Offered through FIRST MORTGAGE CORPORATION <logo> CHF ACCESS Training 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. 6/12/2013
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Offered through FIRST MORTGAGE CORPORATION CHF ACCESS Training Desktop Underwriter is a registered trademark of Fannie Mae. Loan Prospector is a registered.
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Offered through FIRST MORTGAGE CORPORATION
<logo>
CHF ACCESS Training
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. 6/12/2013
• First Mortgage Corporation is an independent residential Mortgage Banking firm with branch offices located throughout the west.
• Founded in 1975, FMC is a direct-lending mortgage banker approved as a lender and/or loan servicer by the Federal Housing Administration (FHA); the Veterans Administration (VA); the Federal National Mortgage Association (Fannie Mae); the Government National Mortgage Association (Ginnie Mae); the National Homebuyers Fund (NHF); and many other major secondary market institutions.
First Mortgage Corporation is currently rated the #5 FHA Lender in CA!
• Having funded in excess of $20 billion in residential real estate loans, FMC has assisted thousands of families with their mortgage needs. FMC enables families to enjoy the American Dream of Homeownership…“it’s the only thing we do.”
• FMC has a longstanding tradition of providing unparalleled customer service and a reputation built on adding value to the home loan process. That’s why FMC should be considered…“YOUR FIRST LENDING RESOURCE”.
Who they are…◦ In 1993, a group called the “Regional Council of Rural
Counties or RCRC” (made up of 30 rural counties in CA) formed the California Rural Home Mortgage Finance Authority (CRHMFA) aka as Cal Rural to help increase homeownership opportunities.
◦ In 2002, CRHMFA sponsored the Homebuyers Fund, Inc., now known as CHF.
Who they serve…o Families and individuals who can afford a mortgage loan
but do not have the resources for the down payment and closing costs
What they provide…o CHF offers financing up to 99.50% designed to increase
homeownership opportunities to low-to-moderate income individuals and families in CA.,
Due to regulatory requirements, the Access 2nd must be funded by CHF directly. Therefore, ALL CHF Access 2nd transactions now require an additional 24 hours for the Funding Department review.
Prior to requesting the wire from CHF, First Mortgage must verify that all conditions have been cleared. Same day fundings will not be scheduled for Access transactions.
In order to provide excellent service for our Access Product the Funding Department will pre-fund the transaction at the time of requesting the wire from CHF.
The following documents must accompany the funding request:
1.Escrow Instructions
2.Estimated HUD-1 (for both 1st and 2nd)
3.Copy of FMC Lock
Additional Requirements
When funding the Access 2nd mortgage, please ensure that the Note and Deed of Trust are Non-MERS instruments and show CRHMFA Homebuyers Fund as the Lender on the Note and Beneficiary on the Deed. If the docs are drawn through a doc prep vendor, such as DocMagic, please specify that the instruments are Non-MERS documents.
Funding Process cont’d…
Topic Guidelines
Retail / Builder / Wholesale Divisions
Follow the procedures from the previous slides with regards to funding the ACCESS 2nds.
Correspondent Division
Please go to the Correspondent website for instructions on the new funding process for ACCESS 2nds, or contact your FMC Account Executive for more details.
www.fmccorrespondent.com
New ACCESS States…
Topic Guidelines
Retail / Builder Coming soon….
ARIZONA NEVADA TEXAS
Wholesale Following shortly after Retail / Builder
Correspondent Follow shortly after Wholesale
Other states Will be reviewed and selected after roll out to the three states above
Marketing Materials
NOT Limited to First Time Home Buyers
NO “Recapture Tax” if home is sold later
NO Sales Price Limits
No additional “Compliance Review” required
Financing available for Down Payment and Closing Costs
CLTV’s up to 99.50% = little to no money down & no out of pocket closing costs
No Minimum Borrower Contribution Required
Ratios stretched up to 48.9% DTI
2 Units allowed with minimum 640 fico score
Buyer or Seller Discount Fees allowedSelli
ng F
eatu
res
FAQ’s Frequently Asked Questions is available on
the First Mortgage website.
Hot Question!Can you refinance the ACCESS program for
a lower rate? Is the 2nd re-subordinated or will it need to be paid off with the new refinanced 1st mortgage?
F A
Q ‘
S
FMC Support
WEB SITE
Go to our FMC websites for:
1. RATE SHEETS
2. TRAINING MATERIALS
3. GUIDELINES
4. FORMS
5. CALCULATORS
6. TOOLS
7. MARKETING
SUPPORT
Retail: Loan Help
Wholesale: Your FMC Account Executive
For help with your:• Scenarios• Pricing / Fees• Guidelines• Loan
Submissions• Trainings
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.