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How to Become a MortgageBroker/Originator

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HOW TO BECOME A MORTGAGE BROKER/ORIGINATOR.......................................................... 1

EDUCATIONAL REQUIREMENTS................................................................................................................... 3THE MORTGAGE PROCESS........................................................................................................................... 3

Prequalification and Preapproval.......................................................................................................... 3Loan Application (1003)......................................................................................................................... 4Common Problems ................................................................................................................................. 5

PROCESSING THE MORTGAGE LOAN............................................................................................................ 5UNDERWRITING........................................................................................................................................... 7WORKING WITH LENDERS ......................................................................................................................... 11

Applications: ........................................................................................................................................ 11Requirements ........................................................................................................................................ 20

WORKING WITH FANNIE MAE (EFANNIEMAE.COM) ................................................................................... 21WORKING WITH FREDDIE MAC (WWW.FREDDIEMAC.COM) ....................................................................... 24ADVERTISING ............................................................................................................................................ 31GREAT LINKS ............................................................................................................................................ 31

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Educational Requirements

Each state has it’s own requirements for becoming a licensed mortgagebroker/originator. For more information on a specific state’s requirements contactthe State Mortgage Broker’s Association:

http://www.mortgageoriginator.com/FSG/MortgageOriginator/Main+Links/State+Mortgage+Broker+Associations.htm?NRMODE=Published&NRORIGINALURL=%2fFSG%2fMortgageOriginator%2fdefault%2ehtm

The most comprehensive mortgage and real estate education online site is:

www.campusmba.com

Campusmba offers audio, print and web based courses to choose from.

Having a background in real estate is not required but very beneficial. Especiallywhen it comes to title searches, contracts and dealing with other real estate agents,which is unavoidable. A real estate license can be obtained online but this isgiving you only book knowledge and working for or closely with experiencedagents is the best form of education. For more information on obtaining your realestate license online check out these sites:

http://www.abcrealestateschool.com/state_licensing_information.htmhttp://www.loanofficerschool.comhttp://www.realestatelicense.com

The Mortgage Process

1. Origination – completing the application2. Processing – collection of data3. Underwriting – approval of the transaction4. Insuring – obtaining insurance/guarantee commitment5. Selling – marketing the loan6. Closing – disbursement of funds7. Shipping – submission of the loan to an investor

Prequalification and Preapproval

A prequalification is based on non-verified figures or information as compared toproduct guidelines. It is not a loan commitment.

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A preapproval is based on actual information that has been received or subject tothe receipt and satisfactory review of required documentation. This is a loancommitment; however, the borrower must still meet and satisfy any condition orstipulation that is placed on that pre-approval.

Highlight the areas the borrower(s) will sign and date on each form. Theoriginator should ask for vital documents such as the past two years W-2 forms, acurrent 30 day pay stub, and the past three months bank statements to verifyassets that will be used as funds to close.

Loan Application (1003)

Section I: Type of Mortgage and Terms of Loan – this determines the requireddocumentation and qualifications for your loan. Every blank field must becompleted.

Section II: Property Information and Purpose of Loan – Each part should becompleted as necessary for purchase, refinance or construction-permanentfinancing. Keep in mind that Cash to Close is not an option. Funds must beverifiable and seasoned. Seasoned usually means 6 months to a year.

Section III: Borrower Information – A two year history must be listed. Includerent or own and the number of years. If “rent”, get the landlord’s name, addressand telephone number for verification purposes.

Section IV: Employment Information – A two year history is required. Forverification purposes include an employer contact person and phone number. Anexplanation for gaps in employment will also be required. If the applicant was inschool in the past two years, a copy of the degree and/or transcripts will berequired.

Section V: Monthly Income and Combined Housing Expense Information – Besure to put the correct income in the correct section and to complete the Borrower,Co-borrower, Total and Other Income sections. Income entered must be GrossMonthly income – using an annual or hourly amount will slow the loan process.

Section VI: Assets and Liabilities – When listing checking and savings accountsbe sure to provide the name, address, and account number for funds that will beused at closing and for reserves. Be sure to include the name, address, accountnumber, payment, number of months and type of loan for each liability andclearly mark liabilities that are to be paid off.

Section VII: Details of Transaction – details of the loan transaction includingpurchase price or refinance amount, closing costs, prepaids, land, cost ofimprovements and discount points. It also lists any credits the borrower has

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already paid. Give the applicant an estimate of the total cost and funds that willchange hands at closing.

Section VIII: Declarations – every line must be marked yes or no.

Section IX: Acknowledgement and Agreement – applicant must sign and date thissection.

Section X: Information for Government Monitoring Purposes – complete for eachloan.

Common Problems

Missing signaturesMissing or incorrect datesNo induction of probability of continuing employment on VOECorrections or cross-o9uts that have not been initialedGift letter not signed by donorUnsigned tax returns or business financial documents

Processing the Mortgage Loan

1. Origination – completing the application (1003). This form containsborrower and co-borrower information regarding residency andemployment history, income sources, sources of funds for themortgage, assets, other real estate owned, type of transaction,liabilities. The accuracy of the information depends mostly on theoriginator asking the right questions. When the originator takes theapplication be prepared to provide the applicant with information onloan programs and requirements, tell the applicant of any additionalinformation needed, hand out required government literature and fulfillthe Good Faith Estimate and the Truth in Lending and collectnecessary fees.

2. Processing – all documents are examined for omissions,inconsistencies or errors, final papers are assembled and the package isprepared for underwriting.

3. Underwriting – a decision is made by the underwriter or loancommittee whether to offer the applicant a mortgage loan on the termsdescribed in the package. This is where Fannie Mae and Freddie Macplay such a large role with their automated underwriting (AU)services. The decision is based on the applicant’s creditworthiness.

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4. Loan Closing and Funding – after receiving the signed agreement fromthe applicant the lender will set a closing date, conduct a title search,arrange for title and hazard insurance, order the survey and preparefinal loan documents.

5. The Sales Contract – a written, legally binding agreement between abuyer and seller, required prior to processing the loan. Containspertinent information such as property address, legal description, price,etc. Contracts sometimes include addendums and/or exhibits whichshould be provided with the contract.

6. Prequalification Worksheet – after taking the application, theoriginator can complete the prequalification worksheet. This evaluatesthe borrower to determine qualification for the mortgage. Quicklydetermining the borrower’s qualifications can save you time and theborrower money.

7. Real Estate Settlement Procedures Act – Good Faith Estimate ofcharges for specific settlement services, a HUD information booklet, asample settlement statement.

8. Truth in Lending Act – protects the rights of purchasers to know thecosts and the credit terms involved in personal consumer credittransactions such as the purchase of a home.

9. Equal Credit Opportunity Act – prohibits discrimination in any aspectof a credit transaction.

10. Fair Credit Reporting Act – ensures consumer reporting agencies andbusinesses using credit reports uses fair, confidential and accuratereporting methods.

11. Fair Housing Act – prohibits discrimination in granting mortgage orhome improvement loans.

12. Flood Disaster Protection Act – enables the National Flood InsuranceProgram to make flood insurance available in flood-prone areas atreasonable costs.

13. The Privacy Act – lender may not require any information that doesnot have a direct bearing on eligibility.

14. The Loan Application – used to compile information necessary forprocessing a loan. Make sure your applicant signs the application.Sometimes called the Uniform Residential Loan Application or the1003.

For a variety of reasons applicants often provide incomplete or incorrectfacts during the interview. Lenders need to have the information verifiedand use support documents such as the appraisal and verification ofemployment (VOE).

The appraisal is an estimate of the fair market value of the property whichis a basis for deciding the maximum loan the lender will make.

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The request for Verification of Employment (VOE) uses Form 1005. PartII is for present employment and Part III is for previous employment. Ifemployed for less than two years at present position, originator needs tosend one request to present employer and all past employers for a two yearperiod.

The request for Verification of Deposit (VOD) uses Form 1006 and filledout with applicant providing the information for Part I. Part II is filled outby the institution. Be sure addresses and account numbers are correct.

The credit report is a judgement tool that reflects the willingness of theborrower to repay debt in a timely and responsible manner. Theborrower’s past credit history is used to predict future intent.

Other support documents include divorce papers, separation agreements,gift letters, pledged accounts.

Underwriting

Underwriting is the step of the mortgage process during which the decision ismade whether to finance the mortgage loan for the applicant. The decision ismade by answering questions in three areas:

Capacity – does the borrower have the financial capacity to repay the loanCredit – if the applicant can afford to pay, does their past experience indicate thatthey have the self-discipline to make the paymentsCollateral – if the borrower stops making payments, are the property and otherassets sufficiently valuable to recoup the loan amount

To evaluate most loans use the appraisal to determine the acceptability and longterm value of the property. Determine the loan meets the requirements of thelender. Analyze the credit report to determine the probability of the applicantmaking prompt and regular mortgage payments. Determine whether the borrowerwill have funds to pay closing costs.

You must know the Loan to Value (LTV) acceptable to the lender. LTV = Theloan amount divided by either the sales price or the appraised value, whichever isless.

The monthly housing expense ratio compares the borrower’s projected totalmonthly housing expense with the borrower’s total monthly income. Monthlyhousing expense includes the PITI (principal, interest, taxes and insurance)payment. Principal and interest for any secondary financing and homeowner’sassociation dues should be included in the total monthly mortgage payment.

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Calculate the monthly housing expense ratio by dividing the total monthlyhousing expense by the total monthly income.

Total monthly debt divided b y total income equals total debt-to-income ratio. Donot include any debts that will be paid off when the loan is completed.

The best guide to a person’s future action is past actions. Start with the applicant’scredit history. Each adverse credit rating points to an increase of 2 to 4 times thelikelihood of default. In evaluating credit be sure the borrower has demonstrated awillingness to pay obligations as agreed and proven ability to manage financesover time and under different circumstances. Keep in mind that the borrower’soverall pattern of making payments is more important than an occasional latepayment.

Both Fannie Mae and Freddie Mac support credit scores and the reasons aseffective tools in evaluating a borrower’s credit reputation. Most credit scorescome from Equifax, Trans Union and Experian. FICO scores typically range from400 to 900. The lower the FICO score a borrower has the greater the risk fordefault on a loan.

Since borrowers may not use the types of credit traditionally report by the creditagencies, alternative methods of documenting and evaluating their credit historymust be used. If they require the borrower to make periodic payments on a regularbasis consider using monthly rental payments for current and previous addresses,utility bills, property tax payments, auto and life insurance payments, medical billpayments, store credit, school tuition and/or child care.

Review the borrower’s credit history over the past seven years to determinewhether there are any major indications of derogatory credit such as bankruptciesor judgements. The borrower’s history can usually be deemed acceptable even ifthere are minor instances of poor creditor or late payments. If there are recentlarge payments the lender may require a satisfactory explanation written by theborrower.

The borrower’s mortgage or rental payment history is the best indicator of theborrower’s commitment to the new mortgage payment. Numerous 30-daydelinquencies on housing payments are clear indications of a higher riskborrower. Borrowers must not have more than one payment that has been 30 dayslate during the past 12 months. There should not be any 30 day lates during thelast three months. The mortgage payment history must be computer generated,clearly identify the borrower and the mortgage, show the total mortgage paymentdue and the due date of each payment, a 12 month history of the dates whenpayments were applied and the current outstanding principal balance.

Any bankruptcy must have been discharged at least two years prior to the loanapplication date. The bankruptcy should be due to extenuating circumstances

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properly documented in the loan file. The borrower should have reestablishedexcellent traditional credit from four new creditors with 12 months history witheach. Alternative credit may not be used to reestablish credit.

Any source of funds for a downpayment and closing costs should be verified ashaving been available as a liquid asset for a minimum of two months prior to theapplication date of the mortgage. The applicant must prove the value of assetsbeing sold such as stocks, bonds or insurance policies.

If the earnest money deposit listed on the sales contract is over 2% of the salesprice the source of funds should be verified. If the borrower has assets verifiedwhich are sufficient to cover the deposit, down payment and closing costs, noadditional verifications are needed. Acceptable verification includes the two mostrecent bank statements or a Verification of Deposit indicating an average balancefor the past two months sufficient to make the earnest money deposit.

Gifts to the borrower for use in the transaction are acceptable within the followingparameters:

• A minimum of 5% of the funds invested in the transacting is from theborrower’s own liquid assets. This 5% can be neither gifted nor borrowed.

• A gift letter must be supplied from the donor which provides the amount ofthe gift, the date of the gift, the donor’s name and address, the donor’srelationship to the borrower and a statement indicating that no repayment ofthe money is required.

• The gift may come from a relative, church, municipality or non-profitorganization.

• The gift funds must be verified in either the borrower’s or donor’s accounts.

Equipment Requirements –

The major software developers have similar hardware requirements, such as thefollowing:

CPU— Window XP requires a processor about 500MHz or above, whereas for Windows98 a 133+MHz processor would suffice.Memory—For Windows XP and 2000, at least 128MB of RAM is recommended,whereas 64–128MB of RAM should be more than sufficient for Windows 98 and NT.For Windows 95 we require no more than 24MB, though more is always better.Storage Space—Typically, about 100–200MB of free space on your server plus thenecessary space for your internet browser.CD-ROM—The software is distributed on CD-ROM, so you need at least one CD-ROMdrive on your network to install the program.Display—We strongly recommend that you set your resolution to 800x600 or above(1024x768 recommended), and the color depth to 16-bit (65,536 colors) or above.

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Therefore a SVGA monitor and display card are required, and 17-inch or bigger monitorsare preferred.Input Device—Microsoft Compatible Mouse and Keyboard.Modem—If you do not have a broadband connection to the Internet (DSL/Cable/T1),then you need a modem to connect to the Internet using an Internet Service Provider(ISP) dial-up account—56kb modem.Network—We recommend a 100Mbit, or better, network with the equivalent switch(es).For any network including more than a few workstations, we recommend using adedicated server, client/server instead of peer-to-peer. The software can also be used on astand-alone desktop or laptop computer but keep in mind the limited installations withlicensing.Printer—Any Windows compatible printer should be able to print from the software youchoose. However, the forms require legal size paper and the printer you choose should beable to handle it.

Calyx Software Calyx Point is the heart of the solution and provides the breadth of forms, functionality, and flexibility thatloan officers and processors require. And like the product name itself, Point provides a single point to andfrom which mortgage-based information is exchanged with a wide array of lenders and service providers.

Calyx PointMan contains most of the features and functionality of Point, but is tailored for the needs of aloan officer. Because PointMan is fully compatible with Point, loan officers can easily transfer PointManfiles to the loan processor—via e-mail or a local area network—for processing in Point.

The Calyx Point Solution also includes Calyx WebCaster, an affordable subscription-based service thatmakes it easy for mortgage brokers and direct lenders to have an attractive, fully functional web site inminutes, not months. Prospective borrowers can complete a loan application online—application files areautomatically sent to the loan officer who opens them in Point or PointMan. The seamless integrationbetween WebCaster, PointMan, and Point reduces data entry time and enables the loan officer to respondquickly to each prospective borrower.www.calyxsoftware.com

Ellie Mae - Genesis/Contour - GenesisGenesis is a powerful and sophisticated loan origination software program for smaller brokerages—powerful in its broad range of useful features, sophisticated in its intuitive ease of use. A multi-generationsoftware product, Genesis makes real-world loan originators' jobs faster and easier by automating everystep of the process and eliminating mistakes and redundancies.Genesis capabilities include:

• Prequalification. Genesis simplifies prequalification by minimizing data entry, then auto-populating the correct fields using built-in data-flow routines, templates, and optimizationfeatures.

• Origination, Processing and Tracking. Genesis automates every step of the loan originationprocess, eliminates the need to enter information more than once, tracks and manages yourdocument inventory, and much more.

• Internet Access. Embedded in Genesis, Ellie Mae's ePASS Business Center enables effortless (andinstantaneous) transactions with lenders, underwriters, and settlement service providers.

• Pipeline Reporting. This Genesis functionality analyzes loans in your system and reports daily,monthly, or yearly, using any of several pre-built reports or your own custom reports.

• Contact Management. This Genesis functionality automates management of leads and simplifiesletter creation, mailings, and transfer of customer data to loan files—and can include optional dataon thousands of financial institutions.

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• Word Processing. With Genesis, you can use either Microsoft Word or Genesis' own wordprocessor to create letters, forms, or mail-merge lists and populate them with stored loaninformation.

• HMDA Reporting. Genesis includes fully integrated access to PCi’s Wiz Basic, the leadingHMDA compliance-management system.

• MortgageMail. This optional Genesis capability enables the secure transmission of loan packagesor closing documents from your desktop to anyone with an email address.

www.genesis2000.com

Working with Lenders

Applications:

Sign up with Fannie Mae and Freddie Mac first for automated underwriting:

http://epass.genesis2000.com/partner/fannie/sf_FannieIndex.asp#

http://epass.genesis2000.com/freddiemac.asp?adid=3406

Receive credit reports on-line (not all credit agencies are approved by all lenders):1 Pacific CreditLine Services1 Source Data1 Source Data (Carlsbad)1st Source Credit Reporting700 CreditAAA Credit, Inc. ACBS, Inc.Access Credit Reports, LLCAccudata Credit SystemsACRAnetACRAnet (CBS Branch)ACRAnet (New York Branch)ACRAnet - CARSAdvance Credit Systems, Inc.Advanced Credit SolutionAdvanced Information Services, Inc .Advanced ReportingAdvanced Residential Credit Co, Inc. Advantage Credit Advantage Credit of Colorado, Inc.Advantage Plus Credit Reporting, Inc.AIR Credit Reporting, Inc.All Credit CorporationAlliance Credit ServicesAmerican Reporting Company, LLCAmerican Reporting Company, LLC (Powered by MeridianLink)

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Ann Arbor Credit Bureau, Inc.AQM Information Solutions, Inc.Associated Credit Systems, Inc.Automated Information Services, Inc.Birchwood Credit Services, Inc.Birchwood Credit Services, Inc. (Powered by ISS)Cal Coast Credit ReportsCBA Information ServicesCBC CompaniesCBY Systems, Inc.CCIS Mortgage ServicesCDS Mortgage Reports, Inc.Certified Credit Link, Inc.Certified Credit Link, Inc. (Powered by Synergistic)Certified Credit ReportingCertified Credit Reporting (Powered by Synergistic)Certified Credit Reporting - Florida (Powered by Synergistic)Chase Credit Systems, Inc.ChoiceDATACIBMSCIS Information ServicesCISCO Credit (Powered by Chase)CISCO Credit (Powered by MeridianLink)CommCo Credit Information Services, Inc.Commerce Credit Bureau, Inc.CPSGCREDCO by First AmericanCredit AmericaCredit Bureau Associates-NortheastCredit Bureau Central, Inc.Credit Bureau of Jackson, Inc.Credit Bureau of San Luis Obispo & Santa Barbara CountiesCredit Bureau of the PacificCredit Bureau Services Ft Laud FL (Powered by MeridianLink)Credit Communications, Inc.Credit Data of Illinois, Inc.Credit Data Services of Florida (Powered by INFO1)Credit Data Services of Florida (Powered by MeridianLink)Credit Data Systems, Inc. (Meridian MS)Credit Infonet, Inc.Credit Infonet, Inc. (Powered by Webstar)Credit Information Bureau of Rhode IslandCredit Information CenterCredit Information Research, Inc.Credit Information Service, Inc.Credit Link, LLC

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Credit MastersCredit On LineCredit PlusCredit Quick ServicesCredit Report ServicesCredit Research, Inc. (Powered by CSD)Credit Research, Inc. (Powered by ISS)Credit Services, Inc.Credit Technologies, Inc.CreditData.net (San Diego)CTI, Credit Technology, Inc.Cuzzens Credit BureauData Facts, Inc.Data Facts, Inc. (Powered by Synergistic)DCI Credit Services, Inc.E CheckEastern Credit Research, Inc.Equidata EquifaxExecutive Reporting Services by First AmericanFactual Data CreditFactual Data Reports, Inc. (Powered By MeridianLink)Factual Information Bureau, Inc.Far West Credit, Inc. (FWC-Online)Fidelity National Information SolutionsFidelity National Information Solutions, Powered by FNCS.comFinancial Data Reports, IncFirst American Credco and Executive Reporting ServicesFirst CheckFirst Lenders Equity, Inc.First Magnus Credit ServicesFredericksburg Credit Bureau, Inc.Fuller Financial CreditHenning CreditHorizon Credit Services, Inc.HSP Credit Services, Inc.ICC CreditINFO1Information NetworkInformative ResearchInnovative Credit Services, Inc.LandSafeLenders' Credit Services, Inc.MCB - AugustaMCB-SavannahMCR of AmericaMCR of America (Powered by Synergistic)

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Merchants & Professional Credit Bureau, Inc.Merchants Association of Florida, Inc.Merchants Credit Bureau of Hollywood, FLMetropolitan Credit ServicesMidwest Mortgage Credit Services, Inc.Mortgage Credit ServicesMortgage Credit Services (CA). Powered by MeridianLink MortgageCredit Solutions, Inc.Mortgage Fax, Inc.Mortgage Information Source, Inc.Mortgage Reporting CentreMortgage Reporting ServicesMortgage Reporting SpecialistMortgage Reports, Inc.National Credit CheckNational Credit Reports, Inc.National Mortgage ReportingNationwide Commercial Services, Inc.Nationwide Credit DataNCO Credit ServicesNCO Credit Services (Powered by Synergistic)Network Credit ServicesNMR-eMergeNorth American Credit servicesNorthern California Credit Service, Inc.Northern California Credit Service, Inc. (Sponsor by NCRA)Northwest Mortgage Reporting, Inc.Old Republic Credit ServicesOne Source Credit Reporting, LLCONLINE Mortgage ReportsPorter Ranch Credit CorporationPreferred Credit ServicesPremier Information CenterPremium Credit BureauPrestige Credit ServicesPriority Credit Reporting AgencyPro Com Services CorporationPyramid Credit Services, Inc.Pyramid Credit Services, Inc. (Powered by Synergistic)QC Credit AgencyQuality Credit CorporationQuality Credit Corporation (Powered by Webstar)Quality Credit Data, Inc.Quality Mortgage Reporting (QMR)Rapid Credit Reports, Inc.Rapid Research Credit Services, Inc.

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RICPRoyal Mortgage Credit (Powered by Chase)Royal Mortgage Credit (Powered by MeridianLink)San Antonio Retail Merchants Association (SARMA)Standfacts Credit ServicesStateWide Credit ServicesStrategic Information Resources, Inc. (Sponsor by IR)Sunrise Credit ServicesSW Credit Services, Inc.The Credit NetworkTransUnion Settlement Solutions, Inc.United One Resources, Inc.Unity Group L.L.C.Universal Credit Services, Inc.US Credit Services Webstar

Then you are ready to work with lenders:

Aames Direct Bank of America CMG Mortgage, Inc. DeepGreen Bank First Magnus Flagstar Bank Gateway Bank GN Mortgage GreenPoint Mortgage Impac Lending IndyMac Bank Master Financial New Century Mortgage WMC Direct 1st 2nd Mortgage Company 21st Mortgage Corporation ABN AMRO Mtg. Group/Interfirst Accubanc Mortgage Advantage Investors Mortgage Corp Alliance Mortgage Allied Mortgage Corporation America Home Key American Federal Mortgage American Fidelity, Inc. American Financial Network Inc. American Home Mortgage Corporation American Mortgage Network, Inc. American Savings Bank, F.S.B.

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American Sterling Bank Argo Federal Savings Bank Associated Mortgage Inc. Astoria Federal Savings and Loan Association BA Mortgage LLC BancMortgage Financial Corporation BancorpSouth Bank Bank First National Bank of Hawaii Bank of North Dakota Bank One Mortgage Bankers Bank Bankers Guarantee Title and Trust Company BankUnited, Federal Savings Bank BankUSA BB&T Benchmark Mortgage Inc. BrooksAmerica Mortgage Cal Coast Mortgage Corporation Cambridgeport Bank Cardinal Financial Company Castle Mortgage Cendant Mortgage Corporation Central Illinois Bank Century Mortgage Corporation Chapel Mortgage Charter Bank Charter One Mortgage Corp. Chase Correspondent Chase Manhattan Mortgage - Wholesale Chattanooga Neighborhood Enterprise Inc. Cherry Creek Mortgage Company Chevy Chase Bank FSB Cimarron Mortgage Company Citibank, N. A. CitiMortgage, Inc./Correspondent CitiMortgage, Inc./Wholesale Citizens Bank Mortgage Corporation City Bank Coastal Funding Colonial Bancorp, a division of California Mortgage Service Colonial Bank Colonial Savings FA Columbia River Bank Columbus Federal Savings Bank ComCor Mortgage Corporation

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Commercial Federal Mortgage Corporation Commonwealth United Mortgage ComUnity Lending Concord Mortgage Construction Loan Company, Inc. dba Member Home Lending Services Continental Capital Corporation Corinthian Crescent Bank and Trust Company Crescent Mortgage Services CUC Mortgage DIME Dollar Mortgage Corporation Draper and Kramer Mortgage Corp. E*TRADE Bank Eagle Home Mortgage Inc. El Dorado Bank EMI Equity Mortgage, Inc. Evergreen Money Source Federal Guaranty Mortgage Company Inc. Fieldstone Mortgage Company First Bank Mortgage First Federal Lincoln Bank First Federal Savings and Loan Association of Charleston, SC First Federal Savings Bank of America First Federal Savings Bank of the Midwest First Guaranty Mortgage Corporation First Hawaiian Bank First Home Mortgage Corporation First Horizon Home Loans First Interstate Financial First Merit Mortgage First Mortgage Company, L.L.C. First Mortgage Corporation First Mutual Bank First National Bank of Christianburg First National Bank of Omaha First Nationwide Mortgage Corporation First Preference Mortgage Corporation First Union/Wachovia - Correspondent Firstar Bank, NA FirstBank Puerto Rico Flick Mortgage Investors, Inc. Franklin American GE Capital Mortgage Services George Mason Mortgage, LLC GMAC Mortgage Corp

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Gold Banc Mortgage, Inc. Guaranty Bank SSB Guaranty Residential Lending, Inc. Harbor Financial Mortgage Corporation Heartwell Mortgage Corporation Hibernia National Bank Home Federal Mortgage Services Home Star Mortgage Services Homeowners Mortgage Enterprises Homestead Mortgage Company Howard Hanna HSBC Iowa Bankers Mortgage Irwin Mortgage Corporation Ivanhoe Financial Inc. Lancaster Mortgage Services Lehman Brothers Bank, FSB Lender LTD. Liberty Lending Services Inc. Liberty Mortgage Corporation Life Bank LoanCity.com M&T Mortgage Matri Financial Services Corporation Members Mortgage Company Inc. Merchants Bank Merchants National Bank of Winona Meriwest Mortgage Corporation Metropolitan Bank & Trust Mitchell Mortgage Company L.L.C. Monument Mortgage Inc. Mortgage Acceptance Corporation dba MAC Loan, Inc. Mortgage Network Mortgage Portfolio Services Mortgage Services of Illinois MortgageAmerica Inc. National Bank of Commerce National City Mtg. Nationwide Home Mortgage Company nBank, N.A. NetFirst Mortgage.Net, Inc. New America Financial, Inc. New Line Mortgage Novastar Mortgage, Inc. Ohio Savings Bank

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Olympia Mortgage Corporation Pacific Mercantile Bank Pacific Republic Mortgage Corporation Penn Federal Savings Bank Pfefferkorn Mortgage Pinnacle Financial Corporation Plymouth Savings Bank PNB Community Mortgage Popular Mortgage Corp. Popular Mortgage, Inc. dba Popular Home Mortgage Portland Mortgage Company Primary Capital Advisors, LC d/b/a Primary Capital Mortgage Principal Residential Principal Wholesale Provident Bank of Maryland Provident Savings Bank RBMG Realty Mortgage Regions Bank Regions Mortgage Republic Mortgage Home Loans Residential Capital Corp. Residential Funding Corp Ridgewood Savings Bank Riverway Bank Santander Mortgage Corporation Schmidt Mortgage Company SCME Mortgage Bankers, Inc. Sebring Capital Corporation Second National Bank of Warren Secured Bankers Mortgage Company Security Bank Security National Mortgage SGB Corporation SI Bank and Trust SIB Mortgage Corporation d/b/a Ivy Mortgage Sidus Financial Corporation Sierra Pacific Home Loans Sierra Pacific Mortgage Southstar Funding Sovereign Bank, A Federal Savings Bank St. Francis Bank FSB Standard Mortgage Corporation Standard Mortgage Corporation of Georgia Star Financial Bank State Bank of Lincoln

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Sterling Bank & Trust Summit Lending of Hawaii, LLC Summit Mortgage Corporation Sun Trust Mortgage Corporation - Correspondent Sunshine Mortgage Corporation Synovus Mortgage Corporation Taylor, Bean & Whitaker TCF Mortgage Terrace Mortgage Company The Crossfire Financial Network Inc. The Huntington Mortgage Company TIB-The Independent BankersBank Transland Financial Services Inc. Transnational Financial Corporation Trustmark National Bank U. S. Mortgage Corp. U.S. Bank Home Mortgage U.S.A. Mortgage Bankers Corporation Union Federal Union Federal Bank of Indianapolis Union Planters Bank NA United California Systems International Inc. United Capital Mortgage Corporation United Financial Mortgage Corp. United Mortgage Investors Inc. Universal Lending Corporation Universal Mortgage Corporation Universal Savings Bank FA University Bank Washington Mutual Bank, F.A. Washtenaw Mortgage Company Webster Bank Wells Fargo Funding Wells Fargo Wholesale Lending

RequirementsApply with hundreds of lenders but maintain a close relationship with a handful.The application process can take several weeks and the learning curve for eachlender can be great. Find lenders with an easy to understand matrix, a real personyou can talk to, ask questions and get good answers consistently, use automatedunderwriting and provide clear instructions on what they expect.

Each lender will have a stacking order that is a required order of documentsbefore submitting the documents to the lender for their approval. After the loan

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has closed you then have to adjust the stacking order for the file according to thestate requirements.

Lenders are willing to send to you a matrix that will outline the current ratesaccording to the type program you are interested in. Two lenders,www.loancity.com and www.cwbc.com both provide you with the applicablerates and the yield spread (the rate the broker gets for putting together theborrower and the lender if the loan closes) at the same time as approving of theborrower’s information. But most lenders don’t make it that easy. Usually a chartis provided to you with the day’s available rates and the yield spread is accordingto how many days before you close. If you do not close within that time frame theborrower/broker will be charged a percentage more based on the loan amount.The yield spread is also the amount it will require for the borrower to buy downthe rate. But that’s not all. There are adjustments to the yield spread if the loanamount falls within a certain range, more adjustments for credit scores, the statethe loan is processed in, and the loan program itself. Have the lender’srepresentative go over the matrix and how to determine the final percentage thatrepresents the yield spread for their company. It can be very complicated.

Another reason to maintain a close relationship with a handful of lenders is theyall have hundreds of loan programs and remembering the restrictions for eachloan program is taxing. Remember that all lenders want their potential borrowersto comply with the restrictions of Fannie Mae or Freddie Mac. That is whenautomated underwriting becomes so helpful. Input the borrower’s informationthrough the lender’s site, upload through your origination software or go directlyto Fannie Mae (efanniemae.com) or Freddie Mac (freddiemac.com). The resultingreport will show the originator where the borrower needs to work on their creditreport, provided more of a downpayment or provide more documentation toqualify for specific loan programs.

Working with Fannie Mae (efanniemae.com)The Loan List is the first screen you see when you log in to DU. If your user IDprovides access to retail lender functionality, you can use the Loan List to createor import a loan or to view a list of existing loans. To create a new casefile for theloan, click the Create Loan button.

A new Quick 1003 opens. The Quick 1003 is an electronic version of the UniformResidential Loan Application (1003). The first screen in the Quick 1003 allowsyou to enter data for the Type of Mortgage and Terms of Loan, and for theSubject Property, Address and Purpose of Loan. At the top of this screen, enterthe necessary mortgage data.

Scroll down to the Subject Property Address and Purpose of Loan section andenter the necessary data. Because this is a purchase transaction, select Purchase

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in the Purpose of Loan field. To continue to the next screen in the Quick 1003,click Next.

If the borrower or co-borrower uses a different mailing address than the presentaddress, enter this information in the Mailing Address section.

If the borrower and co-borrower share the same present address or mailingaddress, you can quickly copy the address to the co-borrower’s side of the screenby clicking the Present Address or Mailing Address check box.

If there are additional borrowers on the loan or if the borrower and co-borrowerdo not share assets and liabilities, you must create a separate loan applicationwithin the casefile. You must do this if the loan includes a non-occupant borroweror co-borrower. To add a separate loan application to the casefile, click InsertMore Borrowers.

To continue entering data, you can click Next to continue to the next screen in theQuick 1003, or you can click one of the links in the navigation bar on the left sideof the Quick 1003. At this point you have sufficient information to order orreissue credit reports for the borrowers on the loan. When you create a new loan,you must complete the Types, Terms and Property screen and the BorrowerInformation screen before you can request a credit report or enter data into any ofthe other sections. Once you finish entering the borrower information, you canmove freely to any other section.

If you clicked Next in Step 5, the Employment Information screen appears. Enterthe name of each borrower’s current employer and the number of years andmonths each borrower has been on the current job. For each job you enter, youmust select Yes or No in the Self Emp field to indicate whether the borrower isself-employed on that job. Do not use the Employment Information screen toenter data for a homemaker, full-time student, or retired borrower. Only activeemployment information should be entered in this screen. If you enter any data inthe Employer Name field, you will receive a Findings message that asks you toverify the employment. Any income that does not come directly fromemployment should be entered in the Other Income section of the MonthlyIncome and Combined Housing Expense Information screen. If a borrower iscurrently working at a second job, enter the data for that job in a separate rowunder Secondary/Previous Employment Information and select Secondary in theStatus field. In some cases, you may also need to enter information about aborrower’s previous employment. To enter data for a previous job, use a separaterow under Secondary/Previous Employment Information, and select Previous inthe Status field. To continue, click Next.

The next section in the Quick 1003 allows you to enter data about the borrowers’income and current and proposed housing expenses. Enter the necessary dataabout the borrower’s monthly income at the top of the screen. The Base Income

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field should include income from the borrower’s primary job, along with anyincome that the borrower receives from second jobs that you entered in theEmployment screen. The Other field shows the rolled-up total of the amountsentered in the Other Income section of the screen. To place an amount in theOther field, you’ll first need to scroll down to Other Income and enter the datathere.

Scroll down to the Combined Housing Expense section and enter the necessarydata about the borrower’s current and proposed housing expenses. DU calculatesthe totals for you. To continue to the next screen, click Next.

In the Assets screen, enter the borrower’s asset information. To continue to thenext screen, click Next.

The quickest way to use the Liabilities screen is to let DU copy the liabilities foryou from the credit report. To do this, you will use the autopopulated liabilitiesfeature in the credit ordering screen. All non-mortgage liabilities appear in theLiabilities section at the top of the screen. To insert additional liabilities, clickInsert More Liabilities.

If the borrowers are selling their current primary residence, you will need tomatch the necessary mortgage liabilities with this property. Scroll down to theMortgage Liabilities (HELOC, Mortgage) section of the Liabilities screen andclick Paid by Close for each mortgage liability that is associated with theborrower’s current primary residence. To enter the data for the borrower’s currentprimary residence, click Edit/Insert REO Properties. The Current REOProperties screen appears.

To identify the borrower’s current primary residence, select Current Residencein the Property Indicator field. The system automatically fills in the PropertyOwner and Property Street Address fields from the information you entered in theBorrower Information screen. Select Pending Sale or Sold as the propertydisposition. Click OK to return to the Liabilities screen.

Select the current address in the Related Property field for each mortgageliability that is associated with the borrower’s current primary residence.

If the borrower is required to make alimony, child support, or separatemaintenance payments for more than ten months, you must enter the monthlypayment amount in the Additional Expenses section at the bottom of theLiabilities screen. You must also answer Yes to Question G in the Declarationsscreen for the appropriate borrower. If you enter a monthly payment amount butyou don’t enter a number in the Months Left to Pay field, the payment will alwaysbe included in DU’s total expense ratio calculation. To continue to the nextscreen, click Next.

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Enter the necessary data in the Details of Transaction screen. To continue to thenext screen, click Next.

By default, most of the questions at the top of the Declarations screen are alreadyanswered for you. However, before you submit the loan for an underwritingrecommendation, you must provide an answer to Question L for all borrowers.

Scroll down to the Information for Government Monitoring Purposes section andenter the necessary data. When appropriate, you can select multiple racecategories for each individual borrower. For applications taken by telephone, youmust ask for this information, but you cannot require the applicant to provide it.You should inform the applicant that the federal government is requesting thisinformation in order to monitor compliance with federal statutes that prohibitlenders from discriminating against applicants on these bases. For applicationstaken in person, you must ask for this information, but you cannot require theapplicant to provide it. If the applicant chooses not to provide the information, tothe extent possible, you should note the information on the basis of visualobservation or surname. You should also inform the applicant that if theinformation is not provided you are required to note the data on the basis of visualobservation or surname. Although the information in this section is not required toqualify a borrower (or co-borrower) or underwrite a loan, this information isrequired as a result of revisions to the Federal Reserve System’s Regulation C(Home Mortgage Disclosure Act [HMDA[) and may be required at delivery toFannie Mae. To continue to the next screen, click Next.

Enter the necessary data in the Additional Data screen. To submit a loan for anunderwriting recommendation, you must always enter the property appraisedvalue and subject property type in this screen. The other entries in this screendepend on the details of the loan you are submitting. If you are submitting aconventional loan, and if you are not using a Fannie Mae Community Lendingproduct, you are now ready to submit the loan for an underwritingrecommendation. If you have not requested or reissued credit for the loan, youwill need to do so at this point. Click Submit.

Working with Freddie Mac (www.freddiemac.com)Loan Prospector is an automated underwriting system (AUS) developed byFreddie Mac to help underwriters make decisions on conforming, non-conformingand jumbo loans. Like any AUS, Loan Prospector (LP) uses a common-senseapproach to providing underwriting recommendations based on credit risk. Usingbasic information LP determines the risk factors in the loan file and providesguidelines for documentation needed to validate the credit and collateralinformation.

With LP the borrower profile determines the content of the loan file. Low riskborrowers don’t’ have to produce unnecessary documentation and high risk

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borrowers have the opportunity to make their case. The originator will knowimmediately what documentation is needed and how to counsel every borrowerappropriately.

Data must be entered completely and correctly into the system so that what itevaluates is a true picture of the loan.

Steps for Using LoanProspector.com - Enter Loan ApplicationThis table provides the navigation steps for accessing the Loan ProspectorAutomated Underwriting Service (AUS) by entering data directly intoLoanProspector.com.To Login Follow these steps to login:Step Action Result1 Launch your Internet Browser. Browser window displays.2 Enter the following address into the address line:http://www. loanprospector.com/3 Click Go. LoanProspector.com home page displays.4 Click Login. Login prompt displays.5 Enter the User Name and Password from your email message.6 Click OK.Note: If this is the first time you are using your User Name and Password, you will beprompted to change your Password and complete the User Profile page.7 Select Enter Loan Application. Loan File Setup page displays.To Enter DataBeginning with the Loan File Setup page, follow these steps to enter data:1 Enter data on Loan File Setup page. You must enter at least one borrower name toproceed. Note: If you have questions about a field, click the field label to access onlinehelp.2 Click Next. Loan Application Data page appears.3 Enter data on the Loan Application Data page.4 Click Next.Note: Depending on loan characteristics such as FHA, ARM, Refinance, etc., additionaldata entry pages may display. Additional data entry page, such as FHA page, or RequestServices page appears.5 Enter data on additional data page(s) if applicable.6 Click Next. Request Services page appears.7 If you wish to order Additional Services, select the service on the Request Servicespage and follow the online prompts to enter additional required data.8 Click Submit.Note: If data errors are detected, the Correct Errors page displays. Follow the on-lineinstructions for correcting errors.For lenders, the Confirm Submission page displays.For brokers, the Assign Loan page displays.To Assign LoanFor broker users, follow these steps to assign the loan:

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1 Select the appropriate Wholesaler (and Mortgage Service Provider, if applicable)Selected wholesaler name displays.2 Click Confirm. Assignment successful message displays.To Confirm Submission and View ResultsFollow these steps to confirm the submission and view the results:1 Click Confirm Submit. Data submitted.You are a lender A message displays confirming loan submission. You are a broker Adialog box displays confirming successful loan assignment:��Click OK on the dialog box.2 Option A: Wait for the results to display (2-4 minutes).Option B: View the results later.Option A: Results display.Option B: Access unviewed results later.To Access Unviewed ResultsIf you choose to view results later, follow these steps:1 Select Unviewed Results from the navigation bar. Unviewed Results page displays.2 Click the radio button next to the appropriate transaction. Loan transaction selected.3 Click View Results from the navigation bar.Helpful HintsThe following hints will help you use Freddie Mac's AUS on LoanProspector.com:1. You are responsible for the integrity of data submitted to our AUS from point of initialloan application through time of loan delivery to Freddie Mac.2. Online Help is just a click away -- select any underlined data field label for definitions,valid values, etc.3. When logging on to the service for the first time using a new User Name andPassword, you will be prompted to change your Password and complete the User Profilepage. Refer to the Loan Prospector Quick Tips online athttp://www.LoanProspector.com/about/pdf/quick_tips.pdf4. Save your data every 20 minutes, especially when correcting errors, and before youexit the browser.5. Have a record of the LP AUS Key Number and AUS Transaction Number for eachtransaction readily available. To avoid duplicate fees on resubmissions, enter the LPAUS Key Number on the Loan File Setup page. The LP AUS Key Number is locatedon the Feedback Certificate.6. Unviewed Results are stored for 7 days. If you have not viewed the feedback within 7days, use the Find Loans feature on the Loan Prospector Main page to access the loanand view results.If you have not viewed the credit reports within 7 days, resubmit the loan to access thecredit reports.7. If you ordered Merged Credit on a previous submission, the AUS automatically de-selects the Merged Credit option after it has processed that request. There is no need tore-select the Merged Credit option after you have received your report. Re-ordering theMerged Credit service after you've received your report may result in duplicate fees.8. If you apply for No-appraisal MAF and elect not to use the option, you must deselectthe Noappraisal MAF option and resubmit to avoid the additional delivery fee.

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9. Use the Loan Prospector Welcome Center at www.LoanProspector.com/welcome tohelp you get going with Loan Prospector.10. Call 800 FREDDIE (lenders) or 888-LP ON WEB (brokers) for additional assistance.Steps for Using LoanProspector.com – Send to Loan ProspectorThis table provides navigation steps for accessing Freddie Mac’s AutomatedUnderwriting Service (AUS) using LoanProspector.com through an originatingwebsite or loan origination system with 2-way data exchange capability.To Login Follow these steps to login:1 Select Send to Loan Prospector from your system.Note: Depending on your system, the location of the Send to Loan Prospector optionmay vary. Contact your system administrator (or vendor) for details. LoanProspector.comlogin prompt displays.2 Enter the User Name and Password from your email message. User Name andPassword entered.3 Click OK.Note: If this is the first time you are using your User Name and Password, you will beprompted to change your Password and complete the User Profile page. Loan data is sentto Loan Prospector AUS.To Request Additional ServicesWhen you select Request Services, you will see the Request Services page where youcan order Additional Services. Follow these steps to order additional services:1 Select the service on the Request Services page.2 Follow the online prompts to enter additional required data.3 Select Submit from the navigation bar. Follow To Correct Errors steps orskip to To Submit Loan steps.Correct Errors page appears.or:¡ For lenders, Confirm Submission page displays.¡ For brokers, Assign Loan page displays.To Correct ErrorsIf there are data errors, or the data file is incomplete, the Correct Errors page displays.Follow these steps to correct errors:1 Click Continue on the Correct Errors page.The first data page requiring corrections displays.2 Locate the data fields(s) identified with a red X. Data errors identified and fieldslocated.3 Correct the data in fields denoted with a red X. Use the Next button to view additionalpages containing data errors if applicable.Note: If you have questions about a field, click the underlined field label to access onlineHelp.To Submit LoanFollow these steps to continue submitting the loan:1 Select Submit from the navigation bar. For lenders, Confirm Submission pagedisplays. For brokers, Assign Loan page displays.To Confirm Submission and View ResultsFollow these steps to confirm the submission and view feedback:

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1 Click Confirm Submit. Data submitted for assessment. A message confirmingsubmission displays.2 Option A: Wait for the results to display (2-4 minutes).Option B: View the results later.Option A: Results display.Option B: Access Unviewed Results later.To Access Unviewed ResultsIf you choose to view results later, follow these steps:1 Select Unviewed Results from the navigation bar.Unviewed Results page displays.2 Click the radio button next to the appropriate transaction. Loan transaction selected.3 Click View Results from the navigation bar.To Send to Your SystemIf your system has 2-way data exchange capability, follow these steps to send key dataand assessment results:1 Click Send to Your System from the navigation bar. Data saved to your system (ororiginating website). Contact your system administrator (or vendor) for details.Helpful HintsThe following hints will help you use LoanProspector.com:1. You are responsible for the integrity of data submitted to our AUS from point of initialloan application through time of loan delivery to Freddie Mac.2. Online Help is just a click away -- select any underlined data field label for definitions,valid values, etc.3. When logging on to the service for the first time using a new User Name andPassword, you will be prompted to change your Password and complete the User Profilepage. Refer to the Loan Prospector Quick Tips online athttp://www.loanprospector.com/about/pdf/quick_tips.pdf.4. Save your data every 20 minutes, especially when correcting errors, and before youexit the browser.5. Have a record of the LP AUS Key Number and AUS Transaction Number for eachtransaction readily available. To avoid duplicate fees on resubmissions, enter the LPAUS Key Number on the Loan File Setup page. The LP AUS Key Number is locatedon the Feedback Certificate.6. Unviewed Results is stored for 7 days. If you have not viewed the feedback within 7days, select View Results from your system to access the loan and view feedback. If youhave not viewed the credit reports within 7 days, resubmit the loan to access the creditreports.7. If you ordered Merged Credit on a previous submission, the AUS automatically de-selects the Merged Credit option after it has processed that request. There is no need tore-select the Merged Credit option after you have received your report. Re-ordering theMerged Credit service after you've received your report may result in duplicate fees.8. If you apply for No-appraisal MAF and elect not to use the option, you must deselectthe Noappraisal MAF option and resubmit to avoid the additional delivery fee.9. Use the Loan Prospector Welcome Center at www.LoanProspector.com/welcome tohelp you get going with Loan Prospector.10. Call 800 FREDDIE (lenders) or 888-LP ON WEB (brokers) for additional assistance.

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Training Tips for Originators

If you're a broker or loan officer, perhaps you assume that you're done once the loan hasbeen originated. But much of what you do in this stage —evaluating and originating theloan— affects other steps, as the loan moves through its life cycle. Errors in yourautomated underwriting submission can impact the loan's risk class and representationand warranty status (for Sellers), and may result in increased fees.Using automated underwriting and ensuring data integrity early in the process,especially at the point-of-sale, makes a huge difference through the life of the loan.

Check and Double-check Your AU Data - Make Sure It's Accurate andCompleteVerify all key borrower data, especially name, social security number, address, etc.You'd be amazed at how many mistakes appear in essential borrower information,which can cause unanticipated delivery fees down the road.Borrower Name: Enter the complete borrower name, including middle initial andsuffix (Sr., Jr.), to ensure that Loan Prospector pulls accurate credit data for theborrower.Also, remember that all individuals who intend to sign the mortgage note must bequalified, i.e., included on the AU submission.Social Security Number (SSN): Remember to validate the borrower's name, addressand SSN on the credit infiles. Discrepancies between the SSN entered in LoanProspector and the SSN provided at delivery may mean that your loan becomes aNon-Loan Prospector mortgage, resulting in the assessment of a Non-LoanProspector Credit Score/Loan-to-Value ratio (CS/LTV) postsettlement delivery fee inaddition to other fees.

Why Does Your Lender Need the Final LP Transaction?

Because the data delivered to Freddie Mac must match the data in the final LoanProspector transaction (on or before the note date). Mortgages that containdiscrepancies between Loan Prospector and delivered mortgage data may be consideredNon-Loan Prospector mortgages and may be assessed a CS/LTV post-settlementdelivery fee.

Always include the LP Key Number on loan resubmissions, and with the loan file youdeliver to your wholesale lender. Here are three important reasons why:

• It's required for all Loan Prospector mortgages, per the Guide.

• Resubmitting a loan without the LP Key Number will result in additional loan

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3

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evaluation fees on your Loan Prospector account.

• Mortgages delivered without a valid LP Key Number are considered Non-LPmortgages and may be assessed a non-LP CS/LTV post-settlement delivery fee,in addition to other fees.

The bottom line is that forgetting the LP Key Number may cost your wholesale lendermore money, which could jeopardize the relationship that you have worked so hard tobuild.Always include the Feedback Certificate from your last submission in the paper fileyou deliver to your wholesale lender.

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AdvertisingSome great and cheap advertising options:

• Flyers, particularly at apartments, colleges, industrial workplaces any place wherethere is a great turnover

• Large companies will sometimes allow you to place flyers within employeeinformation packets

• Ads within real estate magazines. A local real estate company may even share thecost of one ad.

• Contact For Sale by Owners and offer suggestions on talking to potential purchasersand offering prequalification

• Mass mailing postcards offering prequalification for free.

Great Linkswww.mortgagebroker.orgwww.efanniemae.comwww.freddiemac.comwww.mortgage-education.comwww.mbaa.orgwww.loancity.comwww.countrywide.com