tnr - january 2009

A Case for Mortgage Principal Reductions

Issue 019

January 2009

TheNicheReport.com

16Undo 2003-2007.

21 The Identity Theft "Red Flags" Rule

24

The FTC announces delay.

27

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MANRXSME1108.indd 1 10/27/08 2:58:02 PM

6 January 2009

agency & FHa pg 34

PORTFOLIO & aLT–a pg 36

JUMBO pg 37

ManUFacTURed pg 37

ReVeRSe pg 38

nOn-PRIMe & HaRd MOney pg 39

cOnSTRUcTIOn/ReHaB pg 42

cOMMeRcIaL pg 43

nIcHe RePORTScOnTenTS Issue 019 January 2009

FOUndeR & PReSIdenT Robert Pegg [email protected]

cO-FOUndeR & PReSIdenT David Pegg [email protected]

edITORIaL / cOnTenT ManageR Kristen Moser [email protected]

cOPy edITOR Stewart Mednick [email protected]

accOUnTIng ManageR Shawna Ingram [email protected]

SaLeS ManageR Mark Moulton [email protected]

PROdUcTIOn ManageR Henry Suchman [email protected]

PROdUcTIOn aSSISTanT Dawn Exner [email protected]

adVISORy BOaRd Aaron Krowne President and CEO, IEHI, Inc.

cOLUMnISTS Stewart Mednick

cOnTRIBUTIng aUTHORS Christopher J. Antonello Mark Hanson Kurt Lefterhoff George C. Marentis Tom Ninness Mark Speno

Affinity Partners Create Perpetual ReferralsTOM nInneSSVice President cherry creek Mortgage

Looking for you to go the extra mile.

13

The Identity Theft "Red Flags" RulegeORge c. MaRenTIS, J.d.President/ceo of coMPliance Made siMPle, llc

The FTC announces delay.

24

Today's MI Products Provide Consumer ProtectioncHRISTOPHeR J. anTOneLLOsenior Vice President, Marketing genworth Mortgage insurance

When it comes to foreclosure, nobody benefits.

27

Entrepreneurs Stuck at the Starting GateKURT LeFTeRHOFF and MaRK SPenOsecured PriVate caPital, llc

Bottoming out is a process.

21

dePaRTMenTS

16 A Case for Mortgage Principal ReductionsMaRK HanSOnUndo 2003-2007.

09 nOTe FROM THe FOUndeR

10 caLendaR OF eVenTS

32 TIP OF THe MOnTH

45 LendeR & ReSOURce dIRecTORy

Center Stage with Good GrievanceTHe nIcHe RePORT

Helping solve the property tax crisis.

29

©2008 Gregory Funding LLC, an Aspen Capital a�liated company. This is not a commitment to lend. Restrictions may apply. For Wholesale only. Not for distribution to the general public. LTV based on current valuation by Gregory Funding. Gregory Fundingreserves the right to amend rates and guidelines. All loans are made in compliance with federal, state and local laws. High-CostLoans prohibited. Gregory Funding LLC is an Oregon LLC, Oregon Division of Finance & Corporate Securities Lic#ML3575. GregoryFunding LLC, 425 NW 10th Ave Suite 307 Portland, OR 97209. Toll free: 888-324-3578.

GF_nichereport_.25pgVert10.08.indd 1 10/7/2008 1:43:04 PM

SUBScRIPTIOnS

This publication is intended for real estate finance professionals. If you are a mortgage broker, lender, loan officer and you do not currently receive The Niche Report, please send your name, company name, and address to [email protected].

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edITORIaLS / aRTIcLeS

To submit an article for consideration in The Niche Report, please send an email to [email protected] or call 540.657.2632. 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].

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Published monthly by BODA Publishing, LLC PO Box 2618, Stafford, VA 22555 Phone: 540.657.2632 Fax: 703.991.2362 Email: [email protected] www.TheNicheReport.com

nOTe FROM THe FOUndeR

9TheNicheReport.com

Happy New Year! Wow, 2008 is finally behind us. What a year, and a tough one at that.

In our first issue for 2009, our feature article from Mark Hanson, aka Mr. Mortgage, firmly suggests making drastic principal reductions to loan modifications. With over 50% of loan modifications defaulting (again), it may serve us well to take large hits now, versus larger hits later.

Some say investors and speculators help fuel the housing crisis. Kurt Lefteroff and Mark Speno make a very compelling argument on how real estate investors (entre-preneurs) can actually help our economy. With lenders hesitant to enter this arena,

these same folks are “stuck at the starting gate”.

Our first Center Stage article for 2009 is with Good Grievance. A company that is very important, and ap-propriate, at this time. With deflating values all over the country, Good Grievance is leading the industry in property tax resolution. As a loan originator in this market, this company could prove to be a valuable partner in offering your past and present clients additional help.

Along with our line up of articles this month, we have added more lenders and categories to our “Niche Reports” towards the rear of the magazine. Please use this information as a guide to help you do your job – close loans.

The Niche Report wishes all our readers a prosperous New Year.

Keep up the fight,

Robert Pegg

JanUaRy 12-14 NJAMB - - New Jersey Licensing and Compliance Course Location Change Holiday Inn 2175 Marlton Pike West, Cherry Hill, NJ 08002

JanUaRy 13 FAMB - Central - Education Bahia Shrine, 2300 Pembrook Dr, Orlando, FL 32810. OFR Compliance Course - 4 credit hours

JanUaRy 13 AAMB - Southern Chapter Luncheon,Viscount Hotel - 4855 E. Broadway, Tucson. Members - $20, Non Members - $25. For more info/registration: RSVP to Rita Thomson-Zurita [email protected]

JanUaRy 14 AAMB - Central Chapter Luncheon,11:30-1:00 The Hilton Garden Inn 4000 N. Central Avenue (just w. of central on Clarendon)

JanUaRy 14 AAMB - AAMB Board Mtg The Hilton Garden Inn 4000 N. Central Avenue (just w. of central on Clarendon) doors open 11:30, meeting at noon Validated parking lot east of building

JanUaRy 15 FAMB - Gulf Coast - Education Feather Sound Country Club, 2201 Feather Sound Dr, Clearwater, FL 33762. FHA Underwriting and Processing - 4 Credit Hours 9:00am - 1:00pm

JanUaRy 15 FAMB - Jacksonville - Education Marriott Hotel, 4670 Salisbury Rd, Jacksonville, FL Navigating Interstate FS494 - 4 credit hours 1:00pm - 5:00pm

JanUaRy 21 FAMB - Broward - Loan Modifications Dave & Busters, 3000 Oakwood Blvd, Hollywood, FL 5:45pm

JanUaRy 21 NJAMB - MBA-NJ Women's Committee Dinner Women Leaders Building High Performing Teams .5:30 - 9 p.m. Crowne Plaza 36 Valley Road, Clark, NJ

JanUaRy 22 FAMB - Suncoast - Education Sam Seltzers Steak House, 7113 Tamiami Tr S, Sarasota, FL Navigating Interstate FS494 1:00pm - 5:00pm.

JanUaRy 27 Gulf Coast - Education Feather Sound Country Club, 2201 Feather Sound Dr, Clearwater, FL 33762. Detecting and Avoiding Fraud - 4 Credit Hours 1:00pm - 5:00pm.

JanUaRy 29 WAMB - WAMP Legislative Day General Administration Building, Olympia 210 11th Ave S. Olympia, WA 98501

FeBRUaRy 2 FAMB - General Meeting. Sam Seltzer's 11:30am - 1:00pm. General meeting

FeBRUaRy 5 CAMB - Inland Empire ([email protected]) . Mark Your Calendars! We are in the process of planning out the details of this event and will update the information immediately upon completion. If you have any questions in the interim, please contact Darla Lucido at 909-349-0906!

FeBRUaRy 10 AAMB - Tuesday, February 10, 2009: Southern Chapter Luncheon Location Viscount Hotel - 4855 E. Broadway, Tucson. Members - $20/Non Members - $25For more info/registration: RSVP to Rita Thomson-Zurita [email protected]

FeBRUaRy 11 CAMB SD BOD Meetin, Stewart Title of California, 7676 Hazard Center Road, 14th Floor, San Diego, CA 92108 5:00 pm - 7:00 pm. Organizer: Karen Satterwhite ([email protected]) http://www.cambsd.org/

FeBRUaRy 11 AAMB - Wednesday, February 11, 2009: Central Chapter Luncheon Central Chapter Luncheon. 11:30-1:00 The Hilton Garden Inn, 4000 N. Central Ave. (just w. of central on Clarendon) doors open 11:30, meeting at noonValidated parking lot east of building

FeBRUaRy 12 FAMB - Gulf Coast - EducationFeather Sound Country Club, 2201 Feather Sound Dr, Clearwater, FL 33762 . RESPA - 4 Credit Hours. 1:00pm - 5:00pm

FeBRUaRy 18 NJAMB - Joint MBA-NJ/NJAMB Installation of Officers and Board Members Dinner Meeting5:30 p.m. - Networking Cocktail Reception6:30 p.m. - Dinner and ProgramWoodbridge Hotel & Conference Center515 Route 1 South & Gill Lane, Iselin, New Jersey

FeBRUaRy 19 FAMB - Broward - Trade ShowBroward Convention Center

FeBRUaRy 19 Broward Chapter presents our 2009 Trade Show "Beat The Odds". Being held at the Broward County Convention Center.For addition information contact Sheila Kiniry at 954-792-0579 or Email: [email protected]

FeBRUaRy 26 FAMB - Tri-Chapter Mortgage ShowcaseWorld Center Marriot Resort February 26, 3:00pm - 7:00pm. During the frontier days of America many Americans bonded together and accomplished great acts. Today as in the days of the frontier we join together to support one another during less than perfect times. So today we come to you to join forces in representing the Mortgage Industry at the United FAMB Chapter Tradeshow at the luxurious World Center Marriott in Orlando Florida. With that said please join Central Florida Chapter, Volusia Chapter and Space Coast Chapter for this historic trade show. This year Vendors will benefit from the Unity of 3 Chapters, Lower Costs and more foot traffic than ever before. This year’s Venue: The Luxurious World Center Marriott Resort Date: February 26, 2009 Tradeshow time: 3pm till 7:00pm Theme: Frontier Days Foot Traffic: Estimated 2500 to 3500 Contact: Steve (407)767-5343; Dan (386)788-5211; Jean Marie (321)733-0244

FeBRUaRy 27 CAMB LAM, BOD Meeting. Los Angeles Metro Time: 8:30 am - 10:00 am . Organizer: Los Angeles Metro ([email protected]. GB Mortgage Solutions , 407 S. La Brea Ave, Inglewood, CA 90301. 310-590-

caLendaR OF eVenTS

10 January 2009

upcoming key dates & events: JanUaRy & FeBRUaRy

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Any sales professional depends on the loyalty of their clients to stay in business. Keeping clients happy, addressing their needs and keeping in

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Affinity partners or Professional Referral Sources are equally as important in generating leads. Affinity partners are those outside your own business sphere services for your client and have the ability to generate leads and referrals for you. For the real estate and mortgage industry some of those potential Professional Referral Sources include CPAs, financial planners, human resource directors, insurance agents, attorneys, credit unions, private bankers, etc. In order to make any affinity partnership work, the partners will expect you to provide impeccable service for the referred clients if you are to become their trusted advisor for the client’s mortgage and real estate needs.

Affinity partners are looking for you to go the extra mile for their clients. Create a document of services you will be providing their clients. Include how you will be communicating, the frequency of the communication for both the client and the referral partner. Affinity partners will become an extension of your team and it is critical to keep them in the loop. If they are going to entrust you with their valued clients you have a responsibility to provide guarantees about your services and expectations that will bring added trust to the client and the referral

partner. The Affinity Partner will be expecting referrals from

you as well. Outline your expectations for the Affinity Partner ensuring that your client referrals will receive the treatment you expect for them. Remember, these clients become an additional source of potential future business for both of you.

Credibility lies with you. Your Affinity Partner will expect a knowledgeable partner; one who understands the current market issues, is considered an expert in his or her field, and one who can carefully and thoroughly understand any clients’ needs. Send out articles, newsletters and important alerts to let your Referral Sources know you are in touch with what is happening in your market and profession. Take time to build the relationships, learn commonalities, build familiarity and continually look for ways to provide value to the partner.

Affinity Partners are your assets. You have to keep your eye on your asset accounts and the same is true with referral partners -- look at them as your “building relationship capital.” If you haven’t looked or analyze your referral relationships, or started to build professional referral sources, now would be a good time to ask yourself a few questions:

1. Do you consistently follow up with the affinity partners that you’ve established by adding value, building trust and consistently go the extra mile for their clients?

2. Do you make it a weekly habit to build relationships with a variety of professionals and organizations that can play the roles of affinity partners for your business?

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A Case for Mortgage Principal Reductions

By MaRK HanS0n

Undo 2003-2007

I believe that the housing market will 'fix' itself over time and constant meddling only prolongs the inevi-

table. But regulators, politicians and banks are hell-bent on 'saving' us with programs that will just not work. In

my opinion, the only way to 'fix' the housing and mortgage markets and consumer’s balance sheet is to undo 2003-2007. To 'undo' means to:

a) Force de-levering the home owner/consumer through mortgage principal balance reductions based upon what the borrower really earns using market-rate financing

b) Make it so home owners can freely refinance and sell their homes

c) Make it so the vitally important move-up buyer comes back

d) Significantly reduce defaults and foreclosures without making home owners underwater, fully-leveraged, renters for the rest of their life, as the present mortgage

modification plans doe) Allow home prices to fall to attractive multiples

of rents and incomes without exotic loan programs or artificial, temporarily, government induced low mortgage rates

This can all be accomplished quickly if the right steps are taken.

HOMe OWneRS aS a gROUP aRe nOT TO BLaMeThis greater housing and mortgage crisis is not

a result of millions of borrowers going wild, buying beyond their means. Nor was it caused by gangs of mortgage brokers cruising the streets with 1003's and pens in hand recruiting straw buyers to steal homes. The greatest real estate bubble of all time was only able to occur because of the investment and commercial bank’s constant re-engineering of loan programs focusing on low monthly payments and the virtual elimination of income and assets as a variable. This

extraordinary leverage created through these exotic loan programs never existed before. The problem going forward is that most do not realize that during the bubble years, everything was exotic - even 30-year fixed, fully documented loans.

PeOPLe VIeW THeIR HOMe aS an InVeSTMenT - nOT a PLace TO LIVe

What’s worse is that over the past five years, there was a fundamental shift of how people viewed their home - from ‘a place to live’ to their single ‘largest investment’. How could they not when all loan programs from Subprime to Prime allowed 50 percent of gross income (greater when considering limited income doc loans) to be used towards debt. When housing was viewed as a place to live, financing was sound with down payments required and no more than 28 percent of gross income going towards housing debt. When home prices fell it was alright because home owners could still save money. There are many who can not afford their payments because of an ARM adjustment. But at one time they were qualified by the bank and given the way the loan was structured they could, in fact, afford the home. Banks and real estate professionals in every city in the nation used high-leverage exotic loans in order get people to qualify for ever increasing loan amounts. By 2005, interest-only was the industry standard, as well as stated income. Lenders did not worry over what would happen to the loan after a few months because the loan was sold and they lose all liability after six months. The 2/28 Subprime ARM was a perfect example of a loan program not designed to hold over the initial teaser period and one that the lender didn’t care about because most were sold and securitized. Even the securities investors never planned on holding these long. Exotic loans with teasers were sold as a ‘way to get into the home more cheaply’ or a ‘way to improve your credit, then refinance into something better a couple of years from now’. The high churn rate out of these loans was what kept money flowing into this sector. They were short-term, high yield investments. This philosophy was not isolated to Subprime 2/28’s either - Prime 5/1 interest only ARMs and Pay Option ARMs were also sold the same way. ARMs were the majority of mortgages in the bubble states through the bubble years.

ReaLITyBut now it is obvious that the past six years was

an illusion and none of the easy credit, high-leverage programs exists any longer. Prices are coming down to the real affordability levels using 15 and 30-year fixed rate loans and a down payment, which has rendered the nations financial institutions and millions of home owners instantly insolvent. The same household that earns $85,000 per year that two years ago could buy a $650,000 home with no money down can now buy a $275,000 - $300,000 home with 10 percent down. It now takes at least $150,000 a year income and a large down payment to buy a $650,000 home.

100 percent stated interest only and Pay option ARMs will not return; nor will 100 percent HELOCs. They were doomed to fail from their creation. The banks had modeling systems that they never stress tested. You mean to tell me that it never occurred to the smartest guys in the room to plug into the model that home prices could actually fall? That was a fatal error that the world is paying for.

aRTIFIcIaLLy LOW RaTeS WILL nOT HeLP eITHeRWho Can Really Benefit From a five percent

conforming (=<$417K) Mortgage?With a 69 percent home ownership rate at the peak,

values down around 50 percent in the bubble states, negative-equity at an epidemic level, base-rates for most loans only available to those with high credit score and low LTV’s and Jumbo money still in peril, who is left to take advantage of these low rates?

While for those that qualify, low rates are a great thing. It is very possible that the excitement over low mortgage rates will end up being exactly like the excitement surrounding the previous 20 bailouts, acts, proposals over the past year -- the light at the end of the tunnel is a train.

Within the states that need the most help and are most beneficial to the macro-economy, the vast majority can not refinance due to negative-equity. In California for example, 60 percent of mortgagees are either upside down or near upside down and will not be able to take advantage of the rates. Nevada, Florida and Arizona are even worse. Most home owners in the top 10 trouble states in the nation are in financial hardship with their homes, unable to move or refinance.


should hasten the national reality that the largest portion of the home owner's net worth has evaporated in the past year. One loan officer I spoke with equated this call to a Doctor notifying a patient that he has a terminal illness.

The other two top reasons that loans are not making it out of the application phase are because of credit scores coming in too low, interest rates not really being what the borrowers are hearing hyped and Jumbo money is near all-time highs.

With respect to credit scores, many have been negatively affected by creditors bringing revolving lines down sharply over the past several months. If the outstanding balance on a credit card is over the 30 percent it negatively affects the score. Lately, banks have been dropping available credit to just above the outstanding balance, which creates a large credit score hit.

Additionally, when borrowers with loan amounts over $417,000 find out that 30-year fixed rates are anywhere from 6.5 percent to 9 percent, the reality will set in that they are stuck in that loan and that home indefinitely.

42 percent of home owners are upside down and unable to refinance. And about 65 percent to 70 percent in the bubble states

The only thing that can be done to fix this quickly is to waive appraisals for Agency and FHA loans as Lockhart has suggested. "James Lockhart, Fannie and Freddie’s regulator, said last week they were considering waiving the requirement to get new home price appraisals before refinancing loans they hold – a move that could greatly increase the scope for refinancing”

But ‘no appraisal’ refinances could be a disaster that takes the housing crisis to an entirely different level because now the tax payer will be on the hook for trillions in mortgages that are essentially unsecured credit lines. Nobody will ever buy these loans or securities derived from them. But given the extent of the negative-equity in America with no way to fix it other than aggressive proactive loan modifications allowing principal balance reductions, my money is on them seriously considering this.

THe SOLUTIOnThe solution is not about the regulators forcing

interest rates down to artificially low levels for a brief period of time. That’s what got us here in the first place. That being said, sustainable low rates are good for the housing market.

But low rates mean very little when millions will default and lose their homes over the next few years because all of that added supply can't be absorbed by the available buyers. The fact is that there are much fewer buyers than ever before given home ownership was at 69 percent a couple of years back and now the largest sector of the purchase market, move-up buyers, are all but non-existent.

If not for the unregulated institutions providing unlimited and irresponsible credit and leverage to every household in America this never would have happened.

I am a fan of letting the market work and the housing/foreclosure crisis clearing itself up on its own. We are already seeing positive signs that the Subprime crisis is on the other side of the hill mostly on its own. The problem is that the Alt-A, Jumbo Prime and Prime mountains lie ahead. However, if the government and banks are hell bent on modifications and saving people, they ought to do it the right way. This blame does mostly lie with the banks, law makers, and regulators (including Greenspan) who branded and endorsed exotic loans as mainstream until 80 percent of all loans in the state of California were exotic by definition in 2006. This is very similar to the cigarette makers not telling the American consumer for decades that Cigarettes were highly addictive and cause cancer. Prices are coming down fast and the market will clear at some point and at some level. But that level could be years away. The banks, regulators and lawmakers with all of their highly exotic loan modification plans will ensure it takes two decades for this to happen. The re-default rate after loan modification is over 50 percent because most loan modifications keep the borrowers levered in their homes. The plans by Fannie, Freddie, FDIC, banks and lawmakers do exactly this. My plan will achieve the same within a couple of years. Yes, there will be pain, but much less.

As with the financial institutions, the quicker the borrowers de-lever and raise cash, the better for the housing market and macro-economy. It is worth spending a few more trillion on quickly de-leveraging US households so they are free to save and spend money on other things besides an over-financed house. The present mortgage modification structure takes care of


the institutions at the expense of the very same tax payer that is bailing them out in the first place. Undoing the Past 5-Years

It is time for the very same financial institutions that created all of this to do what’s right and re-underwrite every loan originated between 2003 - 2007 using prudent underwriting guidelines. Then, they must reduce the principal balance to what the borrower really earns using a 28 percent housing and 36 percent total debt-to-income ratio (DTI) at a market rate 30-year fixed loan. When home owners are levered to 28/36 DTI they are able to save money and live a decent lifestyle.

If reducing the principal balance to 28/36 on a market rate 30-year fixed loan winds up being $100,000 lower than the present value of the home, the bank should receive the differential through an equity warrant to 90 percent of the value of the property. This way the home owner is not upside down in the home, they can freely sell or refinance. But the home owner gets all of the upside. Anything less

and the program will fail. If the borrowers can not prove

income through bank statements at the very least, then

they need to leave the house and rent. They should have

been renters all along.

For the small percentage of folks who can afford

the payments just fine with DTI's under 28/36 but

are underwater solely due to house price depreciation,

principal balance reductions to 90 percent of the present

value of the property is likely in order with a full-recourse

provision to thwart fraud.

For the minority with equity who may owe fifty

percent of the home value or have no mortgage at all,

they should receive a multi-year tax break. Many of them

already have 5 to 5.5 percent rates.

By de-leveraging and stabilizing the consumer, you

will stabilize house prices much faster, which will benefit

the economy.

These things will not prevent housing prices from

coming down over the next few years to reach a level of

affordability consistent with present mortgage rates and

lending guidelines. But at least it would be the best way

to begin to undo the irresponsibility of the past five years

and get back to basics where house prices and affordability

are based primarily on traditional factors such as rents,

incomes, interest rates, macroeconomic conditions and

sentiment.

Mark Hanson is a 20-year mortgage banking veteran,

specializing in wholesale and correspondent sales and sales/

operations management and bringing financial institutions

into new lending markets.

Since 2006, his primary focus has been upon his work

as an independent finance and real estate sector analyst,

consultant and ‘risk enlightener’ to investment funds, banks,

mortgage bankers, the public sector and the media. He owns

one of the leading online mortgage/housing internet sites

called Mr Mortgage’s Guide to the Truth located at http://

mrmortgage.ml-implode.com


Every year our neighbors gather for a holiday party. We look forward to the evening as our chance to check in with the many commercial real estate

developers and executives who live nearby. This year, we expected to hear tales of woe and frustration, and we were not disappointed on that account.

In small groups and in one-on-one conversations, we heard about tenants asking for rent reductions, development projects getting delayed, and borrower-lender relationships turning sour. Not all of the conversations were negative. One conversation in particular stood out. A former mortgage broker, I will call him Sam, told us about how he is buying foreclosed single family homes from banks, making repairs and selling to ready and able buyers. He said the key to his strategy was to keep the final price below $100,000 and to deliver a home in fully repaired condition. Sam’s experience told him that while buyers could make the required down payment and could afford the monthly mortgage payments, they could not afford to bring the homes into livable condition. As it turns out, many foreclosed homes need substantial repairs.

We think Sam is doing something wonderful. Sam is helping banks dispose of non-earning assets. Sam is giving hard-hit contractors much needed work. Sam is providing affordable housing. Sam is driving the engines of the local economy. Sam is an entrepreneur in the finest sense of the word. Sam has a good plan and a limited window of time to execute and he is frustrated that he lacks the capital to scale up his operation. He can afford to undertake only one or two projects at a

time. He knows that if he had access to greater capital he could turn his idea into a more profitable venture. Banks would give him better pricing if he could buy homes in bulk and his subcontractors would share savings with him if he could give them more houses to work on at a time.

Sadly, Sam is an entrepreneur that is stuck at the starting block. He is not alone. In the rubble of every burst investment bubble are those courageous entrepreneurs who help break the gridlock between devastated holders and willing and able buyers. The capital that lenders provide to real estate entrepreneurs is scarce these days even though the government has pumped billions of dollars into the banking system to promote lending.

We recently met with the president of a regional bank to get his take on why the new funding has not had the desired effect. His bank received a significant influx from the TARP, the Troubled Assets Relief Fund, and we were curious to hear what his bank planned to do with the funds. The answer surprised us. It seems that banks have a relatively free rein with the TARP funds, and in the evaluation of our banker acquaintance, buying other troubled banks was the best possible place for his bank to put the funds to work. The logic has much to do with acquiring depositor accounts on the cheap.

When asked why he robbed banks, Willie Sutton is famously credited with saying, “Because that’s where the money is.” When it comes to commercial real estate, it appears that is where the money is going to stay for a while.

enTRePReneURS STUcK aT THe STaRTIng gaTe

By KURT LeFTeROFF and MaRK SPenO

Bottoming out is a process

So what is an entrepreneur like Sam to think? The government is pouring vast amounts of money into the banking system. The Federal Reserve Bank has just lowered interest rates to historic lows. To the casual observer that pair of factors must look like an ocean of cheap capital – just out of reach. In the words of the Ancient Mariner, “Water, water every where, nor any drop to drink.” The problem doesn’t stop with the lack of ready loans. For those few loans that lenders will make, the loan-to-value ratios have tightened as well. That means borrowers need to bring more real cash equity to the table today than in the recent past. That necessary equity is not readily available to entrepreneurs as private investors run shell-shocked to the financial sidelines. It is unfortunate that Sam will have to muddle along for the foreseeable future. Losing the good that he could do for himself, others and the overall economy is a loss we can ill afford as an industry and as a nation.

Bottoming out is a process. That process is going to take some time for investment real estate and most seasoned real estate entrepreneurs understand that the substantial profits that can be made in this part of the cycle are worth the wait. We can expect that the entrepreneurs will be

willing to move when the starting gun eventually sounds. Until then, we owe all of the courageous entrepreneurs we work with in our respective industry roles and our pledge to continue to champion their cause.

Kurt Lefteroff and Mark Speno are Principals of Secured Private Capital, LLC, a private lender for investment real estate based in Scottsdale, Arizona. They can be reached at (480) 315-1515 or [email protected].

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As many of you are aware, The Fair and Accurate Credit Transactions Act of 2003

(FACTA) established a requirement for the implementation of an Identity Theft “Red Flags” Rule. The purpose of the rule is to minimize incidents of Identity Theft and Fraud related to the handling of customers’ non-public

information. On October 22nd the FTC announced a six month

extension of the Identity Theft “Red Flags” rule. The new enforcement date is now May 1, 2009.

WHO needS TO Be cOMPLIanT – MORTgage BROKeRS?

The rule applies to federal banks, state and federal loan associations, mutual savings banks, state or federal credit unions, finance companies, auto dealerships, as well as, mortgage companies and mortgage brokers. Based on conversations with my clients, most were not aware that the complex rule affects them. In fact, it seems the brokers who were aware of the Red Flags Rule, were led to believe all they had to do was pay a little extra to the credit reporting agencies to get the fraud protection, and all would be well - that is not true…

Mortgage Brokers are among those specifically required to comply with the Red Flags Rule.

WHaT IS THe “Red FLag” RULe? WHaT’S needed TO Be cOMPLIanT?

The rule requires that the program be in writing. There isn’t a “one size fits all” prescribed solution. Each entity has the flexibility to structure its own program

based on its interpretation of the applicability of the rules and its business practices. The major requirement must detect, prevent and mitigate Identity Theft.

Each Identity Theft prevention program must:• Identify “Red Flags”• Detect “Red Flags”• Respond to “Red Flags”• Be approved • Be periodically updated.

The Federal Trade Commission identified 26 “sample” Red Flags. The list is not meant to be comprehensive, but provides guidance for consideration in implementing the program.

26 “Red FLagS”:1. A fraud alert included with a consumer report. 2. Notice of a credit freeze in response to a request for a

consumer report.3. A consumer-reporting agency providing a notice of

address discrepancy.4. Unusual credit activity, such as an increased number

of accounts or inquiries. 5. Documents provided for identification appearing

altered or forged.6. Photograph on ID inconsistent with appearance of

customer.7. Information on ID inconsistent with information

provided by person opening account.8. Information on ID, such as signature, inconsistent

with information on file at financial institution.9. Application appearing forged or altered or destroyed

and reassembled.

THe IdenTITy THeFT 'Red FLagS' RULe

By geORge H. MaRenTIS, J.d.

The FTC announces delay

24 January 2009

10. Information on ID not matching any address in the consumer report, Social Security number has not been issued or appears on the Social Security Administration's Death Master File, a file of information associated with Social Security numbers of those who are deceased.

11. Lack of correlation between Social Security number range and date of birth.

12. Personal identifying information associated with known fraud activity.

13. Suspicious addresses supplied, such as a mail drop or prison, or phone numbers associated with pagers or answering service.

14. Social Security number provided matching that submitted by another person opening an account or other customers.

15. An address or phone number matching that supplied by a large number of applicants.

16. The person opening the account unable to supply identifying information in response to notification that the application is incomplete.

17. Personal information inconsistent with information already on file at financial institution or creditor.

18. Person opening account or customer unable to correctly answer challenge questions.

19. Shortly after change of address, creditor receiving request for additional users of account.

20. Most of available credit used for cash advances, jewelry or electronics, plus customer fails to make first payment.

21. Drastic change in payment patterns, use of available credit or spending patterns.

22. An account that has been inactive for a lengthy time suddenly exhibiting unusual activity.

23. Mail sent to customer repeatedly returned as undeliverable despite ongoing transactions on active account.

24. Financial institution or creditor notified that customer is not receiving paper account statements.

25. Financial institution or creditor notified of unauthorized charges or transactions on customer's account.

26. Financial institution or creditor notified that it has opened a fraudulent account for a person engaged in identity theft.

RaMIFIcaTIOnS OF nOT BeIng cOMPLIanT.If you do not comply, you may be liable for financial

penalties in the event of an identity theft breach. In addition, non-compliance may lead to class action suits. Your failure to have the written program "documents" your company's negligence with respect to preventing identity theft!

George H. Marentis is President/CEO of Compliance Made Simple, LLC, a company that provides licensing services and other compliance related services to the mortgage lending industry nationwide. For more information see www.compliancemadesimple.org or call 303.859.8550. Mr. Marentis has a Juris Doctorate and over 15 years of mortgage lending experience ranging from frontline operations, originations to regulatory and legislative compliance. Information provided in this article is not intended to be legal advice and is informational only.

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Now more than ever, homebuyers appreciate the need to protect their investments and make smart decisions, particularly as they relate to

mortgage finance. An alarm system can protect their valuables from theft, a smoke alarm from fire and hom-eowner’s insurance can reimburse them in the event of damage to their home. But what they often don’t know is that mortgage insurance (MI) can protect them if tough economic times or other personal financial setbacks im-pact their ability to make their mortgage payments.

Today’s MI products come with many added benefits for the buyer at no extra cost. These include homeowner assistance programs, job loss protection and discounts for those who complete homebuyer education programs.

When it comes to foreclosure, nobody benefits. It is time consuming and costly for everyone: the borrower, the lender, the investor and the insurer. Its effects are devastating. MI companies like Genworth Financial are working to make a difference. In 2008, Genworth helped almost 12,000 homeowners avoid foreclosure through its Homeowner Assistance program. Nearly 90 percent of these borrowers were able to save their homes through a “cure” mortgage workout such as a repayment plan or a loan modification. Others in trouble avoided foreclosure by selling their home through other workout options. Genworth reached out to troubled borrowers nationwide, but its foreclosure prevention efforts were highest in Texas, Florida and Georgia.

With job loss a major cause of mortgage

delinquencies, some MI companies also offer help to borrowers who find themselves laid off. Last year, with job losses widespread across many industries in the U.S., and unemployment numbers today even further on the rise, some unemployed borrowers find peace of mind from a no-additional-cost job loss protection benefit provided in addition to their MI policies. Their mortgage payment is covered for up to six months, allowing them to get back on their feet without falling behind on their mortgage. It’s also a smart loss mitigation move for the industry.

MI companies today understand better than ever that an educated consumer is the best customer. Studies show that borrowers who complete a homebuyer education course are more likely to manage their mortgage responsibly leading to greater financial stability. Many MI customers have the opportunity to receive a discount on their monthly MI premium if they successfully complete an eight-hour course prior to buying their home. Essentially, the industry is paying its customers to become more financially aware and responsible – a win-win for all parties.

Borrowers are really starting to recognize the importance of not only protecting their home, but also protecting their finances and their future – something they can do early on by securing a loan with MI. Mortgage professionals are in the business of putting families into homes, not foreclosing on them, which is why the industry is working with families to resolve their mortgage problems. Borrowers who are behind on their payments

TOday'S MORTgage InSURance PROdUcTS PROVIde cOnSUMeR PROTecTIOn

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When it comes to foreclosure, nobody benefits


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should know that their MI company can help them reach out to their lender and mortgage servicer to help save their home. Communication is key to protecting investments. At the same time, explaining to your customers at the beginning of the home buying process that help is available when times are tough can ensure that costly foreclosures are avoided in the future.

Chris Antonello is Senior Vice President, Marketing, for Genworth Mortgage Insurance. Antonello began his career with GE in 1984, and progressed through various sales and marketing leadership positions. Based in Raleigh, NC, Genworth Mortgage Insurance is a division of Genworth Financial, a leading financial security company meeting the retirement, longevity, lifestyle protection, investment and mortgage insurance needs of more than 15 million customers. To learn more about the safety and security of mortgage insurance, visit www.SmarterMI.com.

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cenTeR STage

Property taxes can be traced back to ancient times, with the foundation of our current structure being passed through to the original colonies from Eng-

land. Although, the methods employed by local taxing districts have undergone several changes, they all share the same basic model; the tax base must expand through new taxable units, the property value within the taxing district must continually appreciate or tax ratios for the district must be raised to cover pre budgeted costs of local govern-ment services.

Due to the dramatic declines in real estate values it has been estimated that as many as 50 million property owners within the United States are already being unfairly over-assessed. Many of these same property owners are just now becoming aware of the fact that they can file a tax grievance with the municipality to challenge the assessed value of their property. “I called several property tax consultants in my area and chose Good Grievance because of their membership,” said Tara, a homeowner who will save almost $2,000 dollars off her tax bill the first year. “I had called a bunch of other firms in my area and discovered they all charged 50% of the amount they saved me, that was a $1,000 for just one year”, she stated. “Good Grievance had me pay a one-time enrollment cost of $399.00, provided a free property appraisal, free tax challenge, free analysis of my homeowners insurance, and will now challenge the assessed value of my property every year for free if the assessed value exceeds the fair market value”.

“We let every property owner know that they can go it alone if they apply the time required to research local market activity, but to achieve the greatest results many homeowners are seeking the services of licensed property

tax consultants”, said James Donovan, the Chief Executive Officer.

As with any form of government left unattended, the legislative budgets have always outpaced property tax receipts. During the recent real estate cycle, the increased revenue realized through appreciation to home values fueled the growth of local government. The property values have diminished significantly, and continue to decline month to month, with no bottom in sight.

What if all the excess created through artificially low interest rates and unregulated lending caused a major long-term negative disruption in property values? What if home foreclosures and outright abandonment left once flourishing neighborhoods littered with dilapidated structures. What if unemployment started a steady upward march to 11%? What if real estate values experienced their most significant decline since the Great Depression? What if all of these factors collided at once? Or have they?

Property taxes have traditionally been viewed as a proportional tax. As we continue through the early stages of this current recession, property taxes across the nation will rapidly transition into a “regressive tax” as commercial property owners incorporate tax certiorari (a legal appeal of a real property tax assessment for the purpose of a lower tax bill) as another portion of their business. Unless changes are made to State tax structures, each successful appeal of commercial property will shift more of the district tax burden to residential homeowners within that particular district. In response to overall decline in district tax revenue, local assessors will have to increase tax rates to compensate for the reduced commercial tax receipts. As the residential rates rise to close budget gaps,

cenTeR STage WITH gOOd gRIeVanceHelping solve the property tax crisis

BROUgHT TO yOU By THe nIcHe RePORT


their services”, said another member. The Company business model provides an

independent property valuation model that virtually eliminates appraisal fraud. This unique model will provide real-time property data to homeowners, government agencies, lending institutions and other industries that require consistent and accurate property values. Through our combination of people and technology we have introduced a model that will save both the homeowner and the government tremendous expense related to budget forecast models. Any projected deficit could be recognized and addressed almost 18 months in advance of legislative and voter approval. Additionally, it provides government planners with ample notice and prior opportunity to enact non specific broad based provisional transaction flow tax instead of escalating the property tax burden.

Good Grievance envisions a network of homeowners across the nation working together as members to reduce the cost of home ownership. Our primary focus is to address current inequity linked to property tax and hazard insurance markets. Upon achieving certain levels of membership, the Company intends to expand to cooperative purchasing initiatives, which will provide significant savings to property owners, such as heating fuel and electric consumption.

The Good Grievance business model is designed to support industry professionals that are currently looking to introduce additional products and services to their past and present clients. We are offering affiliate opportunities for exceptional people that understand the opportunity to offer current and past clients an additional valuable service.

The property tax grievance market could grow to an estimated 100 billion dollars. The tax challenge industry is fragmented and local by habit, which positions Good Grievance with no direct competitors. “In these troubled times-we are hiring”, concludes Thomas Sato

If you are currently established as a real estate professional, mortgage professional or certified appraiser and would like to expand your business to include our services, please contact Thomas Sato direct at (866)-966-TAXES, or visit us on the web at www.goodgrievance.com

cenTeR STage

the residential property values in that particular district become less valuable due to higher taxes.

Inventory and affordability have historically been viewed as the template for real estate value trends. Research clearly establishes that this particular housing cycle is unique and unprecedented. The supply curve shifted outward in the first quarter of 2006, and we have yet to observe a natural stabilization in equilibrium quantity. Although there are many mitigating factors that have caused this extraordinary market condition, an increase in property tax would cause prolonged deterioration. The median housing price as compared to median family income ratio already implies a continued decline to national property values, until eventually establishing a bottom trough during 2011. The solution must be introduced soon to avert a prolonged correction.

To counteract the reduced tax receipts due to mass property devaluation, Good Grievance has begun encouraging local officials to apply for federal assistance. Understanding that any direct aid would require a leaner bureaucracy, it would be advisable for local officials to reevaluate in advance of petitioning. The alternative is far worse - a repeating cycle of raising property tax to offset lower property value due to the increase in property tax, and so on.

The current property-assessment-model is archaic. “A momentous opportunity to consolidate the myriad of assessing districts throughout the country can be achieved through the introduction of available technology”, said Thomas Sato, the Vice President of Residential Sales. “By unifying assessing units at the state level, property owners across the Country could save over 2 Billion Dollars annually”, he continued. “A shared system would not only protect taxpayer money by eliminating the overlapping costs involved with multiple mass-apportion tax systems”, it would further ensure that resources are used wisely for the benefit of the people”.

Good Grievance was formed in 2004 to provide affordable solutions to troubled homeowners. Through the use of integrated proprietary technology, blended with a growing list of professionals we have developed a platform-based centralized property assessment tool. The technology helps keep costs down because it allows the Company to fully leverage the appraised data to generate additional revenue. “I spoke with Good Grievance and immediately joined due to the exceptional pricing for

30 January 2009

Continue to receive The Niche Report monthlyIn an effort to maintain a healthy circulation we will be deleting many aged subscribers.

If you haven’t already gone to our website and subscribed, do it now!

It’s free!

During the course of many years in customer service oriented businesses, I have

learned many beneficial concepts mostly through OJT (on the job training). I have had a few mentors and valued teachers from whom I have learned how to be successful in a business that interacts with customers.

As such, I have developed what I call “Golden Rules” that are guidelines of how to conduct business on a daily basis. Since personal interaction is a key element of the business, or any business, these Golden Rules focus on communication and expression. I would like to share a few of these with a brief explanation of what they mean. If you have read my column over the past year, some of these Golden Rules may sound familiar.

1. Be impeccable with your word.We will be tempted to say almost anything for gaining

business. We will want to deliver the undeliverable just for that coveted commission check. This Golden Rule is an ethical thing. This is also the most important Golden Rule, in my opinion. There are implied benefits that will come to fruition over the long term by imposing this guideline.

Don Miguel Ruiz wrote a book entitled “Four Agreements.” This is one of the agreements and warrants a very in depth understanding that can be further researched and highly recommended to do so.

Your word (small case) has to do with the things you say. They make up sentences, phrases that you speak and write. They come out as opinions, or comments,

thoughts in your head, or could even make it into policy in some situations. On the other hand your Word is much more.

Your Word (upper case) has to do with the power you have to create through every kind of expression you make. You create through multiple types of expression including emotions, attitude, actions, what you refrain from, and what you express your faith in.

You can create dynamics of respect in relationships by being silent and listening attentively. You can create a different experience for yourself and others by refraining from an emotional reaction. You create an income for yourself by how well you express caring in the activity of your work. This can happen in a very subtle and almost passive way of just accepting what you think about yourself as true; being authentic.

You express in a multitude of ways through out the day and being impeccable with your Word applies to all of them.

To be impeccable with your word is an art requiring constant vigilance. It is not something that you can decide to do one day and master by the end of the week. The mastery of any art, like music, painting, or sculpture, requires practice. To master the way you express your emotions, actions, thoughts, beliefs, will take practice just like any other art. As I have stated in past columns, be authentic in who you are, and that positive energy will be an extension of your impeccable word.

2. Under promise and over deliver.We always want to promise the world to our

customers; don’t! Be very conservative about what you promise and what is delivered in the way of services,

TIP OF THe MOnTH

By STeWaRT MednIcK

Golden Rules, Part 1

TIP OF THe MOnTH

32 January 2009

TIP OF THe MOnTH

timeframes and products. If you know you can respond back to a client in a matter of hours or by the end of the day, do not state that. Say that you will call back the next day. In this way, you will impress the client when you do call back in hours that same day. You now have gained a perception of being on top of your game and the client is impressed with your diligence. Also, what if right after you talked to the client and promised you would call back in hours, you receive another call shortly after that is a crisis with another customer, and you become so involved in ‘putting out that fire’ that you do not have time to call back in hours like you promised. Now you over promised and under delivered.

3. Don’t take anything personally.Many times in conversation, the other party involved

may say something that will sound offensive in some way. We tend to take this personally. You did nothing wrong and you were very polite, so why is the customer so rude? It is not about you. You do not know what is going on in the life of the person you are talking to at that moment. For example; I could call a referral prospect. I am polite over the phone and state who I am and how I received the person’s contact information. The prospect may respond, “What the hell do you want? Why are you calling me? I am not interested!” and hang up on me. This may make one feel depressed, angry, or ready to quite the business and get a drink.

How a person responds to you is not about you. That prospect could just have a bad day. There may be serious drama going on in his or her life at that time. Maybe a favorite TV show was on at the time and the prospect was pissed off for being interrupted. You have no idea why the prospect responded as such, but do not take it personal. Call again another day and see if the response is different. Just remember, that you will encounter negativity in many

forms; it is not about you, so just move on.

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]

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BACFloridaBank(Fannie/Freddieonly) 305-789-8064 www.bacflorida.com/ratesheet

BankofAnnArbor(Fannie/Freddieonly) 800-807-6337 www.boaawholesale.com

CenturyLending(Fannie/Freddieonly) 407-252-7979 www.centurylending.net

ChaseHomeFinance 800-338-0487 www.chaseb2b.com

CMGMortgage 714-357-3325 www.acceleratedcmg.com

CNBNationalLending,LLC 815-412-9305 www.cnbnationallending.com

ColonialNationalMortgage 800-825-1311 www.cnmbrokers.com(Fannie/Freddieonly)

CommunityFirstBankLoan 412-292-8511 hsecure.pricemyloan.com/custom/cfb(Fannie/Freddieonly)

ContinentalHomeLoans 631-393-3800x114 www.chlmortgagebankers.com

Countrywide 904-245-8008 www.cwbc.com

DirectMortgageWholesale 801-924-1880 www.directmortgagewholesale.com

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

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

FirstBankMortgage 305-577-6000x116www.firstbank.com

FirstCal 818-793-6650 www.firstcalwholesale.net

FirstFederalBankofCA 310-630-7792 www.firstfedwholesale.com

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

FirstNationalBankofNassau 678-942-2160 www.fnbwholesale.com

FirstNorthernBank(Fannie/Freddieonly) 707-423-9330 www.thatsmybank.com

FlagstarBank 800-897-7222 www.wholesale.flagstar.com

FloridaCapitalBankMtg 866-295-0014 www.flcb.com

FranklinAmerican 606-519-4165 www.franklinamerican.com

FreedomMortgage 800-843-3753 www.freedomwholesale.com

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

GatewayMortgageGroup 817-799-0804 www.jerrylair.com

GBMortgage 602-791-8950 www.gbmortgagelending.com

GlobalLendingGroup 727-530-0110 www.glgiwholesale.net

GreystoneFinancial 602-574-0100 www.greystonefinancialonline.com

GSFFunding 262-373-0790 www.gsfsales.com

GuaranteedRate 866-755-0989 www.griwholesale.com

HollanderFinancial 661-476-4668 www.hollanderfinancial.com

HomeSavingsofAmerica 972-235-7366 www.myhsoa.com

ICONResidentialCapital 888-639-5641 www.iconwholesale.com

INGMortgage 877-464-0555

www.ingloans.com/wholesale/index.html

JMACLending 877-841-0776 www.jmaclending.com

agency & FHa Lender Listings Powered by TheLoanPost.com

34 January 2009

nIcHe RePORTS



JustMortgage,Inc. 714-860-8867 www.justmtg.com

LendersAdvantage 818-669-0974x0 www.lenderinc.com

LibertyLendingInc 800-808-5591 www.libertylendingwholesale.com

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

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

MegaCapitalFunding(Fannie/Freddieonly) 818-657-2600 www.megacapitalfunding.net

MeritMortgage 310-650-0773 meritwholesale.com/

MetLifeHomeLoans www.wholesale.metlifehomeloans.com

MortgageBankofCalifornia 714-423-3295

MortgageClose(Fannie/Freddieonly) 714-453-0220 b2b.mortgageclose.com

NationalDirectFunding 970-672-0805 www.ndfcorporation.com(Fannie/Freddieonly)

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

NationsDirectMortgage 949-270-7974 www.brokerFHA.com

NetMoreAmerica 509-526-4007 www.netmoreamerica.com

Nexbank 866-389-6046 www.nexbank.com

NorthStarLending(Fannie/Freddieonly) 954-843-7018x7018 www.

mynorthstarlending.com/

PacificBancMortgage 571-340-5593 www.pacificbanc.com/

PacificNationalBank 305-539-7675 www.pnb.com

ParamountResidential(FHAonly) 866-966-8989x300www.prmglending.net

PerfectFHA(FHAonly) 800-201-2317 www.perfectfha.com

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

PlazaHomeMortgage 949-910-1055x450 www.plazahomemortgage.com

PMCBancorp 626-964-4040x8199www.pmcmtg.com

PolarisFunding(FL,IN,MI,OH) 616-667-9000 www.polarishfc.com

PreferredCapital(Fannie/Freddieonly) 727-418-4189 www.prefercapital.com

PremierMortgageCapital,Inc. 786-243-3101x2 www.premierwholesale.com

PresidentsFirst 877-773-7178 www.presidentsfirst.com

PrimaryCapital 678-308-0257 www.primarycapital.com

ProtoFund 813-436-6803 www.protofund.com

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

ReliantFunding 412-942-1010x18 www.reliantfunding.us

ResidentialLendingNetwork 800-749-5363x5276 www.reslend.com(Fannie/Freddieonly)

ReunionMortgage 559.476.0937 www.reunionwholesale.com

RoyalCrownBancorp 877-507-6925 www.crownloan.com

SecurityAtlantic(FHAonly) 800-956-3863 www.fhaland.com

SecurityMortgageFunding 619-249-9166 www.smfcloans.com/brokers(Fannie/Freddieonly)

SecurityNationalMortgage 619-857-2700 www.securitynational.com

SenderraFunding 704-831-3600 www.senderra.com

SierraPacific 661-713-6564 www.spm1.com

SouthPointFinancial(Fannie/Freddieonly) 239-949-1406 www.spfs.com

Stearns 925-628-0704 www.stearnswholesale.com

SunTrustWholesale 913-982-2150 www.stmpartners.com

SWCFinancialCorp. 714-680-7050x113 www.swcfinancial.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 949-450-1888x2430 www.trustone.com

U.S.BankConsumerFinance 941-539-1603 www.usbank.com

UnitedInternationalBank 313-903-2082 www.unitedinternational.us

UnitedResidentialLending 404-661-4632 www.urlending.com

UnitedWholesaleMortgage(FHAonly) 800-981-8898x5590www.usmwholesale.com

Vertice 925-570-0777 www.verticelending.com

VillageCapitalandInvestment(FHAonly) 856-252-1825 www.villagewholesalelending.com

WellsFargo 310-283-8411 www.brokersfirst.com

agency & fha lender listings continued…

adVeRTISe yOUR nIcHeS HeRe WITHIn

AmtrustBank 888-321-6446 www.amtrustgemstone.com

Astoria 301-537-9047 www.astoriamortgage.com

BankerWest 800-518-1172 www.bankerswest.com

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

CNBNationalLending 815-412-9305 www.cnbnationallending.com

EasternSavingsBank 800-787-8187 www.easternsavingsbank.com

EmigrantMortgage 786-314-6280 www.emigrantmortgage.com

FirstFederalBankofCA 310-630-7792 www.firstfedwholesale.com

FirstNorthernBank 707-423-9330 www.thatsmybank.com


GSFFunding 262-373-0790 www.gsfsales.com

HollanderFinancial 661-476-4668 hwww.hollanderfinancial.com

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

HayhurstWholesale 813-425-7011 www.hayhurstwholesale.com


INGMortgage 877-464-0555 www.ingloans.com/wholesale/index.html

LibertySavingsBank 941-735-7890 www.libertysavingsbank.com

LuxMac,Covino,andCompany 800-762-2274x312 luxmac.com

LuxuryMortgage 203-569-4249 www.luxurymortgagewholesale.com

ResidentialLendingNetwork 800-749-5363x5276 www.reslend.com

UnitedMidwestSavingsBank 614-255-3499 www.umwsb.com

UnitedInternationalBank 313-903-2082 www.unitedinternational.us

USBank 702-630-0770 www.usbank.com

WestOneMortgageCorp 818-921-7602 www.westonemortgagecorp.com

nIcHe RePORTS

36 January 2009


PORTFOLIO & aLT-a Lender Listings Powered by TheLoanPost.com


PORTFOLIO & aLT–a

ACCMortgage,Inc.240-314-0399

GregoryFundingLLC 888.324.3578

Manaseh,EpharimandAssociates770-840-0112

our Money our rules, we make loans that make sense

direct portfolio lender specializing in funding loans traditional lenders cannot. nod or Bk ok. no credit score requirment. no pre-payment penalty. up to 75% ltV. loan amounts up to $1.0MM. lending territory: aZ, ca, co, id, nV, or & wa

asset lending specialists. your source for international and domestic funding

Premium Listings

nIcHe RePORTS




Manufactured Listings Powered by TheLoanPost.com

AlternativeMortgageExpress 800-522-5263 www.amxloans.comAmericanFinancialResources 973-588-8530 www.afrwholesale.comAxiomCommercialFunding 866-637-3014x10 www.acfsonline.comChaseHomeFinance 813-601-2530 www.chaseb2b.comCNBNationalLending,LLC 815-412-9305 www.cnbnationallending.comCountrywide 904-245-8008 www.cwbc.comEasternSavingsBank 800-981-7114x6250 www.easternsavingsbank.comEssexMortgage 702-893-9200 www.essexwholesale.comFirstCal 877-224-3262 www.firstcalwholesale.netFirstMutualBank 971-645-9140 www.washingtonfederal.com/wholesaleFirstNorthernBank 707-423-9330 www.thatsmybank.comFlagstar 866-998-6063 wholesale.flagstar.comFreedomMortgageCorp 800-843-3753 www.freedomwholesale.comGMCMortgageCapital 941-766-1613 www.gmcmtgcap.comLendersAdvantage 818-669-0974x10 www.lenderinc.comLibertyMortgage 800-986-2499 www.bbt.com/libertymortgage

LibertySavingsBank 941-735-7890 www.libertysavingsbank.com

MeritMortgage 310-650-0773 meritwholesale.com

MulticorpFinancial 925-275-8111x222 www.11multicorpfinancial.com

PerfectFHA 800-201-2317 www.perfectfha.com

PolarisFunding(FL,IN,MI,OH) 616-667-9000 www.polarishfc.com

PortfolioMortgageCompany 480-775-5150 www.portmort.com



TrustOneMortgage 949-450-1888x2430 www.trustone.com


UnitedWholesaleMortgage 800-981-8898x5590 www.usmwholesale.com/default.asp

USBank 702-630-0770 www.usbank.com/cgi_w/cfm/mortgagebrokers/home.cfm?redirect=brokerloans

WestOneMortgageCorporation 818-921-7602 www.westonemortgagecorp.com

ManUFacTURed

JUMBO

AmericanSouthwestMortgage 888-593-1003 www.amswmtg.com

AmericanHomeEquity 714-661-5836 www.ahedirect.com

Countrywide 904-245-8008 www.cwbc.com

DirectMortgageCorp. 801-924-1880 www.directmortgagewholesale.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

GBMortgage 602-791-8950 hwww.gbmortgagelending.com

GreystoneFinancial 602-574-0100 www.greystonefinancialonline.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 619-857-2700 www.securitynational.com

SierraPacific 661-713-6564 www.spm1.com


U.S.BankHomeMortgage 702-630-0770 www.usbank.com

Vertice 925-570-0777 www.verticelending.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

38 January 2009



ReverseIt!AdivisionofUrbanFinancialGroup,Inc888-777-3311

WorldAllianceFinancial877-692-7762 x 404

reverse Mortgages, fastest turn times in the industry. training and lead support available.

reverse Mortgage opportunity for non-fha licensed brokers

Premium Listings

ReVeRSe

AmericanBancShares 305-817-2165 www.americanbancshares.com

ArlingtonCapitalMortgageCorp 800-814-9432 www.acmcwholesale.com

CircleMortgageCorporation(Flonly) 800-576-1338 www.circlemortgage.com

ContinentalHomeLoans 631-393-3800x114 www.chlmortgagebankers.com

CountrywideBank 866-212-4378 www.cwbc.com

EssexMortgage 702-893-9200 www.essexwholesale.com

FinancialFreedom 800-500-5150 www.financialfreedom.com

FinancialHeritage 800-895-2209 www.financialheritage.com

FortesResidential 866-571-8201 www.forteswholesale.com/

GenerationMortgage 866-733-6089 www.generationmortgage.com

GotMortgage.com 760-802-9630 www.gotmortgage.com

LibertyReverseMortgage 866-871-1353 hlibertyreversebroker.com

MetLifeHomeLoans www.wholesale.metlifehomeloans.com

NetMoreAmerica 509-526-4007 www.netmoreamerica.com

PacificBancMortgage 571-340-5593 www.pacificbanc.com

QualityLifeReverseMortgage 800-955-7919 qualityliferm.com

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

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

SouthPointFinancialServices 239-949-1406 www.spfs.com

Sunwest 800-453-7884 www.swmc.com

WellsFargoReverseMortgage 800-336-7359 www.wellsfargo.com

WorldAllianceFinancialCorp. 800-562-6755 www.worldalliancefinancial.com

ReVeRSe MORTgageS Lender Listings Powered by TheLoanPost.com


nIcHe RePORTS




nOn-PRIMe & HaRd MOney

ACCMortgage,Inc.240-314-0399 ext 16

AFGLLC(AssetFundingGroup)720-889-1175

AgriCapFinancialCorporation213-542-5232

AmbitFunding800-823-7101

AvatarFinancialGroup 888-896-0083

BRTRealtyTrust516-466-3100 or 800-450-5816

CommercialLending,LLC703-286-7932

ContinuumFundingGroup703-564-1659

FairviewCommercialLending866-634-1270

FinancialResourcesMortgage800-950-6913 or [email protected]

we do owner-occuPied/full doc uP to 70% regardless of credit

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

short-term commercial bridge lenders; Most property types including raw land; all 50 states, and canada; Max ltV 70%, 50% on land

Bridge loans for improved commercial real estate from $1 million, terms up to two years with no prepayment penalties. we are a direct lender and brokers are protected. apply online at www.avatarfinancial.com or simply give us a call

a Public Mortgage reit traded on the nyse (nyse: Brt) fast response on loans from $2 million to $50 million on income producing commercial properties nationwide. no prepayment penalties, lock out or exit fees

commercial lending - equity based hard money residential and commercial loans for all non-owner occupied properties

specializing in hard money loans of $300,000 to $5,000,000 in dc, Virginia, and Maryland. we customize our lending program to fit your needs on a deal by deal basis

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.

Premium Listings

nIcHe RePORTS

40 January 2009


FirstMountVernon(866) 908-fMV1 (3681)

FirstMountVernon(866) 908-fMV1 (3681)

GregoryFundingLLC888-324-3578

KENNEDYFUNDING,INC.1-800-342-8500

LJLFunding888-456-0246

Manaseh,Epharim&Associates770-840-0112

MetroFundingCorp 866-302-6360

MinerCapitalFunding,LLC 702-466-8952

RemingtonFinancialGroup,Inc480-905-3239

StonecrestFinancial888.884.6518

TrustCapitalInvestmentsLLC301-503-2231

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

direct portfolio lender specializing in funding loans traditional lenders cannot. nod or Bk ok. no credit score requirement. no pre-payment penalty. up to 75% ltV. loan amounts up to $1.0MM. lending territory: aZ, ca, co, id, nV, or & wa

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.

fc Bailouts - no fico requirements. focused strictly on the residential market. tech oriented direct hard money lender. consistent guidelines - great service!

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

fast closing, no points upfront, all commercial properties including land, acquisitions, refis, and development loans

specializing in collateral-based real estate loans nationwide. we get deals done!! as fast as 4 days! loan amounts 1 million to 20 million

up to 65% of valued collateral, fast closing

we are a direct lender specializing in churches, mixed-use, apartments & commercial lines of credit

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.

non-PriMe & hard Money premium niches continued…


nIcHe RePORTS





nOn-PRIMe & HaRd MOney 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.aamcap.com

AssurityFinancial 866-841-7863 www.assuritywholesale.com

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

AxiomCommercialFunding 866-637-3014x10 www.acfsonline.com

BayEquity 800-229-3703 www.bayeq.com

BFSCapital,LLC.(cml) 510-381-1930 www.bfscapital.com

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

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

CaliforniaEquityLenders 818-584-2320 www.calequitylenders.com


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

CrawfordParkFinancial 626-796-7979 www.crawfordparkfinancial.com

CushmanRexrodeCapitalCorporation(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

Emigrant 786-314-6280 www.emigrantdirect.com

ExeterHoldingLtd. 516-338-7500 exeterholding.com

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

FirstMountVernonIndustrialLoanAssn 703-823-6800 www.fmv1.com

FirstSelectCapital 540-908-2205 www.firstselectloans.com


GMCMortgageCapital 941-626-9656 www.gmcmortgagecapital.com

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

HawkinsCapital 208-908-5596 www.hawkinscap.com

HMCFunding 800-273-7001x343 www.hmcfunding.com

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

J&JFinancial 714-256-4416 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

MagerCapital 310-760-6290 www.magercapital.brokerca.com

MagnoliaFinancialConsultants 601-428-1005 www.hardmoneymortgages.com

MeridianGroup 800-901-9301 www.meridiangroupinc.com

OverlandFinancial 818-342-2477 www.overlandfinancial.com

PacificMortgageFundingCorporation(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


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


RehabFunding 610-645-9939x310rehabfunding.com/

RemingtonFinancialGroup 480-905-3239 www.remingtonfg.com

RightStartMortgage 800-520-5626 www.rightstartmortgage.com

SBBFinancial 866-358-7238 www.sbbfinancial.com/

SDIFunding 864-233-3337x3220 www.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

TheMoneySource,LLC.(cml) 480-946-4000 www.themoneysourcellc.com

TitanHardMoney 323-377-0979 www.titanhardmoney.com

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

UnifundFinancialGroup,Inc. 619-573-0289 www.unifundinc.com


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

42 January 2009

nIcHe RePORTS


cOnSTRUcTIOn/ReHaB

CommercialLending,LLC703-296-7932

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

KennedyFunding,Inc.1-800-342-8500

Manaseh,Epharim&Associates 770-840-0112

MetroFundingCorp 866-302-6360

RBACapital610.293.8008

RemingtonFinancialGroup,Inc480.905.3239

commercial lending - equity based rehab and construction loans up to 50% ltV off completed value

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.


loan portfolio financing and warehouse lines of credit from $2MM - $20MM for hard money lenders and investor rehab lenders. reduce your local bank and private investor hassles with stable and consistent financing

up to 95% financing construction, rehab, renovation, development, starting at $1 million and moving upwards, commercial only

Premium Listings

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

ChaseHomeFinance 813-601-2530 www.chaseb2b.com

ColonialNationalMortgage 800-825-1311 www.cnmbrokers.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

FirstNationalBankofNassau 404-218-3335 www.fnbwholesale.com

FirstNorthernBank 707-423-9330 www.thatsmybank.com

HawkinsCapital 208-908-5596 www.hawkinscap.com/

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




UnityBank 904-727-7535 www.unitybank.com


nIcHe RePORTS




AgriCapFinancialCorporation213-542-5232

AvatarFinancialGroup888-896-0083

FairviewCommercialLending866-634-1270

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

GregoryFundingLLC888.324.3578

GriffinCapitalFunding540-548-1001

KENNEDYFUNDING,INC.1-800-342-8500

LightFundingCorp.877.300.1595

Manaseh,Epharim&Associates 770-840-0112

MetroFundingCorp866-302-6360

agriculture -- farms, ranches, facilities. agricultural operating/crop input loans.

great rates on commercial real estate loans, fully amortizing up to 25 years. Most property types considered including hotels, multi-family and special-use. full doc is required for these competitive rates. Please call to request a rate sheet

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.

direct Portfolio lender specializing in funding loans traditional lenders cannot. nod or Bk ok. no credit score. no Pre-payment Penalty. up to 75% ltV. loan amounts up to $1.0MM. lending territory: aZ, ca, co, id, nV, or & wa

owner occupied and investment commercial loans nationwide except ak. we pay ysP up to 3%, offer correspondent relationships to qualified companies. we also have a non profit division that specializes in church loans. we love sBa and usda loans!


all types of commercial loans nationwide & international

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


Premium Listings

cOMMeRcIaL

nIcHe RePORTS

44 January 2009


cOMMeRcIaL Lender Listings Powered by TheLoanPost.com

21stMortgage 800-955-0021x1219 www.21stmortgage.com

AcupenFinancial 503-516-5823 www.Acupenfinancial.com

AffinityBank 877-862-7245 www.affinitybank.com

AgriCapFinancialCorporation 213-542-5232 www.agricap.com

AmericanAcceptance 800-452-9287 www.aamcap.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

BFSWholesale 800-778-3763 www.bfscapital.net

BlueSkyCommercialFunding 888-500-2583 www.bscfloans.com

BrownstoneMortgageCapital 800-547-1285 www.brownstoneloans.com


CapitalSourceFinance 212-321-7215 www.capitalsource.com

CFACapitalPartners 914-967-5780 www.cfacap.com

CienaCapital 800-722-5626 www.cienacapital.com

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

CoastInvestorsCapital 305-446-9125 www.coastinvestors.com

CommercialBridgeLoanFunding 305-852-2569 www.cblfg.com

CommercialFundingCorp 904-885-9977 www.commercialfundingcorp.com

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

CommercialLendingCapital 714-656-3943 www.clcnationwide.com

CommercialLoanCapital 877-473-6984 www.clcloans.net

CommercialMortgageCity 954-854-6853 www.commercialmortgagecity.com

CommercialMortgages101 800-763-3036 www.commercialmortgages101.com

CommunityCommerceBank 916-648-2680 www.ccombank.com

CushmanRexrodeCapitalCorporation925-988-7200 www.cushrex.com

EasternSavingsBank 800-787-8187 www.easternsavingsbank.com

EquityOneCommercial 407-370-7843 www.equity1commercial.com

ExcelsionMortgage 888-578-5441 www.excelsionbrokers.com

FirstCaliforniaBank 818-670-7688 www.fcbank.com

GriffinCapitalFunding 800-710-6762 www.ysploans.com

HawkinsCapital 208-908-5596 www.hawkinscap.com/

HMCFunding 800-273-7001x327 www.hmcfunding.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

Met-WestCommercial 866-766-4000 www.met-west.com

MidwestFinancialCapital 317-844-7776 www.midwestfinancialcapital.com

MinvestFinancial 877-317-0260 www.minvestfinancial.com

MissionOaksNationalBank 951-719-1200 www.missionoaksbank.com

MiStarFinancial 720-200-2600 www.mistarfinancial.com

MJMCapitalGroup 480-628-1943 www.mjmcapitalgroup.com

MulticorpFinancial 925-275-8111x222 www.11multicorpfinancial.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 hwww.remcapitalgroup.com

SFPartnersMortgage 305-774-0456 sfmortgagelenders.com

SilverHillFinancial 877-813-4685 www.silverhillfinancial.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

TheMoneySource,LLC. 480-946-4000 www.themoneysourcellc.com

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

UnionBankofCalifornia 877-945-2265 www.uboc.com

WellsFargo 800-840-5822 www.wellsfargo.com


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

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

RemingtonFinancialGroup,Inc480.905.3239

TrilogyCommercialLending888-875-5055

senior financing on existing real estate all property types, competive rates

specializing in full doc small balance commercial loans up to $5 M. our unique commercial automated underwriting system allows for instant approvals, including pricing options. no upfront fees! experience ease of execution - call today!

coMMercial premium niches continued…

acc MORTgage, Inc.WeApproveLoans.comContact: Tim BoordPhone: 240-314-0399 ext 15Email: [email protected]

a La MOde, Inc.www.alamode.com

aMBIT FUndIngwww.ambitfunding.comContact: Chris BednarPhone: (570)-829-2101 (800)-823-7101Email: [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]

aVaTaR FInancIaL gROUPwww.avatarfinancial.comContact: Allison Payne, Loan AnalystPhone: 888.896.0083Email: [email protected]

BeST RaTe ReFeRRaLSwww.bestratereferrals.comPhone: 800-811-1402

BRT ReaLTy TRUSTwww.brtrealty.comContact: Mitch GouldPhone: 516.773.2712Email: [email protected]

cITyLIgHTS FInancIaL exPReSS, Incwww.citylightsfinancial.com800-530-2489 ext [email protected]

cOMMeRcIaL LendIng, LLcwww.CommercialLendingllc.comContact: Will LansingPhone: 703-286-7932Email: [email protected]

cOnTInUUM FUndIng gROUPwww.continuumfunding.comContact: Evan KaplanPhone: 703-564-1659Email: [email protected]

cRedIT PLUS Inc.www.creditplus.comPhone: 800.258.3488Fax: 800.258.3287Email: [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 MOUnT VeRnOn I.L.a.www.FMV1.comPhone: 703-823-6800Fax: 703-997-2499

cOgenT ROad Inc.www.fundingsuite.com/demos800-848-3162

gReanLeaF LegaL SeRVIceS, LLcwww.GreenLeafLegals.comPhone: 888.326.3303 Ext 217Contact: Simon YarandiEmail: [email protected]

LendeR & ReSOURce dIRecTORy


gRegORy FUndIng LLcwww.gregoryfunding.comPhone: 888.324.3578Email: [email protected]

gRIFFIn caPITaL FUndIngwww.ysploans.comContact: John BerardinoPhone: 540.548.1001 x 104Email: [email protected]

Kennedy FUndIng, Inc.www.kennedyfunding.comContact: Jonathan Weiner, Chief Loan OfficerPhone: 1-800-342-8500Email: [email protected]

LIgHT FUndIng cORPwww.lightfunding.netContact: Maria GorritaPhone: 877.300.1595Email: [email protected]

LJL FUndIngwww.LJLFunding.comContact: Phil JemmettPhone: 888-456-0246Email: [email protected]

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

MadISOn cRedIT ManageMenT SeRVIceS LLcwww.madisoncredit.comContact: Roger CastilePhone: 856-866-9878 x4320Email: [email protected]

ManaSeH, ePHaRIM & aSSOcIaTeSwww.meandassociates.comContact: R.D. WalkerEmail: [email protected]: 770-840-0112

MeTRO FUndIng cORPwww.metrofundingcorp.comContact: Jennifer SmithEmail: [email protected]: 866-302-6360

neW JeRSey aSSOcIaTIOn OF MORTgage BROKeRS/MBa OF neW JeRSeywww.njamb.org973.379.7447

MIneR caPITaL FUndIng, LLcwww.Minercapitalfunding.comOrlando@minercapitalfunding.comPhone: 702-466-8952Fax: 314-667-3092

PRecISIOn LOan PROceSSIngwww.PrecisionLoanPro.comPhone: 703.743.9739Email: [email protected]

RBa caPITaLwww.RBACapital.comDan Murphy610.293.8008 [email protected]

ReMIngTOn FInancIaL gROUP, Incwww.remingtonfg.comContact: Aaron EnrightPhone: 480.905.3239Email: [email protected]

WWW.SeTTLeMenTBIz.cOM877 392 4940

STOnecReST FInancIaLContact: BillPhone: 888.884.6518Email: [email protected]

TRILOgy cOMMeRcIaL LendIngwww.TrilogyCL.comPhone: 888-875-5055Email: [email protected]

TRUSTcaPITaL InVeSTMenTS LLc Contact: Craig SeversonPhone: 301-503-2231Email: [email protected]

URBan FInancIaL gROUP, Inc.www.reverseit.comContact: Matt KlausPhone: 888.777.3311Email: [email protected]

LendeR & ReSOURce dIRecTORy

46 January 2009

"TheNicheReport is a national trade publication dedicated to wholesale and correspondent lending."

PRSRT STDU.S. POSTAGE

PAIDPERMIT #379

BOLINGBROOK, IL

BODA Publishing, LLC,PO Box 2618,Stafford, VA 22555

WE’LL NEGOTIATEWITH YOUR BANK. YOU COULD CUT MILLIONS

OFF YOUR COMMERCIAL MORTGAGE.

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