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FMC Product Overview Presentation

FMC Product Overview Presentation.

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FMC Product Overview Presentation

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  1. FMC Product OverviewPresentation Desktop Underwriter is a registered trademark of Fannie Mae. Loan Prospector is a registered trademark of Freddie Mac. This presentation is a summary and is not complete. This information is for mortgage professionals only and should not be distributed to or used by consumers or other third-parties. Information is accurate as of the date shown below and is subject to change without notice. 09/11/2013

  2. Agenda • FMC Product Overview • FHA Programs • NEW: FHA Jumbo Loans Update!!! • CHF ACCESS – CA Only • NHF ACCESS – AZ, NM, NV, TX – NEW PROGRAM!!! • CHF PLATINUM – CA Only • Conventional Programs • HARP DU Refi Plus Program • VA Programs • FMC Value Added Advantages • Discontinued Programs FMC Product Offering, Niches and Overlays

  3. FHA Programs:FHA Conforming & High Balance Jumbo loans FHA Streamline Refinance GOVERNMENT PROGRAMS FMC Product Offering, Niches and Overlays

  4. FHA Program Highlights FMC Product Offering, Niches and Overlays

  5. NEW: JUMBO LOANS… FMC Product Offering, Niches and Overlays

  6. FMC FHA Niches… FMC Product Offering, Niches and Overlays

  7. FHA Streamline Highlights FMC Product Offering, Niches and Overlays

  8. FMC FHA Niches… FMC Product Offering, Niches and Overlays

  9. FMC FHA Niches… FMC Product Offering, Niches and Overlays

  10. CHF ACCESS Highlights of the CHF ACCESS Program ***California Program Only*** Exclusive to First Mortgage Corporation FMC Product Offering, Niches and Overlays

  11. CHF ACCESS Highlight FMC Product Offering, Niches and Overlays

  12. CHF ACCESS Eligibility FMC Product Offering, Niches and Overlays

  13. CHF ACCESS 1st Highlights FMC Product Offering, Niches and Overlays

  14. CHF ACCESS 2nd Highlights FMC Product Offering, Niches and Overlays

  15. NHF ACCESS Highlights of the NHF ACCESS Program ***Arizona, New Mexico, Nevada, Texas*** Exclusive to First Mortgage Corporation FMC Product Offering, Niches and Overlays

  16. NHF ACCESS Highlight FMC Product Offering, Niches and Overlays

  17. NHF ACCESS Eligibility FMC Product Offering, Niches and Overlays

  18. NHF ACCESS 1st Highlights FMC Product Offering, Niches and Overlays

  19. NHF ACCESS 2nd Highlights FMC Product Offering, Niches and Overlays

  20. CHF PLATINUM Highlights of the CHF PLATINUM Program (Available via Retail, Builder, and Correspondent Divisions ONLY) ***California Program Only*** FMC Product Offering, Niches and Overlays

  21. CHF PLATINUMHighlights • What the CHF Platinum Program Offers… • 1st Mortgage Loans: • FHA and VA available products • Available throughout the State of California • Interest Rate available at the Reservation Portal at https://nhfresportal.nhfloan.org • The published rate is subject to change at any time • Grant: • May not exceed 3% of total 1st lien loan amount (including upfront MIP or VAFF) • Proceeds can be used for: • Down Payment • Closing Costs • Prepaid Items • Earnest money • MIP • Not a 2nd lien; does not need to be calculated into the DTI/CLTV • There must be no cash back to the borrower from the Grant Fund proceeds FMC Product Offering, Niches and Overlays

  22. CHF PLATINUMEligibility • Borrower Eligibility: • Be a US Citizen, permanent resident alien, or qualified alien • Occupy the residence as their primary residence • Non-occupant co-borrowers/co-signers – NOT allowed • Borrower income cannot exceed CHF Income limits for the county in which the property is located • 115% Area Median Income (AMI) effective 2/19/13 • Minimum Credit Score of 620 • Meet all required agency Guidelines (FHA/VA) • FHA must meet HUD 4155 guidelines plus FMC overlays • Property Eligibility: • Eligible Properties • 1-2 Units, PUDs, FHA Approved Condos • Ineligible Properties • 3-4 Units, Manufactured Homes, 2nd Homes, NOO, Co-Ops, Recreation FMC Product Offering, Niches and Overlays

  23. CHF PLATINUMProgram FMC Product Offering, Niches and Overlays

  24. CONVENTIONAL Highlights of the Conventional Products FMC Approved MI Companies: *** Genworth: www.mortgageinsurance.genworth.com *** MGIC: www.mgic.com *** United Guaranty: www.ugcorp.com FMC Product Offering, Niches and Overlays

  25. Conventional Program Highlights FMC Product Offering, Niches and Overlays

  26. Conventional Program Highlights FMC Product Offering, Niches and Overlays

  27. MI Highlights FMC Product Offering, Niches and Overlays

  28. HARP – DU REFI PLUS Highlights of the HARP – DU Refi Plus Program FMC Product Offering, Niches and Overlays

  29. Program Highlights FMC Product Offering, Niches and Overlays

  30. Eligibility Guidelines FMC Product Offering, Niches and Overlays

  31. MI Flexibility FMC Product Offering, Niches and Overlays

  32. VA PROGRAM Highlights of the VA Program FMC Product Offering, Niches and Overlays

  33. VA Program Highlights FMC Product Offering, Niches and Overlays

  34. VA Program Highlights FMC Product Offering, Niches and Overlays

  35. MISCELLANEOUS FMC Overlays Expired Loan Programs FMC Value Added advantages FMC Product Offering, Niches and Overlays

  36. FMC OverlaysDated: 6/1/2013 FMC Product Offering, Niches and Overlays

  37. FMC OverlaysOverview • Ineligible Products • Eligible Products • Appraisal Requirements • 4506T Requirements • Overlays for Manual underwrites and Ficos <620 and DTI >43% • IRS Liens • Insufficient Credit Borrower requirements • Overlays for DU approvals with Ficos 620+ • Overlays for FHA Manufactured Homes • Overlays for VA Loans • Overlays for VA Manufactured Homes • Overlays for Jumbo VA loans • Overlays for Disputed Accounts • Overlays for Authorized Users • Overlays for Age restricted communities • Overlays for MCC program FMC Product Offering, Niches and Overlays

  38. FMC Value Added Advantages • CHF and NHF ACCESS Programs (CA, AZ, NV, TX): • .5% out of pocket (can be a gift) for the down payment • FICO scores of 580 or ZERO score borrowers allowed to maximum financing • Exclusive only to First Mortgage • PLATINUM Program: (CA only - Not available in Wholesale) • 3% Non-repayable grant for down payment and/or closing costs • Currently available exclusively through First Mortgage • FHA FLIP PROPERTIES in under 90 DAYS: • 1 APPRAISAL required • Do not send in 2 appraisals creating extra work for yourselves and burdening to your referral partners with value issues • Underwriter will condition for a 2nd appraisal if required • Even properties with appreciated values > 20% within 90 days require 1 appraisal at submission • 4506-T: • 4506-T for full tax transcripts required on SELECTED BORROWERS ONLY • We only require 4506 W-2 validation in most cases • Do not get more than you need FMC Product Offering, Niches and Overlays

  39. FMC Value Added Advantages • FICO SCORES: • We offer true ZERO FICO on FHA and VA loans • Must comply with their respective guidelines plus FMC Overlays • 500 Fico’s also allowed as long as our overlays and FHA guidelines are met • RATIO: • We offer HIGHER RATIO TOLERANCES than many of our competitors • For example, many companies will not stretch ratios up to DU maximums; they'll cap them at 50% or less • DEPARTING RESIDENCE FOR VA loans: • VA doesn’t have the 25% equity rule on departing residences in order to count rental income • CONVENTIONAL LOANS: • We follow FNMA DU VERBATIM on conventions loans, no overlays • Additionally, we can loan on up to 10 financed properties through FNMA • HARP Program – NO Max LTV or CLTV limits • MANUFACTURED HOMES: • We offer financing on Manufactured Homes for FHA, VA and conventional FMC Product Offering, Niches and Overlays

  40. Expired / Suspended Programs • The following programs have either been suspended and/or are no longer available at this time: • HomePath • CalSTRS • CalHFA • CalPERS • SFF Program • USDA • NHD (Nevada Housing Division) Bond • FHA EEM – Available through Retail Only! • FHA 203(k) Program FMC Product Offering, Niches and Overlays

  41. FMC SUPPORT • WEB SITE • Go to our FMC websites for: • RATE SHEETS • TRAINING MATERIALS • GUIDELINES • FORMS • CALCULATORS • TOOLS • MARKETING TRAININGS First Mortgage offers FREE Weekly ONLINE Trainings See September Training Schedule for upcoming Trainings… Trainings for September, 2013: • 9/11 – FMC Product Overview • 9/13 – NHF ACCESS for AZ, NM, NV, TX • 9/20 – FHA Updates • SUPPORT • Retail: Loan Help • Wholesale: Your FMC Account Executive • For help with your: • Scenarios • Pricing / Fees • Guidelines • Loan Submissions • Trainings FMC Product Offering, Niches and Overlays

  42. On behalf of First Mortgage, thank you for joining today’s training and we hope the information provided will help you build your business! The main purpose of First Mortgage Corporation’s (FMC) training documents is to assist real estate and mortgage professionals in developing entry-level competence with loan programs. While FMC staff, employees, contractors and contributors take care to ensure the accuracy of the content of training documents, FMC makes no warranties as to the accuracy of the information contained within these materials. Furthermore, every user of this material uses it understanding that he or she must still conduct his or her own original legal research, analysis and drafting. In addition, every user must refer to the relevant legislation, case law, administrative guidelines, rules and other primary sources. FMC specifically disclaims any liability for any loss or damage any user may suffer as a result of information contained within this training material. While the information contained in FMC’s training material addresses guidelines and issues surrounding mortgage programs, these materials do not constitute legal advice. All non-legal professionals are urged to seek legal advice from a lawyer. FMC Product Offering, Niches and Overlays

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