate mortgage (ARM) is another product that, if used correctly, can save consumers a lot of money and help them have the lowest payment at all times. The FHA 3/1 ARM is unlike the
forward on reverse
sub-prime ARMs, as with the government ARM, you can always refinance, regardless of property values dropping or loss of income. The rate doesn’t change for three years and after the three years, it can only go down one percent annually and there are no pre-payment penalties. The caps on the FHA 3/1 Treasury ARM are 1/1/5 and a two percent margin, which means that if the borrower’s start rate is 3.75 percent, the maximum their rate can be on the change date three years later is 4.75 percent, which is still well below the fixed rates right now. This product, if used in conjunction with the streamline, is a powerful tool to help many brokers originate more loans and many consumers have a lower payment. As the sales manager for one of the top 10 wholesalers, can you share any insights, philosophies, books or any other strategies that can help the mortgage broker community? I am a big believer of under promising and over delivering. That is what UWM was built on and what I personally believe in. No matter what I am doing, I always shoot to exceed the expectations that I set. I believe that your word is one thing you cannot compromise in this industry, and we are focused at UWM on delivering on our word each day. We advertise our 24to 48-hour turn times and we always come through within that time frame or before. Our submissions closing five to seven business days is something we offer and if the brokers want to participate on their end, we make that happen for them.
With other Title companies you have problems With All Real Estate Solutions, LLC, you only have solutions. All Real Estate Solutions, LLC, is strong because of our afďŹ liations with Old Republic National Title Insurance Co., EnTitle Insurance Company and Westcor Land Title Insurance Co. Our association with these national underwriters, allow us to professionally handle your transactions in all 50 states with only one number to call. Our staff is dedicated to making your residential or commercial transaction stress free. That's why you should choose All Real Estate Solutions, LLC for all of your residential and commercial title needs, land contract conversions, purchase transactions and so much more.
DEALSAVER HOTLINE
DEALSAVER HOTLI NE Sponsored by All Real Estate Solutions, LLC: Titl e problem preventing a deal from closing? We have sol utions! Give expert s with 25 plus years of experienc e a call at 800.398 .6163 or e-mail info@allREsolution s.com to get access to one of our Title Experts. And YE S, even if the deal is not with us. Note: Only one cal l per compan y locati on.
Let us show you how we can be "THE SOLUTION TO YOUR PROBLEM"
Florida OfďŹ ce 27499 Riverview Center #437 Bonita Springs, FL 34134 OfďŹ ce: 239-444-4980 • Fax: 866-567-4545
World Headquarters 781 Beta Dr. Suite I • MayďŹ eld Village, OH 44143 OfďŹ ce: 440-484-2290 • Toll Free: 800-398-6163 Fax: 440-605-0210 • Toll Free Fax: 866-567-4545
www.allREsolutions.com It’s time to consider if you’re getting the service you need‌ the service you deserve from your TITLE COMPANY
continued from page 15
policy when Ken Scholen was the guiding spirit behind HECM is questionable at best and disingenuous at worst. From the foregoing, we conclude that ML-08-38 was based on flawed assumptions. We affirm that ML-08-38 represents a major departure from historical HECM nonrecourse policy. And we assert that ML-0838 is unfair to America’s seniors and their heirs/estate. It should be quashed.
407-443-0348
O JULY 2009
Visit author Atare E. Agbamu’s blog at http://thinkreverse.com for his thoughts and insights on the reverse mortgage marketplace.
ARIZONA MORTGAGE PROFESSIONAL MAGAZINE
Author and columnist, Atare E. Agbamu, CRMS is director of reverse mortgages at Minneapolis-based AdvisorNet Mortgage LLC. A member of the BusinessWeek Market Advisory Board, Agbamu is author of Think Reverse! and more than 100 articles on reverse mortgages. Through his advisory firm, ThinkReverse LLC, Agbamu advises financial professionals, institutions and regulators across the country. In a 2007 national report on reverse mortgages, the AARP cited Agbamu’s work. He can be reached by phone at (612) 436-3711 or (612) 203-9434, and e-mail at aagbamu@advisornet.com or atare@thinkreverse.com.
www.NationalMortgageProfessional.com O
policy. And it is abundantly clear that veracity is absent in HUD’s assertion in ML08-38 that some program participants were “mistakenâ€? about the policy. There is another crucial point we should consider about paragraph 1-3C and HUD’s reinterpretation in ML-08-38. The paragraph clearly decrees that â€œâ€Śand no assets other than the home must be used to repay the debt.â€? By forcing heirs/estate, in violation of its own rules, to repay the loan balance, other assets other than the home’s value are being used to repay the loan. HUD cannot have it both ways, for we are a nation of laws and rules. It needs to respect and follow its own rules. It needs to honor and abide by its own contractual obligations if it expects industry participants within its administrative sphere of influence to do the same. It is noteworthy that the authors of the 2007 AARP report include Ken Scholen, Donald L. Redfoot, and S. Kathi Brown, individuals with deep knowledge of HECM and policy issues around reverse mortgages and HECMs in particular. Ken Scholen is the father of the HECM and one of the leading authorities on reverse mortgages in America. For anyone at HUD to suggest that someone such as Ken Scholen is “mistakenâ€? about HECM non-recourse
17