Page 1

Issue 023 May 2009 TheNicheReport.com

Pigs, Puppets and People in Peril The curious campaign against loan modification firms, page 16.

is Cost 10 What Segregation? Seperate the personal property costs associated with real estate property.

13 Cash in on the Cash Flow Cash is king and cash flow is the heartbeat

All Clients 23 Are Created Equal? Utilizing the A, B, C method.

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CONTENTS

Issue 023

16

May 2009

Pigs, Puppets and People in Peril Martin Andelman The curious campaign against loan modification firms.

NICHE REPORTS agency & FHA

pg 37

PORTFOLIO & ALT–A

pg 38

REVERSE

pg 39

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

10

What is Cost Segregation?

25

Marcus M. White Priority Capital Resource Seperate the personal property costs associated with real estate property.

13

Cash in on the Cash Flow

Working with FirstTime Homebuyers Karen Deis publisher mortgagecurrentcy.com The new reality!

29

Center Stage with Loansifter The Niche Report How professionals use Loansifter to compete and grow business.

Mitchell Chapman executive director national business finance Cash is king and cash flow is the heartbeat.

DEPARTMENTS

23

Are All Clients Created Equal? Tom Ninness vice president cherry creek mortgage Utilizing the A, B, C method.

6

May 2009

09 28 34 45

NOTE FROM THE FOUNDER RULES & REGULATIONS HEADLINES TIP OF THE MONTH LENDER & RESOURCE DIRECTORY

EDITORIAL / CONTENT MANAGER Kristen Moser kristen@nichereportonline.com COPY EDITOR Stewart Mednick stewart@nichereportonline.com ACCOUNTING MANAGER Shawna Ingram shawna@nichereportonline.com sales manager Mark Moulton mark@nichereportonline.com Production Manager Henry Suchman henry@nichereportonline.com Production Assistant Dawn Exner dawn@nichereportonline.com ADVISORY BOARD Aaron Krowne President and CEO, IEHI, Inc. COLUMNISTS Stewart Mednick CONTRIBUTING AUTHORS Martin Andelman Mitchell Chapman Karen Deis Tom Ninness Marcus M. White


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 Anthony F. Geraci is a leading expert in the creation of mortgage pools and fractional loan securities offerings. Geraci Law Firm has created over $10 Billion in debt and equity financing. Order your FREE DVD, titled “Mortgage Pools & Funds: How to Profit in a Liquidity Crunch.”

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Geraci Law Firm also does the following: • Custom Loan Documentation • TILA/RESPA/State Lending Compliance • 50 State Licensing

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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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.

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NOTE FROM THE FOUNDER

This is a very special issue of TNR for two reasons. One, our feature article, written by the highly respected and popular author Martin Andelman, tackles a very concerning and highly debated topic – Our government’s involvement and subsequent crusade against private loan modification companies. And the second reason, for the first time ever, TNR is using our cover to highlight this feature article (not an advertiser). Sit back and digest this cover before and after reading Martin’s article. We also have Karen Deis coming at us with an article on First Time Home Buyers. If you have ever run into Karen, you will soon find out her “street cred” within the industry makes her the “Go-To Gal” for all things mortgage related, especially rules and regulations. And this happens to be the reason we are introducing, in this issue, a monthly column highlighting these updates called “Rules & Regulation Headlines” produced and provided by Karen and her team at Mortgagecurrentcy.com – Thank you Karen. Our Center Stage article this month covers a product and pricing engine called Loansifter. Let it be known, I use every company we highlight in this space each month, and Loansifter is no exception. If there is one tip I could provide for helping you offer competitive quotes and staying connected to your potential clients, in the easiest and most accurate way, it would be to call upon Loansifter. Once you use them, you’ll kick yourself for not using them sooner, I certainly did. Keep up the fight,

Robert Pegg

LetterS to the Editor Stewart Mednick's comments Part 2--should I stay or should I go is dead on. But not just for the loan officers--banker owners struggle with warehouse lines, limited margins, and constant lender guideline changes, on and on and on. The one good side---companies and their employees are realizing we are all in this together and must work together to survive. John Knowlton, Inlanta Mortgage

I read with interest "Multi-Family Financing" by Andrew Bogdanoff in the March 2009 issue of *The Niche Report*. I did not understand the paragraph about "The Second Rule."I am not familiar with the term "Net Operating Costs." Did the author intend to write "Net Operating Income?" There were two references to lenders loaning up to 80 LTV and one to 5-year balloon terms. These sound like Agency loans, and these are certainly available. Even in this market we are not seeing many transactions that debt service at 80% LTV.

And other, more local lenders are currently offering 30-year term loans. These are a better program for many borrowers. I've written several articles myself, so I know there isn't room for everything in any one piece. However, it would be useful for your readers to understand most lenders are paying more attention to borrowers than before. We're seeing lenders seek applicants with demonstrated successful multi-family management experience (or requiring that they hire professional property management). Additionally, most lenders we work with require applicants to have a net worth at least equal to the loan amount, and liquid reserves equal to 3 to 6 months' debt service. Finally, successful mortgage brokers need to fully understand the prepayment rules for multi-family loan programs. The Agency loan programs mentioned above have yield maintenance provisions for the first 4.5 years of the 5-year loan term. Frederic F. Hollister , SVP of Commercial Lending Global Fundings, Inc.

TheNicheReport.com

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What is cost segregation? Seperate the personal property costs associated with real estate property BY Marcus white

O

wners of real estate have been arguably the hardest hit sector of the sagging global economy, but the decline in the real estate market has not alleviated the still sound benefits of owning property. As the tax season approaches, the last place one would expect to find monetary relief is the Internal Revenue Service. However, many markets experiencing declining property values, find it even more important to maximize the deductions allowable under the IRS tax codes. Real property owners enjoy tax deductions through mortgage interest payments and property depreciation. The miscalculations of these deductions could cost a property owner hundreds of thousands of dollars of tax savings each year. The perfect solution to appropriate scheduling of these deductions is a cost segregation study. Cost segregation studies are an allowance by the IRS and US tax law to separate the personal property costs associated with real estate property. This process of segregating personal property assets from real property assets provides the tax payer the opportunity to derive a new property tax deduction schedule and thus create a more accurate and decreased tax liability. An accurate cost segregation study of one’s property could not only bolster the property’s financial bottom line, but also put spent tax dollars back in a property owner’s pockets.

How Cost Segregation Works? A cost segregation study is performed by a team of public accountants and engineers with extensive knowledge of tax code, construction and construction 10

May 2009

finance. The assets contained within a real estate structure are individually categorized as personal or real property. A cost segregation study differentiates between those personal and real assets within a property. While the foundation and frame are part of the real estate structure, the carpet, wall coverings and electrical wiring could be considered personal property and have a lesser life expectancy than the foundation and framing. Under IRS codes, personal property and real property are able to receive a depreciable tax benefit each year of the assets’ life. Personal assets have a depreciable life of 5, 7 or 15 years. Residential and commercial properties respectively receive 27 and 39 years of depreciable life. Often times depreciation schedules are simply calculated with equal yearly tax deductions based on the property type alone. A cost segregation study reveals assets previously held under a 27 or 39 year real estate depreciation schedule and accelerates the personal property asset portions on a shorter depreciation schedule. This accelerated depreciation provides an immediate and greater depreciation deduction on tax returns. For example, a cost segregation study could change a normal depreciation deduction schedule of $15,000/year to a $100,000/ year deduction, resulting in a substantially increased tax deduction.

Who Should Consider Cost Segregation? Any property owner obligated to file taxes should consider a cost segregation study. A cost segregation study is retroactive and can be amended to tax returns dating back as much as five years, as long as the property was owned by the tax filer at the time of the back


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dated study. The cost segregation study can be used to counter taxes owed and offset a depressed cash flow. Cost segregation studies are applicable to all real estate property types and are a strategic cash flow management tool for any commercial property owner. Additionally, a good cost segregation study can be used to more efficiently and accurately calculate a 1031 exchange. Although cost segregation studies have been allowable for over a decade, many real property owners are re-classifying this seldom explored tool as an extremely valuable resource during the economically challenging time. Marcus M. White is a principal at Priority Capital Resource. He is a featured speaker on television and radio and a published author. He is a former institutional investor that also teaches classes in real estate development and investment. Marcus represents clients in various components of commercial finance and has significant expertise in commercial real estate and cost segregation. Contact him at mwhite@pricapresource. com or (202) 210-0089.

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cash in on the cash flow Cash is king and cash flow is the heartbeat BY Mitchell chapman

I

n today's slowing economic environment, one of the major concerns for numerous business owners is maintaining a healthy cash flow resulting in a positive cash position and staying afloat in troubled times. If your business or your business clients are feeling the squeeze of this tight economy, resulting in tighter credit and an even tighter cash position; your ability as well as that of your business clients to manage cash flow is critical to navigating these troubled waters. Enterprises that successfully practice good cash management generally survive and prosper; those that don't are likely to be undone by the weight of increasing debt and the inability to pay employees and suppliers. Cash is king and cash flow is the heartbeat of your business and likewise of your business clients. Keeping your cash flow stable requires juggling most aspects of your operation, including accounts receivables, payroll, credit and inventory. With that in mind, here are a dozen strategies to help strengthen your company's cash flow and that of your business clients. 1. Take the maximum time to pay your suppliers. Essentially this amounts to an interest-free line of credit and gives you more time to use your working capital. However, this may have a negative impact on your business credit rating. 2. Check to see if your suppliers offer payment incentives. Some vendors offer a discount for paying early. Even if your business regularly purchases a substantial amount from another company, you're in a good position to negotiate favorable payment terms. In addition to early payment incentives, ask for special terms that

accommodate your cash flow requirements. For example, negotiate to make payments after your busy season. Many suppliers are willing to offer incentives in order to speed up their own receivables and cement long-term relationships with good customers. 3. Offer cash discounts to early payers. Consider providing a one to two percent discount if bills are paid within ten days of delivery. It may cost you a little, but it can also light a fire under slow payers -- and have a major positive effect on your cash flow. 4. Examine payment terms and your billing schedule. If possible, send an invoice with your shipments -- not separately afterwards. Waiting until the end of the month can add as many as 30 extra days to your cash flow conversion period. If your business provides a service and it is appropriate, ask customers for a deposit before work begins. Remind customers of your credit terms. Check your invoices or statements to ensure there is a clear indication of when payment is due. Encourage customers to pay with fund transfers or Internet payments. 5. Closely track and collect overdue accounts. Have your accounting department prepare fast, accurate reports on overdue payments. Monitoring accounts can reveal early warning signs. Act immediately on past-due accounts and use a collection agency if necessary. Telephone tardy customers and obtain a payment commitment by a specific date. Consider providing your staff financial rewards when they collect long-overdue bills. Don't keep delivering services or shipping goods when payments are far behind. Put problem customers on a C.O.D. system or stop shipments altogether.

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6. Consider establishing an interest penalty for late payments. Once a bill becomes seriously overdue, you may have to resort to penalties. While you can -- and should --sympathize with hard-pressed customers for a reasonable amount of time, don't let their problems drag your cash flow down. 7. Don't extend credit without taking the proper precautions. Require all new customers to fill out credit applications. Request and check credit references. A written agreement at the onset of a business relationship can help avoid misunderstandings later on. Spell out the terms of the arrangement on your credit application. You might want to go one step further and have customers sign a separate statement or contract identifying not only when payments are due but also that the other party is liable for any legal or arbitration costs if a bill is not paid. If your business is extending credit to a financially troubled company, insist on securing personal guarantees from the owners, as well as their spouses. 8. Trim expenses and cut unnecessary spending. Look for ways to reduce waste in office supplies, company vehicles, cell phones and land lines, utilities, business travel, overtime pay, insurance, and more. Ask your employees for cost-cutting suggestions. They are likely to come up with ideas management hasn't thought about. Dispose of unused vehicles, vacant real estate and machinery you don't need. You could be paying insurance, maintenance and storage costs on them. Selling idle assets can result in a cash flow boost while donating to a qualified charity can be a tax-wise move. 9. Keep your inventory lean. As a rule of thumb, the expense of maintaining stock in inventory averages about two percent of the cost of those goods for each month not

sold. If your business carries an item for a year, you're down 24 percent. It's hard to overcome this kind of cost handicap -- especially in hard times. Don't fall into the trap of hanging onto slow-moving inventory in order to avoid admitting you made a mistake. Cut your losses on old and outdated inventory items. Or donate them and claim a charitable tax deduction. 10. Speaking of tax deductions, look for valuable opportunities you may have overlooked. The complex Internal Revenue Code is filled with breaks for various industries and taxpayers in certain situations. Consult with your tax adviser to see if there are potential opportunities or steps you should take by the end of the year to reduce your tax bill. 11. Free up cash by leasing rather than buying. Leasing computer equipment, cars, facilities, tools and other gear generally costs more than buying, but you avoid tying up cash. You can also limit your exposure with short-term leases. 12. Examine prices. Many company owners and executives won't consider increasing prices in a tough economy because they are frightened that customers will head to the competition. But it may be necessary if your prices aren't keeping pace with expenses. If you do raise prices, explain the reasons to your customers, and if possible, give them notice. Emphasize the value of your products or services.

The Cash Cycle: How Many Days Cash Does Your Company Need To Keep Operating? It may help to think of the cash flow process in terms of the cash cycle, which is the amount of money your company needs in terms of days to keep operating. Assume your business had the following financial statistics at the end of its most recent fiscal year: Annual sales $3,600,000 Annual cost of sales $3,285,000 Billed accounts receivables $600,000 Unbilled accounts receivables $400,000 Accounts payable and accrued expenses $450,000 The first step in calculating the cash cycle is to determine the amount of average daily sales and the cost of sales. Divide sales and cost of sales by 365 days to give you average daily sales of nearly $10,000 and average daily cost of sales of $9,000. Then, calculate the number of days'


investment in billed and unbilled accounts receivable: Billed accounts receivables Plus unbilled accounts receivables Subtotal Divided by average daily sales Number of days investment

$600,000 $400,000 $1,000,000 $10,000 100

So it takes 100 days on average between production of a product or service and payment. Similarly, using the daily cost of sales average, you can determine the number of days financed by vendors and employees: Accounts payable/ accrued expenses Divided by daily average cost of sales Number of days financed

$360,000 $9,000 40

The 60-day difference between the investment and the financing is your company's cash cycle, or the length of business activity your enterprise must finance to stay in business. Convert the figure to dollars by multiplying the cash cycle (60) by the average daily cost of doing business

($9,000) and you see that you need to invest $540,000 to support your company's operations. A healthy cash cycle requires some cash flow forecasting. This helps to plan your cash position and answer such questions as: When will you need to borrow during the year? When will there be a cash surplus to invest? A cash flow forecast is usually done for one year or a quarter in advance and divided into months or weeks. Daily cash forecasting may be needed for companies that are barely making ends meet. Now is the time to “Cash In on the Cash Flow!”

Mitchell Chapman is the Executive Director of National Business Finance, a business consulting firm specializing in providing application only, stated income, stated asset unsecured business lines of credit without tax returns, business financials, credit scores or a personal guarantee. Mr. Chapman can be reached by telephone: 954-495-4791 or via e-mail at: info@ nationabusinessfinance.com. You can also browse online at: www.nationalbusinessfinance.com

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Pigs, Puppets & People in Peril The Curious Campaign Against Loan Modification Firms By martin andelman

S

o, apparently we’ve got quite the foreclosure problem going on in this country. It’s true. It seems that a whole bunch of people bought homes they couldn’t afford for too much money and now they’re having trouble making their mortgage payments. Dummies. What were they thinking? Didn’t they see that The Great Depression Part 2 was just around the corner? No need to worry though because our government has it handled. That’s right, President Obama, with the help of Treasury Secretary Tim Geithner and FDIC Chair Sheila Bair, showed up, carefully analyzed the problem, and fixed it just like that. Apparently, all troubled homeowners have to do is call a toll-free number and the government pretty much takes it from there. You can even find out if you qualify by clicking a couple of boxes on a Website. Isn’t the new technology fabulous? Oh yeah, and the best part is… it’s all free! That’s right, President Obama says, even if we can’t refinance our mortgages, we can simply have them modified, and we shouldn’t even have to pay for a loan modification. Well, when President Obama says “free” he means about $300 billion, but that’s pretty close to free, right? Everything’s relative, as my mother used to say. I suppose President Obama considers bailing out the banks to be “reasonably priced”. So,

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May 2009

relative to that, $300 billion is pretty much “free”. A “rounding error,” as accountants like to say. Even if you don’t qualify for the president’s program, you don’t have to worry… the president said that all you have to do is call your bank directly and tell them you need help. I guess now, when you call your bank the electronic voice says: “Press ‘5’ if you’d like us to lower the amount you owe us. Press ‘6’ if your monthly payments are too high. Press ‘7’ if you’d like us to forget the whole thing.”

Wow… that’s change all right, but I’m not sure it’s the kind I can believe in. Why? Because it’s utter nonsense. Horsepucky. Absolute fiction. I’ve been telling people this for the past month or so, ever since I started spending my days calling banks and filming others as they try to do the same, and frankly, I’m tired of it. Call the government’s toll-free number yourself, and after that, give your bank a call and let me know how that goes. I’ll wait… So, how’d it go? Not so well?


Really, how so? You don’t mean to tell me that your bank hung up on you and the toll-free number was answered in India? Come on… really? That’s hard to believe. Actually, it’s not. That’s exactly what happened to me when I called the oh-so-helpful Help Line, and I’ve had three banks hang up on me in the last two weeks, although I will admit that I do enjoy a smidgeon of sarcasm at times. Like when I asked my bank if they had any information on President Obama’s loan modification plan and they said no. I think I asked if they’d checked today’s mail. I wasn’t trying to be smart, it was just that the president had said I could call my bank directly almost two months before, so I thought maybe… oh, never mind. I voted for Barack Obama because I believed him to be both smart and honest. So, imagine my disappointment at how he decided to fix the foreclosure crisis in this country: By rolling out a plan designed to help people mildly annoyed by their mortgage payments, while actively campaigning against the use of private sector loan modification firms. So now, having given up on “smart,” I’m just praying for “honest”.

“If you have to pay, walk away.” President Obama’s curious campaign against private sector loan modification firms began in earnest with that statement during his speech introducing his Affordability & Stability Plan back in February. Everyone clapped. “Yea! We don’t have to pay!” Everyone loves free stuff. Somewhere along the line the president decided that the private sector firms that have been helping tens of thousands of troubled homeowners get their loans modified were just a bunch of scammers. At the time, I was in the middle of filming interviews with troubled homeowners who were all telling me how they had saved their homes by hiring private sector loan modification firms, so imagine my surprise to hear that the homeowners that I had been interviewing were lying. It was quite a shock, let me tell you. Tabloid news shows leapt into action with shows profiling scams that had ripped off homeowners. And state regulatory agencies, such as the Departments of Real Estate, Corporations and even the State Bar Associations appeared all too happy to accept the idea that the firms offering to help homeowners obtain loan modifications were all fraudulent because they charged an upfront fee. First of all, charging upfront for services has never

been such a bad thing in this country. Charging upfront and not delivering was a bad thing, but just the charging part… not so much. And charging an upfront fee is the only way anyone would ever offer to assist someone with a loan modification, because once the mortgage was modified, the firm would have no assurance that the homeowner would pay the bill and essentially no recourse if the homeowner chose not to. Threaten to ruin the homeowner’s credit? Funny. Small claims court? Sure, if you’re interested in receiving payments of $25 a month.

How many scams in a torrent… The California Department of Real Estate, in an interview with National Public Radio, said they were investigating 250 cases of fraud related to loan modifications, but in a state of 36 million people, and housing prices that have dropped by 30-40%, that number could only be considered endemic the way Y2K was an emergency. There had to be more than that, I reasoned, so I set out to find them. On April 6, 2009, after Secretary Geithner and Attorney General Holder had their little moment in the sun while “Dad” was vacationing in Europe, the Associated Press reported the following: “The Federal Trade Commission has sent warning letters to 71 companies it says were running suspicious advertisements and has filed five new civil cases to halt illegal loan modification scams.” Then, Holder went on to say: “The FBI is investigating about 2,100 mortgage fraud cases.” Ah hah! 2,100 cases is a fair amount of cases, it seemed to me at the time. But, when I went to the FBI’s Website I found that “mortgage fraud,” has almost nothing to do with loan modification fraud. It seems that Holder wanted a number that was larger than 71, so he grabbed the 2100 from the FBI and ran. Now, you can call that whatever you want, but I was taught that what Holder did is called “lying”. Either that, or he didn’t know that “mortgage fraud,” isn’t the same thing as “loan modification fraud”. The same AP article went on to report: There’s also been plenty of state action in running down companies engaged in fraud. Illinois Attorney General Lisa Madigan filed two lawsuits recently against alleged Chicagoarea mortgage rescue scams. “We have repeatedly found that these operations are swindling desperate homeowners out of money they can’t afford to lose,” Madigan said in a release.

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“Plenty of state action”? And, “repeatedly”? Well I guess two is repeatedly, so never mind that one. Two in Illinois? Two foreclosure scams in Illinois. For God’s sake, aren’t there more than two Illinois governors in prison in Illinois? I want to get the bad guys too. Keep Guantanamo open just for them, as far as I’m concerned. But there are millions of Americans losing their homes to foreclosure. If there is a “flood” or “torrent” of loan modification scams, then there should be tens of thousands of people being defrauded by said scams. Not 11… 71… 5… and 2. Meanwhile, back in Realityland... private sector loan modification firms throughout the country were busy earning fair compensation helping consumers get their loans modified so they could avoid foreclosure. One such firm that I interviewed succeeded in modifying 600 mortgages for distressed homeowners in April. Unfortunately, they did charge a fee for every one of them, so it goes without saying that they're a scam and should be shut down in favor of a government program? The fact is, to-date, private sector loan modification companies are the only ones with any significant track record of success modifying mortgages on behalf of homeowners. The government programs have thus far proven themselves spectacular failures. The $320 billion Hope-4-Homeowners program, which was signed into existence by President Bush last July 30th, managed to modify just one mortgage. And that would be funny for all kinds of reasons, if it wasn’t so monumentally sad. (I’m assuming we’ve still got most of the $320 billion left though, right? I wonder if the Treasury Department will tell me if I call and ask them.)

Okay, enough… I’m done joking around… Ever since it began in late 2006, our government has mishandled the housing meltdown at virtually every turn. Claiming that loan modification firms are all “scams,” just because they charge an upfront fee, is only our government’s latest attempt to demonstrate how out-oftouch they really are. Millions of people have been or are being affected. Hundreds of thousands of children will already grow up with the scars of losing homes in their youth. And no one is doing anything substantive to stop it. The programs so far are like watching someone remove sand from the beach with a small bucket. The only exception is the private sector… the ones who charge a fee… the “scams,” 18

May 2009

according to the president. President Obama’s housing rescue plan isn’t even designed to help homeowners at risk of foreclosure. FDIC Chair, Sheila Bair, talking with ABC News in February, admitted that the President's plan would do little if anything to help those at the greatest risk of foreclosure, and without helping these folks, our economic problems are certain to continue unabated. “Bair also said that the (program’s) huge expenditure won’t halt an avalanche of foreclosures, conceding that there are millions of homeowners that are now so far ‘underwater’ – their homes now worth less than their mortgages – that they will inevitably lose their homes.” ABC.com

What should the people who don’t qualify for the president’s plan do? Why, call their banks directly, of course. Inexplicably, the president feels certain that your bank will be all too willing to help you by reducing the amount of money you rightfully owe them. Why do you suppose President Obama would think that? I think it’s safe to assume that he personally has never actually tried to call a bank to ask for a mortgage modification. Did he ask Treasury about it? You can ask anyone involved in obtaining a loan modification on behalf of a client and you’ll learn that the banks don’t like negotiating with third parties, and law firm third parties even less. “They refuse to acknowledge my representation of my clients all the time,” say Brian Columbana, an attorney at Mortgage Relief Center in Irvine, California. “I send them a form telling them that a borrower has retained my firm to represent them and that they are not to contact my client… but they routinely ignore it,” Columbana says. “I’ve had numerous instances where banks called my clients to tell them that they don’t need to pay me, that they shouldn’t have hired me, that they could have used the money to pay them.” In doing the research for this article, I filmed several loan modification firms in action. On one call, the firm’s representative was told that he had to have the borrower on the call and when he connected the borrower, the bank representative told the borrower “you don’t have to pay him”. I was shocked and interrupted the call, asking how she knew that “he” was being paid in the first place. The bank’s representative abruptly hung up the call to avoid answering my question. The banks have proven that they don’t want to negotiate with an expert who is representing a


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homeowner. Chase’s message says: “Chase always works directly with our customers to offer the best solutions for your needs. Be cautious of any third parties who offer to help you obtain a loan modification and charge fees for their services.” Call Chase yourself at 800-446-8939. I got a mortgage from Chase once. I don’t remember them having a similar message cautioning me about third party mortgage brokers. Telling me that I don’t need anyone representing me when attempting to get my bank to modifying my mortgage seems a lot like the police telling me that I don’t need a lawyer after I’ve been arrested because if I have any legal questions I can just ask the District Attorney. Gosh, thanks for that, but I think I’d prefer someone on my side of the table anyway, if it’s all the same to you. So, how did the administration come to believe that there are so many loan modification scams in the first place? Here’s something that might have started the ball rolling: The Washington Post, April 2009: According to the Treasury Department’s Financial Crimes Enforcement Network, financial institutions filed an estimated 65,049 suspicious activity reports from 2007 through 2008, a 30% jump from 2006.

Did they now? Suspicious Activity Reports are known by the acronym “SARS” and they’re the kind of reports banks file with Treasury when they suspect money laundering or terrorist funding. Do you suppose that money laundering and terrorist funding had a 30% increase between 2006 and 2007? No kidding. I hadn’t heard. Do you suppose that SARS forms (FinCEN Form 109) could be used to report loan modification firms? It is a wild coincidence, don’t you think? A 30% increase over 2006… the same year more loan modifications were being requested by all those fee-charging, obviously FRAUDULENT loan modification firms? Spooky. I asked a bank insider why a bank would file a SARS report on a loan modification firm. His response: “It would have to be vindictive.” I looked at the form and section ‘18’ asks for the category of crime suspected. There are four options: Money Laundering, Terrorist Funding, Structuring d. Other (Please explain) ____________. There’s no loan modification box, but there is room for “other”. That blank is certainly where I would have put something, if using the form for something it wasn’t intended for, wouldn’t you? 20

May 2009

It still doesn’t prove it though. How could I know for sure, unless I could see an actual SARS filed against a loan modification firm, and that’s impossible. Maybe not… here’s what I found on FinCEN’s Website. Apparently, they found it necessary to send out an advisory to all of the banks on April 6, 2009: In order to assist law enforcement in its efforts to target this type of fraudulent activity, we request that, if financial institutions become aware of this type of activity, they include the term "foreclosure rescue scam" in the narrative portions of all relevant Suspicious Activity Reports filed.

That’s what you call a “gotcha’ moment”. Treasury needed to issue the advisory so the banks would know how to use the form when using it to report a suspected loan modification scam… because apparently they didn’t want it listed under “Other” in section 18 on page one. The “narrative portions” are on page three. Well, at least the advisory Treasury sent out on April 6th straightened that out. Problem solved. I’m confused. I thought fraudulent loan modification firms were taking money and delivering nothing in return. If they were scammers delivering nothing in return, why would the banks have the opportunity to file a Suspicious Activity Report about them? I guess maybe they’re the kind of scammers that, before they abscond with your cash, they first go through the headache and hassle of actually trying to get your loan modified… and then they take your hard earned cash and go to Brazil. Now, does that make any sense at all to anyone? So, it’s clear what has happened here, right? The banks didn’t like paid professionals helping homeowners because they’d get more for their clients than the banks would give to a nervous amateur. The banks don’t have skilled loan modification departments because they’ve never wanted to do loan modifications in the first place. So, they started using SARS reports to report loan modification firms. And no one knew because SARS reports report terrorist funding and money laundering, which are not the kind of crimes where the accused gets contacted before an investigation is conducted.

Private Sector Loan Modification Firms Under Fire… Stop for a moment to consider why, with the president and countless others telling homeowners not to pay someone to help with a loan modification, are tens of thousands of homeowners still doing it every day? Don’t


these people watch television? According to Greg Feldman, Managing Partner of Feldman Law Center in Irvine, California, a firm that handles loan modifications for a fee, “Homeowners are smarter than the government gives them credit for. The vast majority of the homeowners that come to us for help have already tried for months to get help from government programs and their lenders. It didn’t work, so they came to us.” Since the beginning of this year, Feldman has completed 712 mortgage modifications, an average of 178 per month. That’s 712 families that didn’t lose their homes since January 1, 2009, well over 1,000 children that weren’t forced to leave the safety of their bedrooms as a result of services Feldman provides. Gary Erickson, Founder of Green Credit Law Center, also in Southern California confirms what Feldman says about homeowners. Of course people know they can do it themselves. They know they can call a government help line. They know they can call their bank… and they do all of those things all the time. But when months have gone by and they’re still getting nowhere

they call us, because their home is on the line. We’ve helped modify well over a thousand loans since the first of the year,

Erickson, a former Navy Captain, says with more than a little pride in his voice. “And yet, the government still wrongfully intimates we’re doing something wrong.” Cheryl Beckham, a homeowner from Moreno Valley, California, one of the areas hardest hit by the mortgage meltdown, tried everything she could think of before a friend suggested she call Green Credit. “I called HUD, the government program, for five months, but no one ever called me back,” Cheryl explains. Then I tried my lender, Chase. So, I was calling and calling and they said my loan modification was in process, but after three months nothing ever happened. My mortgage was going to adjust again, and I knew I wouldn’t be able to pay it. So, I called a friend and he suggested I call Green Credit. They were so much nicer than Chase. And less than six weeks later that they got it done. They got my payment to where it was before it started going up, and it’s a fixed loan, which is what I wanted.

The Mota Family, from Menefee, California, had a similar story. They purchased a home for $445, 000 using


an adjustable rate mortgage. One year later, the payment very near doubled and the home’s value was cut almost in half, so Washington Mutual told them that refinancing was out of the question. Mrs. Mota was upset by the way their bank repeatedly treated her and her husband. “It was like they would laugh at us, they hung up on us, they just kept saying that if we didn’t make our payments they were going to put us out on the street. It was so stressful. I couldn’t sleep. I was crying all the time. Then I heard an ad on the radio for Green Credit, and I said… what the heck… and we called them. They got our payment down to $800 a month. From $4,000 to $800! Then it goes up a little each year, but it caps out at $1900 a month, which we can handle no problem.” I’ve personally interviewed twenty reputable loan modification firms for this article. All of them told me stories of how banks treat homeowners who retain their services. I interviewed homeowners too. And they told me the same things the lawyers and company executives did. Not one inconsistency between any of them. If there was any question in my mind before I began, there certainly wasn’t when I was done. Tim McFarlin of McFarlin and Geurts… Bryan Malickson of United Legal Services in Maryland, both trusted me enough to send me information even though we’ve never met. And the same is true about Barb Weidner and Roie Raitses of 1st Foreclosure Prevention, which is in Huntington Valley, Pennsylvania. Barb and Roie went so far out of their way to help me get the information I needed, that at one point they stayed at their offices on the phone with me until nearly midnight. And they authorized me to quote them and list them in this article. Are there scammers that do things like that? I wouldn’t think so. There are but three possibilities for troubled homeowners who want to stay in their homes… 1. The President’s Plan… No need to discuss this. Whomever it helps, it helps. I’ll be keeping score, by the way. Oh yeah, and even though it’s free, it also costs American Taxpayers $300 billion. 2. Homeowners Call Banks Directly – Hasn’t worked, will not work. 50% re-default. Like asking a Tiger to play nicely with a gazelle. 3. Private Sector Loan Modification Firms – Costs the taxpayers nothing… zero. Proven effective for homeowners. Banks don’t like it but who cares? Our economy cannot recover until we stabilize our housing markets. President Obama has created a fund 22

May 2009

of $50 billion that is to be paid to banks for modifying mortgages. Let’s start keeping score. Let’s know the real numbers. And let’s put the bad guys in jail. But shouldn’t the people that prove themselves most effective be the ones compensated with federal funds? Right now, that’s the private sector loan modification industry, sure as I’m writing these last words. To those in congress, in the administration… President Obama… all I can say to you is: See you in D.C. I’m coming. We need to talk. Martin Andelman is the feature columnist on ML-Implode. com, the country’s leading watchdog and news site covering the economic meltdown and mortgage crisis. You can find him blogging at: http://www.ML-Implode.com… Look for the box at the top that says: Mandelman Matters. He promises to respond to every comment or email he receives. And… we at The Niche Report are proud to announce that beginning in June, Martin will be writing a monthly column here in The Niche Report. You won’t want to miss this!

Green Credit Law Center Inc. Mr. Gary Erickson, Chief Operating Officer Irvine, California Toll-Free: 800-700-3040 www.getgreencredit.com

United Law Group Mr. Sean Rutledge, Attorney at Law New York, New York Toll-Free: 800-680-5717 www.unitedlawgroup.com

1st Foreclosure Prevention Mr. Roie Raitses, Vice President, Loss Mitigation Huntington Valley, Pennsylvania Toll-Free: 866-477-7050 www.1stforeclosureprevention.com

Law Offices of Christian Dillon Mr. Christian Dillon, Attorney at Law Aliso Veijo, California Toll-Free: 800-485-8055 www.christiandillonlaw.com

Feldman Law Center Greg Feldman, Attorney at Law Mission Viejo, California Toll-Free: 800-527-8497 www.feldmanlawcenter.com Mortgage Relief Law Center Mr. Brian Colombana, Attorney at Law Irvine, California Toll-Free: 888-700-3553 www.housinglawcenter.com

Alliance Law Center Cameron Edwards, Attorney at Law San Diego, California Toll-Free: 888-252-5002 www.alliancelawcenter.com Home Rescue Programs Inc. Steven Duplain, Vice President Marina del Rey, California Toll-Free: 866-832-7000 www.homerescueprograms.com

Federal Loan Modification Center Mr. Bill Anz, Attorney at Law Irvine, California Toll-Free: 877-39-HOUSE www.fedmod.com

Consumer Debt Advocate Law Center Robert G. Scurrah, Attorney at Law Aliso Viejo, California Toll-Free: 877-499-4435 www.cdalawcenter.com

McFarlin & Geurts, LLP Mr. Tim McFarlin, Attorney at Law Los Angeles, California Toll Free: 888-728-0044 www.mcfarlinlaw.com

Z Law Center Marc A. Zimmerman, Attorney at Law Aliso Viejo, California Toll-Free: 888-400-ZLAW www.zlawcenter.com

United Legal Services, LLC Mr. Bryan S. Malickson, Esquire Gaithersburg Maryland Toll-Free: 888-245-9407 www.unitedlegalservices.net

Parsa Law Group APC James M. Parsa, Attorney at Law Costa Mesa, California Toll-Free: 800-658-5741 www.parsalawgroup.com


Are all clients created equal? Utilizing the A, B, C method by tom ninness

F

or all sales professionals, clients/customers tend to fall into two categories: those that will offer referrals, or become professional referral sources, or those that an actual transaction has been completed. Both are important to a sales pros’ business and each have specific attributes.

Where does your client/customer rate? As each transaction is finished, the file closed and review completed, it is your job to categorize those clients into their potential for future business. Utilizing the A,B,C method is efficient and effective. “C” clients are those who will likely have only one transaction. In the mortgage business, “C”’s have probably purchased their last home. “C”’s are not likely to be a good referral source for future business. However, like any client, the known potential is never obvious and it is prudent to offer a minimum of eight mailings a year. The key is to keep your contact information in front of them, allowing them to feel “serviced”. “B” clients were enthusiastic about the service they received and have a likely potential to be purchasing again. “B”’s seem to be connected to enough people that referrals are a good possibility. This group should receive the same eight mailings that the “C”’s receive along with at least two phone calls. The personal contact gives you an opportunity to explore changes in their lives or their family’s. Should these changes be significant, a face to face meeting may be warranted and reasonable. “A” clients are highly connected, and likely interested in buying additional real estate in the future. The

potential in “A” clients is high and should receive the most attention. Along with the mailings and frequent phone calls (at least one per quarter), creating opportunities to meet face to face with them on a regular basis is significant. The possibilities that exist with these clients as referral sources and repeat buyers is high and should receive at least 80% of your marketing allocation. “A”s and “B”s are the meat and potatoes of your business and have the probability of returning repeat business. Only 20% of marketing effort should be allocated to “C” clients.

The Cluster Approach “A”s and possibly “B”s tend to be highly connected. Often, they hang out with others in the same economic categories, have similar interests, hobbies and needs and frequently refer their friends when they have had good results with products or services. Investigate the possibilities reaching out to surrounding contacts of the “A” and “B” clients. The Rule of 250 The average wedding invites an average of 250 people. Consider that most people know at least 250 people that they have contact with on a semi-regular basis…..friends, family, businesses they frequent, services they use, etc. If one client knows 250 people, that could become potentially 62,000 people who could use your services. If 100 of those 250 contacts provided 3-5 referrals, that could mean 300-500 new leads for your business in one year. What would 300-500 leads in one year mean to your business? TheNicheReport.com

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Creating opportunities to be in front of potential clients will expand those prospects. Develop seminars and speaking events that put you in front of the “A”s and “B”s. Utilize a Real Estate Investor’s Forum** to expand your client contact.

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May 2009

SHOULD ALL CLIENTS BE TREATED AS EQUALS? Touching the client has long been a marketing mantra. Although true, spending your time, money and energy with those that provide the greatest return will create the greatest economic return. Creating a relationship with those whom you enjoy being around offers far more opportunities than generalizing a mass marketing approach. Minimal marketing will not bring a minimal client back to life. Mailing alone is not ‘touching’ the client. Phone calls will create favorable circumstances to see your highly connected clients on a personal level. Build those physical contacts for perpetual and sustainable business. FINAL THOUGHTS Lack of time is the eternal excuse for not staying in touch with clients. However, it takes more time and money to create new relationships than it does to cultivate those that have already completed a business transaction. Remember the Rule of 250 and the potential it creates. Using this rule allows your past clients to become an extension of your sales force. Look at your current marketing plan and begin to categorize clients into “A”, “B”, and “C” opportunities. Look for reasons to be face to face with your best prospects, including public speaking and Real Estate Investor Forums**. Create the opportunities that will expand your business. Tom Ninness is a Vice President/Regional Production Manager for Cherry Creek Mortgage in Denver, CO. He is also president of Summit Champions, Inc. and creator of “The 90 Day Journey to Your Sales Success” E-book. The 90 Day Journey is a powerful 90 Day action plan for the sales professional. Tom also created the Real Estate Investor’s Forum** for his highly connected clients. To learn more about The 90 Day Journey or Summit Champions, Inc. go to: www.90dayjourney.com or www.summitchampions.com. You may also contact Tom at information@summitchampions.com or leave a voice mail at 720-221-4396.


Working with first-time home buyers The new reality! by karen deis

It’s going on year 3! That’s how long it’s been since the housing market downturn started. It’s created a significant demand for home ownership among first time homebuyers. But, things have changed! Forget about what you’ve known about working with first time homebuyers. There is a new reality—not only on how they view homeownership, but getting them approved and how to market them. In 2008, 41% of all home purchases where made by first time homebuyers. In the first quarter of 2009, that number was 53% (according to the NAR).

First the good news: It’s a First-Timer Nirvana! • First-Time Home buyer tax credits • Lower housing prices • Even lower interest rates • Increased number of FHA lenders • $10 Billion USDA Funds Allocated If you are still using the “rent-versus-own” comparison models—throw them away—they just don’t work anymore. FTHB now consider their home a “primary place to live” as opposed to an “investment”. What’s more, out of that 53% mentioned above, 18% plan to take advantage of the tax credit. But, nearly half, or 48% said they had NEVER HEARD OF THE TAX CREDIT. The balance has said that they don’t qualify because they earn too much money. But wait! Those who said that they earn too much money—they were totally unaware of the “partial tax credit

cap of $20,000”. The formula is a little more complicated, but a couple earning $9,000 more than the maximum income amount can still claim a tax credit of $4,400. Here’s an example of a “partial tax credit” if a married couple earns $159,000 AGI (or $9000 more than the income cap): Married Couple AGI = $159,000 Subtract Max AGI ($150,000) = 9,000 Divide $9,000 by $20,000 = .45 Subtract .45 from 1.00 = .55 Multiply .55 x $8,000 (Max Credit) = $4,400 Hey, don’t ask how the government came up with this formula, but I suggest you use this as an example when explaining it to your first-time buyers who exceed the maximum AGI. (Side note: Even at $19,000 over the AGI, a couple could still get a $400 tax credit.) Use this same formula for a single homebuyer—but always, always, refer them to a tax professional. This is a great opportunity for you, your real estate partners and tax preparers to get the word out—with ads and seminars.

The Bad News? • Underwriting rules have tightened up • Minimum credit scores have increased • Lack of money for down payment • Fear of loss of job • Home values may still be decreasing in your area Because of the job loss and housing pricing (still going down?) fears, it is now taking an average of 10 months (up from 8 months) for FTHB to buy a home. TheNicheReport.com

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In regard to “job loss” stats, over 25% of laid off workers were between the ages of 20-34—or your FTHB age group.

Marketing to Apartment Complexes Just Got Trickier According to the National Association of Realtors, almost 70% of first time buyers have rented prior to buying a home. Marketing to apartment complexes is where you will find them. But, there are changes in apartment marketing too. In some areas of the county, rents are decreasing because of increased vacancy. In other areas, rents have increased. Apartment managers are facing more competition-depending upon the amount of foreclosures! With Fannie and Freddie allowing foreclosed homes to be rented (instead of sitting vacant) and home sellers, (who cannot sell their current residence) offering rent-purchase options, it’s now competing with apartment complexes. On the other side of the coin, the building of new apartment complexes is at a standstill. Almost 1/3 of all complexes have been built prior to 1970. They are old, out of date, with no money available for updating the units. Apartment owners have also tightened their “credit standards” and are rejecting almost 20% of rental applications (used to be 8%). When choosing apartment complexes to market to, you may want to target older complexes. To check for vacancy, you may want to drive around the complex during the evening hours. Check to see how many lights are on—how many cars in the parking lots—how much “stuff ” is out on the balconies. (The apartment managers are not going to tell you either). For more tips on how to market to apartment complexes, check out www.ApartmentToolKit.com. A Database Is Mandatory You know that not every first-time homebuyer, who walks thru your door, is going to qualify. One of my niches was marketing to apartment complexes and at any given time, had an average of 800 contacts in my database, who either needed guidance in getting qualified or where in some “stage” of the home buying process. This is where a living-and-breathing database is critical. You will need a system to follow up with potential firsttimers whose only cure to buying a home is “time”…time to increase their credit scores, save for a down payment, or find another job.


Each of your contacts has a unique set of “qualifying” circumstances. Creating a “game plan” with your FTHB is you annuity (for future business). The mistake most loan officers make is creating a game plan without the buy in from the client. Let’s say you have pre-qualified a client and they need to increase their credit score by 40 points AND save money for a down payment. “Hoping and praying” that they will work on their credit score and systematically save money is not a plan. Send a letter or an email where you and the client jointly create a game plan, with specific dates, and then tag each date (in your database) to follow up. This is the way to weed out the serious buyers from those who hear your advice, yet do nothing. www. ConnectTheData.com is a good resource tool if you need help in setting up an active database.

One last thought…. I recently read an ad from a real estate agent about the $8000 tax credit. Half of the info was dead wrong! If you don’t get the word out thru seminars, apartment complex marketing, articles and interviews with the media, someone else will!

You are missing one half of the purchase market and refi’s aren’t going to last forever! Karen Deis, the publisher of MortgageCurrentcy.com and President of Foundation Marketing, Inc., specializes in training real estate agents and loan originators on consumerdirect marketing strategies. She owned a real estate company, mortgage company and appraisal firm for 10 years and was a business partner with one of the largest builders in her area.

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RULES & REGULATION HEADLINES

Rules & Regulation Headlines We would like to introduce a new column with some of the major rules and regulation updates by Fannie Mae, Freddie Mac, FHA and VA. Periodically, we will include compliance changes. While this will not cover all of the changes that are released monthly, we have chosen the ones that affect loan officers, processors, underwriters and company owners/managers. Best of all, they are short, simple interpretations that will not only keep you up to date, but help you increase your business.

USDA Funds Released - $10 Billion (yes, that’s billion with a B) has been allocated. According the USDA, about 25% have already been used to fund “purchase transactions only” that have been on HOLD since January 9, 2009. When the “dust” settles, money will be released for refi’s.. Not every community qualifies—but if it does, it’s the best thing since sliced bread!. Check USDA.gov for counties in your state. USDA offers free training! Fannie Increases Limits AND Credit Scores - Good News-Bad News-Borrowers who were previously eligible under the temporary higher loan limits in 2008 will now be eligible again. Take a look at the loans you closed in 2008 that would benefit from expanded loan limits. The bad news—minimum credit scores have increase for higher-loan limits. •

Credit scores with 75% LTV (or less) are 660 and over 75% 700+. • Link to the Loan Limit Geocoder to assist in determining the maximum loan amount available for a specific property https://commlend.efanniemae.com/LoanLimitGeocoder/ pages/Login.aspx Market Conditions Appraisal Report (1004MC) required for most loan types - This “addendum” is like your math teacher asking you to “show your work”. MC Addendum findings determine whether or not the property is in a declining market. Due to the additional time required to complete this form, most appraisers are going to raise their fees. The appraisers are saying an additional $50-$75. You will need to re-disclose.

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May 2009

FHA Limits Cash-Out Refi’s to 85% - Wave goodbye…they’re really gone. No more 95% cash-out refis on FHA loans. However, FHA has clarified “subordinated” financing and how it applies to the cash out refi’s. • If new subordinate financing is being offered, the CLTV is limited to 85 percent (the FHA-insured first mortgage + any new junior liens). • Existing subordinate financing may remain in place regardless of the total indebtedness or combined LTV. Borrower must qualify with all debt. • Existing subordinate liens that are being modified at closing are not considered “new” financing. • Non-occupant co-borrowers or co-signers may not be added. Fannie & Freddie’s Rules When Client Buys Home Without Selling Current One - Still a lot of confusion on what happens when a client will not be selling their current home before buying another one. Current Home Pending Sale - (not sold prior to new loan closing) 1 Count PITI payment for both properties 2 6 months PITI reserves for both homes required 3 2 months PITI reserves required if 30% equity can be documented o Fannie will accept new appraisal, BPO or AVM o Freddie requires 2055 appraisal within 60 days of closing 4 Do not count current home payment if • Home is sold with valid purchase contract AND


RULES & REGULATION HEADLINES

• Financing contingencies are removed, OR o Reserve requirements are met • 6 mos. PITI both properties less than 30% equity • 2 mos. PITI both properties more than 30% equity Freddie Only – Corporate relocation/buyout agreement where the company will take responsibility for the old mortgage, does not require current payment be counted. There is a completely different set of rules that apply when current home is converted to a second home or an investment property. VA Relaxes Rules On Lender-Owned New Construction - This is a great way to help clear out some of the new construction inventory on the market right now. VA has taken a more cautious approach by requiring the appraisal be reviewed by one of their own appraisers…but hey…who can blame them. This is 100% financing we are

talking about. VA will process these properties as existing construction as long as the property is complete. • Order the appraisal as ‘Individual Origination Case’ and ‘Existing Construction’ • Provide evidence of their ownership • Agree to complete any required repairs • Obtain final inspection or certificate of occupancy in areas where it is required • Written acknowledgement from the purchaser that: “This property is being purchased as existing construction from a lender that acquired this new construction property from the builder. There is no warranty and VA will provide no assistance with any construction defects.” Provided monthly by www.MortgageCurrentcy.com - Interpreting the Rules and Regulation Changes for loan officers, processors, underwriters and owners/managers. Mortgage Talking Points ™, charts and checklists included.

We’ll help you put the pieces together.

Hard Money Loans from $100,000 to $1,500,000

• Minimum Credit 400 • No seasoning • No up front fees • 48 hour closing 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 866-908-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.


CENTER STAGE

CENTER STAGE WITH loansifter More than an ordinary pricing engine: Bruce Backer talks about how loan professionals use Loansifter to compete and grow business brought to you BY THE NICHE REPORT

How are you finding the mortgage industry these days? It’s been surprisingly good for us – and I think that is attributable to a couple of different factors. First, we’ve witnessed banks, mortgage brokers and brokers tightening their belts and looking for new revenue streams, which is very good for our business given our value in keeping prices low and features rich. Secondly, our customers have been significantly growing their businesses on the whole, which in turn, has brought more success our way. Much of this is attributable to our product’s marketing and pipeline capabilities, which helps draw more business. To what would you attribute your success? LoanSifter’s philosophy is find ways to make our clients’ sales strategy more effective. In the end, we both reap tremendous rewards. We design our system around maximizing pull-through on every opportunity, providing cost-effective marketing tools and greatly simplifying complex issues so every loan officer can immediately benefit from these tools by enhancing and maintaining their pipeline – from prospecting all the way through close. That sounds unusual coming from a pricing engine. We’re much more than a pricing engine. The majority of PPEs focus exclusively on pricing. LoanSifter, however, offers advanced tools automating the time-consuming and cumbersome aspects of tracking loan scenarios, monitoring funded loans for re-fi opportunities and communicating with borrowers and lead generators. We help banks, mortgage brokers and brokers step along the 30

May 2009

borrower relationship continuum, providing real-time data on rates and pricing from approved lenders, ensuring the best rate for the borrower and the best profit scenario for the loan professional. But make no mistake – LoanSifter is extremely serious about our pricing thoroughness and flexibility at the foundation of our product. We offer flexible pricing capabilities to precisely support all riskbased pricing, regional pricing, SRPs, incentives, internal margins, and branch-specific pricing. By maintaining thousands of accurate, intraday rate sheets across over 120 investors, we have, by far, the largest secondary database in the industry. To compete effectively in this market going forward, including the fact that consumers are now more involved in the interactions than ever before, we believe much more should be expected and delivered. And that’s precisely what we do. So how does LoanSifter help maximize pull-through? LoanSifter gives instant, accurate answers throughout the initial prospecting call and beyond. The speed and thoroughness with which a loan officer is able to quote a rate gives borrowers a lot of confidence in the loan officer, while really getting a full picture of the best strategies and offerings at that moment in time. The additional features allow the loan officer to be informed on market changes, automatically, so they can more easily monitor their pipeline for target rates and communicate more readily and consistently with ongoing marketing campaigns. Pipeline monitoring? Can you explain further? Yes. LoanSifter has spearheaded the innovation


CENTER STAGE

behind rate monitoring. When a prospect first enters the system, there are several programs to consider and multiple products for each program. We immediately begin realtime re-pricing of each scenario for every prospect, and can optionally alert the borrower or loan officer when preset conditions are met. The loan officer can watch their entire portfolio of prospects, floating and locked deals. By loading their entire database of past clients, they’re able to harness the re-pricing power by mining all of their closed loans as the re-fi opportunities present themselves. Tell me more about these marketing tools. LoanSifter is a very affordable and effective marketing vehicle, keeping old and new prospects aware of their latest pricing through monitoring and email campaigns, bolstering third-party referrals and automating the production of marketing materials, like open house flyers. Many of our clients are having tremendous success using our automated pricing features to support online lead generation through sites like Zillow and LendingTree. Our website tools are designed to entice and capture prospects through your own websites. And how do you capture these website leads? We offer a series of affordable, powerful tools that can be placed on any website with a simple cut and paste, and do not require ongoing maintenance. Consumers are savvier about the mortgage-shopping process and expect these capabilities from your websites or they will look elsewhere where they can shop without hassle or pressure. To maximize exposure, you can post your real-time “par” rates across multiple products and points to grab their attention from the home page. From there, you can capture the lead by offering real-time pricing of their exact scenario and the ability to “track” their rates. What platforms are you integrated with? LoanSifter has already integrated with leading LOS and CRM systems, such as Calyx Point, Byte Software BytePro, Leads360, LeadMailbox, and MortgageDashboard. We’ve kicked off integration with most of the other leading banking and broker platforms; Ellie Mae Encompass Banker and Broker editions to be released later this second quarter. We are very open to new integration partnerships, including custom integrations for larger clients. 32

May 2009

What if a loan officer’s company uses a different LOS, CRM, or has their own pricing solution? Interestingly, there is a significant number of loan officers who are given prepaid access to a competing pricing system provided by their company but are still finding value in purchasing LoanSifter out of their own pockets instead of, or in addition to, what their companies offer. Many of our clients were using an LOS that we hadn’t integrated with and it didn’t slow our progress, though we recognize the value. So integrating with their preferred systems adds icing to the cake. LoanSifter recently launched its latest product iteration. Tell us about version 3.0 and what new tools and features are available to loan professionals. Perhaps the most anticipated update has been to our email campaign manager, which now enables the loan professional to pull from saved scenarios, making the email creation even faster and easier. For companies with a secondary focus, we offer the Lock Desk feature. The loan professional prices a deal, selects the lender, enters a file number and attaches documents. The information is sent directly to their lock desk. From within LoanSifter, the secondary team is able to track deals, view the details, deal points and even run current pricing, or go directly to the lender’s site. They can review and send notes, which will also be sent as emails directly to the loan officer, so they can manage their locked loans even when they’re away from the office. We’ve also upgraded the consumer-facing features, including the Consumer Portal and Today’s Rates, made available through loan officer and financial institution websites. And another feature is our new Contact Manager. With this, the loan professional can select a borrower – then enter in their basic contact information. They can review the loan details and place them in a specific contact group and even add notes. And soon, our customers will be able to upload contacts directly from an Excel file, which means they’ll be able to pull from other email programs, databases and LOS systems. How can loan professionals learn more? We have a wealth of information and comprehensive demos available at www.LoanSifter.com. Also, if loan professionals wish to have a more detailed conversation regarding our tools and the value we offer, they may call us at 920.687.1222 or email sales@LoanSifter.com.


Gregory Funding is a private portfolio lender specializing in funding loans traditional lenders cannot. We offer flexible, creative lending solutions for:

> Purchases > Refinances > Blanket Loans > Foreclosure Bail-outs > Bankruptcy Bail-outs > Residential & Commercial

Currently lending in: AZ, CA, CO, ID, NV & OR

FLEXIBLE, ACCESSIBLE LENDING SOLUTIONS Š2009 Gregory Funding LLC, an Aspen Capital affiliated company. This is not a commitment to lend. Restrictions may apply. For Wholesale only. Not for distribution to the general public. LTV based on current valuation by Gregory Funding. Gregory Funding reserves the right to amend rates and guidelines. All loans are made in compliance with federal, state and local laws. High-Cost Loans prohibited. Gregory Funding LLC is an Oregon LLC, Oregon Division of Finance & Corporate Securities Lic#ML3575. Gregory Funding LLC, 425 NW 10th Ave Suite 307 Portland, OR 97209. Toll free: 888-324-3578.


TIP OF THE MONTH

TIP OF THE MONTH The Mortgage Grand Prix Continued: Efficiency BY STEWART MEDNICK

D

efinition of Efficiency: accomplishment of, or ability to accomplish a job with a minimum expenditure of time and effort. Three time 500cc Grand Prix Motorcycle Racing World Champion Wayne Rainey improved his overall performance in part by creating an incremental method of improving performance. Part of that formula was to make his motorcycle go faster. In the business world, this equates to efficiency. I want to expand and develop a bit more specifically about this concept as I see it. The idea of business efficiency is a direct result of management efficiency as a part of the philosophy of how to run a company or organization successfully. Management philosophy can be traced back to biblical times, but one of the oldest and most recognized read is a Taoist master treatise on military tactics, “The Art of War” written by Sun Tzu around 500 BC in China. These concepts were later applied to business management in the late 20th century. In the later 1400’s, Niccolò Machiavelli, an Italian philosopher, writer, politician, and is considered one of the main founders of modern political science, wrote a short political treatise, “The Prince.” His management philosophy of politics has also been integrated into modern business management. In 1513, he wrote: There is nothing more difficult to plan, more doubtful of success, nor more dangerous to manage than the creation of a new system. For the initiator has the enmity of all who would profit by the preservation of the old system and merely lukewarm defenders in those who would gain by the new one.

Efficiency is always about change and improvement. As Rainey applied his change in incremental and small steps; this seems to be more palatable than one large, 34

May 2009

sweeping modification. Frederick Winslow Taylor is a controversial figure in management history. His innovations in industrial engineering, particularly in time and motion studies, paid off in dramatic improvements in productivity. He devised his system and published "Scientific Management" in 1911. Taylor warned of the risks managers make in attempting to make change in the culture of the organization. He stated the importance of management commitment and the need for gradual implementation and education. Taylor taught that there was only one method of work that maximized efficiency, "…And this one best method and best implementation can only be discovered or developed through scientific study and analysis....” Scientific management requires a careful investigation of each modification of the same implement … after time and motion study has been made of the speed attainable with each of these implements, that the good points of them shall be unified in a single standard implementation, which will enable the workman to work faster and with greater easy than he could before. This one implement, then is the adopted as standard.

Efficiency can easily be a function of speed. Speed is also a function of a decision maker implementing the process improvement. This turns decision makers into Performance Managers. Total Quality Management (TQM) concept emphasizes management based on leadership instead of management by objective, command, and coercion. The TQM concept consists of five key elements including systematic improvement of operations and commitment to quality. W. Edwards Deming (1900 -1993) was an American statistician, professor, author and consultant. Deming is widely credited with improving production in the United States after World War II, although he is best known for his work in Japan and the development of TQM. There,


TIP OF THE MONTH from 1950 onward, he taught top management how to improve design, and thus product quality through various methods, including the application of statistical methods (a form of scientific management). The common theme through history seems to be that efficiency is a methodical improvement in small increments through a standardized, measured method. If I were to be the performance manager of a mortgage company, I would ensure the origination process is measured and monitored for every originator. I would take the best practices of each and create a standard. Let ideas flow freely from those who are on the front lines and see what works and what does not. Spend less time talking to the customer about “how” you do the work and more time talking about “what” the outcomes are in a language to which the customer can relate. Perform the necessary due diligence to translate qualitative benefits into measurable results. For example, instead of saying, this mortgage is the lowest interest rate obtained from our automated updating system. I have a great relationship with a top appraiser so I can assure the home value will be spot on. Our processors and underwriters will turn the paperwork in days and you will have a more comfortable and affordable payment in the long run.

Say, you will save $230 per month with this refinance resulting in a payback of closing costs in 14 months and an annual savings there after of $2760. That is over a 100 percent return on investment.

Better, faster, cheaper sounds great, but if you can’t measure it then you can’t manage it. The customer wants to manage savings and expenses as well. You will have created that opportunity through a more efficient method of production and communication through a measurable method. That method would have been the result of a performance manager establishing a standard. That process has been studied and analyzed over hundreds of years. Rainey may not have realized the history in his methods, but results never lie. 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

There is a solution.

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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


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800.258.3488 creditplus.com

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aristonthebest.com


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

NEW

Mid Island Mortgage Corp

Direct FHA Lender, True manual underwriting company, Streamline's down to 580, Scores down to 500, Refers OK, Mtg lates Ok

703-754-9643 - Tim Dooley

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

800-552-5263

www.amxloans.com

Gateway Mortgage Group

817-799-0804

www.jerrylair.com

AME Financial Corp

770-406-2138

www.american-mortgage.info

GB Mortgage

602-791-8950

www.gbmortgagelending.com

Ameribank Mortgage (FHA only)

516-833-8834

www.ameribanksolutions.com

Global Lending Group

727-530-0110

www.glgiwholesale.net

American BancShares

305-817-2165

www.americanbancshares.com

Greystone Financial

602-574-0100

www.greystonefinancialonline.com

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

www.afrwholesale.com

GSF Funding

262-373-0790

www.gsfsales.com/

American Home Equity

714-661-5836

www.ahedirect.com

Guaranteed Rate

866-755-0989

www.griwholesale.com

American Partners Bank

954-465-8595

www.apbwholesale.com

Hollander Financial

661-476-4668

www.hollanderfinancial.com

Amtrust Bank (Fannie/Freddie only)

888-321-6446

www.amtrustgemstone.com

Home Savings of America

972-235-7366

www.myhsoa.com

Assurity Financial (FHA only)

866-841-7863

www.assuritywholesale.com

ICON Residential Capital

888-639-5641

www.iconwholesale.com

www.bacflorida.com/ratesheet

ING Mortgage

877-464-0555

www.ingloans.com/wholesale/index.html

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

www.boaawholesale.com

JMAC Lending

877-841-0776

www.jmaclending.com

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

www.centurylending.net

Lenders Advantage

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

CMG Mortgage

800-501-2001

www.cmgbanking.com

Liberty Lending Inc

800-808-5591

www.libertylendingwholesale.com

CNB National Lending, LLC

815-412-9305

www.cnbnationallending.com

Colonial National Mortgage

800-825-1311

www.cnmbrokers.com

Liberty Mortgage

800-986-2499

www.bbt.com/libertymortgage

M&T Bank Mortgage

804-380-7465

wholesalemortgage.mtb.com

Mega Capital Funding (Fannie/Freddie only) 818-657-2600

www.megacapitalfunding.net

Merit Mortgage

meritwholesale.com

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

(Fannie/Freddie only)

Community First Bank Loan

412-292-8511

secure.pricemyloan.com/custom/cfb

(Fannie/Freddie only)

Continental Home Loans

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

310-650-0773

MetLife Home Loans

Countrywide

904-245-8008

www.cwbc.com

Direct Mortgage Wholesale

801-924-1880

www.directmortgagewholesale.com

Mortgage Close (Fannie/Freddie only)

714-453-0220

b2b.mortgageclose.com

National Direct Funding

970-672-0805

www.ndfcorporation.com

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

714-423-3295

www.wholesale.metlifehomeloans.com

Mortgage Bank of California

(Fannie/Freddie only)

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

National Home Lenders

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

866-492-0072

Nations Direct Mortgage

949-270-7974

www.brokerFHA.com

509-526-4007

www.netmoreamerica.com

866-389-6046

www.nexbank.com

www.53.com/wholesalemortgage

First Bank Mortgage

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

NetMore America

First Cal

818-793-6650

www.firstcalwholesale.net

Nexbank

Washington Federal

971-645-9140

www.washingtonfederal.com/

NorthStar Lending (Fannie/Freddie only) 954-843-7018 x7018 www.mynorthstarlending.com

wholesale/

Pacific Banc Mortgage

571-340-5593

www.pacificbanc.com

First National Bank of Nassau

305-539-7675

www.pnb.com

678-942-2160

www.fnbwholesale.com

Pacific National Bank

First Northern Bank (Fannie/Freddie only) 707-423-9330

www.thatsmybank.com/

Paramount Residential (FHA only)

866-966-8989 x300 www.prmglending.net

Flagstar Bank

800-897-7222

www.wholesale.flagstar.com

Phoenix Funding

877-562-6414 x230 www.phoenix-funding.com

Florida Capital Bank Mtg

866-295-0014

www.flcb.com

PMC Bancorp

626-964-4040 x8199 www.pmcmtg.com

Franklin American

606-519-4165

www.franklinamerican.com

Polaris Funding (FL, IN, MI, OH)

616-667-9000

Freedom Mortgage

800-843-3753

www.freedomwholesale.com

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

www.prefercapital.com

Gateway Funding

800-355-5626

wholesale.gateway-funding.com

Premier Mortgage Capital, Inc.

www.premierwholesale.com

786-243-3101 x2

www.polarishfc.com

Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.

TheNicheReport.com

37


NICHE REPORTS

Agency & FHA Lender Listings continued… Presidents First

877-773-7178

www.presidentsfirst.com

Stearns

925-628-0704

www.stearnswholesale.com

Primary Capital

678-308-0257

www.primarycapital.com

SunTrust Wholesale

913-982-2150

www.stmpartners.com

Proto Fund

813-436-6803

www.protofund.com

SWC Financial Corp.

714-680-7050 x113 www.swcfinancial.com

Taylor, Bean & Whitaker

888-678-8547

www.taylorbeandirect.com

The Jumbo Lender

800-826-0360

www.TheJumboLender.com

Titan Wholesale

775-852-6888 x225 www.titan-wholesale.com

Trust One Mortgage

949-450-1888 x2430 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

Provident Funding

800-733-3657 x1712 pfloans.provident.com

Reliant Funding

412-942-1010 x18

Residential Lending Network

800-749-5363 x5276 www.reslend.com

www.reliantfunding.us

(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

www.fhaland.com

Security Mortgage Funding

619-249-9166

www.smfcloans.com/brokers

(Fannie/Freddie only)

Security National Mortgage

619-857-2700

www.securitynational.com

Senderra Funding

704-831-3600

www.senderra.com

Sierra Pacific

800-447-3386

www.spm1.com

SouthPoint Financial

239-949-1406

www.spfs.com

(Fannie/Freddie only)

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

portfolio & ALT–A Premium Listings

ACC Mortgage, Inc.

NEW

4 F, Fannie, Freddie, FHA Fall-out

Tim 240-314-0399 ext.19 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

Hayhurst Wholesale

813-425-7011

www.hayhurstwholesale.com

Astoria

301-537-9047

www.astoriamortgage.com

Home Savings of America

972-235-7366

www.myhsoa.com

Banker West

800-518-1172

www.bankerswest.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 x312 luxmac.com

Emigrant Mortgage www.emigrantmortgage.com

800-Emigrant x mid atlantic

First Northern Bank

707-423-9330

www.thatsmybank.com

Global Lending Group

727-530-0110

www.glgiwholesale.net

GSF Funding

262-373-0790

www.gsfsales.com

Luxury Mortgage

203-569-4249

Residential Lending Network

800-749-5363 x5276 www.reslend.com

United Midwest Savings Bank

614-255-3499

www.umwsb.com

United International Bank

313-903-2082

www.unitedinternational.us

702-630-0770

www.usbank.com

818-921-7602

www.westonemortgagecorp.com

Hollander Financial

661-476-4668

www.hollanderfinancial.com

US Bank

Washington Federal

971-645-9140

www.washingtonfederal.com/wholesale

West One Mortgage Corp

www.luxurymortgagewholesale.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

May 2009


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

Circle Mortgage Corporation (Fl only)

800-576-1338

www.circlemortgage.com

NetMore America

509-526-4007

www.netmoreamerica.com

Continental Home Loans

631-393-3800 x114 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

HARD MONEY & NON-PRIME Premium Listings

NEW

ACC Mortgage, Inc.

Equity Based Lending

Moira 240-314-0399 ext 23

AFG LLC (Asset Funding Group) 720-889-1175

AgriCap Financial Corporation 213-542-5232

Ambit Funding 800-823-7101

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 Agriculture including facilities and part-time farms, commercial, special purpose properties Short-term commercial bridge lenders; Most property types including RAW LAND; All 50 states, and Canada; Max LTV 70%, 50% on Land

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…

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)

NEW

Kennedy Funding, Inc. 1-800-342-8500

Manaseh, Epharim & Associates 770-840-0112

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 Mortgages/loans secured by real estate, all commercial property types and other fixed assets nationwide; Any property type, even raw land. Specializes in development loans that need to close quickly, loans from $1 million & up. 2-days for commitment. Direct Lender with fast closings. Your source for international and domestic funding.

866-302-6360

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

Miner Capital Funding, LLC

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

Metro Funding Corp

702-466-8952

NEW

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

Remington Financial Group, Inc

Up to 65% of valued collateral, very 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

TrustCapital Investments LLC 301-503-2231

Local direct lender (DC, MD and VA) specializing in bridge, construction, rehab and business loans. Loans are based on “subject to value”, 50% LTV, minimal documentation, EQUITY DRIVEN not FICO sensitive. Brokers are protected.

Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.

40

May 2009


NICHE REPORTS

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

800-223-3019

HMC Funding

800-273-7001 x343 www.hmcfunding.com

AFC Hardmoney

813-387-3800 x311 www.afchardmoney.com/

Investor Funding

864-213-3951

www.4investorfunding.com

AgriCap Financial Corporation

213-542-5232

J & J Financial

714-256-4416

www.10dayloan.com

Lakeside Financial Inc.

949-297-4180

www.nofico.net

Lib Properties, LTD.

404-256-8600

www.libloans.com

LNB Commercial Capital

321-214-0585

www.lnbcapital.com

Mager Capital

310-760-6290

www.magercapital.brokerca.com

Magnolia Financial Consultants

601-428-1005

www.hardmoneymortgages.com

Meridian Group

800-901-9301

www.meridiangroupinc.com

Overland Financial

818-342-2477

www.overlandfinancial.com

Pacific Mortgage Funding Corp. (cml)

562-864-4006

www.pacificmortgage.com

PB Financial Group Corp.

310-289-0900

www.pbfinancialgrp.com

Piedmont Capital Lending, LLC.

678-292-6984

www.piedmontcapitallending.com

Porter Bridge Loan Company (cml)

866-725-1777

www.porterbridgeloan.com

Portfolio Mortgage Company

480-775-5150

www.portmort.com

PFA Capital, LLC

800-531-4589

www.pfacapital.com

Quik Fund Inc.

813-671-0712

www.quikfund.com

Rehab Funding

610-645-9939 x310 rehabfunding.com

Remington Financial Group

480-905-3239

www.remingtonfg.com

Right Start Mortgage

800-520-5626

www.rightstartmortgage.com

SBB Financial

866-358-7238

www.sbbfinancial.com

SDI Funding

864-233-3337 x3220 www.sdifunding.com

SmartServ Solutions

888-633-4778

SWC Financial Corp.

714-680-7050 x113 www.swcfinancial.com

www.adcapequity.com www.agricap.com

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

866-603-5999

www.afiloans.com

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 x10 www.acfsonline.com

Bay Equity

800-229-3703

www.bayeq.com

BFS Capital, LLC. (cml)

510-381-1930

www.bfscapital.com

BlueWater Funding, LLC

866-551-2583

www.bluewaterfundingllc.com

Brookview Financial

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

California Equity Lenders

818-584-2320

www.calequitylenders.com

Capital Alliance

415-288-9575

www.calliance.com/index.php

CFA Capital Partners (cml)

914-967-5780

www.cfacap.com

Crawford Park Financial

626-796-7979

www.crawfordparkfinancial.com

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

Emigrant Mortgage www.emigrantmortgage.com

800-Emigrant x mid atlantic

Exeter Holding Ltd.

516-338-7500

www.bronxhardmoney.com

exeterholding.com

Swift Funding

727-521-6633

swiftfundingcorp.com

First Credit Commercial Capital Corp. (cml) 407-843-6262

www.fchardmoney.com

TCRM Commercial Corp. (cml)

212-371-3933

www.tcrmcommercial.com

First Mount Vernon Industrial Loan Assn 703-823-6800

www.fmv1.com

The Loan Doctors, Inc. (cml)

954-647-7679

www.regd506.com

First Select Capital

540-908-2205

www.firstselectloans.com

The Money Source, LLC. (cml)

480-946-4000

www.themoneysourcellc.com

Global Lending Group

727-530-0110

www.glgiwholesale.net

Titan Hard Money

323-377-0979

www.titanhardmoney.com

GMC Mortgage Capital

941-626-9656

www.gmcmortgagecapital.com

Trust Deed Investments, Inc

415-760-2338

www.hardmoney.ning.com

HARDDMONEYLOANS.COM

813-516-5210

www.HARDDMONEYLOANS.COM

West One Mortgage Corporation

818-921-7602

www.westonemortgagecorp.com

Hawkins Capital

208-908-5596

www.hawkinscap.com

WholesaleLending.com (cml)

866-303-6301

www.wholesalelending.com

ADVERTISE YOUR NICHES HERE WITHIN Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consumers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.

TheNicheReport.com

41


NICHE REPORTS

CONSTRUCTION/REHAB Premium Listings

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

NEW

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.

1-800-342-8500

Mortgages/loans secured by real estate, all commercial property types and other fixed assets nationwide; Any property type, even raw land. Specializes in development loans that need to close quickly, loans from $1 million & up. 2-days for commitment.

Manaseh, Epharim & Associates

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

Kennedy Funding, Inc.

770-840-0112

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 x10

www.acfsonline.com

Broker Capital Funding

408-438-6939

www.brokercap.com

Colonial National Mortgage

800-825-1311

www.cnmbrokers.com

Everbank

415-595-3968

www.everbankwholesale.com

Excelsion Mortgage

888-578-5441 x1

www.ExcelsionBrokers.com

Federal Trust Mortgage

407-323-1833 x153

www.federaltrust.com/brokers

First Mutual Bank

971-645-9140

www.washingtonfederal.com/wholesale

M&T Bank Mortgage

804-380-7465

wholesalemortgage.mtb.com

Mango Bay Mortgage

561-347-9811

www.mangobayinc.com

Mission Oaks National Bank

805-889-0301

www.missionoaksbank.com

Portfolio Mortgage Company

480-775-5150

www.portmort.com

SWC Financial Corp.

714-680-7050 x113

www.swcfinancial.com

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

Msy 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

NEW

Kennedy Funding, Inc. 1-800-342-8500

Manaseh, Epharim & Associates 770-840-0112

Metro Funding Corp

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 Mortgages/loans secured by real estate, all commercial property types and other fixed assets nationwide; Any property type, even raw land. Specializes in development loans that need to close quickly, loans from $1 million & up. 2-days for commitment. 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.

866-302-6360

Remington Financial Group, Inc 480-905-3239

Trilogy Commercial Lending 888-875-5055

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 x222 www.11multicorpfinancial.com

Blue Sky Commercial Funding

888-500-2583

www.bscfloans.com

Nationwide Commercial Lenders

800-830-5940 x1 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

Ciena Capital

800-722-5626

Pacific Mortgage Funding Corporation 562-864-4006

www.pacificmortgage.com

www.cienacapital.com

Pacific National Bank

305-539-7675

hwww.pnb.com

800-531-4589

www.picconefinancial.com

CIT Small Business Lending Corp.

404-244-4592

www.smallbizlending.com

PFA Capital, LLC.

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

Prudential Mortgage Capital Co.

888-263-6800

www.prumortgagecapital.com

Commercial Lending Capital

714-656-3943

www.clcnationwide.com

Quik Fund Inc.

813-671-0712

www.quikfund.com

Commercial Loan Capital

877-473-6984

www.clcloans.net

Reliant Funding

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

Commercial Mortgage City

954-854-6853

www.commercialmortgagecity.com

REM Capital

877-774-4240

www.remcapitalgroup.com

Commercial Mortgages 101

800-763-3036

www.commercialmortgages101.com

SF Partners Mortgage

305-774-0456

sfmortgagelenders.com

Community Commerce Bank

916-648-2680

www.ccombank.com

Small Business Loan Source, LLC.

512-215-2727

www.adelinerem.com

Cushman Rexrode Capital Corporation 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

714-680-7050 x113 www.swcfinancial.com

First California Bank

818-670-7688

http://www.fcbank.com

SWC Financial Corp.

Griffin Capital Funding

800-710-6762

www.ysploans.com

TCRM Commercial Corp.

212-371-3933

www.tcrmcommercial.com

Hawkins Capital

208-908-5596

www.hawkinscap.com

Terrace Capital

212-671-1031

www.terracecapital.com

HMC Funding

800-273-7001 x327 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

May 2009


LENDER & RESOURCE DIRECTORY

Lender & Resource Directory ACC Mortgage, Inc. WeApproveLoans.com Contact: Tim Boord Phone: 240-314-0399 ext 19 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

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

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

Applied Business Software www.TheMortgageOffice.com Contact: A.J. Poulin Phone: 800-833-3343 Email: aj@absnetwork.com

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

DocMagic www.docmagic.com Phone: 800.649.1362

EnTitle Direct Insurance www.entitledirect.com Phone: 877-936-8485

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

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

BRT Realty Trust www.brtrealty.com Contact: Mitch Gould Phone: 516.773.2712 Email: mitch@brtrealty.com

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

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

Credit Plus Inc. www.creditplus.com Phone: 800.258.3488 Fax: 800.258.3287 Email: beyondbundled@creditplus.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

Geraci Law Firm www.geracilawfirm.com (949) 379-2600

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

Green Credit Solutions www.greencreditsolutions.com Phone: 800-700-3040

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

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

Griffin Capital Funding www.ysploans.com Contact: John Berardino Phone: 540.548.1001 x 104 Email: johnb@ysploans.com

Halo Mac www.halomac.org Phone: (877) halo mac (425-6622)

KENNEDY FUNDING, INC. www.kennedyfunding.com Contact: Jonathan Weiner, Chief Loan Officer Phone: 1-800-342-8500 Email: info@kennedyfunding.com

46

May 2009

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 Contact: Rob Lonardo Email: RobCEO@MitigationOnlineConsultants.com Phone: 323-938-9300

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

Precision Loan Processing www.PrecisionLoanPro.com Phone: 703.743.9739 Email: Kristen@precisionloanpro.com

RateLink Phone: 800-938-5193 Contact: Tom Champion Email: tom.champion@ratelink.com

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


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"TheNicheReport is a national trade publication dedicated to wholesale and correspondent lending." 4900_KF_Generic_NicheReport_Ad

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HOW CAN WE FUND YOU? While other lenders have all but stopped lending, Kennedy Funding continues closing loans…and closing them fast. Our way of working has made us the nation’s leading direct private lender. We’re even closing loans for unusual situations that traditional lenders won’t even touch—how’s that for a twist?

Borrow $1 million to $100 million and more • 24-hour commitments • Close in as little as 5 days Commercial loans for land development, income producing properties, acquisitions, bankruptcies, workouts, foreclosures

Kennedy Funding is a registered trademark of Kennedy Funding, Inc.

Even in today’s twisted economy, we have millions to lend.

TNR - May 2009  

Feature Article Pigs, Puppets and People in Peril by Martin Andelman

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