NMP - September 2016 - 77

For many lenders, any loan that doesn't fit into their rigid working with these clients, but brokers must be willing to put in the work to discover the lenders that take on these challenges by offering a wide variety of loan products and services to provide financing for not entirely traditional borrowers. Footnotes 1-EllieMae.com/Origination-Insight-Reports/Ellie_Mae_OIR_JULY2016.pdf 2-FannieMae.com/Content/Guide/Selling/b3/3.2/01.html 3-FannieMae.com/Content/Guide/Selling/b3/3.1/09.html Rey Maninang is senior vice president and national sales director of Carrington Mortgage Services LLC's Wholesale Mortgage Lending Division. Under Rey's leadership, Carrington's Wholesale Division has increased volume production by over 100 percent within a two-year period, and successfully launched several strategic initiatives resulting in consistent profit increases. 77 N PROBLEM. NO I'LL TALK TO MY PERSONAL UNDERWRITING TEAM AND GET BACK TO YOU WITHIN THREE HOURS. - YOU n National Mortgage Professional Magazine n SEPTEMBER 2016 Finding the right lender Mortgage brokers often work criteria is rejected out of hand, but mortgage brokers know there are many potential borrowers out there who are conventional loan prospects, even if they are more complex from a financing standpoint. There are financing options available to mortgage brokers NationalMortgageProfessional.com l Documentation that the child support and/or alimony income will continue for at least three years after the mortgage application date; must be an official legal document l Documentation of at least six months of regular payments being made to the borrower l Review of the payment history to determine if it is suitable as a stable qualifying income Some lenders may be concerned about the eligibility of this borrower because many couples may have "informal" agreements as to child-support payments, which means they are not a stable source of income. In addition, how much of the borrower's income is represented by the childsupport or alimony payments is another factor. For many lenders, if the payments comprise more than 30 percent of the borrower's qualifying income, additional documentation is required, often including documentation of a full year of complete, ontime payments. All this does not mean, however, that this borrower is not a good candidate for a conventional loan-although that is how some lender's guidelines interpret this situation. Just by looking at these two possible scenarios, it's apparent that not all conventional lending is created equal. There is a wide variety of borrowers out there, and their needs may not be met by the typical conventional guidelines of many wholesale lenders. Luckily, some lenders do understand how to operate beyond straightforward conventional lending scenarios. with an array of lenders-some who work exclusively with U.S. Department of Veterans Affairs (VA) loans, or construction loans or some that only do conventional lending. Partnering with a lender can be a complicated process, but mortgage brokers who want to serve the most clients-from straightforward purchase loans to more complicated cash-out refinances-should seek lenders that have the same objective. When lenders list the types of loans products they offer, brokers should take the time to make sure they fully understand just what lenders mean by their lists. If a lender provides Federal Housing Administration (FHA), VA and conventional loans, examine their underwriting guidelines to see if they follow the broader guidelines of the government, or Fannie Mae or Freddie Mac or if they instead place additional requirements on their borrowers. Talk with other brokers who have worked with a particular lender to determine if they have a rigid set of requirements or if they look at the entirety of loan scenarios. Consider talking with someone at the lending institution, especially if you have a particular scenario in mind. By taking these steps, you can find a lender that meets your needs and the needs of your clients. Mortgage brokers should partner with lenders that offer conventional lending that provides financing for a wide variety of borrowers, not just one small subset. Conventional lending ranges from the everyday, uncomplicated borrower to those with more challenging financing constraints. Look for a wholesale lender eager to work with you and your clients to secure them a mortgage, whether they are selfemployed, a borrower with child-support income or some other variation that may require more time and documentation. many lenders don't like because of the extra work, and potentially extra risk, it entails. Conventional lenders and the government actually have similar standards on verifying income from alimony or child support, and they include3: http://www.elliemae.com/origination-insight-reports/Ellie_Mae_OIR_JULY2016.pdf https://www.fanniemae.com/content/guide/selling/b3/3.2/01.html https://www.fanniemae.com/content/guide/selling/b3/3.1/09.html http://www.NationalMortgageProfessional.com

Table of Contents for the Digital Edition of NMP - September 2016

Table of Contents
NMP - September 2016 - Cover1
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NMP - September 2016 - 1
NMP - September 2016 - Table of Contents
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NMP - September 2016 - Cover3
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