10-4-2020

Team help needed in three areas

Residential Commercial Acquisitions Property

Loans Loans Management

Mortgage Course 101

Residential Mortgage
 

 Process Overview         

 Related Components        
 Types of Mortgages        
 FNMA (DU)            
 FHA (What to Avoid)        
 FHMC (LP)            
 Prime & Sub-prime  Lender      
 Types of Borrowers        
 1003 (Loan Application)        
 1008 (Loan Summary Page)    
 Good Faith            
 Truth in Lending (TIL)        
 Compliance Income        
 Consumable Income        
 Income Calculation        
 Supplemental Income        
 VOR / VOM            
 VOE    
 VOD    
 HOA    
 Appraisal    
 Title Study (Types)    
 Insurance    
 Credit Analyses    
 Credit Fix Up    
 Leans (Different Kind of Leans & Limitations)    
 Pricing    
 Junk Fees    
 (Adjustments + Net Numbers)    
 Dealing with Different Kinds of Borrowers    
 How to Catch a Fraud
 How many Red Flags in Finance to Avoid
 Point Training
 Emailing & Importing Exporting Data, Building a template
 DU / LP Training
 How to stay Organize and stay in Control
  How to deal with Investor
 No Money Down
 A to Z
 Important Links
 Difference in B/W Purchase & Refi
 Case Study
 Shipping Cost Control
 Live Files
 Marketing: Stay at Edge
 Pipe Line Management
 Goals & Planning

Seller Residential
sale and Purchase with loan
Buyer
3/2/2
H&W + 1 3 3.75 Years
$400,000 Avg price H&W +2 = 4
7% appreciation / yr
$500K Value up apx 105K
$500K
Attorney + 2 2.5% Int Rate
Assistance (Para legal) Attorney + 2
Wall street
$800-$1500 USA Assistance (Para legal)
20% T-Bills 10 yrs $800-$1500
“FNAMA”
“GNMA”
35%
Lending to US citizens
They can own a piece of land
5% -95% for 30 years
Seller Realtor: 3 Club Buyer Realtor 3
Brokerage firm: 6% 60-90 days MLS Brokerage firm: 6% 60-90 days
1+1+1 3% =15K 8-10 1+1+1 3%

MLS Listing Agreement MLS Board how to use it MLS Sales Agreement
[Link] [Link] [Link]
SNSWZir8
User: 632577 ESCROW = Biyana = good faith
PW: Bridge99800 deposit
Atty + Ass 2 [Link]
Atty + Ass 2

Atty + Ass 2
Total So far 34
Bank Buyer
Or Lending Brokerage Firm 1 (2-yr history) 2 (2-yr history)
Bridge Mortgage Bankers
Income Credit
LO + Processor
3 (2-yr history) 4 (2-yr history)
Pre-qualification letter
Housing ratio Asset X Rental or
 28%/38% Mortgage loan
PITI/Income 28%
PITI + Car + CC /Income 38%

Accept the Loan application called 1003 have two sections

Buyer Side Verification Collateral Verification (Subject Property)

Application Software Calyx Training: [Link]

Buyer Side Verification

Income VOE (Verification of Employment) 2-3 Credit Cr try merge RMCR 4-5
(2-yr history) (2-yr history)
5 trade line open 2 Yr & more than 2K limit
Social Security Number
[Link]
All Reference Data is with Beurres / Agencies 500 to 900 above
620
W2= permanent employee = pay check deductions 1040  1: Experion
1099= contract employee = check without deductions  2: Transunion
1040-c  3: Equifax
Sample
1. [Link]
2. [Link]

3. [Link]

Asset or bank balance VOD ( Ver of Deposit) 2-3 X Rental or Loan VOR 2-3
(2-yr history) (2-yr history)
[Link]

Collateral Verification (Subject Property)

Appraisal 3-4 Survey 3-4

1. [Link] 1. [Link]
2. [Link] 2. [Link]

Title Insurance (very big roll) 10-20 Property Insurance 8-10

[Link] DP1 - DP2 - DP3

Handling complex commercial deals involves requests for additional endorsements not used in
residential transactions. Because of this, you want to make sure steps are taken to provide
coverage to the customer while limiting risk to a reasonable level. Listen to this webinar recording
to get better knowledge of the common endorsements used for commercial transactions so you
1. [Link]
can understand why your clients request them
2. [Link]
1. [Link] 3. [Link]
2. [Link] 4. [Link]
3. [Link]
4. [Link]

10-9-2020 10266 sleepy brook way

Seller Bank obtain Payoff 2-3 9-10-2017
HOA payoff 4-5
Lien Payoff 4-5
Wholesaler ( FNMA) 1

30-40

AE: Account Executive DU: Desktop Underwriter UW (Under Writer) Rate Lock
(AI) Follow DU Findings
Loan Discussion FNMA (Universal) Product Rate Lock
Pipe-Line Follow Up Engine Human Interaction with AI
Products update Purely artificial Risk findings
Go getter analysis Engine
Funding Post-Closing
They deal directly with Title
company

10-07-2020

HOUSE:

PI = $1876 & Tax= 2% of sales price = 500,000 x 2% =10K annually /12= 833/month and Insurance =.5% =2500/12=208

1876+833+208 = PITI =2917 x3 = 12Kincome

2917/12,000 *100 = 24%

Amortization schedule

Income: Quantity and quality of income

Quantity = 28% to 38% of housing expenses

Quality of income: 2 years

Borrower two types

Wage earner ( Paycheck 1040 filer)

Self employed ( Schedule C with 1040 or 1120 filer ( corporation filler 1120)

From 1120 (structured legal entity to private officer or owners receive the 1099 or K1 which they report to irs on form
1040

quality Of Income

2 Years same trade same line

2018 2019 - dec 2020

Taxi driver: self emp 24K Taxi Driver @2000/month Gas Station: 3500/month till 2 years
Mechanic Shop

Pay Check 1K / month Head Cashier Pay Check 1500 / month Head Pay Check 8K / month manager
Cashier

Salaried Emp;

Pay check and w2

Marry Ann: annual income 120,000 /52 = 2307.69 weekly earning

On pay check
Fed Tx 15% to 25% 346
SS Tax 6.2% cap for 2020 is 137000 =143
SS Tax 6.2% cap for 2018 is 132900= 143
Med Tax 1.45% = 33.45 Net pay 1785
Credit Tupes

You need minimum of 5 trade account on your cr report

At leaset 2 of them more than 2K
Minimum 2 year
EG 780 history is only 8 month old
M ( Mortgage Account) most value I ( Fixed Installments Account ) R (Revolving credit)

e.g.:
To Transfer ownership:
1. First find the proper mailing address to determine the County & City of the property; then obtain the tax record
and legal description of the property;
2. Broward county property appraisal office [Link]
3. If Dade county search Miami Dade county property appraiser office on google;
4. Then the ownership if the owner is a corporation then find out the records from State website like for Florida is
[Link]
Types of Borrower
Prime or A paper FNMA or FRMH 95% Sub Prime or B C paper 75% - 80%
28/38 Income Cr
First Home Buyer Asset VOR/VOM
1-4 family unit
28/28 48%/52%
2.5% Int Rate 6.5% Plus Int Rate
Credit Required 720 Credit 580-660

Type of Whole sellers

Prime Lender or A Paper Lender Subprime Lender
UWM Green Box
Quicken Loan

Title
 Chicago Title Ins. Co.  Commonwealth Land
Fidelity National Title Ins. Co
Title Ins. Co.
Individual Agencies
Title search
Distribute all the money

Insurance
Citizen Insurance (Hazard / Windstorm / flood) @5K/yer premium

Any Agency
Insurance claim agency

 Citizen Ins

 Broker Attorney

 Broker Ins Agent

 Roofer

SBA – 7a loan

Dunkin Doughnut

[Link]

SBA gives Guarantee 110%

EIDL LOAn

[Link]

[Link]

[Link]