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