The Niche Report

Issue 026

August 2009

TheNicheReport.com

The Kids Don't Stand a Chance

16Web 2.0 is now open for business by Martin Andelman

24 ABA President Edward Yingling

50Hubris never before contemplated.

14

Lending options while banking rules shake out.

New Playbook for Commercial Financing

Mortgage Credit CertificatesA blast from the past!

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It’s a twisted economy out there. We’ll help you straighten things out.

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6 August 2009

NICHE REPORTSCONTENTS Issue 026 August 2009

FOUNDER & PRESIDENT Robert Pegg [email protected]

CO-FOUNDER & PRESIDENT David Pegg [email protected]

MANAGING EDITOR Stewart Mednick [email protected]

EDITORIAL / CONTENT MANAGER Kristen Moser [email protected]

ACCOUNTING MANAGER Shawna Ingram [email protected]

ADvERTISING REPS Jessica Grizzle [email protected] Moulton [email protected]

PRODUCTION MANAGER Henry Suchman [email protected]

PRODUCTION ASSISTANT Dawn Exner [email protected]

ADvISORY BOARD Randall Marquis Senior Editor, The Mortgage Lender Implode-O-Meter

COLUMNISTS Martin Andelman [email protected] Mednick [email protected] Deis www.mortgagecurrentcy.com

CONTRIBUTING AUTHORS J. Daniel Moralez Marc Porter Brian Suder

Processing vs. NegotiatingBRIAN SUDERPresident and FounderHome rescue ProgramProcessors are paper-pushers not loan negotiators.

13

Mortgage Credit Certificatesj. DANIEL MORALEzwww.mortgagecurrentcy.com

A blast from the past!

24

Center Stage with Express Notary ServiceTHE NICHE REPORT

Point, Click - Sign!

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Bringing up the REAR: ABA President Edward YinglingMARTIN ANDELMAN

Hubris never before contemplated.

50New Playbook for Commercial FinancingMARC PORTERFounder and ceo Porter caPital grouP


14

DEPARTMENTS

16 The Kids Don't Stand a ChanceMARTIN ANDELMANWeb 2.0 is now open for business.

09 NOTE FROM THE FOUNDER/LETTERS TO THE EDITOR

28 RULES & REGULATIONS HEADLINES

34 TIP OF THE MONTH

10 CALENDER OF EvENTS

47 LENDER & RESOURCE DIRECTORY

AGENCY & FHA pg 38

REvERSE pg 40

HARD MONEY & NON-PRIME pg 42

jUMBO pg 43

CONSTRUCTION/REHAB pg 44

COMMERCIAL pg 45

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SUBSCRIPTIONS

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To inquire about advertising in The Niche Report, please call 866.964.2695, or send an email to [email protected]. Visit our website, www.TheNicheReport.com to download a copy of our Media Kit.

EDITORIALS / ARTICLES

To submit an article for consideration in The Niche Report, please send an email to [email protected] or call 866.964.2695. We are interested in original writings relevant to mortgage brokers and other real estate finance professionals.

If you have a comment or question about an article or editorial published in The Niche Report, or if you have a suggestion for a topic you would like to see featured in a future issue, please send an email to [email protected].

THE NICHE REPORT POLICY

The information and opinions expressed by contributing authors and advertisers within The Niche Report do not necessarily reflect those of BODA Publishing, LLC employees and should not be considered as endorsed or recommended by BODA Publishing, LLC.

Published monthly by BODA Publishing, LLC PO Box 494, Bentonville, AR 72712 Phone: 866.964.2695 Fax: 703.991.2362 Email: [email protected] www.TheNicheReport.com

NOTE FROM THE FOUNDER

9TheNicheReport.com

Due to overwhelming response to our feature article on HVCC last month, I have reserved this page solely for comments from our readers.

If you would like to voice your opinion, please email us your comments at [email protected].

Keep up the fight,

Robert Pegg

Cuomo’s Crossing: an outsider’s appraisal of the new HVCC by Martin Andelman

Martin: I read your article the other day. It was OUTSTANDING!! Clearly the best depiction of the issue I've seen from any writer.

Marc S. Savitt, CRMS, Immediate Past President Vice Chair-Government Affairs Committee

National Association of Mortgage BrokersWe’re happy you enjoyed the article Marc, how ‘bout making us the “unof-ficial” magazine of NAMB?

Fabulous article about the HVCC crisis! I couldn't agree more with your interpretation! Being in this business for 12 years, I am amazed at the stupidity of this system. Thank you for making me feel like someone is listening!!

Joy M. BermanCT Prospect Mortgage Group, LLC

Just wanted to say how much I enjoy the articles being written by Martin Andelman. Witty, insightful and timely. What more can I say except that he is kinda cute too. I look forward to every month’s pub-lication. Keep up the good work.

Maureen SpieglemanCherry Creek Mortgage Company

Mr. Andleman, I just finished reading the article you wrote for the The Niche Report: An Outsider's Appraisal of the New HVCC. I wanted to let you know I'm so delighted in your sense of humor and was im-pressed at the thorough research you obviously did. That was terrific!I also want to inform you of another disastrous aspect of the HVCC. Nearly everyone seems to be completely unaware of this, and I am disgusted and appalled that those who are aware of it....are keeping silent.

First, state licensed and certified appraisers are required to be used in order for a mortgage appraisal to comply with the new HVCC. Under the requirements of their licenses, these appraisers must conform to the Uniform Standards of Professional Appraisal Practice (USPAP).

Appraisal Management Companies are assigning appraisers to properties out-of-town and sometimes out-of-state. But, the USPAP prohibit an appraiser from appraising a property in a market he/she is unfamiliar with. Thus, these appraisers are violating USPAP and vio-lating the HVCC. The lender ends up with an appraisal that is NOT

HVCC compliant! The loan applicant who gets turned down doesn't know what's happening, nor does their mortgage broker, nor does their real estate agent. All believe there's no recourse! Sometimes, the loan applicant has even paid for multiple non-compliant appraisals.

The appraisers aren't telling anyone they are violating the USPAP and violating the HVCC, as they'll lose appraisal orders. The unli-censed and unregulated AMCs aren't telling anyone, because they don't have to and because they'll lose business. Worse, there is virtually NO enforcement of current appraisal violations across our country be-cause the states are so understaffed. When it is first discovered that an out-of-area appraiser has been assigned, ALL parties (seller, buyer, list-ing agent, selling agent, mortgage broker) should immediately contact the lender (with written follow-up) to demand that a local appraiser be used. Otherwise, the appraisal will not comply with the HVCC. Mr. and Mrs. Consumer are screwed again!

Thank you, again, for your article and for your courteous time and attention reading this.

Barb Torres ASA Accredited Senior Appraiser

American Society of Appraisers California Certified General Real Estate Appraiser

I would like to compliment you on your recent article in the Niche Report-Cuomo’s Crossing, An Outsider’s Appraisal of the New HVCC Rules. Your article is well written, amusing and strikingly honest. It uncovers the irony of this ridiculous agreement to placate the Appraisal Management Companies at the expense of the consumer. I am a 30 year real estate appraiser veteran and own a large regional appraisal company in Ohio. Over the years I have developed my company based upon trusted relationships with bank officers, mortgage brokers and real estate agents. The purpose of my profession is to develop an opinion of value based upon the actions of the real estate market. The metaphoric wall constructed by the HVCC not only erodes into my business but creates an impenetrable membrane for accurate valuation analysis and development.

That being said, I would like to note a few important points mis-represented in your article:

1. The Valuation Protection Institute has never been established. The purpose of this agreement was to protect appraisers, consumers and users of appraisal services from pressure and coercion but there is no mechanism for enforcement. Without the Valuation Protection

LETTERS TO THE EDITOR

- letters continured on page 10

AUGUST 28CAMB - CAMB LAM, BOD Meeting 8:30 am - 10:00 am, Los Angeles Metro [email protected] Mortgage Solutions 407 S. La Brea Ave, Inglewood, CA 90301310-590-1235

SEPTEMBER 3MBA - CampusMBA's Train the Trainer Workshop LIVE Online WorkshopWashington, DC E2901804C http://store.mortgagebankers.org/ProductDetail.aspx?product_code=E2901804C/REGIS Register Info: Call CampusMBA at (800) 348-8653 for questions. Sponsor Info: Call Andy Stack at (202) 557-2912 to learn about sponsorship opportunities.

SEPTEMBER 9AMB - SV BOD Meeting, Silicon Valley, 9:00 am - 11:00 am http://www.siliconvalleycamb.com Silicon Valley Chapter Board meetings are held every second Wednesday of the month at SCCAOR, 1651 No. First St., San Jose, 95112. Visitors are welcome. Please rsvp to Chapter President, Cathy Warshawsky at 408-371-2172 or [email protected]. SCCAOR, 651 No. First St., San Jose, CA 95112, 408-445-8500, x5087

SEPTEMBER 9CAMB - CAMB SD BOD Meeting, San Diego 5:00 pm - 7:00 pm Organizer: Karen Satterwhite – [email protected]://www.cambsd.org/ Stewart Title of California 7676 Hazard Center Road, 14th FloorSan Diego, CA 92108

SEPTEMBER 9MBA - FHA Fundamentals Workshop - Washington, DC 1331 L Street, NW, Washington, DC E2901618E http://store.mortgagebankers.org/ProductDetail.aspx?product_code=E2901618E/REGISRegister Info: Call CampusMBA at (800) 348-8653 Sponsor Info: Call Andy Stack at (202) 557-2912 to learn about sponsorship opportunities

SEPTEMBER 10MBA - FHA Underwriting & Operations Workshop - 1331 L Street, NW, Washington, DC E2901620E http://store.mortgagebankers.org/ProductDetail.aspx?product_code=E2901620E/REGISRegister Info: Call CampusMBA at (800) 348-8653Sponsor Info: Call Andy Stack at (202) 557-2912 to learn about sponsorship opportunities SEPTEMBER 15-17MBA - Multifamily Property Inspection Workshop - Phoenix, AZ Arizona State University MercadoPhoenix, AZ E2901796C http://store.mortgagebankers.org/ProductDetail.aspx?product_code=E2901796C/REGISRegister Info: Call CampusMBA at (800) 348-8653. Sponsor Info: Call Andrew Stack at (202) 557-2912

SEPTEMBER 17MBA/Metro. WashingtonCommercial Real Estate Finance Council Fall Seminar, 1:00 pmNaval Heritage Center, Washington, DCThis half-day seminar will address the current dynamics of the commercial real estate finance industry. The afternoon ends with a cocktail reception. (301) 924-0633

SEPTEMBER 25CAMB - CAMB LAM, BOD Meeting, Los Angeles Metro, 8:30 am - 10:00 am Organizer: Los Angeles Metro - [email protected] Mortgage Solutions 407 S. La Brea Ave., CA 90301(310) 590-1235

CALENDAR OF EvENTS

10 August 2009

upcoming Key dates & events: AUGUST & SEPTEMBER

AUGUST 2009

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SEPTEMBER 2009 S M T W T F S

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Institute I believe the agreement is null and void. 2. The HVCC does not mandate the use of appraisal

management companies. HVCC does stipulate a fire-wall between those ordering appraisals and the appraiser but the mandatory use of appraisal management compa-nies is a well spun fantasy promulgated by TAVMA (the Title Appraisal Vendor Management Association)

3. The final version of the HVCC does not put lim-itations on the ownership of Appraisal Management Companies by banks.

Ronald StickelmanSRA President

Crisis… What Crisis? By Todd Duncan

Todd reminds me of my grandfather. These are two of my grandfather’s favorite quotes, “it’s not how life treats you it’s how you treat life.”

The second one requires me to put it into context of the situation. Here we go, due to my grandfather’s age he had to put his farm into the government’s soil bank sometime in the last 1950s. The government required him to plant 5000 pine trees so he wasn’t able to grow crops. Once he told me we need to plant the 5000

pines trees I asked the question, “How are just the two of us going to plant so many trees”? He turned to me with a calm look and said, “One at a time”. I will never forget that statement. Anytime the task seems to be overwhelming I think to that moment with my grandfather standing in the field and saying to me, “one at a time.”

Todd and my grandfather must have known each other in a prior life. Keep the correct attitude and go about your business one step at a time.

Tom ChampionNational Sales, Ratelink

- letters continued from page 9

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Over the past year many start-up companies jumped into loss mitigation and attempted to define their place in this industry. In reality,

90% of the people involved with loss mitigation start-ups are green and don’t fully understand the complexities as-sociated with loan modification. They make statements like, “I hire this company to do our processing”. If the people running these companies think negotiating a home loan from foreclosure is the duty of a processor, then they are in for a surprise.

A three (3) phase process is the backbone for success.Phase 1: Hire a team of seasoned and over qualified

underwriters. These underwriters should have all previously worked for some of the top lenders including Wells Fargo, Countrywide, Option One, New Century....the list goes on. Their qualifications should include 10+ years of underwriting experience, passing strict personality tests, and organizational assessments. Why underwriters you may ask? Seasoned underwriters have the analytical mind set, necessary to negotiate a home loan. In fact, most lenders hire former underwriters for their own loss mitigation departments. Underwriters know how to communicate with fellow underwriters.

The bottom line is the lender only cares for what is in its best interests. The lender also has a fiduciary responsibility to its stock holders and investors. Map out the full costs and ultimately the loss the lender will endure by foreclosing on a homeowners’ loan in today’s depressed real estate market. Customize each proposal for each individual homeowner and show the lender why a performing loan is better for them than a foreclosure.

Phase 2: Most loan modifications are negotiated in phase one, but sometimes lenders want to play hard ball. When this happens, bring out Forensic Loan

Auditors. These analysts conduct a full review of the homeowners’ loan documents to reveal lender mistakes in RESPA, ECOA, HMDA, TILA and APR. Because such a large number of loan docs were drawn between 2001 to 2007, many mistakes were made during this time. Show the lender the serious legal mistakes it made and use the results of this audit as leverage. Many times this additional tool provides the weight necessary to obtain the modification.

Phase 3: Bring out the attorneys. If the lender is still not being nice, bring in an attorney to take over. One should not bring in attorneys until phase 3 for a variety of reasons. Primarily, you should have a good relationship with the major lenders and service providers. Attorneys take a vastly different approach. They show the lender all of its legal blunders reveled in the audit. They aggressively advise the lender as to what it did wrong. Lenders don’t like hearing that. Furthermore, a legal team can pursue a series of other tactics that includes asking for the original note. This simple request can stall a sale date for well over a year. By this time, attorneys usually have enough ammo to pursue a case against the lender. In such cases, the settlement typically results in a loan modification.

Brian Suder is the President and Founder of Home Rescue Program, headquartered in Culver City CA. A seasoned real estate and mortgage expert, Brian was mentored by one of the nation’s leading experts in the loan modification industry, a former Commissioner of HUD. To date, Brian and his team has helped thousands of homeowners avoid foreclosure through successful loan modifications. Contact Brian at

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PROCESSING vS. NEGOTIATING

BY BRIAN SUDER

Processors are paper-pushers not loan negotiators

13TheNicheReport.com

14 August 2009

The playbook for banks has disappeared. Why? The Federal Reserve Bank, under the directive of the new presidential administration, infused

mind-boggling capital at the speed of light to shore up a crumbling economy. With that came an ambiguous bor-rower’s agreement between the institution and the Feds. With more questions than answers, the rules continue to change daily. In less than five months, no one, especially the federal government, could have possibly performed the due diligence necessary. The rules of the game are in flux. Lack of clear direction whether to loan or to invest, have created confusion. Is it any wonder there is volatility and angst in the marketplace?

It will likely take another 12 to 24 months for new rules to be developed and implemented to stabilize the economy and restore consumer confidence. So what do we do now? The first order of business IS business.

The way we carry on business has changed; temporarily or perhaps for the long haul. Banks will be vigilant. Clients will be required to meet higher standards and adhere to stricter guidelines for commercial financing. Due diligence will require that clients have substantial collateral, and proof that they are credit worthy with a low degree of risk as a prerequisite for a loan. In many cases the money the bank is working with is no longer just their own. It is government infused capital, and with that comes another layer of scrutiny—yet to be fully determined. Nonetheless, the unknown makes the banking industry even more skittish when it comes to lending. Big brother is watching. But watching what? They can only guess. In the interim, banks are trying to create a safety net of sorts. Banks are implementing their own security measures. They are limiting their lending, and focusing attention on core customers that add value

to the bank. This creates stability, lowers risk, and builds the capital that banks must have to get out from under the need for federal funds and scrutiny.

Gone are the days when banks would lend on a per project basis, a single retail development, an apartment complex, or a commercial construction deal. Today, they are looking for a banking relationship with their commercial customers. This is much more than a nice quarterly chat about how business is going. They want a client’s complete portfolio of money management: checking, savings, deposits, and treasury management. Not only does it provide fee income for the bank, it allows banks to keep tabs on how a business is progressing. They can see deposits, cash flow, growth, and stability. In other words, their due diligence happens daily, not just when a loan request comes in.

Bridge loans and other higher risk lending options will likely evaporate from a bank’s portfolio of available financing products. These fee-based products were a source of income for banks, and will need to be replenished through other means; enter the “banking relationship” era. Clients don’t like it, banks aren’t happy. But, it’s a new day, and like it or not change has occurred. Now what?

Most businesses have never had to look outside a bank for commercial loans. Many businesses, and banks, refer to other independent commercial lending institutions when their needs or requirements don’t meet the restrictions set by a traditional lender. Independent commercial lenders are funded by private investors for the purpose of lending to small and mid-size businesses. If not governed by federal restrictions, they can offer a variety of lending instruments to ensure a finance option meets the particular needs of the business and do it quickly. Quite often, accounts receivable or bridge

NEW PLAYBOOk FOR COMMERCIAL FINANCING

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loan financing can provide the best solution. This is not permanent financing, but alternative financing for a temporary situation that cannot wait.

Accounts receivable financing or a Bridge loan is short-term, 12 to 36-month financing used as start-up funds, to stimulate fast growth, handle a crisis situation, a tax issue, or a production/deliverables situation. Assets are used as collateral in exchange for immediate funding. This type of loan has a place and distinct purpose regardless of economic conditions. Here’s a recent example of what is being talked about: An electrical company applied for a bridge loan to grow their business nearly ten years ago. Now, with the green movement surging, the company saw another opportunity. With more of its customers looking for ways to save money and save energy, the time was ripe to launch a new company. The electrical company went back to its lender for start-up funds to launch this new business. It allowed the company to be cash positive in the first month of operation. The working capital gave it leverage to negotiate big discounts by paying suppliers in advance, and subcontractors early. It freed up a line of credit, and quick pay gave the electrical company a good reputation and instant credibility as a new business. The company also knew it was very unlikely for a bank to finance a start-up given the current market conditions. Although the company may have paid a somewhat higher rate for this type of financing, it was able to make up that difference or even come out ahead because of the big cash advantage that was yielded.

Some businesses are using bridge loans to take advantage of great deals on land, buildings and equipment purchases. Others need a low risk solution to stabilize their business through a temporary situation. Yes, the interest rate will likely be higher than what you may have paid elsewhere in a stable economy. It may not be the ideal price or the ideal solution. But, that was then... this is now. Banks have had to cut their losses, shore up reserves, and tighten their lending practices. Yet, ample funds are readily available from reputable independent lenders. Businesses and consumers alike would do well to embrace change, weigh the alternatives and find new rules for a new playbook. Then we can get on with the business of living.

Marc Porter is Founder and CEO of the Porter Capital Group, recognized in 2008 among Inc.’s 5000 fastest growing U.S. companies. Headquartered in Birmingham, AL, with offices throughout the southeast and New York; [email protected], 205-322-5442

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The Kids Don’t Stand a Chance

Web 2.0 is Now Open for Business

Although I did not realize it at the time, my first exposure to Web 2.0 technolo-gies came along with a discussion about

the prevalence of pedophilia. Our daughter was about eleven years old at the time, and she wanted to be allowed to join her friends who were using MySpace. We, her parents, imme-diately envisioned our home on Dateline NBC with Chris Hansen, as some sick child predator was being led to the police car in handcuffs.

“No,” my wife said before I was done imagining beating the predator to death with a baseball bat… oh my… did I just say that out loud? I’m sorry. Anyway, we did what any strong, rational, confident and concerned parents would do in that situation… we ignored it as long as we could, and then called other parents to see what they had to say about it.

It all worked out just fine in the end, but for a few weeks all the parents were talking about it… until we discovered that you could keep a MySpace page private… or maybe it was just that the other parents gave in, so we did as well… I honestly can’t remember which.

The point is that MySpace is a social network, and social nets, as they’re referred to

by those “in the know,” are a big part of what is now being widely referred to as Web

2.0. Of course, social nets are only one of the components in Web

2.0’s bag of new tricks, there’s also blogging, bookmarking,

podcasting, video sharing, and more, including the incredibly silly sounding Twitter.

OKAY, STOP. Do not turn the page.

How do I know you want out? Because until about eight months ago, I would have wanted to turn the page at this point too. Why didn’t I know about Twitter until recently? Because it’s called “Twitter,” that’s why.

I’m not a techie, so don’t worry… it’s safe to stick around. This may be your only chance to hear about this Web 2.0 stuff from a regular person who speaks English and remembers writing on yellow pads like it was yesterday… because it was basically yesterday that I was writing on yellow pads.

Computer technology has always annoyed me. It almost never works the way it should, always costs more than it was supposed to, and the people who write the manuals are clearly not people with whom I’d want to converse.

I still remember the first time my cable modem went out and I couldn’t get on the Internet. I called the cable company… waited on hold for about 15 minutes… explained that my modem wasn’t working and that I needed someone to come out and fix it. I groaned when the tech support person said I could probably fix it myself. Apparently, I needed to reset my broadband modem, so he told me to unplug the beige box… and then plug it back in.

Why don’t they just say unplug it and plug it back in? And why the heck don’t they put a sticker on each modem that says: If this stops working, unplug it and plug it back in? It sure would cut down on phone calls, I can tell you that. Ever since then, when the Internet stops working, I call out to my wife: “Honey, could you please unplug

the box and plug it back in?” We’ve been married for some time now, so we’ve got the whole communication thing wired, so to speak.

Okay, so how did a guy like me become a Web 2.0 fanatic? Well, truth be told, it’s all Barack Obama’s fault. It was election night, 2008. You have to admit, it was some night. We were watching CNN and it looked like there were about a million people celebrating in Grant Park in Chicago.

Then Anderson Cooper said: “Now we’re going to Times Square,” and sure enough it looked like there were another million celebrating there. “Now out to Los Angeles,” Cooper said, and yet another giant crowd jumping up and down. It was incredible.

I couldn’t help joking about it, so I said: “Wow… this reminds me of the night Bush won in ’04.”

Maybe you had to be there. Then Anderson said something

that caused me to pause. He said: Now we’re going to Helsinki… and then to Tokyo… and then to Melbourne… they’re celebrating in 70 countries around the world.” And then they were switching from place to place, showing us the celebrations around the world.

That’s when I turned to my wife and said: “How the heck did he do that? Even the Olympics has a hard time doing that.” How did people in all of those countries know to show up where the cameras were waiting? Did he send people door-to-door in 70 countries around the world? I know he raised a lot of money, but seriously? It was amazing, especially when you consider that had McCain won, it would have looked like The Lawrence Welk Show was

broadcasting from some Phoenix hotel.

The next day I was driving to my office, listening to NPR’s Morning Edition, and they were interviewing a presidential campaign historian who said: “Barack Obama is the first presidential candidate to have mastered the new Web 2.0 technologies.” I had to know more.

I went home and started reading everything I could find online about Web 2.0 technologies. On Thanksgiving, my wife said: “Do you have to do that on Thanksgiving,” she asked. The answer was “yes,” but I know better than to ask that kind of question of a woman holding a carving knife, so I waited for everyone to fall asleep so I could return to my online education.

It was Christmas Eve 2008 when I officially stuck my toe in Web 2.0’s waters for the first time. Our guests had gone home, and I was sitting in our living room waiting for Santa, when I said to myself: “Okay, self… prove it… do something… show off your new Web 2.0 abilities… you can’t just read about doing it forever.”

Today I can reach an audience of 100,000+ people without getting out of my bathrobe or spending a dime, through my blog, Mandelman Matters on ML-Implode. And those that like what I have to say, write to me… and I write back. They trust me to tell them the truth about how I think and feel, and to get my facts right… and I take that trust very seriously. I try to never leave a comment unanswered, and I always give careful consideration to what someone has to say. It’s so cool.


The Kids Don’t Stand a Chance

Web 2.0 is Now Open for Business

I can’t even tell you how many times this past year I’ve found myself in conversations about the new Web 2.0 tools and heard someone over thirty saying something like: “It’s the kids that use all that stuff… I don’t know anything about it.” Or: “Oh yeah, my daughter made me open a Facebook account.” Or: “Well, I’m on LinkedIn, but I really haven’t started using it for much yet.”

Well, let me tell you something you can take to the bank. The kids may have started using the Web 2.0 tools first, but Web 2.0 is now open for business and from this point forward the kids don’t stand a chance. My own daughter’s thirteen and she’s quite adept at using what’s online… but she can’t communicate with 100,000+ professionals without getting out of her bathrobe, now can she?

WEB 2.0 OPEN FOR BUSINESSYou want to know why you should get to know what

Web 2.0 technologies are all about? How about ten rock solid reasons?1. No Technical Skill Needed – That’s right, no more

“coding,” squiggle, squiggle, bracket, dot, dash, squiggle. Everything you need is point and shoot, fill-in-the-blank type stuff. Can you type your name? Then you’re pretty much ready to go.

2. No Advertising Your Web Address – Remember those Super Bowl ads during the late 1990s that cost zillions to tell us how to find a Website… well, they were stupid and unnecessary just like we all thought.

3. It’s Free – And when I say free, I’m not talking mostly free, I’m talking sans cost. You don’t need any special equipment or software. If you can write a letter and email it, you’re all set.

4. You Can Do it Yourself – That’s right…. No new hires needed. You can harness the power of Web 2.0 all by your lonesome.

5. Precise Targeting – Web 2.0 makes direct mail look like it has the targeting capability of a billboard on the freeway.

6. Communicate in Any Medium – Print, video, audio, photos, Web 2.0 allows you to broadcast like a television or radio station, be your own magazine or newspaper, or write a letter like you’d write to Mom.

7. Measure Your Results – Web 2.0 is perhaps the most measurable communications medium ever invented. There is nothing you can’t know about the

effectiveness of your efforts, almost in real time.8. Last Minute, No Problem – Need to get a message out

to your target audience 30 minutes ago… no problem. Try that with any other communications medium.

9. Reach the Whole World – It’s amazing to consider, but with Web 2.0 tools you can quite literally reach people around the globe… free. The implications are staggering. If you have the “right” message, and clearly Barack Obama had such a message during his campaign, you can communicate with billions of people and next thing you know, they can be celebrating in 70 countries around the world.

10. Getting Better All the Time – The World Wide Web that we all became familiar with during the latter half of the 1990s was something akin to Henry Ford’s Model T, compared to the tools available today. But as good as it is, it’s getting better all the time.

THE BUSINESS vIEWWhen the infamous dot-com bubble popped in 2000,

many of us took a snapshot of the Web and filed it away, believing that we understood what it was, and what is was not. But technology moves forward whether there’s an IPO in its future or not.

The World Wide Web is a giant book of information that’s not organized, alphabetized or indexed, and that’s why the first things that needed to be developed were search engines. But the visionaries that develop technologies for the Web saw that it could be used for much more than just finding information.

So, let’s get down to brass tacks, as they probably said in 1800. What is included in Web 2.0 and how can a business benefit from all of these advantages?

SOCIAL NETSTechnology developers realized that people could

congregate in communities on the Web. First there were simple “chat rooms,” and “bulletin boards,” but soon they added functionality. Instead of just “chatting,” people could now post photos, audio files, and videos. And the various pages could be designated as being for people with very specific interests. These groups of people with common interests on the Web are today called “social networks” and there are tens of millions of people participating in thousands of them every day.

Today you can go to a group’s page within a social network, and find everyone there for the same or similar

18 August 2009

reasons. Maybe everyone enjoys gardening, or is passionate about classic cars, or sells insurance, or graduated from the same university, or is a doctor.

Today, when I write a new article and post it on my site, I don’t have to worry about people finding my Website’s URL address through a search engine. I simply go to a specific group I’m a member of within a social net, such as LinkedIn, which is a social net for business people, and post a link to my new article on the group’s discussion board. When the members of the group come to their group’s page, they see my link. And if they find the subject of my posting valuable, they click the link and are transported to my site where they can read whatever it is that I’ve written. And if they really like it, they can click “Subscribe,” so that they’ll receive an email whenever I post something new. Too cool, right?

HUMAN SEARCH ENGINES: SOCIAL BOOkMARkINGYou bookmark something you find on the Web because

you want to be able to find it again. But, chances are that if you found a given site valuable, others will too. This is the basis behind the technology known today as “social bookmarking”.

Social bookmarking sites are places people store bookmarks. For instance, if someone found a great article on the new HVCC rules on appraisals (perhaps the one I wrote in this magazine last month), that person could bookmark it on a social bookmarking site so that others could find it too. (Hint, hint.) And they could bookmark it within a certain category… say “Real Estate,” so it would be easy for others who might find it interesting, to find it.

Social bookmarking sites have grown to have tens of millions of users, so there are now hundreds of millions of “bookmarked” pages, and once you start using one, you’ll start thinking of these bookmarking sites as human search engines because they retrieve pages placed there by human beings. And it’s not hard to imagine that people often make better choices than machines and their complex algorithms.

THE UBIqUITOUS BLOGOSPHEREFor people like you and me, blogs ARE Websites, they

just don’t require the HTML programming that Websites do <HREF>. I’m sure some would say that Websites are better at some things because they can incorporate all sorts of Flash animation, or whatever, but to my eye… blogs look every bit as good as Websites and oftentimes a whole lot better. Plus,

blogs allow people to leave comments, and allow you to respond. And that’s a pretty big deal when you’re trying to communicate, as I’m sure you’d agree.

Anyone can build a blog, and even better, anyone can change one. I add something to mine at least once a day. The more you post on your blog, and the more people that go to it… the higher it will rank in Google’s search engine.

Twitter, by the way, is considered “micro-blogging” and I’ve found a lot of people to have no idea what Twitter is, or why they would possibly want to “tweet”. I understand this, because I had no idea either… until recently.

Once you have people “following” you on Twitter, you can send them all a short message just by typing it in and pressing send, sort of like a text message on a cell phone… It’s fast and efficient, and now I use it everyday. Sometimes I use it to let people know about a new article. Sometimes I use it to tell everyone about an important change in the law, or if some breaking news is important to their businesses.

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THE SECRET TO WEB 2.0 SUCCESS: THINk LIkE A PUBLISHER, NOT LIkE A MARkETER

Ask yourself the following question: What’s so great about the Internet? Why do we all love it so much? Because it provides us with information at our fingertips, that why. We go online to find information almost every singe day. We’re not looking for sales pitches.

So, if you want to be successful using Web 2.0, you have to stop thinking like an advertiser or a marketer, and start thinking like a publisher. A publisher understands that it’s content that’s king. Produce content that people find valuable, and they’ll find you online and return time and again. Stick a sales pitch in someone’s face, and they’ll click off so fast you won’t even know they were there.

Marketers have a very different set of concerns. Marketers are concerned with the offer… the sales pitch, if you will. And if you’ve tried advertising lately, you have some idea of how ineffective it can be, unless perhaps you’re having a 50% off sale. I can remember when a direct mail program could be expected to generate a 2-3% response, but the last time that happened I was storing information on a floppy disk.

Let’s say you own a real estate agency and you want to use Web 2.0 tools to attract customers. So, first things first, you create a blog for your firm. You might publish articles about the latest trends in the real estate market, or have a column written by a CPA that examines tax implications of various real estate transactions. The point is, you won’t be selling… you’ll be providing valuable information.

Next you sign up for Facebook and LinkedIn. And within those social nets, you’ll join groups that represent your target audiences. We might join a real estate investor group, or a group of entrepreneurs and business owners… or active seniors. The point is, you’ll publish content that audiences will want to read or watch that’s somehow related to real estate, but certainly isn’t selling it. Selling is for your Website. This is your blog… where you want to engage in discussions and build relationships as a result.

When we publish a new article on when and how to utilize a tax emption related to selling your home, we’ll go to the appropriate groups and post a link to that article. We’ll choose several social bookmarking sites and we’ll “bookmark” our article in the categories that make sense for the content you’re offering.

Now you’ve provided a link to important information to thousands of people in your target audiences… maybe tens of thousands, and without paying a dime. Will people read it? Only if it’s good. Of course, no one pays attention to crummy advertising either.

And it doesn’t have to be an article that you post, by the way. You could post a video on your blog. The video may be hosted on YouTube, a video sharing site and another Web 2.0 tool. Or we might record a Podcast, and post the link to it, although it might be hosted on BlogTalkRadio.com.

We might even post content that someone else created and simply encourage others to join in a discussion about the topic. That’s right… we don’t even have to create all of the content ourselves. Lots of people post links to articles, videos and Podcasts created by others, and then host discussions about them in online groups and on their own blogs.

There’s no limit to the ways in which a business can utilize Web 2.0 to reach an audience, and no limit to the size of the audience that can be reached due to no media costs. And with the availability of sophisticated tools such

as Google analytics, it’s easy to measure what’s working, and what’s not.

NOW IS THE TIME TO GET STARTED…I understand as well as anyone that optimism is

hard to let go, but the writing on the wall is pretty darn clear at this point: We’ve got some rough waters ahead, every company in America is going to have made some significant adjustments, and some won’t make it through the storm intact. The recovery of our economy, when it does come, will not be a ‘V,’ as the pundits like to say.

That’s no reason to throw in the towel, however, while some will succumb to the economic doldrums, others will prosper and grow. For example, not every company limped along through the Great Depression of the 1930s. For example:

Chevrolet took Ford out of the number one slot that Ford had comfortably maintained throughout the 1920s.

Proctor & Gamble became the dominant market force it is today, largely because of the lead it captured during the 1930s.

These companies grew to dominate their competition during the 1930s largely as a result of their innovative marketing strategies. Chevrolet took advantage of a new advertising medium… billboards. And Proctor & Gamble invested in the other “new” communications technology of the day… it was called “radio”.

In the years ahead, you should plan to spend less on marketing than you have in the past, and today’s traditional advertising mediums are, for the most part, as ineffective as they are expensive. You have to segment your markets, tighten your targets, and reach out more memorably… all in all, you have to market smarter and more cost effectively than ever before.

So, don’t be afraid of using what’s new on the Web. If I can do it, you can to. But let’s not tell the kids, okay? I think it’s best if they continue thinking they’re way ahead of us, whether that turns out to be the case or not.

Martin Andelman is a staff writer for The Niche Report. In addition to his feature stories, he writes a monthly column, Bringing Up the Rear, which you can find on the very last page of the magazine each month. He’s also a very popular blogger, and you can find his almost daily column, Mandelman Matters, online at mandelman.ml-implode.com. Follow “Mandelman” on Twitter. Questions and comments, use: [email protected].

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It seems like as much as things have changed in the mortgage business they stay the same. It never ceases

to amaze me how the products we used to use are making a come back in to-day’s lending environment. Mortgage Credit Certificates (MCC’s) are such a product.

An MCC is a dollar for dollar tax credit on a borrower’s federal tax return. This credit is used to offset a tax liability. That means in order to get the full benefit of the credit your client must have a tax liability at the end of the year. This liability is “washed” away by the tax credit.

Most borrowers create a tax liability by changing their withholdings out of their paycheck. That means more money in every paycheck. Because the amount of tax withheld from the borrowers check is decreased, this should lead to a tax liability at the end of the year. The tax liability is able to be washed away dollar for dollar by the MCC credit.

MCC’s are generally issued by State/Local Housing Finance Agencies (HFA’s). MCC’s are generally limited to First Time Homebuyers, while some HFA’s may allow buyers in targeted geographic areas to be non-first time buyers. Generally, MCC’s are limited to low to moderate income borrowers. Income limits vary according to the geographic location of the property and are determined by the HFA that is issuing the MCC.

An MCC credit is equal to a minimum of 10% of the interest paid by a borrower during the year and can be as high as 50% of the interest paid for some borrowers. In most cases, the MCC credit is 10 to 25% of the interest paid on a mortgage during the calendar year. The

percentage of the credit is set by the HFA that issues it.If a borrower pays $5,000 a year in interest and has a

20% MCC credit, that credit amounts to an extra $1,000 for the borrower over the year. That equals an extra $83.33 per month in the borrowers pocket and can mean as much as an extra $5k to $10k in buying power for a client. In addition for borrowers with higher debt ratios the MCC credit may help them qualify.

Borrowers using an MCC credit are qualified differently depending on the type of loan they are doing. Conventional mortgage borrowers can have the amount of the credit added back into their monthly income to help them qualify. Borrowers using an FHA loan can choose to either have the MCC added to monthly income or used as a direct offset against the monthly payment (greatest impact on debt ratios). In most cases, you will need a copy of the commitment to issue the MCC from the Housing Finance Agency prior to closing as well as a copy of a revised W-4 showing the borrower has modified their withholding’s accordingly to create the necessary tax liability to take full advantage of the credit.

MCC’s can be used with the First Time Homebuyer Tax Credit. However, clients cannot use the tax credit in order to get a larger tax refund. Lenders get this wrong all the time! Not only do they not get a larger refund, they get no credit if they follow that advice. To get the full benefit of the credit your client must have a tax liability at the end of the year. This liability is “washed” away by the tax credit. Let’s take a look at an example:

Prior to buying a home, borrower gets a tax refund of approximately $1500 every year.

Buyer has an estimated $5,000 per year in mortgage interest and will have an MCC for 20%. The value of

MORTGAGE CREDIT CERTIFICATES

BY j. DANIEL MORALEz

A blast from the past!

24 August 2009

Monday, October 12

Opening General Session

Featuring:

Paul BegalaPolitical Analyst, CNN

From the White House’s Situation Room to CNN’s news program of the same name, Paul Begala’s experience gives him an unmatched perspective on politics and the media. As a political strategist or pundit, Begala has been at the center of every election cycle for the last 20 years.

Along with Tucker Carlson, Begala was formerly co-host of Crossfire, CNN’s popular political debate program.

Featuring:

Tucker CarlsonJournalist and Political Commentator, Fox News Channel

Tucker Carlson is a veteran journalist and political commentator, currently working for the Fox News Channel. Carlson joined Fox from MSNBC, where he hosted several nightly programs. Previously, he was the co-host of Crossfire on CNN, where he was the youngest anchor in the history of that network. During the same period, Carlson also hosted a weekly public affairs program on PBS.

Monday, October 12

Chairman’s Luncheon

Featured Speaker:

Robert BallardPresident and Founder,

Institute for Exploration at Mystic Aquarium

Hear from deep sea explorer and discoverer of the Titanic, Dr. Robert Ballard, at the Chairman’s Luncheon. Famous for finding the Titanic, Ballard has conducted more than 100 deep sea expeditions during his career and is the recipient of numerous professional awards including the National Geographic Society’s prestigious Hubbard Medal and the National Humanities Medal from the National Endowment for the Humanities.

Ticket Price: $135 / person,$1,350 / table

Register today so you can reserve your hotel accommodations early and save on registration fees. To register visit http://events.mortgagebankers.org/96th_Annual or call (800) 793-6222, select option #3.

MBA thanks its convention sponsors. We are grateful for their support.

MERS® • VantageScore Solutions, LLC • First American • Fiserv • Freddie Mac • Lender Processing Services, Inc. (LPS) • The PMI Group, Inc. • Wells Fargo Funding • Balboa Insurance Group • Genworth Mortgage Insurance • Dorado Corporation • Federal Home Loan Banks Mortgage Partnership Finance® Program * Sponsors as of 7/22/2009

Tuesday, October 13

Club MBA Dinner and Show

Special perFormance by:

The Beach Boys

Enjoy the sunny vocal harmonies of one of Billboard’s top 100 American rock bands — The Beach Boys. Join us for “Fun, Fun, Fun” and “Good Vibrations” at this year’s Club MBA.

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9249

the MCC is $1,000 for the year ($5,000 x 20%). In order to get the full benefit of the tax credit, the borrower must have a tax liability of $1,000. If they are currently getting approximately $1,500 per year in refund they must modify their withholdings to reflect $2,500 ($1,500 anticipated tax refund + $1,000 MCC credit).

By getting the extra $2,500 over the year the borrower will have an extra $208.33 per month in their check to use toward their house payment. At the end of the year when they file their tax return they would have a “tax liability” of $1,000. The value of the MCC would eliminate the tax liability and the borrower would get no refund but had the extra $208.33 per month to use toward their dream home. Sure beats giving the government an interest free loan!

Keep in mind, the amount of interest that can be claimed on a borrowers Schedule A is reduced by the value of the MCC credit. In this example, the borrower paid $5,000 in interest over the year. However, the value of the MCC was $1,000. Schedule A mortgage interest deduction is limited to $4,000 ($5,000 interest paid - $1,000 MCC benefit). Again, a fact often overlooked by most lenders.

So what happens is they don’t use the entire tax credit? If the borrower does not withhold correctly and they do not get the full benefit of the entire tax credit, they can carry the value of that credit forward for as long as three years and take advantage of it next year. If the MCC credit rate is higher than 20%, the maximum credit is $2,000 per year. In addition, any amount over $2,000 cannot be carried forward to following years for borrowers whose credit exceeds 20%.

If a homeowner refinances, some HFA’s will reissue the MCC for the new loan but will likely limit the amount of the benefit to mirror at best the original loan terms. In no cases will the IRS allow the credit on a refinanced loan to exceed the original MCC credit. In addition, not all HFA’s will allow a borrower who refinances to maintain their MCC.

Like a mortgage bond program, if the home is sold within the first nine years the borrower may be subject to a recapture tax depending on if the home was sold for a profit and what their income is at the time of sale.

Most Housing Finance agencies have a fee for issuing a MCC. The fee can vary from agency to agency. Check with your local or state Housing Finance Agency to see if an MCC is available in your area. Learn what the terms and guidelines are and use this as a tool to get more first time buyers.

J. Daniel Moralez is a staff writer for www.MortgageCurrentcy.com and Sr. Vice President of First Place Bank.

Don’t miss the most importantmeeting of the year!

For registration & exhibit informationwww.ttamp.org

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Mortgage Disclosure iMproveMent act – effective July 30, 2009Disclosure, uniformity and comparison-shopping are the basis for this act—in fact, it defines and consolidates the information from TILA, HOEPA, HERA, EESA and Reg X and Reg Z with MDIA.It’s designed to clearly answer the questions borrowers have when applying for a mortgage and gives them the ability to compare estimates—both with your competitors rates and fees and a 2nd disclosure if the terms, fees or APR have changed by more than the tolerance levels. MDIA requires a “waiting period” between the times when the disclosures are given, fees are paid (other than the credit report) and the closing date of the mortgage transaction. The Federal Register specifically says that creditors are the entity that are supposed to provide the GFE’s and re-disclosures. Creditor is defined as the one funding the loan. If you are a mortgage broker, you are at the mercy of the creditor/lender to send them to your borrowers. Standardized forms now required – GFE (used for disclosure and re-disclosure) but the big addition here is a section where the consumer can use “The Shopping Chart” to comparison-shop with other lenders. The HUD 1 contains basically the same line items—but now includes the loan terms on page 3. Now the biggie, the HUD 1A – the GFE is compared to the closing costs so the consumer can easily decipher what was quoted on the disclosure versus the actual closing costs. Some of the highlights:

• NewGFEForms• Specificdaysfordisclosures,redisclosuresandclosingdates• Businessdaysnowdefinedasalldays,exceptSundayand

Federal Holidays• APRTolerancesdeterminere-disclosure• Typesoftransactionscovered• Purchase–Primary&2ndhomes• Condos,Townhomes,co-ops• Refinance-Primary&2ndHome

• Timeshare• No-Costloans• Construction/EndLoans• ClosedEndLoans• Manufactured/MobileHomesonrealproperty• MortgageAssumptions(ifloantermschange)• ReverseMortgages

There is a lot, and I mean a lot more here but watch out for all the mis-information out there too. Oh, and remember that the 3-day appraisal disclosure is part of this mix.

reg Z (tila) reviseD-HigH priceD Mortgages Now that all of the damage is already done, the Feds are really going to town with a bunch of Reg Z, TILA revisions in an effort to reign in those nasty, unscrupulous lenders. (You know, the ones who are no longer in the business.) There is a new category called HIGH-Priced Mortgages that can affect both conforming and government loans. Your pipeline is at stake! Effective with applications takes on or after 10-1-2009.

• ConsideredHigh-PricedwhenAPRexceeds“AveragePrimeMortgage Offer Rate” for a comparable transaction as of the date the interest rate is set

• Principalresidencesonly• AppliestoAPRandnottheinterestrate• Ifconsidered“HighPriced”• AnalyzeAbilitytoRepaybasedonlargestpaymentforfirst7

years, including other obligations• Nohomeequityloan• Assets/Income3rdPartyverification(regardlessofDU,LPof

FHA findings)• NoPrepaymentPenalty• NoEscrowAccountwaiver

fannie & freDDie allow 125’s for Du refi’s, Du refi plus & releif refinance prograMWhen are these guys going to get it? The people who need the most help are the ones that have all of the LLPA’s. I understand

RULES & REGULATION HEADLINES


There were 13 major updates from June to July 2009, affecting loan originators, processors, underwriters and managers/owners. If you don’t read anything else, you need to read and understand the 3 biggies:

Mortgage Disclosure Improvement Act – Effective July 30, 2009Reg Z Definition of High-Priced Mortgages – Effective October 1, 2009

Re-approval process of most FHA condos – Effective October 1, 2009

28 August 2009

Register BeforeSeptember 15, 2009

Registration AfterSeptember 15, 2009 On-site Registration

Member $25 per person $35 per person $50 per person

Non- Member $45 per person $55 per person $70 per person

OTHER REGISTRANTS

Conference Only Option — Includes Continental Breakfasts, General Sessions, Breakout Sessions, Exhibit Hall Access, All Coffee Breaks, Lunch, and Evening Networking Cocktail Receptions

Golf/Conference Option: Includes All of which is included in the Conference Only Option Plus 18 Holes of Golf, BBQ Lunch at the Golf Course and Golf Prizes.

SAFE Pre-Licensing/Conference Option: Includes All of which is included in the Conference Only Option Plus 12 hours of SAFE Pre-Licensing Education Units, and a discount on the remaining 8 hours given at a later time.



Conference OnlyOption $125 per person $175 per person $225 per person

Golf/Conference Option $225 per person $275 per person $325 per person



Conference OnlyOption $145 per person $195 per person $245 per person

Golf/Conference Option $245 per person $295 per person $345 per person

Payment Method: Check (made payable to NJAMB) Credit Card (Visa or MasterCard ONLY)

Total Enclosed: $_______________Credit Card: Visa or MasterCardName on Card ____________________________________________ Signature _____________________________________________Card Number ______________________________________________ Exp ____________/___________ V-code __________________Hotel Reservations: Hotel rooms are NOT included in the Conference Registration Fee. Upon receipt by the NJAMB of your completed registration form and fee, you will receive hotel reservation information. Rooms are available on a limited basis at a special rate for single/double occupancy. You are not guaranteed a room, because rooms are provided on a first-come first served basis. Do NOT send your hotel room deposit to the NJAMB. Refunds: for cancellation of Conference registration will be made only upon written request, minus a $25 administrative fee until September 15, 2009. A $30 fee will be charged for returned checks. Cancellation of Conference: The Conference may be changed or cancelled at the sponsor’s option if circumstances require. If you require a receipt please request it at time of registration.

2009 NORTHEAST CONFERENCE OF MORTGAGE BROKERS - NON-EXHIBITOR REGISTRATION FORM

OCTOBER 21, 22, & 23, 2009 - TRUMP TAJ MAHAL CASINO RESORT, ATLANTIC CITY, NJTo register for the Conference, please complete the following form and mail with your check made payable to: New Jersey Association of Mortgage Brokers and mail with this form to NJAMB, 385 Morris Avenue, Springfield, NJ 07081 or Fax Credit Card Information (Visa or MasterCard ONLY) to 973-379-5152. If you have any questions, please call 973-379-7447, or e-mail: [email protected]. Photocopies of Registration Form are acceptable.

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NON - MEMBERS (Full Conference Registrations)

EXHIBIT HALL PASS (For Entrance to the Exhibit Hall ONLY on Thursday, October 22, 2009)

MEMBERS (Full Conference Registrations)

THE NEW JERSEY ASSOCIATION OF MORTGAGE BROKERS AND

THE PENNSYLVANIA ASSOCIATION OF MORTGAGE BROKERSPRESENT THE FIRST ANNUAL

NORTHEAST CONFERENCE OF MORTGAGE BROKERS

10% Discount on Attendee price for 5 or more registrations from the same company.

the need to price for risk, but come on already? By the time the product is available rates could have increased and by the time client pays all of the LLPA’s the deal may no longer make sense.

• DURefi’&ReliefRefinanceforServicers• DURefiPlus–LO’scanoriginate• CannowincludedLenderPaidMI• CannotcloseuntilOctober1,2009• 125%LTVbasedonappraisal• Maystillhaveproblemsdueto1004MCform

fHa MaJor cHanges to conDo approval process – starts all over againYes, you read it right. Almost all FHA condo approvals will be GONE on October 1, 2009. We will be starting from scratch with no approved projects until lenders start submitting approval packages to HUD or have their internal project approval staff start working on them. (But there will still be a bottleneck in the beginning because HUD has to review the first 5 lender-issued approvals.)Because FHA financing on condos will come to a screeching halt for a period of time, it is imperative that Realtors understand the importance of moving those condo listings NOW. FHA buyers have to get off the fence NOW. Who knows when the


project will get back on the approved list? • SpotApprovalsareGONE• OnlyprojectsapprovedAFTEROctober1,2008arevalid• One-yearwaitingPeriodforCondoConversionseliminated• OnlyFHAapprovedlendersorBuilders/Developerscan

submit Condo Approval Package• Youdothework,otherlendersbenefit• WilltrackFHALoanconcentrationsonottohavehigh

amount of FHA loans within one project• 50%Owner-OccupiedToo many rule changes to mention here—but if you lend

in an area with a large amount of condos, you may have to dedicate staff and your time to start the process or you won’t be making many FHA condo loans any time soon.

fHa enHances energy efficient MortgagesLooking for a new business direction? Go Green! It’s a great way to increase business and develop some great environmental PR in the process. Mortgage Letter 2005-21 is the most recent guidance on originating EEM’s

• AddCostofEnergyEfficientImprovementstoPurchaseorRefi• Windows•HeatingandAirConditions• Insulation•WeatherizationItems• 1-4Family–Neworexisting• $8000Capeliminated• RatiosforqualifyingbasedonloanwithoutEEMadditional

dollar amountLet your past clients, who are looking to refinance,

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usDa now allows in-grounD swiMMing pools – But May reDuce loan aMountBad news – Good news – and then Bad news again! Bad News - Lets say the home (with an in ground pool) sold for $100,000. The appraiser values the pool at $3000. The base loan amount will be $97,000 and the borrower has to come up with $3000 extra at closing.Good News – In-ground pools are NOW allowed—they weren’t before May 28, 2009.Bad News – Ask your local USDA about ARRA funds! What you don’t want to have happen is that you “think” the swimming pool issue is okay, then find out the ARRA money is being used to fund the loan—it’s an automatic reject!

More detailed updates can be found at MortgageCurrentcy.com – Interpreting the rules and regulation changes for loan officers, processors, underwriters, and owners/managers. Mortgage Talking Points®, charts and checklists included.

“Agonizing Over a Commercial or Land Loan? First Capital

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CENTER STAGE

In 2002, entrepreneur Henry Davidson identified the need to streamline the mortgage closing

process and founded Express Notary Service, Inc. in Irvine, California, a nationwide network of Notary Signing Agents. To facilitate this simplifica-tion, he created an industry leading,

web-based ordering and tracking platform to provide borrowers and customers with live updates during their closing process. Now working in conjunction with more than 7,000 notaries nationwide, Davidson and his team have positioned themselves in line with the innovative solution to make what was once a daunting task even simpler – eSign.

Almost 3 years ago, Barbara Koorey of Orange Coast Title, Lender Services Group introduced Davidson to Dennis Rodino, Director of Mortgage Operations at AmTrust Bank and the EsignNotaries.com side of Davison’s business was born. An industry leader, Davidson’s team at Express Notary Service, Inc. and EsignNotaries.com has become one of the most successful, independently owned notary signing services in the United States, primarily because of their dedicated staff and attention to efficiencies.

“Our eSign® notary services are groundbreaking in the mortgage industry and alongside AmTrust Bank, we are on the forefront of electronic mortgage closing technology,” said Davidson. “Our independent notary contractors are on a nationwide networking system and documents can now be delivered to the borrowers anytime, anywhere, on time, every time.”

eSign documents are paperless documents that give borrowers the option to expedite the closing process in half the time with half the paperwork, reducing not only the expense but also the errors associated with paper closings. This means a notary has the capability to come to a borrower’s home, office or any other meeting place to upload the paperless closing documents for the borrowers to sign electronically. AmTrust Bank is one of the largest mortgage lenders in the country and has closed and sold more loans with electronic notes (eNotes®) than all other lenders in the nation combined.

Most, if not all, of the mortgage closing documents can be signed using the eSign system, which is supported by Gemstone, AmTrust Bank’s world-class business-to-business Website. The documents are supported technically by FannieMae, FreddieMac and MERS, are accepted industry-wide and are in full compliance with industry standards. The electronic signature technology has been used to sign tens of thousands of fixed and adjustable rate home loans across the country.

“When the mortgage industry began, lender documents had to be printed and sent through overnight mail and in the mid-90’s, email was utilized to send the documents back and forth,” Davidson said. “Now, we can do all of this with just a click of the mouse, in a matter of minutes. Instead of ‘sign here and initial there,’ it’s just ‘click here.’ We don’t have to worry about errors or turn-around times anymore.”

The eSign legal documents are digital. Consumers click their mouse for signature instead of utilizing “ink” signatures and digitally bundled documents can be signed simultaneously by using the eSign method. Borrowers can

CENTER STAGE WITH ExPRESS NOTARY SERvICE

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BROUGHT TO YOU BY THE NICHE REPORT

32 August 2009

rest assured they will have greater document security with tamper proof digital documents and can review closing documents online, at any time, prior to their final closing date, eliminating any unanswered questions.

Another benefit of paperless documents is that after closing, PDF documents can be created and saved to email inboxes, a server, hard drive or a flash drive and borrowers can take the electronic documents with them. At closing, documents are uploaded and transmitted immediately, alleviating the need to overnight signed documents.

“The lender documents are traditionally more than 100 pages, so this is a tremendous way to save money in printing costs, paper supplies and electricity. “It’s a great way to ‘go green’,” Davidson added. “Paperless is an incredible benefit to all parties involved, in every way.” Title and escrow packages are still physically printed and signed accordingly by each individual state’s law.

So, what are the disadvantages of the paperless process? Seemingly, not many.

First, paperless documents can only be obtained through two different lenders at this time – AmTrust Bank and Flagstar Bank. Other lenders are only offering the traditional closing methods, which are by email transmission and by sending the documents through overnight mail.

Next, most notary services are not currently educated on the paperless process. Although, Davidson quickly states that within ten to fifteen minutes, any independent notary can easily be trained through a phone call or through the training videos provided online and be at a borrowers door shortly thereafter with the necessary closing documents.

Finally, not all borrowers are technologically savvy and ready to figure out the depths of their computer and the online world. Flash drives? Servers? That may take a little more explanation to someone of the older generations.

All information considered – the paperless closing process is as simple as it’s explained to be to the borrower. Paperless documents offer the benefits of control, speed and ease over the mortgage closing process.

“Paperless documents are a win for everyone – the borrower, the lender, the brokers, even the environment,” Davidson said. “We’ve heard nothing but positive feedback from all of our partners and we’re proud to work with AmTrust Bank on their innovative eSign program. Even as the mortgage industry has faced many struggles during this time, AmTrust Bank has looked to the future

and our company is happy to be part of that future.”Signing Agents who are interested in becoming part

of the notary network can join in the Notary portal on www.expnotary.com or www.esignnotaries.com.

AmTrust Bank was founded in 1889 and is one of the fastest growing financial institutions in the United States today. A nationally recognized leader in retail banking, AmTrust Bank has branches in Florida, Ohio and Arizona and offers customized checking, investment and small business services. AmTrust Bank is among the top 15 home loan originators in country and also specializes in construction lending.

Customers who are interested in learning more about AmTrust Bank’s industry leading eSign solution may visit www.esignmortgage.com.

Express Notary Services, Inc and EsignNotaries.com are based in Irvine, Ca. and can be contacted 24 hours a day, seven days a week with questions regarding mortgage closing processes and references for nationwide title and escrow companies. Please contact Henry Davidson, Director, at [email protected] or call 949.596.4105.

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CENTER STAGE

I was talking with a very good business acquaintance of mine, Suzanne Crandall, who lives in

Chicago and is a top-producing real estate agent in the high net-worth suburban areas of Chicago. She was scurrying through some marketing evolutions, under a time crunch, as she

explained how she added value to her services offered for the clients she represents.

“This is called an Absorption Rate. What I do is search a specific area/town and with each search, I look at all the homes that have sold in different price points for the last six months to date and all the currently active listed properties on the market in a range of price points.…” she went on to describe. “For example, suppose you were selling a home in the Barrington Suburban area, here are my findings for you:

In the $650,000 to $700,000 price range; 11 homes have sold: I divide that by 6 (for 6 months) = 1.8 homes per month sold.

33 homes are Active: I divide that by 1.8 (number of homes that sell per month) = 18.3 months necessary to sell a house in this price range. That tells me how many months of inventory (homes) are on the market.

$700,000 to $750,000; 12 homes have sold. 25 homes are Active = 12.5 months necessary to sell a house in this price range.

$750,000 to $800,000 and the $800, 000 to

$850,000 ranges would also be figured if needed. In all of the Barrington District 220, 165 homes have sold in the last six months, 524 homes are active, equaling 19 months needed to sell all the homes currently on the market, and so forth….”

According to NAR (National Association of Realtors), when the active inventory on the market is more than six months, than it is considered a buyers market. It will take much longer to sell a home now, than it did last year in this month.

For those of you who are avid readers of my column, you may recall the May, 2008 issue when I presented ‘The Formula’ which is Benefit – Cost = Value. In Suzanne’s model, she is creating a very high level of benefit with her value-added proposition to her clients. In essence, the perceived value of service received by the client will be proportionally as high. This is one technique Suzanne uses to ensure she is a top Realtor in her area. Seasoned/skilled Real Estate Professionals use a number of tools to inform and educate their clients about the market to help them make decisions when pricing their homes.

“…My USP, Unique Selling Proposition, is that I really listen to my clients and together, we determine their needs and goals. I am in the business of selling real estate not listing. I currently have a 95.6 percent list to sell ratio. My last three properties had contracts within three weeks through my ability to market each property uniquely and custom fit a system that shows the client’s home in the

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best light. I can not guarantee these results but working together can greatly decrease the amount of time to win a contract to sell the home….”

As a mortgage professional, I would want to team with Suzanne in a heartbeat if I want to create a synergy of partnership with a realtor to add value to my clientele. An Absorption Rate Analysis (ARA) of the price range and housing district that your client is selling his or her home is a great way to add a personal touch to your marketing plan. This is one of many tools used to perform a complete market analysis and have a more complete picture of the accurate price point for their home. If any one of these tools is performed correctly and completely, then the other tools will be just as complete and beneficial. Thank you for the tip, Suzanne!

Stewart Mednick is a seasoned mortgage banker and published author. His writing focuses on relationship development, personal empowerment, customer satisfaction, marketing and sales techniques. Stewart is available for marketing consulting, personal coaching and training sessions. If you have a comment or a question for Stewart, contact him at 651-895-5122 or [email protected]

Suzanne Crandall is an accomplished Realtor for Keller-Williams Success Realty in Barrington, IL. Crandall may be contacted at [email protected] for further explanation of Absorption Rates, consulting, Property Analysis, International Investment, and Financial Planning. Her website is www.suzannecrandall.com Crandall is also a principal for Leonidas, an international investment company specializing in matching investors with distressed properties around the world.

If your goal is to expand your network by reaching the Mortgage and Real Estate industries at large, Prospector can get you there. Specializing in Finance and Real Estate since 2001, Prospector can help your company reach its sales and origination goals by delivering turnkey, customized B2B email campaigns that equal RESULTS. We specialize in delivering results for bankers, brokers and lenders as well as mortgage product and services companies nationwide. If you need to jump-start your company’s sales or originations, contact us for a free consulta-tion.

Prospector understands the industry from the inside out and are the ONLY B2B marketer that can GUARANTEE results with every campaign. An industry leader for almost a decade, Pros-pector has the largest active network of loan producers in the nation who are currently seeking help with their businesses or are in need of loan conduits.

We specialize in the following areas;

* FHA, Commercial, Hard Money, Reverse, Conventional Programs * Loan Modification Networks and Affiliates* MTG Training and Education* Lead Generators* Loan Processing and Compliance* Industry Alerts and Updates for Regulatory Bodies* Recruiting; Let us find quality LO’s and AE’s for you in any state* Net/Virtual Branch Specialists* Industry Marketing and Support* Backline Services, Software, Compliance and more Prospector offers Turnkey Solutions to brand your company in the Mortgage Marketplace.

Prospector wants your Mortgage or Real Estate B2B campaign to be a success.

“The internet is irreplaceable for the future of cost effective marketing for all business marketing.” Forbes

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If your goal is to expand your network by reaching the Mortgage and Real Estate industries at large, Prospector can get you there. Specializing in Finance and Real Estate since 2001, Prospector can help your company reach its sales and origination goals by delivering turnkey, customized B2B email campaigns that equal RESULTS. We specialize in delivering results for bankers, brokers and lenders as well as mortgage product and services companies nationwide. If you need to jump-start your company’s sales or originations, contact us for a free consulta-tion.

Prospector understands the industry from the inside out and are the ONLY B2B marketer that can GUARANTEE results with every campaign. An industry leader for almost a decade, Pros-pector has the largest active network of loan producers in the nation who are currently seeking help with their businesses or are in need of loan conduits.

We specialize in the following areas;

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Prospector wants your Mortgage or Real Estate B2B campaign to be a success.

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AGENCY & FHA

Financing may not be available in all states. The above summaries are intended for Mortgage Professionals only, and not intended for distribution to consum-ers, as defined by Section 226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. Refer to each lender’s information on products, program, procedures, representations, and warranties for details.

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NationalHomeLenders 888-344-0520x4 www.nationalhomelenders.com

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QuikFundInc. 813-671-0712 www.quikfund.com

SilvergateBank(cml) 858-362-6300 www.silvergatebank.com

SouthPointFinancialServices 800-433-1467 www.spfs.com

Sunwest 800-453-7884 www.swmc.com

WellsFargoReverseMortgage 800-336-7359 www.wellsfargo.com

REvERSE MORTGAGES Lender Listings Powered by TheLoanPost.com

NEW

40 August 2009

NorthStarLending(Fannie/Freddieonly) 866-829-8726 http://www.mynorthstarlending.com/

PacificBancMortgage 949-419-0505 www.pacificbanc.com/

PacificNationalBank 305-539-7675 www.pnb.com

ParamountResidential(FHAonly) 951-278-0000 www.prmglending.net

PhoenixFunding 877-562-6414x230 www.phoenix-funding.com

PMCBancorp 626-964-4040 www.pmcmtg.com

PolarisFunding(FL,IN,MI,OH) 866-467-9230 www.polarishfc.com

PreferredCapital(Fannie/Freddieonly) 800-454-0109 www.prefercapital.com

PremierMortgageCapital,Inc. 407-367-6500 www.premierwholesale.com

PresidentsFirst 877-773-7178 www.presidentsfirst.com

PrimaryCapital 800-699-1286 www.primarycapital.com

ProvidentFunding 800-733-3657x1712 pfloans.provident.com

ReliantFunding 800-850-8056 www.reliantfunding.us

ResidentialLendingNetwork 954-334-2059 www.reslend.com(Fannie/Freddieonly)

ReunionMortgage 800-941-8321 www.reunionwholesale.com

RoyalCrownBancorp 877-507-6925 www.crownloan.com

SecurityAtlantic(FHAonly) 732-738-7100 www.fhaland.com

SecurityMortgageFunding 800-407-8436 www.smfcloans.com/brokers

(Fannie/Freddieonly)

SecurityNationalMortgage 801-264-1060 www.securitynational.com

SenderraFunding 866-831-2430 www.senderra.com

SierraPacific 800-447-3386 www.spm1.com

SouthPointFinancial(Fannie/Freddieonly) 800-433-1467 www.spfs.com

Stearns 800-350-5363 www.stearnswholesale.com

SunTrustWholesale 913-982-2150 www.stmpartners.com

Taylor,Bean&Whitaker 888-678-8547 www.taylorbeandirect.com

TheJumboLender 800-826-0360 www.TheJumboLender.com

TitanWholesale 775-852-6888x225 www.titan-wholesale.com

TrustOneMortgage 949-450-1888x1284 www.trustone.com

U.S.BankConsumerFinance 800-803-4212 www.usbank.com

UnitedResidentialLending 888-875-8326 www.urlending.com

UnitedWholesaleMortgage(FHAonly) 800-981-8898 www.uwmco.com

VillageCapitalandInvestment(FHAonly) 800-496-7136 www.villagewholesalelending.com

VirginMoneyUSA 877-937-4887 www.virginmoneyus.com/mortgage

WellsFargo 310-283-8411 www.brokersfirst.com

agency & FHa premium niches continued…

Manaseh, Epharim & Associates

Direct Private Lender

www.MEANDASSOCIATES.COM770-840-0112 or 770-840-0113

Fax: 678-302-6444

Your source for commercial real estate financing.

Funding nationwide and internationally!!

Rates from 3.9%

We are buyers/ owner operators actively seeking NURSING HOMES (Skilled Nursing Facilities/CCRC)

Attention sellers And privAte lenders!

[email protected]

We will consider all opportunities including:

Hard Asset purchaseJV opportunities that require

cash infusionOpen leases that need operators

Lending needs in this arena

We prefer 100+ beds, 1-2 story and all states considered

(exception CT and MA)

We will also consider Nationwide Commercial Opportunities such as:

Urban retail Apartment Bldgs

Fractured CondosOfficeHotels

NICHE REPORTS

42 August 2009



AllCreditConsideredMortgage240-314-0399 X 19

AFGLLC(AssetFundingGroup)720-889-1175

AgriCapFinancialCorporation213-542-5232

FairviewCommercialLending 866-634-1270

FinancialResourcesMortgage800-950-6913 or [email protected]

FirstCapitalCommercialFiance713-267-4040

FirstMountVernon(866) 908-FmV1 (3681)

FirstMountVernon (866) 908-FmV1 (3681)

Groupe369Corp.630-396-6400

KENNEDYFUNDING,INC.800-342-8500

Manaseh,Epharim&Associates 770-840-0112

MetroFundingCorp 866-302-6360

Private money

direct lender - up to 70% ltV: Bridge loans, purchase & rehab, construction financing, raw land, no minimum credit score requirments.nationwide lending from $300k to $3 million, 24 hour commitment as fast as 5 days to close. Hard money- made easy

agriculture including facilities and part-time farms, commercial, special purpose properties

no minimum credit score, foreclosure bailouts, Quick closings nationwide, commitments in 24 hours

real estate based private money lender. commercial & residential investment. refi cash out allowed. retail,office,multi-family, raw land, development & modular construction are our specialties. common sense underwriting. no upfront fees! email or call today.

land, land acqusition & development plus construction loans for clients needing fast, interim financing.

no seasoning requirements, no upfront commitment or processing fees, minimum credit score 400 - de, md, Va, dc, nc, sc, ga, Fl

minimal documentation required, combined loan-to-Values to 105% - de, md, Va, dc, nc, sc, ga, Fl

Portfolio lender for commercial real estate loans

mortgages/loans secured by real estate, all commercial property types and other fixed assets nationwide; any property type, even raw land. specializes in development loans that need to close quickly, loans from $1 million & up. 2-days for commitment.

direct lender with fast closings. your source for international and domestic funding.

direct lender specializing in short term bridge financing. interest only. no prepayment penalty. no points upfront. commitments within 24 hours. Brokers welcomed and protected.

NEW

NEW

NEW

NEW

HARD MONEY & NON-PRIMEPremium Listings

Hard money & non-Prime premium niches continued…

NICHE REPORTS

TheNicheReport.com 43

HARD MONEY & NON-PRIME Lender Listings Powered by TheLoanPost.com

AdvantageCapitalEquitySolutions 800-223-3019 www.adcapequity.com

AFCHardmoney 813-387-3800x311 www.afchardmoney.com

AgriCapFinancialCorporation 213-542-5232 www.agricap.com

AllCaliforniaHomeLoans 877-462-3422 www.aboutcaliforniahomeloans.com/hard-money.html

AllianceFinancial,Inc. 866-603-5999 www.afiloans.com

AmeribankMortgage 516-833-8834 www.ameribanksolutions.com

AmericanAcceptance(cml) 800-452-9287 www.aamonline.com

AssurityFinancial 866-841-7863 www.assuritywholesale.com

AvantCapitalPartners,LLC.(cml) 212-219-9419 www.avcapital.net

BayEquity 800-229-3703 www.bayeq.com

BlueWaterFunding,LLC 866-551-2583 www.bluewaterfundingllc.com

BrookviewFinancial 877-734-2211x316 www.brookviewfinancial.com

CaliforniaEquityLenders 818-584-2320 www.calequitylenders.com

CapitalAlliance 415-288-9575 www.calliance.com/index.php

CFACapitalPartners(cml) 914-967-5780 www.cfacap.com

CrawfordParkFinancial 626-796-7979 www.crawfordparkfinancial.com

CushmanRexrodeCapitalCorp.(cml) 925-988-7200 www.cushrex.com

DiamondBayInvestments,Inc. 702-254-9303 www.diamondbayinvestments.com

EasternSavingsBank(cml) 800-787-8187 www.easternsavingsbank.com

EmeraldFinancial 714-965-6688 www.eprivatemoney.com

EmigrantMortgage 800-Emigrantxmidatlantic www.emigrantmortgage.com

ExeterHoldingLtd. 516-338-7500 exeterholding.com

FirstCreditCommercialCapitalCorp.(cml)407-843-6262 www.fchardmoney.com

FirstMountVernonIndustrialLoanAssn 703-823-6800 www.fmv1.com

FirstSelectCapital 888-376-5373 www.firstselectloans.com

GlobalLendingGroup 727-530-0110 www.glgiwholesale.net

GMCMortgageCapital 954-332-3567 www.gmcmortgagecapital.com

HARDDMONEYLOANS.COM 813-516-5210 www.HARDDMONEYLOANS.COM

HawkinsCapital 801-936-5100 www.hawkinscap.com

InvestorFunding 864-213-3951 www.4investorfunding.com

J&JFinancial 866-296-8246 www.10dayloan.com

LakesideFinancialInc. 949-297-4180 www.nofico.net

LibProperties,LTD. 404-256-8600 www.libloans.com

LNBCommercialCapital 321-214-0585 www.lnbcapital.com

MagnoliaFinancialConsultants 601-428-1005 www.hardmoneymortgages.com

MeridianGroup 800-901-9301 www.meridiangroupinc.com

OverlandFinancial 818-342-2477 www.overlandfinancial.com

PacificMortgageFundingCorp.(cml) 562-864-4006 www.pacificmortgage.com

PBFinancialGroupCorp. 310-289-0900 www.pbfinancialgrp.com

PiedmontCapitalLending,LLC. 678-292-6984 www.piedmontcapitallending.com

PorterBridgeLoanCompany(cml) 866-725-1777 www.porterbridgeloan.com

PortfolioMortgageCompany 480-227-2857 www.portmort.com

PFACapital,LLC 800-531-4589 www.pfacapital.com

RehabFunding 610-645-9939x310 rehabfunding.com

RemingtonFinancialGroup 480-905-3239 www.remingtonfg.com

RightStartMortgage 800-520-5626 www.rightstartmortgage.com

SBBFinancial 866-358-7238 www.sbbfinancial.com

SDIFunding 864-233-3337x3220www.sdifunding.com

SmartServSolutions 888-633-4778 www.bronxhardmoney.com

SwiftFunding 727-521-6633 swiftfundingcorp.com

TCRMCommercialCorp.(cml) 212-371-3933 www.tcrmcommercial.com

TheLoanDoctors,Inc.(cml) 954-647-7679 www.regd506.com

TitanHardMoney 323-377-0979 www.titanhardmoney.com

TrustDeedInvestments,Inc 415-760-2338 www.hardmoney.ning.com

WestOneMortgageCorporation 818-921-7602 www.westonemortgagecorp.com

WholesaleLending.com(cml) 866-303-6301 www.wholesalelending.com


FlagstarWholesaleLending866-945-9872

GuaranteedHomeMortgageCo.,Inc.888-572-3602

Fannie mae High Balance and Freddie mac super conforming products available up to $729,750 loan amounts


Premium Listings

NEW

NEW

jUMBO

TrustCapitalInvestmentsLLC301-503-2231

local direct lender (dc, md and Va) specializing in bridge, construction, rehab and business loans. loans are based on “subject to value”, 50% ltV, minimal documentation, eQuity driVen not Fico sensitive. Brokers are protected.

NICHE REPORTS

44 August 2009


CONSTRUCTION / REHAB Lender Listings Powered by TheLoanPost.com AmeribankMortgage 516-833-8834 www.ameribanksolutions.com

AssurityFinancial 866-841-7863 www.assuritywholesale.com

BrokerCapitalFunding 408-438-6939 www.brokercap.com

Everbank 415-595-3968 www.everbankwholesale.com

ExcelsionMortgage 888-578-5441x1 www.ExcelsionBrokers.com

FederalTrustMortgage 407-323-1833x153 www.federaltrust.com/brokers

FirstMutualBank 971-645-9140 www.washingtonfederal.com/wholesale


KennedyFunding 201-342-8500 www.kennedyfunding.com

M&TBankMortgage 804-380-7465 wholesalemortgage.mtb.com

MangoBayMortgage 561-347-9811 www.mangobayinc.com

MissionOaksNationalBank 805-889-0301 www.missionoaksbank.com

PortfolioMortgageCompany 480-775-5150 www.portmort.com

UnityBank 904-727-7535 www.unitybank.com


CONSTRUCTION/REHAB

FinancialResourcesMortgage,Inc.800-950-6913 or [email protected]

KennedyFunding,Inc.1-800-342-8500

Manaseh,Epharim&Associates 770-840-0112

MetroFundingCorp 866-302-6360

real estate based private money lender. commercial & residential investment. refi-cash out allowed. retail, office, multi-family, raw land, development & modular construction are our specialties. common sense underwriting. no upfront fees! email or call today.


new construction and rehab loans for all types of commercial properties. your source for international and domestic funding.


Premium Listings

NEW

AmericanSouthwestMortgage 888-593-1003 www.amswmtg.com

AmericanHomeEquity 714-661-5836 www.ahedirect.com

DirectMortgageWholesale 801-924-2300 www.solutioncenter.biz

EmigrantMortgage 800-Emigrantxmidatlantic www.emigrantmortgage.com

EverBankWholesaleLending 415-595-3968 www.everbankwholesale.com

FifthThirdMortgage 866-492-0072 www.53.com/wholesalemortgage

FlagstarBank 800-897-7222 wholesale.flagstar.com

FloridaCapitalBankMtg 866-295-0014 www.flcb.com

FranklinAmerican 606-519-4165 www.franklinamerican.com

GatewayFunding 800-355-5626 wholesale.gateway-funding.com

GreystoneFinancial 602-574-0100 www.greystonefinancialonline.com

HomeSavingsofAmerica 972-235-7366 www.myhsoa.com

ICONResidentialCapital 888-639-5641 www.iconwholesale.com

LibertyMortgage 800-986-2499 www.bbt.com/libertymortgage

MBSMortgageCompany 866-799-3696 mbs-mortgage.com

PresidentsFirst 877-773-7178 www.presidentsfirst.com

ReunionMortgageInc. 559.476.0937 www.reunionmortgage.com

SecurityNationalMortgage 801-264-1060 www.securitynational.com

SierraPacific 800-447-3386 www.spm1.com

Taylor,Bean&Whitaker 888-678-8547 www.taylorbeandirect.com

USBankHomeMortgage 702-630-0770 www.usbank.com

WalkerJacksonMortgage 703-653-8183 www.wjmcwholesale.com

WellsFargo 310-283-8411 www.brokersfirst.com

WestAmericaMortgageCo. 303-771-2800 www.wamco.us

jUMBO Lender Listings Powered by TheLoanPost.com

NICHE REPORTS




AllCreditConsideredMortgage240-314-0399 X 19

AgriCapFinancialCorporation213-542-5232

FairviewCommercialLending866-634-1270

FinancialResourcesMortgage,Inc.800-950-6913 or [email protected]

FirstCapitalCommercialFiance713-267-4040

GregoryFunding888-324-3578

Groupe369Corp.630-396-6400

KENNEDYFUNDING,INC.800-342-8500

Manaseh,Epharim&Associates770-840-0112

MetroFundingCorp866-302-6360

Private money

agriculture -- Farms, ranches, Facilities. agricultural operating/crop input loans.

no minimum credit score, foreclosure bailouts, Quick closings nationwide, commitments in 24 hours

real estate based private money lender. commercial & residential investment. refi-cash out allowed. retail, office, multi-family, raw land, development & modular construction are our specialties. common sense underwriting. no upfront fees! email or call today.

Hard money, Bridge loans and Permanent mortgages with a focus on properties in texas, the southwest and the mountain west

Private portfolio lender funding small balance commerical loans up to $1mm. no credit score requirement. no pre-payment penalty. up to 70% ltV. Foreclosure ok. Bankruptcy ok. lending territory: aZ, ca, co, id, nV, or

Portfolio lender for commercial real estate loans


acquisition, refi’s, and development commercial loans. your source for international and domestic funding.


Premium Listings

COMMERCIAL

NEW

NEW

46 August 2009

NICHE REPORTS


COMMERCIAL Lender Listings Powered by TheLoanPost.com

AffinityBank 877-862-7245 www.affinitybank.com

AgriCapFinancialCorporation 213-542-5232 www.agricap.com

AmericanAcceptance 800-452-9287 www.aamonline.com

ArlingtonRichfield 248-613-7423 www.arlingtonrichfield.com

ApartmentLending 303-771-1031 www.aptlending.com

AvantCapitalPartners,LLC. 212-219-9419 www.avcapital.net

BerkshireCapitalFinancial,Ltd. 212-986-9890 www.berkshirecapital.net

BlueSkyCommercialFunding 888-500-2583 www.bscfloans.com

BrownstoneMortgageCapital 800-547-1285 www.brownstoneloans.com

CapitalAlliance 415-288-9575 www.calliance.com/index.php

CapitalSourceFinance 212-321-7215 www.capitalsource.com

CFACapitalPartners 914-967-5780 www.cfacap.com

CITSmallBusinessLendingCorp. 404-244-4592 www.smallbizlending.com

CoastInvestorsCapital 305-446-9125 www.coastinvestors.com

CommercialCapitalFundingCorp 866-790-6925 www.ccflender.com

CommercialHardCapital,LLC 832-607-6778 www.commercialhardcapital.com

CommercialLendingCapital 714-656-3943 www.clcnationwide.com

CommercialLoanCapital 877-473-6984 www.clcllc.net

CommercialMortgageCity 954-854-6853 www.commercialmortgagecity.com

CommercialMortgages101 800-763-3036 www.commercialmortgages101.com

CommunityCommerceBank 916-648-2680 www.ccombank.com

CushmanRexrodeCapitalCorp. 925-988-7200 www.cushrex.com

EasternSavingsBank 800-787-8187 www.easternsavingsbank.com

ExcelsionMortgage 888-578-5441 www.excelsionbrokers.com

GriffinCapitalFunding 800-710-6762 www.ysploans.com


IntegrityFinancialGroup 916-343-7559 www.ifgloans.com

InterbayFunding,LLC 877-207-6099 www.interbay.com

KennedyFunding 201-342-8500 www.kennedyfunding.com

LibProperties,LTD. 404-256-8600 www.libloans.com

LighthouseCommercial 614-340-3894 www.Lighthouse-Commercial.com

LNBCommercialCapital 321-214-0585 www.lnbcapital.com

MagnoliaFinancialConsultants 601-428-1005 www.hardmoneymortgages.com

MangoBayMortgage 561-347-9811 www.mangobayinc.com

MidwestFinancialCapital 317-844-7776 www.midwestfinancialcapital.com

MinvestFinancial 877-317-0260 www.minvestfinancial.com

MissionOaksNationalBank 951-719-1200 www.missionoaksbank.com

MJMCapitalGroup 480-628-1943 www.mjmcapitalgroup.com

NationwideCommercialLenders 800-830-5940x1 www.NationwideCommercialLenders.com

NewWorldCommercialLender 561-628-2069 www.nwclender.com

OverlandFinancial 818-342-2477 www.overlandfinancial.com

PacificMortgageFundingCorporation562-864-4006 www.pacificmortgage.com

PacificNationalBank 305-539-7675 www.pnb.com

PFACapital,LLC. 800-531-4589 www.picconefinancial.com

PNCARCS 800-275-2727 www.askARCS.com

PresidentialBank 301-652-1616 www.presidential.com

Pribank 866-811-9217 www.pribank.com

PrudentialMortgageCapitalCo. 888-263-6800 www.prumortgagecapital.com

REMCapital 877-774-4240 www.remcapitalgroup.com

SFPartnersMortgage 305-774-0456 sfmortgagelenders.com

SmallBusinessLoanSource,LLC. 512-215-2727 www.adelinerem.com

St.CloudMortgage 877-653-3276 www.farmerloan.com

STACapitalGroup&Advisors 866-610-4141 www.c-loandivision.com

StrongtowerFinancial 800-333-9893 www.strongtowerfinancial.com

TCRMCommercialCorp. 212-371-3933 www.tcrmcommercial.com

TerraceCapital 212-671-1031 www.terracecapital.com

TrilogyCommercialLending,LLC. 877-726-9433 www.trilogycl.com

UnionBankofCalifornia 877-945-2265 www.uboc.com


WholesaleLending.com 866-303-6301 www.wholesalelending.com

WorldCapitalBancorp,Inc. 888-922-3003 www.worldcapitalbanc.com

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LENDER & RESOURCE DIRECTORY

ALL CREDIT CONSIDERED MORTGAGEwww.weapproveloans.com Contact: Tim BoordPhone: 240-314-0399 X 19Email: [email protected]

AFG LLC (ASSET FUNDING GROUP)www.assetfundinggroup.comContact: Jaye KuchmanPhone: 720-889-1175Email: [email protected]

AGRICAP FINANCIAL CORPORATIONwww.agricap.comContact: Business DevelopmentPhone: 213-542-5232Email: [email protected]

a la mode, inc.www.alamode.com

AMERICAN PACIFIC MORTGAGE CORPORATIONwww.apmortgage.com Contact: Melissa ArntzenPhone: (866) 625-9352Email: [email protected]

APPLIED BUSINESS SOFTWAREwww.TheMortgageOffice.comContact: A.J. PoulinPhone: 800-833-3343Email: [email protected]

ATTENTION LENDERS!!Buyers of Distressed DebtEmail: [email protected]

BEST RATE REFERRALSwww.bestratereferrals.comPhone: 800-811-1402

CRUISE4TWO - CRUISE INCENTIvESwww.Cruise4Two.comShawn [email protected] Free 866-541-8077

CREDITCRMwww.creditcrm.comPhone: (877) 256-8162

DOCMAGICwww.docmagic.comPhone: 800.649.1362

DOMORELOANSwww.domoreloans.comContact: ChrisPhone: 949-273-8209Email: [email protected]

ENTITLE DIRECT INSURANCE www.entitledirect.comPhone: 877-936-8485

ExPRESS NOTARY SERvICE, [email protected]

[email protected]

FAIRvIEW COMMERCIAL LENDINGwww.FairviewLending.com Phone: 866-634-1270Fax: 404-634-0319

FINANCIAL RESOURCES MORTGAGE, INC.www.commercialloanresources.comContact: David DexterPhone: 800-950-6913Email: [email protected]

FIRST CAPITAL COMMERCIAL FINANCEwww.dealsdone.netContact: Mark Anthony McCray or Lauren FritschPhone: 713-267-4040 or 832-566-2001Email: [email protected]

FIRST MOUNT vERNON I.L.A.www.FMV1.comPhone: 703-823-6800Fax: 703-997-2499

FLAGSTAR WHOELSALE [email protected]

48 August 2009

FREEDOM MORTGAGE CORPORATIONwww.fmbranch.comContact: Lynn Barry- VP, Director of Branch OperationsPhone: 800.220.9498Email: [email protected]

COGENT ROAD INC.www.fundingsuite.com/demosPhone: 800-848-3162

GATEWAY FUNDING DIvERSIFIED MORTGAGE SERvICES L.P.www.gateway-funding.com Phone: 215-591-0222

GERACI LAW FIRMwww.geracilawfirm.com(949) 379-2600

GOTOMEETING.COMTry it free for 30 dayspromo code: AK16

GREGORY FUNDING LLCwww.gregoryfunding.comPhone: 888.324.3578Email: [email protected]

GROUPE 369 CORP.www.groupe369.comwww.groupe369pr.comPhone: 630-396-6400Email: [email protected]

GUARANTEED HOME MORTGAGE COMPANY, INC.www.ghmc.com and www.joinguaranteed.comContact: Louis TesorieroPhone: 914-696-3400 Email: [email protected]

INFLUENCE LEAD MANAGEMENTwww.influencedp.com/leadmanagementPhone: 480-321-9006Email: [email protected]

kENNEDY FUNDING, INC.www.kennedyfunding.comContact: Jonathan Weiner, Chief Loan OfficerPhone: 1-800-342-8500Email: [email protected]

THE LOAN POSTwww.TheloanPost.comPhone: (877) 812-4327Email: [email protected]

LOANSIFTERwww.Loansifter.comPhone: 920-687-1222Email: [email protected]

MANASEH, EPHARIM & ASSOCIATESwww.meandassociates.comContact: R.D. WalkerEmail: [email protected]: 770-840-0112

METRO FUNDING CORPwww.metrofundingcorp.comContact: Jennifer BernabeoEmail: [email protected]: 866-302-6360

MORTGAGE BANkERS ASSOCIATIONevents.mortgagebankers.org/96th_AnnualPhone: 800-793-6222 Option 3

THE MORTGAGE LENDER IMPLODE-O-METERwww.ml-implode.comContact: Randall MarquisPhone: 949-235-5271Email: [email protected]

NEW jERSEY ASSOCIATION OF MORTGAGE BROkERS/MBA OF NEW jERSEYwww.njamb.org973.379.7447

PROSPECTOR COMMUNICATIONSwww.prospectorcommunications.comprspct1@prospectorcommunications.comPhone: 866-759-5799

qUICk qUALIFER SOFTWAREwww.quickqualifier.comContact: Thor [email protected]: 925-754-7444

RATELINkPhone: 800-938-5193Contact: Tom ChampionEmail: [email protected]

TAMPwww.ttamp.orgPhone: 800-850-8262

TRUSTCAPITAL INvESTMENTS LLC Contact: Craig SeversonPhone: 301-503-2231Email: [email protected]

USHUD.COMContact: Paul Burnett, National Account RepPhone: [email protected]

LENDER & RESOURCE DIRECTORY


- continued from page 50

that to go down. And a lot of consumers are wicked upset about the whole thing.

Of course, how could they not be? Sure, some of the blame has to fall their way, but all you need to do is watch thirty-minutes of Helicopter Bernanke shoveling trillions into the banks, then a few Citibank celebrations at tony resorts, and then top it off with a slew of seven or eight figure executive bonuses… and next thing you know you’re sharpening your pitchfork and wondering where in the world you put your torch.

You don’t have to be a political analyst to recognize that no one has learned a gosh darn thing around here.

Hubris, Mr. Yingling… incalculable amounts of hubris… that’s all I have to say.

Even so, next month the ABA is going to be offering “Get Smart About Credit Day,” where someone will educate those in attendance on how to use credit wisely and responsibly. When I first read the flyer, I assumed it was the bankers that were going to attend. Then I saw that… nope, its bankers that are teaching the “use credit wisely and

responsibly” class. Of course they are. And after that, I hear O.J.

Simpson is delivering a lecture on diplomacy, followed by Dick Cheney, who will argue in favor of transparency in governmenr.

The hubris of Mr. Yingling and his American Bankers Association simply knows no bounds. Get Smart About Credit Day? Really, Ed? How about you guys go first? When I screw up, I pay late fees and ding my FICO score … you guys screw up, on the other hand, and the planet files Chapter 11.

The more I hear from Mr. Yingling, the more I want to make fun of his name. I didn’t say I was proud of such an instinct and I’m certainly not going to succumb to such an immature impulse but bless his heart, he’s ring-ding-a-ling annoying, is he not?

Here’s one last example… The FTC has law enforcement authority over the

Truth in Lending Act, the Home Ownership & Equity Protection Act, the Consumer Leasing Act, the Fair Debt Collection Practices Act, the Fair Credit Reporting Act, the Equal Credit Opportunity Act, the Credit Repair Organizations Act, the Electronic Funds Transfer Act, the Telemarketing and Consumer Fraud & Abuse Prevention Act, and the privacy provisions of the Gramm-Leach-Bliley Act.

However, banks, thrifts, and federal credit unions are exempt from the FTC’s jurisdiction.

Of course they are. Why wouldn’t they be? After all, the FTC would likely have its hands full enforcing Truth in Lending, Fair Credit Reporting, Fair Debt Collecting and Electronic Transfer rules at grocery stores and car washes. Those sort of things come up in those places all the time, don’t you know.

Well, Ed… I just read that Sen. Dick Durbin is bringing the bankruptcy reform bill back to Congress this fall. The bill that can stop the foreclosure crisis in its tracks. But we don’t really need it, right Ed? Because we can all just call our banks directly and ask for a loan modification? Because the banks are here to help, right?

Sorry, Ed. Not this time.

Martin Andelman is a staff writer for The Niche Report. He also writes an almost daily column on ML-Implode.com called Mandelman Matters. You can email him at [email protected].

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50 August 2009

I remember when I learned what the word “hubris” meant and I’ve considered it a very good

word ever since. As a writer, you sort of collect good words, carry them around with you, waiting for the chance to insert them into a sentence, thus rendering that sentence more

powerful, or at least more complete. Like a cherry placed atop the whipped crème on a hot fudge sundae. Ta da.

Well, less than two weeks ago, as I listened with great interest to the testimony before Congress of one Mr. Edward L. Yingling, the President and Chief Executive Officer of the American Bankers Association, I discovered that I had never even considered hubris’ true potential before. When he was done, I stood up and exclaimed: “Why, shave my head and call me baldy!” And that’s not something I find myself exclaiming all that often, truth be told.

If you didn’t see it, you may have missed something on the scale of Haley’s Comet. It may happen again someday, but it could be a hundred years from now before it does. Remember when Bill Clinton said: “It depends on what the definition of "is," is,” on television? Well, it was kind of like that… but to the power of ten squared.

They were all up there in Congress and Mr. Yingling was being asked to voice his views on President Obama’s newly proposed federal agency for consumer protection. The same agency I was making fun of when the President announced it a couple of weeks ago because I simply couldn’t see it as the cornerstone of the regulatory change this country needed to prevent the nuclear meltdown of our financial markets from happening again. I’m often skeptical about federal agency effectiveness, so sue me.

Here’s what Mr. Yingling had to say…

It is now widely understood that the current economic situation originated primarily in the largely unregulated non-bank sector. Banks watched as mortgage brokers and others made loans to consumers that a good banker just would not make and they now face the prospect of another burdensome layer of regulation aimed primarily at their less-regulated or unregulated competitors. It is simply unfair to inflict another burden on these banks that had nothing to do with the problems that were created.

(Emphasis my own, but who on this earth could blame me for adding it?)

I know what you’re thinking: “Oh, no he didn’t.” But, oh yes he did. There’s not a chance I’m capable of making up something like that.

So, that’s the way it’s going to be, is it? The good bankers “watched” helplessly as mortgage brokers robbed the banks? And now they’re being burdened unfairly. Sniff, sniff… man, I had no idea. The banks were just innocent victims in all of this … It wasn’t their fault.

Wow. Holocaust deniers have nothing on this guy, let me tell you.

You see, first of all, I was under the impression that the commercial banks bought almost all of the non-bank mortgage and finance companies, before they imploded of their own volition. But in this case, besides just considering the obvious… there’s also the brazenly evident.

Who the heck made all those inconceivably appalling lending decisions? Wasn’t it the banks that let borrowers rack up colossal amounts of debt relative to their incomes? No? Well, alrighty then… but let’s go find who ever that was and kick their butts, because they were out-of-control irresponsible to allow stuff like

ABA PRESIDENT EDWARD YINGLING

BY MARTIN ANDELMAN

Hubris never before contemplated

- continued on page 49

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