vLO Knowledge Booster<br />Voyage Financial Group, Inc.<br />Helping great loan <br />officers become better or Providing ...
VLO Knowledge Booster<br />The Jargon<br />FHA<br />FHA Streamline<br />HVCC<br />DU Refi+<br />Portfolio Lender<br />
What’s Changed<br />Imploded* Lenders™<br />345. BankUnited, F.S.B.344. Precision Financial, Inc.343. Accredited Home Lend...
The Red Flag Approach: A power originators mindset<br /><ul><li>Find your issues up front
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V Lo Knowledge Review


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V Lo Knowledge Review

  1. 1. vLO Knowledge Booster<br />Voyage Financial Group, Inc.<br />Helping great loan <br />officers become better or Providing the tools to make great loan officers better<br />
  2. 2. VLO Knowledge Booster<br />The Jargon<br />FHA<br />FHA Streamline<br />HVCC<br />DU Refi+<br />Portfolio Lender<br />
  3. 3. What’s Changed<br />Imploded* Lenders™<br />345. BankUnited, F.S.B.344. Precision Financial, Inc.343. Accredited Home Lenders, Lone Star Funds342. Wells Fargo - Small-Cap Commercial341. Guaranty Bank - GB Mortgage340. American Sterling Bank339. Chase Home Mortgage - Construction Lending338. First Security Loan Corp337. South Pacific Financial Corp. - Wholesale336. Home Loan Consultants, Inc.335. Central States Mortgage334. HSBC - HFC & Beneficial333. JPMorgan Chase - Warehouse332. Ameritime Mortgage Co. LLC331. Perfect Mortgage - PerfectFHA330. EquiFirst329. Residential Loan Centers of America328. CU National Mortgage327. Colonial National Mortgage - Wholesale326. U.S. Mortgage Corp. - Retail325. First Interstate Financial - Wholesale324. Realty Mortgage Corp.323. Vertice322. USA Home Loans - Wholesale321. SunTrust Mortgage - FHA Wholesale320. New South Federal Savings Bank - Wholesale319. First Federal - Wholesale318. 21st Mortgage - Wholesale317. J.B. Nutter & Co. - Wholesale316. Homebridge Mortgage Bankers - Refinance.com315. 1st Republic Mortgage Bankers314. Superior Mortgage Corp - Wholesale313. Wall Street Financial Corp - Wholesale312. Fairfield Financial Mortgage Group311. Chase Prime - Wholesale310. Sunshine & Madison Mortgage Corp309. Liberty One Lending 308. Frontier Investment Co.307. Solstice Capital Group - HSBC306. MortgageIT305. HCL Finance Inc. - Wholesale304. LIME Financial Svcs. - Wholesale303. Mortgage Network Inc. - Wholesale302. Fortes Financial - Wholesale301. HSBC Mortgage Corp. - Wholesale300. CBRE Realty Finance299. Franklin Bank, SSB298. Mortgage Lion, Inc. - Wholesale297. HMS Capital, Inc.296. CTX Mortgage Co. - Retail295. Equity One Commercial294. Coldstream Financial Svcs.293. Banco Popular North America - Wholesale292. Ace Mortgage Funding, LLC291. E-Loan290. Gateway Bank, F.S.B. - Wholesale289. First Call Mortgage Co.288. Downey Savings and Loan - Wholesale287. Prospect's Metrocities Mortgage - Wholesale286. ComCor Mortgage - Wholesale285. Chevy Chase Bank - Wholesale284. Washington Mutual - Retail and Warehouse283. Hometown Commercial Capital282. Mid Atlantic Capital LLC281. Kemper Mortgage, Inc.280. Liberty Mortgage Funding Co.279. Freddie Mac278. Fannie Mae277. Pacific Community Mortgage, Inc. - Gold Reverse, Inc.276. Homecomings Financial, LLC275. Thornburg Mortgage274. CSB Mortgage273. Carteret Mortgage Corporation272. Western Residential Mortgage271. Liberty Home Lending270. Equipoint Financial Network, Inc.269. Ideal Mortgage Bankers, Ltd. - Wholesale268. Silver State Bank - Wholesale267. Irwin Union Bank & Trust Co. - Wholesale266. SunTrust Bank Equity Wholesale265. Wachovia Mortgage, FSB - Wholesale264. Lehman Brothers SBF263. IndyMac Bancorp262. Mortgages Ltd.261. Wilmington Finance - Wholesale260. Accredited Home Lenders, Home Funds Direct259. Assured Lending Corp. - Wholesale258. Homewide Lending Corporation257. Vanguard Mortgage & Title, Inc.256. Chase Home Equity - Wholesale255. Chase Subprime - Wholesale254. Evergreen Investment & Carnation Banc253. Casa Blanca Mortgage/Shearson - Wholesale252. Guaranty Bank - Correspondent251. Citi Residential Lending250. Montgomery Mortgage Capital Company249. E*Trade Wholesale Lending248. Shearson Financial Network, Inc.247. American Bank Mortgage Group - Wholesale246. AmeriBanc Corp.245. Washington Mutual - Wholesale244. Century Bank, F.S.B. - Wholesale243. Diversified Mortgage, Inc.242. National Wholesale Funding241. Centennial Mortgage and Funding, Inc./Award Mortgage240. Fidelity Home Mortgage Corp.239. LMI Funding, Inc.238. Millennium Mortgage - Wholesale237. Origen Financial, Inc. (Correspondent) 236. CitiMortgage - Home Equity Wholesale235. Bear Stearns Residential Mortgage234. East West Mortgage Co. of VA233. New Vision Residential Lending232. Washington Savings Bank, F.S.B. - Wholesale231. Macquarie Mortgages USA Inc.230. Global Mortgage, Inc.229. Unique Mortgage Solutions (UMS, LLC)228. First Franklin - Merrill Lynch227. First National Mortgage Sources226. Resource Mortgage (Wholesale)225. KH Financial224. Lydian Mortgage223. OMG Wholesale Lending222. Saxon Mortgage (Wholesale)221. Beazer Mortgage Corp.220. Allpointe Mortgage (Broker Program)219. Popular Warehouse Lending218. Allied Lending Corp. (Wholesale)217. BF Saul Wholesale Lending216. Community Resource Mortgage215. Lehman/Aurora Loan Services214. Residential Mortgage Capital 213. Maverick Residential Mortgage212. Countrywide Financial Corp.211. First NLC Financial Services210. First American Bank (Wholesale)209. Soma Financial208. National City Corp. (Wholesale)207. Heartland Wholesale Funding206. Homefront Mortgage Inc.205. PNC Bank H.E.204. Family First Mortgage Corp.203. First Fidelity Financial202. BSM Financial201. 1st Choice Mortgage200. Wescom Credit Union199. Coast Financial Holdings/Coast Bank198. WaMu (Subprime)197. First Madison Mortgage196. Southern Star Mortgage195. TransLand Financial194. Secured Bankers Mortgage Company (SBMC)193. ComUnity Lending192. Delta Financial Corp191. BayRock Mortgage190. Empire Bancorp189. Option One - H&R Block188. Citigroup - FCS Warehouse187. Charter One (Wholesale)186. Wells Fargo - Home Equity185. Paul Financial, LLC184. Webster Bank (Wholesale)183. Fieldstone Mortgage Company182. Tribeca Lending Corp. (Wholesale)181. WAMU Comm. Correspondent180. Marlin Mortgage Company179. Countrywide Specialty Lending178. UBS Home Finance177. MortgageIT-DB (Retail)176. Edgewater Lending Group175. ResMAE Mortgage Corp.174. Citimortgage Correspondent (2nds)173. AMC Lending172. Liberty American Mortgage171. Exchange Financial (Wholesale)170. FirstBank Mortgage169. Bank of America (Wholesale)168. Diablo Funding Group Inc.167. Honor State Bank166. Spectrum Financial Group165. Priority Funding Mortgage Bankers164. BrooksAmerica Mortgage Corp.163. Valley Vista Mortgage162. New State Mortgage Company161. Summit Mortgage Company160. WMC159. Paragon Home Lending158. First Mariner Wholesale157. The Lending Connection156. Foxtons, Inc.155. SCME Mortage Bankers154. Aapex Mortgage (Apex Financial Group)153. Wells Fargo (various Correspondent and Non-prime divisions)152. Nationstar Mortgage151. Decision One (HSBC)150. Impac Lending Group149. Long Beach (WaMu Warehouse/Correspondent)148. Expanded Mortgage Credit Wholesale147. The Mortgage Store Financial146. C & G Financial145. CFIC Home Mortgage144. All Fund Mortgage143. LownHome Financial142. Sea Breeze Financial Services141. Castle Point Mortgage140. Premium Funding Corp139. Group One Lending138. Allstate Home Loans / Allstate Funding137. Home Loan Specialists (HLS)136. Transnational Finance Wholesale135. CIT Home Lending134. Capital Six Funding133. Mortgage Investors Group (MIG) - Wholesale132. Amstar Mortgage Corp131. Quality Home Loans130. BNC Mortgage (Lehman)129. First National Bank of Arizona128. Chevy Chase Bank Correspondent127. GreenPoint Mortgage - Capital One Wholesale126. NovaStar, Homeview Lending125. Quick Loan Funding124. Calusa Investments123. Mercantile Mortgage122. First Magnus121. First Indiana Wholesale120. GEM Loans / Pacific American Mortgage (PAMCO)119. Kirkwood Financial Corporation118. Lexington Lending117. Express Capital Lending116. Deutsche Bank Correspondent Lending Group (CLG)115. MLSG114. Trump Mortgage113. HomeBanc Mortgage Corporation112. Mylor Financial111. Aegis110. Alternative Financing Corp (AFC) Wholesale109. Winstar Mortgage108. American Home Mortgage / American Brokers Conduit107. Optima Funding106. Equity Funding Group105. Sunset Mortgage104. Nations Home Lending103. Entrust Mortgage102. Alera Financial (Wholesale)101. Flick Mortgage/Mortgage Simple100. Dollar Mortgage Corporation99. Alliance Bancorp98. Choice Capital Funding97. Premier Mortgage Funding96. Stone Creek Funding95. FlexPoint Funding (Wholesale & Retail)94. Starpointe Mortgage93. Unlimited Loan Resources (ULR)92. Freestand Financial91. Steward Financial90. Bridge Capital Corporation89. Altivus Financial88. ACT Mortgage87. Alliance Mortgage Banking Corp (AMBC)86. Concord Mortgage Wholesale85. Heartwell Mortgage84. Oak Street Mortgage83. The Mortgage Warehouse82. First Street Financial81. Right-Away Mortgage80. Heritage Plaza Mortgage79. Horizon Bank Wholesale Lending Group78. Lancaster Mortgage Bank (LMB)77. Bryco (Wholesale)76. No Red Tape Mortgage75. The Lending Group (TLG)74. Pro 30 Funding73. NetBank Funding, Market Street Mortgage72. Columbia Home Loans, LLC71. Mortgage Tree Lending70. Homeland Capital Group69. Nation One Mortgage68. Dana Capital Group67. Millenium Funding Group66. MILA65. Home Equity of America64. Opteum (Wholesale, Conduit)63. Innovative Mortgage Capital62. Home Capital, Inc.61. Home 123 Mortgage60. Homefield Financial59. First Horizon Subprime, Equity Lending58. Platinum Capital Group (Wholesale)57. First Source Funding Group (FSFG)56. Alterna Mortgage55. Solutions Funding54. People's Mortgage53. LowerMyPayment.com52. Zone Funding51. First Consolidated (Subprime Wholesale)50. SouthStar Funding49. Warehouse USA48. H&R Block Mortgage47. Madison Equity Loans46. HSBC Mortgage Services (correspondent div.)45. Sunset Direct Lending44. Kellner Mortgage Investments43. LoanCity42. CoreStar Financial Group41. Ameriquest, ACC Wholesale40. Investaid Corp.39. People's Choice Financial Corp.38. Master Financial37. Maribella Mortgage36. FMF Capital LLC35. New Century Financial Corp.34. Wachovia Mortgage (Correspondent div.)33. Ameritrust Mortgage Company (Subprime Wholesale)32. Trojan Lending (Wholesale)31. Fremont General Corporation30. DomesticBank (Wholesale Lending Division)29. Ivanhoe Mortgage/Central Pacific Mortgage28. Eagle First Mortgage27. Coastal Capital26. Silver State Mortgage25. ECC Capital/Encore Credit24. Lender's Direct Capital Corporation (wholesale division)23. Concorde Acceptance22. DeepGreen Financial21. American Freedom Mortgage, Inc.20. MilleniumBankshares (Mortgage Subsidiaries)19. Summit Mortgage18. Mandalay Mortgage17. Rose Mortgage16. EquiBanc15. FundingAmerica14. Popular Financial Holdings13. Clear Choice Financial/Bay Capital12. Origen Wholesale Lending11. SecuredFunding10. Preferred Advantage9. MLN8. Sovereign Bancorp (Wholesale Ops)7. Harbourton Mortgage Investment Corporation6. OwnIt Mortgage5. Sebring Capital Partners4. Axis Mortgage & Investments3. Meritage Mortgage2. Acoustic Home Loans1. Merit Financial<br />
  4. 4. The Red Flag Approach: A power originators mindset<br /><ul><li>Find your issues up front
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  11. 11. D</li></li></ul><li>FHA Basics: Tools & tips, not the whole enchilada<br />County Loan Limits- https://entp.hud.gov/idapp/html/hicostlook.cfm<br />FHA Guideline Q’s<br /> fha.gov<br />All Signed Disclosures Needed<br />FHA MI- (1.5-1.75%) and Monthly (0.5-0.55%)<br />LTV’s- Purchase, R/T, Cash Out<br />USE THIS!<br />
  12. 12. FHA Basics: Tools & tips, not the whole enchilada<br />Allowable Fee’s<br />Can be different among lenders, common among the company<br />1% Origination + YSP<br />FPF, Security Atlantic- 1% Origination + 2%-3% Discount if no YSP<br />LTV’s<br />85% Cash out-Over 417k may need 2nd appraisal<br /> Paying off a 2nd over 1yr old can be rate/term (A Conventional would be considered cash out)<br />97.75%- Rate/Term<br />96.5%- Purchase<br />No Max CLTV- Could be lender overlay’s<br />
  13. 13. FHA Basics: Tools & tips, not the whole enchilada<br />FHA Streamline- W/out Appraisal<br />The Big Picture- The most your loan amount can be<br />Previous Note Amount + New Up Front MI<br />The Details<br />Use Encompass to determine if you are short and how much<br />Current Payoff- FHA loans require a full month of interest<br /> +<br />All Closing Costs (Not including new up front MI)<br />Loan Costs + 3rd Party fee’s + Pre-paid Interest + Impound Account <br /> -<br />Credit for unused portion of existing MI (if loan is less than 5yrs old)<br />
  14. 14. FHA Basics: Tools & tips, not the whole enchilada<br />Fico’s<br />620 across the board<br />First Mortgage and AFR- will take under 620<br />
  15. 15. 1003: Power OriginationThe tools to help make you shine<br />Must be right the first time<br />2yr Employment<br />Schedule of Real Estate Owned<br />GFE- Disclose your Fee’s<br />
  16. 16. MoneyMakerWhat this can do for you!<br />As a built in CRM it is one of the best organizers out there. <br />Whether you are pulling leads from inbound calls, purchasing leads or leads coming in through our SEO this will keep you in touch with everyone<br />The best virtual assistant in helping you close more loans<br />