New hsoa recruiting presentation

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ATTENSION: MORTGAGE LOAN OFFICERS

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  • What is eHome?
  • New hsoa recruiting presentation

    1. 1. John Desmond<br />Branch Manager <br />infoonhsoa@gmail.com<br />
    2. 2. A Little About Us..<br /><ul><li>Home Savings of America is a federally chartered stock savings and loan association
    3. 3. Proud members of the American Banking Association
    4. 4. We’ve been in the banking business, helping homebuyers and homeowners achieve their dreams, since 1934
    5. 5. Member FDIC
    6. 6. Corporate headquarters are located in Little Falls, Minnesota
    7. 7. Our two underwriting centers are located in Charlotte, North Carolina and San Diego, California</li></li></ul><li>What we offer..<br /><ul><li>Ability to lend in 50 states
    8. 8. No state testing or licensing required
    9. 9. Ability to bank or broker all loans
    10. 10. Exceptionally low rates
    11. 11. 24-48 hour underwriting turn time
    12. 12. Competitive compensation package</li></li></ul><li>Our Technology<br /><ul><li>Latest online technology - eHome
    13. 13. Calyx/Point for loan origination</li></ul>Our web-based underwriting system (eHome) allows our LO’s to price a loan scenario, submit loan data, request a lock, and manage their pipeline.<br /><ul><li>All disclosures sent through DocMagic for </li></ul> nationwide compliance<br /><ul><li>High-levelcustomerservice
    14. 14. Optional use of national title company for initial document signings</li></li></ul><li>eHome allows you to:<br />Credit Report and DU findings will be automatically attached to the loan<br />RunProgramScenarios<br />Pipeline Report<br />User-friendly Application<br />Price or Lock Your Loan<br />UploadYourLoan<br />TrackYourLoan<br />
    15. 15. Products<br /><ul><li>Conforming, including high balance products
    16. 16. Direct Fannie Mae seller – HSOA Direct
    17. 17. FHA/VA/USDA
    18. 18. Streamline 203(k) Renovation Loan
    19. 19. Niche products</li></li></ul><li>HSOA Direct<br />This fixed rate conforming loan allows for:<br /><ul><li>5-10 financed properties (primary residence, second home and investment properties).
    20. 20. Loan size up to $1 million on 3-4 units (up to FNMA limitations).
    21. 21. 10-20 acre properties eligible.
    22. 22. No minimum number of trade lines to establish a score.
    23. 23. Income verification – per DU.
    24. 24. Proposed rents allowed on investment purchase with rental survey.</li></li></ul><li>High Balance<br /><ul><li>15-30 year fixed or 5/1, 7/1 & 10/1 ARMs
    25. 25. 90% LTV O/O purchase or rate-term refinance with 700 FICO (fixed rate)
    26. 26. 75% LTV O/O purchase with 680 FICO
    27. 27. 60% LTV O/O cashout with 740 FICO
    28. 28. DTI per DU findings (up to 45% for LTV>80%)
    29. 29. 2nd home or investment properties 65% LTV w/ 740 FICO</li></li></ul><li>LPMI Option<br /><ul><li>If your borrower is making a smaller (less than 20%) down payment, choosing a shorter term mortgage, and/or is planning to move within the next 10 years, Lender Paid Mortgage Insurance may be the borrower’s best option.
    30. 30. Cost is included in the interest rate, resulting in a lower monthly payment than other options
    31. 31. Taxdeductionmaybelarger</li></li></ul><li>LPMI Option<br />Purchase and Rate/Term Refinance<br />Cashout Refinance<br />
    32. 32. Streamline 203(k)<br />FHA’s Streamline 203(k) program is ideal for:<br /><ul><li>Buyers with limited funds for down payment and rehabilitation costs.
    33. 33. Homeowners wanting to refinance and update their existing home.
    34. 34. First-time homebuyerswanting to purchase a bank-ownedproperty in need of repair</li></ul>With all of the bank-owned properties on the market, it’sgettingharder to securefinancing on thesewell-pricedhomes due to the amount of repairsneeded. <br />Much of the time, banks will not fix theseissueswhichkillsyour sale.<br />
    35. 35. Streamline 203(k)<br />The Streamline 203(k) loan is the perfect solution for the issue!<br />Program highlights<br />FHA Streamline 203(k) allows your borrower to purchase or refinance a property that needs up to $31,120 in repairs such as:<br /><ul><li>Carpet/Flooring
    36. 36. Painting
    37. 37. Energy-Efficiency Updates
    38. 38. Electrical, Plumbing and HVAC Updates
    39. 39. Kitchen Remodeling
    40. 40. Finished Basements
    41. 41. Roofs, decks, porches, and patios
    42. 42. Appliances</li></li></ul><li>USDA<br />Through the USDA Rural Development Program, Home Savings of America can offer home buyers a 30-year low fixed rate mortgagee with:<br /><ul><li>No money down.
    43. 43. Closing costs can be included in the loan amount.
    44. 44. Relaxed Credit Guidelines (similar to FHA and VA).
    45. 45. No monthly PMI Insurance.
    46. 46. No cash reserves required.</li></li></ul><li>USDA<br />Is my client eligible?<br /><ul><li>Monthly housing/total debt ratios can exceed the standard 29%/41%.
    47. 47. 640 FICO score required.
    48. 48. Householdincomecanbe up to 115% of the median income for yourarea.</li></li></ul><li>USDA<br />Is the home they’re looking at eligible?<br /><ul><li>The house must be in an eligible rural area, but many suburban areas qualify.
    49. 49. The home must be owner-occupied.
    50. 50. Single familyhomes; somecondosmaybeeligible.</li></li></ul><li>Compensation<br /><ul><li>Minimum wage draw against commission
    51. 51. Self-Generated Loans
    52. 52. Up to $1 Million in total volume: 100BPS
    53. 53. Over $1 Million in total volume: 110BPS
    54. 54. Lead-Generated Loans
    55. 55. 70 BPS
    56. 56. Brokered Loans (14 Lenders Currently)
    57. 57. 100 BPS less processing fee
    58. 58. Benefits
    59. 59. 401k through John Hancock
    60. 60. Maximum per loan compensation - $6,500</li></li></ul><li>John Desmond<br />Branch Manager<br />infoonhsoa@gmail.com<br />

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