NMP - November 2019 - 55

A SALUTE TO THE HEROES OF HOMEOWNERSHIP a special focus on

Non-QM offerings are
becoming more popular as
demand increases from
borrowers not served by
conventional lending. These loans
cover both purchases and
refinances, and include the gamut
of fixed-rate and adjustable-rate
terms. These loan products are
typically manually underwritten
because of the challenges
presented by underserved
borrowers; credit reports are
reviewed well beyond the
standard home loan, car loan and
credit card survey. These
underwriters will also work to
analyze an income and
employment history may have
gaps or issues due to a
catastrophic event, such as the
loss of a job or the death of a
loved one. Because of the extent
of the documentation and
research required, these loans
take time, but they can help
people otherwise shut out of the
market. Oftentimes, in addition to
originating these loans, lenders
will service them, as well, to
ensure that borrowers get the
support they need to accompany

the mortgage product and to
make sure they can stay in the
homes they've finally acquired.
Although homeownership is a
goal for many Americans, this
dream may seem out of reach
because of the tight lending
requirements seen in recent
years. Despite not having
perfect credit scores or large
downpayments, many currently
shut out of the market are still
creditworthy and should be
eligible to take part in
responsible lending. Some
mortgage lenders have seen the
demand in the market and are
creating products and programs
to meet this need, from lending
that actually hits the full credit
spectrum offered by
government requirements to
non-qualified products that will
help those falling between the
cracks in current mortgage
offerings. By researching and
partnering with these lenders,
mortgage professionals can
help more clients into the
homes they have dreamed of
owning for years.

A SALUTE TO TH

Footnotes
1- https://www.census.gov/housing/hvs/files/currenthvspress.pdf
2- https://static.elliemae.com/pdf/origination-insightreports/EM_OIR_SEPTEMBER2019.pdf
3- https://www.creditcards.com/credit-card-news/experian-state-of-credit-2019/
4- https://www.allregs.com/tpl/
5- https://static.elliemae.com/pdf/origination-insightreports/EM_OIR_SEPTEMBER2019.pdf
6- https://www.benefits.va.gov/HOMELOANS/purchaseco_loan_limits.asp
7- https://www.rd.usda.gov/programs-services/single-family-housing-direct-homeloans

As executive vice president of Carrington Mortgage
Services, Greg Austin is responsible for overseeing all
aspects of Carrington's mortgage lending businesses,
including retail, wholesale and correspondent. Greg has
more than 30 years of experience in the mortgage
banking industry, starting in the business as a loan officer.
Knowing the value of hard work and determination, Greg
eventually held senior leadership positions in both
operations oversight as well as sales leadership. Prior to
joining Carrington in February 2018, Greg held a similar
position at Impac Mortgage, as well as past sales
leadership positions at Lehman Brothers and Credit
Suisse. When not working, Greg enjoys spending time
with his wife Lisa of 30 years, collecting wine and
gardening.
55

No FICO score (unless PMI loan)

	


Cash-outs up to
t $2.5M
(no seasoning)

Discounted rates

*

LLoan amounts
t up to
t $3.5M
$3 5M
**
with CLTVs to 90%
9

Bijan Farassat
(917) 731- 4 870
bfara
assat@ridgewoodbank.com
NMLSS ID# 646654

24/7 access through our
o
online
li
portal
t l

Joseph Novielllo
(718) 24 0 - 478 0
jnoviel lo@r idgewoodbank.com
NML S I D# 625762

*On primary residences an
nd second homes (LTVs apply). | **1--2 family and condo purchases and rate and term


	
	| Terms and conditio
ons subject to change without notice. Loans subject
to credit approval. | © 2019 Ridgewood Savings Bank. All rightts reserved.

Mary Ann Scagg
gs
Sr. Mortgage Loan Originator
Purchase, NY

www.ridgewoodbank.com

n National Mortgage Professional Magazine n NOVEMBER 2019

As a trusted local wholesale lender, we
e're committed to prov
viding great
service for you and
a
great results for your clients - each and every
e
time.

"I cannot expresss how
grateful I am to have
a broker relationnship
with Ridgewood. Time
and time again, you're
the lender I count on for
personal attention and
unparalleled service."
v

NationalMortgageProfessional.com

Depennd on Us.
Deliver for Your Clients.


https://www.census.gov/housing/hvs/files/currenthvspress.pdf https://static.elliemae.com/pdf/origination-insight-reports/EM_OIR_SEPTEMBER2019.pdf https://www.creditcards.com/credit-card-news/experian-state-of-credit-2019/ https://www.allregs.com/tpl/ https://static.elliemae.com/pdf/origination-insight-reports/EM_OIR_SEPTEMBER2019.pdf https://www.benefits.va.gov/HOMELOANS/purchaseco_loan_limits.asp https://www.rd.usda.gov/programs-services/single-family-housing-direct-home-loans https://www.rd.usda.gov/programs-services/single-family-housing-direct-home-loans http://www.NationalMortgageProfessional.com http://www.ridgewoodbank.com

NMP - November 2019

Table of Contents for the Digital Edition of NMP - November 2019

Contents
NMP - November 2019 - CT1
NMP - November 2019 - CT2
NMP - November 2019 - Cover1
NMP - November 2019 - Cover2
NMP - November 2019 - 1
NMP - November 2019 - Contents
NMP - November 2019 - 3
NMP - November 2019 - 4
NMP - November 2019 - 5
NMP - November 2019 - 6
NMP - November 2019 - 7
NMP - November 2019 - 8
NMP - November 2019 - 9
NMP - November 2019 - 10
NMP - November 2019 - 11
NMP - November 2019 - 12
NMP - November 2019 - 13
NMP - November 2019 - 14
NMP - November 2019 - 15
NMP - November 2019 - 16
NMP - November 2019 - 17
NMP - November 2019 - 18
NMP - November 2019 - 19
NMP - November 2019 - 20
NMP - November 2019 - 21
NMP - November 2019 - 22
NMP - November 2019 - 23
NMP - November 2019 - 24
NMP - November 2019 - 25
NMP - November 2019 - 26
NMP - November 2019 - 27
NMP - November 2019 - 28
NMP - November 2019 - 29
NMP - November 2019 - 30
NMP - November 2019 - 31
NMP - November 2019 - 32
NMP - November 2019 - 33
NMP - November 2019 - 34
NMP - November 2019 - 35
NMP - November 2019 - 36
NMP - November 2019 - 37
NMP - November 2019 - 38
NMP - November 2019 - 39
NMP - November 2019 - 40
NMP - November 2019 - 41
NMP - November 2019 - 42
NMP - November 2019 - 43
NMP - November 2019 - 44
NMP - November 2019 - 45
NMP - November 2019 - 46
NMP - November 2019 - 47
NMP - November 2019 - 48
NMP - November 2019 - 49
NMP - November 2019 - 50
NMP - November 2019 - 51
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NMP - November 2019 - 53
NMP - November 2019 - 54
NMP - November 2019 - 55
NMP - November 2019 - 56
NMP - November 2019 - 57
NMP - November 2019 - 58
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NMP - November 2019 - 60
NMP - November 2019 - 61
NMP - November 2019 - 62
NMP - November 2019 - 63
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NMP - November 2019 - 65
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NMP - November 2019 - 68
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NMP - November 2019 - 70
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NMP - November 2019 - Cover3
NMP - November 2019 - Cover4
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