USA vs. Christopher Warren

Issue 021

March 2009

TheNicheReport.com

16Catch me if you can.

24 Selling Lessons from Muhammed Ali

26Make your next closing a knockout.

13The industry as we knew it is gone.

An Industry Forever Changed

Multi-Family FinancingCommercial lending for all seasons.

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.

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There are many mortgage brokers who have an interest in becoming a hard money lender. We teach you

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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.

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• How to ask the right questions of the borrower

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• 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

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cOMMeRcIaL pg 43

nIcHe RePORTScOnTenTS Issue 021 March 2009

FOUndeR & PReSIdenT Robert Pegg robert@nichereportonline.com

cO-FOUndeR & PReSIdenT David Pegg david@nichereportonline.com

edITORIaL / cOnTenT ManageR Kristen Moser kristen@nichereportonline.com

cOPy edITOR Stewart Mednick stewart@nichereportonline.com

accOUnTIng ManageR Shawna Ingram shawna@nichereportonline.com

SaLeS ManageR Mark Moulton mark@nichereportonline.com

PROdUcTIOn ManageR Henry Suchman henry@nichereportonline.com

PROdUcTIOn aSSISTanT Dawn Exner dawn@nichereportonline.com

adVISORy BOaRd Aaron Krowne President and CEO, IEHI, Inc.

cOLUMnISTS Stewart Mednick

cOnTRIBUTIng aUTHORS Joel Barth Andrew Bogdanoff George H. Marentis Robin Medecke Tom Ninness

An Industry Forever ChangedgeORge H MaRenTISPRESIDENT/CEO,COMPLIANCE MADE SIMPLE, LLC

The industry as we knew it is gone.

13

Multi-Family FinancingandRew BOgdanOFFREMINGTON FINANCIAL GROUP

Commercial lending for all seasons.

24

Selling Lessons from Mohammed AliTOM nInneSSVICE PRESIDENT ChERRy CREEk MORTGAGE

Make your next closing a knockout.

26

Center Stage with Reverse It!THe nIcHe RePORT

Software - Service - Training - Marketing

29The Clandestine World of Trust Deed InvestmentsJOeL BaRTHChAIRMAN, NORThWEST CAPITAL ADVISORS, LTD.

Investments with a twist.

22

dePaRTMenTS

16 USA vs Christopher WarrenROBIn Medecke

Catch me if you can.

09 nOTe FROM THe FOUndeR

10 caLendaR OF eVenTS

32 TIP OF THe MOnTH

45 LendeR & ReSOURce dIRecTORy

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To submit an article for consideration in The Niche Report, please send an email to kristen@nichereportonline.com or call 866.964.2695. We are interested in original writings relevant to mortgage brokers and other real estate finance professionals.

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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: info@nichereportonline.com www.TheNicheReport.com

©2009 Gregory Funding LLC, an Aspen Capital a�liated company. This is not a commitment to lend. Restrictions may apply. For Wholesale only. Not for distribution to the general public. LTV based on current valuation by Gregory Funding. Gregory Fundingreserves the right to amend rates and guidelines. All loans are made in compliance with federal, state and local laws. High-CostLoans prohibited. Gregory Funding LLC is an Oregon LLC, Oregon Division of Finance & Corporate Securities Lic#ML3575. GregoryFunding LLC, 425 NW 10th Ave Suite 307 Portland, OR 97209. Toll free: 888-324-3578.

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

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9TheNicheReport.com

Stunned, outrage, disbelief – These are just a few emotions you may feel when read-

ing about Christopher Warren. He is the subject of our feature article this month

titled USA vs. Christopher Warren. While this article may elicit anger it may also

have you wondering how the heck he got away with what he claims. We have all

heard about stories and rumors of fraud within our beloved industry but never on

this level. His story of corruption, flight from justice and subsequent capture at the

Canadian border while trying to re-enter the U.S. is both despicable and fascinating.

This issue of TNR also brings back some notable authors such as George Marentis,

our “go-to” guy for compliance issues. He writes on a number of topics such as the

SAFE Act, National Licensing and HVCC. Stewart Mednick comes at us with Part II of his most popular

column to date - Should I Stay or Should I Go, Part II. Tom Ninness writes an inspiring article on how

Mohammed Ali can help you close loans (really!). And Andy Bogdanoff, founder of Remington Financial

Group, discusses a popular loan among commercial lenders - Multi Family financing.

We would also like to invite everyone to visit us at our booth (we are attending both the residential and

commercial expos) for the 26th Annual Regional Conference of Mortgage Bankers Associations. The con-

ference will be held March 15 – 17th at the Trump Taj Mahal Casino Resort in Atlantic City, New Jersey.

The folks at the MBA NJ have worked extremely hard in organizing this event. Come out and show your

support.

Keep up the fight,

Robert Pegg

MaRcH 15-19NJMBA - Mar. 15-19, 200926th Annual Regional Conference of Mortgage Bankers AssociationsTrump Taj Mahal, Atlantic City, NJ

MaRcH 19CAMB – 4th Annual Survivors Summit & TradeshowLos Angeles Metro, 9:00 am - 4:00 pm Los Angeles Convention Center

MaRcH 19FAMB - Jax Luck O'Jacksonville Trade ShowHyatt Riverfront, Downtown Jacksonville Single booth space prices are $795, if paid by January 31, 2009, and Double booth space (only 8 available!) prices are $995, if paid by January 31, 2009. Don't miss this 11 time sold out event...you just gotta ask yourself - "How can you not feel lucky?"

MaRcH 24FAMB - Volusia - EducationProfessional Title Auditorium, 747 S. Ridgewood Ave #204, Daytona Beach, FL

MaRcH 24 RESPA & FS 494 Compliance - 4 Credit Hours, 8:30 AM - 1:30 PM

MaRcH 24FAMB - Bagels and Respa/494 Seminar Professional Title Auditorium 747 S. Ridgewood Ave. Suite 204 Daytona Beach Fl, 7:30am - 1:30pm7:30 AM FAMB Bagels and Coffee Hour Sponsored by REAL WORLD APPRAISAL 8:30 AM Respa/494 Complaine Seminar 4 CEU's What's new with RESPA? Are you prepared for 2010? Do you know that RESPA governs how you disclose origination fees, sets tolerances on charges and requires full disclosure of loan terms? The FAMB Education Foundation has redesigned the RESPA Course to reflect the changes that become effective in 2009 and 2010.

MaRcH 27CAMB LAM, BOD Meeting, Los Angeles Metro, 8:30 am - 10:00 amGB Mortgage Solutions407 S. La Brea Ave, Inglewood, CA 90301310-590-1235

aPRIL 7FAMB - Space Coast - EducationHoliday Inn Express, 301 Tucker Lane, Cocoa, FL. Understand Credit Scoring - 4 CEUs 1:30pm - 5:30pm

aPRIL 8CAMB SD BOD Meeting, San Diego 5:00 pm - 7:00 pm Karen Satterwhite - coordinator@cambsd.orghttp://www.cambsd.org/ Stewart Title of California 7676 Hazard Center Road, 14th FloorSan Diego, CA 92108

aPRIL 8AAMB - Central Chapter Luncheon11:30-1:00, The Hilton Garden Inn4000 N. Central Ave., Phoenix, AZ 85012Doors open 11:30, meeting at noonValidated parking lot east of building

aPRIL 9FAMB - Gulf Coast - EducationFeather Sound Country Club, 2201 Feather Sound Dr, Clearwater, FL 33762 VA Underwriting & Processing - 4 credit hours, 1:00pm - 5:00pm

aPRIL 14FAMB - Central - EducationBahia Shrine, 2300 Pembrook Dr, Orlando, FL 32810 April 14 Analyzing the Self-Employed Borrower - 4 credit hours, 1:00pm - 5:00pm

aPRIL 14AAMB - Southern Chapter Luncheon Location: Viscount Hotel - 4855 E. Broadway, Tucson, AZMembers - $20, Non Members - $25RSVP to Rita Thomson-Zuritamortgagemom@msn.com

aPRIL 16FAMB - Suncoast - EducationOsprey Inn, 1660 S. Tamiami Trail, Osprey, Fl 34229 April 16 Navigating Interstate FS 494 - 4 credit hours, 1:00pm - 5:00pm

aPRIL 16FAMB - Broward - EducationDave & Busters, 3000 Oakwood Blvd, Hollywood, FL RESPA - Understanding the Law & Disclosure - 4 credit hours 1:30pm - 5:30pm

aPRIL 22CAMB - Your Client's Tax Returns - Become An Expert In A Full Doc WorldSan Francisco Peninsula, 9:00 am - 1:00 pm cambinfo@gmail.com, http://www.sfpcamb.org Back By Popular Demand!!! Industry Expert, Julie Anderson of Genworth Finanical provides a very in-depth workshop on understand your client's tax returns completely. 4-Hour Workshop - All Materials Included.

aPRIL 24CAMB LAM, BOD MeetingLos Angeles Metro, 8:30 am - 10:00 am GB Mortgage Solutions 407 S. La Brea Ave, Inglewood, CA 90301310-590-1235, info@camblam.com

caLendaR OF eVenTS

10 March 2009

Upcoming key Dates & Events: MaRcH & aPRIL

aPRIL 2009

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Attention Lenders!

TheNicheReport.com 13

Over the past couple of years I have been telling my clients, the mortgage broker

industry is changing. The industry as we knew it is gone and in order for the mortgage broker to survive we need to be flexible and adapt to the changes. Recently a broker said to me “Compliance is a waste of time”.

This is the type of mentality that needs to change for us and the industry to survive. It came as no surprise when I later found out that this broker was being investigated by a couple of the states he was licensed in and forced to close his doors.

As we know, 2008 was a very turbulent year for the financial markets; 2009 will likely be as rough. Look around, our industry, and more specifically the mortgage brokers, are the primary targets of legislators at both the state and federal levels. The housing and mortgage industries were severely impacted and a number of new laws and regulations were enacted ranging from the new Identity Theft “Red Flag” requirements, new RESPA amendments, Regulation Z changes, new national licensing requirements, and also the controversial Home Valuation Code of Conduct rule.

naTIOnaL UnIFORM LIcenSIng (S.a.F.e. acT)A new law was recently passed that establishes

standard requirements for the licensing or registration of mortgage originators nationwide. State licensing will be required for all loan originators employed by brokers or lenders and registration will be required for originators

employed by depository institutions. The uniform standards require each state to have a system in place by August 1, 2009 or August 1, 2010 if the state legislatures meet biennially. However, a state may be able to get extensions through HUD upon a states good faith effort to meet the Acts requirements.

As a requirement, originators will need to provide the FBI with fingerprints for them to complete a background check, take 20 hours of pre-licensure education and provide the NMLSR authorization to pull credit. Additionally, originators will need to pass an exam that will be developed by the Nationwide Mortgage Licensing System and Registry (NMLSR).

cOnceRnS wITH naTIOnaL LIcenSIng Although the concept of a standard nationwide

licensing requirement has its benefits, there are some concerns.

Does an originator need to take the 20 hours of pre-licensing education for each state in which he or she originates or just one? Will a passing score on the national exam be transferable to other states? What is the purpose of needing the originators credit report? will there be a minimum credit score requirement?

Unfortunately, I don’t have all the answers, but it appears that the exam will be based on two components: a national portion and a state portion. Based on what I have been told, once an originator passes the national component, all that is needed to be completed for each state is the state portion. As for the 20 hours of pre-licensing education, all that is needed is to complete it once and show evidence of successful completion to

an IndUSTRy FOReVeR cHanged

By geORge H. MaRenTIS, J.d.

The industry as we knew it is gone

each state of application. Keep in mind, each state has the authority to require more than 20 hours, so anything above the minimum of 20 hours would need to be completed.

HOMe VaLUaTIOn cOde OF cOndUcTThe finalization of the Home Valuation Code of

Conduct is just one of many new rules impacting the mortgage industry. This new rule is not legislatively based, but is an agreement between the GSE’s, New York State Attorney General Andrew Cuomo and FHFA.

The final version of the Home Valuation Code of Conduct (HVCC) was released on December 23, 2008 and will apply to all single family mortgage loans originated and delivered to Fannie Mae or Freddie Mac with an application date after May 1, 2009.

Unless something can be done to stop the implementation of the HVCC before the effective date, the HVCC will create requirements governing appraisal selection, solicitation, compensation, and more. Key provisions of the final rule: • Onlythelendercanorderappraisals,notthemortgage

broker. The lender may use Appraisal Management

Companies, or appraisal companies. • Cannotdoadditionalappraisals,AVM,orBPOsto

get a better value. However, It is OK to do them as part of a quality program or if the original appraisal is flawed.

• No“Comp”Checks.• Lendermustgivethehomeowneracopyofthe

appraisal three days before close.• Paymenttotheappraisermustcomefromthelender,

the AMC, or the appraisal company. • Nooneintheloanprocesscantalktotheappraiser.• Anyoneselectinganappraisermustbeindependentof

the loan process and must be trained and qualified. • Nooneemployedbythelenderoracompany

owned by the lender can perform an appraisal unless independence can be supported, procedures for adherence to the code are documented, and annual reviews are performed.

• 10percentofallappraisalsmusthaveaqualitycheckdone.

IMPacT OF THe HVcc? Broker - As for the broker, the code will prohibit

direct communication between the broker and appraiser whereby the broker will be prohibited from ordering the appraisal as well as requesting “comp” checks to estimate value.

While these communication issues will slow down the lending process, the requirement for the lender to provide the homeowner with the appraisal three days before close will also put more pressure on the process, ultimately hurting loan closings and turn times, thus, potentially impacting the broker’s cash flow.

Aside from not having contact with the appraiser, the ultimate impact to the broker remains unclear. Your

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thoughts and comments are welcome. Lender - The most significant impact will be on the

mortgage bankers/lenders and the ability of lenders to sell off loans to Fannie Mae and Freddie Mac. The lenders will likely need to create new policies and procedures to effectively meet the requirements of ordering appraisals per the HVCC. Additionally, the lenders will need to add to their quality control function or pay a third party auditor to conduct the 10 percent quality control test on appraisals to ensure that their process meets the HVCC standards. Unfortunately, these additional costs could be passed onto the consumer.

All members of the lender’s loan production staff are forbidden from selecting, retaining, recommending or influencing the selection of an appraiser. The code defines a lenders loan production staff as Individuals who are involved in origination, underwriting, presenting credit offerings for approval and credit decisions as well as any person who reports to a loan production staff member or is compensated on a commission basis upon the successful completion of a loan.

For the quality control testing requirement under the HVCC, the lender agrees to perform quality control tests on at least 10 percent of appraisals, which are randomly selected, and report the findings to the Independent Valuation Protection Institute (IVPI)

Conclusion - The ultimate impact of any of these regulatory changes to the lending industry is unknown. However, as aforementioned, the industry is being targeted as one of the main problems within the financial markets. As an industry, we need to voice our concerns otherwise the increased regulatory burdens will force the mortgage broker out of business and ultimately harm the consumer.

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.

USA vs. Christopher Warren

By ROBIn Medecke

Misrepresentation and other allega-tions abound about the miscon-duct of investment bankers like

Bernard Madoff, the corporate misguidance and misbehavior from the likes of Lehman Brothers, Bear Stearns and other notable mortgage lending giants. Unimaginable uncontrolled excesses and predatory prac-tices of mortgage bankers like Daniel Sadek’s Quick Loans et al, abound as well.

As almost every government agency steps up their investigations into the fraud, we are now presented with the one case that may prove to be the ultimate poster-boy of mortgage broker fraud. His name is Christopher Jared Warren.

Catch me if you can

“FUn wHILe IT LaSTed!” Lenders have been pulling

away from TPO (third-party originations) as a general rule lately. Good brokers be damned, we have this one broker who illustrates, to the detriment of all others, the risks and costs associated with wholesale. Just a day before he fled (it is believed) to Mexico on a private jet he chartered for $156,000, Christopher Warren wrote a statement emailed to a Sacramento Bee reporter and subsequently posted on the web site of Triduanum Financial, a company he controlled. Warren admited to a career of committing fraud and teaching those in his supervision the techniques for doing the same. As it circulated among the mortgage community and appeared in news reports and on blogs everywhere in ensuing days, responses ranged from “nauseating” to “outrageous.” It didn’t take long to reach national attention.

It was not apparently written as a confession, but as a resume. The author, Chris Warren, says he wants a job investigating mortgage fraud, and wanted to demonstrate that he has the background for the job. If he did what he said he did, he’s got to know more about mortgage fraud than just about anybody.

That was the introductory paragraph of Warren’s 7-page essay posted on the Implode-O-Meter. I, like so many other industry veterans who read Warren’s account, were aghast. It came as no surprise, and was our unique privilege days later, to share with our readership the arrest warrant issued for Warren (http://ml-implode.com/articles/warren.html) when the IRS decided to take action through the court. Ironically enough, Warren had been cooperating with the FBI and IRS officials in an ongoing fraud investigation before he decided to flee.

The federal warrant estimated $100 million in damages resulted from the mortgage fraud and investment scheme Warren and others were involved in, spanning five states and approximately 500 properties. CitiMortgage alone was reported to have lost $6 million on 15 “bogus” loans. Occurring between September 18, 2007 and July 7, 2008, the specific charges include allegations of conspiracy to commit bank fraud and conducting a continuing financial crimes enterprise, all of which occurred during Warren’s association with Loomis Wealth Solutions,

Advanced Lending Group Inc. dba Nationwide Lending Group Inc., the NARAS Secured Fund #2 LLC and related entities. Warren had pled guilty to one count of mail fraud in an associated case against friend and former business partner Garret Gililland, who was indicted in August of 2008 on over twenty counts of mortgage fraud, money laundering, and conspiracy to manufacture marijuana plants.

But that was just one investigation and one scheme. Warren admits to another $75 million in mortgages that “contained some sorts of material frauds” originated while he worked at Ameriquest. He also admits to the theft of 680,000 customer records containing private information, and an additional $810 million in “bad MBS securities” originated from his own company, WTL Financial Inc., prior to his employment with Nationwide Lending Group. His latest business venture, Triduanum Financial, was reported to have exceeded its $15 million warehouse lending facility by $20 million before it folded in January of 2009. Added up, this one person has caused or contributed to losses of nearly $1 billion, and that does not include the invaluable loss of privacy to those 680,000 former Ameriquest customers. Also posted on his company’s web site were these additional claims:

HOw IS IT POSSIBLe?• ThatFlagstarMortgagedidn’tcatchLenderServices

Direct Inc., and Loomis Wealth Solutions who conspired with correspondent lender Excel Funding to steal over $5,000,000 in seller-proceeds that are now missing.

• ThatCITIMortgagedidn’tcatchcorrespondentsMortgage Bank of California and Bondcorp Realty Services over-finance $30,000,000 in bad mortgages with cash-back purchases for various buyer groups? How many of these loans are already now owned by our government, are tax-payer subsidized, or held by FNMA and Freddie Mac?

• ThatGMACMortgageLLC.,boughtover$3,000,000 in mortgages secured in the Orlando Academy Cay Club aka “The Greens” on $400,000 appraisals when there are over 30 active listings under $125,000?

• TaylorBeanandWhitakerwerenotawarethatover$5,000,000 in mortgages sold to them were never recorded.

TheNicheReport.com 17

Photo courtesy of News10.net: View original report online at www.news10.net/news/local/story.aspx?storyid=54342

It is truly revolting to the ethical, honest and hard-working professionals in the mortgage industry to read these things. But Warren takes the outrage one step further, by accusing experience as being the weakest link in the system:

The regulators, managers, qc department employees, guideline writers, and board members of mortgage lending institutions and banks are all, when averaged, over the age of forty seven. The average mortgage fraudster is in mid twenties to early thirties.

The problem is the 5% of fraudsters out there are extremely intelligent, agile, and constantly innovating techniques to beat every effort of the anti-fraud forces in the banking industry. Age plays into this, because the youth is innovative and aggressive, and as we age and approach AARP land, we become less nimble in our mind, closed to new ideas.

I would make the exact opposite argument, that the lack of experienced staff in the primary and secondary markets actually enable fraudsters like Warren. An inexperienced new hire assigned to do a cursory file review for completeness is much less likely to notice the whited-out box on a 1003 or misdated and missing disclosures. The college-grad hired by the local bank as a funder was likely never prepared to keep an eye out for the invalid notary or

catch forged signatures. A processor or junior underwriter with the typically required “1-2 years of experience” is not generally going to be savvy enough to discern details buried in fraudulent tax returns, phony leases or modified sales contracts. And the clerk working in the wire department at the warehouse bank may not catch a discrepancy in the intended recipient’s instructions when ordering funds. But those of us with a smattering of gray hair have seen it before. We know what to look for and where – and we DO catch it. Those of us “approaching AARP land” didn’t jump on the mortgage bandwagon just for the ride in the boom years. We deeply resent the actions of those unscrupulous few who have forever tainted the industry’s reputation with their actions. As we watch the myriad of brokerage firms, wholesalers and warehouse lenders increasingly forced to withdraw from the market, it has become painfully clear that inexperience and greed -- the very qualities that Warren espoused -- have eroded what was once a revered occupation.

“nOT SO HaPPy nOw!” Warren was arrested by the

U.S. Border Control authorities trying to re-enter the country from Canada after a global jaunt that led him to Lebanon. He was carrying Swiss Bank Certificates for $1.1 million in gold, 4 ounces of platinum valued at $1,420 each, and $70,000 cash. Authorities said $4 to $5 million in gold believed to have been “also brought to Lebanon” was not recovered.

The charges pending against Christopher Warren carry stiff penalties. On the count of conspiracy to commit bank fraud, he faces a maximum 30-year prison term. The charge of mail fraud can carry a 20-year term. And it will be 10-years to life should he be found guilty on the allegation of conducting a continuing financial crime. But with the inevitable court battle and endless appeals, this will ultimately play out to be yet another example of bureaucratic red-tape and governmental interference in the market’s ability to be able to regulate and heal itself. Even if he is found guilty and serves the time, it will never replace the millions he cost the industry and consumers. Nor will it repair the irreparable damage done to the image of mortgage brokers and the affect fraudulent behavior has had on the willingness and profitability for lenders to continue to participate in the secondary market.

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Warren claimed to be the hapless "student" of fraudulent practices by way of teachings taken from his work experience with Ameriquest between 2001 and 2004. He took that knowledge into business ventures he established afterward, carrying on the same practices he claims he had no knowledge were “federal violations.” That’s simply ludicrous. Did he cheat on the exam for his broker’s license? And what legitimate business owner does not endeavor to educate themselves on all aspects of law with regard to their business and make every attempt to remain in compliance to maintain its viability? At what point did the marvelous revelation that all of this was horribly damaging and illegal occur? The sheer audacity of his claims to being a one-man solution for fighting mortgage fraud boggles the mind:

Almost a billion dollars of toxic assets came from me making others above me rich beyond my imagination. They asked for more and more, knowingly, and I gave it to them. Now I intend to fix it and help the best I can by sharing what I have learned and know. I am the best at what I was taught and then re-created again and again and mastered myself. I am the best man for shutting it down. Completely and forever.

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This is what is wrong and how to fix it. I am the man for the job, Chris Warren, have the management experience, the banking experience, and could assist in the oversight of the most major transformation of mortgage regulation without changing one guideline and still completely eliminate mortgage fraud and restore confidence in the American dream and the securities that that very dream provides for investors.

So now you suggest that we, as taxpayers and mortgage industry professionals, should hire YOU to police US? Not even the least experienced among us are that naïve, Mr. Warren. You are no more going to profit from this scam than you were going to “buy” a deal with the Feds for your freedom with this nonsense. We reject both your advice and your contrition as meaningless. In the words of your very own attorney, “It was an incredibly idiotic thing to do.”

Robin Medecke is a researcher and writer for The Mortgage Lender Implode-O-Meter. Medecke is an industry veteran with twenty years of experience in both the government and private sectors, including both retail and wholesale housing finance.

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Many investors dismayed by the stock market and burned by falling home prices may not be aware that there is a world where inves-

tors are still making returns of 12 percent to 18 percent or better by making private hard money mortgage loans. Recent economic conditions have actually increased the demand and need for these types of investments. In many instances, these investments are also eligible to be held on a tax-deferred or tax-free basis inside of your self-directed individual retirement account (IRA) or retirement plan.

While you may have heard about trust deed investing, private mortgage investing is not only the buying and selling of mortgages at a discount. It includes the activity of directly lending your private money to individuals and businesses and securing that loan with a deed of trust or mortgage against real property. If you are disappointed with the stock market and are looking for a secured investment with cash flow than trust deed investments may be for you. You may ask, “What about the declining values of home prices”? Most properly structured private loan investments are typically only made at a loan-to-value of 40% to 65% providing a significant equity cushion. Investments can also be secured against commercial properties and are not limited to residential real estate.

Private mortgage lending involves an individual investor or property owner taking on the risks and rewards typically held by mortgage lending institutions. This type of lending can offer good returns and low risk if properly structured because unlike a stock investment

the mortgage loan is secured against the subject property.Private mortgages have numerous benefits to

borrowers and investors. They allow borrowers who may not qualify at traditional lending institutions to get mortgages elsewhere. Investors holding private mortgages can receive interest rates significantly higher than standard rates offered by banks because they offer greater speed and flexibility than traditional lending institutions.

A private lender should think the same as a mortgage company, and should demand everything that a good mortgage company would require when deciding whether or not to make a loan investment. They should also get an interest rate, which justifies the risk. While the investor must be aware of usury laws, it should generally be at least 50percent higher than traditional bank rates.

In general, private mortgages are structured like hard money loans with short-terms and based on the property’s equity value rather than traditional underwriting criteria such as credit and debt-to-income rations. While these factors may be considered, the equity in the property is usually the determinant factor. In general, our private mortgages hover around 45 and 65 percent loan-to-value (LTV), at Northwest Capital Advisors, Ltd., a real estate investment fund in Seattle, Washington.

The lender should be sure the LTV is not less than 65/35 so there is an equity cushion if the mortgagor defaults, and lenders should perform due diligence on the borrower and property.

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Private Lenders should not jump into private mortgage investing without doing any research. Investing in mortgage notes takes significant real estate and financial knowledge and investors need to align and consult with a network of professionals and advisors. Investors must also be aware of the regulatory requirements surrounding mortgage note investments.

Investors in private mortgage lending used to consist of sellers or friends helping each other with financing. However, as the profit potential in private mortgages for the lender and the benefits to the borrower have become more clear it has helped this investment strategy gain notoriety in the investing community and many funds are now being structured to capitalize on the greatest buyer’s market in real estate history. There is a plethora of opportunities in the marketplace on which to capitalize.

The private mortgage lending business also known as trust deed investing has become quite profitable for

private investors over the past several years, and more investors are entering this field once they learn about it. Mortgage brokers are also doing more in this arena now as traditional lending institutions affected by the credit crunch have turned off the flow of funds. Successful mortgage and real estate brokers are bringing individual investors and borrowers together more than ever to close deals!

Mr. Joel Barth is the Chairman of Northwest Capital Advisors, Ltd., a real estate investment firm in Washington State. Barth has over 14 years of experience in real estate and corporate finance and investments previously serving as an investment banker and registered investment advisor. Barth holds a Bachelor of Science in Business Administration and has held the NASD Series 24, Series 66, and Series 7 securities licenses.

Multi-family dwellings, or apartment houses as they are referred to by lay

people, are familiar territory for most of us. Quite simply, multi-family commonly refers to an apartment complex that houses many people and requires a lease (minimally month to month and more regularly a year-

long obligation) rather than the daily commitment that represents most hotel stays. From garden types to high- or mid-rise complexes, the concept is the same; to have many people living within the same property.

Given their popularity, it should come as no surprise that multi-family loans are one of the cornerstones of commercial lending, representing one of the three most popular loans in today’s market. It has often been called the “lender’s favorite” because in a good location, multi-family residences tend to have a high occupancy level and are relatively simple to manage. Lenders are generally comfortable with multi-family loans in good and bad economic times alike, making them a loan option that every mortgage originator should be familiar with.

TwO deFIned RULeSThere are two rules to be aware of when beginning

the process of requesting loan(s) for a multi-family property.

The first is a key component called the debt service coverage. This formula is a simple division equation that can make or break the loan. When reviewing the debt service coverage the lender will divide the net operating income of the property by the amount of the annual payment of principle and interest. Generally, lenders like

to have a debt service coverage ratio of 1.2 to 1. This milestone ratio is met, for instance, when a property has a net operating income of $1.2 million and an annual payment of principle of only $1 million.

If the debt service coverage falls below the desired 1.2 to 1 ratio, the lender will require more of a down payment from the borrower in order to ensure that the mortgage payment can be made if unexpected circumstances arise, such as an increase in utilities costs or a decrease in the occupancy rate. In short, if this ratio can’t be met, the lender will only agree to loan a lesser amount so that the lower payment can assuredly be met.

The second rule pertaining to multi-family loans relates to the net operating costs. Once determined, the net operating costs are divided by the monthly payment to determine the size of the loan. As a rule on multi-family properties, only 80 percent of the purchase price of a property can be borrowed.

Lenders subtract a number of costs from the gross rents in order to understand the net operating costs, starting with the vacancy allowance. This “allowance” is a projection of the number of units that will sit vacant based on industry averages for particular geographic vicinities. The lender then moves on to examine other operating expenses such as utilities, real estate taxes, payroll, insurance, and other costs the landlord must pay over the course of the year.

The net operating examination is not yet complete, however, until a maintenance reserve is also evaluated. Lenders assume that over the course of the year there will be some maintenance problems such as broken washing machines, roofing repairs or even the need to repave the parking lot. These classic operating expenses do not occur on a regular basis but do require a contingency fund to

MULTI-FaMILy FInancIng

By andRew BOgdanOFF

Commercial lending for all seasons

24 March 2009

cover the costs

PRe-LOan exaMInaTIOnIn addition to the definitive rules regarding debt

service coverage and net operating costs, lenders will conduct a pre-loan evaluation that examines a number of items, including:

• Propertyappraisal– Like all appraisals, this will represent the value of the property. The lender will loan up to 80 percent of the appraisal or purchase price, whichever is lower. For instance, assume a borrower can purchase a property for $10 million that actually appraises for $15 million. He might want to borrow $12 million (80 percent of the appraisal cost), but he would be turned down. Remember that the lender would only give him $10 million, which is the lesser of the two amounts.

• Occupancyrates – Borrowers want to know that a building will have the right balance of occupied and vacant units. If a building has no vacancies, it’s assumed the rents are too low. If there are some vacancies, it’s noted that you likely are charging the right amount. Beyond this, lenders will examine occupancy trends. If it’s an out of the ground construction, they will review occupancy rates for surrounding complexes. If, for example, there are 10 complexes in the area and all of them have a 30 percent vacancy rate, the lender will require the borrower to justify why another building is necessary when the existing properties seem to satisfy the existing need. If this justification can’t be made, the loan will not move forward.

• Rentrates – In a given area, rents must be comparable. If a borrower is planning a property that charges a $4,000/month rent rate when the surrounding complexes charge only $1,000/month a lender will challenge the borrower’s logic. The borrower will have to explain why someone would want to pay four times as much rent to live in that particular area.

• Condoconversions – Apartment complexes are converted to condominiums because the value of the collective of all units is greater than the value of them as a rental property. For a condo conversion loan to go through, the lender must be satisfied that there is a shortage of purchase options in the geographic

area within this particular price range. If comparable housing pricing exists in the area, the likelihood of the condo conversion loan going through is low.

ReMeMBeR THe ReaSSeSSMenT PeRIOdIt’s important to understand that multi-family loans

usually go through a reassessment process after a specific number of years.

A lender will usually make the loan for five years at a given rate, but will amortize the payments on a 25 or 30 year payment schedule. By extending the payment schedule the lender helps guaranty that the borrower can make his or her payment, while the five year “reassessment” period helps the lender protect itself and renew the loan at current loan rates.

After the five year period, the borrower can either refinance the loan with the existing lender at the current market rate or can pay off the loan in full (a balloon payment) and look for another lending partner.

VaLUe TO THe BROkeRMulti-family loans are one of the three most popular

commercial loans available, right along side loans for office buildings and shopping centers. Because they are familiar and lenders are generally comfortable with multi-family lending, every mortgage originator should be aware that these types of loans will generally be well received by his or her investing partners.

By making a multi-family loan option part of a broker’s lending cache, opportunities abound. Before moving forward and presenting these types of loans, however, brokers should become familiar with the specific rules that dictate multi-family loans as well as the evaluation criteria lenders will examine. With this knowledge under their belts, brokers are well suited to continually unearth new opportunities.

Andrew Bogdanoff has more than 35 years’ commercial lending experience and founded Remington Financial Group in 1993. He has served as the company’s president since its inception, and, under his leadership, RFG has closed billions of dollars in transactions. Andy can be reached at andy@remingtonfg.com. For more information on Remington Financial Group, please visit www.Remingtonfg.com

TheNicheReport.com 25

Mohammed Ali was one of the greatest boxers of all times. I watched him as a kid growing up and marveled at his quickness and skills.

Ali would have been a great sales person if he went into our profession. He could have taken the lessons that he learned in the ring and brought them to the sales arena and done just as well. Being an avid boxing fan, and try-ing boxing as a sport during my teenage years, I learned some valuable lessons that have helped me in my life and sales career.

Stick and Move. In boxing, you have to keep moving your head or you’re going to get popped and it doesn’t feel good when you get caught with a punch. In sales, we have to constantly be moving; Stick and move—stick and move. The more prospects with whom we interact, the more opportunities we have in obtaining closings. In this challenging economy, we need to work different angles and try different techniques to produce results. Those who nest at their desk and wonder why their leads aren’t coming in are what we call in the boxing world—punch drunk. They stay in one spot too long, or work a lead that isn’t going anywhere; the end result with nothing to show for it.

Mohammed Ali’s Greatest Weapon. One of Mohammed Ali’s greatest attributes was his mouth. He would play mind-games with his opponents. Ali once said about an opponent, “I’ll beat him so bad he’ll need a shoehorn to put his hat on.” He compared himself with no one. Mohammed Ali said, “I am the astronaut of boxing. Joe Louis and Jack Dempsey were just jet pilots.

I’m in a world of my own”. Ali said about Joe Frazier, “Frazier is so ugly that he should donate his face to the US Bureau of Wild Life”.

Many of Ali’s opponents lost before they even got into the ring because of the “head trash” that Ali put on them. The same is true with sales professionals. They listen to the television, radio, read the paper and all of it says doom and gloom. They buy into all of the negative news and decide not to call on clients as they’re not going to buy anyway. Those who succeed in challenging markets do so because they understand that there is going to be those who succeed and it might as well be them.

Vision, Discipline and Skill. Mohammed Ali hated the discipline of training for each fight, but he knew that he had to work through what he disliked in order to accomplish his goals. “I hated every minute of training,” Ali said, “Don’t quit! Suffer now and live the rest of your life as a champion.”

Vision is how you look into the future. It aligns with your values and the roles that we play. For me to be the best in my sales field, I have to look forward and view what I want my business to look like when it’s finished. Skills in selling are learned and practiced. I have to be good at prospecting, time management and customer relationships. I need to be great at follow thru and asking for referrals. I know that these are skills that I need to be successful, but do I have the discipline to work on these areas of my business? Discipline is the hardest of all three attributes but for me to get where I want to go in my sales career, I need to be disciplined in all areas of my business

SeLLIng LeSSOnS FROM MOHaMMed aLI

By TOM nInneSS

Make your next closing a knockout

26 March 2009

and work to improve my sales skills.Study Your Opponent. My youngest son is a very

successful car salesman. While watching the Super Bowl and in the process of writing this article, I asked him why he believes he is great at what he does. He said, “Because I ask a lot of questions and know my competition’s product better than they do.” The same holds true in boxing. Professional boxers will study films of their opponent’s last matches. They’ll analyze their strengths and where they are vulnerable. When we enter a sales call, we need to realize that there are three people involved in the sales process: us, the client and the person who currently is occupying the throne as the client’s current service provider. For us to be successful, we need to study our competition and come up with a plan that will win the client over to us. The more we prepare and do “recon”, the better chance of success.

Listen to Your Trainer. For three minutes a round, boxers are in the ring maneuvering, punching and trying to outwit their opponent. At the end of the round, the bell sounds and the boxer returns to his corner and his trainer is busy reviving the boxer for the next round. The trainer is an expert in identifying strategies, giving advice, pointing out weaknesses of the opponent, and encouraging the boxer to press on. If the boxer doesn’t listen to his trainer, and continues to use the strategies that are allowing the opponent to get the upper hand, then the boxer’s chances of winning will be reduced.

Having a trainer in the sales arena is just as important. I’m a sales coach for many sales professionals and I also have a business coach. I know that I need someone looking at what I’m doing and pointing out the areas that I need to improve on, just like Mohammed Ali had in his corner.

Suck it up when you lose. Ali said after he lost his first championship, “I never thought of losing, but now

that it’s happened, the only thing is to do it right. That’s my obligation to all the people who believe in me. We all have to take defeats in life.” Ali knew that in boxing and in all aspects of life, there are risks that have to be taken. Ali said, “He who is not courageous enough to take risks will accomplish nothing in life.” “Only a man who knows what it is like to be defeated can reach down to the bottom of his soul and come up with the extra ounce of power it takes to win when the match is even”.

I’m not sure where I heard the saying, “You can judge a man’s character by the way they handle defeat,” but it’s a very true statement. Since I oversee a region of loan originators, I witness how they handle victories and defeats. Some will bounce right back when they lose a big deal and some will go in a funk for days. The faster you rebound back after a loss shows your will power to overcome diversity.

Affirmations. Mohammed Ali’s “I am the greatest” came across arrogant. Ali said, “It’s the repetition of affirmations that leads to belief. And once that belief becomes a deep conviction, things begin to happen.” Believe in yourself, convince yourself that you are one of the greatest in your profession and you too can be as great as Mohammed Ali.

Tom Ninness is Vice President/Regional Production Manager for Cherry Creek Mortgage in Denver, CO. Ninness is also the President of Summit Champions, Inc. and creator of the “The 90 Day Journey to Your Sales Success”, a powerful 90 day action plan for the sales professional.

To learn more about The Journey and what Summit Champions has to offer, go to www.90dayjourney.com, www.summitchampions.com or contact Tom at information@summitchampions.com Office: 720-221-4396.

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Who is Reverse it?Reverse it!, a division of Urban Financial Group,

Inc., is a wholesale lender for Reverse Mortgages. Located in Tulsa, OK, Reverse it! is quickly becoming a recognized name among industry professionals. However, a more in depth answer reveals Reverse it! is a group of people who come to work every day with a common goal in mind: close good loans and provide great customer service.

The 2009 marketing campaign for Reverse it! is “Grow with Reverse it!” The plan behind this theme is to provide brokers with support from the four critical categories that make selling and closing reverse mortgages not just possible, but successful.

What are these four critical categories?Software. Providing a user-friendly, up-to-date,

start-to-finish software is a top priority. Our loan software (Reverse Vision) supports your loan from application to processing, underwriting, closing, funding and beyond. Loan officers can use the software to put their borrowers at ease with clear, concise pie charts. Processors can view underwriting conditions even before receiving an approval. Best of all, our software allows our loan officers to upload and attach any and all loan documents specific to their borrower directly to the file. This avoids having to send borrowers’ personal information electronically.

Service. Customer service is the hallmark of Reverse it! And we intend to keep it that way. No automated, “Press 2 Now” systems in our offices. Want proof? Call our office and a living, breathing,

friendly voice will not only greet you but will also direct you to another actual human being of your choice. Reverse it! wants to close your loans quickly and correctly every time. We know that our brokers expect open communication and prompt service when it comes to their loans, so that is exactly what we expect from our employees.

Training. No matter where you are with your experience in reverse mortgages, training is still of the utmost importance. If you are new to reverse mortgages your Reverse it! account executive is equipped with helpful websites and power point presentations that will jump start your understanding of the product. If you are experienced with the product, you may choose to dive right into web training with our software company, Reverse Vision. Online training is available every week for loan officers, processors, and account administrators. If you are your company’s designated account administrator, this training will show you the ins and outs of personalizing your software based on your company’s needs such as specific documents and standardized fees.

Marketing. Reverse it! believes the key to growing your business is marketing. From information kits to advertising, Reverse it! will connect you with our marketing branch which can fulfill any of your marketing needs. Services include, reverse mortgage information kits, product fliers, direct mail options, email templates, website construction and even TV commercials.

cenTeR STage wITH ReVeRSe IT!Software - Service - Training - Marketing

BROUgHT TO yOU By THe nIcHe RePORT

TheNicheReport.com 29

70 loans per month, and they are all treated with the same great customer service. If a broker is interested in learning more about Reverse it! they may visit our website at www.reverseit.com, and send an email to info@reverseit.com. They can also call our office toll free at 888-777-3311 and ask to speak with an account executive. The approval process only takes about a week. During that week new brokers are encouraged to attend software training with Reverse Vision so that submitting their first loan can be done with ease.

How does Reverse it! differ from its competition?

Simplifying Reverse Mortgages.

It’s not just a slogan we slap on our cards and stationary. It’s a belief. It’s the underlying current of our company. Experience has taught us that complicated red tape only frustrates people and drives clients away. We aim to close each loan within 30 days. If we didn’t keep the process simple, we couldn’t deliver on that goal. As we stated earlier, that’s where it really comes down to service. Reverse it! truly feels like this is the one aspect in business that should never be jeopardized. Reverse it! will always deliver competitive pricing and offer the best when it comes to software and technology. Reverse it! will stay on top because of its dedication to the industry and to our loyal brokers.

cenTeR STage

What is the history behind Reverse it!?

Born in 2007, Reverse it! is a division of Urban Financial Group. Just two years since its inception, Reverse it! is already revered as one of the largest, privately owned reverse mortgage companies in the United States. Its parent company, Urban Financial Group, has a strong background in traditional mortgage lending. UFG quickly pursued the reverse product for its senior clientele. It wasn’t long until Urban Financial Group became a large producer of reverse mortgages. That made the decision to reach DE status very natural. Soon after earning its DE from the Department of Housing and Urban Development, Urban Financial Group was approved to become part of an elite group of reverse mortgage lenders selected to deliver loans directly to Fannie Mae.

Where is Reverse it! approved to do business?

Currently, Reverse it! is licensed in most states (see map). We’re well on our way to becoming certified to handle reverse mortgages in every state by the end of 2009, so seniors across the country can have a reliable, trustworthy company to handle their loans.

Is Reverse it taking on new brokers? If so who do brokers contact for more information?

Reverse it! is always looking for more FHA approved brokers who are interested in offering the reverse mortgage program regardless of their size or loan volume. Reverse it! has a list of approved brokers – all of whom are loyal companies whose closing volume ranges from 5 to

= All licensed states.

30 March 2009

© 2008 Cogent Road, Inc. All rights reserved. Funding Suite and the Funding Suite logo are registered trademarks of Cogent Road, Inc. www.cogentroad.com

* * * 2008 Top 50 Service Provider

Mortgage Technology Magazine

* * *

It’s good for business.

®

Get Geared Up.To a cyclist, gears offer greater speed

with less effort. To a watch maker,

they create precision and efficiency.

Like gears in your business, Funding

Suite credit software gives you the

leverage to power more production

from your current lead flow and generate

more efficiency from employees.

Whether it’s separate loan officer

billing, one click credit rescoring, or our

low cost $9.99 intelligent credit reports,

Funding Suite improves performance.

See Funding Suite in action at www.fundingsuite.com/leverageOr give us a call at 800.848.3162

I wrote “Should I Stay or Should I Go?” one year ago in the The Niche Report’s February 2008

issue. To date, I have received more responses about this article than any other Tip of the Month I have written. Last February, this recession was just on the verge of becoming the financial

tsunami that has devastated our banking industry and the world economy. A year later, record levels or near record levels of job loss, foreclosures, debt, bank failures, and stimulus and bail out dollars injected into our economy have been the mantra so far for 2009. Our industry has been beaten, slandered, reduced, regulated, corrected, re-structured and monitored. Who is left to mind the store? There are a few brave and daring souls that see this current situation as opportunity, and to those about to have a clos-ing, I salute you!

How many are out there? Is the choice to hang in there a good one or are there regrets?

I have talked to many mortgage professionals over the last year. Some own small brokerages that struggle to make ends meet and to support a staff of eight or ten. Some are top performers of larger mortgage brokers who experience a 40 to 70 percent reduction in business. The core are five to fifteen year veterans who refuse to give up but are dying a slow financial death as savings, equity, retirement funds, and commissions dry-up. Are we blind and does the rest of the world know something that we don’t?

Mortgage rates have recently dropped to 2002-2003 levels and many refinances have been closed. If you are in this business for the long haul, then you should open your

past book of business and “dial for dollars.” Those of you who have not capitalized on this, blow the dust off your old business cards, open your outlook, review past HUD-1s and market, market, market!

VA and FHA loans are hot right now. Rental properties are being filled and vacancies are fewer and fewer. This industry is cyclical and the ARM of yesterday is the FHA loan of today. What works and what does not? Talk to your peers. Every article in this magazine has contact information for each author. Contact a seasoned professional and talk. Create a monthly networking group in your area. Stay on top of the news and the recent changes of law and mortgage programs.

Finally, as mentioned a year ago, how stable is your mental wellbeing? The stress of finding business, clearing the loan to close and getting paid in time to meet your financial requirements can be very stressful. Anxiety, depression, rage, excessive drinking or smoking, and strained relationships are all signs of mental and emotional stress. Peer counseling and professional intervention may be needed to keep a stable life. Even successful brokers need to ‘decompress’ after ten hour days, 60 phone calls and endless marketing.

Did I make the right choice to stay in this business? I am sure thousands in this business sleep on the question nightly. I do not have the silver bullet for the target. Each person needs to assess that for themselves, but we all have choices and many options are similar for many of us in this business. We all are a resource. We all can offer knowledge and tips. What works for you may help a peer stay in the business.

Like I said before: Bottom line is simple: whatever it takes to survive. I mean survive financially and mentally.

TIP OF THe MOnTH

By STewaRT MednIck

Should I stay or should I go? Part III am staying, but is that a wise choice?

TIP OF THe MOnTH

32 March 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 hwww.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

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(Fannie/Freddieonly) 707-423-9330 www.thatsmybank.com

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 www.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(Fannie/Freddieonly)818-657-2600 www.megacapitalfunding.net

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 www.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

NorthStarLending(Fannie/Freddieonly) 954-843-7018x7018 www.mynorthstarlending.com

PacificBancMortgage 571-340-5593 www.pacificbanc.com

PacificNationalBank 305-539-7675 www.pnb.com

agency & FHa Lender Listings Powered by TheLoanPost.com

adVeRTISe yOUR nIcHeS HeRe wITHIn

nIcHe RePORTS

36 March 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.

ParamountResidential(FHAonly) 866-966-8989x300 www.prmglending.net

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

PMCBancorp 626-964-4040x8199www.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 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) 800-981-8898x5590www.usmwholesale.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

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 786-314-6280 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

Calling all loan offiCers!TNR has just launched our new ‘Post a Loan’ feature at www.TheNicheReport.com.

Get your Commercial and Residential loan scenerios in front of hundreds of wholesale lenders and A.E.’s.

If you haven’t already gone to www.TheNicheReport.com and registered, then do it now!

It’s free!

nIcHe RePORTS

38 March 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/libertymortgageLibertySavingsBank 941-735-7890 www.libertysavingsbank.comMeritMortgage 310-650-0773 meritwholesale.comMulticorpFinancial 925-275-8111x222 www.11multicorpfinancial.comPolarisFunding(FL,IN,MI,OH) 616-667-9000 www.polarishfc.comPortfolioMortgageCompany 480-775-5150 www.portmort.comReliantFunding 412-942-1010x18 www.reliantfunding.usTaylor,Bean&Whitaker 586-557-4144 www.taylorbeandirect.comTrustOneMortgage 949-450-1888x2430 www.trustone.comUnitedMidwestSavingsBank 614-255-3499 www.umwsb.comUnitedWholesaleMortgage 800-981-8898x5590 www.usmwholesale.com/default.aspUSBank 702-630-0770 www.usbank.com/cgi_w/cfm/mortgagebrokers/home.cfm?redirect=brokerloansWestOneMortgageCorporation 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 ddexter@frmortgageinc.com

FirstMountVernon (866) 908-FMV1 (3681)

FirstMountVernon(866) 908-FMV1 (3681)

GregoryFunding888-324-3578

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 Marcch 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

Emigrant 786-314-6280 www.emigrantdirect.com

ExeterHoldingLtd. 516-338-7500 http://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.

KENNEDYFUNDING,INC.1-800-342-8500

Manaseh,Epharim&Associates 770-840-0112

MetroFundingCorp866-302-6360

MinerCapitalFunding,LLC 702-466-8952

RemingtonFinancialGroup,Inc480-905-3239

StonecrestFinancial888.884.6518

TrustCapitalInvestmentsLLC301-503-2231

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

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

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

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 Lender Listings continued…

Continue to receive The Niche Report monthlyIn an effort to maintain a healthy circulation we will be deleting many aged subscribers.

If you haven’t already gone to our website and subscribed, do it now!

It’s free!

42 March 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 ddexter@frmortgageinc.com

KennedyFunding,Inc.1-800-342-8500

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.

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

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 ddexter@frmortgageinc.com

GregoryFunding888.324.3578

GriffinCapitalFunding540-548-1001

KENNEDYFUNDING,INC.1-800-342-8500

Manaseh,Epharim&Associates770-840-0112

MetroFundingCorp866-302-6360

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

Owner occupied and investment commercial loans nationwide except Ak. We pay ySP up to 3%, offer correspondent relationships to qualified companies. We also have a non profit division that specializes in church loans. We love SBA and USDA Loans!

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

Acquisition, Refi’s, and Development Commercial Loans. your source for international and domestic funding.

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

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 March 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 800-273-7001x327www.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

PacificMortgageFundingCorporation562-864-4006 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: Tim.Boord@accmortgage.com

aFg LLc (aSSeT FUndIng gROUP)www.assetfundinggroup.comContact: Jaye KuchmanPhone: 720-889-1175Email: Loans@assetfundinggroup.com

agRIcaP FInancIaL cORPORaTIOnwww.agricap.comContact: Business DevelopmentPhone: 213-542-5232Email: sales@agricap.com

a la mode, inc.www.alamode.com

aMBIT FUndIngwww.ambitfunding.comContact: Chris BednarPhone: (570)-829-2101 (800)-823-7101Email: loans@ambitfunding.com

aPPLIed BUSIneSS SOFTwaRewww.TheMortgageOffice.comPhone: 800-833-3343

aTTenTIOn LendeRS!!BUyeRS OF dISTReSSed deBTEmail: DistressedBuyers@gmail.com

BeST RaTe ReFeRRaLSwww.bestratereferrals.comPhone: 800-811-1402

BRT ReaLTy TRUSTwww.brtrealty.comContact: Mitch GouldPhone: 516.773.2712Email: mitch@brtrealty.com

cITyLIgHTS FInancIaL exPReSS, Incwww.citylightsfinancial.com800-530-2489 ext 301info@citylightsfinancial.com

cRedIT PLUS Inc.www.creditplus.comPhone: 800.258.3488Fax: 800.258.3287Email: beyondbundled@creditplus.com

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: ddexter@frmortgageinc.com

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

gRegORy FUndIng LLcwww.gregoryfunding.comPhone: 888.324.3578Email: info@gregoryfunding.com

gRIFFIn caPITaL FUndIngwww.ysploans.comContact: John BerardinoPhone: 540.548.1001 x 104Email: johnb@ysploans.com

kennedy FUndIng, Inc.www.kennedyfunding.comContact: Jonathan Weiner, Chief Loan OfficerPhone: 1-800-342-8500Email: info@kennedyfunding.com

LendeR & ReSOURce dIRecTORy

TheNicheReport.com 45

THe LendeR aPPROVaL dePaRTMenTwww.TheLenderApprovalDepartment.comPhone: 310-568-1112Email: ben@qcmac.com

LOan MOd Lead MacHInewww.loanmodleadmachine.com

THe LOan POSTwww.TheloanPost.comPhone: (877) 812-4327Email: sales@TheLoanPost.com

LOanSIFTeRwww.Loansifter.comPhone: 920-687-1222Email: Sales@loansifter.com

MadISOn cRedIT ManageMenT SeRVIceS LLcwww.madisoncredit.comContact: Roger CastilePhone: 856-866-9878 x4320Email: info@madisoncredit.com

ManaSeH, ePHaRIM & aSSOcIaTeSwww.meandassociates.comContact: R.D. WalkerEmail: info@meandassociates.comPhone: 770-840-0112

MeTRO FUndIng cORPwww.metrofundingcorp.comContact: Jennifer BernabeoEmail: jennifer@metrofundingcorp.comPhone: 866-302-6360

MITIgaTIOn OnLIne cOnSULTanTSwww.mitigationonlineconsultants.comEmail: sales@mitigationonlineconsultants.comPhone: 818-501-1520

MORTgage aUdIT SeRVIceS650-833-3343

new JeRSey aSSOcIaTIOn OF MORTgage BROkeRS/MBa OF new JeRSeywww.njamb.org973.379.7447

MIneR caPITaL FUndIng, LLcwww.Minercapitalfunding.comOrlando@minercapitalfunding.comPhone: 702-466-8952Fax: 314-667-3092

PITTBULL MORTgage ScHOOLwww.pitbullmortgageschool.comContact: Leonard RosenPhone: 858-736-7788Email: PitbullMortgageSchool@gmail.com

PRecISIOn LOan PROceSSIngwww.PrecisionLoanPro.comPhone: 703.743.9739Email: Kristen@precisionloanpro.com

ReaL-eSTaTe-agenT-LISTS.cOMwww.realestateagentlists.comPhone: 877-485-5044

ReMIngTOn FInancIaL gROUP, Incwww.remingtonfg.comContact: Aaron EnrightPhone: 480.905.3239Email: apply@remingtonfg.com

STOnecReST FInancIaLContact: BillPhone: 888.884.6518Email: Bill@stonecrest.net

TRILOgy cOMMeRcIaL LendIngwww.TrilogyCL.comPhone: 888-875-5055Email: info@trilogycl.com

TRUSTcaPITaL InVeSTMenTS LLc Contact: Craig SeversonPhone: 301-503-2231Email: trustcapital@frontiernet.net

LendeR & ReSOURce dIRecTORy

46 March 2009

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

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WE’LL NEGOTIATEWITH YOUR BANK. YOU COULD CUT MILLIONS

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The tremendous resources of Kennedy Funding offer the power and expertise to negotiate directly with your lender…and the funds to help you buy down your existing mortgage—fast. The bottom line: Kennedy Advisory Services may be able to save you 20 to 40% or more off the top.

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