National Registry for Loan Originators

Effective January 1st, 2010 all Loan Originators must be in the National registry. I have attached directions for filing for the registry. You are required to send Innovative Mortgage your personal ID that you receive. In addition, lender will require that you send them this information as well. I encourage everyone to save the completed form as that may be required by some lenders as well. Thank you.

　
LOAN OFFICER INSTRUCTIONS FOR SUBMITTING Form MU4 TO A REGULATOR
If you are required by your state regulator or your mortgage company to complete and submit your own Form MU4, the instructions below will help you do this.

Getting Started

First time filing with NMLS is easy. Below is a list of information and documentation to have on hand to expedite the process.
Residential history, including to and from dates (mm/yy) and addresses for the past 10 years
Employment history, including to and from dates (mm/yy) and addresses for the past 10 years
All names used since age the age of 18, including alias, aka, maiden name, etc.
Documentation evidencing that all state specific requirements have been completed, such as testing or education requirements. These can be found here: www.stateregulatoryregistry.org/NMLS
Determine payment method (Visa, MasterCard or Checking Account)
Getting Access
Go to the NMLS website at www.stateregulatoryregistry.org/NMLS and click on the button in the upper right corner of the website.
Click on the Create an Individual Account link.
Retype the security letters & numbers shown on the screen in the space provided and click "Next".
In the Create an Individual User Account screen complete ALL of the fields with your information and click "Next".
Review the Individual Account information that will be established. If correct, hit "Finish". If not correct, hit "Previous" and correct any information. Note: You cannot edit date-of-birth and social security number once your record is created.
After completing this process, you will receive two emails from NMLS_Notifications@statemortgageregistry.com. The first contains your User Name and the second contains your password to NMLS.

Getting a Form MU4 Record

Access the NMLS website: www.stateregulatoryregistry.org/NMLS and click on the button in the upper right corner. Click "Log in."
Enter your User Name and cut and paste your Password and select the box agreeing to the Applicant/Licensee Agreement.
The first time logged in, you will be prompted to change your password. Note: Maintain your User Name and password in a safe location. You will use these in the future when you need to access your record in NMLS.
In the welcome screen, select the "Filing" Tab in the upper right hand corner. Select the Individual link in the blue header below the houses.
Click "Create New Filing"
Complete each section shown on the left hand navigation guide, starting with "License/Registration Information" through "Jurisdiction Participation". All data is entered through the "Add" button at the bottom of each screen. Save all data prior to selecting "Next" to move to the next section of the Form. Note: Only those states currently participating on the NMLS site are listed. If you are an existing loan officer licensee in one of these states, you need to have your license number available.
Consult the jurisdiction-specific requirements for each jurisdiction in which you will be applying for or maintaining a license or registration by selecting the icon in the License Wizard. Mail these items to the appropriate regulators with the checklists provided.
Once all information is completed, select the Completeness Check and Submit link in the left navigation panel. A legal attestation will appear. Click the "Submit Filing" button at the bottom of the page to agree to the attestation and submit the filing to your regulator.
The final step prior to submitting to the regulator is to remit payment. You must select "I Agree" to the terms and conditions and select billing method. Acceptable forms of payment are VISA, Master Card and ACH. Note: Using ACH is simple, all you need is your bank account number and bank’s routing number located on your check. NMLS will guide you through the rest.
Access your NMLS account regularly to check the status of your license through the NMLS. Regulators will communicate the status of your submission and any jurisdiction-specific requirements or deficiencies through the NMLS. Regulators may also email you outside of the NMLS.
REMEMBER: YOU ARE NOT AUTHORIZED TO CONDUCT ORIGINATION ACTIVITY IN A STATE UNTIL THE REGULATOR HAS APPROVED YOUR SUBMISSION THROUGH THE

New GFE = New Calyx 7.2

In order to prepare for the current changes to mortgage disclosures, it is important that you are utilizing the correct version of Calyx/Point. Any prior Calyx/Point version older than 7.2 will not be compliant with the revised disclosures effective January 1st 2010. Innovative Mortgage offers the following discounted price for Calyx/Point

*$140 for your initial computer registration (This is what you would pay now- You would have no additional charges until June 2011)
*$40 for annual renewal (This is what you would pay later- Renewal would be charged June 2011)
*$10 Credit card processing fee (If paying via Credit Card)

You will receive upgrades to Calyx/Point via email and will need to follow direction that are sent. Each computer needs to have a Calyx/Point “seat” registered- so if you work off 2 different computers you would need to purchase “seats” for both.

NEW GFE!

Dear Loan Associates,

Please be aware that the new RESPA rules regarding GFE and HUD settlement statements go into effect Jan 1st. These new guidelines are in effect for all mortgages as of this date. It is important that you follow these new changes. Lenders are offering training classes and webinars so that you can be fully informed. I encourage everyone to attend one of these training sessions by Jan 1st. Please see Sierra Pacific’s information below.

RESPA Training - New GFE
Major Changes coming in 2010!
Effective Jan. 1st, 2010
Do Not Get Caught Off Guard!
The following RESPA Training presentations have been posted to the Training Library at www.spm1.com
RESPA Training (step-by-step of the GFE form)
Pre GFE (General Info, significant changes, Delivery, Slim Pack Submissions, etc)
Post GFE (Miscellaneous information on RESPA)
CLICK HERE FOR SPM RESPA TRAINING
SPM encourages all brokers to take advantage of the training programs through their software vendors. The materials prepared online at www.spm1.com are for guidance only for loans submitted to SPM.

AVOID A $50 COMPLIANCE FEE!!

AVOID A $50 COMPLIANCE FEE!!

Be sure to complete the online “Loan Registration Form” for each new application that you officially complete. The Loan Registration Form must be completed for all new loan applications within 3-mail days of a valid loan application (an application is considered "VALID" when the borrower has asked you to proceed or you have received a fully executed loan application). You must also advise the Corporate Office via email once the loan status has changed to "denied", "withdrawn", or "closed". Also, make sure all disclosures are 'hand' dated by the borrower(s) within three days of the 'printed' date on the disclosures.

Call to ActionRegarding NMLS Credit Procedures

On behalf of the state regulatory agencies using NMLS, the State Regulatory Registry LLC is seeking comments from the public on the proposed background check policies and functionality in NMLS. The deadline for comments is October 14, 2009.

Comments are sought on background check policies and processes as well as the following specific areas:
1. Flagging credit history data for specific items in order to decrease the processing time required for regulators to review credit report data. SRR is concerned that applications for licensure or renewal could be significantly delayed if all state regulators must manually review each credit history report for each state licensed MLO. State regulators are proposing to flag for manual review only those credit histories that contain certain incidences.
2. SRR specifically invites comments to identify a score they believe to be an appropriate threshold to trigger manual review. Credit scores can be a means to provide a general assessment of overall credit worthiness. Given the mortgage industry's experience in using credit scores, SRR invites feedback concerning the value of a credit score as only one element of the flag process that can allow a regulator to forego a manual review and expedite processing.
Comments are requested to be limited to the content of this document as it relates to background checks and NMLS.SRR's Mortgage Licensing Policy Committee (MLPC) will review all comments and publish a final document outlining NMLS Background Check Processing.

Comments can be submitted by email to: comments@stateregulatoryregistry.org.
Comments may also be submitted in physical form to:
Conference of State Bank Supervisors
Attn: Tim Doyle Background Check Public Comments
1155 Connecticut Avenue,
NW Fifth Floor
Washington, DC 20036-4306

NEW FHA appraisal guidelines

The FHA released Mortgagee Letter 2009-28 last Friday, September 18, 2009, and it will likely have a dramatic impact on the FHA appraisal business.
This document, which can be viewed in its entirety by clicking on the following link, /offices/adm/hudclips/letters/mortgagee/files/09-28ml.doc is described by the writer, David H. Stevens, Assistant Secretary for Housing-Federal Housing Commissioner, as follows: "This Mortgagee Letter provides clarification and reaffirms Federal Housing Administration (FHA) appraisal requirements related to appraiser independence and announces new requirements pertaining to entities that are eligible to order appraisals for FHA insured mortgages."

The new requirements of importance to appraisers contained in this mortgagee letter are:
1) Mortgage brokers and commission based lender staff are prohibited from involvement in the appraisal process.

2) FHA-approved lenders have new responsibilities to ensure that FHA appraisers are ".compensated at a rate that is customary and reasonable for appraisal services in the market area."

3) "The fee for the actual completion of an FHA appraisal may not include a fee for management of the appraisal process or any activity other than the performance of the appraisal." "AMC and other third party fees must not exceed what is customary and reasonable for such services provided in the market area of the property being appraised."

The Appraisal Institute, in a news release on Saturday, hailed this as an overall victory for appraisers, describing the FHA's actions as ".reversing a policy that inadvertently capped fees for real estate appraisers." The news release also noted that ".FHA's new policy separates the services (and fees) charged by appraisers from those charged by AMCs, allowing each to float at reasonable and customary levels. The previous policy inappropriately restricted the combined fees to just the customary and reasonable fee for the appraisal in the market area where the appraisal is performed." Obituary: Comp Check, 1994-2009

It appears as though this mortgagee letter has driven the final stake into the Comp Check as the FHA has reminded lenders and AMCs that they are prohibited from requesting that appraisers provide ".an estimated, predetermined or desired valuation in an appraisal report prior to the completion of the appraisal report, or requesting that an appraiser provide estimated values or comparable sales at any time prior to the appraiser's completion of an appraisal report." This is expanded upon in the mortgagee letter under the heading "Appraiser Independence Safeguards".

HUD Announces HECM Principal Limit Reduction

HUD Announces HECM Principal Limit Reduction

HUD has just released Mortgagee Letter 2009-34, which will reduce principal limits for all HECM loans with FHA case assignments dated October 1, 2009, or later.
While this is an unexpected change, HUD has taken this step to protect the viability of the HECM program, and ensure the continued accessibility of HECM products to qualifying seniors. It is important to note that the principal limit reduction affects all lenders and all products.
We encourage you to speak with your clients as soon as possible to discuss how this principal limit change may affect their loan terms. As a reminder, the FHA case assignment date must be made prior to October 1, 2009. Remember, an FHA case assignment cannot be made until the HUD counseling requirement has been met.
Genworth is committed to working with brokers and their clients to ensure sufficient staffing to process every new application received as a result of this change.
We are currently making modifications to our Reverse Mortgage calculator to accommodate the principal limit factor changes. As more details become available, we will communicate them to you via our standard Broker Alert process.
http://www.hud.gov/offices/hsg/sfh/hecm/hecmhomelenders.cfm
Please contact Broker Care at (866) 871-1353 or brokerprogram@genworth.com with additional questions.

Appraiser Info- New Horizons

Please find my company information along with my fees and the area's I travel. Thank you for passing my information along to your loan officers. I do have references that people can call if needed. If you would also note that I have worked with Mary Catok, George Taho and just started with Richard Turner.Please visit my web site for more information.

FHA $350.00
Condo's $350.00
2-4 Family $500.00
Drive By $250.00
Vacant Lnd $225.00

Counties traveled are: Pinellas, Pasco, Hillsborough, Hernando.

Thank you again for your help.Rebecca Piernik

New Horizon Appraisal Services, LLC.
Rebecca L. PiernikState Certified Residential Appraiser #RD6802
Ph: 727-698-8153
Fx: 727-935-4127
email: www.rpiernik@newhorizonappraisalsvc.com
website: www.newhorizonappraisalsvc.com

FHA condo changes

If you didn’t get the word already, FHA Spot condo approvals have been eliminated as of 10/1/09. We can submit for project approval via our sponsors, but I am sure it will be a very tough process, as the Lenders are now responsible for issuing the FHA project approval not HUD.

Per Mortgagee Ltr 2009-19, this is part of the Housing and Economic Recovery Act, HERA and HUD will continue to maintain a list of approved condo projects.

FHA to FHA streamlines do not require project approval.

FHA REO’s don’t require project approval.

Project approvals are good for 2 years, after 2 years they will require a re-certification to determine they still meet FHA criteria. This also applies to all projects currently on the list of approved condos.

Loan Registrations

Just a reminder that ALL loans must now be registered online at www.TheMortgageIsRight.com/LoanRegistration.
You may also log onto the Support Page at www.TheMortgageIsRight.com/Support and select the link for the Loan Registration page.
It takes less than a minute to register a loan on the Registration Page and I believe you will find it a convenience as opposed to the form we were previously using.
The old form has been removed from the website and will no longer be accepted. Thank you for your attention to this message.

Loan Registrations!!

Please be advised that beginning tomorrow, 9/4/2009, all Loan Registrations must be completed online at our website.
Log onto www.TheMortgageIsRight.com/LoanRegistration and complete the fields of the Loan Registration as applicable.
Note that all ‘Valid’ loan applications must be registered with Innovative within 3- mail days.

CLOSING PACKAGES ADDRESS -Innovative Mortgage- ADDRESS NOTIFICATION EFFECTIVE 07/30

FOR ALL LOANS EFFECTIVE 07/30
All closed loan processed files, all title documents,and all checks must be delivered to the following address:
Attention: Suzanne or Bryan Ehrlich
1430 Flores Ct
Trinity, Fl 34655

Please do not send any documents to the NC address that would be delivered AFTER 07/30. We can only guarantee receipt of packages thru 07/30.

REGARDLESS OF CLOSING DATE ALL CLOSED LOANS AND CHECKS MUST BE DELIVERED TO THE ABOVE ADDRESS BEGINNING JULY 30

FHA allowable cost REVISED

FHA loans restrict the fees payable by the borrower to a combined Broker Fee and Origination Fee to 1% of the loan, which also MUST include the Third Party Processing Fee. The borrower may not pay any fees other than a ‘Broker Fee” and an ‘Origination Fee’ and their combined amount may not exceed 1% of the loan amount. Therefore, any and ALL broker/origination fees charged to and paid by the borrower in excess of a total of 1% on an FHA loan will be refunded to the borrower. This includes FHA Refinance transactions in addition to purchase transactions. The fee of 1% may be exceeded only if the GFE, the purchase contract, and the settlement statement identify broker fees in excess of 1% as having been paid by a party other than the buyer, i.e. the seller. The third party processing fee may be itemized as payable to the third party only under the same circumstances (i.e. paid by the seller). Otherwise, the processing fee must not be itemized separately and must be included in the total 1% charged to the borrower. If the contract processing fee is not paid by a party other than the buyer, Innovative will deduct the fee from the Originator’s total commission and pay it directly to the contract processor.

CLOSING PACKAGES NEW ADDRESS

EFFECTIVE Friday June 19th
All closed loan processed files, all title documents,and all checks must be delivered to the following address:
Attention: Suzanne or Bryan Ehrlich
1195 Watauga River Road
Sugar Grove, NC 28679

ALL PACKAGES MAY BE SENT VIA USPS, UPS, FED EX OR ANY OTHER DELIVERY VENDOR THAT DELIVERS TO THIS ADDRESS.

PLEASE NOTE THAT ALL PACKAGES SHOULD BE SENT WITHOUT SIGNATURE REQUIRED.

REGARDLESS OF CLOSING DATE ALL CLOSED LOANS AND CHECKS MUST BE DELIVERED TO THE ABOVE ADDRESS BEGINNING JUNE 19TH, THIS FRIDAY.
WE WILL ADVISE YOU WHEN TO RESUME SENDING CLOSED LOANS TO THE CORPORATE ADDRESS. UNTIL THEN, THE ABOVE ADDRESS SHALL REMAIN IN EFFECT UNTIL FURTHER NOTICE.

Appraisal and Third party fees

Please note the policy clarification below:

Conventional, FHA, Reverse Mortgages, Commercial Loans, and HELOCS:

Third Party Fees (appraisal, survey, home inspection, termite, credit report, etc.) are NOT to be payable to Innovative Mortgage under any circumstances. If you collect a Third Party Fee Innovative is required to refund the amount in full to the borrower(s). Innovative does not maintain a Third Party Account, therefore, Third Party Fees must be directly payable to the applicable Third Party by the borrower(s). Additionally, please note that Third Party Fees must be mailed or delivered directly by the borrower. Under NO CIRCUMSTANCES are Loan Originators to deliver Third Party Fees to a vendor. Furthermore, all Third Parties must be paid in advance of completing their service. A loan originator may pay for a Third Party Fee on behalf of the borrower, but must do so in advance of the service (in other words if you want to pay for your borrower you must do it up front). Otherwise, the borrower must pay in advance of the service. A Third Party Vendor may proceed at their own discretion without advance payment if, and only if, they sign the ‘Vendor Release of Liability’ form. Otherwise, the Loan Originator will be held responsible for paying the Third Party Fee in its entirety. This form can be found @ www.TheMortgageIsRight.com/disclosures

VA LOANS:

‘Application Fees’ may NOT be collected on any loans, except VA loans. If you collect an Application Fee on a VA loan, it must be payable to ‘Innovative Mortgage Services, Inc.’ and must be immediately remitted to our corporate office. Since VA does not permit the borrower to pay for the appraisal directly, the Loan Originator must make payment to the VA appraiser in advance of the service, or Innovative will cut a check to the appraiser if an Application Fee was collected. This policy applies ONLY to VA LOANS.

FHA Policy Notification

THIS CAN EFFECT YOUR PAY- PLEASE READ

Dear Loan Associates,

We have recently been made aware of a FHA policy regarding fees collected at closing by mortgage brokers. Mortgage brokers can only charge an origination fee (capped at 1%) OR ancillary fees (capped by the wholesale mortgage lender) to a borrower. The ancillary fees are defined as any fees payable to the mortgage broker (Innovative Mortgage). You cannot charge your borrower an origination fee and any additional fees (broker, admin, ect). If you elect to charge your borrower a broker fee, you cannot charge an origination fee. You CAN charge your borrower an origination and the SELLER any additional mortgage broker fees. FHA has indicated that the payment by the BORROWER of both an origination and mortgage broker fee is “double dipping”. All processing fees must be paid DIRECTLY to the processing companies as FHA has indicated that they consider this an “ancillary fee” and should be covered in broker fees. If you have any questions, please contact me directly. Please note that this ONLY applies to FHA mortgages. Failure to follow this policy will result in funds refunded to the borrower. Thank you.

Approved Contract Processors

Please find link below to our latest “Approved Contract Processor List”. As a reminder, you must use a company APPROVED contract processor for any and all loans originated on your behalf. Failure to do so shall be cause for termination and definite forfeiture of commissions. We will continue to add processors as the need and opportunity arises. We are confident in the ability of our existing contract processors to provide excellent service and outstanding processing. Please do not hesitate to contact us if we can be of assistance with any processing challenges.

You may find an updated list by selecting this link as well
http://www.themortgageisright.com/processing

Please note that Accredited Processing has been removed from the list because they are no longer accepting new Loan Originators.

Red Flag Reports

It is important that when you order credit for your borrowers you input the additional data as well
*Date of Birth for both borrower and co-borrower
*Phone Number for both borrower and co-borrower
*Drivers License for both borrower and co-borrower
I have been receiving Red Flags reports that do not contain this information. The purpose of the Red Flags report is to verify your borrower’s identity so the more information the system receives a more accurate report will be generated.

NEW FHA LENDER!!!

I am pleased to announce that we have been approved with American Financial Resources. They offer manual FHA below 620 as well as 203K loans. Please contact our account executive below for additional information.

Bill Cannova
Wholesale Loan Consultant
American Financial Resources, Inc.
561.337.5888 Office
954.444.9991 Cell
561.491.6888 PREQUAL FAX
www.afrwholesale.com

Approval vs. Pre-Qual Letters

I would like to take a moment to discuss sending pre-qualification and approval letter on borrowers. Please note that according to Florida Statue 494 approval letter can only be generated after the borrowers file has been approved thru a lenders underwriter and they have issued an approval. The approval letter must state the terms of the approval and any/all outstanding underwriting items. Pre-Qualification letters can be generated on borrowers prior to underwriting approval, but all outstanding conditions (such a underwriting verification, appraisal, ect) need to be reflected on the letter. The 2 examples approved by Innovative Mortgage can be found @ www.TheMortgageIsRight.com/Disclosures. It is imperative that you utilize the appropriate forms when an approval letter is requested. Please contact me should you have any questions regarding these forms. Failure to follow the above policy is a violation of Florida Statue 494.

New Lender- 95% conventional!!

I am pleased to announce that we are now approved with Sierra Pacific Mortgage.
Please contact Vicky with any questions and scenarios

Vicky JednakAccount Executive
Sierra Pacific Mortgage - Agency,FHA/VA & Jumbo
941-448-5682

95% conventional-
§ Great Pricing § SFR 1 Unit § Max loan amount $417k §
§ 680 FICO (with BPMI) § DU or LP approval OK §
§ Up to 55% DTI (with AU approval and comp factors) §
§ Multiple MI options available! (see below) §
MORTGAGE INSURANCE OPTIONS AVAILABLE
Retaining Current Residence: NO rental income can be used. Borrower must qualify with both
payments AND have 6 months reserves for both properties verified.
Credit:
· NO mortgage lates in the last 12 months
· NO more than 2x30 in the last 12 months revolving
· NO more than 1x30 in the last 12 months installments; NO major adverse in the last 12 months
(judgments, collections), BK’s/Foreclosures 48 months from “discharge” date.
Housing History: Housing history is required. VORS must be from major rental company.
Private party rent history must be 12 or 24 months cancelled checks based on tradelines.
Tradelines:
· 24 month + Housing = 2 tradelines open and active for 12 months
· 23 or less month housing = 3 tradelines open and active for 24 months
· Less than 12 months housing; exception basis only (most likely no).
Debt to Income: 55% must
have compensating factors.




Vicky JednakAccount ExecutiveSierra Pacific Mortgage - www.spm1.comWholesale Division - Agency,FHA/VA & Jumbo 941-448-5682

Primary Capital- NO LONGER FUNDING IN FLORIDA!

URGENT NOTICE: Due to the unprecedented loan volume Primary Capital is receiving, we are reducing the states we will currently accept loans from. Effective immediately, lending is suspended in all states except:

AlabamaArkansasGeorgiaKentuckyMarylandMississippiNorth CarolinaOhioSouth CarolinaTennesseeTexasVirginia

These are the only states the lock system will accept. We regret not being able to give more notice. Please be assured, as soon as capacity allows we will reopen the suspended states.Note: Please make sure that you read the message on the main screen of PCMExpress regarding the important changes to the PCM lock system. New rates have been published and posted to PCMExpress. Please use the drop-down list to select the rate sheet that matches the location of the subject property you wish to price. On-line pricing is available at PCMExpress. The published rate sheets are Adobe PDF files and are formatted to print on legal portrait. To view them you must have Adobe Acrobat 4.0 or higher. To obtain the latest version of Adobe Acrobat Reader, please visit Abobe.com. PCM ManagementPrimary Capital Mortgage

Accredited Loan Processing Training Class

Joy Lauer, owner of Accredited Loan Processing, is pleaesed to announce the formation of training classes regarding Calyx and Loan Disclosures. Please contact Joy for pricing and additional details.
Joy Lauer, Accredited Loan Processing, 727-386-5713

SalezTrax processing forms

Please contact SalezTrax for two forms that we would like to provide to your loan associates to assist them in expediting the loan process. The FAST TRAX PROCESSING form is a list of disclosures and a cheat sheet to remind of the Calyx data entry requirements that will assist in getting a completed file to us at the first submission. The BROKER CONTACT form is an information form that will provide us with email address, user id’s and passwords that we need in order to process their files efficiently. Thank you. Justine Vega
1920 West Bay Drive, Ste 2Largo, Fl 33770 727 483 9820 727 483 9984 fax www.saleztrax.com

FHA Lender

Carlos Unzueta, one of our Loan Associates, was kind enough to forward this. I know some of you have been looking for a ‘no minimum’ credit score FHA lender. Please see below. We are already approved with them. Please remember to abide by the new processing requirements as sent out last week. Robert Palmer is the new AE and their website address is www.mimbroker.com and rate sheets can be accessed from that site without a password or sign on. Have a great day. They are still doing FHA with no minimum credit score required!

New Policies

Be sure to read this. Your future commissions will be impacted. Innovativewill not pay commissions on any loans that are originated outside of thescope of these new policies.
Unfortunately, due to the rampant fraud throughout the industry we have nochoice but to implement these policies for all Loan Associates/Originators.
1. ALL new loan applications, for registrations received today andhereafter, must be processed by a company approved processor. Currentlythere are only three company approved processors, but we will be addingmore as deemed necessary. Self processing is no longer permitted for anytype loan.
Justine Vega SalezTrax processit@saleztrax.com
(727) 483-9820 (727) 483-9984
1920 W. Bay Drive, Ste 2 Largo, FL 33770

Maureen Mericle Couture Processing
Maureen@coutureprocessing.com
(727) 942-7617 (877) 262-4753
194 Vermont Avenue Tarpon Springs, FL 34689

Joy Lauer Accredited Processing jalauer@tampabay.rr.com
(727) 386-5713 (727) 494-1479
P.O. Box 80 Safety Harbor, FL 34695

2. Two forms of identification are required for ALL loan applicants.Valid forms of identification can be viewed on the attached I-9 form.Identification MUST consist of one item from List 'B' and one item from List'C' for a total of two forms of identification. See I-9 list attachedbelow.
3. Tax Transcripts are now required on ALL loans. The Loan Processormust have signed off on the tax transcripts to validate that the income hasbeen cross referenced. Transcripts run $25 and can be ordered throughAdvantage Credit under your current account with them. To avoid unnecessarycost, the transcript may be ordered once the loan is approved, prior toclosing. Transcripts take 3-5 days so be sure to leave yourself enough timeas to when you authorize the loan processor to request them. Remember tohave your borrowers sign a 4506T as well so that the transcripts can beordered.
As an alternative to ordering the transcripts, in aneffort to avoid the additional cost, we will accept those provided by thefunding wholesale lender. Not all lenders are willing to provide the brokeror actually pull a transcript, so be prepared to supply one in the eventthat you or the processor cannot obtain it from the funding lender.
It is not our intent to restrict your ability to originate businesseffectively and efficiently. These policies will help Innovative ensure theadditional Quality Control necessary to filter any potential 'bad' loans.Our goal is to continue to keep our doors open in order for you to continueto operate your business while being compensated as aggressively aspossible.
Bryan P. EhrlichPresident
Corporate Mailing Address:1430 Flores CourtTrinity, FL 34655
Office: 727-372-8059Fax: 727-489-9504E-Mail: Be@TheMortgageIsRight.com