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EB - JUMBO PROGRAM Training - PowerPoint PPT Presentation


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EB - JUMBO PROGRAM Training. Offered by… FIRST MORTGAGE CORPORATION. March 27, 2014.

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EB - JUMBO PROGRAM Training


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    Presentation Transcript
    1. EB - JUMBO PROGRAM Training Offered by… FIRST MORTGAGE CORPORATION March 27, 2014 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

    2. AGENDA • Jumbo Program • Eligibility Guidelines • Program Guidelines • Program Matrix • Underwriting Guidelines • Pricing and Fees • FMC Resources and Support FMC Jumbo Program

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

    4. Borrower Eligibility FMC Jumbo Program

    5. Borrower Eligibility FMC Jumbo Program

    6. Eligible Property Types FMC Jumbo Program

    7. Program Highlights FMC Jumbo Program

    8. Refinance Definitions (Please Note: Non FNMA Standard) FMC Jumbo Program

    9. Refinance Definitions (Please Note: Non FNMA Standard) FMC Jumbo Program

    10. Refinance Definitions (Please Note: Non FNMA Standard) FMC Jumbo Program

    11. Refinance Definitions (Please Note: Non FNMA Standard) FMC Jumbo Program

    12. Refinance Definitions (Please Note: Non FNMA Standard) FMC Jumbo Program

    13. ARM Features FMC Jumbo Program

    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 FMC Jumbo Program

    19. UW: Credit FMC Jumbo Program

    20. UW: Credit FMC Jumbo Program

    21. UW: Credit FMC Jumbo Program

    22. UW: Income FMC Jumbo Program

    23. UW: Income FMC Jumbo Program

    24. UW: Rental Income FMC Jumbo Program

    25. UW: Reserves… FMC Jumbo Program

    26. UW: Reserves… FMC Jumbo Program

    27. UW: Reserves… FMC Jumbo Program

    28. UW: Assets FMC Jumbo Program

    29. UW: Assets FMC Jumbo Program

    30. Gift Funds FMC Jumbo Program

    31. UW: Miscellaneous FMC Jumbo Program

    32. UW: Miscellaneous FMC Jumbo Program

    33. UW: Appraisal FMC Jumbo Program

    34. UW: Appraisal FMC Jumbo Program

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

    36. Jumbo Rates & Fees FMC Jumbo Program

    37. FMC SUPPORT • WEB SITE • FMC WEBSITE: • https://firstbase.firstmortgage.com/ • Rate Sheets • Training Materials • Guidelines • Forms • Marketing • Tools • Calculators • 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 • SUPPORT TEAM • LOAN HELP: • loanhelp@firstmortgage.com • For help with: • Guidelines • Program questions • Scenarios • Pricing / Fees • Loan Submissions • Trainings FMC Jumbo Program

    38. THANK YOU FOR YOUR BUSINESS… 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. FMC Jumbo Program