Page 1

Issue 022 April 2009 TheNicheReport.com

13 Credit Proofreading 16 Present-Value "Mix-Shift" A new referral building strategy for 2009.

The first available 'Forward Look' at house price movement.

Financing Construction 23 Land 26 in 2009 Costs Could Four rules to follow.

Plunge By as much as twenty percent this year.


Attend Leonard Rosen’s Pitbull Mortgage School Now accepting enrollment for our Hard Money Seminar Hard Rock Hotel & Casino - Las Vegas April 30th Reserve your seat today. Always sells out! The Pitbull Mortgage School teaches you specifics not hypotheticals. Here is a sample of what you will learn:

Are you ready to prosper in the hard money lending industry?

• How to start and create a REG D 506 Federal Filing

how to become a direct hard money lender and also teach you how to create an investment mortgage pool.

• How to start and create a private placement memorandum (PPM)

With the recent credit crunch crises, conventional funding has become more difficult for borrowers to obtain financing. The real estate industry has always been dependent on the ability of lenders to source loans. We have several distinct messages that we communicate at our live event. Mortgage brokers who want to broker hard money, are introduced to direct hard money lenders from all areas of the country. There are many mortgage brokers who have an interest in becoming a hard money lender. We teach you

Marketing hard money for commercial and residential properties is a key element to your success. Quite frankly, nobody knows how to market hard money better than us. We show you a proven, time tested business model. There is nothing sold at the event. Whether you are a broker who wants to originate hard money or have a desire to become a hard money lender, I can assure you that you will be shocked at the high level of content.

This is a one day event. April 30th at the Hard Rock Hotel and Casino 4455 Paradise Road, Las Vegas, NV 89169

Room Reservations at 800-HRD-ROCK. Individuals must identify themselves with Pitbull Seminars Inc. or PITK08B to receive the special group rate. Seminar will be held from 8am to 6pm . Followed by a hosted Networking Cocktail Party

Questions? Call 858-736-7788

www.PitBullMortgageSchool.com

• How to start and create a mortgage pool • How to start and create a fractional investment mortgage pool • How to broker mezzanine and conduit loans • How to start and create a hard money mortgage company • How to ask the right questions of the borrower • How to manage your borrower • Where to place your loan scenario • How to determine the real value of the property (the Pitbull Hard Money way) • How to package and sell your loan to the investor • How to broker raw land loans, hard money commercial projects, foreclosures, NOD’s and hard money real estate development projects • How to assess an appraisal that will lead to funding the loan • How to broker second mortgages and home equity lines of credit • How to become a hard money lender • How to broker commercial hard money loans • How to broker hard money rehabs • How to fund and broker home equity lines of credit (HELOC´S) • How to learn strategic technques of foreclosure training


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CONTENTS

16

Issue 022

April 2009

Present-Value "Mix-Shift" Mark Hanson The first available 'Forward Look' at house price movement.

NICHE REPORTS agency & FHA

pg 35

JUMBO

pg 36

PORTFOLIO & ALT–A

pg 37

REVERSE

pg 38

Manufactured

pg 38

HARD MONEY & NON-PRIME

pg 39

CONSTRUCTION/REHAB

pg 42

COMMERCIAL

pg 43

FOUNDER & PRESIDENT Robert Pegg robert@nichereportonline.com CO-FOUNDER & PRESIDENT David Pegg david@nichereportonline.com

13

21

Credit Proofreading William Dipaolo Managing parter, cogent road A new referral building strategy for 2009.

SAFE Act and the Loan Originator

26

Construction Costs Could Plunge Robert Barone R.A. Principal ivi international inc. By as much as twenty percent this year.

29

George H. Marentis, J.D. President/CEO Compliance Made Simple, LLC A step closer to uniform licensing.

Land Financing in 2009 joseph andahazy Managing Principal Fair Market Funding, LLC Four rules to follow.

6

April 2009

09 10 32 45

COPY EDITOR Stewart Mednick stewart@nichereportonline.com ACCOUNTING MANAGER Shawna Ingram shawna@nichereportonline.com

Center Stage with RealEstateRoadKillUSA

sales manager Mark Moulton mark@nichereportonline.com

The Niche Report How 'dead deals' brought a mortage business back to life.

Production Manager Henry Suchman henry@nichereportonline.com

DEPARTMENTS

23

EDITORIAL / CONTENT MANAGER Kristen Moser kristen@nichereportonline.com

Production Assistant Dawn Exner dawn@nichereportonline.com

NOTE FROM THE FOUNDER

ADVISORY BOARD Aaron Krowne President and CEO, IEHI, Inc.

CALENDAR OF EVENTS

COLUMNISTS Stewart Mednick

TIP OF THE MONTH LENDER & RESOURCE DIRECTORY

CONTRIBUTING AUTHORS Joseph Andahazy Robert Barone William DiPaolo Mark Hanson George H. Marentis


Manaseh, Epharim & Associates

Published monthly by BODA Publishing, LLC PO Box 494, Bentonville, AR 72712 Phone: 866.964.2695 Fax: 703.991.2362 Email: info@nichereportonline.com www.TheNicheReport.com

SUBSCRIPTIONS Your source for commercial real estate financing. Funding nationwide and internationally!! Rates from 3.9%

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 subscriptions@nichereportonline.com. Send address change requests to info@nichereportonline.com. Remember to include the old address. To opt-out of receiving The Niche Report, please send your request, including name, company name, and address to opt-out@nichereportonline.com.

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To inquire about advertising in The Niche Report, please call 866.964.2695, or send an email to ads@nichereportonline.com. Visit our website, www.TheNicheReport.com to download a copy of our Media Kit.

EDITORIALS / ARTICLES To submit an article for consideration in The Niche Report, please send an email to kristen@nichereportonline.com or call 866.964.2695. 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 kristen@nichereportonline.com.

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.

1.3 Million RealtoRs Full ContaCt inFoRMation PeRFeCt FoR MaRketing to agents


NOTE FROM THE FOUNDER

We owe the MBA of New Jersey a huge THANK YOU! In March we attended the 26th Annual Regional Conference of Mortgage Bankers Associations as a vendor. It was held at the Trump Taj Mahal in Atlantic City, New Jersey. This was the show to be at for 2009. Not only did we share in the optimism with the large crowd of attendees, but the venue had an air of “anything goes” – one moment you’d be talking to new faces about their passion for the industry and the next moment you’re at a 24/7 bistro eating buckets of hot wings with new found friends at 4:00am – this conference was proof that time flies by when you’re having fun. On another note, I mentioned in last month’s issue that I felt many mortgage brokers were making a transition into being bankers to remain competitive and relevant. Richard Russell wrote to us with a poignant description of how and why the broker is important and serves as an excellent reminder of the noble work performed by mortgage brokers – read below for Richard’s “Letter to the Editor”: Keep up the fight,

Robert Pegg

Letter to the Editor Mortgage brokering is an industry of small entrepreneurs who are helping friends and family live the American dream of owning real estate. For decades, brokers have filled the voids left by banks by bringing the money to the people. In the past, if a person wanted to buy a home, they went to a bank during banker’s hours and sat in a lobby hoping to see the vice president of lending. If they weren’t there, they were sent away and told to come back after making an appointment, or they were told to come back after they found a house so the bank could work with real figures. The potential buyer then would spend months looking at homes, fall in love with a home, make an offer, get it accepted and then proceed to the bank with much excitement. The banker would then tell that person he couldn’t afford the home due to his credit history, tax returns or lack of down payment. Brokers became the advocate for these buyers by opening up the closed society of banking to the public. Brokers met with the buyers after banker’s hours. They talked in common vernacular, explaining how to work the system to fit their situation. Brokers had the brilliant idea to figure out how much buyers could afford to pay before they would go out looking for a home. Brokers decided to save everyone the time and embarrassment and review credit reports, income and assets before a real estate agent or builder wasted any time with a po-

tential customer. This proactive, deal-making attitude endeared local brokers to their local real estate agent/building partners. Brokers brought a value to all; the customer had an advocate putting them into the home of their dreams in a way a banker couldn’t, and in the end, the banker/investor got an asset for their books with no hassle. Before our memory fades, we need to see how the scrappy kid from the Bronx, Angelo the once President of Countrywide, assembled other scrappy, hungry kids from state colleges and built a great company doing all the things that those blessed with better educations and family bank accounts didn’t want to do. As the banks now became filled with confidence, the solid brokers remaining, like my company, The Richland Group need to remember Angelo’s lessons and find those areas where banks arrogance prevents them from succeeding and fill that need. All the pending and final legislation pertaining to this industry has served a good purpose of weeding out those bankers and brokers who never understood their purpose in this business to begin with. We did. We are here to stay and sctively involved in the local governmental pursuit of this endeavor. Richard Russell Richland Equity Resources Corp.

TheNicheReport.com

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CALENDAR OF EVENTS

Upcoming Key Dates & Events: April & MAY April 2009 S M T

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April 20-22 NJAMB, New Jersey Licensing and Compliance Course, 3:00 p.m. - 6:00 p.m., Woodbridge Hotel and Conference Center 515 Route 1 South & Gill Lane, Iselin, NJ 08830 April 21 AAMB - Southern Chapter Luncheon - Joint Meeting w/ SAMLA, Viscount Hotel - 4855 E. Broadway, Tucson, AZ, Members - $20, Non Members - $25, RSVP to Rita ThomsonZurita mortgagemom@msn.com April 24 CAMB - CAMB LAM, BOD Meeting Los Angeles Metro, 8:30 am - 10:00 am GB Mortgage Solutions, 407 S. La Brea Ave Inglewood, CA 90301, 310-590-1235

10

May 6 CAMB - SDNC CAMB Board Meeting San Diego North County, 6:30 pm - 7:30 pm San Diego North County http://www.sdnccamb.com May 7 CAMB - (GMBA) Board Meeting Greater Monterey Bay Area,12:00 pm - 2:00 pm Watsonville Hospital Conference Room May 7 FAMB - Miami - Reverse Mortgages 9:00 am - 1:00 pm, 4 Credit Hours Double Tree Hotel, 777 NW 72 Ave, Miami, FL May 7 FAMB – Miami Trade Show Doubletree Hotel & Merchandise Mart, 777 NW 72 Ave, Miami, FL 33126 May 12 AAMB - Southern Chapter Luncheon Viscount Hotel - 4855 E. Broadway, Tucson Members - $20, Non Members - $25 RSVP to Rita Thomson-Zurita mortgagemom@msn.com May 12 FAMB - Central - Detecting and Avoiding Fraud, 1:00 PM - 5:00 PM - 4 credit hours Bahia Shrine, 2300 Pembrook Dr, Orlando, FL 32810 May 13 AAMB - Central Chapter Luncheon, 11:30-1:00 The Hilton Garden Inn, 4000 N. Central Ave. (just w. of central on Clarendon)

May 1 CAMB - SV 2009 Trade Expo & Sales Conference Silicon Valley, 11:00 am - 5:00 pm http://www.siliconvalleycamb.com Contact Diana Liffengren, Chapter Coordinator, at 408-263-3555 or liffengren@sbcglobal.net. Wyndham Hotel, 1350 No. First St., San Jose, CA 95112.

May 13 CAMB - SV BOD Meeting Silicon Valley, 9:00 am - 11:00 am http://www.siliconvalleycamb.com SCCAOR, 1651 No. First St., San Jose, 95112. Visitors are welcome. Please rsvp to Chapter President, Cathy Warshawsky at 408-371-2172 or cathy@bayarealoan.com. 408-445-8500, x5087

May 5 FAMB - Space Coast - Ethical Mortgage Brokering, Florida Fair Lending - 4 CEUs 10:00am - 2:00pm Ethical Mortgage Brokering - 3 CEUs 2:30pm - 5:30pm Holiday Inn Express, 301 Tucker Lane, Cocoa, FL

May 13 CAMB - CAMB SD BOD Meeting San Diego, 5:00 pm - 7:00 pm Karen Satterwhite, http://www.cambsd.org/ Stewart Title of California, 7676 Hazard Center Rd., 14th Fl., San Diego, CA 92108

April 2009

May 14 FAMB - Gulf Coast - The Ultimate Voice of Closing, 1:00 PM - 5:00 PM A Course Covering Title Insurance - 4 credit hrs Feather Sound Country Club, 2201 Feather Sound Dr, Clearwater, FL 33762 May 15-17 FAMB - 24hr Pre-Licensure – Broward May 15-16, 8:00 a.m. – 6:30 p.m. May 17, 8:00 a.m. – Noon Webinar Review - Friday, May 22, 2009 2:00 p.m. – 4:00 p.m. Embassy Suites Ft. Lauderdale, 820 E. Busch Blvd, 1100 SE 17th St. Causeway Ft. Lauderdale, FL 33316 May 15-16 FAMB - Relay for Life, Bay Meadows Regional Park, Jacksonville, FL May 20 FAMB - Broward - Navigating Interstate FS 494 1:30 pm - 5:30 pm - 4 credit hours Navigating Interstate FS494 Dave & Busters, 3000 Oakwood Blvd, Hollywood, FL May 21 FAMB - Jacksonville - The Ultimate Voice of Closing,1:00 pm - 5:00 pm Covering Title Insurance- 4 credit hours Marriott Hotel, 4670 Salisbury Rd, Jacksonville, FL May 21 FAMB - Suncoast – RESPA 1:00 pm - 5:00 pm, RESPA - Understanding the Law & Disclosures - 4 credit hours Members may bring a Non-Member for free to this seminar. You must use the mail in registration form to do so. Osprey Inn, 1660 S. Tamiami Trail, Osprey, FL 34229 May 21 FAMB - Suncoast Trade Show Osprey Inn, 1660 S. Tamiami Trail, Osprey, FL May 22 CAMB - CAMB LAM, BOD Meeting Los Angeles Metro, 8:30 am - 10:00 am GB Mortgage Solutions, 407 S. La Brea Ave, Inglewood, CA 90301, 310-590-1235 May 26 FAMB - Southwest - FHA Underwriting & Processing, 1:00 pm - 5:00 pm- 4 Credit Hours, Beacon Executive Suites, 8359 Beacon Blvd, Fort Myers, FL


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credit proofreading A new referral building strategy for 2009 BY william dipaolo

M

y first job out of college back in 1988 was selling copying machines out of the back of a van. It was brutal sales work that consisted of an endless cycle of door knocking, lugging copiers into businesses, making copies and hauling them back to my van. Rarely, somebody bought one; and oh, what

a feeling! But it was nothing like the feeling I received when my phone would ring with a call starting like, “Jack over at Mesa Electric said I should talk to you about a new copier.” It was a referral from a past client. God bless Jack. Selling to referred clients is radically different than selling to cold prospects. Referred clients waste no time christening you with acknowledged titles such as “the product expert,” “trustworthy consultant,” or even the near knight worthy, “my problem solver.” These titles I wear proudly and make the referred sales call glide toward a signed order. After my first year in sales, Jack and people like him, helped me sell more copiers than 98 percent of the company’s 900 sales people. Referrals work well when I can consistently generate them, and while copiers are nothing like mortgages, credit proofreading may be the best referral generating opportunity your mortgage business has ever had. To make real money with referrals you need a system. You must modify your current prequalification process to include a strategy that will make every client want to refer friends and family to you. Every client should leave

your office feeling fortunate to have used your services and knowing they may have lost out by going with someone else. These applicants become the best kind of sales person the world has ever known: the payroll-free power referrer. You can build a healthy mortgage business when you stop trying to find all the prospective borrowers yourself. Right now, consumers are arranging mortgage loans with people they don’t know, have never heard of and met randomly. These people should be calling you at the request of a friend or family member you’ve helped in the past. Let your competition buy the leads, work the phones and sell to strangers. You on the other hand, will service the needs of the people who call you; people that want credit proofreading… people sent to you specifically by your power referrers. Before I describe the referral generating system, I must explain credit proofreading and why it’s important to your applicants. To do this, imagine your next applicant sitting across from you, nervous and waiting for you to put a loan together; a loan wholly influenced by the credit report. While you’re thinking about the credit report, imagine it as a photograph; a picture of your borrower’s credit profile at that specific moment in time. It is this credit profile snap shot which determines the financial terms, favorable or not, your applicant receives. Wouldn’t it make sense to ensure the credit profile is photo-friendly before it is used for qualifying? Why not say something like, “Before we look at loan options, my system will proofread your credit profile to ensure it is optimized and accurate, so your credit report gives you the most borrowing power possible.” Wouldn’t your applicant’s jaw just drop to the floor?

TheNicheReport.com

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Credit profiles ebb and flow continually as credit data is added and removed. Like an ameba with no defined form, the credit profile grows over time to resemble the data it contains. Unable to discern data quality, the credit profile may grow flabby, collecting bad information or even wrong data entirely. The real insidious thing is that credit reports produced from credit profiles rife with bad data exhibit no symptoms. It is likely that even if you poured over every line of the report you’d never suspect anything was wrong, neither would your borrower,and nor would the FICO scoring algorithm, which happily crunches up erroneous data from these wheezing, out-of-shape credit profiles and cranks out a credit score with weaker than normal borrowing strength. I think it is fair to say that most mortgage originators enter a name, address and social into their credit system, cross their fingers and press order. Then they wait three to five seconds for the FICO scores to show up. While many have mastered a comforting smile while simultaneously recovering from a sub 600 FICO gut punch, I would say most never entertained that some of these scores may be lower than normal because they were calculated using

inaccurate and/or non-optimized data in the borrower’s credit profile. Because it never crosses their minds, originators work with the scores they’ve received and either place the loan or send a polite decline letter. I performed a quick Google search to see if I could find any statistics regarding how many credit profiles contain data errors. On the first page I found a June 17, 2004 article on CNNMoney.com that stated, “twenty-five percent of credit reports contain errors serious enough to deny consumers access to credit.” This means one of your next four applicants may be denied because the credit score was wrongly lowered by errors. Unfortunately, these aren’t the only types of errors deflating FICO scores; there’s another more damaging type that’s harder to detect. If credit data errors weren’t enough to make you question credit score accuracy, I will pile on a concept called “credit use” errors. This means that if your applicant uses his credit cards improperly, the credit score gets hammered. This is tricky because no guide or reference material exists to teach consumers the best way to use their credit. It’s analogous to a dog first learning the boundaries of an invisible fence. Actually, it is more like a blind dog because the poor thing has no idea why life keeps shocking the daylights out of him. Credit use errors often appear in different forms, which make them hard to detect. Worse, consumers seemingly making good short-term financial decisions inadvertently commit blaring credit use errors and never realize it. For example, consider the woman in line at a retail store. During checkout the clerk robotically asks if she’d like to save an immediate fifteen percent by putting her purchases on a new store credit card. Since her purchases total $350, this seems an effortless way to save $50. Zap! She’s just committed a heinous credit use error by adding a low-limit, maxed-out credit card to her profile. FICO hates that and punishes her score accordingly. Ironically, the guy in line behind her goes and does the very same thing. No zapping. FICO likes the new card in his profile. Go figure. Then there’s the couple so protective of their credit scores they use only two cards, and paid off both vehicles early, clearly demonstrating they take credit seriously. Only problem is: Zap! Did you just receive a zero percent credit card and want to save money on interest payments by transferring your outstanding balances? Zap! Do you like to rack up frequent flyer points by using


your American Express card instead of the other three cards in your purse? Zap! In my experience with millions of credit files, at least seven out of every ten individuals are using credit in ways that needlessly lower the credit score without even realizing it. Some people have too many credit cards and others not enough. Some have credit balances too high, and others not high enough. So 70 percent of your applicants will attempt qualifying using scores infected with credit use errors. Back to the matter at hand, building referrals and the system I promised that will develop your dedicated army of power referrers. As a copier salesman, I consistently generated referrals because the prospect felt that if he hadn’t worked with me, he would have lost out. It didn’t matter the size of the account or company, my process was always the same. I’d begin by questioning not just the decision maker but also other people who would use the copier. During demonstrations, I would bring in a machine, set it up and help people do their copying efficiently on the new system. I also used doughnuts generously. After the sale, I would drop in, (with more donuts), and ensure they were happy. Before I left I would thank the decision maker for the confidence she placed in me and ensure that I would provide the same level of support to anyone she referred. She did refer me. because my sales process was different and memorable. You have a much better referral generating opportunity with credit proofreading. To offer credit proofreading you’ll need software that automatically detects any hint of “data” and/or “usage” errors within a credit profile. Without any input from you, the software diligently scans, or proofreads, an applicant’s entire credit profile each time you order a credit report. Proofreading results are neatly categorized by the type of error detected, with credit usage errors separated from the data errors. Once detected, these proofreading tools tell you exactly how to fix the errors and how many more points you will gain by doing so. With the help of a credit reporting agency with solid rescoring experience, you can translate your proofreading results into higher credit scores in just three days. I must make a distinction between closing the loan and generating referrals. Yes, obviously credit proofreading will help you legitimately raise scores and close more loans, but that is the subject of another article entirely. We are talking referrals here, and discussing a system for generating them consistently and in high numbers. When you position credit proofreading in a way that presents you as a qualifying

expert, you are moving down the referral runway. Take it the next step and demonstrate that you can improve credit health in just days and have the technology to back it up; soon you will have a high-flying, referral generating system. You are rewarded with streams of referrals when your sales process consistently makes clients feel favored, respected and important. Credit proofreading performs this beautifully because it positions you as an expert advisor in a financial area of your applicant’s life in which he or she understands very little. True, people understand that high credit scores mean saving money on interest and down payment amounts. What are the multitude of factors used to generate these credit scores? I do not have a clue. And customers have no inkling that improper credit use or bad data may be mucking up their credit scores; that is until they work with you. The hidden strength in the credit proofreading strategy, as a referral building system, is that it works equally well with both your qualifying and non-qualifying applicants. Regardless, when you review the errors in a credit file, the points lost as a result, and how you can recapture those points in just three days, you’ve just become their financial advocate. Even in the unlikely event that proofreading finds no errors, simply pointing out that you’ve detected a clean credit profile works well. People are concerned with every detail of their financial life and their personal credit profile becomes the one financial area in which only you can help. Whether a loan materializes or not, every applicant leaves your office knowing you possess the tools and expertise to ensure their optimal credit health. Since healthier credit profiles often mean higher credit scores, your customers will go out of their way to send you their friends and family members as referrals. So, the next time you qualify an applicant for a mortgage loan, pause and think about transforming him or her into your next power referrer. Take a moment to discuss the credit proofreading results and why they are important to your applicant’s financial well being. Might someone pay too much for a mortgage because of an unhealthy credit profile? Not on your watch. William DiPaolo is managing partner of San Diegobased Cogent Road, makers of Funding Suite®, Business Spaces™ and other Internet-based applications for the mortgage industry. DiPaolo can be reached at 858.824.9231 or william.dipaolo@cogentroad.com. TheNicheReport.com

15


Present value 'Mix-Shift' The First available 'Forward Look' at house price movement By mark hanson

H

ousing is close to ‘bottoming’ but only in the headlines. The truth and the ‘reported’ national, statewide and MSA housing statistics are completely different stories. Most are affected by the headlines but make wise decisions and real money by knowing the facts. These new data sets highlight the facts. Based upon our research, we saw that median house prices were very close to ‘bottoming’ a couple of months ago. Then February California (CA) house prices did bottom as reported by DataQuick on March 19th (http:// dqnews.com/Articles/2009/News/California/RRCA090319. aspx). When the national February Existing Home Sales headlines are released the week of March 22nd they

should also show a much smaller fall in median prices than February’s number did -- perhaps even a leveling out of prices at least in the entire Western Region. But this does not mean the housing market is improving. On the contrary, due to most of the existing sales are resulting from the foreclosure stock, it means conditions are worsening in the mid-to-upper end.

What is Present-Value ‘Mix-Shift’ Our research is based upon mortgage defaults and foreclosures. Defaults are a very leading indicator of ‘everything housing’ while actual foreclosures – a byproduct of defaults – have more of an immediate impact on supply and prices. For months I have been closely watching all loan defaults and foreclosures for a shift in the loan-level


detail – specific loan types, loan amounts and UPB’s. My thought was that when higher paper grades/loan amounts go through their respective ‘implosions’ and the higher value property values attached to the loans resell, it will push up median prices and cause the housing head-fake of the century. Although the housing implosion did swim up-stream in 2008, average original deed-of-trust amounts on defaults and foreclosures did not rise that much throughout the year; certainly not enough to offset the house-price depreciation. With most of the foreclosure-related sales being from the lower-priced Subprime stock, median values have been pushed down fast. We have yet to see large numbers of higher original loan amounts/paper grades make it all the way through the foreclosure and resale process due to the lengthy foreclosure timeline. From the time a borrower gets a Notice-of-Default -- after three to four months of missed payments -- to the time the home is taken back at foreclosure can be seven to ten months. Then, the resale cycle can take another three to six months. Therefore, a foreclosure-related resale that goes off today may have been from a first payment missed in 2007 – the heart of the Subprime crisis. Because of this, most have not been able to catch much of a glimpse of anything in the ‘default and foreclosure mix’ that would push up house prices, especially if it is looking at specific loan-level detail as I had been. At present -- in California and most other bubble states – the majority of total sales are foreclosure-related with organic sales (Ma and Pa Homeowner) being at the lowest levels on record. In my opinion, organic sales are one of the most important metrics of the true health of the housing market but that is for a different story. It is the massive group of foreclosures and subsequent REO resales that most influence future median house prices. Never before in history have we seen the majority of properties for sale being controlled by so few entities – the banks and servicers.

Epidemic Negative Equity Epidemic negative equity is another reason why looking to loan-level detail for a mix-shift comes up short. With present values down so much and depreciation so volatile from city to city, loan level detail is virtually useless. In its latest CA monthly foreclosure report our data partner -- ForeclosureRadar -- highlighted the problem:

the average property sold at auction in Feb had $201,052 in negative equity, based on an average value of $250,030, $422,349 in loans, and an additional $28,733 in negative amortization, interest and fees. The average foreclosure a year ago had $69,529 in negative equity, based on a value of $378,578, loans totaling $423,111 and negative amortization, interest and fees or $24,997.

Rise in Prices will be caused by More Higherend Foreclosures Despite positive, potentially market-moving headlines about the end of the housing crisis that may accompany a ‘reported’ median house price stabilization or slight move higher -- ultimately it will be caused by a collapse in higher-priced properties going through their respective ‘implosions’. Obviously, on a macro-economic level this is a very bad thing. The consequences of body-slamming the mid-to-upper end earner/homeowner at this point in the economy’s fragile state are unknowable. Bottom Line - The present value of the massive pool of properties in the foreclosure process -- that make up 60% of total sales in California – most influence reported median house prices. Therefore, tracking the real-time present value of properties throughout all stages of the foreclosure process should be the best indicator of future reported house prices near and long-term. As the foreclosure mix shifts to mid-to-upper end houses presently in the foreclosure pipeline, it will push up reported median house prices making is seem as the market is bottoming. California Housing Market - Detailed Charts Highlighting Present-Value Mix-Shift The following reports show average present values of California properties at specific foreclosure stages highlighting the REO stage as the most important. When the bank buys the property back at the courthouse steps, which happens in the majority of cases, it goes into the REO resale pool and is sold through a real estate agent. This counts as a comparable sale and effects similar house prices in the appraisal zone. The reports below are California statewide but can be sliced and diced down to MSA or even street level giving a much clearer picture of future house prices for specific purposes. REO - Most Important Stage - The chart below shows the monthly aggregate average present value of all actual foreclosures that have become REO. Present values of properties at this stage are still falling especially in the

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lower value tranches, but at a much slower pace – this is due to more mid-to-upper end houses entering the mix. From here, these properties may go straight to the Realtor network and be only one to six months away from final resale. With virtually flat pricing for the past four months, this likely portends at least a temporary fall in median house prices in the state of California. Properties in this foreclosure stage will have the most impact on house prices in the near-term.

The following chart cuts all foreclosures into multiple present value tranches in order to track more closely, exactly what is happening within the mix. The percentages on the left side of the chart clearly show the mix-shift of property values entering the resale stream over time. The lower value tranche(s) is still expanding which will have the effect of pushing down median house prices. With the sales cycle anywhere from one to six months, this gives a great forward indication of the direction of reported median house prices.

NOTICE-OF-DEFAULT – Very Leading Indicator Stage: The chart below shows the monthly aggregate average present value of all Notice-of-Defaults (NOD) – the first foreclosure stage. Prices are rising for the first time due 18

April 2009

to higher priced homes entering the stream. This may be the earliest look available of ‘present value mix-shift’ as the average price here is 10 percent higher than at the REO stage shown previously. But from here the properties are five to seven months away from foreclosure and perhaps over a year away from being resold to a private party. Properties in this stage of foreclosure will not have any impact on house prices in the near-term.

The following chart cuts all Notice-of-Defaults into multiple present value tranches in order to track exactly what is happening within the mix. At the NOD phase the mid-to-upper end present value tranches are now expanding.

Mark Hanson is a 20-year mortgage banking veteran, specializing in wholesale and correspondent sales and sales/ operations management and bringing financial institutions into new lending markets. For more information in our default/foreclosure related research including real-time mortgage default, foreclosure and loss tracking across largenamed publicly traded companies please email Hanson at the address below. Mark@TheFieldCheckGroup.com. Analysis by Mark Hanson, Field Check Group Real Estate & Finance. Data in partnership with ForeclosureRadar.com


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Safe act and the loan originator A step closer to uniform licensing by george H. marentis, j.d.

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his article is intended to outline the requirements of the SAFE Act and its impact on the lending industry. The SAFE Act is part of the Housing and Economic Recovery Act of 2008. All states must have a loan originator licensing and registration system in place by August 1, 2009 or August 1, 2010 for legislatures that meet biennially. If a state fails to meet the federally mandated minimums and the state is not participating in the Nationwide Mortgage Licensing System and Registry (NMLS&R), the U.S. Department of Housing and Urban Development (HUD) will step in and implement a licensing system for the state.

PURPOSE AND INTENT The purpose of enacting the SAFE Act is to provide uniform licensing standards nationwide, create a comprehensive licensing database, improve accountability and tracking of loan originators and enhance consumer protection. WHO IS IMPACTED BY THE SAFE ACT? All loan originators, whether working for a mortgage broker, lender or depository institution fall under this Act and will either need to be licensed or registered and provided with a Unique Identifier number. Loan originators are defined in the Act as “Any individual who takes a residential mortgage loan application, assists the consumer in obtaining or applying to obtain a residential mortgage loan or who offers and

negotiates terms of a residential mortgage loan�. However, an individual who performs administrative, clerical tasks or real estate brokerage activity is excluded from the definition.

IS A LICENSE OR REGISTRATION REQUIRED? Whether a loan originator will be required to be licensed or be required to register will depend on whether his or her employer is a depository institution or not. All loan originators who are employed by a mortgage broker or lender (non-depository institution) will be required to obtain a state license. Loan originators employed by depository institutions will need to register as a registered loan originator. UNIQUE IDENTIFIER Regardless of the License type, all originators will be assigned a Unique Identifier number which will remain with the loan originator permanently. The Unique Identifier will allow for the electronic tracking and uniform identification of the loan originator and all loans originated by that originator, regardless of who employs him or her. WHO IS NOT REQUIRED TO BE LICENSED OR REGISTERED? The SAFE Act does not require an individual who is: (1) only performing clerical tasks for the lender, (2) acts solely as a real estate agent in the sale of the residence, and (3) those employees whose function is as a loan underwriter or loan processor.

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REQUIREMENTS FOR A LICENSE All applicants who are seeking to be state a loan originator must successfully complete a background check which includes providing fingerprints for submission to the FBI and any other governmental agency authorized to receive such information for the state. An applicant must provide personal history, experience and authorization to the NMLS&R to pull credit on the applicant and obtain any other administrative, civil or criminal findings. Additionally, in order for the loan originator to obtain the license or registration, the loan originator must: (1) not have had a loan originator license revoked from any jurisdiction; (2) not have any felonies within seven years of the application date; (3) have no felonies related to fraud, dishonesty, breach of trust or money laundering; (4) demonstrate financial responsibility, character and general fitness such as to command confidence in the community to show the loan originator will operate honestly, fairly, and efficiently under the SAFE Act; (5) complete at least 20 hours of pre-licensing education; (6) pass a written test with a score of 75 percent or better covering ethics, Federal & State Law & Regulations, fraud, consumer protection, nontraditional mortgages and fair lending; (7) meet either a net worth or surety bond requirement or pay into a state fund. LICENSE RENEWALS In order to renew a loan originator license, the loan originator must maintain the minimum standards required to qualify for a license. Additionally, the loan originator

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REQUIREMENTS FOR REGISTRATION The SAFE Act requires employees of depository institutions and their subsidiaries who meet the loan originator definition to be registered as loan originators. As a requirement for registration, a loan originator, at a minimum provide to the NMLS&R, fingerprints for submission to the FBI and any other governmental agency authorized to receive such information for the state for a background check. Additionally an applicant must provide personal history, experience and authorization to the NMLS&R in order to obtain any administrative, civil or criminal findings. WHAT ARE THE STATES GOING TO DO? At a minimum, the states need to enact legislation to comply with the SAFE Act. There are many states that already have some form of licensing requirement in place, but many don’t have all the requirements outlined in the SAFE Act such as net worth and surety bond requirements. Thus, existing licensees may not be compliant and be subject to additional burdens. As food for thought, the SAFE Act sets minimum standards that must be in each state’s licensing legislation. There is nothing that would prohibit a state from creating requirements more restrictive then the minimum standards.

George H. Marentis is President/CEO of Compliance Made Simple, LLC, a company that provides licensing and compliance related services to the mortgage lending industry nationwide. For more information see www. compliancemadesimple.org or call 303.859.8550. Mr. Marentis has a Juris Doctorate and over 15 years of mortgage and banking experience ranging from frontline operations, originations to regulatory and legislative compliance. Information provided in this article is not intended to be legal advice and is informational only.


Land Financing in 2009 Four rules to follow by Joseph Andahazy

O

k, let’s talk about financing land in today’s environment while everybody is in the stimulus mode. Hey, is that possible? I received a call from Russell Ward, who asks me to write about land financing for his newsletter Vacant Land Guide www.vacantlandguide.com. I tell him it’s been awhile since anyone asked me to help him finance land, but in the name of all the great financial wizards getting away with a bonus package, I submit to you a lexis of great wisdom. First, I am a scavenger of information on anything related to financing real estate. I spend hours online, on the phone, read several newspapers with eyes and ears locked on the message. I’m a networking fanatic and in doing so, clients come to me for loan counseling, loan packaging services, writing executive summaries, refining business plans, negotiating terms with lenders and in general, posture them favorably to increase their chances of capturing an acquisition or refinance loan program. Let me share with you some of my experiences related to financing real estate to help you in your search for a rural land or farm loan. Banks are being exceptionally careful about rural lending, specifically, acres of rural property. Four years ago, lenders would lend to almost anyone. Walking in the front door of the bank with your John Deer hat on was probably more than enough to qualify. But today, things have changed. Banks and lending companies are not interested in talking to you about land loans. Most common response, “Unless you’re putting 50 percent down, forget it”. Now I’m not saying you can not find a lender to finance land at a more leveraged position, it’s just that the requirements have become more comprehensive and lenders willing, have dwindled.

Mark Twain once said, “Buy land; they’re not making it anymore.” So the best way I can help you capture a land loan in today’s questionable market is to give you some rules of engagement to optimize your success. Rule #1. Do your research. Jump online and start looking for lenders who specialize in land financing in your state and the surrounding states. Lenders prefer to work in their own backyard. Most offer informative loan information regarding rates and programs. Read everything they have to say on all pages. I have found good information and resource contacts in the FAQ log, the BLOG text, in testimonials and posted news articles. However, just be aware you may be reading old information. I have also discovered some lenders do not update their web site data very often. Some are even out of business, but their web sites are still accessible. So if you find a great site, call them to make sure they are in business. If they are, ask to speak to a loan representative to prequalify your request as it fits into their lending criteria. Most sites thoroughly provid not only loan data, rates and fees, but they also have specific forms to download. Some lenders are anal about using their forms. Some will not even look at your deal unless it has been submitted appropriately on their electronic stationery. I’ve compared forms from different lenders. Most are very similar and basically ask the same questions, but learning to play the lender’s game and following their protocol will expedite the process. Rule #2. Provide a Complete Loan Package. I can’t tell how many times I’ve provided a list of required documents for my clients to send me, and when it arrives, it’s incomplete. When asking for the most recent two years personal and corporate Tax Returns, this is mandatory to be followed. If asking for a Personal Financial Statement, the whole form needs to be completed! Some customers do not even bother TheNicheReport.com

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to sign where it says SIGNATURE! I have had clients tell me, “Oh you really don’t need that do you?” or “Is it necessary to pull our credit reports?” Yes, all this is necessary. Now if the customer is purchasing three to ten acres in the country to build out a mini-farm, then the standard Fannie Mae form 1003 and a few disclosures, which are typically used to purchase or refinance a home, will suffice. It is pretty easy and the bank or lender can provide the forms. However, if the customer is seeking a multi-million dollar acquisition or refinance loan, and is operating as an entity [corporation, LLC etc.], you will need to package the loan application more professionally. Large loan requests typically originate from businesses operating the land for timbering, crop farming, raising livestock or some agri-business. Therefore, lenders require specific documents such as Executive Summary, Business Plan, YTD Operating Financials, Profit and Loss Projections, Areal Photos, Environmental Reports, Due Diligence Studies, Construction Estimates and any supporting evidence depending on the business, loan purpose and location. The lesson here is the request for financing and the loan submission documents are specific. They are a reflection of the customer and how he or she manages their affairs. If the loan is not packaged properly, no lender will give approval any consideration. The famous saying, “you can take it to the bank,” will not apply if you’re loan package is not complete. Rule #3. Don’t have time to package your loan properly? – Get Help. (this article was originally published for the consumer audience. As such, this section is written toward an inexperienced audience in the lending realm; the focus audience has been altered for the more experienced lending audience.) A good loan originator from a lender or bank will help the customer along the way. It is also true all good loan officers have a support system behind them including a sharp processing and underwriting staff. However, loan officers are also focused on working other loans in their pipeline and searching for new business as well as servicing the current client. Know this… if your client leaves it to chance that you are looking out for their best interest all the while being drilled for the lowest rate and fees, then what would be expected to receive in return? I realize everyone thinks they deserve the best deal and should debate all aspects of the loan offer. However, think of it this way, if the client wants the loan approved fast and done right, wouldn’t it be justified to pay a reasonable fee for top service? What if the financing fell through at the last minute and now the seller tears up the sales contract, keeping the client’s 24

March 2009


earnest money? Now the customer lost the land he or she so desperately wanted. You’re out. Don’t let the client take the chance of losing the deal because the loan package was given sub-par service. If you don’t have the time or the resources to package the loan properly, especially on large, high dollar commercial loans, then would it not make sense for the customer to retain the services of a professional real estate finance loan consultant? Rule #4. Consider Alternatives to Bank Financing. There are alternatives to financing land as a source of capital to use as down payment or total cash purchases. You can access capital to fund a land purchase from a financial tool called a Self-Directed IRA. Since the client is the owner of the IRA, he is in complete control of its investment purpose. Another source of capital may come from other investors seeking to execute a 1031 Tax Exchange. Investors may consider joining in on the ownership as a silent partner. They get the tax advantage of executing the 1031 exchange, and the client can access the cash needed to purchase the land. However, co-ownership of the property will need to be accepted. Farm Credit Cooperatives offer favorable terms of 20 years and 30 years. Unlike banks and traditional mortgage

lenders, these lending institutions are owned by all the borrowers in the portfolio themselves. A more popular and growing alternative is asking the seller to finance the purchase on a short term basis. The owner may not need all the proceeds right away and earning an income from holding a note may be attractive to him or her. Plus, there are no lender underwriting guidelines that apply. A client is most likely to choose a lender who is knowledgeable and experienced in financing rural real estate. A lender who can offer guidance on agricultural-use tax exemptions, conservation easements, environmental factors and insurance sources that an out-of-state lender might not, is most favorable. A local lender will be familiar with land values and comparable real estate sales prices in the area, and that could result in a faster loan closing. You have now been stimulated. Joseph Andahazy is an independent real estate financing consultant and the managing principal of Fair Market Funding LLC located in the Washington DC marketplace. Andahazy contact information is: www.fairmarketfunding. com 703-879-1828 email: info@fairmarketfunding.com

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Construction Costs Could Plunge By as much as twenty percent this year BY robert barone, r.a.

W

ithout a doubt, the scarcity of new construction financing, the skittish mood of project sponsors, and the discomfort of developers and investors to begin or move forward with new building projects, have combined for an overall bearish sentiment in the real estate business. During the past six months, for instance, IVI International, Inc. has been tracking the drop off in new construction – and it seems like activity has come to a complete stop. Numerous projects have already been canceled; including many that were previously viewed as solid deals. As a result, the cost analysts have had very little hard information with which to measure the effects of the slowdown on construction costs. But the question of construction costs is a critical one for any sponsor, and their stakeholders who want to understand when it will be viable to resume building activities. For one thing, when falling construction costs align themselves with lower property valuations and some semblance of positive or even flat absorption, investors and developers would once again see that the market is in equilibrium and begin to get comfortable with moving forward on new or canceled projects. But for many of these skittish real estate and construction professionals, finding answers to the burning question of where overall direct costs stand today has been illusive at best. That said though, construction costs

26

April 2009

could come down by as much as 20 percent over last year's levels. And to understand why, one would have to understand some of the reasons costs escalated as much as they previously did in the first place.

So what happened? Some fairly obvious items caused the run up during the now stalled real estate construction boom cycle. These included cost increases in petroleum and petroleum-based materials, a constriction in the supply of materials coupled with excessive demand, and a lack of available skilled labor and management personnel. First, few developers and investors were fully prepared for the run up in oil prices when the commodity (which could drive as much as 25 percent of any construction project's cost) hit an all-time high of over $147 per barrel last summer. The result was a major realignment of cost, and every item ranging from PVC plastic pipes, to copper, steel and other related energy intense materials began to impact costs and the exit strategies of many construction sponsors. This made lenders even more skittish, and served to finally bring the once venerable construction train to a grinding halt. Next, the runaway construction and real estate investment train placed such heavy demands on limited materials supply that prices were driven up by mere supply/demand economics during the previous three years or so. Double digit cost increases over a period of just a few months were not uncommon. At one point some developers found the price of materials were rising


so quickly, that it made sense to stock up on supplies well ahead of when they would actually be needed for use. This type of construction materials hoarding led to more constriction of construction supplies, and of course, even higher costs. Compounding these reasons was the mother of all construction cost drivers – the rising cost and dwindling supply of available skilled labor. Because experienced workers at the time were in short supply, this eventually reduced the efficiency and productivity of construction crews. Unionized workers were actually being paid above scale to entice them to work on the larger projects, according to some IVI findings. The analysts found for instance, that many younger staff members were being promoted to fill voids in the shortage of experienced workers. These moves led to numerous project management and administration problems. An oversupply of bidding opportunities led to a reduced pool of job bidders, with many large projects unable to draw sufficient response from qualified bidders. Or, on the other hand, it led to contractors just throwing high bids at projects; some may just happen to stick in what was an overheated market. This too, drove up costs and caused project delays with little recourse for sponsors, general contractors, and their financing backers. IVI found that this inefficiency allowed some subcontractors to charge very large margins - sometimes reaching in excess of 25 percent.

Costs already falling Armed with this backdrop, one can see how costs would be coming down in today's environment. Most of these problems will be resolved by the reduction in available work alone. But one area where costs will not be coming down that quickly is in the union work regions. These contracts include specific wage and productivity rates, and while this may change over time, it remains a major sticking point for many project sponsors. Today, some of the stronger owners are pushing the unions for wage and productivity rollbacks. In fact, IVI is currently working on several large projects that are stalled just to work through some of these wage and cost reduction issues. The sponsors and their financing backers in the project are targeting as much as a 25 percent cost savings over a year ago levels. While this may sound

aggressive, it is indicative of how the momentum has shifted to the side of developers, investors, and anyone who is moving forward with construction in the current environment. IVI is also seeing developer-initiated ‘clawbacks’ against general contractors in places like the Las Vegas market. For projects that are being bid right now, IVI is seeing a cost pullback of 10 to 15percent. Most of this pullback is related to the immediate reduction in subcontractor margins, and productivity increases. These productivity increases will largely come from a stronger, readily available pool of experienced labor and management. In time, material pricing will surely decline. There has already been a construction cost decline of almost eight percent in the last quarter of 2008 alone. As a result of falling labor and material prices, and the highly competitive push in the market, the industry could see as much as a 20 percent drop in costs over last year's levels. But unfortunately, this will not show up in the published cost indexes. These widely followed, but sometimes skewed indexes only use the published wage rates and material quotes, which can mask true construction and replacement costs.

Robert Barone, R.A., is a principal with IVI International, Inc., a global construction advisory firm serving private and institutional equity investors and mortgagees. IVI specializes in project management oversight services, construction loan workout services, construction claims, and asset management. Barone can be reached at (914) 694-1900.


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CENTER STAGE

CENTER STAGE WITH realestateroadkillusa How "dead deals" brought my mortgage business back to life brought to you BY THE NICHE REPORT

A

few months age. after 22 years in the mortgage business, I found myself on my absolute last leg. Although most of my competition left the business, what remained of viable transactions in our marketplace was still slim pickins'. One thing was for sure, nearly half the purchase transactions I was involved Daniel Poulos Elite Lending in were short sales. Unfortunately, the nature of the short sale beast is that many transactions fall apart just before the expected closing. Anyone that’s been involved with short sales knows the biggest frustration is when you work hard (very hard) for months and finally receive an offer accepted by the bank, only to find your buyer, for whatever reason, is no longer interested in proceeding. The buyer may have had a number of different offers in on other properties that came together first, or they may have lost their financing in the time that passed. In many instances, the due diligence clock doesn’t start until the offer is accepted by the bank and the buyer can then choose to walk with limited consequences. Time is everything is much more than a cliché when it comes to short sales. On the selling side, it takes the form of the time spent negotiating with the lender and keeping the buyers engaged, all the while trying to keep the property from getting to the courthouse steps. From the buyer’s side of the market, there is a teeming interest in purchasing these deeply discounted properties but without waiting for four to six months to see if an offer

will be accepted while other opportunities come and go. So, here we are. Everyone’s time and effort has been spent and nobody is paid! realtors, mortgage brokers, title agents and short sale negotiators are "all dressed up and nowhere to go!" How can the distressed sellers and disappointed realtors find new buyers before the lenders acceptance of the offer expires, normally in 30 to 45 days? That’s when I had my “Aha!” moment. Let’s take these “accepted offers” and present them, not only as the best deals in the market, but ready to close immediately. The lender doesn’t care who the buyer is as long as the bottom line remains the same so we just need to provide new buyers. RealEstateRoadkillUSA was born! Real estate agents and buyers began flocking to it like bees to honey (or vultures to carrion). These are the absolute hottest deals in town and all the work has already been done to prepare them for closing. Wouldn’t you have to be crazy to buy any property without looking here first? We have effectively become the "Gatekeeper" for the hottest deals in our market. Our database has exploded with new realtor relationships and potential mortgage applicants! After appearing on ABC-TV News, we have had an outpouring of interest from real estate professionals throughout the country that want to put the program into effect in their area. I’m not surprised, because honestly, in 22 years, this is the biggest “no brainer” I have ever seen for both mortgage brokers and real estate agents. It has absolutely saved my mortgage business and is providing instant transactions for real estate agents and, of course, mortgage applications for us. TheNicheReport.com

29


For information on how you can secure your Road Kill Territory and become the "gatekeeper" for the hottest deals in your market please visit RealEstateRoadkillUSA. com and click on “Join Our Network”. Many regions are still available and there is a very limited charter membership offer for those ready to seize the opportunity. Daniel Poulos is the president of Elite Lending with offices in Jupiter, Fl. Elite Lending is a market leader in residential and commercial mortgages with a customer service philosophy that "Only WOW Is Good Enough". Poulos’ monthly "Minding Your Mortgage" columns appear in many local publications and is a regular contributor to LoanOfficerMagazine.com. Poulos also frequently appears as an expert commentator ABC TV 25 News in West Palm Beach and conducts a well-received seminar series designed to promote consumer awareness. A crusader for full disclosure and truth-in-advertising, his marketing campaigns have earned him first place in 2 of 3 years at the national Turn On Your Million Dollar Brain conference of industry leaders. In 2007 Poulos appeared as the weekly co-host of Real Estate Insider TV show on WPBF.

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Lending Territory includes DE, MD, DC, VA, NC, SC, GA and FL. ALL LoANS For buSiNESS or iNVESTMENT purpoSES oNLy For an immediate online approval and commitment letter, go to WWW.FMV1.COM and fill out our loan qualifier. 6019 Tower Court, Alexandria, VA 22304 Phone: 703-823-6800 or 866-902-FMV1 (3681) Fax: 703-997-2499 Paul Fogle or Art Bennett First Mount Vernon is a privately-owned, equity-based lender which specializes in lending to borrowers who can’t secure funding from traditional financing sources. Loans typically funded within two business days upon receipt of completed package. First Mount Vernon does not make consumer loans. Financing is for business or investment purposes only, secured by real property.

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TIP OF THE MONTH

TIP OF THE MONTH The Mortgage Grand Prix BY STEWART MEDNICK

A

little while back, I was talking with my friend Chris Rohr. He has been a huge fan of Grand Prix Motorcycle Racing for many years, and also did some amateur motorcycling racing himself. One of his all-time favorite racers is Wayne Rainey, a three time 500cc World Champion. Rainey set reasonable goals aimed at making incremental progress at becoming a better racer each time he got on the bike. Rainey openly admitted that he studied the way the top caliber racers rode as a learning tool for his own benefit. Chris went on to say how he too set out to watch and learn from the top riders that he competed against. Apply this to lending. Here is what I call a learning moment. When a champion shares a method of success, take note. After all, why reinvent the wheel? All that needs to be done is implement this winning strategy to your field of expertise. Rainey had a simple rule about his motorcycle. He said, “…If it doesn’t make it go faster, make it last longer or make it handle better, then I am not interested….” He chose to improve his technique and therefore his lap times by focusing upon three simple racing fundamentals: speed, durability and control. Rainey applied his efforts at building a championship caliber machine and then worked hard to transform himself into a championship caliber racer. The combination of the two produced a celebrated racing career and universal admiration for not only Rainey as a racer, but also for his methodology and demeanor. His three concerns are really the basic fundamentals for genuine incremental improvement to any business

32

April 2009

practice. Rainey didn’t just need to go faster then his competitors to win races, as raw speed is only one part of the equation. Competitive racing requires balance; the difference between moving quickly and efficiently toward achieving your objective or riding out of control and failing to succeed. The difference is miniscule at best. He accomplished this with a laser beam focus on improving upon his most recent racing results. Rainey would baseline and continuously update numerous critical success factors; horsepower, suspension settings, tire pressure, brake pad composition, and transmission gearing. He would document the precise set-up of the bike, and then combine it with his analysis of his riding performance, as a way to benchmark his progress towards becoming a world champion. Did he error in his bike setup or limit his success by making riding mistakes? Rainey would meticulously analyze all of his success factors and therefore provide the means for him to incrementally expand his knowledge base in preparation for his next race. Chris went on to explain to me how he learned how to apply the Rainey Method to his business. He then could drive performance in a measurable fashion. There are common success factors for all businesses, as well as unique success factors for each individual business. The first task is to define the individual business success factors, then baseline their current condition. Like Rainey, kept it simple, and do not be seduced by cutting edge gimmicks or corner cutting products. Ask yourself if each success factor will make your business more efficient (faster), more durable (last longer) or more manageable (handle better)? Chris told me his focus upon these three basic ingredients served to define the stability of his


TIP OF THE MONTH

business foundation. Develop a high level of confidence in the structural integrity of your business from determined efforts aimed at continuously improving upon these three basic elements. It took Wayne Rainey nearly a decade to win his first world championship. Do not expect immediate results. Afterall, if you are reading this column, I am guessing you are in this business for the long haul. If so, tune your business methodology for longevity. Rainey did not possess more talent then the other racers, nor did he have superior equipment. He won because he was fiercely competitive on the track and incredibly methodical in his race preparation. If you develop the front room of your business (the racetrack) in parallel to the back room of your business (methodical preparation), you will incrementally build upon each new measure of your business success. Remember, keep it simple, and in doing so, build a solid foundation of your best business practices; one built upon efficiency, durability and manageability. Focusing upon these three things will result in supercharging your ability to build a successful business model. I will expand these three concepts in upcoming columns. Thank you Chris and thank you Wayne Rainey. Lending professionals, start your engines!

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 smednick1@netzero.net

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Metro Funding Corporation one Kalisa Way, Suite 310, Paramus, nJ 07652 For more information, call toll free:

(866) 302-6360 or visit our website: www.metrofundingcorp.com


Top twenty national lenders for January 2009 Copyright 2009 by CBMI (703) 8468230 - Information is deemed to be accurate but CBMI does not guarantee the accuracy or completeness of the data.

www.MortgageDataWeb.com

Mortgage Maret hare Report ational ummary: Conentional Mortgage ctiity (This report includes Both Purchase-Money and Refinanced mortgages)

Report Date: 3/20/2009

Period: January 2009 through January 2009

Rank

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

Number Mortgages (Total)

Company Name

WELLS FARGO MORTGAGE INC, DES MOINES, IA COUNTRYWIDE HOME LOANS INC, CALABASAS, CA BANK OF AMERICA ,CHARLOTTE, NC PROVIDENT FUNDING ASSOCIATES, BURLINGAME, CA JP MORGAN CHASE BANK, EDISON, NJ METLIFE BANK NA, BRIDGEWATER, NJ SUNTRUST BANK, RICHMOND, VA WACHOVIA MORTGAGE CO, WINSTON-SALEM, NC CITICORP MORTGAGE, LIC, NY NATIONAL CITY (FOA), MIAMISBURG, OH ROCK FINANCIAL / QUICKEN LOANS, LIVONIA, MI US BANK NA, MINNEAPOLIS, MN OHIO SAVINGS BANK, CLEVELAND, OH FIFTH THIRD BANCORP, CINCINNATI, OH TAYLOR BEAN & WHITTAKER MTG, OCALA, FL FLAGSTAR BANK FSB, BLOOMFIELD HILLS, MI BRANCH BANKING & TRUST CO, WILSON, NC USAA FSB, SAN ANTONIO, TX NAVY FEDERAL CREDIT UNION, VIENNA, VA SIERRA PACIFIC MORTGAGE CO, FOLSOM, CA **--OTHER--** Grand Total

Total $ Amount ($000)

Market Share %

Average Mortgage

Number Fixed

Number Construction

Number ARMs

24,962 17,205 13,253 9,519 10,849 5,594 6,446 5,102 4,820 4,878 3,609 5,059 2,948 3,915 3,225 1,848 2,863 2,728 1,937 1,589

6,074,767 4,072,840 3,079,407 2,539,060 2,404,007 1,520,826 1,509,733 1,123,062 1,094,454 1,019,411 892,153 839,879 836,708 771,713 750,138 587,305 537,094 487,257 479,102 429,172

8.50 5.70 4.31 3.55 3.36 2.13 2.11 1.57 1.53 1.43 1.25 1.17 1.17 1.08 1.05 0.82 0.75 0.68 0.67 0.60

% % % % % % % % % % % % % % % % % % % %

243,361 236,724 232,355 266,736 221,588 271,867 234,212 220,122 227,065 208,981 247,202 166,017 283,822 197,117 232,601 317,806 187,598 178,613 247,342 270,089

24,721 17,031 12,334 9,515 10,179 5,588 5,643 5,023 4,264 4,809 3,606 4,872 2,947 3,879 3,211 1,842 2,846 2,727 1,931 1,589

241 174 919 4 670 6 803 79 556 69 3 187 1 36 14 6 17 1 6 0

1,133 707 619 298 394 177 278 201 158 146 100 117 82 116 141 39 160 81 62 48

199,589 331,938

40,443,913 71,492,001

56.57 % 100.00 %

202,636 215,378

184,463 313,020

15,126 18,918

8,847 13,904

Copyright 2009 by CBMI (703) 8468230 - Information is deemed to be accurate but CBMI does not guarantee the accuracy or completeness of the data.

www.MortgageDataWeb.com

Mortgage Maret Share Report ational Summary: Government-Insured Mortgage Activity (This report includes All Government-Insured (FHA and VA) mortgages) (Select funders and correspondents: Home Purchase and Refinance report) Report Date: 3/20/2009

Period: January 2009 through January 2009

Rank

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

Company Name

WELLS FARGO MORTGAGE INC, DES MOINES, IA COUNTRYWIDE BANK, FSB, ALEXANDRIA, VA JP MORGAN CHASE MORTGAGE, EDISON, NJ BANK OF AMERICA MORTGAGE, CHARLOTTE, NC NATIONAL CITY BANK, INDIANAPOLIS, IN QUICKEN LOANS, LIVONIA, MI USAA FEDERAL SB, SAN ANTONIO, TX SUNTRUST MORTGAGE, ATLANTA, GA GMAC MORTGAGE CORP, HORSHAM, PA METLIFE BANK NA, BRIDGEWATER, NJ METROCITI MORTGAGE, SHERMAN OAKS, CA FLAGSTAR BANK FSB, TROY, MI US BANK NA, MINNEAPOLIS, MN COUNTRYWIDE BANK FSB, ST PAUL, MN TAYLOR BEAN & WHITAKER MTG, OCALA, FL PRIMELENDING PLAINS CAPITAL, DALLAS, TX NATIONAL CITY MORTGAGE, MIAMISBURG, OH ALLIED HOME MORTGAGE CAPITAL, HOUSTON, TX PRIMARY RESIDENTIAL MTG, SALT LAKE, UT WACHOVIA MORTGAGE CO, WINSTON SALEM NC **--OTHER--** Grand Total

34

April 2009

Number Mortgages (Total)

Total $ Amount ($000)

Market Share %

Average Mortgage

Number Mortgages (Purchase)

Purchase $ Amount ($000)

Number Refinance$ Page 1 of 1 Mortgages Amount (Refinance) ($000)

9,258 7,231 2,916 2,571 2,335 2,362 1,581 1,662 1,870 1,354 1,131 1,290 1,329 955 856 906 720 890 796 671

1,692,200 1,304,268 509,371 451,331 443,576 425,801 321,657 300,281 295,931 248,977 242,249 222,369 208,944 198,849 165,342 162,150 159,599 150,364 149,055 130,209

6.02 % 4.64 % 1.81 % 1.61 % 1.58 % 1.51 % 1.14 % 1.07 % 1.05 % 0.89 % 0.86 % 0.79 % 0.74 % 0.71 % 0.59 % 0.58 % 0.57 % 0.53 % 0.53 % 0.46 %

182,782 180,372 174,681 175,547 189,968 180,271 203,452 180,674 158,252 183,883 214,190 172,379 157,219 208,219 193,157 178,974 221,665 168,948 187,255 194,052

6,848 3,429 1,208 2,096 818 314 1,383 1,125 737 913 848 712 743 577 394 513 166 356 363 389

1,267,058 621,298 227,827 369,667 139,048 46,657 275,384 199,931 133,534 166,611 176,780 114,957 109,701 120,799 69,003 88,930 35,597 49,719 65,565 64,077

2,410 3,802 1,708 475 1,517 2,048 198 537 1,133 441 283 578 586 378 462 393 554 534 433 282

425,142 682,970 281,544 81,664 304,528 379,144 46,273 100,350 162,397 82,366 65,469 107,412 99,243 78,050 96,339 73,220 124,002 100,645 83,490 66,132

110,073 152,757

20,325,926 28,108,449

72.31 % 100.00 %

184,659 184,008

58,252 82,184

10,352,565 14,694,708

51,821 70,573

9,973,361 13,413,741


NICHE REPORTS

Agency & FHA Premium Listings

HCI Mortgage

HCI Mortgage specializes in FHA and 203K financing in 25+ states. Programs include 203k, 203k streamline and 203k jumbo programs

877-724-1720

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

AGENCY & FHA Lender Listings Powered by TheLoanPost.com Alternative Mortgage Express

800-552-5263

www.amxloans.com

Florida Capital Bank Mtg

866-295-0014

www.flcb.com

AME Financial Corp

770-406-2138

www.american-mortgage.info

Franklin American

606-519-4165

www.franklinamerican.com

Ameribank Mortgage (FHA only)

516-833-8834

www.ameribanksolutions.com

Freedom Mortgage

800-843-3753

www.freedomwholesale.com

American BancShares

305-817-2165

www.americanbancshares.com

Gateway Funding

800-355-5626

wholesale.gateway-funding.com

American Financial Resources (FHA only) 973-588-8530

www.afrwholesale.com

Gateway Mortgage Group

817-799-0804

www.jerrylair.com

American Home Equity

www.ahedirect.com

GB Mortgage

602-791-8950

www.gbmortgagelending.com

714-661-5836

American Partners Bank

954-465-8595

www.apbwholesale.com

Global Lending Group

727-530-0110

www.glgiwholesale.net

Amtrust Bank (Fannie/Freddie only)

888-321-6446

www.amtrustgemstone.com

Greystone Financial

602-574-0100

www.greystonefinancialonline.com

Assurity Financial (FHA only)

866-841-7863

www.assuritywholesale.com

GSF Funding

262-373-0790

www.gsfsales.com

BAC Florida Bank (Fannie/Freddie only) 305-789-8064

www.bacflorida.com/ratesheet

Guaranteed Rate

866-755-0989

www.griwholesale.com

Bank of Ann Arbor (Fannie/Freddie only) 800-807-6337

www.boaawholesale.com

Hollander Financial

661-476-4668

www.hollanderfinancial.com

Century Lending (Fannie/Freddie only) 407-252-7979

www.centurylending.net

Home Savings of America

972-235-7366

www.myhsoa.com

CMG Mortgage

714-357-3325

www.acceleratedcmg.com

ICON Residential Capital

888-639-5641

www.iconwholesale.com

CNB National Lending, LLC

815-412-9305

www.cnbnationallending.com

ING Mortgage

877-464-0555

www.ingloans.com/wholesale/index.html

Colonial National Mortgage

800-825-1311

www.cnmbrokers.com

JMAC Lending

877-841-0776

www.jmaclending.com

Lenders Advantage

818-669-0974 x 0 hwww.lenderinc.com

(Fannie/Freddie only)

Community First Bank Loan

412-292-8511

secure.pricemyloan.com/custom/cfb

Liberty Lending Inc

800-808-5591

Continental Home Loans

631-393-3800 x 114 www.chlmortgagebankers.com

Liberty Mortgage

800-986-2499

www.bbt.com/libertymortgage

Countrywide

904-245-8008

www.cwbc.com

M&T Bank Mortgage

804-380-7465

wholesalemortgage.mtb.com

Direct Mortgage Wholesale

801-924-1880

www.directmortgagewholesale.com

Mega Capital Funding

818-657-2600

www.megacapitalfunding.net

(Fannie/Freddie only)

Emigrant Mortgage (Fannie/Freddie only) 800-Emigrant x mid atlantic www.emigrantmortgage.com

www.libertylendingwholesale.com

(Fannie/Freddie only)

Merit Mortgage

310-650-0773

meritwholesale.com

www.wholesale.metlifehomeloans.com

Federal Trust Mortgage

407-323-1833 x 153 www.federaltrust.com/brokers

MetLife Home Loans

Fifth Third

866-492-0072

Mortgage Bank of California

714-423-3295

First Bank Mortgage

305-577-6000 x 116 www.firstbank.com

Mortgage Close (Fannie/Freddie only)

714-453-0220

b2b.mortgageclose.com

First Cal

818-793-6650

www.firstcalwholesale.net

National Direct Funding

970-672-0805

hwww.ndfcorporation.com

Washington Federal

971-645-9140

www.washingtonfederal.com/wholesale

(Fannie/Freddie only)

First National Bank of Nassau

678-942-2160

www.fnbwholesale.com

First Northern Bank

707-423-9330

www.thatsmybank.com

www.53.com/wholesalemortgage

(Fannie/Freddie only)

Flagstar Bank

800-897-7222

www.wholesale.flagstar.com

National Home Lenders

888-344-0520 x 4 www.nationalhomelenders.com

Nations Direct Mortgage

949-270-7974

www.brokerFHA.com

NetMore America

509-526-4007

www.netmoreamerica.com

Nexbank

866-389-6046

www.nexbank.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

35


NICHE REPORTS

Agency & FHA Lender Listings continued‌ NorthStar Lending (Fannie/Freddie only) 954-843-7018 x 7018 www.mynorthstarlending.com/

Security National Mortgage

619-857-2700

www.securitynational.com

Pacific Banc Mortgage

571-340-5593

www.pacificbanc.com

Senderra Funding

704-831-3600

www.senderra.com

Pacific National Bank

305-539-7675

www.pnb.com

Sierra Pacific

800-447-3386

www.spm1.com

Paramount Residential (FHA only)

866-966-8989 x 300 www.prmglending.net

Phoenix Funding

877-562-6414 x 230 www.phoenix-funding.com

SouthPoint Financial (Fannie/Freddie only) 239-949-1406

www.spfs.com

PMC Bancorp

626-964-4040 x 8199 www.pmcmtg.com

Stearns

925-628-0704

www.stearnswholesale.com

Polaris Funding (FL, IN, MI, OH)

616-667-9000

SunTrust Wholesale

913-982-2150

www.stmpartners.com

714-680-7050 x 113 www.swcfinancial.com

www.polarishfc.com

Preferred Capital (Fannie/Freddie only) 727-418-4189

www.prefercapital.com

SWC Financial Corp.

Premier Mortgage Capital, Inc.

786-243-3101 x 2

www.premierwholesale.com

Taylor, Bean & Whitaker

888-678-8547

www.taylorbeandirect.com

Presidents First

877-773-7178

www.presidentsfirst.com

The Jumbo Lender

800-826-0360

www.TheJumboLender.com

Primary Capital

678-308-0257

www.primarycapital.com

Proto Fund

813-436-6803

www.protofund.com

Provident Funding

800-733-3657 x 1712 pfloans.provident.com

Reliant Funding

412-942-1010 x 18 www.reliantfunding.us

Residential Lending Network

800-749-5363 x 5276 www.reslend.com

(Fannie/Freddie only)

Reunion Mortgage

559.476.0937

www.reunionwholesale.com

Royal Crown Bancorp

877-507-6925

www.crownloan.com

Security Atlantic (FHA only)

800-956-3863

http://www.fhaland.com

Security Mortgage Funding

619-249-9166

www.smfcloans.com/brokers

(Fannie/Freddie only)

Titan Wholesale

775-852-6888 x 225 www.titan-wholesale.com

Trust One Mortgage

949-450-1888 x 2430 www.trustone.com

U.S. Bank Consumer Finance

941-539-1603

www.usbank.com

United International Bank

313-903-2082

www.unitedinternational.us

United Residential Lending

404-661-4632

www.urlending.com

United Wholesale Mortgage (FHA only) 800-981-8898

www.uwmco.com

Village Capital and Investment (FHA only) 856-252-1825

www.villagewholesalelending.com

Virgin Money USA

877-937-4887

www.virginmoneyus.com/mortgage

Wells Fargo

310-283-8411

www.brokersfirst.com

Jumbo Jumbo Lender Listings Powered by TheLoanPost.com American Southwest Mortgage

888-593-1003

www.amswmtg.com

Home Savings of America

972-235-7366

www.myhsoa.com

American Home Equity

714-661-5836

www.ahedirect.com

ICON Residential Capital

888-639-5641

www.iconwholesale.com

Countrywide

904-245-8008

www.cwbc.com

Liberty Mortgage

800-986-2499

www.bbt.com/libertymortgage

Direct Mortgage Corp.

801-924-1880

www.directmortgagewholesale.com

MBS Mortgage Company

866-799-3696

mbs-mortgage.com

Emigrant Mortgage www.emigrantmortgage.com

800-Emigrant x mid atlantic

Presidents First

877-773-7178

www.presidentsfirst.com

Reunion Mortgage Inc.

559.476.0937

www.reunionmortgage.com

EverBank Wholesale Lending

415-595-3968

www.everbankwholesale.com

Security National Mortgage

619-857-2700

www.securitynational.com

Fifth Third Mortgage

866-492-0072

www.53.com/wholesalemortgage

Sierra Pacific

800-447-3386

www.spm1.com

Flagstar Bank

800-897-7222

wholesale.flagstar.com

Taylor, Bean & Whitaker

888-678-8547

www.taylorbeandirect.com

Florida Capital Bank Mtg

866-295-0014

www.flcb.com

U.S. Bank Home Mortgage

702-630-0770

www.usbank.com

Franklin American

606-519-4165

www.franklinamerican.com

Walker Jackson Mortgage

703-653-8183

www.wjmcwholesale.com

Gateway Funding

800-355-5626

wholesale.gateway-funding.com

Wells Fargo

310-283-8411

www.brokersfirst.com

GB Mortgage

602-791-8950

www.gbmortgagelending.com

WestAmerica Mortgage Co.

303-771-2800

www.wamco.us

Greystone Financial

602-574-0100

www.greystonefinancialonline.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.

36

April 2009


NICHE REPORTS

portfolio & ALT–A Premium Listings

ACC Mortgage, Inc.

Our Money our Rules, we make loans that make sense

240-314-0399 Private portfolio lender specializing in foreclosure and bankruptcy bailout loans. No credit score requirement, No pre-payment penalty. Up to 70% LTV. No seasoning requirements. Lates ok. Lending territory: AZ, CA, CO, ID, NV & OR

Gregory Funding LLC 888-324-3578

Manaseh, Epharim and Associates 770-840-0112

Asset lending specialists. Your source for international and domestic funding

portfolio & ALT-A Lender Listings Powered by TheLoanPost.com Amtrust Bank

888-321-6446

www.amtrustgemstone.com

Washington Federal

971-645-9140

www.washingtonfederal.com/wholesale

Astoria

301-537-9047

www.astoriamortgage.com

Hayhurst Wholesale

813-425-7011

www.hayhurstwholesale.com

Banker West

800-518-1172

www.bankerswest.com

Home Savings of America

972-235-7366

www.myhsoa.com

Capital Alliance

415-288-9575

www.calliance.com/index.php

ING Mortgage

877-464-0555

www.ingloans.com/wholesale/index.html

CNB National Lending

815-412-9305

www.cnbnationallending.com

Liberty Savings Bank

941-735-7890

www.libertysavingsbank.com

Eastern Savings Bank

800-787-8187

www.easternsavingsbank.com

LuxMac, Covino, and Company

800-762-2274 x 312 luxmac.com/

Emigrant Mortgage www.emigrantmortgage.com

800-Emigrant x mid atlantic

Luxury Mortgage

203-569-4249

Residential Lending Network

800-749-5363 x 5276 www.reslend.com

www.luxurymortgagewholesale.com

First Northern Bank

707-423-9330

www.thatsmybank.com

United Midwest Savings Bank

614-255-3499

www.umwsb.com

Global Lending Group

727-530-0110

www.glgiwholesale.net

United International Bank

313-903-2082

www.unitedinternational.us

GSF Funding

262-373-0790

www.gsfsales.com

US Bank

702-630-0770

www.usbank.com

Hollander Financial

661-476-4668

www.hollanderfinancial.com

West One Mortgage Corp

818-921-7602

www.westonemortgagecorp.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.

LENDERLAB SEARCH POWER

MORE Lenders, MORE Programs, & MORE Ways to Search

LENDERLAB.COM (800) 339-1863

Niche . Alt-A . Non-Prime . Commercial . DPA . High LTV . Hard Money . Commercial


NICHE REPORTS

REVERSE 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 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

libertyreversebroker.com

www.circlemortgage.com

Circle Mortgage Corporation (Fl only)

800-576-1338

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

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

Fortes Residential

866-571-8201

www.forteswholesale.com

Sunwest

800-453-7884

www.swmc.com

Generation Mortgage

866-733-6089

www.generationmortgage.com

Wells Fargo Reverse Mortgage

800-336-7359

www.wellsfargo.com

GotMortgage.com

760-802-9630

www.gotmortgage.com

World Alliance Financial Corp.

800-562-6755

www.worldalliancefinancial.com

Manufactured Manufactured Listings Powered by TheLoanPost.com Alternative Mortgage Express American Financial Resources Axiom Commercial Funding CNB National Lending, LLC Countrywide Eastern Savings Bank Essex Mortgage First Cal First Mutual Bank First Northern Bank Flagstar Freedom Mortgage Corp GMC Mortgage Capital Lenders Advantage

800-522-5263 973-588-8530 866-637-3014 x 10 815-412-9305 904-245-8008 800-981-7114 x 6250 702-893-9200 877-224-3262 971-645-9140 707-423-9330 866-998-6063 800-843-3753 941-766-1613 818-669-0974 x 10

www.amxloans.com www.afrwholesale.com www.acfsonline.com www.cnbnationallending.com www.cwbc.com www.easternsavingsbank.com www.essexwholesale.com www.firstcalwholesale.net www.washingtonfederal.com/wholesale www.thatsmybank.com wholesale.flagstar.com www.freedomwholesale.com www.gmcmtgcap.com www.lenderinc.com

Liberty Mortgage 800-986-2499 www.bbt.com/libertymortgage Liberty Savings Bank 941-735-7890 www.libertysavingsbank.com Merit Mortgage 310-650-0773 meritwholesale.com Multicorp Financial 925-275-8111 x 222 www.11multicorpfinancial.com Polaris Funding (FL, IN, MI, OH) 616-667-9000 www.polarishfc.com Portfolio Mortgage Company 480-775-5150 www.portmort.com Reliant Funding 412-942-1010 x 18 www.reliantfunding.us Taylor, Bean & Whitaker 586-557-4144 www.taylorbeandirect.com 949-450-1888 x 2430 www.trustone.com Trust One Mortgage United Midwest Savings Bank 614-255-3499 www.umwsb.com US Bank 702-630-0770 www.usbank.com/cgi_w/cfm/mortgagebrokers/home.cfm?redirect=brokerloans West One Mortgage Corporation 818-921-7602 www.westonemortgagecorp.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.

38

April 2009


NICHE REPORTS

HARD MONEY & NON-PRIME Premium Listings

ACC Mortgage, Inc. 240-314-0399 ext 16

WE DO OWNER-OCCUPIED/FULL DOC UP TO 70% REGARDLESS OF CREDIT

720-889-1175

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

AgriCap Financial Corporation

Agriculture including facilities and part-time farms, commercial, special purpose properties

AFG LLC (Asset Funding Group)

213-542-5232

Ambit Funding 800-823-7101

BRT Realty Trust 516-466-3100 or 800-450-5816

Fairview Commercial Lending 866-634-1270

Financial Resources Mortgage 800-950-6913 or ddexter@frmortgageinc. com

First Mount Vernon (866) 908-FMV1 (3681)

First Mount Vernon (866) 908-FMV1 (3681)

Gregory Funding 888-324-3578

Short-term commercial bridge lenders; Most property types including RAW LAND; All 50 states, and Canada; Max LTV 70%, 50% on Land 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

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. No seasoning requirements, No upfront commitment or processing fees, Minimum credit score 400 - DE, MD, VA, DC, NC, SC, GA, FL

Minimal documentation required, Combined Loan-to-Values to 105% - DE, MD, VA, DC, NC, SC, GA, FL Private portfolio lender specializing in foreclosure and bankruptcy bailout loans. No credit score requirement, No pre-payment penalty. Up to 70% LTV. No seasoning requirements. Lates ok. Lending territory: AZ, CA, CO, ID, NV, OR

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 & NON-PRIME premium niches continued…

Manaseh, Epharim & Associates 770-840-0112

Metro Funding Corp

Direct Lender with fast closings. Your source for international and domestic funding.

Direct lender specializing in short term bridge financing. Interest only. No prepayment penalty. No points upfront. Commitments within 24 hours. Brokers welcomed and protected.

866-302-6360

Miner Capital Funding, LLC 702-466-8952

Specializing in collateral-based real estate loans nationwide. We get deals done!! As fast as 4 days! Loan amounts 1 million to 20 million

Remington Financial Group, Inc

Up to 65% of valued collateral, fast closing

480-905-3239

Stonecrest Financial

We are a direct lender specializing in churches, mixed-use, apartments & commercial lines of credit

888.884.6518

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.

TrustCapital Investments LLC 301-503-2231

HARD MONEY & NON-PRIME Lender Listings Powered by TheLoanPost.com Advantage Capital Equity Solutions

800-223-3019

BlueWater Funding, LLC

866-551-2583

AFC Hardmoney

813-387-3800 x 311 www.afchardmoney.com

Brookview Financial

877-734-2211 x 316 www.brookviewfinancial.com

AgriCap Financial Corporation

213-542-5232

www.adcapequity.com

www.bluewaterfundingllc.com

www.agricap.com

California Equity Lenders

818-584-2320

www.calequitylenders.com

All California Home Loans 877-462-3422 www.aboutcaliforniahomeloans.com/hard-money.html

Capital Alliance

415-288-9575

www.calliance.com/index.php

CFA Capital Partners (cml)

914-967-5780

www.cfacap.com

Alliance Financial, Inc.

www.afiloans.com

Crawford Park Financial

626-796-7979

www.crawfordparkfinancial.com

866-603-5999

Ameribank Mortgage

516-833-8834

www.ameribanksolutions.com

American Acceptance (cml)

800-452-9287

www.aamcap.com

Assurity Financial

866-841-7863

www.assuritywholesale.com

Avant Capital Partners, LLC. (cml)

212-219-9419

www.avcapital.net

Axiom Commercial Funding

866-637-3014 x 10 www.acfsonline.com

Bay Equity

800-229-3703

BFS Capital, LLC. (cml)

510-381-1930

Cushman Rexrode Capital Corp. (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

Emerald Financial

714-965-6688

www.eprivatemoney.com

www.bayeq.com

Emigrant Mortgage www.emigrantmortgage.com

800-Emigrant x mid atlantic

www.bfscapital.com

Exeter Holding Ltd.

516-338-7500

exeterholding.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.

40

April 2009


NICHE REPORTS

HARD MONEY & NON-PRIME Lender Listings continued‌ First Credit Commercial Capital Corp. (cml) 407-843-6262

www.fchardmoney.com

Portfolio Mortgage Company

480-775-5150

www.portmort.com

First Mount Vernon Industrial Loan Assn. 703-823-6800

www.fmv1.com

PFA Capital, LLC

800-531-4589

www.pfacapital.com

First Select Capital

540-908-2205

www.firstselectloans.com

Global Lending Group

727-530-0110

www.glgiwholesale.net

Quik Fund Inc.

813-671-0712

www.quikfund.com

GMC Mortgage Capital

941-626-9656

www.gmcmortgagecapital.com

Rehab Funding

610-645-9939 x 310 rehabfunding.com

HARDDMONEYLOANS.COM

813-516-5210

www.HARDDMONEYLOANS.COM

Remington Financial Group

480-905-3239

www.remingtonfg.com

Hawkins Capital

208-908-5596

www.hawkinscap.com

Right Start Mortgage

800-520-5626

www.rightstartmortgage.com

HMC Funding

800-273-7001 x 343 www.hmcfunding.com

SBB Financial

866-358-7238

www.sbbfinancial.com

Investor Funding

864-213-3951

SDI Funding

864-233-3337 x 3220 www.sdifunding.com

J & J Financial

714-256-4416

www.10dayloan.com

Lakeside Financial Inc.

949-297-4180

www.nofico.net

SmartServ Solutions

888-633-4778

Lib Properties, LTD.

404-256-8600

www.libloans.com

SWC Financial Corp.

714-680-7050 x 113 www.swcfinancial.com

www.4investorfunding.com

www.bronxhardmoney.com

LNB Commercial Capital

321-214-0585

www.lnbcapital.com

Swift Funding

727-521-6633

swiftfundingcorp.com

Mager Capital

310-760-6290

www.magercapital.brokerca.com

TCRM Commercial Corp. (cml)

212-371-3933

www.tcrmcommercial.com

Magnolia Financial Consultants

601-428-1005

www.hardmoneymortgages.com

The Loan Doctors, Inc. (cml)

954-647-7679

www.regd506.com

Meridian Group

800-901-9301

www.meridiangroupinc.com

The Money Source, LLC. (cml)

480-946-4000

www.themoneysourcellc.com

Overland Financial

818-342-2477

www.overlandfinancial.com/

Pacific Mortgage Funding Corp. (cml)

562-864-4006

www.pacificmortgage.com

Titan Hard Money

323-377-0979

www.titanhardmoney.com

PB Financial Group Corp.

310-289-0900

www.pbfinancialgrp.com

Trust Deed Investments, Inc

415-760-2338

www.hardmoney.ning.com

Piedmont Capital Lending, LLC.

678-292-6984

www.piedmontcapitallending.com

West One Mortgage Corporation

818-921-7602

www.westonemortgagecorp.com

Porter Bridge Loan Company (cml)

866-725-1777

www.porterbridgeloan.com

WholesaleLending.com (cml)

866-303-6301

www.wholesalelending.com


NICHE REPORTS

CONSTRUCTION/REHAB Premium Listings

Financial Resources Mortgage, Inc. 800-950-6913 or ddexter@frmortgageinc.com

Manaseh, Epharim & Associates 770-840-0112

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. New construction and rehab loans for all types of commercial properties. Your source for international and domestic funding.

Direct lender specializing in short term bridge financing. Interest only. No prepayment penalty. No points upfront. Commitments within 24 hours. Brokers welcomed and protected.

Metro Funding Corp 866-302-6360

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

Colonial National Mortgage

800-825-1311

www.cnmbrokers.com

Everbank

415-595-3968

www.everbankwholesale.com

Mission Oaks National Bank

805-889-0301

www.missionoaksbank.com

Excelsion Mortgage

888-578-5441 x 1

www.ExcelsionBrokers.com

Portfolio Mortgage Company

480-775-5150

www.portmort.com

SWC Financial Corp.

714-680-7050 x 113

www.swcfinancial.com

Federal Trust Mortgage

407-323-1833 x 153

www.federaltrust.com/brokers

First Mutual Bank

971-645-9140

www.washingtonfederal.com/wholesale

United Midwest Savings Bank

614-255-3534

www.umwsb.com

First National Bank of Nassau

404-218-3335

www.fnbwholesale.com

Unity Bank

904-727-7535

www.unitybank.com

First Northern Bank

707-423-9330

www.thatsmybank.com

West One Mortgage Corporation

818-921-7602

www.westonemortgagecorp.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.

42

April 2009


NICHE REPORTS

COMMERCIAL Premium Listings

AgriCap Financial Corporation 213-542-5232

Fairview Commercial Lending 866-634-1270

Financial Resources Mortgage, Inc. 800-950-6913 or ddexter@frmortgageinc.com

Gregory Funding 888.324.3578

Manaseh, Epharim & Associates 770-840-0112

Metro Funding Corp 866-302-6360

Remington Financial Group, Inc 480.905.3239

Trilogy Commercial Lending 888-875-5055

Agriculture -- Farms, Ranches, Facilities. Agricultural Operating/Crop Input Loans.

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. Private portfolio lender funding small balance commerical loans up to $1MM. No credit score requirement. No pre-payment penalty. Up to 70% LTV. Foreclosure ok. Bankruptcy ok. Lending territory: AZ, CA, CO, ID, NV, OR Acquisition, Refi’s, and Development Commercial Loans. Your source for international and domestic funding. Direct lender specializing in short term bridge financing. Interest only. No prepayment penalty. No points upfront. Commitments within 24 hours. Brokers welcomed and protected. Senior financing on existing real estate all property types, competive rates Specializing in Full Doc small balance Commercial 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!

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


NICHE REPORTS

COMMERCIAL Lender Listings Powered by TheLoanPost.com Affinity Bank

877- 862-7245

www.affinitybank.com

Mango Bay Mortgage

561-347-9811

www.mangobayinc.com

AgriCap Financial Corporation

213-542-5232

www.agricap.com

Met-West Commercial

866-766-4000

www.met-west.com

American Acceptance

800-452-9287

www.aamcap.com

Midwest Financial Capital

317-844-7776

www.midwestfinancialcapital.com

Arlington Richfield

248-613-7423

www.arlingtonrichfield.com

Apartment Lending

303-771-1031

www.aptlending.com

Minvest Financial

877-317-0260

www.minvestfinancial.com

Avant Capital Partners, LLC.

212-219-9419

www.avcapital.net

Mission Oaks National Bank

951-719-1200

www.missionoaksbank.com

Axiom Commercial Funding

866-637-3014 x 10 www.acfsonline.com

MiStar Financial

720-200-2600

www.mistarfinancial.com

Berkshire Capital Financial, Ltd.

212-986-9890

www.berkshirecapital.net

MJM Capital Group

480-628-1943

www.mjmcapitalgroup.com

BFS Wholesale

800-778-3763

www.bfscapital.net

Multicorp Financial

925-275-8111 x 222 www.11multicorpfinancial.com

Blue Sky Commercial Funding

888-500-2583

www.bscfloans.com

Nationwide Commercial Lenders

800-830-5940 x 1 www.NationwideCommercialLenders.com

Brownstone Mortgage Capital

800-547-1285

www.brownstoneloans.com

New World Commercial Lender

561-628-2069

www.nwclender.com

Capital Alliance

415-288-9575

www.calliance.com/index.php

CapitalSource Finance

212-321-7215

www.capitalsource.com

Overland Financial

818-342-2477

www.overlandfinancial.com

CFA Capital Partners

914-967-5780

www.cfacap.com

Pacific Mortgage Funding Corp.

562-864-4006

www.pacificmortgage.com

305-539-7675

www.pnb.com

Ciena Capital

800-722-5626

www.cienacapital.com

Pacific National Bank

CIT Small Business Lending Corp.

404-244-4592

www.smallbizlending.com

PFA Capital, LLC.

800-531-4589

www.picconefinancial.com

Coast Investors Capital

305-446-9125

www.coastinvestors.com

PNC ARCS

800-275-2727

www.askARCS.com

Commercial Bridge Loan Funding

305-852-2569

www.cblfg.com

Presidential Bank

301-652-1616

www.presidential.com

Commercial Capital Funding Corp

866-790-6925

www.ccflender.com

Pribank

866-811-9217

www.pribank.com

Commercial Funding Corp

904-885-9977

www.commercialfundingcorp.com

Commercial Hard Capital, LLC

832-607-6778

www.commercialhardcapital.com

Commercial Lending Capital

714-656-3943

www.clcnationwide.com

Commercial Loan Capital

877-473-6984

Commercial Mortgage City

954-854-6853

Commercial Mortgages 101

Prudential Mortgage Capital Co.

888-263-6800

www.prumortgagecapital.com

Quik Fund Inc.

813-671-0712

www.quikfund.com

www.clcloans.net

Reliant Funding

412-942-1010 x 18 www.reliantfunding.us

www.commercialmortgagecity.com

REM Capital

877-774-4240

www.remcapitalgroup.com

800-763-3036

www.commercialmortgages101.com

SF Partners Mortgage

305-774-0456

sfmortgagelenders.com

Community Commerce Bank

916-648-2680

www.ccombank.com

Small Business Loan Source, LLC.

512-215-2727

www.adelinerem.com

Cushman Rexrode Capital Corp.

925-988-7200

www.cushrex.com

St. Cloud Mortgage

877- 653-3276

www.farmerloan.com

Eastern Savings Bank

800-787-8187

www.easternsavingsbank.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 212-371-3933

Griffin Capital Funding

800-710-6762

www.ysploans.com

TCRM Commercial Corp.

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

Kennedy Funding

201-342-8500

www.kennedyfunding.com

Union Bank of California

877-945-2265

www.uboc.com

Lib Properties, LTD.

404-256-8600

www.libloans.com

Wells Fargo

800-840-5822

www.wellsfargo.com

Lighthouse Commercial

614-340-3894

www.Lighthouse-Commercial.com

West One Mortgage Corporation

818-921-7602

www.westonemortgagecorp.com

LNB Commercial Capital

321-214-0585

www.lnbcapital.com

WholesaleLending.com

866-303-6301

www.wholesalelending.com

Magnolia Financial Consultants

601-428-1005

www.hardmoneymortgages.com

World Capital Bancorp, Inc.

888-922-3003

www.worldcapitalbanc.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.

44

April 2009


LENDER & RESOURCE DIRECTORY

ACC Mortgage, Inc. WeApproveLoans.com Contact: Tim Boord Phone: 240-314-0399 ext 15 Email: Tim.Boord@accmortgage.com

AFG LLC (Asset Funding Group) www.assetfundinggroup.com Contact: Jaye Kuchman Phone: 720-889-1175 Email: Loans@assetfundinggroup.com

AgriCap Financial Corporation www.agricap.com Contact: Business Development Phone: 213-542-5232 Email: sales@agricap.com

Applied Business Software www.TheMortgageOffice.com Phone: 800-833-3343

ATTENTION LENDERS!! Buyers of Distressed Debt Email: DistressedBuyers@gmail.com

Best Rate Referrals www.bestratereferrals.com Phone: 800-811-1402

Credit Plus Inc. www.creditplus.com Phone: 800-258-3488 Fax: 800-258-3287 Email: beyondbundled@creditplus.com

DocMagic www.docmagic.com Phone: 800-649-1362

Fairview Commercial Lending www.FairviewLending.com Phone: 866-634-1270 Fax: 404-634-0319

Bismark mortgage 800-350-7199 ext. 103 bismarkmortgage.com a la mode, inc. www.alamode.com

Ambit Funding www.ambitfunding.com Contact: Chris Bednar Phone: (570)-829-2101 (800)-823-7101 Email: loans@ambitfunding.com

APEX MORTGAGE CORP. www.apexmtg.com Phone: 800-262-APEX

BRT Realty Trust www.brtrealty.com Contact: Mitch Gould Phone: 516-773-2712 Email: mitch@brtrealty.com

CityLights Financial Express, Inc www.citylightsfinancial.com 800-530-2489 ext 301 info@citylightsfinancial.com

Financial Resources Mortgage, Inc. www.commercialloanresources.com Contact: David Dexter Phone: 800-950-6913 Email: ddexter@frmortgageinc.com

First Mount Vernon I.L.A. www.FMV1.com Phone: 703-823-6800 Fax: 703-997-2499

Cogent Road Inc. www.fundingsuite.com/demos Phone: 800-848-3162

TheNicheReport.com

45


LENDER & RESOURCE DIRECTORY

Gregory Funding LLC www.gregoryfunding.com Phone: 888.324.3578 Email: info@gregoryfunding.com

Jacob Dean Mortgage, Inc. www.JacobDeanBranch.com Phone: 888-444-9664

The Lender Approval Department www.TheLenderApprovalDepartment.com Phone: 310-568-1112 Email: ben@qcmac.com

Loan Mod Lead Machine www.loanmodleadmachine.com

The Loan Post www.TheloanPost.com Phone: 877-812-4327 Email: sales@TheLoanPost.com

Loansifter www.Loansifter.com Phone: 920-687-1222 Email: Sales@loansifter.com

46

April 2009

Madison Credit Management Services LLC www.madisoncredit.com Contact: Roger Castile Phone: 856-866-9878 x4320 Email: info@madisoncredit.com

Manaseh, Epharim & Associates www.meandassociates.com Contact: R.D. Walker Email: info@meandassociates.com Phone: 770-840-0112

Metro Funding Corp www.metrofundingcorp.com Contact: Jennifer Bernabeo Email: jennifer@metrofundingcorp.com Phone: 866-302-6360

Mitigation Online Consultants www.mitigationonlineconsultants.com Email: sales@mitigationonlineconsultants.com Phone: 818-501-1520

Miner Capital Funding, LLC www.Minercapitalfunding.com Orlando@minercapitalfunding.com Phone: 702-466-8952 Fax: 314-667-3092

Pittbull Mortgage School www.pitbullmortgageschool.com Contact: Leonard Rosen Phone: 858-736-7788 Email: PitbullMortgageSchool@gmail.com

Precision Loan Processing www.PrecisionLoanPro.com Phone: 703-743-9739 Email: Kristen@precisionloanpro.com

Real-Estate-Agent-Lists.com www.realestateagentlists.com Phone: 877-485-5044

Remington Financial Group, Inc www.remingtonfg.com Contact: Aaron Enright Phone: 480.905.3239 Email: apply@remingtonfg.com

Stonecrest Financial Contact: Bill Phone: 888.884.6518 Email: Bill@stonecrest.net

Trilogy Commercial Lending www.TrilogyCL.com Phone: 888-875-5055 Email: info@trilogycl.com

TrustCapital Investments LLC Contact: Craig Severson Phone: 301-503-2231 Email: trustcapital@frontiernet.net


• FHA, VA, Rural Housing and Reverse Mortgages

Miles above the rest

• Advertising templates, brochures and web sites • Close loans nationwide • 90 lenders; in-house product specialists • Business development and database marketing • Lending Tree, LeadPoint, Key and Loanbright leads • Leverage the experience of 500 loan officers • Company-provided Encompass LOS • Comissions up to 90% • Payroll taxes paid by company • No hidden branch fees • Weekly payroll • Health, Dental, 401k

The opportunity is now! Become part of the team in fewer than 10 days! 888-444-9664 • www.jacobdeanbranch.com


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"TheNicheReport is a national trade publication dedicated to wholesale and correspondent lending."

TNR - April 2009  

Feature Article Present Value "Mix-Shift" by Mark Hanson

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