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Desktop Underwriter is a registered trademark of Fannie Mae. Loan Prospector is a registered trademark of Freddie Mac. This presentation is a summary and.

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Presentation on theme: "Desktop Underwriter is a registered trademark of Fannie Mae. Loan Prospector is a registered trademark of Freddie Mac. This presentation is a summary and."— Presentation transcript:

1 Desktop Underwriter is a registered trademark of Fannie Mae. Loan Prospector is a registered trademark of Freddie Mac. This presentation is a summary and is not complete. This information is for mortgage professionals only and should not be distributed to or used by consumers or other third-parties. Information is accurate as of the date shown below and is subject to change without notice. 3/27/2014 EB - JUMBO PROGRAM Training Offered by… FIRST MORTGAGE CORPORATION March 27, 2014

2  Jumbo Program  Eligibility Guidelines  Program Guidelines  Program Matrix  Underwriting Guidelines  Pricing and Fees  FMC Resources and Support FMC Jumbo Program AGENDA

3 ELIGIBILITY GUIDELINES Eligibility Guidelines Program Guidelines Jumbo Matrix FMC Jumbo Program

4 Borrower Eligibility U.S. Citizens / Non U.S. Citizens  U.S. Citizen  Permanent Resident Aliens  Non-Permanent Resident Aliens - Must have evidence of valid permanent residency status  First Time Home Buyers  Must have valid SS Number – ITIN not allowed Ineligible Borrowers Foreign Nationals Non-Occupant Co-Borrowers Permitted  Occupant borrower must qualify based on his/her standalone ratios, without the benefit of non-occupant co-borrower’s income or liabilities

5 FMC Jumbo Program Borrower Eligibility # of financed properties to one borrower  Max: Four (4) when subject property is a 2 nd home or Investment (no exceptions)  Max: Nine (9) other financed properties for a total of ten (10) financed properties including subject loan when the o Subject property is a Primary Residence, o The program is a fully amortizing ARM, and o The transaction is a purchase, rate/term refinance, or a technical refinance (cash out transactions are NOT eligible) Maximum Concentration Risk Total financing to one qualified borrower(s) to a maximum of $3mil in total mortgage loans

6 FMC Jumbo Program Eligible Property Types Eligible Properties  Single family detached or attached dwellings  Investor eligible Condos and PUDs If condo project doesn’t meet investor Limited Project Review criteria, condo project documents must be submitted to investor condo project review team for approval of project Ineligible Properties  Properties with 10 or more acres  2-4 unit properties  Manufactured/Mobile homes  Rural properties Geographic Restrictions  Clark County, Nevada (Las Vegas)  Alaska Texas Refinances  Refinances in the state of Texas are eligible.  Any refinance of a prior Texas 50(a)(6) loan must close under the Attachment A (Investor Preferred Texas 50(a)(6) program a.k.a. once a cash out, always a cash out).

7 FMC Jumbo Program Program Highlights TopicDescription Program Types  30-yr, 15-yr, 10-yr Fixed Programs  10/1, 7/1, 5/1 ARM Programs Loan Amounts  Fixed Rate Loan Minimum - $417,001  Fully Amortizing ARM Loan Minimum - $250,000  Maximum - Up to $3 Million (See EV Jumbo matrix)  Loan amounts > $1,500,000 require Loan Committee Approval  FMC: Over $1 Million – requires FMC Corporate approval Occupancy Type  Primary Residence Only  Second Homes  Investment Properties Loan Purpose  Purchase Transactions  Technical Refinances  Rate & Term Refinances  Cash Out

8 FMC Jumbo Program Refinance Definitions (Please Note: Non FNMA Standard) TopicDescription Limited Cash Out Refinance  Borrower must have been in title for a minimum of 90 days prior to the application date, evidenced by a recorded deed transfer  Pay off of 1 st Lien  Pay off in whole, the outstanding principal balance of the existing subordinate mortgage that was used to acquire the subject property (purchase money 2 nd only) OR  Pay off in whole the outstanding principal balance of a 12-month seasoned closed-end mortgage as of the Note Date OR  Pay off of any subordinate HELOC with cumulative draws < $2,000 in the past 12-mos as of the Note Date OR  If HELOC draws total more than $2,000 in the past 12-mos, then the borrower must confirm and provide documentation on property improvements  Pay related closing costs and prepaid items  The inclusion of any delinquent property taxes, HOA dues, tax liens, garnishments, or judgments is not eligible and should not be included in the new loan amount  The current appraised value can be used to calculate the LTV regardless of length of time the borrower has owned the subject property  Disbursed cash-out to borrower not to exceed 2% of $2,000, whichever is less  If a prior Cash-Out transaction (as determined by the HUD-1) is now being refinanced as a Limited Cash-Out refinance within 6-mos of the prior transaction (as determined by the Note date), it will be considered a Cash-Out Refinance

9 FMC Jumbo Program Refinance Definitions (Please Note: Non FNMA Standard) TopicDescription Technical Refinance (Delayed Financing Option) May be applied when the subject property was purchased without financing within the past 6- mos. The 6-month period is measured as follows:  Existing construction – from the date of acquisition (HUD-1 or settlement statement closing date) to the application date  New construction – from the date a certificate of occupancy is issued to the application date The following requirements apply:  If funds were borrowed to purchase the subject (e.g. unsecured loan or HELOC secured by another property) those funds must be repaid out of the proceeds from the new refinance and reflected on the HUD-1  Disburse cash-out to the borrower or any other payee provided any borrowed funds used to acquire the subject have been repaid first  Pay related closing costs, financing costs, and prepaid items  Technical refinance transactions on properties located in Texas are ineligible  The new loan amount cannot exceed maximum financing allowed using the lesser of the appraised value or the original purchase price of the subject property plus financed closing costs, prepaid fees and points on the new refinance  Acquisition cost for the subject property must be fully documented in order to validate the funds used to acquire the subject property and to confirm the purchase transaction was arms-length

10 FMC Jumbo Program Refinance Definitions (Please Note: Non FNMA Standard) TopicDescription Technical Refinance (Delayed Financing Option) Documentation requirements:  Executed HUD-1 from the purchase transaction which a) must reflect no financing was obtained to purchase the subject property and b) will be used to document the original purchase price  Preliminary title work must reflect the borrower as the owner of the subject property and no liens on the property  The source of funds used in the purchase transaction must be fully documented (e.g. bank statements, personal loan documents, HELOC on another property, etc.) and must be the borrower’s own funds (e.g. gift funds, inheritance, etc. are ineligible) Technical refinance transaction eligibility is the same as the Purchase or Limited Cash-Out Refinance – refer to the matrix to determine eligibility for the new refinance. To obtain correct pricing and eligibility:  Use “Technical Refinance” – specific loan program codes  Loan purpose in front end system should be “Cash-Out”

11 FMC Jumbo Program Refinance Definitions (Please Note: Non FNMA Standard) TopicDescription Cash-Out Refinance  Borrower must have been in title for a minimum of 6-mos prior to the application date, evidenced by a recorded deed transfer  Pay off of liens secured by the subject property only, to include unseasoned (i.e. open less than 12 months) junior liens exceeding the 2% or $2,000 draw limit  Cash proceeds (outside of payment of liens secured by the subject property) are permitted and should not exceed $300,000  Proceeds may be disbursed directly to the borrower(s) or any other payee  Pay related closing costs, financing costs, and prepaid items  Cash-Out Refinances on properties located in Texas are Cash-Out Refinances on properties located in Texas are ineligible  Owner-occupied primary residence properties only Seasoning for Cash-Out Refinance Borrower must have 12-month minimum ownership to base LTV on appraised value; otherwise the lesser of purchase price or current appraised value will be used. The ownership date is measured from the date of acquisition (HUD-1 closing date) to date of application. Maximum Cash Out Amount Cash proceeds (outside of payment of liens secured by the subject property) are permitted and should not exceed $300,000

12 FMC Jumbo Program Refinance Definitions (Please Note: Non FNMA Standard) TopicDescription Payoff of Interim Construction Financing Investor does not offer Single-Close Construction-to-Permanent Financing. However, we can originate a mortgage in which loan proceeds pay off interim construction financing of a SFR; called a conversion of construction financing to permanent financing.  All transactions will be treated as Limited Cash Out Refinances  Borrower must have legal title to the land prior to application and be named as the borrower on the construction financing  LTV/CLTV/HCLTV will be based on the as-completed appraised value regardless of the length of time the borrower has owned the lot  Underwriting reserves the right to ask for additional documentation for cost, etc., when warranted  In all cases, a new note and mortgage for the refinance of the construction financing must be created and recorded.  Modifications of existing construction loans are not permitted

13 FMC Jumbo Program ARM Features TopicDescription ARM FeaturesConversion Option: None Caps:  5/1 – 2/2/5  7/1 and 10/1 – 5/2/5  Margin: 2.25% Qualify:  5/1 – Greater of Fully Indexed rate (Index plus margin) OR Note Rate + 2%  Fixed Rate, 7/1 & 10/1: Qualify at the Note Rate  Index: Average of the interbank offered rates for 1 year U.S. dollar deposits in the London market, as published in the Wall Street Journal  Index Look-Back Period: 45 days

14 JUMBO Matrix FMC Jumbo Program

15 JUMBO Matrix FMC Jumbo Program

16 JUMBO Matrix FMC Jumbo Program

17 UNDERWRITING GUIDELINES Credit Guidelines Income Guidelines Assets Guidelines Other UW Guidelines FMC Jumbo Program

18 UW: Underwriting Method Underwriting Method  Manual U/W ONLY  DU/LP not required  Investor prior approval required  Follows investor guidelines; if not addressed in this training or with the investor directly, it follows Fannie policies. Investor Prior Approval Process  Register the loan with the Secondary Marketing Department (Use online lock system)  Submit file to FMC underwriting department as usual  Copy of Registration must be in file upon submission  FMC underwriter submits file directly to investor for prior approval  Investor’s current turn times (please note these are in addition to FMC turn times):  Investor Underwriting: 2-3 business days  No variances for any product guidelines on fixed rate loans

19 FMC Jumbo Program UW: Credit Minimum Loan Fico Score  720  subject to additional reserve requirements  680 with an exception approval from investor subject to additional reserve requirements Credit Report & Credit Score Requirements Credit Report Requirements  A full residential mortgage credit report (RMCR) or Tri-Merged in-file conforming to FNMA/FHLMC requirements should be used Credit Score Requirements  The RMCR or tri-merged in-file should reflect credit scores from all 3 repositories and meet the minimum program standards as follows:  Minimum 720 Fico for all Qualifying Borrowers  Ficos eligible subject to additional reserve requirements (see Reserve Section for details)  Ficos eligible subject to prior investor approval and additional reserve requirements per investor Non-Traditional Credit Not allowed

20 FMC Jumbo Program UW: Credit Minimum Credit Standards and Adverse Credit Policy Minimum Credit Standards:  3 + 1: A credit score will be considered valid only if it is comprised of a minimum of 3 trade lines open for a minimum of 24-months, plus one prior mortgage payment history. Trade lines need not be open – a borrower will be considered to meet this standard if they have a deep credit file containing many prior satisfactorily-paid debts but only one or two open trade lines  First Time Home Buyers require a minimum of 3 active and open trade lines, all established for a minimum of 24-months AND a satisfactory VOR for the last 12-months Adverse Credit Policy In addition to the minimum credit standards and score requirements, the following adverse credit standards apply:  No public records within the last 24-months  No BK or FC (including short sales, pre-foreclosure sales, and deed-in-lieu transactions) within the last 7-years  No significant derogatory ratings on any tradeline activity within the last 12-months (including installment and revolving accounts)

21 FMC Jumbo Program UW: Credit Qualifying Ratios  43% Maximum Debt-To-Icome-Ratio – NO VARIANCES Qualifying RateSee table below to determine qualifying rate: Housing Payment History If not contained within the credit report, the following documentation must be provided:  VOM – A 24 month minimum mortgage payment history is required to reflect no late payments in the last 24-months  VOR – A 12 month minimum rental payment history is required to reflect no late payments in the last 12-months Interested Party Contributions Property seller or any interested party (builder, developer, lender, realtor, or any of their affiliates) can pay closing costs, prepaid items, and escrows. All contributions are based on the CLTV of each loan  Primary and 2 nd Home: =< 80% - 6%  Investment: All LTVs – 2% Mortgage TypeQualifying Rate 30, 15, 10 Fixed Rate 10/1, 7/1 ARM Note Rate 5/1 ARM The greater of the fully indexed rate or the Note Rate %

22 FMC Jumbo Program UW: Income Salaried Income  Paystubs covering a minimum 30 day period dated no earlier than 30 days prior to the initial loan application date. Paystubs must include all year-to-date earnings and include sufficient information to accurately calculate income. Otherwise, additional documentation must be obtained  Two most recent years’ W-2s. If W-2s are unavailable, transcripts of them can be obtained from the IRS with the borrowers’ signed 4506-T form. o This is a separate item from the full tax return transcript; the tax return transcript by itself does not include the needed details of the W-2 forms  Two most recent years’ IRS tax transcripts to support qualifying income  A minimum 2-yr history in the same line of work and industry is required Bonus/Overtime/ Commission Income Requirements  Two most recent years’ 1040s with all scheduled are required in addition to items required for Salaried borrowers  A minimum 2-yr history of receiving bonus/commission income from the same employer is required with evidence this income will continue

23 FMC Jumbo Program UW: Income Self-Employed Income Requirements 3-yr history of Self-Employment in the same business. Declining income trends are generally not acceptable.  Two most recent years’ 1040s with all schedules  Two most recent years’ business tax returns with all schedules  If 1040s are older than 90 days, a P&L covering the period between the end of the tax return year through present is required  Two most recent years’ IRS tax transcripts to support qualifying income Passive Income/Capital Gains Requirements Passive Income  Two most recent years’ 1040s with all schedule  Two most recent years’ IRS tax transcripts to support qualifying income  A minimum 2-yr history of receiving passive income from the same source is required Capital Gains Income  Three most recent years’ 1040s with all schedules  Three years’ IRS tax transcripts to support qualifying income  Minimum 3-yr history of receiving the Income  Verification of existence of current portfolio generating capital gains income to support continuance for 3 or more years

24 FMC Jumbo Program UW: Rental Income Other Real Estate Owned Rental Income Requirements  Borrower must qualify using the full PITIA on all properties -OR-  Borrower must demonstrate a 2-yr history of managing rental properties with the most recent 2-yrs personal 1040s Schedule E’s in order to use positive rental income. Income analysis should demonstrate a cumulative positive cash flow for the tax years analyzed.  Leases may be used for properties owned less than 2-yrs, but the borrower must exhibit a minimum history of managing rentals for at least 2-yrs in order to use rental income  Rental losses are to be factored into the qualifying income/debts no matter the length of time the rental has been owned  Refer to Conversion of a Principal Residence for guidance on vacating a current primary Refer to Reserve section for additional reserve requirements

25 FMC Jumbo Program UW: Reserves… ReservesReserves required for the subject property are based on the loan amount as follows: Loan Amount Required PITIA reserves $417,000* - $1,499, mos PITIA $1,500,000 - $2,000, mos PITIA $2,000,001 or greater 24-mos PITIA *$250,000 for Fully Amortizing ARM Loans Reserve Requirements for FICO between NOTE: No variances allowed to requirements for credit scores < 720 LTVReserves > Than Standard Guideline Maximum to 4.99% below maximum6 Additional Months 5% to 9.99% below maximum3 Additional Months => 10% below maximumNo Additional Months

26 FMC Jumbo Program UW: Reserves… Reserves  Reserve funds must be verified with 2 consecutive months’ bank statements or VOD  All reserves are calculated on the Note Rate for all loan types using the full PITIA payment (Principal, Interest, Taxes, Insurance, Assessments)  In addition to the minimum reserves required for the subject property, 6-mos PITIA reserves is required for each additional property owned by all borrowers Acceptable PITIA Documentation: The minimum documentation to correctly verify the full PITIA payment should be from one of the following sources: Current monthly mortgage statement Copy of Homeowner’s insurance policy Copy of recent tax bill or web search to taxing authority Copy of mortgage note, etc. Defined Acceptable Reserve Accounts The type of assets that can be used for reserves and the value of those funds are as follows: Checking/Savings/Money Market accounts – 100% Publicly traded stocks, bonds and mutual funds – 70% of value may be used Cash Value of Life Insurance – 100%

27 FMC Jumbo Program UW: Reserves… Reserves Individual Retirement Accounts (IRAs), SEP, or Keogh accounts – 60% of vested value amount may be used. (100% of the account value may be used for borrowers aged => 59 ½) Annuities – 60% of the vested amount may be used. (100% of the account value may be used for borrowers aged => 59 ½) 401(k) plans – 60% of the vested amount ** Trust Assets – Borrower/Co-Borrower must have full access to consider; Compy of complete trust or trustee letter is required 529 College Savings Plans – the following requirements apply for this asset type: o 60% of value may be used o Terms of withdrawal are required o 529 Prepaid Tuition Plans are not eligible Business Assets – See Acceptable Source of Funds Section **No more than 50% of the total reserve requirement may come from 401(k) or 529 plans. The terms and conditions under which funds may be withdrawn or borrowed must be verified.

28 FMC Jumbo Program UW: Assets Acceptable Source of Funds All funds for reserves must come from borrowers own savings Borrower is required to meet minimum down payment requirements from his or her own personal funds for all purchase transactions Gift funds are eligible – see “Gift Funds” All borrower funds must be documented with 2 most recent months’ asset statements or VOD covering a minimum of 60 consecutive days All unusual large deposits must be explained and source must be documented Verify the borrower’s actual receipt of the funds realized from sale or liquidation when non-liquid assets are used for any part of the down-payment or required cash to close Business Funds are eligible for this program o Entire amount required for down payment and reserves can be from business assets Corporation – S Corporation – Partnership Assets o Borrower and/or Co-Borrower must be 100% owner of the business entity. Borrower and Co-Borrower may each own varying percentages provided the combined ownership is 100% of the business entity AND o A letter from an independent 3 rd party addressing the following is required: Withdrawal will NOT have a material impact of the viability of the business entity Funds are NOT an advance on future earnings No repayment of the funds is required Amount of funds available for use OR

29 FMC Jumbo Program UW: Assets Acceptable Source of Funds o A 12-month cash flow analysis. Funds that can be considered are calculated as follows: Lowest daily balance from 12-months statements minus the funds being used from business account. If this is a negative number, the borrower is short eligible funds to close. If positive, funds may be used (bank statements required to document). NOTE: The standard 2-mo bank statement requirement for reserves remains in place Schedule C Assets o Borrower or Co-Borrower must be 100% owner of the business entity AND o A letter from an independent 3 rd party addressing the following is required: Withdrawal will NOT have a material impact on the viability of the business entity Funds are NOT an advance on future earnings No repayment of the funds is required Amount of funds available for use OR o A 6-month cash flow analysis. Funds that can be considered are calculated as follows: Lowest daily balance from 6-months statements minus the funds being used from business account. If this is a negative number, the borrower is short eligible funds to close. If positive, funds may be used (bank statements required to document). NOTE: The standard 2-month bank statement requirement for reserves remains in place.

30 FMC Jumbo Program Gift Funds Gift fundsGift funds are permitted subject to the following criteria: Primary residence purchase transactions only Gift funds may be used to meet down payment requirements and/or lower the LTV further provided a minimum 10% down payment is first made from borrower’s own funds Gift funds may be used to cover all down payment requirements if LTV =< 60% Notes: Gift funds are not allowed to meet reserve requirement Gift funds can be applied towards closing costs/pre-paids above minimum required investment Gift letter, signed by the donor that includes the amount of the gift, date the funds were transferred, a statement that no repayment is expected, the donor’s name/address/phone number and relationship to the borrower Evidence of transfer from the donor to the borrower by a copy of the cancelled check, executed wire, or withdrawal slip from the donor’s account Bank statement to evidence receipt of funds into the borrower’s account The transfer of gift funds must be evidenced prior to final approval. The verification of funds post final approval or at the closing is not allowed. Any exceptions to this policy will require documented UW management approval

31 FMC Jumbo Program UW: Miscellaneous 4506-TRequired for all loans.  Most recently filed 2-yrs of IRS tax return transcripts must be obtained and validate filed earnings Subordinate Financing  Permitted subject to LTV matrix guidelines  CLTV = HCLTV Age of documents  Credit documents: Cannot be older than 120 days to the Note date  Appraisal documents: Cannot be older than 120 days to the Note date BuydownsIneligible Prepayment Penalty None Assumability  Fixed Rate: Not assumable  5/1, 7/1, 10/1 ARMs: Assumable with borrower qualification and lender approval after initial fixed period

32 FMC Jumbo Program UW: Miscellaneous Escrow Waivers Underwriting Review Criteria* Waiver requests are subject to underwriting review and approval per the following criteria:  Minimum FICO – 720  Equal to program maximum DTI  A review of the title work for evidence of tax liens or other evidence of failure to pay tax obligations  File cannot reflect evidence of lapsed hazard insurance coverage  Loan documentation should support a history of timely independent payment of escrow items  Borrowers with a prior history of delinquent taxes or lapses in homeowner’s coverage are not eligible to waive escrows Please note:  These criteria must be manually applied on a case-by-case basis when an escrow waiver is requested State Specifics  California: Escrows may be waived at borrower request without conditions. There are no other underwriting conditions or overlays that apply for loans in CA  All other states: May be waived at borrower request subject to underwriting review.

33 FMC Jumbo Program UW: Appraisal Appraisal Requirements APPAISAL STANDARDS (Use FMC AMC’s to order appraisals):  One Full URAR for loan amounts up to and including $1,500,000  (Eg., Form 1004, Form 1073)  Two Full URARs for loan amounts => $1,500,001  Completion of cleared CRR Report from ART team for all loan amounts. If two appraisals are required, both must have cleared CRR reports. Risk Grade Market Policy Risk Grades are assigned at the county level based on an internal scorecard system. The analytics require an LTV reduction from the maximum financing offered. See Geographic Restrictions and State-Specific Criteria for additional criteria. RISK GRADE 4 = 10% LTV Reduction RISK GRADE 3 = 5% LTV Reduction

34 FMC Jumbo Program UW: Appraisal Project Warranty Standards Condominiums and PUDs must meet investor project eligibility standards. The following documentation must be included in the loan file: Completed Limited Review Form, and completed Condo Project Questionnaire as needed to satisfy limited review requirements Completed investor Condo Project Status Report form with signed approval from Condo Management Team analyst Mortgage Insurance Not required Insured LTV’s (over 80%) are not eligible for this program

35 JUMBO – RATES/FEES Rates and Fees FMC Support FMC Jumbo Program

36 Jumbo Rates & Fees FMC Jumbo Program TopicGuidelines Interest Rates  See FMC Rate Sheets effective 4/1/2014 for Jumbo rates and price adjustments Origination Fees  No max required - Follow new HUD RESPA rules Discount Fees  Buyer or Seller Discounts allowed subject to consumer laws – Discount Points allowed only for loan level price adjustments (subject to FMC’s discretion) Rebate/Discount Pricing  See FMC rate sheet Allowable Fees  Must be reasonable and customary and fully disclosed to the borrower in accordance with all agencies, federal, state and local laws  See FMC fee sheet for our lender fees

37 FMC SUPPORT FMC Jumbo Program WEB SITE FMC WEBSITE: https://firstbase.firstmort gage.com/  Rate Sheets  Training Materials  Guidelines  Forms  Marketing  Tools  Calculators SUPPORT TEAM LOAN HELP: For help with:  Guidelines  Program questions  Scenarios  Pricing / Fees  Loan Submissions  Trainings TRAININGS First Mortgage offers FREE Weekly ONLINE Trainings See the FMC website for the April 2014 Training schedule Trainings for March 2014: 3/5 – LO/Processor Call 3/6 – Product Overview & LPMI 3/11 – NHF ACCESS/FirstDown 3/13 – FHA 203(k) 3/18 – HomePath 3/25 – NHF Access/FirstDown 3/27 – NEW Jumbo Program

38 On behalf of First Mortgage, thank you for joining today’s training and we hope the information provided will help you build your business! The main purpose of First Mortgage Corporation’s (FMC) training documents is to assist real estate and mortgage professionals in developing entry-level competence with loan programs. While FMC staff, employees, contractors and contributors take care to ensure the accuracy of the content of training documents, FMC makes no warranties as to the accuracy of the information contained within these materials. Furthermore, every user of this material uses it understanding that he or she must still conduct his or her own original legal research, analysis and drafting. In addition, every user must refer to the relevant legislation, case law, administrative guidelines, rules and other primary sources. FMC specifically disclaims any liability for any loss or damage any user may suffer as a result of information contained within this training material. While the information contained in FMC’s training material addresses guidelines and issues surrounding mortgage programs, these materials do not constitute legal advice. All non-legal professionals are urged to seek legal advice from a lawyer. THANK YOU FOR YOUR BUSINESS… FMC Jumbo Program


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