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