April 2009
48
Present-Value "Mix-Shift" Issue 022 April 2009 TheNicheReport.com 16 The first available 'Forward Look' at house price movement. 23 Construction Costs Could Plunge 26 By as much as twenty percent this year. 13 A new referral building strategy for 2009. Credit Proofreading Land Financing in 2009 Four rules to follow.
description
The Niche Report - April 2009
Transcript of April 2009
Present-Value "Mix-Shift"
Issue 022
April 2009
TheNicheReport.com
16The first available 'Forward Look' at house price movement.
23 Construction Costs Could Plunge
26By as much as twenty percent this year.
13A new referral building strategy for 2009.
Credit Proofreading Land Financing in 2009Four rules to follow.
With the recent credit crunch crises, conventional funding has become more difficult for borrowers to obtain financing. The real estate industry has always been dependent on the ability of lenders to source loans.
We have several distinct messages that we communicate at our live event.
Mortgage brokers who want to broker hard money, are introduced to direct hard money lenders from all areas of the country.
There are many mortgage brokers who have an interest in becoming a hard money lender. We teach you
how to become a direct hard money lender and also teach you how to cre-ate an investment mortgage pool.
Marketing hard money for commer-cial and residential properties is a key element to your success. Quite frankly, nobody knows how to market hard money better than us. We show you a proven, time tested business model. There is nothing sold at the event.
Whether you are a broker who wants to originate hard money or have a desire to become a hard money lender, I can assure you that you will be shocked at the high level of content.
The Pitbull Mortgage School teaches you specifics not hypotheticals.
Here is a sample of what you will learn:• How to start and create a REG D
506 Federal Filing
• How to start and create a private placement memorandum (PPM)
• How to start and create a mort-gage pool
• How to start and create a fraction-al investment mortgage pool
• How to broker mezzanine and conduit loans
• How to start and create a hard money mortgage company
• How to ask the right questions of the borrower
• How to manage your borrower
• Where to place your loan scenario
• How to determine the real value of the property (the Pitbull Hard Money way)
• How to package and sell your loan to the investor
• How to broker raw land loans, hard money commercial projects, fore-closures, NOD’s and hard money real estate development projects
• How to assess an appraisal that will lead to funding the loan
• How to broker second mortgages and home equity lines of credit
• How to become a hard money lender
• How to broker commercial hard money loans
• How to broker hard money rehabs
• How to fund and broker home eq-uity lines of credit (HELOC´S)
• How to learn strategic technques of foreclosure training
Attend Leonard Rosen’s Pitbull Mortgage School
Now accepting enrollment for our Hard Money SeminarHard Rock Hotel & Casino - Las Vegas April 30th -
Reserve your seat today. Always sells out!
This is a one day event. April 30th at the Hard Rock Hotel and Casino 4455 Paradise Road, Las Vegas, NV 89169
Room Reservations at 800-HRD-ROCK. Individuals must identify themselves with Pitbull Seminars Inc. or PITK08B to receive the special group rate.Seminar will be held from 8am to 6pm . Followed by a hosted Networking Cocktail Party
Questions? Call 858-736-7788www.PitBullMortgageSchool.com
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6 April 2009
agency & FHa pg 35
JUMBO pg 36
PORTFOLIO & aLT–a pg 37
ReVeRSe pg 38
ManUFacTURed pg 38
HaRd MOney & nOn-PRIMe pg 39
cOnSTRUcTIOn/ReHaB pg 42
cOMMeRcIaL pg 43
nIcHe RePORTScOnTenTS Issue 022 April 2009
FOUndeR & PReSIdenT Robert Pegg [email protected]
cO-FOUndeR & PReSIdenT David Pegg [email protected]
edITORIaL / cOnTenT ManageR Kristen Moser [email protected]
cOPy edITOR Stewart Mednick [email protected]
accOUnTIng ManageR Shawna Ingram [email protected]
SaLeS ManageR Mark Moulton [email protected]
PROdUcTIOn ManageR Henry Suchman [email protected]
PROdUcTIOn aSSISTanT Dawn Exner [email protected]
adVISORy BOaRd Aaron Krowne President and CEO, IEHI, Inc.
cOLUMnISTS Stewart Mednick
cOnTRIBUTIng aUTHORS Joseph Andahazy Robert Barone William DiPaolo Mark Hanson George H. Marentis
Credit ProofreadingWILLIaM diPaOLOManaging parter, cogent road
A new referral building strategy for 2009.
13
Land Financing in 2009JOSePH andaHazyManaging principal Fair Market Funding, llc
Four rules to follow.
23
Construction Costs Could PlungeROBeRT BaROne R.a.principalivi international inc.
By as much as twenty percent this year.
26
Center Stage with RealEstateRoadKillUSATHe nIcHe RePORT
How 'dead deals' brought a mortage business back to life.
29SAFE Act and the Loan OriginatorgeORge H. MaRenTIS, J.d.president/ceo coMpliance Made siMple, llc
A step closer to uniform licensing.
21
dePaRTMenTS
16 Present-Value "Mix-Shift"MaRk HanSOn
The first available 'Forward Look' at house price movement.
09 nOTe FROM THe FOUndeR
10 caLendaR OF eVenTS
32 TIP OF THe MOnTH
45 LendeR & ReSOURce dIRecTORy
SUBScRIPTIOnS
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Published monthly by BODA Publishing, LLC PO Box 494, Bentonville, AR 72712 Phone: 866.964.2695 Fax: 703.991.2362 Email: [email protected] www.TheNicheReport.com
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We owe the MBA of New Jersey a huge THANK YOU! In March we attended the 26th Annual Regional Conference of Mortgage Bankers Associations as a vendor. It was held at the Trump Taj Mahal in Atlantic City, New Jersey. This was the show to be at for 2009. Not only did we share in the optimism with the large crowd of attendees, but the venue had an air of “anything goes” – one moment you’d be talking to new faces about their passion for the industry and the next moment you’re at a 24/7 bistro eating buckets of hot wings with new found friends at 4:00am – this conference was proof that time flies by when you’re having fun.
On another note, I mentioned in last month’s issue that I felt many mortgage brokers were making a transition into being bankers to remain competitive and relevant. Richard Russell wrote to us with a poignant description of how and why the broker is important and serves
as an excellent reminder of the noble work performed by mortgage brokers – read below for Richard’s “Letter to the Editor”:
Keep up the fight,
Robert Pegg
Mortgage brokering is an industry of small entrepreneurs who are helping friends and family live the American dream of owning real estate. For decades, brokers have filled the voids left by banks by bringing the money to the people. In the past, if a person wanted to buy a home, they went to a bank during banker’s hours and sat in a lobby hoping to see the vice presi-dent of lending. If they weren’t there, they were sent away and told to come back after making an appointment, or they were told to come back after they found a house so the bank could work with real figures. The potential buyer then would spend months looking at homes, fall in love with a home, make an offer, get it accepted and then proceed to the bank with much excitement. The banker would then tell that person he couldn’t afford the home due to his credit history, tax returns or lack of down payment.
Brokers became the advocate for these buyers by opening up the closed society of banking to the public. Brokers met with the buyers after banker’s hours. They talked in common vernacular, explaining how to work the system to fit their situ-ation. Brokers had the brilliant idea to figure out how much buyers could afford to pay before they would go out looking for a home. Brokers decided to save everyone the time and embarrassment and review credit reports, income and assets before a real estate agent or builder wasted any time with a po-
tential customer. This proactive, deal-making attitude endeared local brokers to their local real estate agent/building partners. Brokers brought a value to all; the customer had an advocate putting them into the home of their dreams in a way a banker couldn’t, and in the end, the banker/investor got an asset for their books with no hassle.
Before our memory fades, we need to see how the scrappy kid from the Bronx, Angelo the once President of Countrywide, assembled other scrappy, hungry kids from state colleges and built a great company doing all the things that those blessed with better educations and family bank accounts didn’t want to do. As the banks now became filled with confidence, the solid brokers remaining, like my company, The Richland Group need to remember Angelo’s lessons and find those areas where banks arrogance prevents them from succeeding and fill that need.
All the pending and final legislation pertaining to this industry has served a good purpose of weeding out those bankers and brokers who never understood their purpose in this business to begin with. We did. We are here to stay and sctively involved in the local governmental pursuit of this endeavor.
Richard Russell Richland Equity Resources Corp.
LETTER TO THE EDITOR
aPRIL 20-22NJAMB, New Jersey Licensing and Compliance Course, 3:00 p.m. - 6:00 p.m., Woodbridge Hotel and Conference Center515 Route 1 South & Gill Lane, Iselin, NJ 08830
aPRIL 21AAMB - Southern Chapter Luncheon - Joint Meeting w/ SAMLA, Viscount Hotel - 4855 E. Broadway, Tucson, AZ, Members - $20, Non Members - $25, RSVP to Rita Thomson-Zurita [email protected]
aPRIL 24CAMB - CAMB LAM, BOD Meeting Los Angeles Metro, 8:30 am - 10:00 am GB Mortgage Solutions, 407 S. La Brea AveInglewood, CA 90301, 310-590-1235
May 1CAMB - SV 2009 Trade Expo & Sales Conference Silicon Valley, 11:00 am - 5:00 pm http://www.siliconvalleycamb.com Contact Diana Liffengren, Chapter Coordinator, at 408-263-3555 or [email protected]. Wyndham Hotel, 1350 No. First St., San Jose, CA 95112.
May 5FAMB - Space Coast - Ethical Mortgage Brokering, Florida Fair Lending - 4 CEUs 10:00am - 2:00pmEthical Mortgage Brokering - 3 CEUs 2:30pm - 5:30pmHoliday Inn Express, 301 Tucker Lane, Cocoa, FL
May 6CAMB - SDNC CAMB Board Meeting San Diego North County, 6:30 pm - 7:30 pm San Diego North Countyhttp://www.sdnccamb.com
May 7CAMB - (GMBA) Board Meeting Greater Monterey Bay Area,12:00 pm - 2:00 pm Watsonville Hospital Conference Room
May 7FAMB - Miami - Reverse Mortgages9:00 am - 1:00 pm, 4 Credit HoursDouble Tree Hotel, 777 NW 72 Ave, Miami, FL
May 7FAMB – Miami Trade ShowDoubletree Hotel & Merchandise Mart, 777 NW 72 Ave, Miami, FL 33126
May 12AAMB - Southern Chapter Luncheon Viscount Hotel - 4855 E. Broadway, TucsonMembers - $20, Non Members - $25RSVP to Rita Thomson-Zurita [email protected]
May 12FAMB - Central - Detecting and Avoiding Fraud, 1:00 PM - 5:00 PM - 4 credit hoursBahia Shrine, 2300 Pembrook Dr, Orlando, FL 32810
May 13AAMB - Central Chapter Luncheon, 11:30-1:00The Hilton Garden Inn, 4000 N. Central Ave.(just w. of central on Clarendon)
May 13CAMB - SV BOD Meeting Silicon Valley, 9:00 am - 11:00 am http://www.siliconvalleycamb.com SCCAOR, 1651 No. First St., San Jose, 95112. Visitors are welcome. Please rsvp to Chapter President, Cathy Warshawsky at 408-371-2172 or [email protected]. 408-445-8500, x5087
May 13CAMB - CAMB SD BOD Meeting San Diego, 5:00 pm - 7:00 pm Karen Satterwhite, http://www.cambsd.org/ Stewart Title of California, 7676 Hazard Center Rd., 14th Fl., San Diego, CA 92108
May 14FAMB - Gulf Coast - The Ultimate Voice of Closing, 1:00 PM - 5:00 PMA Course Covering Title Insurance - 4 credit hrsFeather Sound Country Club, 2201 Feather Sound Dr, Clearwater, FL 33762
May 15-17FAMB - 24hr Pre-Licensure – BrowardMay 15-16, 8:00 a.m. – 6:30 p.m.May 17, 8:00 a.m. – Noon Webinar Review - Friday, May 22, 2009 2:00 p.m. – 4:00 p.m.Embassy Suites Ft. Lauderdale, 820 E. Busch Blvd, 1100 SE 17th St. CausewayFt. Lauderdale, FL 33316
May 15-16FAMB - Relay for Life, Bay Meadows Regional Park, Jacksonville, FL
May 20FAMB - Broward - Navigating Interstate FS 4941:30 pm - 5:30 pm - 4 credit hoursNavigating Interstate FS494Dave & Busters, 3000 Oakwood Blvd, Hollywood, FL
May 21FAMB - Jacksonville - The Ultimate Voice of Closing,1:00 pm - 5:00 pmCovering Title Insurance- 4 credit hoursMarriott Hotel, 4670 Salisbury Rd, Jacksonville, FL
May 21FAMB - Suncoast – RESPA1:00 pm - 5:00 pm, RESPA - Understanding the Law & Disclosures - 4 credit hours Members may bring a Non-Member for free to this seminar. You must use the mail in registration form to do so.Osprey Inn, 1660 S. Tamiami Trail, Osprey, FL 34229
May 21FAMB - Suncoast Trade ShowOsprey Inn, 1660 S. Tamiami Trail, Osprey, FL
May 22CAMB - CAMB LAM, BOD Meeting Los Angeles Metro, 8:30 am - 10:00 am GB Mortgage Solutions, 407 S. La Brea Ave, Inglewood, CA 90301, 310-590-1235
May 26FAMB - Southwest - FHA Underwriting & Processing, 1:00 pm - 5:00 pm- 4 Credit Hours, Beacon Executive Suites, 8359 Beacon Blvd, Fort Myers, FL
caLendaR OF eVenTS
10 April 2009
upcoming key dates & events: aPRIL & May
aPRIL 2009
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(800) 350 7199 ext 103 · bismarkmortgage.comLoans made pursuant to Department of Corporations. California Finance Lending License No. 6037655. Arizona Mortgage Banker’s License No. 902780. Provided to mortgage professionals for information only and not intended or authorized for consumer or public distribution. Licensed by the New Hampshire Banking Department. Rates and terms are subject to change.
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TheNicheReport.com 13
My first job out of college back in 1988 was selling copying machines out of
the back of a van. It was brutal sales work that consisted of an endless cycle of door knocking, lugging copi-ers into businesses, making copies and hauling them back to my van. Rarely, somebody bought one; and oh, what
a feeling!But it was nothing like the feeling I received when my
phone would ring with a call starting like, “Jack over at Mesa Electric said I should talk to you about a new copier.” It was a referral from a past client. God bless Jack.
Selling to referred clients is radically different than selling to cold prospects. Referred clients waste no time christening you with acknowledged titles such as “the product expert,” “trustworthy consultant,” or even the near knight worthy, “my problem solver.” These titles I wear proudly and make the referred sales call glide toward a signed order.
After my first year in sales, Jack and people like him, helped me sell more copiers than 98 percent of the company’s 900 sales people. Referrals work well when I can consistently generate them, and while copiers are nothing like mortgages, credit proofreading may be the best referral generating opportunity your mortgage business has ever had.
To make real money with referrals you need a system. You must modify your current prequalification process to include a strategy that will make every client want to refer friends and family to you. Every client should leave
your office feeling fortunate to have used your services and knowing they may have lost out by going with someone else. These applicants become the best kind of sales person the world has ever known: the payroll-free power referrer.
You can build a healthy mortgage business when you stop trying to find all the prospective borrowers yourself. Right now, consumers are arranging mortgage loans with people they don’t know, have never heard of and met randomly. These people should be calling you at the request of a friend or family member you’ve helped in the past. Let your competition buy the leads, work the phones and sell to strangers. You on the other hand, will service the needs of the people who call you; people that want credit proofreading… people sent to you specifically by your power referrers.
Before I describe the referral generating system, I must explain credit proofreading and why it’s important to your applicants. To do this, imagine your next applicant sitting across from you, nervous and waiting for you to put a loan together; a loan wholly influenced by the credit report. While you’re thinking about the credit report, imagine it as a photograph; a picture of your borrower’s credit profile at that specific moment in time. It is this credit profile snap shot which determines the financial terms, favorable or not, your applicant receives. Wouldn’t it make sense to ensure the credit profile is photo-friendly before it is used for qualifying? Why not say something like, “Before we look at loan options, my system will proofread your credit profile to ensure it is optimized and accurate, so your credit report gives you the most borrowing power possible.” Wouldn’t your applicant’s jaw just drop to the floor?
cRedIT PROOFReadIng
By WILLIaM dIPaOLO
A new referral building strategy for 2009
Credit profiles ebb and flow continually as credit data is added and removed. Like an ameba with no defined form, the credit profile grows over time to resemble the data it contains. Unable to discern data quality, the credit profile may grow flabby, collecting bad information or even wrong data entirely. The real insidious thing is that credit reports produced from credit profiles rife with bad data exhibit no symptoms. It is likely that even if you poured over every line of the report you’d never suspect anything was wrong, neither would your borrower,and nor would the FICO scoring algorithm, which happily crunches up erroneous data from these wheezing, out-of-shape credit profiles and cranks out a credit score with weaker than normal borrowing strength.
I think it is fair to say that most mortgage originators enter a name, address and social into their credit system, cross their fingers and press order. Then they wait three to five seconds for the FICO scores to show up. While many have mastered a comforting smile while simultaneously recovering from a sub 600 FICO gut punch, I would say most never entertained that some of these scores may be lower than normal because they were calculated using
inaccurate and/or non-optimized data in the borrower’s credit profile. Because it never crosses their minds, originators work with the scores they’ve received and either place the loan or send a polite decline letter.
I performed a quick Google search to see if I could find any statistics regarding how many credit profiles contain data errors. On the first page I found a June 17, 2004 article on CNNMoney.com that stated, “twenty-five percent of credit reports contain errors serious enough to deny consumers access to credit.” This means one of your next four applicants may be denied because the credit score was wrongly lowered by errors. Unfortunately, these aren’t the only types of errors deflating FICO scores; there’s another more damaging type that’s harder to detect.
If credit data errors weren’t enough to make you question credit score accuracy, I will pile on a concept called “credit use” errors. This means that if your applicant uses his credit cards improperly, the credit score gets hammered. This is tricky because no guide or reference material exists to teach consumers the best way to use their credit. It’s analogous to a dog first learning the boundaries of an invisible fence. Actually, it is more like a blind dog because the poor thing has no idea why life keeps shocking the daylights out of him.
Credit use errors often appear in different forms, which make them hard to detect. Worse, consumers seemingly making good short-term financial decisions inadvertently commit blaring credit use errors and never realize it. For example, consider the woman in line at a retail store. During checkout the clerk robotically asks if she’d like to save an immediate fifteen percent by putting her purchases on a new store credit card. Since her purchases total $350, this seems an effortless way to save $50. Zap! She’s just committed a heinous credit use error by adding a low-limit, maxed-out credit card to her profile. FICO hates that and punishes her score accordingly. Ironically, the guy in line behind her goes and does the very same thing. No zapping. FICO likes the new card in his profile. Go figure.
Then there’s the couple so protective of their credit scores they use only two cards, and paid off both vehicles early, clearly demonstrating they take credit seriously. Only problem is: Zap!
Did you just receive a zero percent credit card and want to save money on interest payments by transferring your outstanding balances? Zap!
Do you like to rack up frequent flyer points by using
your American Express card instead of the other three cards in your purse? Zap!
In my experience with millions of credit files, at least seven out of every ten individuals are using credit in ways that needlessly lower the credit score without even realizing it. Some people have too many credit cards and others not enough. Some have credit balances too high, and others not high enough. So 70 percent of your applicants will attempt qualifying using scores infected with credit use errors.
Back to the matter at hand, building referrals and the system I promised that will develop your dedicated army of power referrers. As a copier salesman, I consistently generated referrals because the prospect felt that if he hadn’t worked with me, he would have lost out. It didn’t matter the size of the account or company, my process was always the same. I’d begin by questioning not just the decision maker but also other people who would use the copier. During demonstrations, I would bring in a machine, set it up and help people do their copying efficiently on the new system. I also used doughnuts generously. After the sale, I would drop in, (with more donuts), and ensure they were happy. Before I left I would thank the decision maker for the confidence she placed in me and ensure that I would provide the same level of support to anyone she referred. She did refer me. because my sales process was different and memorable. You have a much better referral generating opportunity with credit proofreading.
To offer credit proofreading you’ll need software that automatically detects any hint of “data” and/or “usage” errors within a credit profile. Without any input from you, the software diligently scans, or proofreads, an applicant’s entire credit profile each time you order a credit report. Proofreading results are neatly categorized by the type of error detected, with credit usage errors separated from the data errors. Once detected, these proofreading tools tell you exactly how to fix the errors and how many more points you will gain by doing so. With the help of a credit reporting agency with solid rescoring experience, you can translate your proofreading results into higher credit scores in just three days.
I must make a distinction between closing the loan and generating referrals. Yes, obviously credit proofreading will help you legitimately raise scores and close more loans, but that is the subject of another article entirely. We are talking referrals here, and discussing a system for generating them consistently and in high numbers. When you position credit proofreading in a way that presents you as a qualifying
expert, you are moving down the referral runway. Take it the next step and demonstrate that you can improve credit health in just days and have the technology to back it up; soon you will have a high-flying, referral generating system.
You are rewarded with streams of referrals when your sales process consistently makes clients feel favored, respected and important. Credit proofreading performs this beautifully because it positions you as an expert advisor in a financial area of your applicant’s life in which he or she understands very little. True, people understand that high credit scores mean saving money on interest and down payment amounts. What are the multitude of factors used to generate these credit scores? I do not have a clue. And customers have no inkling that improper credit use or bad data may be mucking up their credit scores; that is until they work with you.
The hidden strength in the credit proofreading strategy, as a referral building system, is that it works equally well with both your qualifying and non-qualifying applicants. Regardless, when you review the errors in a credit file, the points lost as a result, and how you can recapture those points in just three days, you’ve just become their financial advocate. Even in the unlikely event that proofreading finds no errors, simply pointing out that you’ve detected a clean credit profile works well. People are concerned with every detail of their financial life and their personal credit profile becomes the one financial area in which only you can help. Whether a loan materializes or not, every applicant leaves your office knowing you possess the tools and expertise to ensure their optimal credit health. Since healthier credit profiles often mean higher credit scores, your customers will go out of their way to send you their friends and family members as referrals.
So, the next time you qualify an applicant for a mortgage loan, pause and think about transforming him or her into your next power referrer. Take a moment to discuss the credit proofreading results and why they are important to your applicant’s financial well being. Might someone pay too much for a mortgage because of an unhealthy credit profile? Not on your watch.
William DiPaolo is managing partner of San Diego-based Cogent Road, makers of Funding Suite®, Business Spaces™ and other Internet-based applications for the mortgage industry. DiPaolo can be reached at 858.824.9231 or [email protected].
TheNicheReport.com 15
Present value 'Mix-Shift'
By MaRk HanSOn
The First available 'Forward Look' at house price movement
Housing is close to ‘bottoming’ but only in the headlines. The truth and the ‘reported’ national, statewide and MSA housing statistics are com-
pletely different stories. Most are affected by the headlines but make wise decisions and real money by knowing the facts. These new data sets highlight the facts.
Based upon our research, we saw that median house prices were very close to ‘bottoming’ a couple of months ago. Then February California (CA) house prices did bottom as reported by DataQuick on March 19th (http://dqnews.com/Articles/2009/News/California/RRCA090319.aspx).
When the national February Existing Home Sales headlines are released the week of March 22nd they
should also show a much smaller fall in median prices than February’s number did -- perhaps even a leveling out of prices at least in the entire Western Region. But this does not mean the housing market is improving. On the contrary, due to most of the existing sales are resulting from the foreclosure stock, it means conditions are worsening in the mid-to-upper end.
WHaT IS PReSenT-VaLUe ‘MIx-SHIFT’Our research is based upon mortgage defaults and
foreclosures. Defaults are a very leading indicator of ‘everything housing’ while actual foreclosures – a byproduct of defaults – have more of an immediate impact on supply and prices. For months I have been closely watching all loan defaults and foreclosures for a shift in the loan-level
detail – specific loan types, loan amounts and UPB’s. My thought was that when higher paper grades/loan amounts go through their respective ‘implosions’ and the higher value property values attached to the loans resell, it will push up median prices and cause the housing head-fake of the century. Although the housing implosion did swim up-stream in 2008, average original deed-of-trust amounts on defaults and foreclosures did not rise that much throughout the year; certainly not enough to offset the house-price depreciation.
With most of the foreclosure-related sales being from the lower-priced Subprime stock, median values have been pushed down fast. We have yet to see large numbers of higher original loan amounts/paper grades make it all the way through the foreclosure and resale process due to the lengthy foreclosure timeline. From the time a borrower gets a Notice-of-Default -- after three to four months of missed payments -- to the time the home is taken back at foreclosure can be seven to ten months. Then, the resale cycle can take another three to six months. Therefore, a foreclosure-related resale that goes off today may have been from a first payment missed in 2007 – the heart of the Subprime crisis. Because of this, most have not been able to catch much of a glimpse of anything in the ‘default and foreclosure mix’ that would push up house prices, especially if it is looking at specific loan-level detail as I had been.
At present -- in California and most other bubble states – the majority of total sales are foreclosure-related with organic sales (Ma and Pa Homeowner) being at the lowest levels on record. In my opinion, organic sales are one of the most important metrics of the true health of the housing market but that is for a different story. It is the massive group of foreclosures and subsequent REO resales that most influence future median house prices. Never before in history have we seen the majority of properties for sale being controlled by so few entities – the banks and servicers.
ePIdeMIc negaTIVe eqUITyEpidemic negative equity is another reason why
looking to loan-level detail for a mix-shift comes up short. With present values down so much and depreciation so volatile from city to city, loan level detail is virtually useless. In its latest CA monthly foreclosure report our data partner -- ForeclosureRadar -- highlighted the problem:
the average property sold at auction in Feb had $201,052 in negative equity, based on an average value of $250,030, $422,349 in loans, and an additional $28,733 in negative amortization, interest and fees. The average foreclosure a year ago had $69,529 in negative equity, based on a value of $378,578, loans totaling $423,111 and negative amortization, interest and fees or $24,997.
RISe In PRIceS WILL Be caUSed By MORe HIgHeR-end FORecLOSUReS
Despite positive, potentially market-moving headlines about the end of the housing crisis that may accompany a ‘reported’ median house price stabilization or slight move higher -- ultimately it will be caused by a collapse in higher-priced properties going through their respective ‘implosions’. Obviously, on a macro-economic level this is a very bad thing. The consequences of body-slamming the mid-to-upper end earner/homeowner at this point in the economy’s fragile state are unknowable.
Bottom Line - The present value of the massive pool of properties in the foreclosure process -- that make up 60% of total sales in California – most influence reported median house prices. Therefore, tracking the real-time present value of properties throughout all stages of the foreclosure process should be the best indicator of future reported house prices near and long-term. As the foreclosure mix shifts to mid-to-upper end houses presently in the foreclosure pipeline, it will push up reported median house prices making is seem as the market is bottoming.
caLIFORnIa HOUSIng MaRkeT - deTaILed cHaRTS HIgHLIgHTIng PReSenT-VaLUe MIx-SHIFT
The following reports show average present values of California properties at specific foreclosure stages highlighting the REO stage as the most important. When the bank buys the property back at the courthouse steps, which happens in the majority of cases, it goes into the REO resale pool and is sold through a real estate agent. This counts as a comparable sale and effects similar house prices in the appraisal zone. The reports below are California statewide but can be sliced and diced down to MSA or even street level giving a much clearer picture of future house prices for specific purposes.
REO - Most Important Stage - The chart below shows the monthly aggregate average present value of all actual foreclosures that have become REO. Present values of properties at this stage are still falling especially in the
TheNicheReport.com 17
lower value tranches, but at a much slower pace – this is due to more mid-to-upper end houses entering the mix. From here, these properties may go straight to the Realtor network and be only one to six months away from final resale. With virtually flat pricing for the past four months, this likely portends at least a temporary fall in median house prices in the state of California. Properties in this foreclosure stage will have the most impact on house prices in the near-term.
The following chart cuts all foreclosures into multiple present value tranches in order to track more closely, exactly what is happening within the mix. The percentages on the left side of the chart clearly show the mix-shift of property values entering the resale stream over time. The lower value tranche(s) is still expanding which will have the effect of pushing down median house prices. With the sales cycle anywhere from one to six months, this gives a great forward indication of the direction of reported median house prices.
NOTICE-OF-DEFAULT – Very Leading Indicator Stage: The chart below shows the monthly aggregate average present value of all Notice-of-Defaults (NOD) – the first foreclosure stage. Prices are rising for the first time due
to higher priced homes entering the stream. This may be the earliest look available of ‘present value mix-shift’ as the average price here is 10 percent higher than at the REO stage shown previously. But from here the properties are five to seven months away from foreclosure and perhaps over a year away from being resold to a private party. Properties in this stage of foreclosure will not have any impact on house prices in the near-term.
The following chart cuts all Notice-of-Defaults into multiple present value tranches in order to track exactly what is happening within the mix. At the NOD phase the mid-to-upper end present value tranches are now expanding.
Mark Hanson is a 20-year mortgage banking veteran, specializing in wholesale and correspondent sales and sales/operations management and bringing financial institutions into new lending markets. For more information in our default/foreclosure related research including real-time mortgage default, foreclosure and loss tracking across large-named publicly traded companies please email Hanson at the address below. [email protected]. Analysis by Mark Hanson, Field Check Group Real Estate & Finance. Data in partnership with ForeclosureRadar.com
18 April 2009
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This article is intended to outline the requirements of the SAFE Act and its impact
on the lending industry. The SAFE Act is part of the
Housing and Economic Recovery Act of 2008. All states must have a loan originator licensing and registration
system in place by August 1, 2009 or August 1, 2010 for legislatures that meet biennially. If a state fails to meet the federally mandated minimums and the state is not participating in the Nationwide Mortgage Licensing System and Registry (NMLS&R), the U.S. Department of Housing and Urban Development (HUD) will step in and implement a licensing system for the state.
PURPOSe and InTenTThe purpose of enacting the SAFE Act is to provide
uniform licensing standards nationwide, create a comprehensive licensing database, improve accountability and tracking of loan originators and enhance consumer protection.
WHO IS IMPacTed By THe SaFe acT?All loan originators, whether working for a mortgage
broker, lender or depository institution fall under this Act and will either need to be licensed or registered and provided with a Unique Identifier number.
Loan originators are defined in the Act as “Any individual who takes a residential mortgage loan application, assists the consumer in obtaining or applying to obtain a residential mortgage loan or who offers and
negotiates terms of a residential mortgage loan”. However, an individual who performs administrative, clerical tasks or real estate brokerage activity is excluded from the definition.
IS a LIcenSe OR RegISTRaTIOn ReqUIRed?Whether a loan originator will be required to be
licensed or be required to register will depend on whether his or her employer is a depository institution or not. All loan originators who are employed by a mortgage broker or lender (non-depository institution) will be required to obtain a state license. Loan originators employed by depository institutions will need to register as a registered loan originator.
UnIqUe IdenTIFIeRRegardless of the License type, all originators will be
assigned a Unique Identifier number which will remain with the loan originator permanently. The Unique Identifier will allow for the electronic tracking and uniform identification of the loan originator and all loans originated by that originator, regardless of who employs him or her.
WHO IS nOT ReqUIRed TO Be LIcenSed OR RegISTeRed?
The SAFE Act does not require an individual who is: (1) only performing clerical tasks for the lender, (2) acts solely as a real estate agent in the sale of the residence, and (3) those employees whose function is as a loan underwriter or loan processor.
SaFe acT and THe LOan ORIgInaTOR
By geORge H. MaRenTIS, J.d.
A step closer to uniform licensing
TheNicheReport.com 21
ReqUIReMenTS FOR a LIcenSe All applicants who are seeking to be state a loan
originator must successfully complete a background check which includes providing fingerprints for submission to the FBI and any other governmental agency authorized to receive such information for the state. An applicant must provide personal history, experience and authorization to the NMLS&R to pull credit on the applicant and obtain any other administrative, civil or criminal findings.
Additionally, in order for the loan originator to obtain the license or registration, the loan originator must:
(1) not have had a loan originator license revoked from any jurisdiction;
(2) not have any felonies within seven years of the application date;
(3) have no felonies related to fraud, dishonesty, breach of trust or money laundering;
(4) demonstrate financial responsibility, character and general fitness such as to command confidence in the community to show the loan originator will operate honestly, fairly, and efficiently under the SAFE Act;
(5) complete at least 20 hours of pre-licensing education;
(6) pass a written test with a score of 75 percent or better covering ethics, Federal & State Law & Regulations, fraud, consumer protection, nontraditional mortgages and fair lending;
(7) meet either a net worth or surety bond requirement or pay into a state fund.
LIcenSe ReneWaLSIn order to renew a loan originator license, the loan
originator must maintain the minimum standards required to qualify for a license. Additionally, the loan originator
must successfully complete on an annual basis eight (8) hours of continuing education. Note: a continuing education course can only be used in the year in which it was taken and the same course cannot be taken in subsequent years for credit.
ReqUIReMenTS FOR RegISTRaTIOnThe SAFE Act requires employees of depository
institutions and their subsidiaries who meet the loan originator definition to be registered as loan originators.
As a requirement for registration, a loan originator, at a minimum provide to the NMLS&R, fingerprints for submission to the FBI and any other governmental agency authorized to receive such information for the state for a background check. Additionally an applicant must provide personal history, experience and authorization to the NMLS&R in order to obtain any administrative, civil or criminal findings.
WHaT aRe THe STaTeS gOIng TO dO? At a minimum, the states need to enact legislation
to comply with the SAFE Act. There are many states that already have some form of licensing requirement in place, but many don’t have all the requirements outlined in the SAFE Act such as net worth and surety bond requirements. Thus, existing licensees may not be compliant and be subject to additional burdens.
As food for thought, the SAFE Act sets minimum standards that must be in each state’s licensing legislation. There is nothing that would prohibit a state from creating requirements more restrictive then the minimum standards.
George H. Marentis is President/CEO of Compliance Made Simple, LLC, a company that provides licensing and compliance related services to the mortgage lending industry nationwide. For more information see www.compliancemadesimple.org or call 303.859.8550. Mr. Marentis has a Juris Doctorate and over 15 years of mortgage and banking experience ranging from frontline operations, originations to regulatory and legislative compliance. Information provided in this article is not intended to be legal advice and is informational only.
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Ok, let’s talk about financing land in today’s environment while everybody is in the
stimulus mode. Hey, is that possible? I received a call from Russell Ward, who asks me to write about land financing for his newsletter Vacant Land Guide www.vacantlandguide.com. I tell him it’s been awhile since anyone asked me
to help him finance land, but in the name of all the great financial wizards getting away with a bonus package, I sub-mit to you a lexis of great wisdom.
First, I am a scavenger of information on anything related to financing real estate. I spend hours online, on the phone, read several newspapers with eyes and ears locked on the message. I’m a networking fanatic and in doing so, clients come to me for loan counseling, loan packaging services, writing executive summaries, refining business plans, negotiating terms with lenders and in general, posture them favorably to increase their chances of capturing an acquisition or refinance loan program.
Let me share with you some of my experiences related to financing real estate to help you in your search for a rural land or farm loan. Banks are being exceptionally careful about rural lending, specifically, acres of rural property. Four years ago, lenders would lend to almost anyone. Walking in the front door of the bank with your John Deer hat on was probably more than enough to qualify. But today, things have changed. Banks and lending companies are not interested in talking to you about land loans. Most common response, “Unless you’re putting 50 percent down, forget it”. Now I’m not saying you can not find a lender to finance land at a more leveraged position, it’s just that the requirements have become more comprehensive and lenders willing, have dwindled.
Mark Twain once said, “Buy land; they’re not making it anymore.” So the best way I can help you capture a land loan in today’s questionable market is to give you some rules of engagement to optimize your success.
Rule #1. Do your research. Jump online and start looking for lenders who specialize in land financing in your state and the surrounding states. Lenders prefer to work in their own backyard. Most offer informative loan information regarding rates and programs. Read everything they have to say on all pages. I have found good information and resource contacts in the FAQ log, the BLOG text, in testimonials and posted news articles. However, just be aware you may be reading old information. I have also discovered some lenders do not update their web site data very often. Some are even out of business, but their web sites are still accessible. So if you find a great site, call them to make sure they are in business. If they are, ask to speak to a loan representative to pre-qualify your request as it fits into their lending criteria.
Most sites thoroughly provid not only loan data, rates and fees, but they also have specific forms to download. Some lenders are anal about using their forms. Some will not even look at your deal unless it has been submitted appropriately on their electronic stationery. I’ve compared forms from different lenders. Most are very similar and basically ask the same questions, but learning to play the lender’s game and following their protocol will expedite the process.
Rule #2. Provide a Complete Loan Package. I can’t tell how many times I’ve provided a list of required documents for my clients to send me, and when it arrives, it’s incomplete. When asking for the most recent two years personal and corporate Tax Returns, this is mandatory to be followed. If asking for a Personal Financial Statement, the whole form needs to be completed! Some customers do not even bother
Land FInancIng In 2009
By JOSePH andaHazy
Four rules to follow
TheNicheReport.com 23
to sign where it says SIGNATURE! I have had clients tell me, “Oh you really don’t need that do you?” or “Is it necessary to pull our credit reports?” Yes, all this is necessary.
Now if the customer is purchasing three to ten acres in the country to build out a mini-farm, then the standard Fannie Mae form 1003 and a few disclosures, which are typically used to purchase or refinance a home, will suffice. It is pretty easy and the bank or lender can provide the forms.
However, if the customer is seeking a multi-million dollar acquisition or refinance loan, and is operating as an entity [corporation, LLC etc.], you will need to package the loan application more professionally. Large loan requests typically originate from businesses operating the land for timbering, crop farming, raising livestock or some agri-business. Therefore, lenders require specific documents such as Executive Summary, Business Plan, YTD Operating Financials, Profit and Loss Projections, Areal Photos, Environmental Reports, Due Diligence Studies, Construction Estimates and any supporting evidence depending on the business, loan purpose and location.
The lesson here is the request for financing and the loan submission documents are specific. They are a reflection of the customer and how he or she manages their affairs. If the loan is not packaged properly, no lender will give approval any consideration. The famous saying, “you can take it to the bank,” will not apply if you’re loan package is not complete.
Rule #3. Don’t have time to package your loan properly? – Get Help. (this article was originally published for the consumer audience. As such, this section is written toward an inexperienced audience in the lending realm; the focus audience has been altered for the more experienced lending audience.) A good loan originator from a lender or bank will help the customer along the way. It is also true all good loan officers have a support system behind them including a sharp processing and underwriting staff. However, loan officers are also focused on working other loans in their pipeline and searching for new business as well as servicing the current client. Know this… if your client leaves it to chance that you are looking out for their best interest all the while being drilled for the lowest rate and fees, then what would be expected to receive in return? I realize everyone thinks they deserve the best deal and should debate all aspects of the loan offer. However, think of it this way, if the client wants the loan approved fast and done right, wouldn’t it be justified to pay a reasonable fee for top service?
What if the financing fell through at the last minute and now the seller tears up the sales contract, keeping the client’s
24 March 2009
earnest money? Now the customer lost the land he or she so desperately wanted. You’re out. Don’t let the client take the chance of losing the deal because the loan package was given sub-par service. If you don’t have the time or the resources to package the loan properly, especially on large, high dollar commercial loans, then would it not make sense for the customer to retain the services of a professional real estate finance loan consultant?
Rule #4. Consider Alternatives to Bank Financing. There are alternatives to financing land as a source of capital to use as down payment or total cash purchases. You can access capital to fund a land purchase from a financial tool called a Self-Directed IRA. Since the client is the owner of the IRA, he is in complete control of its investment purpose.
Another source of capital may come from other investors seeking to execute a 1031 Tax Exchange. Investors may consider joining in on the ownership as a silent partner. They get the tax advantage of executing the 1031 exchange, and the client can access the cash needed to purchase the land. However, co-ownership of the property will need to be accepted.
Farm Credit Cooperatives offer favorable terms of 20 years and 30 years. Unlike banks and traditional mortgage
lenders, these lending institutions are owned by all the borrowers in the portfolio themselves. A more popular and growing alternative is asking the seller to finance the purchase on a short term basis. The owner may not need all the proceeds right away and earning an income from holding a note may be attractive to him or her. Plus, there are no lender underwriting guidelines that apply.
A client is most likely to choose a lender who is knowledgeable and experienced in financing rural real estate. A lender who can offer guidance on agricultural-use tax exemptions, conservation easements, environmental factors and insurance sources that an out-of-state lender might not, is most favorable. A local lender will be familiar with land values and comparable real estate sales prices in the area, and that could result in a faster loan closing.
You have now been stimulated.
Joseph Andahazy is an independent real estate financing consultant and the managing principal of Fair Market Funding LLC located in the Washington DC marketplace. Andahazy contact information is: www.fairmarketfunding.com 703-879-1828 email: [email protected]
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Without a doubt, the scar-city of new construction financing, the skittish
mood of project sponsors, and the discomfort of developers and inves-tors to begin or move forward with new building projects, have com-bined for an overall bearish sentiment in the real estate business. During
the past six months, for instance, IVI International, Inc. has been tracking the drop off in new construction – and it seems like activity has come to a complete stop.
Numerous projects have already been canceled; including many that were previously viewed as solid deals. As a result, the cost analysts have had very little hard information with which to measure the effects of the slowdown on construction costs.
But the question of construction costs is a critical one for any sponsor, and their stakeholders who want to understand when it will be viable to resume building activities. For one thing, when falling construction costs align themselves with lower property valuations and some semblance of positive or even flat absorption, investors and developers would once again see that the market is in equilibrium and begin to get comfortable with moving forward on new or canceled projects.
But for many of these skittish real estate and construction professionals, finding answers to the burning question of where overall direct costs stand today has been illusive at best. That said though, construction costs
could come down by as much as 20 percent over last year's levels. And to understand why, one would have to understand some of the reasons costs escalated as much as they previously did in the first place.
SO WHaT HaPPened?Some fairly obvious items caused the run up during
the now stalled real estate construction boom cycle. These included cost increases in petroleum and petroleum-based materials, a constriction in the supply of materials coupled with excessive demand, and a lack of available skilled labor and management personnel.
First, few developers and investors were fully prepared for the run up in oil prices when the commodity (which could drive as much as 25 percent of any construction project's cost) hit an all-time high of over $147 per barrel last summer. The result was a major realignment of cost, and every item ranging from PVC plastic pipes, to copper, steel and other related energy intense materials began to impact costs and the exit strategies of many construction sponsors. This made lenders even more skittish, and served to finally bring the once venerable construction train to a grinding halt.
Next, the runaway construction and real estate investment train placed such heavy demands on limited materials supply that prices were driven up by mere supply/demand economics during the previous three years or so. Double digit cost increases over a period of just a few months were not uncommon. At one point some developers found the price of materials were rising
cOnSTRUcTIOn cOSTS cOULd PLUnge
By ROBeRT BaROne, R.a.
By as much as twenty percent this year
26 April 2009
so quickly, that it made sense to stock up on supplies well ahead of when they would actually be needed for use. This type of construction materials hoarding led to more constriction of construction supplies, and of course, even higher costs.
Compounding these reasons was the mother of all construction cost drivers – the rising cost and dwindling supply of available skilled labor. Because experienced workers at the time were in short supply, this eventually reduced the efficiency and productivity of construction crews.
Unionized workers were actually being paid above scale to entice them to work on the larger projects, according to some IVI findings. The analysts found for instance, that many younger staff members were being promoted to fill voids in the shortage of experienced workers. These moves led to numerous project management and administration problems.
An oversupply of bidding opportunities led to a reduced pool of job bidders, with many large projects unable to draw sufficient response from qualified bidders. Or, on the other hand, it led to contractors just throwing high bids at projects; some may just happen to stick in what was an overheated market. This too, drove up costs and caused project delays with little recourse for sponsors, general contractors, and their financing backers. IVI found that this inefficiency allowed some subcontractors to charge very large margins - sometimes reaching in excess of 25 percent.
cOSTS aLReady FaLLIngArmed with this backdrop, one can see how costs
would be coming down in today's environment. Most of these problems will be resolved by the reduction in available work alone. But one area where costs will not be coming down that quickly is in the union work regions. These contracts include specific wage and productivity rates, and while this may change over time, it remains a major sticking point for many project sponsors.
Today, some of the stronger owners are pushing the unions for wage and productivity rollbacks. In fact, IVI is currently working on several large projects that are stalled just to work through some of these wage and cost reduction issues. The sponsors and their financing backers in the project are targeting as much as a 25 percent cost savings over a year ago levels. While this may sound
aggressive, it is indicative of how the momentum has shifted to the side of developers, investors, and anyone who is moving forward with construction in the current environment. IVI is also seeing developer-initiated ‘claw-backs’ against general contractors in places like the Las Vegas market.
For projects that are being bid right now, IVI is seeing a cost pullback of 10 to 15percent. Most of this pullback is related to the immediate reduction in subcontractor margins, and productivity increases. These productivity increases will largely come from a stronger, readily available pool of experienced labor and management.
In time, material pricing will surely decline. There has already been a construction cost decline of almost eight percent in the last quarter of 2008 alone. As a result of falling labor and material prices, and the highly competitive push in the market, the industry could see as much as a 20 percent drop in costs over last year's levels. But unfortunately, this will not show up in the published cost indexes. These widely followed, but sometimes skewed indexes only use the published wage rates and material quotes, which can mask true construction and replacement costs.
Robert Barone, R.A., is a principal with IVI International, Inc., a global construction advisory firm serving private and institutional equity investors and mortgagees. IVI specializes in project management oversight services, construction loan workout services, construction claims, and asset management. Barone can be reached at (914) 694-1900.
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A few months age. after 22 years in the mortgage business, I found myself on my abso-
lute last leg. Although most of my competition left the business, what remained of viable transactions in our marketplace was still slim pickins'. One thing was for sure, nearly half the purchase transactions I was involved in were short sales. Unfortunately, the
nature of the short sale beast is that many transactions fall apart just before the expected closing.
Anyone that’s been involved with short sales knows the biggest frustration is when you work hard (very hard) for months and finally receive an offer accepted by the bank, only to find your buyer, for whatever reason, is no longer interested in proceeding. The buyer may have had a number of different offers in on other properties that came together first, or they may have lost their financing in the time that passed. In many instances, the due diligence clock doesn’t start until the offer is accepted by the bank and the buyer can then choose to walk with limited consequences.
Time is everything is much more than a cliché when it comes to short sales. On the selling side, it takes the form of the time spent negotiating with the lender and keeping the buyers engaged, all the while trying to keep the property from getting to the courthouse steps. From the buyer’s side of the market, there is a teeming interest in purchasing these deeply discounted properties but without waiting for four to six months to see if an offer
will be accepted while other opportunities come and go. So, here we are. Everyone’s time and effort has been
spent and nobody is paid! realtors, mortgage brokers, title agents and short sale negotiators are "all dressed up and nowhere to go!" How can the distressed sellers and disappointed realtors find new buyers before the lenders acceptance of the offer expires, normally in 30 to 45 days?
That’s when I had my “Aha!” moment. Let’s take these “accepted offers” and present them, not only as the best deals in the market, but ready to close immediately. The lender doesn’t care who the buyer is as long as the bottom line remains the same so we just need to provide new buyers.
RealEstateRoadkillUSA was born! Real estate agents and buyers began flocking to it like bees to honey (or vultures to carrion). These are the absolute hottest deals in town and all the work has already been done to prepare them for closing. Wouldn’t you have to be crazy to buy any property without looking here first? We have effectively become the "Gatekeeper" for the hottest deals in our market. Our database has exploded with new realtor relationships and potential mortgage applicants!
After appearing on ABC-TV News, we have had an outpouring of interest from real estate professionals throughout the country that want to put the program into effect in their area. I’m not surprised, because honestly, in 22 years, this is the biggest “no brainer” I have ever seen for both mortgage brokers and real estate agents. It has absolutely saved my mortgage business and is providing instant transactions for real estate agents and, of course, mortgage applications for us.
cenTeR STage WITH ReaLeSTaTeROadkILLUSa
How "dead deals" brought my mortgage business back to life
BROUgHT TO yOU By THe nIcHe RePORT
TheNicheReport.com 29
Daniel Poulos Elite Lending
For information on how you can secure your Road Kill Territory and become the "gatekeeper" for the hottest deals in your market please visit RealEstateRoadkillUSA.com and click on “Join Our Network”. Many regions are still available and there is a very limited charter membership offer for those ready to seize the opportunity.
Daniel Poulos is the president of Elite Lending with offices in Jupiter, Fl. Elite Lending is a market leader in residential and commercial mortgages with a customer service philosophy that "Only WOW Is Good Enough".
Poulos’ monthly "Minding Your Mortgage" columns appear in many local publications and is a regular contributor to LoanOfficerMagazine.com. Poulos also frequently appears as an expert commentator ABC TV 25 News in West Palm Beach and conducts a well-received seminar series designed to promote consumer awareness. A crusader for full disclosure and truth-in-advertising, his marketing campaigns have earned him first place in 2 of 3 years at the national Turn On Your Million Dollar Brain conference of industry leaders.
In 2007 Poulos appeared as the weekly co-host of Real Estate Insider TV show on WPBF.
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days upon receipt of completed package. First Mount Vernon does not make consumer loans. Financing is for business or investment purposes only, secured by real property.
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TM
0409-0609_real-estate-with-punch_vert-half_page_niche_report.indd 1 3/10/2009 2:03:12 PM
We buy performing and non-performing debt/reo
HospitalityHotels and Resorts
Commercial Real EstateOffice Buildings
Urban RetailIndustrial
Residential Real Estate Multi-Family
HUD PropertiesBuilder Buyouts
Bank Owned Real Estate, REIT/Fund/personal holdings liquidations,
Performing and Non-Performing Debt.
Our markets include but are not limited to North America, UK, Africa, India and the Middle East. We are active in most
segments and seek opportunities in:
Attention Lenders!
We buy performing and non-performing debt/reo
HospitalityHotels and Resorts
Commercial Real EstateOffice Buildings
Urban RetailIndustrial
Residential Real Estate Multi-Family
HUD PropertiesBuilder Buyouts
Bank Owned Real Estate, REIT/Fund/personal holdings liquidations,
Performing and Non-Performing Debt.
Our markets include but are not limited to North America, UK, Africa, India and the Middle East. We are active in most
segments and seek opportunities in:
Attention Lenders!
A little while back, I was talk-ing with my friend Chris Rohr. He has been a huge fan
of Grand Prix Motorcycle Racing for many years, and also did some amateur motorcycling racing himself. One of his all-time favorite racers is Wayne Rainey, a three time 500cc World
Champion. Rainey set reasonable goals aimed at making incremental progress at becoming a better racer each time he got on the bike. Rainey openly admitted that he stud-ied the way the top caliber racers rode as a learning tool for his own benefit. Chris went on to say how he too set out to watch and learn from the top riders that he com-peted against. Apply this to lending. Here is what I call a learning moment. When a champion shares a method of success, take note. After all, why reinvent the wheel? All that needs to be done is implement this winning strategy to your field of expertise.
Rainey had a simple rule about his motorcycle. He said, “…If it doesn’t make it go faster, make it last longer or make it handle better, then I am not interested….” He chose to improve his technique and therefore his lap times by focusing upon three simple racing fundamentals: speed, durability and control.
Rainey applied his efforts at building a championship caliber machine and then worked hard to transform himself into a championship caliber racer. The combination of the two produced a celebrated racing career and universal admiration for not only Rainey as a racer, but also for his methodology and demeanor.
His three concerns are really the basic fundamentals for genuine incremental improvement to any business
practice. Rainey didn’t just need to go faster then his competitors to win races, as raw speed is only one part of the equation. Competitive racing requires balance; the difference between moving quickly and efficiently toward achieving your objective or riding out of control and failing to succeed. The difference is miniscule at best. He accomplished this with a laser beam focus on improving upon his most recent racing results. Rainey would baseline and continuously update numerous critical success factors; horsepower, suspension settings, tire pressure, brake pad composition, and transmission gearing. He would document the precise set-up of the bike, and then combine it with his analysis of his riding performance, as a way to benchmark his progress towards becoming a world champion. Did he error in his bike set-up or limit his success by making riding mistakes? Rainey would meticulously analyze all of his success factors and therefore provide the means for him to incrementally expand his knowledge base in preparation for his next race.
Chris went on to explain to me how he learned how to apply the Rainey Method to his business. He then could drive performance in a measurable fashion. There are common success factors for all businesses, as well as unique success factors for each individual business. The first task is to define the individual business success factors, then baseline their current condition. Like Rainey, kept it simple, and do not be seduced by cutting edge gimmicks or corner cutting products. Ask yourself if each success factor will make your business more efficient (faster), more durable (last longer) or more manageable (handle better)? Chris told me his focus upon these three basic ingredients served to define the stability of his
TIP OF THe MOnTH
By STeWaRT MednIck
The Mortgage Grand Prix
TIP OF THe MOnTH
32 April 2009
TIP OF THe MOnTH
business foundation. Develop a high level of confidence in the structural integrity of your business from determined efforts aimed at continuously improving upon these three basic elements.
It took Wayne Rainey nearly a decade to win his first world championship. Do not expect immediate results. Afterall, if you are reading this column, I am guessing you are in this business for the long haul. If so, tune your business methodology for longevity. Rainey did not possess more talent then the other racers, nor did he have superior equipment. He won because he was fiercely competitive on the track and incredibly methodical in his race preparation.
If you develop the front room of your business (the racetrack) in parallel to the back room of your business (methodical preparation), you will incrementally build upon each new measure of your business success. Remember, keep it simple, and in doing so, build a solid foundation of your best business practices; one built upon efficiency, durability and manageability. Focusing upon these three things will result in supercharging your ability to build a successful business model.
I will expand these three concepts in upcoming columns. Thank you Chris and thank you Wayne Rainey. Lending professionals, start your engines!
Stewart Mednick is a seasoned mortgage banker and published author. His writing focuses on relationship development, personal empowerment, customer satisfaction, marketing and sales techniques. Stewart is available for marketing consulting, personal coaching and training sessions. If you have a comment or a question for Stewart, contact him at 651-895-5122 or [email protected]
$3.55M Industrial SiteLeominster, MA
Broker Commission: $50,000
$1.975M Residential SubdivisionAsheville, North Carolina
Broker Commission: $19,750
$2.35M Storage CenterCoeur d’Alene, Idaho
Broker Commission: $35,250
$3.875M Luxury SubdivisionCarmel, Indiana
Broker Commission: $77,500
$975,000 Historic Office BuildingAndersen, Indiana
Broker Commission: $40,000
$3.8M Health Spa DevelopmentStaten Island, New York
Broker Commission: $38,000
$1.2M Land LoanApple Valley, Utah
Broker Commission: $36,000
$1.95M Hospitality LoanCleveland, Mississippi
Broker Commission: $78,000
$7.2M Condo ConversionKissimmee, Florida
Broker Commission: $108,000
There is a solution.
HArd MoNeY LoANS wItH MeTRo FunDIng.
Metro Funding Corporationone Kalisa Way, Suite 310, Paramus, nJ 07652
For more information, call toll free: (866) 302-6360 or visit our website:
www.metrofundingcorp.com
(This report includes Both Purchase-Money and Refinanced mortgages)
Report Date: 3/20/2009
Period: January 2009 through January 2009
www.MortgageDataWeb.com
Mortgage Maret hare Report ational ummary: Conentional Mortgage ctiity
Copyright 2009 by CBMI (703) 8468230 - Information is deemed to be accurate but CBMI does not guarantee the accuracy or completeness of the data.
Rank Company NameMarket
Share
%
Average
Mortgage
Number
Fixed
Number
ARMs
Number
Con-
struction
Total $
Amount
($000)
Number
Mortgages
(Total)
1 WELLS FARGO MORTGAGE INC, DES MOINES, IA 24,962 6,074,767 8.50 243,361 24,721 241 1,133%2 COUNTRYWIDE HOME LOANS INC, CALABASAS, CA 17,205 4,072,840 5.70 236,724 17,031 174 707%3 BANK OF AMERICA ,CHARLOTTE, NC 13,253 3,079,407 4.31 232,355 12,334 919 619%4 PROVIDENT FUNDING ASSOCIATES, BURLINGAME, CA 9,519 2,539,060 3.55 266,736 9,515 4 298%5 JP MORGAN CHASE BANK, EDISON, NJ 10,849 2,404,007 3.36 221,588 10,179 670 394%6 METLIFE BANK NA, BRIDGEWATER, NJ 5,594 1,520,826 2.13 271,867 5,588 6 177%7 SUNTRUST BANK, RICHMOND, VA 6,446 1,509,733 2.11 234,212 5,643 803 278%8 WACHOVIA MORTGAGE CO, WINSTON-SALEM, NC 5,102 1,123,062 1.57 220,122 5,023 79 201%9 CITICORP MORTGAGE, LIC, NY 4,820 1,094,454 1.53 227,065 4,264 556 158%
10 NATIONAL CITY (FOA), MIAMISBURG, OH 4,878 1,019,411 1.43 208,981 4,809 69 146%11 ROCK FINANCIAL / QUICKEN LOANS, LIVONIA, MI 3,609 892,153 1.25 247,202 3,606 3 100%12 US BANK NA, MINNEAPOLIS, MN 5,059 839,879 1.17 166,017 4,872 187 117%13 OHIO SAVINGS BANK, CLEVELAND, OH 2,948 836,708 1.17 283,822 2,947 1 82%14 FIFTH THIRD BANCORP, CINCINNATI, OH 3,915 771,713 1.08 197,117 3,879 36 116%15 TAYLOR BEAN & WHITTAKER MTG, OCALA, FL 3,225 750,138 1.05 232,601 3,211 14 141%16 FLAGSTAR BANK FSB, BLOOMFIELD HILLS, MI 1,848 587,305 0.82 317,806 1,842 6 39%17 BRANCH BANKING & TRUST CO, WILSON, NC 2,863 537,094 0.75 187,598 2,846 17 160%18 USAA FSB, SAN ANTONIO, TX 2,728 487,257 0.68 178,613 2,727 1 81%19 NAVY FEDERAL CREDIT UNION, VIENNA, VA 1,937 479,102 0.67 247,342 1,931 6 62%20 SIERRA PACIFIC MORTGAGE CO, FOLSOM, CA 1,589 429,172 0.60 270,089 1,589 0 48%
**--OTHER--** 199,589 40,443,913 56.57 202,636 184,463 15,126 8,847%Grand Total 331,938 71,492,001 100.00 215,378 313,020 18,918 13,904%
Page 1 of 1
(Select funders and correspondents: Home Purchase and Refinance report)
(This report includes All Government-Insured (FHA and VA) mortgages)
Report Date: 3/20/2009
Period: January 2009 through January 2009
www.MortgageDataWeb.com
Mortgage Maret Share Report ational Summary: Government-Insured Mortgage Activity
Copyright 2009 by CBMI (703) 8468230 - Information is deemed to be accurate but CBMI does not guarantee the accuracy or completeness of the data.
Average
Mortgage
Market
Share
%
Rank Company Name
Number
Mortgages
(Total)
Total $
Amount
($000)
Number
Mortgages
(Purchase)
Purchase $
Amount
($000)
Number
Mortgages
(Refinance)
Refinance$
Amount
($000)
WELLS FARGO MORTGAGE INC, DES MOINES, IA1 9,258 1,692,200 6.02 % 182,782 6,848 1,267,058 2,410 425,142
COUNTRYWIDE BANK, FSB, ALEXANDRIA, VA2 7,231 1,304,268 4.64 % 180,372 3,429 621,298 3,802 682,970
JP MORGAN CHASE MORTGAGE, EDISON, NJ3 2,916 509,371 1.81 % 174,681 1,208 227,827 1,708 281,544
BANK OF AMERICA MORTGAGE, CHARLOTTE, NC4 2,571 451,331 1.61 % 175,547 2,096 369,667 475 81,664
NATIONAL CITY BANK, INDIANAPOLIS, IN5 2,335 443,576 1.58 % 189,968 818 139,048 1,517 304,528
QUICKEN LOANS, LIVONIA, MI6 2,362 425,801 1.51 % 180,271 314 46,657 2,048 379,144
USAA FEDERAL SB, SAN ANTONIO, TX7 1,581 321,657 1.14 % 203,452 1,383 275,384 198 46,273
SUNTRUST MORTGAGE, ATLANTA, GA8 1,662 300,281 1.07 % 180,674 1,125 199,931 537 100,350
GMAC MORTGAGE CORP, HORSHAM, PA9 1,870 295,931 1.05 % 158,252 737 133,534 1,133 162,397
METLIFE BANK NA, BRIDGEWATER, NJ10 1,354 248,977 0.89 % 183,883 913 166,611 441 82,366
METROCITI MORTGAGE, SHERMAN OAKS, CA11 1,131 242,249 0.86 % 214,190 848 176,780 283 65,469
FLAGSTAR BANK FSB, TROY, MI12 1,290 222,369 0.79 % 172,379 712 114,957 578 107,412
US BANK NA, MINNEAPOLIS, MN13 1,329 208,944 0.74 % 157,219 743 109,701 586 99,243
COUNTRYWIDE BANK FSB, ST PAUL, MN14 955 198,849 0.71 % 208,219 577 120,799 378 78,050
TAYLOR BEAN & WHITAKER MTG, OCALA, FL15 856 165,342 0.59 % 193,157 394 69,003 462 96,339
PRIMELENDING PLAINS CAPITAL, DALLAS, TX16 906 162,150 0.58 % 178,974 513 88,930 393 73,220
NATIONAL CITY MORTGAGE, MIAMISBURG, OH17 720 159,599 0.57 % 221,665 166 35,597 554 124,002
ALLIED HOME MORTGAGE CAPITAL, HOUSTON, TX18 890 150,364 0.53 % 168,948 356 49,719 534 100,645
PRIMARY RESIDENTIAL MTG, SALT LAKE, UT19 796 149,055 0.53 % 187,255 363 65,565 433 83,490
WACHOVIA MORTGAGE CO, WINSTON SALEM NC20 671 130,209 0.46 % 194,052 389 64,077 282 66,132
**--OTHER--** 110,073 20,325,926 72.31 % 184,659 58,252 10,352,565 51,821 9,973,361
Grand Total 152,757 28,108,449 100.00 % 184,008 82,184 14,694,708 70,573 13,413,741
Page 1 of 1
34 April 2009
TOP TWenTy naTIOnaL LendeRS FOR JanUaRy 2009
nIcHe RePORTS
TheNicheReport.com 35
agency & FHa
Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consum-ers, 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.
Premium Listings
HCIMortgage877-724-1720
MidIslandMortgageCorp703-754-9643 - tim dooley
Hci Mortgage specializes in FHa and 203k financing in 25+ states. programs include 203k, 203k streamline and 203k jumbo programs
low/no score FHa manual underwrites. tough FHa deals ok. no min. score Jumbo loan amounts. common sense underwriting w/good turn times.
AlternativeMortgageExpress 800-552-5263 www.amxloans.com
AMEFinancialCorp 770-406-2138 www.american-mortgage.info
AmeribankMortgage(FHAonly) 516-833-8834 www.ameribanksolutions.com
AmericanBancShares 305-817-2165 www.americanbancshares.com
AmericanFinancialResources(FHAonly) 973-588-8530 www.afrwholesale.com
AmericanHomeEquity 714-661-5836 www.ahedirect.com
AmericanPartnersBank 954-465-8595 www.apbwholesale.com
AmtrustBank(Fannie/Freddieonly) 888-321-6446 www.amtrustgemstone.com
AssurityFinancial(FHAonly) 866-841-7863 www.assuritywholesale.com
BACFloridaBank(Fannie/Freddieonly) 305-789-8064 www.bacflorida.com/ratesheet
BankofAnnArbor(Fannie/Freddieonly) 800-807-6337 www.boaawholesale.com
CenturyLending(Fannie/Freddieonly) 407-252-7979 www.centurylending.net
CMGMortgage 714-357-3325 www.acceleratedcmg.com
CNBNationalLending,LLC 815-412-9305 www.cnbnationallending.com
ColonialNationalMortgage 800-825-1311 www.cnmbrokers.com(Fannie/Freddieonly)
CommunityFirstBankLoan 412-292-8511 secure.pricemyloan.com/custom/cfb(Fannie/Freddieonly)
ContinentalHomeLoans 631-393-3800x114 www.chlmortgagebankers.com
Countrywide 904-245-8008 www.cwbc.com
DirectMortgageWholesale 801-924-1880 www.directmortgagewholesale.com
EmigrantMortgage(Fannie/Freddieonly) 800-Emigrantxmidatlantic www.emigrantmortgage.com
FederalTrustMortgage 407-323-1833x153 www.federaltrust.com/brokers
FifthThird 866-492-0072 www.53.com/wholesalemortgage
FirstBankMortgage 305-577-6000x116 www.firstbank.com
FirstCal 818-793-6650 www.firstcalwholesale.net
WashingtonFederal 971-645-9140 www.washingtonfederal.com/wholesale
FirstNationalBankofNassau 678-942-2160 www.fnbwholesale.com
FirstNorthernBank 707-423-9330 www.thatsmybank.com(Fannie/Freddieonly)
FlagstarBank 800-897-7222 www.wholesale.flagstar.com
FloridaCapitalBankMtg 866-295-0014 www.flcb.com
FranklinAmerican 606-519-4165 www.franklinamerican.com
FreedomMortgage 800-843-3753 www.freedomwholesale.com
GatewayFunding 800-355-5626 wholesale.gateway-funding.com
GatewayMortgageGroup 817-799-0804 www.jerrylair.com
GBMortgage 602-791-8950 www.gbmortgagelending.com
GlobalLendingGroup 727-530-0110 www.glgiwholesale.net
GreystoneFinancial 602-574-0100 www.greystonefinancialonline.com
GSFFunding 262-373-0790 www.gsfsales.com
GuaranteedRate 866-755-0989 www.griwholesale.com
HollanderFinancial 661-476-4668 www.hollanderfinancial.com
HomeSavingsofAmerica 972-235-7366 www.myhsoa.com
ICONResidentialCapital 888-639-5641 www.iconwholesale.com
INGMortgage 877-464-0555 www.ingloans.com/wholesale/index.html
JMACLending 877-841-0776 www.jmaclending.com
LendersAdvantage 818-669-0974x0 hwww.lenderinc.com
LibertyLendingInc 800-808-5591 www.libertylendingwholesale.com
LibertyMortgage 800-986-2499 www.bbt.com/libertymortgage
M&TBankMortgage 804-380-7465 wholesalemortgage.mtb.com
MegaCapitalFunding 818-657-2600 www.megacapitalfunding.net(Fannie/Freddieonly)
MeritMortgage 310-650-0773 meritwholesale.com
MetLifeHomeLoans www.wholesale.metlifehomeloans.com
MortgageBankofCalifornia 714-423-3295
MortgageClose(Fannie/Freddieonly) 714-453-0220 b2b.mortgageclose.com
NationalDirectFunding 970-672-0805 hwww.ndfcorporation.com(Fannie/Freddieonly)
NationalHomeLenders 888-344-0520x4 www.nationalhomelenders.com
NationsDirectMortgage 949-270-7974 www.brokerFHA.com
NetMoreAmerica 509-526-4007 www.netmoreamerica.com
Nexbank 866-389-6046 www.nexbank.com
agency & FHa Lender Listings Powered by TheLoanPost.com
adVeRTISe yOUR nIcHeS HeRe WITHIn
nIcHe RePORTS
36 April 2009
Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consum-ers, 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.
NorthStarLending(Fannie/Freddieonly) 954-843-7018x7018 www.mynorthstarlending.com/
PacificBancMortgage 571-340-5593 www.pacificbanc.com
PacificNationalBank 305-539-7675 www.pnb.com
ParamountResidential(FHAonly) 866-966-8989x300www.prmglending.net
PhoenixFunding 877-562-6414x230 www.phoenix-funding.com
PMCBancorp 626-964-4040x8199 www.pmcmtg.com
PolarisFunding(FL,IN,MI,OH) 616-667-9000 www.polarishfc.com
PreferredCapital(Fannie/Freddieonly) 727-418-4189 www.prefercapital.com
PremierMortgageCapital,Inc. 786-243-3101x2 www.premierwholesale.com
PresidentsFirst 877-773-7178 www.presidentsfirst.com
PrimaryCapital 678-308-0257 www.primarycapital.com
ProtoFund 813-436-6803 www.protofund.com
ProvidentFunding 800-733-3657x1712 pfloans.provident.com
ReliantFunding 412-942-1010x18 www.reliantfunding.us
ResidentialLendingNetwork 800-749-5363x5276 www.reslend.com(Fannie/Freddieonly)
ReunionMortgage 559.476.0937 www.reunionwholesale.com
RoyalCrownBancorp 877-507-6925 www.crownloan.com
SecurityAtlantic(FHAonly) 800-956-3863 http://www.fhaland.com
SecurityMortgageFunding 619-249-9166 www.smfcloans.com/brokers(Fannie/Freddieonly)
SecurityNationalMortgage 619-857-2700 www.securitynational.com
SenderraFunding 704-831-3600 www.senderra.com
SierraPacific 800-447-3386 www.spm1.com
SouthPointFinancial(Fannie/Freddieonly) 239-949-1406 www.spfs.com
Stearns 925-628-0704 www.stearnswholesale.com
SunTrustWholesale 913-982-2150 www.stmpartners.com
SWCFinancialCorp. 714-680-7050x113 www.swcfinancial.com
Taylor,Bean&Whitaker 888-678-8547 www.taylorbeandirect.com
TheJumboLender 800-826-0360 www.TheJumboLender.com
TitanWholesale 775-852-6888x225 www.titan-wholesale.com
TrustOneMortgage 949-450-1888x2430 www.trustone.com
U.S.BankConsumerFinance 941-539-1603 www.usbank.com
UnitedInternationalBank 313-903-2082 www.unitedinternational.us
UnitedResidentialLending 404-661-4632 www.urlending.com
UnitedWholesaleMortgage(FHAonly) 800-981-8898 www.uwmco.com
VillageCapitalandInvestment(FHAonly) 856-252-1825 www.villagewholesalelending.com
VirginMoneyUSA 877-937-4887 www.virginmoneyus.com/mortgage
WellsFargo 310-283-8411 www.brokersfirst.com
agency & FHa lender listings continued…
adVeRTISe yOUR nIcHeS HeRe WITHIn
JUMBO
AmericanSouthwestMortgage 888-593-1003 www.amswmtg.com
AmericanHomeEquity 714-661-5836 www.ahedirect.com
Countrywide 904-245-8008 www.cwbc.com
DirectMortgageCorp. 801-924-1880 www.directmortgagewholesale.com
EmigrantMortgage 800-Emigrantxmidatlantic www.emigrantmortgage.com
EverBankWholesaleLending 415-595-3968 www.everbankwholesale.com
FifthThirdMortgage 866-492-0072 www.53.com/wholesalemortgage
FlagstarBank 800-897-7222 wholesale.flagstar.com
FloridaCapitalBankMtg 866-295-0014 www.flcb.com
FranklinAmerican 606-519-4165 www.franklinamerican.com
GatewayFunding 800-355-5626 wholesale.gateway-funding.com
GBMortgage 602-791-8950 www.gbmortgagelending.com
GreystoneFinancial 602-574-0100 www.greystonefinancialonline.com
HomeSavingsofAmerica 972-235-7366 www.myhsoa.com
ICONResidentialCapital 888-639-5641 www.iconwholesale.com
LibertyMortgage 800-986-2499 www.bbt.com/libertymortgage
MBSMortgageCompany 866-799-3696 mbs-mortgage.com
PresidentsFirst 877-773-7178 www.presidentsfirst.com
ReunionMortgageInc. 559.476.0937 www.reunionmortgage.com
SecurityNationalMortgage 619-857-2700 www.securitynational.com
SierraPacific 800-447-3386 www.spm1.com
Taylor,Bean&Whitaker 888-678-8547 www.taylorbeandirect.com
U.S.BankHomeMortgage 702-630-0770 www.usbank.com
WalkerJacksonMortgage 703-653-8183 www.wjmcwholesale.com
WellsFargo 310-283-8411 www.brokersfirst.com
WestAmericaMortgageCo. 303-771-2800 www.wamco.us
JUMBO Lender Listings Powered by TheLoanPost.com
AmtrustBank 888-321-6446 www.amtrustgemstone.com
Astoria 301-537-9047 www.astoriamortgage.com
BankerWest 800-518-1172 www.bankerswest.com
CapitalAlliance 415-288-9575 www.calliance.com/index.php
CNBNationalLending 815-412-9305 www.cnbnationallending.com
EasternSavingsBank 800-787-8187 www.easternsavingsbank.com
EmigrantMortgage 800-Emigrantxmidatlantic www.emigrantmortgage.com
FirstNorthernBank 707-423-9330 www.thatsmybank.com
GlobalLendingGroup 727-530-0110 www.glgiwholesale.net
GSFFunding 262-373-0790 www.gsfsales.com
HollanderFinancial 661-476-4668 www.hollanderfinancial.com
WashingtonFederal 971-645-9140 www.washingtonfederal.com/wholesale
HayhurstWholesale 813-425-7011 www.hayhurstwholesale.com
HomeSavingsofAmerica 972-235-7366 www.myhsoa.com
INGMortgage 877-464-0555 www.ingloans.com/wholesale/index.html
LibertySavingsBank 941-735-7890 www.libertysavingsbank.com
LuxMac,Covino,andCompany 800-762-2274x312 luxmac.com/
LuxuryMortgage 203-569-4249 www.luxurymortgagewholesale.com
ResidentialLendingNetwork 800-749-5363x5276 www.reslend.com
UnitedMidwestSavingsBank 614-255-3499 www.umwsb.com
UnitedInternationalBank 313-903-2082 www.unitedinternational.us
USBank 702-630-0770 www.usbank.com
WestOneMortgageCorp 818-921-7602 www.westonemortgagecorp.com
nIcHe RePORTS
Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consum-ers, 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.
PORTFOLIO & aLT-a Lender Listings Powered by TheLoanPost.com
PORTFOLIO & aLT–a
ACCMortgage,Inc.240-314-0399
GregoryFundingLLC 888-324-3578
Manaseh,EpharimandAssociates770-840-0112
our Money our rules, we make loans that make sense
private portfolio lender specializing in foreclosure and bankruptcy bail-out 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
asset lending specialists. Your source for international and domestic funding
Premium Listings
LENDERLAB Niche . Alt-A . Non-Prime . Commercial . DPA . High LTV . Hard Money . Commercial
MORE Lenders, MORE Programs, & MORE Ways to SearchLENDERLAB.COM (800) 339-1863
SEARCH POWER
nIcHe RePORTS
38 April 2009
Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consum-ers, 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.
Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consum-ers, 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.
ReverseIt!AdivisionofUrbanFinancialGroup,Inc888-777-3311
WorldAllianceFinancial877-692-7762 x 404
reverse Mortgages, fastest turn times in the industry. training and lead support available.
reverse Mortgage opportunity for non-FHa licensed brokers
Premium Listings
ReVeRSe
AmericanBancShares 305-817-2165 www.americanbancshares.com
ArlingtonCapitalMortgageCorp 800-814-9432 www.acmcwholesale.com
CircleMortgageCorporation(Flonly) 800-576-1338 www.circlemortgage.com
ContinentalHomeLoans 631-393-3800x114 www.chlmortgagebankers.com
CountrywideBank 866-212-4378 www.cwbc.com
EssexMortgage 702-893-9200 www.essexwholesale.com
FinancialFreedom 800-500-5150 www.financialfreedom.com
FinancialHeritage 800-895-2209 www.financialheritage.com
FortesResidential 866-571-8201 www.forteswholesale.com
GenerationMortgage 866-733-6089 www.generationmortgage.com
GotMortgage.com 760-802-9630 www.gotmortgage.com
LibertyReverseMortgage 866-871-1353 libertyreversebroker.com
MetLifeHomeLoans www.wholesale.metlifehomeloans.com
NetMoreAmerica 509-526-4007 www.netmoreamerica.com
PacificBancMortgage 571-340-5593 www.pacificbanc.com
QualityLifeReverseMortgage 800-955-7919 qualityliferm.com
QuikFundInc. 813-671-0712 www.quikfund.com
SilvergateBank(cml) 858-362-6300 www.silvergatebank.com
SouthPointFinancialServices 239-949-1406 www.spfs.com
Sunwest 800-453-7884 www.swmc.com
WellsFargoReverseMortgage 800-336-7359 www.wellsfargo.com
WorldAllianceFinancialCorp. 800-562-6755 www.worldalliancefinancial.com
ReVeRSe MORTgageS Lender Listings Powered by TheLoanPost.com
ManUFacTURed Listings Powered by TheLoanPost.com
AlternativeMortgageExpress 800-522-5263 www.amxloans.comAmericanFinancialResources 973-588-8530 www.afrwholesale.comAxiomCommercialFunding 866-637-3014x10 www.acfsonline.comCNBNationalLending,LLC 815-412-9305 www.cnbnationallending.comCountrywide 904-245-8008 www.cwbc.comEasternSavingsBank 800-981-7114x6250 www.easternsavingsbank.comEssexMortgage 702-893-9200 www.essexwholesale.comFirstCal 877-224-3262 www.firstcalwholesale.netFirstMutualBank 971-645-9140 www.washingtonfederal.com/wholesaleFirstNorthernBank 707-423-9330 www.thatsmybank.comFlagstar 866-998-6063 wholesale.flagstar.comFreedomMortgageCorp 800-843-3753 www.freedomwholesale.comGMCMortgageCapital 941-766-1613 www.gmcmtgcap.comLendersAdvantage 818-669-0974x10 www.lenderinc.com
LibertyMortgage 800-986-2499 www.bbt.com/libertymortgage
LibertySavingsBank 941-735-7890 www.libertysavingsbank.com
MeritMortgage 310-650-0773 meritwholesale.com
MulticorpFinancial 925-275-8111x222 www.11multicorpfinancial.com
PolarisFunding(FL,IN,MI,OH) 616-667-9000 www.polarishfc.com
PortfolioMortgageCompany 480-775-5150 www.portmort.com
ReliantFunding 412-942-1010x18 www.reliantfunding.us
Taylor,Bean&Whitaker 586-557-4144 www.taylorbeandirect.com
TrustOneMortgage 949-450-1888x2430www.trustone.com
UnitedMidwestSavingsBank 614-255-3499 www.umwsb.com
USBank 702-630-0770 www.usbank.com/cgi_w/cfm/mortgagebrokers/home.cfm?redirect=brokerloans
WestOneMortgageCorporation 818-921-7602 www.westonemortgagecorp.com
ManUFacTURed
nIcHe RePORTS
TheNicheReport.com 39
Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consum-ers, 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.
Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consum-ers, 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.
HaRd MOney & nOn-PRIMe
ACCMortgage,Inc.240-314-0399 ext 16
AFGLLC(AssetFundingGroup)720-889-1175
AgriCapFinancialCorporation213-542-5232
AmbitFunding800-823-7101
BRTRealtyTrust516-466-3100 or 800-450-5816
FairviewCommercialLending 866-634-1270
FinancialResourcesMortgage800-950-6913 or [email protected]
FirstMountVernon (866) 908-FMv1 (3681)
FirstMountVernon(866) 908-FMv1 (3681)
GregoryFunding 888-324-3578
We do oWner-occupied/Full doc up to 70% regardless oF credit
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
a public Mortgage reit traded on the nYse (nYse: Brt) Fast response on loans from $2 million to $50 million on income producing commercial properties nationwide. no prepayment penalties, lock out or exit fees
no minimum credit score, foreclosure bailouts, Quick closings nationwide, commitments in 24 hours
real estate based private money lender. commercial & residential investment. refi cash out allowed. retail,office,multi-family, raw land, development & modular construction are our specialties. common sense underwriting. no upfront fees! email or call today.
no seasoning requirements, no upfront commitment or processing fees, Minimum credit score 400 - de, Md, va, dc, nc, sc, ga, Fl
Minimal documentation required, combined loan-to-values to 105% - de, Md, va, dc, nc, sc, ga, Fl
private portfolio lender specializing in foreclosure and bankruptcy bail-out 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
Premium Listings
nIcHe RePORTS
40 April 2009
HaRd MOney & nOn-PRIMe Lender Listings Powered by TheLoanPost.com
AdvantageCapitalEquitySolutions 800-223-3019 www.adcapequity.com
AFCHardmoney 813-387-3800x311 www.afchardmoney.com
AgriCapFinancialCorporation 213-542-5232 www.agricap.com
AllCaliforniaHomeLoans 877-462-3422 www.aboutcaliforniahomeloans.com/hard-money.html
AllianceFinancial,Inc. 866-603-5999 www.afiloans.com
AmeribankMortgage 516-833-8834 www.ameribanksolutions.com
AmericanAcceptance(cml) 800-452-9287 www.aamcap.com
AssurityFinancial 866-841-7863 www.assuritywholesale.com
AvantCapitalPartners,LLC.(cml) 212-219-9419 www.avcapital.net
AxiomCommercialFunding 866-637-3014x10 www.acfsonline.com
BayEquity 800-229-3703 www.bayeq.com
BFSCapital,LLC.(cml) 510-381-1930 www.bfscapital.com
BlueWaterFunding,LLC 866-551-2583 www.bluewaterfundingllc.com
BrookviewFinancial 877-734-2211x316 www.brookviewfinancial.com
CaliforniaEquityLenders 818-584-2320 www.calequitylenders.com
CapitalAlliance 415-288-9575 www.calliance.com/index.php
CFACapitalPartners(cml) 914-967-5780 www.cfacap.com
CrawfordParkFinancial 626-796-7979 www.crawfordparkfinancial.com
CushmanRexrodeCapitalCorp.(cml) 925-988-7200 www.cushrex.com
DiamondBayInvestments,Inc. 702-254-9303 www.diamondbayinvestments.com
EasternSavingsBank(cml) 800-787-8187 www.easternsavingsbank.com
EmeraldFinancial 714-965-6688 www.eprivatemoney.com
EmigrantMortgage 800-Emigrantxmidatlantic www.emigrantmortgage.com
ExeterHoldingLtd. 516-338-7500 exeterholding.com
Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consum-ers, 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.
Manaseh,Epharim&Associates 770-840-0112
MetroFundingCorp 866-302-6360
MinerCapitalFunding,LLC 702-466-8952
RemingtonFinancialGroup,Inc480-905-3239
StonecrestFinancial888.884.6518
TrustCapitalInvestmentsLLC301-503-2231
direct lender with fast closings. Your source for international and domestic funding.
direct lender specializing in short term bridge financing. interest only. no prepayment penalty. no points upfront. commitments within 24 hours. Brokers welcomed and protected.
specializing in collateral-based real estate loans nationwide. We get deals done!! as fast as 4 days! loan amounts 1 million to 20 million
up to 65% of valued collateral, fast closing
We are a direct lender specializing in churches, mixed-use, apartments & commercial lines of credit
local direct lender (dc, Md and va) specializing in bridge, construction, rehab and business loans. loans are based on “subject to value”, 50% ltv, minimal documentation, eQuitY driven not Fico sensitive. Brokers are protected.
Hard MoneY & non-priMe premium niches continued…
adVeRTISe yOUR nIcHeS HeRe WITHIn
FirstCreditCommercialCapitalCorp.(cml)407-843-6262 www.fchardmoney.com
FirstMountVernonIndustrialLoanAssn. 703-823-6800 www.fmv1.com
FirstSelectCapital 540-908-2205 www.firstselectloans.com
GlobalLendingGroup 727-530-0110 www.glgiwholesale.net
GMCMortgageCapital 941-626-9656 www.gmcmortgagecapital.com
HARDDMONEYLOANS.COM 813-516-5210 www.HARDDMONEYLOANS.COM
HawkinsCapital 208-908-5596 www.hawkinscap.com
HMCFunding 800-273-7001x343 www.hmcfunding.com
InvestorFunding 864-213-3951 www.4investorfunding.com
J&JFinancial 714-256-4416 www.10dayloan.com
LakesideFinancialInc. 949-297-4180 www.nofico.net
LibProperties,LTD. 404-256-8600 www.libloans.com
LNBCommercialCapital 321-214-0585 www.lnbcapital.com
MagerCapital 310-760-6290 www.magercapital.brokerca.com
MagnoliaFinancialConsultants 601-428-1005 www.hardmoneymortgages.com
MeridianGroup 800-901-9301 www.meridiangroupinc.com
OverlandFinancial 818-342-2477 www.overlandfinancial.com/
PacificMortgageFundingCorp.(cml) 562-864-4006 www.pacificmortgage.com
PBFinancialGroupCorp. 310-289-0900 www.pbfinancialgrp.com
PiedmontCapitalLending,LLC. 678-292-6984 www.piedmontcapitallending.com
PorterBridgeLoanCompany(cml) 866-725-1777 www.porterbridgeloan.com
PortfolioMortgageCompany 480-775-5150 www.portmort.com
PFACapital,LLC 800-531-4589 www.pfacapital.com
QuikFundInc. 813-671-0712 www.quikfund.com
RehabFunding 610-645-9939x310 rehabfunding.com
RemingtonFinancialGroup 480-905-3239 www.remingtonfg.com
RightStartMortgage 800-520-5626 www.rightstartmortgage.com
SBBFinancial 866-358-7238 www.sbbfinancial.com
SDIFunding 864-233-3337x3220 www.sdifunding.com
SmartServSolutions 888-633-4778 www.bronxhardmoney.com
SWCFinancialCorp. 714-680-7050x113 www.swcfinancial.com
SwiftFunding 727-521-6633 swiftfundingcorp.com
TCRMCommercialCorp.(cml) 212-371-3933 www.tcrmcommercial.com
TheLoanDoctors,Inc.(cml) 954-647-7679 www.regd506.com
TheMoneySource,LLC.(cml) 480-946-4000 www.themoneysourcellc.com
TitanHardMoney 323-377-0979 www.titanhardmoney.com
TrustDeedInvestments,Inc 415-760-2338 www.hardmoney.ning.com
WestOneMortgageCorporation 818-921-7602 www.westonemortgagecorp.com
WholesaleLending.com(cml) 866-303-6301 www.wholesalelending.com
nIcHe RePORTS
Hard MoneY & non-priMe lender listings continued…
42 April 2009
nIcHe RePORTS
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 consum-ers, 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.
cOnSTRUcTIOn/ReHaB
FinancialResourcesMortgage,Inc.800-950-6913 or [email protected]
Manaseh,Epharim&Associates 770-840-0112
MetroFundingCorp 866-302-6360
RemingtonFinancialGroup,Inc480-905-3239
real estate based private money lender. commercial & residential investment. refi-cash out allowed. retail, office, multi-family, raw land, development & modular construction are our specialties. common sense underwriting. no upfront fees! email or call today.
new construction and rehab loans for all types of commercial properties. Your source for international and domestic funding.
direct lender specializing in short term bridge financing. interest only. no prepayment penalty. no points upfront. commitments within 24 hours. Brokers welcomed and protected.
up to 95% financing construction, rehab, renovation, development, starting at $1 million and moving upwards, commercial only
Premium Listings
cOnSTRUcTIOn / ReHaB Lender Listings Powered by TheLoanPost.com
AmeribankMortgage 516-833-8834 www.ameribanksolutions.com
AssurityFinancial 866-841-7863 www.assuritywholesale.com
AxiomCommercialFunding 866-637-3014x10 www.acfsonline.com
BrokerCapitalFunding 408-438-6939 www.brokercap.com
ColonialNationalMortgage 800-825-1311 www.cnmbrokers.com
Everbank 415-595-3968 www.everbankwholesale.com
ExcelsionMortgage 888-578-5441x1 www.ExcelsionBrokers.com
FederalTrustMortgage 407-323-1833x153 www.federaltrust.com/brokers
FirstMutualBank 971-645-9140 www.washingtonfederal.com/wholesale
FirstNationalBankofNassau 404-218-3335 www.fnbwholesale.com
FirstNorthernBank 707-423-9330 www.thatsmybank.com
HawkinsCapital 208-908-5596 www.hawkinscap.com
KennedyFunding 201-342-8500 www.kennedyfunding.com
M&TBankMortgage 804-380-7465 wholesalemortgage.mtb.com
MangoBayMortgage 561-347-9811 www.mangobayinc.com
MissionOaksNationalBank 805-889-0301 www.missionoaksbank.com
PortfolioMortgageCompany 480-775-5150 www.portmort.com
SWCFinancialCorp. 714-680-7050x113 www.swcfinancial.com
UnitedMidwestSavingsBank 614-255-3534 www.umwsb.com
UnityBank 904-727-7535 www.unitybank.com
WestOneMortgageCorporation 818-921-7602 www.westonemortgagecorp.com
nIcHe RePORTS
TheNicheReport.com 43
Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consum-ers, 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.
Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consum-ers, 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.
AgriCapFinancialCorporation213-542-5232
FairviewCommercialLending866-634-1270
FinancialResourcesMortgage,Inc.800-950-6913 or [email protected]
GregoryFunding888.324.3578
Manaseh,Epharim&Associates770-840-0112
MetroFundingCorp 866-302-6360
RemingtonFinancialGroup,Inc480.905.3239
TrilogyCommercialLending888-875-5055
agriculture -- Farms, ranches, Facilities. agricultural operating/crop input loans.
no minimum credit score, foreclosure bailouts, Quick closings nationwide, commitments in 24 hours
real estate based private money lender. commercial & residential investment. refi-cash out allowed. retail, office, multi-family, raw land, development & modular construction are our specialties. common sense underwriting. no upfront fees! email or call today.
private portfolio lender funding small balance commerical loans up to $1MM. no credit score requirement. no pre-payment penalty. up to 70% ltv. Foreclosure ok. Bankruptcy ok. lending territory: aZ, ca, co, id, nv, or
acquisition, refi’s, and development commercial loans. Your source for international and domestic funding.
direct lender specializing in short term bridge financing. interest only. no prepayment penalty. no points upfront. commitments within 24 hours. Brokers welcomed and protected.
senior financing on existing real estate all property types, competive rates
specializing in Full doc small balance commercial loans up to $5 M. our unique commercial automated underwriting system allows for instant approvals, including pricing options. no upfront Fees! experience ease of execution - call today!
Premium Listings
cOMMeRcIaL
nIcHe RePORTS
44 April 2009
Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consum-ers, 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.
cOMMeRcIaL Lender Listings Powered by TheLoanPost.com
AffinityBank 877-862-7245 www.affinitybank.com
AgriCapFinancialCorporation 213-542-5232 www.agricap.com
AmericanAcceptance 800-452-9287 www.aamcap.com
ArlingtonRichfield 248-613-7423 www.arlingtonrichfield.com
ApartmentLending 303-771-1031 www.aptlending.com
AvantCapitalPartners,LLC. 212-219-9419 www.avcapital.net
AxiomCommercialFunding 866-637-3014x10 www.acfsonline.com
BerkshireCapitalFinancial,Ltd. 212-986-9890 www.berkshirecapital.net
BFSWholesale 800-778-3763 www.bfscapital.net
BlueSkyCommercialFunding 888-500-2583 www.bscfloans.com
BrownstoneMortgageCapital 800-547-1285 www.brownstoneloans.com
CapitalAlliance 415-288-9575 www.calliance.com/index.php
CapitalSourceFinance 212-321-7215 www.capitalsource.com
CFACapitalPartners 914-967-5780 www.cfacap.com
CienaCapital 800-722-5626 www.cienacapital.com
CITSmallBusinessLendingCorp. 404-244-4592 www.smallbizlending.com
CoastInvestorsCapital 305-446-9125 www.coastinvestors.com
CommercialBridgeLoanFunding 305-852-2569 www.cblfg.com
CommercialCapitalFundingCorp 866-790-6925 www.ccflender.com
CommercialFundingCorp 904-885-9977 www.commercialfundingcorp.com
CommercialHardCapital,LLC 832-607-6778 www.commercialhardcapital.com
CommercialLendingCapital 714-656-3943 www.clcnationwide.com
CommercialLoanCapital 877-473-6984 www.clcloans.net
CommercialMortgageCity 954-854-6853 www.commercialmortgagecity.com
CommercialMortgages101 800-763-3036 www.commercialmortgages101.com
CommunityCommerceBank 916-648-2680 www.ccombank.com
CushmanRexrodeCapitalCorp. 925-988-7200 www.cushrex.com
EasternSavingsBank 800-787-8187 www.easternsavingsbank.com
EquityOneCommercial 407-370-7843 www.equity1commercial.com
ExcelsionMortgage 888-578-5441 www.excelsionbrokers.com
FirstCaliforniaBank 818-670-7688 www.fcbank.com
GriffinCapitalFunding 800-710-6762 www.ysploans.com
HawkinsCapital 208-908-5596 www.hawkinscap.com
HMCFunding 800-273-7001x327 www.hmcfunding.com
IntegrityFinancialGroup 916-343-7559 www.ifgloans.com
InterbayFunding,LLC 877-207-6099 www.interbay.com
KennedyFunding 201-342-8500 www.kennedyfunding.com
LibProperties,LTD. 404-256-8600 www.libloans.com
LighthouseCommercial 614-340-3894 www.Lighthouse-Commercial.com
LNBCommercialCapital 321-214-0585 www.lnbcapital.com
MagnoliaFinancialConsultants 601-428-1005 www.hardmoneymortgages.com
MangoBayMortgage 561-347-9811 www.mangobayinc.com
Met-WestCommercial 866-766-4000 www.met-west.com
MidwestFinancialCapital 317-844-7776 www.midwestfinancialcapital.com
MinvestFinancial 877-317-0260 www.minvestfinancial.com
MissionOaksNationalBank 951-719-1200 www.missionoaksbank.com
MiStarFinancial 720-200-2600 www.mistarfinancial.com
MJMCapitalGroup 480-628-1943 www.mjmcapitalgroup.com
MulticorpFinancial 925-275-8111x222 www.11multicorpfinancial.com
NationwideCommercialLenders 800-830-5940x1 www.NationwideCommercialLenders.com
NewWorldCommercialLender 561-628-2069 www.nwclender.com
OverlandFinancial 818-342-2477 www.overlandfinancial.com
PacificMortgageFundingCorp. 562-864-4006 www.pacificmortgage.com
PacificNationalBank 305-539-7675 www.pnb.com
PFACapital,LLC. 800-531-4589 www.picconefinancial.com
PNCARCS 800-275-2727 www.askARCS.com
PresidentialBank 301-652-1616 www.presidential.com
Pribank 866-811-9217 www.pribank.com
PrudentialMortgageCapitalCo. 888-263-6800 www.prumortgagecapital.com
QuikFundInc. 813-671-0712 www.quikfund.com
ReliantFunding 412-942-1010x18 www.reliantfunding.us
REMCapital 877-774-4240 www.remcapitalgroup.com
SFPartnersMortgage 305-774-0456 sfmortgagelenders.com
SmallBusinessLoanSource,LLC. 512-215-2727 www.adelinerem.com
St.CloudMortgage 877-653-3276 www.farmerloan.com
STACapitalGroup&Advisors 866-610-4141 www.c-loandivision.com
StrongtowerFinancial 800-333-9893 www.strongtowerfinancial.com
SWCFinancialCorp. 714-680-7050x113 www.swcfinancial.com
TCRMCommercialCorp. 212-371-3933 www.tcrmcommercial.com
TerraceCapital 212-671-1031 www.terracecapital.com
TheMoneySource,LLC. 480-946-4000 www.themoneysourcellc.com
TrilogyCommercialLending,LLC. 877-726-9433 www.trilogycl.com
UnionBankofCalifornia 877-945-2265 www.uboc.com
WellsFargo 800-840-5822 www.wellsfargo.com
WestOneMortgageCorporation 818-921-7602 www.westonemortgagecorp.com
WholesaleLending.com 866-303-6301 www.wholesalelending.com
WorldCapitalBancorp,Inc. 888-922-3003 www.worldcapitalbanc.com
adVeRTISe yOUR nIcHeS HeRe WITHIn
acc MORTgage, Inc.WeApproveLoans.comContact: Tim BoordPhone: 240-314-0399 ext 15Email: [email protected]
aFg LLc (aSSeT FUndIng gROUP)www.assetfundinggroup.comContact: Jaye KuchmanPhone: 720-889-1175Email: [email protected]
agRIcaP FInancIaL cORPORaTIOnwww.agricap.comContact: Business DevelopmentPhone: 213-542-5232Email: [email protected]
a la mode, inc.www.alamode.com
aMBIT FUndIngwww.ambitfunding.comContact: Chris BednarPhone: (570)-829-2101 (800)-823-7101Email: [email protected]
aPex MORTgage cORP.www.apexmtg.comPhone: 800-262-APEX
aPPLIed BUSIneSS SOFTWaRewww.TheMortgageOffice.comPhone: 800-833-3343
aTTenTIOn LendeRS!!BUyeRS OF dISTReSSed deBTEmail: [email protected]
BeST RaTe ReFeRRaLSwww.bestratereferrals.comPhone: 800-811-1402
BISMaRk MORTgage800-350-7199 ext. 103bismarkmortgage.com
BRT ReaLTy TRUSTwww.brtrealty.comContact: Mitch GouldPhone: 516-773-2712Email: [email protected]
cITyLIgHTS FInancIaL exPReSS, Incwww.citylightsfinancial.com800-530-2489 ext [email protected]
cRedIT PLUS Inc.www.creditplus.comPhone: 800-258-3488Fax: 800-258-3287Email: [email protected]
dOcMagIcwww.docmagic.comPhone: 800-649-1362
FaIRVIeW cOMMeRcIaL LendIngwww.FairviewLending.com Phone: 866-634-1270Fax: 404-634-0319
FInancIaL ReSOURceS MORTgage, Inc.www.commercialloanresources.comContact: David DexterPhone: 800-950-6913Email: [email protected]
FIRST MOUnT VeRnOn I.L.a.www.FMV1.comPhone: 703-823-6800Fax: 703-997-2499
cOgenT ROad Inc.www.fundingsuite.com/demosPhone: 800-848-3162
LendeR & ReSOURce dIRecTORy
TheNicheReport.com 45
gRegORy FUndIng LLcwww.gregoryfunding.comPhone: 888.324.3578Email: [email protected]
JacOB dean MORTgage, Inc.www.JacobDeanBranch.comPhone: 888-444-9664
THe LendeR aPPROVaL dePaRTMenTwww.TheLenderApprovalDepartment.comPhone: 310-568-1112Email: [email protected]
LOan MOd Lead MacHInewww.loanmodleadmachine.com
THe LOan POSTwww.TheloanPost.comPhone: 877-812-4327Email: [email protected]
LOanSIFTeRwww.Loansifter.comPhone: 920-687-1222Email: [email protected]
MadISOn cRedIT ManageMenT SeRVIceS LLcwww.madisoncredit.comContact: Roger CastilePhone: 856-866-9878 x4320Email: [email protected]
ManaSeH, ePHaRIM & aSSOcIaTeSwww.meandassociates.comContact: R.D. WalkerEmail: [email protected]: 770-840-0112
MeTRO FUndIng cORPwww.metrofundingcorp.comContact: Jennifer BernabeoEmail: [email protected]: 866-302-6360
MITIgaTIOn OnLIne cOnSULTanTSwww.mitigationonlineconsultants.comEmail: [email protected]: 818-501-1520
MIneR caPITaL FUndIng, LLcwww.Minercapitalfunding.comOrlando@minercapitalfunding.comPhone: 702-466-8952Fax: 314-667-3092
PITTBULL MORTgage ScHOOLwww.pitbullmortgageschool.comContact: Leonard RosenPhone: 858-736-7788Email: [email protected]
PRecISIOn LOan PROceSSIngwww.PrecisionLoanPro.comPhone: 703-743-9739Email: [email protected]
ReaL-eSTaTe-agenT-LISTS.cOMwww.realestateagentlists.comPhone: 877-485-5044
ReMIngTOn FInancIaL gROUP, Incwww.remingtonfg.comContact: Aaron EnrightPhone: 480.905.3239Email: [email protected]
STOnecReST FInancIaLContact: BillPhone: 888.884.6518Email: [email protected]
TRILOgy cOMMeRcIaL LendIngwww.TrilogyCL.comPhone: 888-875-5055Email: [email protected]
TRUSTcaPITaL InVeSTMenTS LLc Contact: Craig SeversonPhone: 301-503-2231Email: [email protected]
LendeR & ReSOURce dIRecTORy
46 April 2009
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